Logo

    About this Episode

    IN THIS EPISODE, YOU’LL LEARN: 05:56 - Indicators that Joe watches to forecast market moves. 13:19 - Why the Fed pivot might take much longer than many current estimates. 14:56 - How the Fed could use $2T in reverse repos to provide liquidity before needing to lower interest rates. 27:49 - CBDCs and how they compare to bitcoin, Ethereum and others. 55:39 - The real estate market in the US. 60:40 - Household financial health.  And much, 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, and the other community members. Heresy Financial Youtube. Financial Heresy Podcast. The Forgotten Depression by Jim Grant. 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 Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel 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

    🔑 Key Takeaways

    • The Put-Call Ratio is a tool used to measure market sentiment. A ratio above one suggests bearishness, making it a contrarian indicator for investors. It can help predict trend reversals and potential market bottoms.
    • Take into consideration market metrics such as the put-call ratio, household consumer strength, economic indicators, and the Fed's balance sheet when making investment decisions. The reverse repo facility on the Fed's balance sheet can act as a release valve without decreasing interest rates. Don't overlook these metrics in making informed investment decisions.
    • The Federal Reserve's reverse repo facility helps to control excess capital in the financial system by allowing banks to access collateral directly from the Fed at a higher rate, ultimately preventing interest rates from being pushed negative.
    • The Federal Reserve's reverse repo facility has soaked up 2 trillion in cash, which could lead to an increase in government borrowing costs when the money leaves the facility. Banks will have to purchase bills and treasuries from the open market, reducing the government's purchasing power. This move may be a subtle tightening of the Fed's policies.
    • As interest rates rise, lenders shift towards alternative debt. The repo facility may dwindle down as banks seek collateral through bills and treasuries. However, the Federal Reserve's expanded repo facility can offset deflationary pressures in the future.
    • Though the US government may face challenges with paying bills in the next 10-15 years, it won't be a problem within the next 5 years unless interest rates see a huge increase. Zero interest rates could make borrowing easier, but dumping of US treasuries by the world could lead to a long-term problem for the US.
    • The Federal Reserve's ownership of government debt creates a transfer of money, while discussions are ongoing about a top-down surveillance digital currency, with some preferring commodity-backed international currencies over a digital dollar.
    • The introduction of CBDCs presents a potential challenge to the power of the dollar in international trade. Institutions like the Bank of International Settlements are working to create a new layer for SWIFT to maintain control over cross-border payments, but concerns about censorship and government control must be addressed.
    • When implementing a CBDC, it is important to consider the potential for abuse of power by governments and the increased risk for fraudulent activity. Expansion of the money supply must be carefully monitored to prevent fraud and theft.
    • Cryptocurrency frauds flourish due to the lack of regulation, causing institutional investors to stay out while retail investors flood in. The collapse of Ponzi schemes reveals a need for regulation, but overbearing regulations can crush real technological applications. Bitcoin survives as a result.
    • Banking history is plagued with greed and instability leading to government intervention. Today, inflation risks arise from excessive printing of money not supported by wealth. SPF is a symptom of the larger Ponzi scheme in our financial system.
    • Differentiating asset classes is crucial in the current economic climate. While most cryptocurrencies may not be reliable, some stocks could still endure. Moreover, households may experience significant economic pain over the following year due to over-leveragement.
    • Despite concerns about debt and a real estate shortage, waiting for a market crash may not be wise for non-homeowners. Understanding the market and planning for future expenses is crucial.
    • Don't wait for a housing market crash to buy a home. Invest in real estate now to take advantage of current prices, as interest rates can be refinanced but purchase prices are permanent. Focus on paying down debt before buying.
    • Eliminate high-interest debt, especially credit card debt, before considering shorting the dollar with mortgages. Opt for fixed-rate mortgages to effectively short the dollar and check out Heresy Financial for educational resources.

    📝 Podcast Summary

    Understanding the Put-Call Ratio as a Contrarian Indicator in the Stock Market

    The put-call ratio is an indicator that measures sentiment on the market by looking at the total number of puts and calls being traded. The higher the ratio above one, the more puts being traded, indicating the average retail investors are bearish. This is considered a contrarian indicator because by the time the masses have become the most bearish, most of the bad stuff is already baked into the cake. In light of everything else happening macroeconomically speaking, such as what the Federal Reserve is doing and what the inflation numbers are doing, it looks like a pretty strong contrarian indicator that the bottom might already be in with the stock market.

    Understanding the importance of market metrics for investing decisions.

    Market makers remain neutral while retail traders usually purchase puts, leading it to be considered a contrarian indicator. A high put-call ratio can suggest a reversal in the market, as it indicates the most amount of bearish activity. Other metrics to consider for investing decisions include household consumer strength, indicators of economic strength or weakness like the FedEx indicator, and the Fed's balance sheet, interest rates, and reverse repo facility. The $2 trillion in reverse repo on the Fed's balance sheet can serve as a release valve for economic conditions without having to lower interest rates. Asset prices have already priced in the pain of the overall economy, but further indicators suggest more pain ahead.

    How the Reverse Repo Facility Helps Control Excess Capital in the Financial System

    The repo market is where banks buy and sell collateral for overnight cash needs. The Federal Reserve steps in to prevent potential collapse in the financial system by creating cash to lend in the repo market. The reverse repo facility was opened to counteract excess capital resulting from the government spending trillions of dollars and giving rise to an overabundance of cash in the system. Banks have to go out and buy treasuries and T-bills to offset their liabilities, but the Fed didn't want interest rates to be pushed negative, so they opened up the reverse repo facility. Banks can access collateral directly from the Fed at a higher rate, which helps to soak up excess capital.

    The Impact of the Reverse Repo Facility on Government Borrowing Costs

    The Federal Reserve's reverse repo facility offers risk-free returns for banks who park their cash with the Fed, but the 2 trillion cash has soaked up from the system. When the money leaves the reverse FPA facility, the government's borrowing costs will go up. The Federal Reserve will drop the amount they're paying in that reverse repo facility when that gets too tight for the government. Banks will then have to take the cash and buy bills and treasuries from the open market, which will be a nice boost like a 2 trillion buffer that ends up hitting the government's purchasing power. This move may be an undercover first phase of the pivot, so people won't understand the mechanics of it, and it'll just be like the Fed is still tightening.

    The Shift to Alternative Debt and the Future of the Repo Facility

    As interest rates continue to rise, lenders may be more willing to invest in alternative forms of debt to gain higher returns. The reverse repo facility may start to dwindle down as banks seek collateral through bills or treasuries. The Federal Reserve has broadened access to their repo facility, demonstrating foresight for when institutions may eventually need it. While this tool may throw a wrench in the short term thesis of monetary debasement, it will eventually be used to offset deflationary pressures. The $2 trillion borrowed has not yet worked its way throughout the entire system, as it sits in deposits and money market accounts. Overall, there will likely be an offsetting of inflation and deflationary pressures, allowing the Federal Reserve to continue tightening until they need to start easing again.

    US Government Debt and the Potential Future Challenges

    The US government may face major issues of paying its bills in the next 10-15 years due to the high level of spending and debt, but it will not be a problem within the next 5 years unless interest rates rise substantially. Even with interest rates at 6%, the government could take 4-5 years to reach that point. However, if interest rates go back to zero, it will make borrowing easier for the government. Meanwhile, if the Federal Reserve can cause the rest of the world to dump US treasuries, it will become a long-term problem for the US.

    The Connection Between Federal Reserve, Government Debt, and a Potential Digital Currency

    The Federal Reserve's ownership of government debt means that the interest paid on that debt ultimately flows back to the federal government, making it essentially a transfer of money from one pocket to the other. Governments around the world are exploring the potential of a central bank digital currency (CBDC), which would be fully programmable and controlled, allowing for top-down surveillance and control of the flow of resources in the economy. While some believe a digital dollar is necessary to compete with China's CBDC, others see the future in international currencies backed by a basket of commodities, rather than a single nation's currency.

    The emergence of CBDCs and their impact on the global financial system

    The CBDC is not seen as an immediate replacement for the dollar but technology presents more competition. The current system of using the dollar for international trade, especially through SWIFT, gives the US undue advantage over the global financial system. However, the fear is that other countries may soon trial or research their own central bank digital currencies, displacing the dollar. To maintain power, institutions like the Bank of International Settlements are designing a new layer for SWIFT to act as an in-between system for different CBDCs. The desire for control over cross-border payments, even censorship, is a concern as seen in the track record of government and anti-money laundering laws.

    The Potential for Abuse with CBDC Implementation

    The potential for abuse of power should be considered when looking at the implementation of a CBDC. Governments have historically abused the power they have been given and a CBDC represents even more potential power over the financial system. While Ethereum is an example of a powerful tool that has not been abused, the potential for abuse still exists. The recent chaos in the market and the crackdown on tokens by the SEC has created a perfect storm where individuals and organizations are looking for higher returns, which can lead to fraudulent activity. When expanding the money supply, it is important to consider the potential for fraud and theft to occur.

    Lack of Regulation and Cryptocurrency Fraud

    The lack of regulation in the cryptocurrency space has allowed frauds to flourish, such as the example of Nikola creating fake semi truck videos to attract investment. The absence of clear rules has caused institutional money to stay out of the market, while retail investors flooded in. Ponzi schemes and frauds built up during times of easy money and always collapse when inflation takes off. The collapse reveals them as frauds that cannot continue without new money. Once people lose their money and beg for regulation, the government will step in with overbearing regulations that will crush any real technological applications. Bitcoin, however, has passed the point where it can be legislated out of existence, making it a survivor among the 95-99% of cryptocurrencies that will likely be dead in five years.

    The Evolution and Flaws of Banking and the Role of Governments in the Financial System

    Historically, banks created paper receipts redeemable for gold at any time, but they printed more receipts than there was actual gold, causing a run on the bank. Governments centralized banking and nationalized it, but the boom and bust cycle continued and caused the Great Depression. Today, we don't have to worry about a bank run because there is no limitation on how much money can be printed, but inflation occurs when there is not enough wealth to back up printed money. Governments don't like competition, so they want to have a monopoly on running the money Ponzi themselves. The fall of SPF may go down as the face of the everything bubble, but it's only a small example of what has been going on in our traditional financial system, which is based on continued loaning out of assets.

    Over-Leveraged Global Economy and Potential Deflationary Pressures

    The global economy is over-leveraged, and there may be more pain to come. While the FTX collapse hasn't caused much contagion yet, there are signals of potential deflationary pressures coming down the pipeline. The money supply has stopped increasing, so prices may start going down and cause further selling. This means that households will likely experience a lot of economic pain over the next year, especially since American households are the most over-leveraged they've ever been. Therefore, it's necessary to differentiate between asset classes. While most cryptocurrencies may go to zero, some stocks may have more room to go down, but many have already priced in a lot of economic pain.

    Managing Debt and Real Estate in the Current Market

    The massive debt load and real estate market are major concerns. People end up defaulting on credit cards or falling short on mortgage payments, which causes big economic pain. The overall real estate market is controlled by just two indicators: the total number of housing units and the population. We are currently facing a shortage of houses, which means house prices continue to inflate. For people who don't currently own a home, waiting for the next crash may not be a smart move, as rents continue to increase while home prices also double or triple. It's important to understand the state of the market and plan accordingly.

    Why Housing Prices Haven't Crashed Despite High Interest Rates

    Housing prices in the current market should have crashed due to high interest rates, but they haven't. This may lead to deflation and the Fed backing off interest rate hikes. Those who are waiting for a housing market crash to buy a home may be locked out forever, as prices may start to go up again. It's better to have some skin in the game and buy a home with exposure to the real estate market. Interest rates are temporary and can be refinanced, whereas purchase price is permanent. However, it's important to focus on paying down debt before buying real estate, depending on the type of debt.

    Shorting the Dollar with Mortgages: Fixed Rates vs. Adjustable Rates

    Mortgages can be an effective way to short the dollar if you expect its value to go down. However, for effective shorting, it has to be a fixed-rate mortgage, as adjustable rate debt will increase interest rates to compensate for the loss of purchasing power due to inflation. This will only lead to more dollars owed, defeating the purpose of shorting the dollar. Therefore, it is important to get rid of adjustable debt, especially credit card debt, before investing or shorting the dollar. Once you've eliminated high-interest debt, you can consider shorting the dollar using mortgages. Heresy Financial, Joe Brown's platform, provides educational content and other resources on financial matters.

    Recent Episodes from We Study Billionaires - The Investor’s Podcast Network

    TIP630: The Wealthy Gardener w/ Kyle Grieve

    TIP630: The Wealthy Gardener w/ Kyle Grieve
    On today’s episode, Kyle Grieve discusses the book The Wealthy Gardener. He covers a variety of wealth topics like how to optimize your time to generate wealth, why it’s so important to avoid wage slavery, why you should embrace challenges to live a more fulfilling life, why we must make sacrifices in life whether we pursue wealth or not, why patience is vital to the wealth building process, practical lessons on setting financial goals, why you must avoid the dangers of debt, and much, much more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:31 - Simple tips to help how you think about where you spend your time 10:44 - The importance of sacrifice in order to obtain an extraordinary life 12:00 - What wage slavery is, and why you should avoid it at all costs 13:10 - How you can generate wealth regardless of it you are a high or low income earner 18:55 - How we can reframe the art of saving as "purchasing freedom at a later date" 22:17 - The importance of passion when pursuing your career choices 27:28 - The price you must pay for financial success 31:17 - A breakdown of the three seasons of wealth 40:57 - The power of pushing past self-perceived limitations 52:08 - Why you should avoid the parasite of wealth: debt 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 The Wealthy Gardener: Lessons on Prosperity Between Father and Son here. 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 Fidelity Range Rover CI Financial Meyka AT&T Simon & Schuster NDTCO iFlex Stretch Studios Fundrise Yahoo! Finance 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! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

    TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024 w/ Clay Finck and Kyle Grieve

    TIP629: Berkshire Hathaway Annual Shareholder's Meeting 2024 w/ Clay Finck and Kyle Grieve
    On today’s episode, Clay and Kyle give a recap of the 2024 Berkshire Hathaway shareholder meeting and share their favorite clips from the Q&A session with Warren Buffett.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:14 - What Clay and Kyle did during the Berkshire weekend in Omaha. 12:57 - Clay and Kyle’s takeaways from the tribute to Charlie Munger at the Berkshire event. 21:43 - What Buffett would do with Munger if he had one more day with him. 38:29 - How Berkshire’s managers communicate with Warren, Greg, and Ajit. 51:52 - Who the primary capital allocator will be post-Buffett. 63:13 - How Buffett would invest if he were managing a smaller amount of capital. 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: The Psychology of Money. Related Episode: TIP628: The Inner Scorecard w/ Mohnish Pabrai | YouTube Video. Related Episode: TIP552: Berkshire Hathaway Annual Shareholder's Meeting 2023 | YouTube Video. Follow Kyle on Twitter. 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 Fidelity Range Rover CI Financial Meyka AT&T Simon & Schuster NDTCO iFlex Stretch Studios Fundrise Yahoo! Finance 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! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

    BTC181: The US's Economic Hitman w/ John Perkins

    BTC181: The US's Economic Hitman w/ John Perkins
    John Perkins delves into his past as an economic hitman, explaining the mechanisms and impacts of his actions on global economies. He critiques the fiat system and its role in geopolitical strategies and debt creation. Perkins also explores the potential of Bitcoin and decentralized technologies to challenge established economic controls. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:37 - The role and responsibilities of an economic hitman. 23:01 - How the fiat monetary system facilitates economic manipulation and control. 27:44 - Specific tactics used to influence foreign policies and economies. 37:03 - The significant long-term impacts of these economic interventions on target countries. 41:47 - A simple explanation of the petro-dollar system and its global implications. 51:51 - The potential of Bitcoin and other decentralized technologies to disrupt traditional economic systems. 53:48 - Perkins’ personal journey and motivations for leaving his role and advocating for systemic change. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES John Perkin's Website. John’s newest book, Confessions of an Economic Hitman, 3rd Edition. 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 Fidelity Range Rover CI Financial Meyka AT&T Simon & Schuster NDTCO iFlex Stretch Studios Fundrise Yahoo! Finance Public USPS 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

    TIP628: The Inner Scorecard w/ Mohnish Pabrai

    TIP628: The Inner Scorecard w/ Mohnish Pabrai
    On today’s show, Stig Brodersen talks with legend value investor Mohnish Pabrai. Since its inception in 1999, one dollar invested in the flagship fund would have turned into $12.51 vs. $4.72 for the S&P500. In the interview, Mohnish Pabrai discusses his approach to a congruent life.  Disclaimer: Stig Brodersen is invested in Pabrai Funds.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 10:14 - Which decisions Mohnish Pabrai made to improve his happiness. 15:06 - How to use the Buffett system to grade people. 26:02 - Why Mohnish likes to play bridge more than poker. 31:06 - Which principles Mohnish lives by. 38:58 - How Buffett and Mohnish (do not) take notes. 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. Mohnish Pabrai’s website. Learn more about Mohnish Pabrai’s Dakshana Foundation. Our interviews with Mohnish Pabrai about Masterclass Investing | YouTube Video. Our interviews with Mohnish Pabrai about investing in stocks | YouTube Video. Our interviews with Mohnish Pabrai about value investing and philanthropy | YouTube Video. Our interviews with Mohnish Pabrai about value investing | YouTube Video. Our interviews with Mohnish Pabrai about value investing in 2021 | YouTube Video. Our interview with William Green about Mohnish Pabrai and much more | YouTube Video. 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 AT&T Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express USPS NerdWallet 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

    TIP627: Best Quality Idea Q2 2024 w/ Clay Finck & Kyle Grieve

    TIP627: Best Quality Idea Q2 2024 w/ Clay Finck & Kyle Grieve
    On today’s episode, Clay and Kyle give an overview of their best quality stock idea for Q2 2024. This quarter, they discuss Lululemon. Lululemon is well-known in the world of quality investors, and the share price has recently declined by over 30%. Tune into today’s episode to hear Clay and Kyle’s thoughts on Lululemon’s business and what the prospective returns might look like going forward. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 09:09 - The competitive advantages of Lululemon. 21:53 - How Lululemon’s margins compare to their competitors. 33:24 - What will drive Lululemon’s future growth. 37:46 - How large Lululemon’s total addressable market is. 44:13 - Our assessment of the management team and balance sheet. 60:24 - Our thoughts on the valuation. 67:29 - Lululemon’s most important key performance indicators.  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: The Story of Lululemon, 7 Powers Related Episode TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve | YouTube Video. Related Episode: TIP587: Dino Polska: A Polish Compounder w/ Clay Finck & Kyle Grieve | YouTube Video. Follow Kyle on Twitter. 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 AT&T Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express USPS NerdWallet 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

    BTC180: The Current Challenges Bitcoin Faces w/ Max Hillebrand (Bitcoin Podcast)

    BTC180: The Current Challenges Bitcoin Faces w/ Max Hillebrand (Bitcoin Podcast)
    Dive deep into Bitcoin's evolution with expert Max Hillebrand. We unravel Mises' action axiom, Hoppe's private property origins, and Rothbard's economic theories. Discover Wasabi Wallet's role in privacy, the potential of Ocean mining, and strategies for Bitcoiners to enhance anonymity. Max also shares his take on Bitcoin's path to ossification and how institutions can shield assets against regulatory overreach. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:54 - The principles of Ludwig von Mises' economic dualism and the axiom of action. 06:23 - Hermann Hoppe's theory on private property as a natural emergence. 10:11 - The significance of Murray Rothbard's "Man, Economy, and State, with Power and Markets." 12:59 - An inside look at Bisq and the passion driving decentralized finance platforms. 27:29 - The role of covenants in Bitcoin and their potential to enhance transaction privacy. 34:26 - Innovations in Bitcoin mining pools and the impact of Ocean Bitcoin mining. 38:59 - Strategies beyond CoinJoin for improving privacy for Bitcoin transactions. 01:00:46 - How institutions can use Bitcoin technology to protect their financial sovereignty and self-custody assets. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Max Hillebrand on X (Twitter). Max's website with links to his projects. 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 AT&T Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express USPS NerdWallet Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

    RWH044: How To Beat The Market w/ Bryan Lawrence

    RWH044: How To Beat The Market w/ Bryan Lawrence
    In this episode, William Green chats with Bryan Lawrence, a highly successful hedge fund manager who runs an investment firm called Oakcliff Capital. Bryan almost never gives interviews, so this is a rare opportunity to hear him speak in depth about the advantages of a concentrated value strategy, how he finds new investments, what 6 questions he asks when analyzing any stock, what he’s learned from Buffett & Munger, & how to build a happy life. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:42 - What Bryan Lawrence learned from his hugely successful father. 16:30 - What Charlie Munger taught Bryan.  33:07 - How Shelby Cullom Davis turned $200,000 into $800 million. 39:14 - How Bryan has consciously built an investing edge. 43:25 - What he learned from meeting Warren Buffett. 47:15 - Why Bryan looks for three specific characteristics in any business. 59:18 - How to beat the market by making infrequent bets.  1:08:19 - Why he’s obsessed with identifying where he’s wrong. 1:10:17 - How he searches for new investment ideas. 1:14:32 - How he structures his day. 1:44:20 - How to think rationally about fossil fuels & climate change. 1:49:1 - How to build a happy life & great relationships. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Bryan Lawrence’s investment firm, Oakcliff Capital. Check out Poor Charlie’s Almanack. Dean Ornish & Anne Ornish's book Undo It. Robert Cialdini's book Influence. Alain de Boton's book The Consolations of Philosophy. Douglas Stone, Bruce Patton, & Sheila Heen's book Difficult Conversations. John Rothchild's book The Davis Dynasty. Vaclav Smil's book How the World Really Works. David Mackay's book Sustainable Energy Without the Hot Air. Gillian Zoe Segal's book Getting There. William Green’s podcast interview with Chris Davis | YouTube Video William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. 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. 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! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

    TIP626: Intelligent & Rational Long-Term Investing w/ François Rochon

    TIP626: Intelligent & Rational Long-Term Investing w/ François Rochon
    On today’s episode, Clay is joined by François Rochon to discuss how he’s managed to vastly outperform the market over the past 30 years. Since he started the Rochon Global Portfolio in 1993, his annual returns net of fees have been 13.6%, versus 9.2% for the benchmark. François’s investment approach is firmly rooted in three principles — patience, humility, and rationality — which are discussed in depth during this conversation. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:17 - What led François to hiring Jean-Philippe Bouchard. 06:19 - The foundational investment principles of Giverny’s approach. 10:23 - How François realized so early in his career that you can’t predict the stock market. 19:53 - The tribal gene that sets 5% of investors apart from the rest. 29:29 - How we can be prepared for declines in the stock market. 35:37 - Why his biggest investment mistakes are mistakes of omission. 40:54 - How François views Berkshire Hathaway’s role in his portfolio. 45:27 - How François assesses the strength of a brand. 56:02 - His view on the valuation of today’s market. 68:15 - Why François is so passionate about investing. 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. Giverny Capital’s Letters. Learn more about the Giverny Capital. Books Mentioned: How to be Rich, Money Masters of our Time, The Craft of Investing. Related Episode: RWH016: The Best of the Best w/ François Rochon | YouTube Video. Follow François 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 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

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

    BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast)
    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 Yahoo! Finance Long Angle Public USPS 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

    TIP625: Berkshire Hathaway w/ Chris Bloomstran

    TIP625: Berkshire Hathaway w/ Chris Bloomstran
    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 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! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm