The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

On today’s episode, Clay is joined by Morgan Housel to discuss his newest book, Same as Ever, and uncover the key themes in financial history that have never changed.

Morgan Housel is a partner at The Collaborative Fund. He’s the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:34 - The key themes that seem to never change throughout history.

04:37 - Why the world is much more fragile than we’re led to believe.

09:04 - Why the biggest risk is the one you don’t see coming. 

24:49 - The true power of exceptional storytelling.

23:28 - The importance of thinking probabilistically.

27:00 - Why every stock valuation is a number from today multiplied by a story about tomorrow.

27:32 - Why successful stock picking is about so much more than the numbers.

29:22 - Why market extremes such as the meme stock craze are not unnatural, and they should actually be expected.

32:19 - Morgan’s investment approach.

38:21 - Why most investor’s biggest advantage is patience.

41:31 - Why most competitive advantages eventually die.

51:33 - How the world’s most successful people utilize inefficiency and slack to achieve more.

55:43 - Why Morgan writes for an audience of one.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Join us in this insightful episode where Caitlin Long of Custodia Bank and Wes Knobel delve into the innovative non-fractional reserve system, the challenges faced with the Federal Reserve, and the dynamic world of cryptocurrency banking. They discuss Custodia's unique approach, its role in the post-Silicon Valley bank crisis landscape, and the evolving challenges and opportunities in cryptocurrency custodianship. This conversation offers a deep dive into the intersection of traditional banking, regulatory environments, and the growing influence of digital assets.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:34 - How Custodia Bank is redefining traditional banking practices.

02:34 - The significance of Custodia's approach to customer deposits.

12:47 - Insights into the Federal Reserve's decision-making process.

22:19 - The implications of non-participation in fractional reserve banking.

22:19 - The importance of state laws in protecting digital assets.

28:21 - Wes Knobel's perspective on financial innovation and regulation.

38:31 - Caitlin Long's expertise in banking risks and legacy systems.

47:58 - The potential government intervention in cryptocurrency holdings.

47:58 - Predictions for the future of banking in the era of digital currencies.

01:00:37 - The recent SEC approval of Bitcoin ETFs and its impact.

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In this episode, William Green chats with Laura Geritz, founder of Rondure Global Advisors, which scours the globe in search of high-quality companies trading at attractive prices in places like India, China, Japan, Thailand, Taiwan, Turkey, Brazil, & Mexico. Here, Laura makes the case for allocating more money to undervalued stocks outside the US. She also discusses her unusual lifestyle, which is built around relentless travel, voracious reading, & abundant time to think.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

08:15 - How Laura Geritz earned the nickname “Money Bags.”

09:41 - How she broke into the investment industry by living in Japan.

12:55 - How she was shaped by the frugal, unflashy culture of rural Kansas.

22:57 - What she learned from her mentor & partner, Robert Gardiner.

30:14 - Why so many talented women quit the investment business.

36:54 - Why she believes many investors are taking too much risk.

38:56 - Why foreign stocks may be overdue for a powerful rebound.

41:20 - How she weighs the risks & rewards of Chinese stocks.

52:26 - How she screens 70,000 stocks to identify great businesses.

1:03:36 - What foreign investors don’t understand about Japanese companies.

1:11:51 - How to become a continuous learning machine.

1:25:38 - How Laura handles adversity when her investing style is out of favor.

1:32:06 - Why she maintains a remarkably uncluttered calendar.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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On today’s episode, Clay shares his biggest takeaways from reading billionaire Willis Johnson’s book – Junk to Gold.

Willis Johnson founded Copart in 1982, and today he is worth over $2.6 billion through his equity ownership in the company. 

Copart is one of the most impressive businesses we’ve studied. Over the past 30 years, the stock has compounded at over 21% per year, outperforming Microsoft, Adobe, and the majority of other stocks.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

08:15 - The key experiences in Willis Johnson’s early life that shaped him.

12:18 - How Willis thought about money and building a business.

14:44 - Willis’s experience fighting in the Vietnam War.

24:51 - What he learned from chasing his dreams and building a successful company. 

42:08 - The story of Jay Adair dropping out of college to work with Copart.

45:24 - How Willis sold Wall Street on lending him money to grow and take his company public.

52:01 - What sets Copart apart from the majority of other companies that exist.

54:19 - How Copart strategically utilized technology to grow its business.

01:14:09 - Copart’s four major competitive advantages.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Dive into Bitcoin's 2024 technical landscape with NVK. We dissect the impact of covenants and CheckTemplateVerify (CTV) on smart contracting and scalability, analyze OP_RETURN's usage, and evaluate the Lightning Network's potential for scaling. We also ponder Layer 2's self-custody significance, tackle block spam concerns with node filters, and delve into transaction developments brought by SegWit and Taproot. Additionally, we discuss BRC20 implications and assess the Mempool's health score.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:20 - An understanding of the Mempool health score and what it indicates about the Bitcoin network's efficiency and congestion.

06:31 - The technical intricacies and implications of implementing covenants in Bitcoin.

09:01 - The advancements in transaction structures and efficiency brought by the Taproot update.

09:01 - Insights into the potential and challenges of BRC20 tokens or standards on the Bitcoin network.

11:34 - The role and impact of OP_RETURN in Bitcoin transactions.

13:41 - Challenges and opportunities in scaling the Lightning Network.

25:59 - The importance of self-custody in Bitcoin's Layer 2 solutions.

48:46 - How CheckTemplateVerify (CTV) could revolutionize smart contracting and enhance Bitcoin's scalability.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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On today’s episode, Kyle talks to Hamilton Helmer about the power of being an educator and how it’s helped him improve at strategy and investing, the differences between power and operational excellence, how he formulated his 7 powers, a deep dive into all 7 powers, updated case studies of some of the powers, why barriers are so important when benefits are much easier to find.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:41 - How Hamilton uses his knowledge of strategic consulting to invest in companies with durable competitive advantages.

01:52 - How Joseph Schumpeter has helped shape Hamilton’s strategy on entrepreneurship.

14:00 - Traits of earlier stage businesses with potential for power.

20:25 - How to observe the power of a brand to ensure its advantage isn’t being eaten away.

24:02 - How businesses with switching costs power can keep customers happy while increasing prices.

24:12 - Hamilton’s personal story of the power of Apple’s brand and switching costs.

29:12 - The distinction between power and strategy.

30:46 - The power of cornered resources.

32:50 - Why algorithms are not a cornered resource.

38:01 - Changes in capital availability for private businesses.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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On today’s episode, Clay is joined by Jonathan Boyar. They discuss his firm’s most recent release of The Forgotten Forty, which outlines their 40 best stock ideas for 2024.

Jonathan Boyar is president of Boyar’s Intrinsic Value Research, an independent equity research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds, and family offices as subscribers. He is also a principal of Boyar Asset Management, which has been managing money utilizing a value-oriented strategy since 1983. 

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

02:45 - How a company makes the list of the Forgotten Forty.

09:52 - Potential catalysts Jonathan looks for in his investments.

14:30 - Why Uber remained on the Forgotten Forty list after being the list’s top performer in 2023.

21:58 - Jonathan’s thoughts on the underperformance of small-cap stocks since 2015.

28:04 - An overview of Interactive Brokers stock.

39:22 - Why Bill Ackman has taken a massive stake in Howard Hughes.

50:26 - Why Jonathan likes Madison Square Garden Sports Corporation.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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In this insightful episode, real estate expert Leon Wankum delves into the evolving landscape of asset investments. We discuss how Bitcoin could redefine real estate's value, comparing traditional and digital asset strategies. Leon shares his thoughts on Bitcoin's influence on property prices, its role as a new monetary standard, and potential shifts in real estate financing. A must-listen for anyone interested in the intersection of Bitcoin and real estate.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:13 - The potential of Bitcoin as a new monetary unit of account.

05:03 - How Bitcoin compares with real estate as a store of value.

09:01 - The impact of Bitcoin on the monetary premium of real estate.

25:03 - The effect of Bitcoin's growth on global real estate markets.

25:03 - Balancing Bitcoin's volatility against real estate's stability.

32:10 - Reasons why real estate investors should consider Bitcoin.

35:57 - Specific Bitcoin investment strategies for real estate investors.

51:10 - Regulatory and market adaptations required for a Bitcoin standard in real estate.

54:52 - Changes in real estate financing due to Bitcoin integration.

54:52 - The future of real estate development in a Bitcoin-centric economy.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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In this episode, William Green brings back Daniel Goleman, author of “Emotional Intelligence,” an iconic book that’s sold over 5 million copies. Here, Dan talks about his new book, “Optimal: How to Sustain Personal & Organizational Excellence Every Day.” He explains how to master the skills of emotional intelligence to become more productive, more effective, calmer, & happier. 

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

04:55 - Why Daniel Goleman seeks sustainable excellence, not a “flow” state.

10:44 - How Peter Lynch illustrates the dangers of driving yourself too hard.

15:54 - Why companies need emotionally intelligent leaders.

17:23 - How to boost creative thinking by allowing yourself time to relax.

32:02 - Why EQ trumps IQ in the professional world.

34:21 - How to enhance the foundational skill of self-awareness.

37:08 - How to become a better listener.

48:39 - What the Dalai Lama told Dan about self-compassion.

49:27 - How emotional self-management enhances decision making.

50:42 - How to recover from stress & avoid burnout.

1:08:50 - How to build focused attention in a wildly distracting world.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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On today’s episode, Clay shares a tribute to Charlie Munger since we just crossed what would have been his 100th birthday on January 1st, 2024. 

Charlie Munger was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. Buffett described Munger as his closest partner and right-hand man. At the time of his death, Munger had an estimated net worth of $2.6 billion. 

Charlie has had an enormous impact on the value-investing community, and this episode is dedicated to him to honor his contributions to the community and his worldly wisdom.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

02:11 - The importance of simplicity in investing and life.

03:17 - The three foundational principles to how Buffett and Munger invest.

08:27 - Why Charlie focused on minimizing standard stupidities to win in life.

14:37 - Munger’s lessons on living a meaningful and fulfilling life.

20:02 - How Munger used his setbacks in life as opportunities to learn and grow as an individual.

23:43 - Munger’s thoughts on the shortcomings of GAAP accounting.

26:23 - The tremendous importance of incentives.

33:26 - How Charlie helped Warren Buffett become a better investor.

42:48 - An overview of Charlie’s investment in Costco and his admiration for the business.

52:12 - The top investment lessons from studying Charlie Munger.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

SPONSORS

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