Logo

    TIP529: Joel Tillinghast & Uncovering the Art of Outperformance

    enFebruary 28, 2023

    About this Episode

    On today’s episode, Clay Finck reviews Joel Tillinghast’s book, Big Money Thinks Small, and does analysis on two companies built around acquisitions - Brown and Brown Insurance and Constellation Software. Joel is an incredible long-term investor as he has consistently outperformed the market and currently manages around $70 billion at Fidelity. Peter Lynch, who hired Joel at Fidelity, has described Joel as “one of the greatest, most successful stock pickers of all time.” IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:04 - Why some level of speculation is required in every investment. 08:07 - What speculations are acceptable in Joel Tillinghast’s conservative investment approach. 10:34 - What you need to understand about a company prior to investing. 13:02 - Why Tillinghast avoids investing in gold. 20:20 - Why investing in countries with the fastest GDP growth rate isn’t a wise investment strategy. 29:52 - Clay’s insights into two acquisition-focused companies - Brown and Brown Insurance and Constellation Software. 37:27 - Why Constellation Software may be worth further investigation for stock pickers interested in high quality businesses. 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. Joel Tillinghast’s book Big Money Thinks Small. Newsletter: The Risks in Owning Chinese Equities. Listen to Trey’s Interview with Josh Young Covering Oil, or watch the video. Chris Mayer’s blog post on Constellation Software. Check out Clay’s episode covering legendary British Investor Terry Smith. Watch the video here. Don’t miss our review of Four Wide Moat Stocks for 2023. Watch the video here. Follow Clay on Twitter. 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

    • Avoid emotional investing, focus on rationality and patience. Success in value investing comes from valuing stocks properly and avoiding businesses prone to obsolescence or financial ruin. Time is your greatest ally.
    • Investing requires diligence, risk management and strategic thinking. Don't follow the hype and crowd psychology; instead, focus on sound research and understanding the underlying value of the securities in which you're investing.
    • To make informed investment decisions, investors must understand all aspects of a company's business, including growth drivers, competitive advantage, profitability, and potential threats. It's important to have a strong understanding of the company's industry and business model. Beware of perma bears and gold bugs who predict disaster scenarios with little consideration of intrinsic value and new information.
    • To reduce investment errors, consider starting small and remain open to changing opinions based on changing facts. Also, avoid tying your identity to your investment approach and consider the complexities of investing internationally.
    • When investing internationally, focus on countries with the rule of law that are relatively cheap, and invest in industries with no substitutes and companies with no competitors for the best returns. Commodity industries tend to have mediocre profits, but oil businesses are an exception. Build conservatism into your investment approach by assuming lower future oil prices and looking for low production in stable countries.
    • Look for undervalued companies with high earnings yield, a moat, stable finances, and a long-term outlook. Assess your own capabilities and limitations when choosing an investment strategy. Cheap and diversified companies with high returns on capital are ideal for success in the stock market.
    • Brown and Brown Insurance has steadily grown its revenue, net income, and free cash flows. They allocate capital wisely through acquisitions, share repurchases, dividends, and capital expenditures. The CEO and his father own a significant percentage of the company.
    • Brown and Brown's consistent growth may make it a good long-term investment, but higher interest rates and debt to equity ratios may pose risks. Constellation Software, led by Mark Leonard, is also worth considering.
    • Finding great managers in investment requires experience, better judgment, and the ability to recognize masterpieces. Personal trust and the importance of that personal element is crucial in managing your capital successfully.
    • Constellation's success lies in their approach of acquiring, building, and managing industry-specific software businesses with a focus on ROI and employee loyalty. By prioritizing economic value over diminishing intangible assets, their exceptional performance in acquisitions has led to a high multiple and an average annual return of 24% over the past five years.
    • Constellation Software's strategy of acquiring smaller companies, avoiding debt, and incentivizing managers to allocate capital effectively has resulted in impressive returns and a long-term oriented approach that instills trust among all constituents. A great example of a successful company with an admirable leader.

    📝 Podcast Summary

    Investment Principles from a 36-Year Fidelity Veteran

    Joel Tillinghast, an investment legend who has managed money with Fidelity for 36 years and manages 70 billion, shares his principles for avoiding investment mishaps in his book 'Big Money, Thinks Small'. He emphasizes investing rationally and patiently, avoiding businesses prone to obsolescence and financial ruin, and valuing stocks properly. Tillinghast has outperformed the Russell 2000 and S&P 500 by nearly four percentage points a year and over 27 years, $1 grew to $32 in the Fidelity low price stock. He warns against investing emotionally and chasing fads, fast-changing industries, or commoditized businesses with a lot of debt. The key to successful value investing is being patient and letting time be on your side.

    The Perils of Crowds and Speculation in Investing

    Crowds are easily impressed by spectacle, images and myths, leading to the spread of misinformation and exaggeration. The South Sea Bubble is a historical example of excessive speculation based on hype without tangible earnings to back it up. Investing involves thorough research, managing risks and uncertainty, and anticipating challenges and opportunities that have not yet presented themselves. Speculation, while a key part of our daily lives, should not be based on share prices, commodity prices, or crowd psychology. Instead, it should focus on speculating whether management will make the right decisions, whether an industry is prone to failure, and securities' values. Investing in individual stocks should only be done in businesses that are well-understood and thoroughly researched.

    The Dangers of Bias in Company Familiarity for Investors

    Investors should not solely rely on familiarity with a company, as it can lead to bias towards a particular company. To understand a company, investors need to understand the different pieces of the business such as what drives their growth, competitive advantage, profitability, and potential threats. It is also important to have a strong understanding of the company's industry and business model to properly analyze it. It is okay to have a limited circle of competence with a select few companies that one has conviction in. Be cautious of perma bears and gold bugs who predict disaster scenarios with little consideration of intrinsic value and new information. Gold may be a store of value, but it has no intrinsic value and does not produce income.

    Different Approaches to Investing & Considerations to Reduce Errors.

    Investing is about making money, and there are multiple ways to do so. Both macro investors and stock pickers must fearlessly seek the truth. The traditional value investor believes that stocks are the best performing asset class in the long run. Gold bugs believe that high inflation is inevitable, while some believe in Bitcoin. To counter the complexities of investing, Tillinghast advises to think small to reduce errors. Investing internationally adds another layer of complexity that some may want to avoid. It's essential to have the freedom to change one's mind when the facts change. Tying our identity to an investment approach makes it harder to change our opinions.

    Expanding Your Investment Opportunities Internationally

    Investing internationally expands your opportunity set, but don't focus only on countries with high growth in GDP per capita. Instead, invest in countries with the rule of law that are cheap on a relative basis. Warren Buffett's circle of competence principle involves investing only in businesses he is highly certain about, eliminating potential risks. Industries with no substitutes and companies with no competitors tend to deliver the greatest value and enjoy the highest returns. Commodity industries tend to have mediocre profits and be capital intensive. Oil businesses are an exception due to inelastic demand and limited supply. Tillinghast builds conservatism into his investment approach by assuming lower future oil prices and looking for low production in stable countries.

    David Tillinghast's Four-Part Checklist for Investing in Undervalued Companies

    David Tillinghast makes sure to only invest in undervalued companies by using a four-part checklist. He looks for high earnings yield, companies with a moat, businesses built to last, and stable finances. He believes that having stocks with all four qualities is the key to success. Tillinghast's checklist does not catch every undervalued stock, but it does coal out the most common sources of disappointment. He also suggests rationally examining one's own motives, capabilities, and limitations to choose the right path for investing. Additionally, he prefers cheap companies that are diversified. Investing in high-quality businesses with high returns on capital and a long runway ahead is also a good strategy according to Chris Mayer, the author of the book 100 Baggers, whose approach and philosophy is aligned with Trey Lockerby's.

    Brown and Brown Insurance – Growing Steadily with Great Capital Allocation

    Brown and Brown Insurance is a well-performing insurance broker that primarily sells property, casualty insurance, and employee benefits. They have increased revenues from $1.2 billion to $3.4 billion in the most recent year, and their net income and free cash flows have steadily increased over time. They are the fifth-largest insurance broker in the country, with 450 locations. Their primary source of revenue is commissions paid by insurance companies, and their operating margins are consistently in the mid to high 20% range. Additionally, they are good capital allocators, investing in acquisitions, share repurchases, dividends, and capital expenditures. The company has been growing organically and through acquisitions, and the CEO and his father own a combined 15% stake in the company.

    Growth and Risks for Brown and Brown and Constellation Software

    Brown and Brown, a stable and consistent business, has experienced a growth rate of around 15% annually over the past decade. With projected growth rates of 10% for the first five years and 7% for the next five, the intrinsic value of the stock equals around $68, whereas it currently trades at around $58, indicating a possible 17% discount. While family-owned companies tend to focus more on long-term value creation, higher interest rates and their debt to equity ratio may serve as potential headwinds for Brown and Brown in the future. Meanwhile, Constellation Software out of Canada seems promising due to its extraordinary leader Mark Leonard, according to Francois Rochon.

    The Importance of Identifying Great Managers in Investment

    A great CEO is a great human being with an owner-oriented culture, who stands out as a business leader and is trustworthy enough to manage your capital, even if you're away for 10 years. Identifying such great managers comes with experience, better judgment, and the ability to recognize masterpieces, just like identifying great art. Personal trust and the importance of that personal element is often underestimated within investments. To be a successful investor, one needs to read a lot of annual reports, study companies and business people over the years, and gain more experience, better judgment, and the ability to identify great managers and businesses.

    Constellation - A Software Company Focused on ROI and Employee Loyalty.

    Constellation is a software company that specializes in acquiring, building, and managing industry-specific software businesses. Their focus on return on invested capital and employee loyalty sets them apart from other public companies. Their exceptional performance in acquisitions has led to a rich valuation on a multiples basis. Mark Leonard, the CEO, writes annual letters in a way that's relatable to fellow business owners and speaks to a good owner-centered culture. Despite being headquartered in Canada, the company has delivered impressive results for investors, with an average annual return of 24% over the past five years. Their continued success in acquisitions has led to a high multiple today, but the company's commitment to economic value instead of diminishing intangible assets sets them apart as one to watch.

    Constellation Software's Approach to Acquiring Companies for High Returns.

    Constellation Software follows a Buffett-like approach of buying smaller companies that deliver strong returns and incentivizing their managers to allocate capital effectively. They specialize in acquiring smaller companies, avoiding debt, and have a unique philosophy to align the incentives of managers with those of the shareholders. CSI seeks attractive returns, sustainable competitive advantage, and the ability to deploy large amounts of capital outside of VMS. Mark Leonard's letters reflect a long-term orientation that requires mutual trust between the company and all its constituents. While there are risks involved in acquiring companies, CSI's management team has a track record of producing high returns on invested capital. CSI is a great case study for what makes a great company with an admirable leader at the helm.

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

    TIP633 : What I Learned from Chris Mayer w/ Clay Finck

    TIP633 : What I Learned from Chris Mayer w/ Clay Finck
    On today’s episode, Clay shares the most important lessons he’s learned from Chris Mayer. Chris Mayer is the author of 100 Baggers and the co-founder and portfolio manager of Woodlock House Family Capital.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:02 - The potential dangers of cloning. 09:40 - What Clay learned from reading 100 Baggers by Chris Mayer. 26:39 - Common characteristics of 100 Baggers. 32:03 - Lessons from Chris’s lesser-known book — How Do You Know? 49:39 - Chris’s secret to success in long-term compounding. 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. Chris’s books: 100 Baggers & How Do You Know. Thomas Phelp’s book: 100 to 1 in the Stock Market. William Thorndike’s book: The Outsiders. Related Episode: TIP543: 100 Baggers: Stocks that Increase 100:1 w/ Chris Mayer | YouTube Video. Related Episode: TIP569: An Investor's Guide to Clear Thinking w/ Chris Mayer | YouTube Video. Related Episode: TIP608: Long-Term Compounding w/ Chris Mayer | YouTube Video. Related Episode: MI310: A Serial Acquirer's Deep Dive w/ Chris Mayer | YouTube Video. Check out Mohnish’s Q&A with YPO. 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 The Bitcoin Way Sun Life AT&T Industrious Meyka Range Rover Yahoo! Finance Fundrise iFlex Stretch Studios Briggs & Riley 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

    BTC183: Bitcoin Investing Opportunities in Africa w/ Abubakar Nur Khalil

    BTC183: Bitcoin Investing Opportunities in Africa w/ Abubakar Nur Khalil
    Join us on this episode of Bitcoin Fundamentals as we talk with Abubakar Nur Khalil, a distinguished Bitcoin Core Contributor and founder of Recursive Capital. We explore Bitcoin's progress across Africa, discussing regulation, P2P dynamics, and significant developments in Nigeria. We also cover Abubakar's role at Btrust alongside Jack Dorsey and Jay Z, Recursive Capital's mission, and future Bitcoin advancements. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:46 - The current state of Bitcoin development in Africa. 06:46 - Insights into Bitcoin regulation and P2P dynamics in Nigeria. 14:09 - Abubakar Nur Khalil's journey as a self-taught programmer and Bitcoin Core Contributor. 31:46 - The role and achievements of Btrust in the Bitcoin ecosystem. 42:39 - The mission and strategy behind Recursive Capital. 47:50 - Key Bitcoin investments and developments in Africa. 50:36 - Challenges faced by Bitcoin initiatives in the region. 54:13 - What Abubakar is optimistic about for Bitcoin in 2024 and beyond. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Abubakar's Twitter. Recursive Capital's Twitter. Recursive Capital’s Contact Information for investment. B-Trust'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 The Bitcoin Way Sun Life AT&T Industrious Meyka Range Rover Yahoo! Finance Fundrise iFlex Stretch Studios Briggs & Riley 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

    TIP632: Mastermind Q2, 2024 w/ Tobias Carlisle and Hari Ramachandra

    TIP632: Mastermind Q2, 2024 w/ Tobias Carlisle and Hari Ramachandra
    In today's episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra. Stig only owns five individual stocks, and in this episode, he outlines why he has put Burberry on this watchlist. Hari’s pick, ICICI Bank Limited, is a solid bet on the rise of India, and Tobias pitches Playtika, a value stock trading at an appealing valuation.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:57 - What are the current economic conditions?  13:37 - Are we entering a world with less disruption? 17:30 - What Stig’s bull case is for Burberry (Ticker: BURBY). 35:18 - The bear case for Burberry, including the current deterioration in the luxury sector. 42:35 - Why Toby has invested in Playtika (Ticker: PLTK). 52:23 - The bear case for Playtika, including the lack of moat and switching costs. 56:01 - Why Hari is bullish on ICICI Bank Limited (Ticker: ICICIBANK). 1:12:47 - The bear case of ICICI Bank Limited, including whether the valuation is stretched.  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. Tune in to the Mastermind Discussion Q1 2024 – TIP610 | YouTube video. Listen to Mastermind Discussion Q4 2023 – TIP586 | YouTube video. Tune in to the Mastermind Discussion Q3 2023 – TIP576 | YouTube video. Listen to Mastermind Discussion Q2 2023 – TIP557 | YouTube video. Tune in to Mastermind Discussion Q1 2023 – TIP528 | YouTube video. Tune in to Mastermind Discussion Q4 2022 – TIP496 | YouTube video. Listen to Mastermind Discussion Q3 2022 – TIP475  | YouTube video. Tune in to Mastermind Discussion Q2 2022 – TIP450 | YouTube video.   Listen to Mastermind Discussion Q1 2022 – TIP418 | YouTube video. Stig Brodersen’s portfolio and return.  Understanding IFRS16 on operating leases. Tobias Carlisle's podcast, The Acquirers Podcast. Tobias Carlisle's ETF, ZIG. Tobias Carlisle's ETF, Deep. Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this book. Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com. Tweet directly to Tobias Carlisle. Hari's Blog: BitsBusiness.com. Tweet directly to Hari. 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 The Bitcoin Way Vacasa Industrious Meyka AT&T Range Rover Fundrise CI Financial Yahoo! Finance Briggs & Riley iFlex Stretch Studios 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

    TIP631: The Bullish Energy Cycle w/ Arvind Sanger

    TIP631: The Bullish Energy Cycle w/ Arvind Sanger
    On today’s episode, Clay is joined by Arvind Sanger to discuss investment opportunities in the energy, metals, and mining space. Arvind Sanger is the founder and managing partner of Geosphere Capital Management, a global long-short equity hedge fund focused on natural resources and industrial companies worldwide.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:21 - How the energy space has developed over the past 30 years. 05:35 - Why energy is inherently cyclical. 11:21 - Arvind’s view on a sensible energy transition. 21:49 - China and India’s role in today’s energy markets. 25:51 - How Arvind views this energy cycle playing out. 28:19 - How AI will impact energy demand. 32:49 - The primary metals needed in the transition to sustainable energy. 42:20 - Why Arvind is still bullish on uranium. 55:55 - Potential breakthrough technologies to come in the future. 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. Check out Geosphere Capital. Related Episode: TIP572: Finding Value in the Oil Market w/ Josh Young | YouTube Video. 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 The Bitcoin Way Vacasa Industrious Meyka AT&T Range Rover Fundrise CI Financial Yahoo! Finance Briggs & Riley iFlex Stretch Studios 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

    BTC182: Bitcoin Mastermind 2Q 2024 (Bitcoin Podcast)

    BTC182: Bitcoin Mastermind 2Q 2024 (Bitcoin Podcast)
    Join us for an insightful discussion with Joe Carlasare, American HODL, and Jeff Ross as we delve into the latest in the Bitcoin world. We start with why the ETH ETF isn’t happening anytime soon, Roger Ver's $50M tax dilemma, and analyze the current market setup heading into summer. We also explore the implications of Bitcoin's recent halving, Japan's FX intervention, and the White House's veto threat on SAB121. Don't miss this comprehensive update on key Bitcoin events and trends. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 00:58 - The latest updates on the ETH ETF news and its potential impact on the market. 03:40 - How US ETFs are interacting with Bitcoin, including significant figures. 27:04 - The White House's position on SAB121 and its potential consequences for the crypto space. 35:45 - Details on Japan's FX intervention and the role of US treasuries in its foreign reserves. 41:57 - The effects of the recent Bitcoin halving and its influence on supply and demand. 45:02 - An analysis of the current Bitcoin market setup as we head into summer. 01:00:51 - Insights into Roger Ver's $50M tax issue and its implications. 01:00:51 - Expert opinions from Joe Carlasare, American HODL, and Jeff Ross on these pressing topics. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Joe Carlasare's law practice. Jeff Ross's investment firm. American HODL's Twitter. Joe Carlasare's Twitter. Jeff Ross's Twitter. Related episode: Listen to BTC159: Binance, GBTC, FinCEN and More w/ Joe Carlasare & HODL, or watch the video. Related episode: Listen to BTC154: Bitcoin and Macro Mastermind Q4 2023, or watch the 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 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 The Bitcoin Way Vacasa Industrious Meyka AT&T Range Rover Fundrise CI Financial Yahoo! Finance Briggs & Riley iFlex Stretch Studios 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

    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