Logo

    About this Episode

    On today’s episode, Clay reviews one of Warren Buffett’s favorite investment books called The Outsiders by William Thorndike Jr. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 01:56 - How we should evaluate the performance of a CEO during their tenure. 03:01 - How Henry Singleton led Teledyne to deliver a 20.4% average annual return to shareholders during his 30 year tenure. 09:18 - How most CEOs think like foxes, while Outsider CEOs think like hedgehogs. 22:15 - What it means to be an exceptional capital allocator. 26:17 - How Katherine Graham from The Washington Post delivered a 22.3% average return to shareholders from 1971 through 1993.  32:40 - The unconventional decisions that led Warren Buffett to become known as the world’s greatest capital allocator. 52:55 - How Buffett thinks about constructing a stock portfolio. 57:24 - The most common themes in studying Outsider CEOs. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES William Thorndike’s book – The Outsiders. Check out our newly released TIP Mastermind Community. Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video. Clay’s previous episodes covering Warren Buffett’s full story – Part 1 & Part 2, or watch the video here & 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

    • Through efficient management of operations and successful capital allocation, exceptional CEOs and managers can deliver strong returns for their companies and shareholders. Understanding the principles of excellent capital allocation can aid in identifying great managers in the present day.
    • CEOs can allocate capital through investing in operations, acquiring businesses, issuing dividends, paying down debt, or repurchasing shares. Outsider CEOs outperform by being frugal, considering cash flow over reported earnings, and thinking like owners when making decisions.
    • Outsider CEOs prioritize long-term shareholder value and adapt their strategies to market conditions, leading to significant growth and returns. Their innovative approach challenges institutional imperative and prevents short-term thinking.
    • By emphasizing accountability and managerial responsibility at all levels, optimizing free cash flow, streamlining operations, and embracing share buybacks and spinouts, Teledyne achieved significant success. Singleton's approach to capital allocation provides valuable lessons for modern businesses.
    • Adapting to unconventional strategies, making informed hires, and being open-minded to change can be crucial for achieving business success, as seen in the examples of Graham and Buffett.
    • Developing a culture of independent thinking and attracting top talent are essential for making wise capital allocation decisions and ensuring long-term success in business. Reinvesting wisely and seeking unconventional leadership like Warren Buffet can lead to tremendous growth.
    • Successful investing requires patience, discipline, and strategic decisions based on company fundamentals, rather than following trends or making rash decisions. Invest in companies with low capital needs and the ability to raise prices, and hold for longer periods for pre-tax compounding of returns.
    • Buffett's strategy of generating capital, investing with preference, and strategic purchases such as National Indemnity, along with profitable underwriting and centralised capital allocation, helped Berkshire Hathaway achieve huge success. Experienced evaluation of investments also proved advantageous.
    • Investing in high-return businesses, winding down low-return businesses, and treating shareholders like partners are key principles of Buffett's success. His unique approach to acquiring wholly-owned businesses offers valuable lessons for investors looking to achieve better results.
    • Warren Buffett believes capital allocation is the number one job of a CEO. He optimizes for this by decentralizing the company, delegating decisions, and attracting long-term relationships. Great capital allocation is more important than being in a growing market.
    • Great capital allocators aim to maximize per share value, avoid bad investments and focus on long-term returns. Search for strong capital allocators when investing for the long haul.

    📝 Podcast Summary

    Learning from Exceptional CEOs and Managers

    William Thorndike Jr's book 'The Outsiders' is a great resource for learning about CEOs and managers who are exceptional at their job and deliver strong returns for their companies. The book outlines how the world's greatest capital allocators deliver exceptional returns to shareholders during their tenure as CEOs. The annual return to shareholders, the return relative to peers and the return relative to overall markets are some factors to evaluate a CEO's greatness, and successful capital allocation involves efficient management of operations, as well as proper redeployment of the capital that's generated. Understanding what excellent capital allocation looks like can help with identifying it in managers of public companies today.

    The Critical Role of CEOs in Capital Allocation

    Capital allocation is a critical job for CEOs which can be done through investing in existing operations, acquiring other businesses, issuing dividends, paying down debt, or repurchasing shares. CEOs can raise money through internal cash flow, issuing debt or equity. Shareholder returns are largely driven by CEO's decisions on operations, cash flow deployment, and utilization of tools. Outsider CEOs who were rare outperformed by being frugal, humble, analytical, understated and living far away from Wall Street avoiding noise and institutional imperative. They thought like owners by making accretive acquisitions, buying back shares when they were cheap, and considering issuing shares when stocks were expensive. Capital allocation is a CEO's most important job, and cash flow, not reported earnings, is what creates value.

    The Unconventional Capital Allocation Practices of Outsider CEOs

    Outsider CEOs in the 1970s implemented significant share repurchase programs or large acquisitions, while all other CEOs were fearful. They focus on maximizing long-term shareholder value and free cash flow instead of optimizing quarterly earnings or net income. Henry Singleton and Teledyne is a perfect example. Singleton adapted his capital allocation practices as market conditions changed and focused on companies that were market leaders, profitable, and growing at less than 12 times earnings. He discontinued his acquisition strategy when stock prices started to fall and acquisition prices were starting to rise. This unconventional approach achieved significantly different returns and made Teledyne grow 244 times over 10 years. Outsider CEOs bring fresh perspectives and innovation that prevent falling for institutional imperative.

    Teledyne's Decentralized Business Structure - A Key to Success

    Teledyne's success was driven by its decentralized business structure, which attracted high performers and allowed for accountability and managerial responsibility to be pushed down to the lowest levels of the organization. By optimizing free cash flow, streamlining operations, and embracing share buybacks, Teledyne was able to generate significant returns for shareholders and stand out among its peers. Singleton's expertise in assessing where value was to be found, whether through investments or share repurchases, helped fuel Teledyne's success. Additionally, through spinouts, Teledyne was able to simplify operations and unlock further value. Singleton's approach to capital allocation and keen decision-making skills prove invaluable lessons for businesses today.

    Importance of Flexibility and Effective Resource Allocation in Business Strategy

    Effective allocation of time and capital is crucial for success in business. Being flexible and open to new opportunities can lead to growth and profits. Unconventional strategies such as not assigning day-to-day responsibilities and not engaging with the press can be successful. Hiring the right people can also make a significant impact on a company's profitability. Katherine Graham's decision to buy back the company’s shares and focus on investigative journalism led to success, while other newspapers failed to follow her lead. Buffett's mentorship and presence on the board also played a role. The importance of remaining open-minded and adaptable to change is crucial for success in business.

    The Importance of Independent Thinking and Top Talent for Successful Business and Capital Allocation

    Successful business and capital allocation require foresight and independent thinking. It's crucial to recognize the environment and make decisions that differ from what everyone else is doing. Sharing thoughts with individuals instead of directly telling them what to do encourages a culture of independent thinking and taking ownership of decisions. Top talent is essential for the right decisions. Truly durable moats are challenging to come by, so it's essential to reinvest in business wisely and attract new talent. Warren Buffet's story is an excellent example of unconventional leadership, and his success is measured by the long-term stock performance, which is simply on another planet from all other CEOs.

    Buffett's Contrarian Investment Strategy for Long-term Success

    Buffett's investment success was rooted in his contrarian strategy of investing in companies with low capital needs and the ability to raise prices, rather than hopping on trends. He purchased consumer brands and media properties with dominant market positions or strong brand names, using longer holding periods for pre-tax compounding of investments. Buffett invested opportunistically, taking action during fearful market periods and largely sitting on the sidelines during euphoric times. His track record shows the power of successful long-term investment and compounding, with returns far outpacing the S&P 500. This demonstrates the importance of being patient, disciplined, and strategic in investment decisions, rather than simply following popular trends or making rash decisions.

    Buffett's Capital Generation and Allocation for Berkshire Hathaway's Phenomenal Success

    Buffett's capital generation, allocation and operations management are the key factors that contributed to Berkshire Hathaway's phenomenal success over 45 years. The ability to generate funds at 3% and invest at 13%, their preference to invest with generated capital, and the strategic purchase of National Indemnity were some of the noteworthy factors. The lumpy 15% return, profitable underwriting, and centralised capital allocation decisions also proved to be highly successful. Berkshire's flywheel approach of purchasing great businesses with generated profits, and insurance being the keystone for growth, helped in propelling the company's pre-tax profits from wholly owned businesses from $102 million in 1990 to $6.9 billion in 2011. Buffett's prior experience in evaluating investments in a wide variety of industries proved to be a significant competitive advantage for Berkshire.

    Buffett's Capital Allocation Strategies and Portfolio Management Approach

    Buffett's exceptional capital allocation decisions and unique portfolio management strategy of concentrating on his best names and holding for extremely long periods were the keys to his exceptional success. He invested in businesses that generated high returns and winded down low-return businesses. Buffett cared for Berkshire's shareholders like partners and aimed to give them a good deal. He approached wholly-owned businesses differently, offering sellers of private businesses liquidity while letting them continue to run their businesses independently. He promised not to negotiate on valuation and gave an answer in typically five minutes or less. His approach forced sellers to move quickly and didn't waste his time. Buffett's approach is worth studying for any investor to achieve better results.

    Warren Buffett's Approach to Capital Allocation and Decentralization

    Warren Buffett has structured Berkshire in a way that optimizes for capital allocation, which he believes is the number one job of a CEO. He has decentralized the company to increase overall efficiency, reduce overhead, and release the entrepreneurial spirit. Buffett has also started delegating decisions to Greg Abel before taking his place as CEO. He seeks to attract long-term relationships with managers, businesses, and shareholders, and writes unconventional annual letters to appeal to investors who think long-term. Thorndike emphasizes the importance of great capital allocation, which is much more important than being in a growing market. Companies like Prepaid Legal Services and Home Depot vastly outperformed the market by optimizing free cash flows and buying back significant amounts of stock.

    The Importance of Exceptional Capital Allocation and Finding Outsider CEOs.

    Exceptional capital allocation is crucial for a business's success and it comes down to running the numbers and making conservative assumptions to estimate returns. Great capital allocators focus on maximizing per share value rather than overall company value, avoid bad investments, and have a long-term time horizon. Outsider CEOs with a good track record of allocating capital effectively and maximizing long-term shareholder value are rare but highly valuable. Capital allocation is often misunderstood, leading CEOs to make decisions that don't offer high returns on capital. As investors, we should look for companies with strong capital allocators and invest in them for the long haul, even if their valuations seem expensive.

    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