On today’s episode, Clay is joined by Lyn Alden to discuss fiscal dominance and its implications for investors. While many value investors claim that following the macro environment isn’t all that important, Lyn makes the compelling case that fiscal dominance has a considerable impact on financial markets overall.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:03 - What fiscal dominance is and why it matters.

08:39 - Why the S&P 500 is at all-time highs with the backdrop of higher interest rates.

11:36 - Whether Lyn expects US big tech to continue to outperform.

19:05 - How the US will continue to run large fiscal deficits.

28:55 - Why nothing stops the fiscal dominance train.

36:20 - Where we are at in the liquidity cycle.

41:08 - How to invest during a period of fiscal dominance.

55:19 - Lyn’s three major trends to never fade.

And so much more!

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

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In this episode, Joe Burnett and Preston Pysh analyze five key video clips featuring insights from Michael Saylor, Trace Mayer, Nik Bhatia, Tad Smith, and Howard Lutnick.

They explore Bitcoin’s role in capital flow, how it disrupts traditional incentives, the mechanics of fiat money, the impact of monetary expansion on asset prices, and Bitcoin’s growing importance in global finance.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:20 - Michael Saylor’s "Waterfall Analogy" and why capital naturally flows into Bitcoin.

15:26 - How Bitcoin changes global incentives, reducing the motivation for violence.

21:14 - The inner workings of the bond market and how fiat money expansion resembles a Ponzi scheme.

40:08 - Why asset prices are primarily driven by money supply growth.

42:56 - Howard Lutnick’s bullish stance on Bitcoin and its future role in global finance.

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

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In today's episode, Kyle Grieve chats with Jason Donville and Jesse Gamble about their investing philosophy, their emphasis on focusing on growth and value, their evolution from using ROE-focused metrics to the rule of 40 to identify great investing opportunities, how to use the rule of 40 to add high performing businesses to a watchlist, how the market reacts to interest rates, AI impact on the business landscape, and much more!

Jason Donville is an award-winning analyst with a distinguished career in Asia and Canada. He previously served as Head of Equity Research at Credit Lyonnais Securities Asia and Research Director at Credit Suisse First Boston, working in Singapore and Jakarta before joining Sprott Securities in Toronto. His research has traditionally focused on identifying high-ROE companies. Jason holds a BA from the Royal Military College of Canada and an MBA from Ivey Business School.

Jesse Gamble has worked closely with Jason to manage the DKAM Capital Ideas Fund since 2011. Jesse received an MBA from the Ivey Business School at Western University and a B.Sc. degree from the Dyson School of Economics at Cornell University.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:42 - The hidden formula for finding cheap stocks.

07:53 - The secret to spotting a deteriorating moat.

10:45 - How elite investors stay focused in a bear market.

13:37 - The evolution of a winning investment strategy.

27:41 - The untapped goldmine in small-cap stocks.

31:39 - Why the market consistently misprices quality growth.

31:39 - The Rule of 40: your cheat code for finding long-term winners.

36:11 - A playbook for finding 10-bagger stocks.

56:47 - The AI revolution: where the real business impact is happening.

56:47 - Why there’s more cash on the sidelines than ever.

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 and Kyle give an overview of their best quality stock idea for Q1 2025. This quarter, they discuss AppFolio.

AppFolio is a high-growth software company revolutionizing property management. Clay and Kyle explore its impressive revenue growth, competitive advantages, and how AI-driven innovations like Realm-X are helping AppFolio capture market share. The conversation also covers key risks, the competitive landscape, and the company's valuation, providing listeners with a comprehensive analysis of whether AppFolio is a compelling investment opportunity.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:49 - A business overview of AppFolio.

13:04 - The five parties that AppFolio supports with their software services.

22:10 - How AppFolio is utilizing AI to create a moat around their business.

25:35 - Why AppFolio is a payments business disguised as a SAAS business.

30:16 - An overview of the competitive environment for AppFolio.

39:19 - Why we would consider adding back R&D expenses to determine a proper valuation for the business. 

44:03 - An assessment of AppFolio’s management team, incentives, and valuation.

And so much more! 

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

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CJ Konstantinos, founder of People’s Reserve, shares his journey into Bitcoin, the philosophy behind his company, and groundbreaking products like self-paying mortgages. Discover insights on Bitcoin-backed loans, navigating regulatory challenges, and the evolution of traditional banking in a Bitcoin-driven world.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:06 - CJ Konstantinos’s journey into Bitcoin and the motivation to create People’s Reserve.

13:28 - How Bitcoin-backed loans work and their potential benefits.

14:40 - The innovative concept of self-paying mortgages and how they function.

15:37 - Insights into Bitcoin bonds and their role in solving economic challenges.

18:40 - The regulatory challenges People’s Reserve faces and strategies for compliance.

23:38 - How CJ envisions Bitcoin as the reserve asset of the internet economy.

41:21 - The evolving role of traditional banks as cryptocurrency adoption grows.

44:25 - Exciting developments in the Bitcoin ecosystem that could shape the future of finance.

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

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In this episode, William Green chats with British investing legend Terry Smith. Terry, a member of Bloomberg’s index of billionaires, manages the Fundsmith Equity Fund, which is the UK’s largest stock fund. Since 2010, it’s returned more than 600%, beating the MSCI World Index by over 200 percentage points. Here, Terry talks in depth about the skills, personality traits, & principles that catapulted him from poverty to the pinnacle of the investing world.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:01 - How Terry Smith was shaped by poverty & violence.

35:17 - How he achieved fame by exposing financial deception.

39:26 - What he looks for when identifying great businesses.

46:54 - Why many of his favorite companies are 100 years old.

51:56 - Which sectors he shuns & which he likes.

58:42 - How Microsoft embodies what he loves in a business.

1:00:29 - Why it’s worth paying up for the best companies.

1:20:15 - Why the US is his favorite place to invest.

1:21:44 - How being a CEO made him a better investor.

1:32:07 - What he learned from Sir John Templeton.

1:35:46 - Why he refuses to speak with brokers or read their research.

1:40:30 - Why it’s hard to be successful professionally & personally.

1:52:46 - Why he’s deeply skeptical about Tesla.

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 Lawrence Cunningham to discuss the value of trust-based cultures and organizations, and the value Warren Buffett has created by implementing such an approach at Berkshire Hathaway. 

Cunningham is the Director of the University of Delaware's John L. Weinberg Center for Corporate Governance. He’s the sitting director on three global public company boards — Constellation Software, Markel Group, and Kelly Partners Group. 

Cunningham is a best-selling author of a number of books, including “The Essays of Warren Buffett,” “Quality Investing,” and “Quality Shareholders.”

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:34 - The primary role of the board of directors for a public company.

04:52 - The value of trust-based cultures and organizations.

16:19 - The key attributes of a trust-based organization.

26:11 - How Warren Buffett identifies trustworthy people.

45:09 - The story of David Sokol breaking Warren Buffett’s trust.

55:52 - Lawrence’s thoughts on Berkshire’s $300B+ cash position.

01:00:08 - How Lawrence navigates investing in a world where a premium is placed on quality companies.

And so much more!

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

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Bitcoin’s Lightning Network is evolving into a global payments system, with over 21,000 active nodes enabling fast, low-cost transactions. Tether’s integration of USDT via the Taproot Asset Protocol could disrupt traditional finance, lowering transaction costs and increasing efficiency. This shift challenges banks and payment networks like Visa and Mastercard, pushing the financial system toward Bitcoin-backed tokenization.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:04 - How the Lightning Network enhances Bitcoin’s role beyond a store of value.

18:35 - How U.S. Treasuries and Bitcoin-backed tokenization are reshaping finance.

19:38 - Why Tether’s adoption of the Taproot Asset Protocol is a game-changer for stablecoins.

20:15 - The decentralization advantages of Lightning vs. other blockchain networks.

23:10 - How Tether’s U.S. Treasury holdings impact the financial system.

24:53 - The potential disruption of traditional banking and payment networks.

31:42 - The long-term implications of Lightning’s growing adoption in payments.

35:14 -Why banks may need to integrate Bitcoin-backed assets to stay competitive.

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

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In today's episode, Stig Brodersen is talking stocks with Tobias Carlisle and Shawn O’Malley. Tobias is pitching VeriSign, a business that prints money with high certainty year after year. Stig’s pick is the serial acquirer LIFCO, a wonderful company priced for perfection that he is on his watch list. Shawn’s stock of choice is the compounder, Ulta Beauty. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:19 - Why Toby is bullish on VeriSign (Ticker on NASDAQ: VRSN)

07:29 - The bear case of VeriSign, including the threat of AI

26:40 - Stig’s bull case is for Lifco (Ticker on the Swedish Stock Exchange: Lifco-B) 

42:35 - The bear case for Lifco, including what it implies to be priced for perfection. 

1:07:45 - Why Shawn has invested in Ulta Beauty (Ticker on NASDAQ: ULTA)

1:26:46 - The bear case for Ulta includes competitive pressure from Sephora and the CEO stepping down.

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

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While the mainstream headlines often focus on the Magnificent Seven, we’re diving into a global powerhouse that often flies under the radar — Tencent. Based in Shenzhen, China, Tencent is a giant in gaming, social media, and cloud services. From the creation of WeChat—a super-app with over a billion monthly users—to investments in companies like Tesla, Spotify, and Snapchat, Tencent’s story is one of relentless innovation and strategic dominance. 

Since its IPO in 2004, shares of Tencent have increased by nearly 500 times, producing an average annual return of 35% per year.

To help cover the story of Tencent, Clay will be sharing what he learned from the book Influence Empire by Lulu Chen.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:54 - Tencent’s journey from IPO to becoming a global tech powerhouse.

05:28 - Lessons from Pony Ma’s leadership and Tencent’s strategic vision.

18:33 - How Tencent’s investments shaped global tech innovation and growth.

31:12 - The evolution and impact of WeChat as a transformative super-app.

49:11 - Insights into Tencent’s dominance in the gaming industry.

57:15 - Challenges of navigating Chinese regulations and political risks.

01:08:47 - Tencent’s role in AI, cloud services, and strategic share buybacks.

And so much more!

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

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