On today's show, Stig and Preston talk with investment experts Bill Nygren and Mike Nicolas from Oakmark Funds. The topic is determining the intrinsic value of a company and the company being assessed is Bank of America. 

IN THIS EPISODE, YOU'LL LEARN:

How to estimate the intrinsic value of Bank of America.

How to understand bank valuations based on tangible book value.

How to read the yield curve and what it means for profitability for banks.

How to understand the competitive situation between Wells Fargo, JP Morgan, and Bank of America.

Ask The Investors: Why should I buy psychical gold over paper gold?


BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.

Oakmark Fund’s website.


Oakmark Fund’s market commentaries.


Preston and Stig’s interview with Bill Nygren.


Preston and Stig’s interview with Sean Stannard-Stockton on First Republic Bank.


NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.

Browse through all our episodes (complete with transcripts) here.

Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.

Enjoy exclusive perks from our favorite Apps and Services.

Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.


Learn how to better start, manage, and grow your business with the best business podcasts. 



SPONSORS
Support our free podcast by supporting our sponsors:

River

Toyota

TurboTax

Fidelity

Monarch Money

Meyka

Simon & Schuster

CI Financial

Vacasa

Long Angle

Fundrise

iFlex Stretch Studios

American Express

Shopify


HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP293: Intrinsic Value Assessment of Bank of America w/ Bill Nygren (Business Podcast)

We interview and study famous financial billionaires, including Warren Buffett, Ray Dalio, and Howard Marks, and teach you what we learn and how you can apply their investment strategies in the stock market.
We Study Billionaires is the largest stock investing podcast show in the world with 150,000,000+ downloads and is hosted by Stig Brodersen, Preston Pysh, William Green, Clay Finck, and Kyle Grieve.
This podcast also includes the Richer Wiser Happier series hosted by best-selling author William Green. William regularly interviews legendary investors such as Mohnish Pabrai and Guy Spier, exploring what they can teach us about how to succeed in markets and life.
And finally, our Bitcoin Fundamentals series is hosted by Preston Pysh, where he interviews prominent figures in the Bitcoin and macroeconomic space. To learn more about TIP, you can visit theinvestorspodcast.com or subscribe to our free daily newsletter here.
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Education

Training

Language Courses

Higher Education

K-12

Educational Technology

Business

Investing

Careers

Management & Marketing

Business News

Shopping

On today’s episode, Clay discusses various financial crises from the past as discussed in the book This Time is Different by Carmen Reinhart and Kenneth Rogoff.
As the saying goes, from a historical perspective, there is nothing new except what is forgotten. Today’s episode will help shed light on where our world might be heading in light of studying history.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro
06:48 - The primary types of financial crises.
08:13 - When the debt levels of a country reach an unsustainable level.
27:00 - An overview of currency debasements and currency devaluations.
27:24 - How countries tend to handle unsustainable debt levels.
30:36 - An overview of the Great Financial Crisis.
47:32 - How the interests of governments and currency holders are at odds with each other.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Books mentioned: This Time is Different, Broken Money, The Price of Tomorrow


Episode Mentioned: TIP587: Stock Market Crises & Bubbles w/ Brendan Hughes | YouTube Video.

Related Episode: TIP574: Broken Money w/ Lyn Alden | YouTube Video.

Follow Clay on Twitter. 

Check out all the books mentioned and discussed in our podcast episodes here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.

Check out our We Study Billionaires Starter Packs.

Browse through all our episodes (complete with transcripts) here.

Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.

Enjoy exclusive perks from our favorite Apps and Services.

Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.


Learn how to better start, manage, and grow your business with the best business podcasts.


SPONSORS

Support our free podcast by supporting our sponsors:

River

Toyota

CI Financial

Meyka

Fundrise

Yahoo! Finance

Long Angle

iFlex Stretch Studios

Public

American Express

Shopify


HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP624: Studying Financial History w/ Clay Finck

In our latest episode, we dive deep with Carlos Toriello into how Bitcoin’s OP_Return is pioneering election audits. We discuss transforming election skepticism into Bitcoin advocacy, highlighting Digital Witness's groundbreaking audit of Guatemala’s 2023 elections. Learn about Simple Proof, the OpenTimeStamps Protocol, and how these tools offer tamper-evident, verifiable documents, fostering trust and transparency. Join us in envisioning a future where digital integrity reshapes democracy.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:42 - The transformative potential of Bitcoin’s OP_Return for auditing elections and ensuring transparency.
02:08 - How Digital Witness became the first to verify all available election documents in Guatemala, promoting trust.
02:08 - The role of Simple Proof and Peter Todd’s OpenTimeStamps Protocol in creating tamper-evident election documents.
02:08 - Insights into the 2019 Guatemalan elections, showcasing real-world applications of blockchain for combating election fraud.
18:28 - The educational aspect of Fiscal Digital, introducing students to blockchain through gamified verification of election results.
28:23 - The concept behind "Immutable Democracy" and its implications for future election integrity.
35:34 - Recommendations for election system administrators worldwide on leveraging blockchain technology for transparency.
35:34 - A look forward to the 2027 elections and the potential for blockchain to revolutionize electoral processes further.

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

BOOKS AND RESOURCES

Link to Seb’s book: The Hidden Cost of Money.

Check out all the books mentioned and discussed in our podcast episodes here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok.

Check out our Bitcoin Fundamentals Starter Packs.

Browse through all our episodes (complete with transcripts) here.

Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.

Enjoy exclusive perks from our favorite Apps and Services.

Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.


Learn how to better start, manage, and grow your business with the best business podcasts.



SPONSORS
Support our free podcast by supporting our sponsors:

River

Toyota

CI Financial

Meyka

Fundrise

Yahoo! Finance

Long Angle

iFlex Stretch Studios

Public

American Express

Shopify


Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

BTC178: Auditing Elections with Bitcoin w/ Carlos Toriello (Bitcoin Podcast)

Kyle Grieve chats with Annie Duke about her own story of quitting and how it helped sparked the idea for one of her books, the importance of base rates in helping us make better decisions, how to improve our investing processes when we have long feedback loops, the importance of using kill criteria to quit an investment or hypothesis, how to use a quitting coach to help you quit things we hold onto for too long, the importance of dissociating ourselves from our most cherished ideas, and a whole lot more!

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:28 - Annie's own story of quitting and how it got here to where she is today.
15:50 - Why expected value is so crucial for investors to manage risk best.
20:15 - The importance of understanding base rates.
20:15 - How we can use base rates to help us best understand expected values of our investments.
24:55 - How we can reframe our analysis of a business to close feedback loops on long-term investments.
32:40 - How we can get transfer from one skill to another far away skill (e.g. chess to investing).
45:28 - How we can use kill criteria in our investing decision-making to improve our abilities to quit a losing investment.
45:28 - How to engineer your decision-making to give yourself an outside view.
51:11 - How we can disassociate ourselves from our investments to reduce the impacts of the endowment effects.
51:32 - How to set up a quitting coach by permitting them to disagree with you.
And so much more!

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Buy Quit: The Power of Knowing When to Walk Away here.

Buy Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts here.

Check out Annie’s substack here.

Learn more about Annie Duke here.

Related Episode: RWH015: Betting Better In Markets & Life w/ Annie Duke | YouTube video.

Related Episode: TIP231: The Mind Of A World Poker Champion w/ Annie Duke | YouTube video.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.


Follow Kyle on Twitter and LinkedIn.

Check out all the books mentioned and discussed in our podcast episodes here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.

Check out our We Study Billionaires Starter Packs.

Browse through all our episodes (complete with transcripts) here.

Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.

Enjoy exclusive perks from our favorite Apps and Services.

Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.


Learn how to better start, manage, and grow your business with the best business podcasts.


SPONSORS
Support our free podcast by supporting our sponsors:

River

Toyota

TurboTax

Fidelity

Monarch Money

Meyka

Simon & Schuster

CI Financial

Vacasa

Long Angle

Fundrise

iFlex Stretch Studios

American Express

Shopify


HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP623: The Art Of Decision Making w/ Annie Duke

On today’s episode, Clay sits down with Joseph Shaposhnik to discuss his high quality investing approach. Since its inception in 2015, the TCW New America Premier Equities fund has compounded at 15.8% per year versus the benchmark of 12.0%.
Joseph is the Portfolio Manager of TCW New America Premier Equities, Global Premier Sustainable Equities, and Global Space Technology Equities portfolios. According to Nasdaq eVestment, the TCW New America fund has outperformed 99% of its peers.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:25 - The two types of recurring revenue.
13:37 - Why certainty is an essential part of a quality investing framework.
25:02 - How Joseph thinks about portfolio allocation by industry.
28:02 - Value accretive versus value destructive capital allocation decisions.
36:09 - How understanding incentives can make us better investors.
36:53 - Why we should ignore Buffett’s advice of buying businesses so great that an idiot can run it.
46:33 - How Joseph developed his own investment approach after working under two investment legends at Fidelity.
51:56 - Why Joseph believes that quality investing is the best approach to match his investment objectives and temperament.
58:33 - Why growth in free cash flow per share is Joseph’s number one focus as an investor.
1:00:28 - An update on a few of Joseph’s portfolio holdings

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Learn more about the TCW New America Fund.

Check out Buffett’s 1996 Shareholder Letter.

Book Mentioned: What I Learned About Investing from Darwin by Pulak Prasad.

Book Mentioned: Big Money Thinks Small by Joel Tillinghast.

Episode Mentioned: RWH017: Fidelity Legend w/ Joel Tillinghast | YouTube Video.

Follow Joseph on LinkedIn. 

Follow Clay on Twitter. 

Check out all the books mentioned and discussed in our podcast episodes here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.

Check out our We Study Billionaires Starter Packs.

Browse through all our episodes (complete with transcripts) here.

Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.

Enjoy exclusive perks from our favorite Apps and Services.

Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.


Learn how to better start, manage, and grow your business with the best business podcasts.


SPONSORS
Support our free podcast by supporting our sponsors:

River

Toyota

TurboTax

Fidelity

Monarch Money

Meyka

Simon & Schuster

CI Financial

Vacasa

Long Angle

Fundrise

iFlex Stretch Studios

American Express

Shopify


HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP622: Finding Certainty in an Uncertain World w/ Joseph Shaposhnik

In this episode, Max Kei from Hodl Hodl and Debifi, explores the future of Bitcoin lending and borrowing. From industry insights to Debifi's innovative approach, discover the benefits of Bitcoin collateral, multisig security, and fiat loan expansion. Gain valuable perspectives on navigating risks and seizing opportunities in decentralized finance.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:48 - Insights into the evolution of Bitcoin borrowing and lending platforms.
01:48 - Understanding the importance of peer-to-peer fully collateralized lending in the cryptocurrency space.
13:56 - Exploration of the risks and benefits associated with borrowing and lending using Bitcoin as collateral.
28:18 - Overview of Debifi's approach to decentralized lending and its unique features.
31:05 - Explanation of the concept of "super collateral" and its significance in Bitcoin lending practices.
31:05 - Understanding how multisig solutions enhance security in Bitcoin lending and borrowing.
55:02 - Preview of the expansion of fiat loans on Debifi and its implications for users.
59:25 - Insights into the potential benefits for users when utilizing a decentralized lending model.

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

BOOKS AND RESOURCES

Max's Twitter Account.

Link to Debifi.

Link to Hodl Hodl.

Check out all the books mentioned and discussed in our podcast episodes here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok.

Check out our Bitcoin Fundamentals Starter Packs.

Browse through all our episodes (complete with transcripts) here.

Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.

Enjoy exclusive perks from our favorite Apps and Services.

Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.


Learn how to better start, manage, and grow your business with the best business podcasts.



SPONSORS
Support our free podcast by supporting our sponsors:

River

Toyota

TurboTax

Fidelity

Monarch Money

Meyka

Simon & Schuster

CI Financial

Vacasa

Long Angle

Fundrise

iFlex Stretch Studios

American Express

Shopify

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP293: Intrinsic Value Assessment of Bank of America w/ Bill Nygren (Business Podcast)

Download our free app to listen on your phone