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    • Navigating Financial Markets with Chris BloemstraamStay vigilant and skeptical, focus on deep analysis of businesses and valuations, and avoid excessive expectations and hype surrounding hot stocks.

      Key takeaway from this conversation with Chris Bloemstraam, the president and chief investment officer of Semper Augustus, is the importance of being a vigilant and skeptical investor. With over 3 decades of experience, Chris shares timeless lessons on navigating financial markets and avoiding the pitfalls of irrational exuberance. He warns against excessive expectations and hype surrounding hot tech stocks like Tesla and Nvidia, emphasizing the importance of valuations and the price paid for any stock. Chris's approach to investing is rooted in deep analysis of businesses and business models, a relentless passion for solving the investment puzzle, and a profound skepticism that drives him to question everything. His calming temperament, intense drive, independent mind, and intellectual curiosity make him an excellent person to study for those looking to outperform in the market. Ultimately, Chris's advice encourages self-awareness and recognizing the importance of sticking with games we are equipped to win.

    • Little-known investor Robert Brooking Smith's foresight in market crisesSmart investors like Robert Brooking Smith stay calm and patient during market volatility, avoiding losses and buying undervalued assets during economic uncertainty for potential rewards.

      Robert Brooking Smith, a little-known investor born in 1903, played a transformative role in the life of the investment firm Semper Augustus, and is considered the godfather of value investing due to his ability to predict and navigate market crises in 1929, 1932, and 2000. Smith, a Princeton graduate and football player, joined his family's brokerage business in Saint Louis in the 1920s. In 1928, he foresaw a stock market bubble and moved all the family's capital into safe investments, missing out on the market peak but avoiding the devastating losses of the subsequent crash. In 1932, he saw an opportunity to buy undervalued assets like General Electric, while most investors were still recovering from the depression. Smith's story serves as a reminder of the importance of staying calm and patient during market volatility, and the potential rewards of value investing during times of economic uncertainty.

    • Patient Investor Ben Graham's Long-Term SuccessBen Graham's long-term investment approach, focus on value, and ability to identify undervalued companies led to significant returns. His early insights and connections also contributed to his success.

      Ben Graham, an influential investor, demonstrated remarkable patience and foresight by holding onto stocks like GE for decades, even during challenging economic times. His ability to identify undervalued companies and maintain a long-term investment approach allowed him to generate significant returns. Additionally, Graham's early intelligence and connections played a role in his success, as he had insights into geopolitical events and was able to act on them before others. Overall, Graham's investment philosophy, which included a focus on value, patience, and a willingness to adapt to changing circumstances, set him apart as a legendary investor.

    • Warren Buffett's Wartime Experiences Shaped His Investment PhilosophyWarren Buffett's experiences during World War II influenced his investment philosophy, leading him to hold onto investments, distrust banks, and prefer concentrated positions. He later formed Semper Investment Management with Chris Davis.

      Warren Buffett, an investor and businessman, was deeply impacted by the experiences of the Pacific Theater during World War II, including witnessing the devastating effects of the Japanese kamikaze attacks. Amidst the economic instability of the time, Buffett developed a philosophy of holding onto investments and leading the effort to shrink the Reconstruction Finance Corporation. Later in life, he trusted Chris Davis to manage his family's portfolio, and they formed Semper Investment Management. Buffett's war experiences and economic instability influenced his investment approach, leading him to distrust banks and prefer concentrated positions. The late 1990s bubble in blue-chip stocks provided an opportunity to establish a foundation and set up charitable trusts.

    • Identifying undervalued companies and pivoting from overvalued onesDuring market instability, focus on undervalued companies and sell overvalued ones for potential financial gains and portfolio protection.

      During a period of market excess and financial instability, it was crucial for an investor to identify undervalued companies and pivot away from overvalued ones. In this case, an investor, Mr. Smith, recognized the risks of a highly leveraged and complex business like GE, which was over 50 times earnings and comprised over half of his capital. He sold 90% of his GE position before a stock split, while the market was fixated on the tech bubble. Simultaneously, he saw value in small and mid-cap companies trading at low multiples. When the market crashed in 2000-2002, his portfolio, consisting of real businesses, experienced significant gains, outperforming the market by 30-35%. This experience not only led to substantial financial returns but also a deep friendship with the investor, Mr. Jason Brett, who praised Mr. Smith not only for his investment acumen but also for his kindness and philanthropy.

    • A humble, brilliant, and charitable man's inspiring lifeLiving modestly, giving anonymously, and inspiring through actions and values are lessons from a wealthy man's life. Saving, living within means, and continuing to pursue passions despite age are also important.

      The life and values of a humble, brilliant, and charitable man, as described in the letter, can serve as an inspiration both for personal growth and wise investing. The man in question, though wealthy, lived modestly and anonymously gave to charity. He was a mentor, a friend, and a giant of a man who shunned the spotlight. His courage, sense of service, and lack of arrogance are valuable lessons for all. The importance of saving and living within one's means is another key takeaway from his life. Despite his wealth, he continued to play tennis, even in the doubles game when he couldn't cover the court as well as before. This man's story is a reminder that wealth and success do not have to come with arrogance and ostentatiousness. His legacy continues to inspire and influence, and his life serves as a model for living well and giving back.

    • Bob Smith's Lasting ImpactMeeting remarkable individuals can lead to lasting connections and opportunities, regardless of age or experience.

      Bob Smith was a remarkable man who left an enduring mark despite passing away in 2002, 120 years after his birth. He was a curious and well-read individual with a passion for business and the stock market. When Jason Brett, a young investor, met him, they hit it off due to their shared interests and compatible personalities. Bob was impressed with Jason's ability to discuss his investments in-depth, and they spent hours talking and strategizing. Despite Jason's relatively limited experience, Bob saw potential in him and entrusted him with his family's fortune. The connection between them was likely strengthened by shared experiences, such as their military backgrounds and involvement in football. Overall, Bob Smith's impact continues to be felt, demonstrating the power of meeting and connecting with remarkable individuals.

    • Partnership driven by shared contrarian perspectives and interest in financial historyUnderstanding personal biases and interests is crucial for successful investment decisions

      The partnership between Jeremy Grantham and Bob Smith in starting Sempra Augustus Investment Group was driven by their shared contrarian perspectives and interest in financial history. Grantham's decision to name the firm after the most inflated tulip bulb during the Dutch Tulip Mania in the 17th century reflects his skepticism and contrarian bias towards markets, especially during periods of bubbles. Their personal connections, shared experiences, and common interests in business and war history also contributed to their successful partnership. The discussion highlights the importance of understanding one's own biases and interests in making investment decisions.

    • Financial bubbles and their recurring impact on societyFinancial bubbles, driven by mass hysteria and overvaluation, lead to irrational investments, false security, and worthless assets. Stay vigilant and avoid herd mentality.

      Financial bubbles, driven by mass hysteria and overvaluation, have been recurring phenomena throughout history. The tulip mania in the 1630s, the nifty 50 in the late 1960s, the tech bubble in the late 1990s, and the recent cryptocurrency craze are just a few examples. During these bubbles, people make irrational investments, leading to a sense of false security and wealth. However, when the bubble bursts, the confidence goes out, and people are left with worthless assets. The speaker shares a personal experience of starting a firm during the tech bubble and the regret of missing the opportunity to name it "Sempra Augustus" before someone else did. The passage from "Extraordinary Popular Delusions and the Madness of Crowds" about the tulip mania is particularly resonant, as it describes the frenzy, the sudden collapse, and the subsequent misery. Despite our belief that we've seen the last of such financial manias, history has shown that they keep repeating themselves. It's essential to remain vigilant and not be swayed by the hype and the herd mentality.

    • Focus on fundamental valuation to avoid market madnessInvestors should prioritize fundamental analysis over market outlook to protect against financial insanity and avoid being swayed by popular delusions and the casino element of investing.

      While markets experience recoveries after significant sell-offs, history shows that there can be prolonged periods of pain following initial recoveries. Investors should focus on fundamental valuation and ground themselves in specific measures to avoid being swayed by popular delusions and the allure of the casino element of investing. As Sir John Templeton emphasized, an investor's best defense against financial insanity is to focus on value rather than outlook. This approach, which involves critical analysis of a company's fundamental value, was championed by the speaker throughout their career. By renouncing the casino element and shifting towards fundamental valuation, investors can protect themselves from charlatans, unscrupulous promoters, and bubbles. This timeless wisdom, as highlighted in Charles Mackay's "Extraordinary Popular Delusions and the Madness of Crowds," remains essential for navigating the complex world of investing.

    • Learning from costly investment mistakesAvoid investing without analyzing a business's quality and reasonable price to prevent significant losses.

      Investing in a business without understanding its quality and the reasonable price you're paying for it can lead to significant losses. The speaker shares his personal experience of losing all his savings by investing in a Norwegian crude carrier company based on a tip without properly analyzing the business or its financial statements. He learned the hard way that even a seemingly great business at an overvalued price can result in poor investment outcomes. Therefore, it's crucial to focus on the quality of the business and the price paid for it to protect oneself from potential losses. This lesson holds true regardless of market conditions.

    • Considering both price and business quality for successful investingFocus on both price and business quality for a 'dual margin of safety' in long-term investing. Examine financials, leverage, and management priorities for business quality.

      Successful investing involves considering both the price you pay and the quality of the business. Joe Carlson, the guest on the podcast, emphasizes that price is the primary driver, but the business quality is equally important. He looks for businesses with strong financials, low leverage, and management that prioritizes shareholder value. By focusing on both the price and the business quality, investors can build a "dual margin of safety." This approach is essential for long-term success in investing. It's important to remember that understanding business quality requires time and research, but the insights gained are invaluable. As Carlson mentioned, this includes examining footnotes for off-balance sheet liabilities and proxy statements to understand management compensation and motivations. Ultimately, investing in high-quality, durable businesses can lead to better long-term returns.

    • Identifying changing business dynamics and understanding long-term implicationsLooking beyond traditional definitions of margin of safety and understanding unique industry and company dynamics can lead to significant investment opportunities.

      Identifying changing business dynamics and understanding the long-term implications can lead to significant investment opportunities. The speaker shares an example of Olin, a cyclical business in the chlor alkali industry, which consolidated during a period of industry consolidation and became the low-cost producer. Despite a challenging economic environment and an encumbered balance sheet, the speaker saw the potential for a supply demand imbalance due to scarcity and population growth. This scarcity created a margin of safety, allowing the speaker to invest in the company when its stock was trading at a discount. The business recovered, and the company paid down debt, resulting in a pristine balance sheet and a significant increase in stock price. This case illustrates the importance of looking beyond traditional definitions of margin of safety and understanding the unique dynamics of individual industries and companies.

    • Shifting investment landscape and business qualityInvest in businesses with strong fundamentals, ethical management, solid balance sheets, and consider price for margin of safety in any market, even tech-dominated ones, to avoid significant price declines.

      The investment landscape has evolved, and the definition of business quality has shifted. During times of capacity shortages and economic cycles, attractiveness lies in developing scarcities that provide protection. Businesses with strong fundamentals, ethical management, and a solid balance sheet are key considerations. However, the importance of price should not be overlooked, even in a market dominated by tech giants trading at high valuations. History, such as the dot-com bubble, serves as a reminder that even great businesses can experience significant price declines, making the need for a margin of safety paramount.

    • Investing in overvalued businesses with high growth expectations can lead to disappointing returnsBe cautious when investing in large, high-valued companies with high multiples to sales, especially if they're not yet profitable. Consider the long-term sustainability and competition before investing.

      Investing based on high valuations and expectations of rapid growth without considering the potential for competition and market saturation can lead to disappointing returns, as demonstrated by the example of Microsoft in the past. Specifically, the speaker warns against investing in businesses with large market caps and high multiples to sales, especially if they are not yet profitable. He uses Nvidia as an example today, with its transformational AI and growing revenues, but also high valuation and lack of profitability. The investor's advice is to be cautious and consider the long-term sustainability of the business, including potential competition and margin growth, before making an investment decision.

    • Tesla's $1 trillion market cap: Ambitious growth assumptionsTesla's market cap is based on aggressive growth predictions in areas like robo taxis and self-driving cars, but the manufacturing side of the business faces challenges like regulatory approval, capital needs, and competition.

      The market's valuation of Tesla, currently at a $100 billion revenue run rate and approaching a $1 trillion market cap, is based on ambitious assumptions about the company's growth in areas like robo taxis and self-driving cars. ARK Invest, an influential investment firm, predicts Tesla will grow to a $7 trillion market cap in five years, but the manufacturing side of the business, which is expected to make high margins, faces challenges like regulatory approval, capital needs, and competition from companies like Uber. Tesla's CEO, Elon Musk, has endorsed ARK's analysis, but skeptics question the assumptions and the potential for such a large market cap. The debate highlights the importance of evaluating the integrity of management and the assumptions behind market valuations.

    • Managing Risks in Retail InvestingInvestors should maintain a disciplined approach to managing risks in retail investing by focusing on intrinsic value and considering tax implications, while being prepared to trim positions and bring them back in at more reasonable prices.

      While some investors may be tempted by the hype and promises of high returns in the market, particularly in the tech sector, it's important to keep a realistic perspective and consider the potential risks and consequences for retail investors. The history of the market shows that even great businesses can become overvalued, and it's crucial for investors to manage their portfolios carefully and consider the tax implications of their decisions. As Jason Brett mentioned, it's not wise to eliminate a great business from your portfolio entirely, but rather to trim positions when necessary and be prepared to bring them back in at more reasonable prices. It's also important to remember that price matters, and even great businesses can become too expensive to hold in large quantities. By maintaining a disciplined approach to investing and staying focused on intrinsic value, investors can avoid the pitfalls of hype and protect themselves from potential losses.

    • Identifying undervalued companies and actively managing a portfolioSuccessfully investing for the long-term requires identifying undervalued companies, strong fundamentals, and actively managing a portfolio by trimming expensive holdings and buying cheap ones. Value and cyclical industries are focus areas.

      Successful long-term investing involves a combination of identifying undervalued companies with strong fundamentals and actively managing a portfolio by trimming expensive holdings and buying cheap ones. The speaker's investment strategy has yielded an average annual turnover of 15% over the last quarter century, with a focus on value and cyclical industries. He shares the example of Dollar General, which he bought at a discounted price during a period of market pessimism and held until it became one of the most valuable companies in his portfolio. However, even with strong businesses, operational issues and changing market conditions can impact performance. The speaker remains confident in Dollar General's management team and believes the current issues are temporary, making it an attractive buy again at its current undervalued price. Overall, the value added by trimming and buying at the margin is a key driver of long-term investment success.

    • Understanding Opportunity Cost in Portfolio ManagementWhen making investment decisions, consider opportunity cost to maintain a balanced portfolio and maximize returns. Trimming investments in more fully valued stocks allows for reinvestment in undervalued opportunities.

      When managing a portfolio, opportunity cost plays a significant role in decision-making. This means that as a portfolio manager, when investing in a more fully valued stock like Dollar General, it's essential to trim other investments to maintain a reasonable valuation for the overall portfolio. Chris Blomstrand, a leading expert on Berkshire Hathaway, emphasizes this concept during his conversation with William Green. The discussion also covers Buffett's investment strategies, treating shareholders as partners, and managing time effectively. In the second part of their conversation, listeners can learn more about Chris's insights on investing and life. Opportunity cost is a crucial consideration for all investors, and understanding its implications can help maximize returns and maintain a well-balanced portfolio.

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    On today’s episode, Clay discusses the early days of Starbucks and Howard Schultz’s book — Pour Your Heart Into It.  Starbucks has been one of the market's best-performing stocks over the past three decades. Since the IPO in 1992, Starbucks stock has had an average annual return of 18.6% relative to the S&P 500 returning 10.4% over that same period (with dividends reinvested). Clay unveils the fascinating story of how Howard fended off endless competition to build an iconic brand that’s built to last. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:01 - What led Howard Schultz to join and take over Starbucks. 14:24 - The impact of Howard’s visit to Italy, where there were 200,000 coffee bars. 34:07 - How Howard aligned the interests of the company with the interests of all employees at Starbucks. 48:29 - Lessons Howard learned in taking Starbucks public. 58:13 - How Starbucks was able to dominate big brands in the early days. 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. Howard’s books: Pour Your Heart into It & Onward. Related Episode: TIP144: Billionaire Howard Schultz's Book Onward — A Story About Starbucks. Mentioned Episode: TIP627: LuluLemon Stock Deep Dive w/ Clay Finck & Kyle Grieve. Mentioned Episode: TIP639: Buffett's Favorite Business Book w/ David Fagan. 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 Sun Life The Bitcoin Way Range Rover Sound Advisory BAM Capital Fidelity SimpleMining Briggs & Riley Public 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

    BTC189: Prince Philip of Serbia on Bitcoin (Bitcoin Podcast)

    BTC189: Prince Philip of Serbia on Bitcoin (Bitcoin Podcast)
    In this episode of the Bitcoin Fundamentals Podcast, Prince Philip of Serbia joins us to discuss his advocacy for Bitcoin and its potential to offer financial sovereignty. We delve into his journey from a background in finance to becoming a passionate Bitcoin proponent. Prince Philip shares his thoughts on the synergies between Bitcoin and monarchy, the environmental impact of traditional banking systems, and the challenges and opportunities for Bitcoin adoption in Serbia. We also explore his vision for a Bitcoin nation-state and the future of global finance. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:56 - Prince Philip's journey from finance to Bitcoin advocacy. 13:38 - The benefits of Bitcoin for financial sovereignty and inclusion. 15:41 - The synergies between Bitcoin and monarchy. 21:14 - The environmental impact of traditional banking systems versus Bitcoin. 32:08 - The steps Serbia needs to take for Bitcoin adoption. 34:23 - Prince Philip's vision for a Bitcoin nation-state. 36:08 - The role of merchants in driving Bitcoin adoption. 39:51 - Personal anecdotes from Prince Philip's life as a prince and a Bitcoin advocate. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Prince Philip’s X (Twitter) account. 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? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. 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 Sun Life The Bitcoin Way Range Rover Sound Advisory BAM Capital Fidelity SimpleMining Briggs & Riley Public Shopify Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

    TIP641: Improve Decision Making with Mental Models w/ Clay Finck & Kyle Grieve

    TIP641: Improve Decision Making with Mental Models w/ Clay Finck & Kyle Grieve
    On today’s episode, Kyle Grieve and Clay Finck continue their conversation on Investing: The Last Liberal Art by Robert Hagstrom. We discuss details on why using the right explanation for a business is so important to a good investment thesis, simple ways to improve your reading to get more out of the books and content that you consume, how to use simple mathematical concepts to improve your decision making in real-time, how to understand better System I and System II thinking and how it directly applies to investing, some of the latest mental models Kyle has learned from interviewing recent guests, and a whole lot more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:34 - How to use the proper explanations in your analysis to determine the right comparable best. 06:18 - Why Tesla is so misunderstood. 10:33 - Why the economics of Dino Polska make it an invalid comparison to other grocers. 12:02 - The power of narratives in investing and how we can guard ourselves from getting overly optimistic. 17:43 - How to optimize reading for learning. 40:18 - How to use Bayes theorem to tip odds in your favour and change your position sizing. 45:45 - Why value and prices become disconnected, and how human psychology plays into this. 50:20 - Why intuition (system I thinking) is so difficult to rely on in the stock market. 01:09:22 - How to make thinking in mental models a habit. 01:14:59 - Some of the latest mental models Kyle has learned from interviewing some of his latest guests. 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 Investing: The Last Liberal Art here. Buy The Great Mental Models here. Learn more about Mental Models here. Buy Poor Charlie’s Almanck here. Buy More Than You Know here Follow Clay on Twitter and LinkedIn. 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 Sun Life The Bitcoin Way Meyka Sound Advisory Industrious Range Rover iFlex Stretch Studios Briggs & Riley Public American Express USPS 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

    TIP640: Investing: The Last Liberal Art w/ Clay Finck & Kyle Grieve

    TIP640: Investing: The Last Liberal Art w/ Clay Finck & Kyle Grieve
    On today’s episode, Clay and Kyle dive into Robert Hagstrom’s book — Investing: The Last Liberal Art. Charlie Munger is famous for popularizing the use of mental models and pulling key ideas from related fields and implementing them to the world of investing. In today’s episode, that’s exactly what we do, starting with the fields of physics, biology, sociology, and psychology. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:27 - How learning new mental models can help us be better investors. 10:49 - Concepts in physics that we can carry over to investing. 25:35 - Lessons we can learn from evolution and complex adaptive systems. 42:00 - What leads to a stock oscillating above and below the intrinsic value. 54:15 - The primary psychological biases as lead to investment mistakes. 01:05:43 - Why Lumine’s incentive structure is a structure worth studying. 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 Investing: The Last Liberal Art here. Read Seeking Winners blog here. Buy What I Learned about Investing from Darwin here. Buy The Uncertainty Solution here. Learn more about Charlie Munger’s speech here. Learn more about Mental Models here. Read Li Lu’s write-up on value investing in China here. Buy Poor Charlie’s Almanck here. Follow Clay on Twitter and LinkedIn. 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 Sun Life The Bitcoin Way Meyka Sound Advisory Industrious Range Rover iFlex Stretch Studios Briggs & Riley Public American Express USPS 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

    BTC188: Claude Shannon and Information Theory with Jimmy Soni (Bitcoin Podcast)

    BTC188: Claude Shannon and Information Theory with Jimmy Soni (Bitcoin Podcast)
    In this episode of the Bitcoin Fundamentals Podcast, Jimmy Soni, author of "A Mind at Play" and "The Founders," joins us to discuss the life and work of Claude Shannon. We explore Shannon's groundbreaking contributions to information theory, including the concept of entropy and its importance in data transmission. Jimmy explains how Shannon's work laid the foundation for many of the technologies we take for granted today, including Bitcoin and blockchain technology. We also touch on stories from "The Founders," highlighting the tech pioneers and their innovative contributions. Join us for an in-depth discussion on information theory, Bitcoin, and the history of technology. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:06 - The life and work of Claude Shannon, the father of information theory. 07:10 - The foundational role of Shannon's work in modern technology. 20:31 - The relevance of information theory to Bitcoin and blockchain. 20:52 - Stories from Jimmy Soni's book "The Founders" about tech pioneers. 28:58 - How Shannon's concept of entropy relates to data transmission. 32:52 - Insights into the problem-solving approaches of early tech innovators. 40:42 - How Bitcoin investors can apply Shannon's principles to their strategies. 55:16 - The impact of Shannon's interdisciplinary approach on his innovations. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Jimmy’s book, A Mind at Play. Jimmy’s Book, The Founders. Jimmy's X (Twitter Account) 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? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. 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 Sun Life The Bitcoin Way Meyka Sound Advisory Industrious Range Rover iFlex Stretch Studios Briggs & Riley Public American Express USPS Shopify Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

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    • Gibt es ähnliche Geschichten über den CEO? (3:01)

    • Wie sieht Buffets Anlagestrategie grundsätzlich aus? (3:28)

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    • Hatte Buffett auch Flop-Käufe? (9:45)

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    • Gefällt dem Bankenchef der Anlagestil Buffetts? (12:10)

    • Apple ist ein klassischer Wachstumstitel und hat einen Anteil von 40 Prozent im Portfolio von Buffett! Kann man hier dennoch von Value Investing sprechen? (13:12)

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    • Gibt es neben der Holding Berkshire Hathaway z. B. auch ETFs, die das Portfolio Buffetts abbilden? (18:08)

    • Gibt es etwas, das den CEO ganz persönlich an Warren Buffett fasziniert? (18:56)

    Buffett ist ein sogenannter Stock Picker. Er pickt sich die Aktien raus, die er bei vertretbarem Risiko für am aussichtsreichsten hält. Doch wenn man sich Buffetts Gesamtportfolio anschaut, werden massive Risiken sichtbar. Typisch für Warren Buffett ist, dass er meist nur in eine überschaubare Anzahl an Titeln investiert, aktuell sind es beispielsweise nur 50. Und dabei neigt er noch dazu, das Portfolio stark zu konzentrieren. Die Top 5 Positionen machen bei ihm fast drei Viertel des Gesamtportfolios aus. Allein Apple hat einen Anteil von rund 40 Prozent! Wenn bei einer dieser Positionen etwas aus dem Ruder läuft, steht das Portfolio schnell unter Wasser. Dazu kommt, dass Buffetts Portfolio stark US-lastig ist, d. h. er streut in der Regel kaum überregional. Und obwohl Buffett selber relativ konzentriert investiert, empfiehlt er insbesondere Privatanlegerinnen und Privatanlegern, aber auch seiner Ehefrau und seinen Enkeln, ETFs wegen ihrer breiten Risikostreuung.

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    Die Auswahl der richtigen Aktien oder ETFs ist keine Kunst. Es ist vielmehr harte Arbeit, die mit viel Aufwand verbunden ist. Viele Investorinnen und Investoren wählen dabei den Ansatz des sogenannten Value Investings. Warum die Anlagestrategie in den vergangenen Jahren etwas von seinem früheren Glanz verloren hat, man sie dennoch nicht abschreiben sollte, erklärt Karl Matthäus Schmidt in dieser Podcast-Folge: Value Investing unter der Lupe - so funktioniert die Anlagestrategie https://www.quirinprivatbank.de/podcast?episode=87

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