Kyle Grieve discusses key mental models from economics and art and how they apply to investing and decision-making. He explores economic concepts such as scarcity, supply and demand, optimization, specialization, efficiency, competition, and bubbles, illustrating them with real-world business examples. Then he shifts gears to art, examining things such as audience, contrast, framing, and narrative, emphasizing how they shape investor behaviour and decision-making.

IN THIS EPISODE YOU’LL LEARN:

00:03:22 - How scarcity drives value and luxury brands engineer demand

00:07:40 - Why Costco wins by reducing scarcity and leveraging scale

00:09:03 - How supply and demand influence stock prices and volatility

00:10:53 - Why economic cycles impact nearly all businesses over time

00:12:38 - How COVID reshaped demand across industries and markets

00:14:19 - The risks of cyclical investing and the benefits of steady compounders

00:15:34 - How optimization can backfire in business and biology

00:19:49 - Why specialization has trade-offs and why investing legends often stay generalists

00:29:58 - The tension between competition, monopolies, and market structure

00:35:14 - How bubbles form through demand surges and investor psychology

00:38:45 - Why great management teams leverage audience building to build the right type of shareholder base

00:43:34 - How contrast framing and narrative shape investor decisions

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In today’s episode, Kyle Grieve discusses the speculative boom of the 1960s “Go-Go Years” as presented in John Brooks’ book, highlighting the dangers of euphoria, leverage, and financial engineering. He explores case studies like Ross Perot, Edward Gilbert, Atlantic Acceptance, and Gerry Tsai to reveal how incentives, momentum, and fraud can distort markets. The episode ultimately emphasizes timeless investing lessons around valuation discipline, skepticism, and aligning incentives with long-term outcomes.

IN THIS EPISODE YOU’LL LEARN:

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In today’s episode, Kyle Grieve discusses lessons from venture capital that long-term value investors can apply to improve decision-making. He explores concepts such as power laws, network effects, de-risking investments, and the importance of holding high-potential businesses.

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On today's episode, Clay is joined by François Rochon to discuss his 2025 annual letter and the key themes shaping markets in 2025. He also digs into his top holdings, including Constellation Software, Alphabet, and Meta.

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Kyle Grieve discusses the remarkable story of the Davis Dynasty, a multi-generational investing family that compounded wealth through discipline, focus, and a deep understanding of insurance businesses. He explores the philosophies of Shelby Davis, his son Shelby Cullom Davis, and his grandson Chris Davis.

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In this episode, Clay breaks down the fascinating history and business model of Nintendo, one of the most iconic entertainment companies in the world.

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Kyle Grieve discusses the life and career of legendary capital allocator John Malone and details the at times complex strategies that helped him compound capital over decades.

IN THIS EPISODE YOU’LL LEARN:

00:03:55 - How Malone uncovered fraud and took over Jerrold

00:06:20 - Why risk assessment shaped his “what if not” framework

00:09:21 - How he chose TCI over higher-paying offers

00:11:29 - Creative leverage strategies to survive heavy debt

00:13:23 - Why EBITDA helped reframe TCI’s cash economics

00:55:17 - How clustering acquisitions built regional cable dominance

00:18:51 - The Liberty Media spinoff and tax-efficient structuring

00:44:06 - Asymmetric bets that created massive upside for shareholders

00:34:34 - Lessons from disruption and Netflix’s streaming threat

00:48:54 - Malone’s thoughts on leadership, decentralization, and long-term capital allocation

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Clay explores Bill Perkins’ book Die with Zero, which challenges the traditional mindset of accumulating wealth at all costs and instead encourages readers to think more intentionally about how and when they spend their money.

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Stig is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. They discuss Berkshire, Moody's and BellRing Brands.

IN THIS EPISODE YOU’LL LEARN:

00:02:35 - Stig’s bull case for Berkshire: balance sheet, culture, and Greg Abel (NYSE: BRK.B)

00:27:09 - Berkshire bear case: slowing growth and capital allocation risks

00:30:47 - Tobias’ bull case for BellRing: FCF, protein brand strength, PE appeal (NYSE: BRBR)

00:38:30 - BellRing bear case: concentration, leverage, consumer shifts

00:47:02 - Hari’s bull case for Moody’s: moat, duopoly, recurring analytics (NYSE: MCO)

00:50:20 - Moody’s bear case: valuation, cyclicality, regulation, AI risk

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Kyle discusses the investing evolution of John Maynard Keynes and the timeless lessons modern investors can draw from his successes and failures.

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