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    TIP523: Financial Wisdom w/ Cullen Roche

    enFebruary 12, 2023

    Podcast Summary

    • Understanding the Different Inflation IndicesBy using various inflation indices like CPI and PCE, the Federal Reserve is getting a better understanding of trend inflation. These complementary indices provide a more useful data set by accounting for changing consumption patterns and updating the basket regularly.

      There are different indices for inflation, and the Federal Reserve is trying to get a better gauge of trend inflation by having a lot of different indices, which provide a more useful data set to look at. CPI assumes that people continue to buy expensive groceries, whereas PCE allows people to substitute high-priced items with something more affordable. PCE is reweighted to reflect changing consumption patterns. Both indices give us different information about inflation and are complementary to each other. The CPI is a household-based survey of urban consumers, while PCE updates the basket every month. The different indices are useful to get a better understanding of what is happening with inflation.

    • Understanding the PCE Index and its Significance in Measuring InflationThe PCE index reflects a broader price index than the CPI through surveying the cost of goods and services. It helps in presenting inflation trends based on various indicators, and stripping out food and energy provides a clearer idea of underlying trends.

      The PCE index allows for substitution effects in the way consumers perceive things, resulting in businesses providing a broader price index than the CPI. The PCE is a business-based index that surveys businesses to get the cost of goods and services, including healthcare, resulting in a broader subset of all different things. The PCE provides a better idea of what is going on with the broader stock market by presenting the inflation trends based on a lot of different types of indicators. Striping out food and energy from the PCE and CPI indices helps get a better idea of potential future inflation trends based on underlying trends of consumers.

    • The Tradeoff Between Central Bank Independence and AccountabilityCentral bankers' independence from governments is necessary for expert decision making, but a balance between independence and accountability must be struck. A systematic approach, rather than human discretion, may be more practical for monetary policy. The Fed's primary role is as a regulator and payment processor, rather than setting interest rates and quantitative easing.

      The central bankers' independence from governments insulates expert decision making from political pressure, but it comes at the cost of accountability and democratic control. Though influential political figures may sway central bank decisions, central bankers should not be elected. Cullen Roche posits that the Fed should not be manned by humans, and that discretion in monetary policy is problematic. Instead, a systematic approach where the Fed operates more like an algorithm could be more practical. The primary role of the Fed is to serve as an independent regulator for the banking system and payment processor, rather than setting interest rates and quantitative easing. The tradeoff between independence and accountability should be a calculated balance.

    • Efficiency Constraints and Complexity of Monetary PolicyThe Fed faces limitations in achieving monetary policy targets despite being objective and independent. Defining money is messy, and traditional definitions may not align with current financial practices. Discretionary changes can be inefficient and may increase complexity.

      The Fed operates seamlessly in meeting its monetary policy goals, but discretionary changes like altering interest rates and changing their balance sheet can be inefficient. Despite their objectivity and independence, the Fed has limited tools to achieve demanded outcomes, thus is inherently inefficient. Traditional monetary definition is a messy one, and financial and even non-financial assets may have varying degrees of moneyness. To discuss the velocity of money and inflation, one must first define what money is. For instance, during quantitative easing, the Fed took treasury bonds out of the private sector and flooded it with bank deposits and bank reserves, causing debate about what is considered money and its similarity to deposits.

    • The Fed's Money Exchange and Inflation PredictionsThe Fed replaced a savings account with a checking account during the financial crisis, but adding bank deposits and reserves did not cause major inflation. The prediction of inflation is complex, and foreign countries hold and borrow US dollars due to trade relationships and strategic purposes. The decoupling of the US, Europe, and China has an uncertain impact on interest rates and inflation.

      The Fed creates a checking account as a bank deposit and removes a savings account from the private sector to exchange two similar instruments in terms of their moneyness. Adding more bank deposits and reserves did not cause big inflation during the financial crisis. The prediction of inflation is complex and requires consideration of various factors. The world's most important reserve currency is still the dollar, and foreign countries hold and borrow lots of dollars due to trade relationships and strategic purposes. Saudi Arabian companies may hire drill rig operators from Texas and pay them in dollars, leading to the borrowing of dollars. The implication of the decoupling of the US, Europe, and China for interest rates and inflation is uncertain.

    • The Impact of US Monetary Policy on the Global Dollar Funding Market.The US Federal Reserve's interest rate adjustments in the dollar-denominated foreign market can affect global growth and credit risk. Understanding the balance sheet recession and over-leveraging is crucial to avoid excessive risks and be mindful of global monetary policies.

      The Euro dollar market, or any dollar denominated bank deposit in a foreign country, is a huge foreign market that is reliant on the Federal Reserve and US monetary policy. When the Federal Reserve adjusts interest rates, it affects not just the domestic US economy, but also the global dollar funding market, which can lead to lower growth and potential credit events in foreign markets. The concept of balance sheet recession, where consumers or businesses become over-leveraged relative to asset prices and experience forced deleveraging, is relevant in understanding the current real estate market boom and potential risks. It's important for consumers and investors to be aware of both the global monetary policy and the risks of excessive leverage.

    • The Financialization of Real Estate and its Impact on the Economy.Real estate's increased speculation due to financialization and leverage effect creates instability, leading to knock-on effects and force de-leveraging. Understanding balance sheet recession is crucial, as seen with the 16% loss in the 60/40 portfolio due to Fed's actions.

      As real estate becomes a more speculative instrument, the financialization of the economy is creating more instability, due to the inherent leverage effect. Real estate traditionally has been very stable and hasn't created a lot of contagion risk in the economy as the asset price itself has been more stable relative to the amount of debt used to leverage that instrument. However, going forward, the volatility of the real estate instrument can create knock-on effects that can lead to a force de-leveraging in certain environments. With real estate markets becoming more and more like Japan, the dynamics of balance sheet recession are becoming increasingly important to understand. The 60/40 portfolio of stocks and bonds allocation lost 16% last year, largely due to the Fed's actions.

    • Long-term Horizon is Crucial for InvestorsConsider the time horizon of your investment and choose asset classes accordingly. Short-term stability seekers should avoid 60/40 investments and opt for complementary instruments to reduce risk. The stock market slice in a 60/40 investment should be viewed as a multi-decade instrument and judged based on long-term performance. The Fed's interest rate policy can have an outsized impact on both asset classes in the short term.

      Investors should consider the time horizon of their investments. Asset classes are instruments that exist across specific time horizons. Short-term stability seekers should avoid 60/40 investments as the stock market slice contributes to 85% of the volatility. A 60/40 investment should be viewed as a multi-decade instrument and judged based on long-term performance. Investors should consider complementary instruments such as treasury bills or commodities to reduce the risk inside the portfolio. The probability of losing money on a stock market instrument over an 18-year time horizon is low because of the stable evolution of underlying firms' profits. The Fed's interest rate policy had an outsized impact on both asset classes with interest rates going up and bond prices going down in the short term.

    • The 60/40 portfolio and the importance of understanding market dynamicsConsider short-term risks in the bond market and be aware of changing market dynamics to make informed investment decisions in the long-term. Study financial history and avoid biases towards extrapolating trends in financial markets.

      The 60/40 portfolio is still a viable long-term investment strategy, but investors need to be mindful of short-term risks in the bond market. Asset price movements should be considered in relation to time horizons. Biases towards extrapolating trends in financial markets can lead to overlooking longer cycles and history. The next 40 years of stock market performance may not look like the past 40 years due to changing tailwinds and headwinds, including rising interest rates and competition from foreign technology companies. The debt markets have also undergone significant changes. It's important for investors to study financial history and be aware of changing market dynamics to make informed investment decisions.

    • Understanding human behavior for efficient market pricingHuman emotions and animal spirits drive short-term cycles, while long-term secular dynamics like demographics and technology also impact macroeconomic trends. Adopting a multi-tiered approach is necessary for evaluating both short and long-term trends. Mindful short-term behavior is crucial for long-term results.

      Understanding the cyclicality of human behavior inside the short term is crucial in generating an efficient long-term pricing market. Human emotions and animal spirits drive much of the boom and bust cycles. The more behavioral aspects of a lot of these debates has become very clear that the markets are not nearly as efficient as someone like Eugene Fama would argue. Long-term secular dynamics like demographics and technology play a huge role in macroeconomic impacts. It's important to use a multi-tiered approach to evaluate both long-term and short-term trends. In short term, human behavior is the primary driver of these boom and bust cycles. So one should be mindful about their short term behavior impacting the long term results!

    • The Complexity of ESG and Central Bank InterventionsThe ESG debate is complex and excludes companies based on moral grounds may not be effective. Adding morality to central bank interventions may not be the most effective approach towards tackling global warming.

      Adding a layer of morality to central bank interventions is misguided as it is difficult to argue morality within the realms of legality. Also, a company like ExxonMobil, which does damage to the climate, is also one of the biggest investors in green energies and is making a slow transition towards being a green company. Therefore, it is important to look at the bigger picture and understand the complexities involved in the ESG debate before excluding companies that do not qualify from bond repurchase programs. In short, making predictions about economic trends based on weather is complex and unpredictable, and adding a moral mandate to central bank interventions may not be the most effective approach towards tackling global warming.

    • The Subjectivity of ESG Investing and Considering Objective MoralitiesWhile governments can push for positive change, investing should consider objective moralities and acknowledge threats to financial objectives. Independence and peace of mind should be prioritized in investment objectives.

      The ESG debate in investing is very subjective and messy, making it hard for governments to use blunt instruments like central banks to predict the future trend of whether a company is ESG-friendly or not. While governments can nudge corporations towards positive change, the aggregate macroeconomic sense should be considered to arrive at objective moralities. Laws that incentivize long-term changes in the way we think about things can help reduce pollution. However, thinking in terms of cycles where the world transitions quickly is unrealistic. The risk is what we do not see and acknowledging the obstacles that pose a threat to our financial objectives can help reduce risk. Two objectives to consider when investing are independence and peace of mind.

    • Balancing Independence and Peace of Mind in Portfolio BuildingBuild a portfolio where you work on what you love, with the people you want, and at preferred times. Consider investing in short-term instruments for principle stability and long-term strategies for higher returns. All-duration investing is key.

      When building a portfolio, it's important to optimize for both independence and peace of mind. This means working only on what you like to do with the people you want to work with at times that you prefer. However, building a portfolio that secures independence and a good night's sleep can be challenging. Most portfolios focus solely on asset returns and don't account for the concept of time. All-duration investing, where you consider the time horizons over which certain instruments exist, can be a good way to achieve the right balance. Investing in cash or short-term instruments can provide nominal principle stability and help you sleep well at night, while the stock market can give great long-term returns but can be more volatile on a day-to-day basis.

    • The Importance of Time Horizons and Asset-Liability Matching in Portfolio BuildingBuilding a balanced portfolio requires considering time horizons, liquidity, and asset-liability matching. Don't ignore short-term liabilities and the need for purpose in retirement, and ease into retirement instead of fully retiring.

      When building a portfolio, it's important to understand time horizons and consider the asset-liability matching process. Pensions think in terms of long-term asset growth and short-term liabilities, requiring liquidity inside the portfolio. Independent retail investors often focus on generating high returns with minimal downside volatility, but ignoring time horizons. The financial independence retire early (FIRE) movement also tends to create aggressive portfolios due to the need for long-term risk-taking, but retirements can create purposelessness and add financial instability. It's better to ease into retirement or maintain a sense of purpose while transitioning to a less rigorous employment process, rather than fully retire. It's important to have a balanced portfolio that considers time horizons, liquidity, and asset-liability matching.

    • Blind Spots in Investing: The Dangers of Lack of Experience and Behavioral BiasesWhether you're a new or experienced investor, it's important to recognize and address blind spots in your decision-making. Focus on long-term goals and diversification, while acknowledging the role of behavioral biases in market inefficiencies.

      The new generation of investors may have blind spots due to lack of experiencing prolonged painful recession, such as the financial crisis of 2008. This may affect their investment decisions, as they may not fully understand the importance of diversification. On the other hand, investors from previous generations may have blind spots due to their experience of past market conditions, which may not be relevant to current or future market conditions. It is important to recognize and understand these blind spots to make informed investment decisions. Behavioral biases also play a role in market inefficiencies, which cannot be entirely eliminated, making it essential to stay grounded and focused on long-term goals, regardless of market conditions.

    • The Behavioral Challenges of InvestingInvesting can be tough, but tough times can build behavioral robustness. Don't let emotions guide investment decisions and maintain a long-term optimistic view, even in uncertain times. Risks will always be present, so prepare for blind spots and unknowns.

      Investing is behaviorally challenging and there will always be blind spots and risks. It's important to experience tough periods to become tougher, especially for newer generations. Young people may have tougher skin as they have lived through the gyrations of cryptocurrency, but the equation changes as time horizon and financial situation changes. It's crucial to ask yourself in uncertain times if it's different this time and not to let emotions dictate investment decisions. Risk is what we don't know, and there will always be things in the future that we can't see. Investing requires a long-term optimistic view and the ability to navigate challenges with behavioral robustness.

    • Diversification is the Key to All-Weather PortfoliosA diverse portfolio that accounts for potential risks is a good approach to investing. Younger investors should be mindful of irrationality and inefficiency. Crypto investment is not play money and requires responsibility. Investing is challenging but possible by having components moving in different directions.

      Investment in all-weather portfolios is a good approach as it accounts for all potential weather impacts. Good investing means having a diversified portfolio which should never move in one direction, especially in the short term. The younger generation may be more resilient to financial markets' ups and downs, but humans are irrational and naturally inefficient. Pandemic was one of the outlier risks which were not on the investors' horizon. Investment in crypto is volatile and investors should know that it is not play money but real money. Play money portfolios are different from real money portfolios, especially when an investor has more responsibilities. A good portfolio should have components that move in different directions, making investing challenging.

    • Effective Portfolio Management Strategies for Long-Term SuccessOwning losers for a long period while maintaining diversified exposure and systematically replacing them with winners is crucial, along with learning to manage behavioral challenges. Discipline Funds and Pragmatic Capitalism's Three Minute Macro videos offer helpful tools for effective portfolio management.

      Good portfolio management involves owning losers for a long period but maintaining diversified exposure to them, which helps in replacing them with winners in the long run. Index funds like S&P 500 systematically ride losers down but not to zero and replace them with winners in the long run. Learning to hate big parts of your portfolio across time is part of the behavioral challenge of managing a good portfolio. Systematic and low-cost financial planning based approaches to investment management, like Discipline Funds, can help individuals manage their portfolios effectively. Three Minute Macro videos by Pragmatic Capitalism can provide concise macroeconomic lessons for those who prefer listening to podcasts and watching videos.

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    In this episode, William Green chats with Bruce Usher, author of a book titled “Investing in the Era of Climate Change.” Bruce, a successful entrepreneur, investor, & Columbia Business School professor, discusses the “once-in-a-lifetime” investment opportunity created by the transition of the global economy to a low-carbon future. He explains how to protect yourself financially as environmental risks intensify, & how to profit as trillions of dollars flow into innovative climate change solutions that will change the world—from electric vehicles to solar energy. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:37 - Why Bruce Usher sees climate change as a huge opportunity (& risk) for investors. 08:34 - How the transition to a low-carbon future will transform the global economy. 10:53 - How extreme weather is finally altering perceptions of climate change. 13:45 - How to protect against environmental threats to your property. 20:39 - Why electric vehicles & renewable energy are key drivers of decarbonization.  33:42 - How Berkshire Hathaway is playing the energy transition.  49:05 - Why leading companies like Apple & Microsoft are serious about sustainability. 54:02 - Why it’s wise to consider environmental factors before buying any stock. 01:03:53 - How to invest in funds & ETFs that reduce your exposure to climate risk.  01:12:44 - How billionaires like Bill Gates & Jeff Bezos invest in climate change solutions. 01:23:01 - What consumers can do to reduce their negative impact on the environment. 01:27:47 - Why Bruce thinks humanity might still avoid catastrophic climate change. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Bruce Usher’s book, Investing in the Era of Climate Change. Bruce Usher’s book, Renewable Energy: A Primer for the Twenty-First Century. William Green’s podcast interview with Bryan Lawrence. 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? 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. 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 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

    TIP642: The Story of Starbucks: Building an Iconic Brand w/ Clay Finck

    TIP642: The Story of Starbucks: Building an Iconic Brand w/ Clay Finck
    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

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