In today’s episode, we have an extremely special guest who is a billionaire and investing legend, Howard Marks. Howard really needs no introduction, but if you have not read Howard's memos, you are missing a critical piece of your investing education. Howard has also written some of Trey's favorite books including The Most Important Thing and Mastering the Market Cycles, which they discuss in depth in this episode and much more.

IN THIS EPISODE, YOU'LL LEARN

(01:54) How much investors should really focus on macro (spoiler: very little).

(11:53) How to balance risk without the temptation to time the market.

(22:32) Howard's thoughts on bitcoin, bonds, and interest rates.

(34:58) Evergreen wisdom around price and value.

(47:19) And be sure to stick around for the last question where Howard provides a portfolio he would leave to his grandchildren.


*Disclaimer: Slight timestamp discrepancies 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, and the other community members.

Howard Marks’ Memos.

Trey Lockerbie Twitter.


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:

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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
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TIP378: Move Forward with Caution w/ Howard Marks

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

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Join us as Peter McCormack shares insights on blending Bitcoin with football business. We delve into his club's dual promotions, strategic investor impacts from the Winklevoss twins, and the broader influence on Bedford, including a new Universal Studios park. Learn how Bitcoin plays a role in these developments and discover actionable strategies for integrating innovative concepts into local enterprises.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
06:20 - The strategic role of Bitcoin in advancing the success of a local football club.
08:11 - The impact of high-profile investors like the Winklevoss twins on the club.
08:11 - Highlights from the "Cheat Code" Bitcoin conference and its integration with local business.
13:05 - How the club manages competitive growth and future challenges with spending caps.
17:53 - Insights into Peter McCormack's journey of owning and promoting his football team.
22:07 - The significant developments in Bedford, including plans for a Universal Studios theme park.
32:08 - Lessons on leveraging cryptocurrency in traditional businesses and community development.

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

BOOKS AND RESOURCES

Buy your Real Bedford sporting attire here.

Peter’s podcast, What Bitcoin Did.

Learn more about the Cheat Code Conference.

Peter's 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 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

Meyka

AT&T

Vacasa

Fidelity

Monarch Money

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Long Angle

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Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast)

Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a compounded annual growth rate of 11.5% on equities since his fund's inception on 2/28/1999, compared to 7.6% for the S&P500. 

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:37 - The impact of holding cash on your portfolio returns.  
24:07 - How to understand the five different components that make up stock market returns.
33:14 - How to estimate the expected return of being invested in the S&P500.
40:57 - What the intrinsic value of Berkshire Hathaway is.
45:51 - How Berkshire Hathaway has allocated capital since 2018.

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.

Stig’s 2023 masterclass with Chris Bloomstran on valuing Berkshire Hathaway | YouTube Video.

Stig’s 2022 masterclass with Chris Bloomstran on valuing Berkshire Hathaway | YouTube Video.

Stig’s masterclass with Chris Bloomstran on equity valuations | YouTube Video.

Chris Bloomstran’s website.

Read Chris Bloomstran’s letters to his clients. 

Buffett resource on CNBC.

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

Meyka

AT&T

Vacasa

Fidelity

Monarch Money

Yahoo! Finance

Long Angle

Public

USPS

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

TIP625: Berkshire Hathaway w/ Chris Bloomstran

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

River

Toyota

Meyka

AT&T

Vacasa

Fidelity

Monarch Money

Yahoo! Finance

Long Angle

Public

USPS

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
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.

Carlos' Twitter.

Digital Witness' Website.

Digital Witness' Email.

English friendly documentary #PaperDemocracy.

NOSTR npub: npub14advhxua8w78gl2z7q8c4s20htxkzq4cu5mhj34ep0puf7smyqzszrd7qq

NOSTR NIP 05: DigitalWitness@BitcoinNostr.com

Simple Proof's Website.

Simple Proof's Email.

Immutable Democracy Documentary.

NOSTR npub: npub145lf2q6sgqtkhjzzeza29ss6gz7qq4j6vslaa0dwanvgf58ey3us069hce

NOSTR NIP 05: simpleproof@nostr.gt

Stakwork's Website.

Stakwork's Twitter.

Stakwork's Email.

OpenTimestamps' Website.

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

Meyka

AT&T

Vacasa

Fidelity

Monarch Money

Yahoo! Finance

Long Angle

Public

USPS

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

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

Meyka

AT&T

Vacasa

Fidelity

Monarch Money

Yahoo! Finance

Long Angle

Public

USPS

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

TIP378: Move Forward with Caution w/ Howard Marks

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