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 Betsson is one of them. Hari’s pick, Nintendo, is at an attractive spot in the console cycle, and Tobias pitches Virtu, a value stock trading at an appealing valuation.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:04 - Why Toby has invested in Virtu Financial (Ticker on NASDAQ: VIRT). 13:23 - The bear case for Virtu, including a discussion of whether their service is superior. 24:44 - Why Hari is bullish on Nintendo (Ticker on the Japanese Stock Exchange: 7974). 26:19 - The bear case of Nintendo, including their valuation.  43:14 - Stig’s bull case is for Betsson (Ticker on the Swedish Stock Exchange: BETS).  55:56 - The bear case for Betsson, including their exposure to Turkey. 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. Listen to Mastermind Discussion Q2 2024 – TIP632 or watch the video. Tune in to the Mastermind Discussion Q1 2024 or watch the video. Listen to Mastermind Discussion Q4 2023 – TIP586 or watch the video. Tune in to the Mastermind Discussion Q3 2023 – TIP576 or watch the video. Listen to Mastermind Discussion Q2 2023 – TIP557 or watch the video. Tune in to Mastermind Discussion Q1 2023 – TIP528 or watch the video. Stig Brodersen’s portfolio and return.  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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T 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

On today’s episode, Clay is joined by Shree Viswanathan for a stock deep dive on Hermès. Hermès is a luxury goods manufacturer renowned for its high-quality craftsmanship. The brand is known for its iconic products, such as the Birkin and Kelly bags, silk scarves, and equestrian-inspired items. Since the IPO in 1993, shares of Hermès have compounded at 20.6% (excluding dividends), while the S&P 500 had a total return of just 10.4%.  Shree Viswanathan is the founder and portfolio manager of SVN Capital. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:38 - A business overview of Hermès. 10:28 - Examples of Hermès thinking exceptionally long-term in their business strategy. 30:16 - The attempted takeover of Bernard Arnault. 37:59 - The strength of Hermès’ moat. 56:01 - The growth opportunities ahead for Hermès and the luxury industry more broadly. 01:03:22 - How Hermès approaches capital allocation. 01:14:15 - Shree’s thoughts on Hermès’ valuation. 01:29:51 - Risks that investors should monitor for Hermès. 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. Shree’s fund: SVN Capital. Follow Shree on Twitter. Best Anchor Stocks write-ups on Hermès. Books mentioned: 100 Baggers, The Founder’s Mentality, The Luxury Strategy. Stewart Brand’s seminar on long-term thinking. Howard Marks’ podcast with Morgan House. Related Episode: WSB585: Concentrated Value Investing w/ Shree Viswanathan. Mentioned Episode: WSB645: The King of Luxury w/ Christian Billinger. 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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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

This episode covers key real estate market trends amid rising inflation and interest rates, particularly in city centers. We discuss the markdown of commercial properties, the impact on rental vs. ownership rates, and regional pricing variations. The conversation also explores how Bitcoin can serve as collateral for real estate development, acting as a hedge against inflation, and the potential of Bitcoin-backed loans. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:08 - How rising inflation impacts real estate, particularly in city centers. 03:12 - The effect of higher inflation on CAPEX and operational expenses for developers. 05:08 - Key reasons for the markdown of commercial real estate and its potential evolution. 08:42 - Predictions for rental rates vs. ownership rates in a high-interest environment. 13:15 - Regional variations in real estate pricing and how they affect investment strategies. 19:35 - How Bitcoin can serve as a hedge against inflation in real estate development. 27:38 - The potential for Bitcoin to protect against property confiscation. 33:59 - The benefits of using Bitcoin as collateral versus traditional assets. 34:22 - How Bitcoin-backed loans differ in terms of risk and structure from traditional real estate financing. 45:40 - The future of Bitcoin as a standard asset class for real estate collateral. BOOKS AND RESOURCES Leon's X (Twitter) Account. Leon on Nostr. Leon's Newsletter. 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 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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today’s episode, Kyle Grieve discusses the importance of simplicity and understanding for investment success, why you can succeed in investing while being wrong often, cloning characteristics too many investors follow that should be avoided to improve investing success, the significant differences in analyzing large and small businesses, how to treat stock tips with caution to avoid risky investments, why separating your investments into subtypes can be a helpful investing tool, and a whole lot more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:44 - Why investing in things that you understand well is still such a big competitive advantage in investing. 04:59 - The vital interplay between fundamentals, momentum, value, and price. 11:18 - How to succeed in investing while being dead wrong 40% of the time. 16:12 - Why market timing is one of the quickest ways to decrease returns. 18:18 - The crucial connection of contrarianism and patience that Peter says makes a successful investor. 21:05 - The significant differences in analyzing small businesses compared to larger businesses. 31:34 - Why you should look to market pricing to find great opportunities and not to assess performance. 32:45 - How you should treat stock tips. 37:05 - 13 unconventional characteristics of outstanding investments. 52:51 - Lynch's six investment types, and why delineating them was important. 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 One Up On Wall Street 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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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

In this episode, Preston interviews Max Kei and Pascal Hugli, diving deep into how Bitcoin's unique characteristics position it as the ultimate collateral for institutional lending. The discussion covers key topics such as risk management, the role of stablecoins, peer-to-peer lending versus traditional finance, and the future of Bitcoin in institutional portfolios. Max and Pascal share their perspectives on the barriers to institutional adoption, the evolving regulatory environment, and the innovations shaping the future of Bitcoin lending and borrowing platforms. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 09:47 - How Bitcoin’s 24/7 liquidity and decentralized nature make it the most pristine collateral for lending and borrowing. 16:59 - The impact of Bitcoin’s deep liquidity on risk management strategies for institutions. 20:45 - The challenges and opportunities for institutions in adopting Bitcoin compared to traditional assets. 24:45 - Insights into Bitcoin’s performance in institutional portfolios and how it shapes future portfolio management. 32:13 - The future of Bitcoin lending and borrowing platforms and the innovations on the horizon. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Max Kei’s Institutional Borrowing and Lending platform: Debifi. Max and Preston: The Future of Bitcoin Borrowing and Lending w/ Max Kei (BTC177). Max Kei's X Account and Nostr. Pascal Hugli’s X Account and Nostr. 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 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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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

On today’s episode, Clay offers a detailed guide on creating an investment checklist to help you avoid picking losing stocks. An investment checklist, paired with thorough fundamental analysis, is crucial for making informed and intelligent decisions in the investing world. Great investment opportunities are rare, and a well-crafted checklist is key to distinguishing exceptional companies from mediocre ones. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:44 - Why fundamental research is essential to invest successfully. 04:47 - How to generate new investment ideas. 06:47 - How to understand the basics of a business. 08:31 - How to understand the customer base. 10:32 - How to determine the primary risk factors of a business. 19:19 - How to evaluate the strengths and weaknesses of a company. 28:25 - Which financial and operating ratios investors should monitor? 32:53 - How to determine the quality of a company’s earnings and management team. 01:06:51 - How to evaluate growth opportunities. 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. Books mentioned: The Investment Checklist, 7 Powers, Investment Intelligence from Insider Trading. Mentioned Episode: TIP652: Best Quality Idea Q3 2024 w/ Clay Finck & Kyle Grieve. Mentioned Episode: TIP600: Business Durability and Strategy Masterclass w/ Hamilton Helmer. Mentioned Episode: TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve. Mentioned Episode: TIP602: Same as Ever w/ Morgan Housel. Mentioned Episode: TIP492: The Best Investor You've Never Heard Of — Nick Sleep. 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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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 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

In this episode, we dive into the challenges of Bitcoin payments and scaling, and how Fedi is addressing these issues. Obi Nwosu explains the concept of Fediments and guardians, while Renata Rodrigues shares her on-the-ground experiences in Africa, discussing the real-world impact of Fedi on communities. We also explore the tools within the Fedi app that empower users to earn sats and the potential of Fedi to unlock talent trapped by financial repression. Additionally, Obi and Renata discuss Fedi’s move towards open-source, social backup mechanisms, and their partnership with Save the Children. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:54 - The major problem that Fediments solve for Bitcoin payments and scaling. 04:31 - How guardians function within the Fedi ecosystem and the role they play in protecting user privacy. 05:43 - The concept of the Fedi Order and how it supports the Fedi ecosystem. 15:33 - Insights from Renata Rodrigues on the conversations happening in Africa around Bitcoin adoption. 18:43 - Obi Nwosu's perspective on how financial repression is trapping talent globally and how Fedi can help unlock it. 28:30 - How vendors are responding to incorporating Fedi into their stores. 30:01 - The tools inside the Fedi app, known as Fedi Mods, that enable people to earn sats. 32:17 - The importance of social backup and stable channels within the Fedi ecosystem. 43:35 - Fedi’s partnership with Save the Children and how it is making a difference. 46:52 - How to start your own Fedimint and the timeline for getting set up. 51:00 - Fedi's transition towards becoming open source and what it means for the future. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Watch the Fedi Live Event at Fedi.xyz. You can follow Fedi on X and Nostr and join the Fedi Telegram community here. Download the Fedi App. Connect with Developers on Fedimint and Discord here. 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 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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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

On today’s episode, Kyle Grieve discusses a wonderfully well-written autobiography, “Shoe Dog” by Phil Knight, the founder of Nike. He discusses the importance of identifying and pursuing true happiness while ensuring a stable income as a fallback, the value of hustle, the importance of trust with your suppliers, why focus is so vital to business success, the hidden downsides of issuing equity, the importance of maintaining cash reserves, the complexities of growing a business, and a whole lot more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:30 - The importance of being aware of what will make you happy in life, and pursuing it with deep focus 07:37 - Why happiness can't be fulfilled based purely on increased earnings power 09:42 - Why hustle and unconventionality is so important to getting a nascent business off of the ground 15:36 - The difficulties of aligning incentives between lenders and borrowers in fast-growing businesses 23:29 - The importance of creating an enemy in business to help motivate executives to continue innovating and improving 25:31 - Why focused business leaders are so important, and why you want to avoid CEOs doing excessive side projects 28:56 - The aspects of cloning Phil took to increase exposure for the Nike brand 32:49 - Why maintaining positive cash balances is so important to the health of a business 47:23 - Why public businesses use dual share structures so management can maintain control 47:58 - Why IPO's have misaligned incentives for investors 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 Shoe Dog 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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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 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

On today’s episode, Clay Finck is joined by Aswath Damodaran to discuss his new book, The Corporate Life Cycle.  Aswath Damodaran is a professor at NYU of corporate finance and valuation and has taught thousands of students how to value companies and pick stocks. He has written numerous books on valuation and has also made all of his university courses available online for free. Aswath is one of the clearest teachers of finance and investing in the industry. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:48 - What the corporate life cycle is and why it’s important. 01:48 - Why value investors should be open to investing at different points in the life cycle. 09:32 - Why the job of management is to maximize shareholder value. 17:21 - The difference in returns between value and growth investing. 27:44 - How the story and narrative around Tesla has changed over the past decade. 43:02 - How management’s skillset needs to change throughout the corporate life cycle. 50:41 - How companies should handle the decline phase of the life cycle. 58:23 - Why Aswath is against concentrating his portfolio. 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. Check out Aswath’s new book — The Corporate Life Cycle.  Check out Aswath’s Website.  Check out Aswath’s YouTube Channel. Mentioned Episode: WSB508: Buffett's Purchase of TSM & Meta "Doomsday" Analysis, or watch the video. Related Episode: WSB577: Valuation Masterclass w/ Aswath Damodaran, or watch the video. Related Episode: RWH005: Meet the Master w/ Aswath Damodaran, or watch the video. Follow Aswath 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 Range Rover Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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 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

In this episode, Stig Brodersen talks with Guy Spier about how he has achieved his impressive track record and whether you can adjust a track record for luck. Since 1997, Guy Spier’s fund has performed 9.3% vs. 8.7% annually for the S&P500.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:05 - What we can learn from royal families about moats in business.  26:43 - How Guy Spier’s track record would look if we adjusted to luck. 40:20 - If Guy would ever stop managing money. 49:49 - How to think about risk in your portfolio. 52:31 - Why it’s risky not to take risks. 56:40 - Why Guy wants to be truthful and honest and not present himself in the best possible light. 1:14:31 - How to think about position sizing. 1:21:53 - What is VALUEx? 1:37:23 - How Guy feels about being famous in the value investing community. 1:55:46 - How to live a life with givers, matchers, and takers. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Stig’s interview with Guy Spier about investing and life | YouTube Video. Stig and Preston’s interview with Guy Spier on his book, The Education of a Value Investor | YouTube Video. Stig and Preston’s interview with Guy Spier about his lunch with Warren Buffett | YouTube Video. Guy Spier’s book, The Education of a Value Investor – read reviews of the book. Subscribe to Guy Spier’s Free Newsletter. Guy Spier’s podcast and website. Adam Grant’s book, Giver and Take – read reviews of this book. Learn more about ValueX in Dubai November 7-9.  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 Range Rover Sound Advisory American Express The Bitcoin Way Vacasa USPS Onramp SimpleMining Public Fundrise BAM Capital 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 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

On today’s episode, Kyle Grieve chats with Scott Barbee about how he managed to maintain a deep value-based strategy while it’s gone out of fashion, the three buckets of risk Scott uses to assess businesses, what a genetic contrarian is and why it can be a powerful advantage, why fossil fuels aren’t going anywhere anytime soon and why opportunities exist in that industry, how he navigated a 72% drawdown during the GFC, and a whole lot more! Scott is the founder of the Aegis Value Fund. Which was created in 1998. Prior to Aegis, Scott worked as an analyst covering oilfield services at Simmons & Company. He also had a stint as a deep value advisor for Donald Smith & Company. He received his MBA from the Wharton School and the University of Pennsylvania. He also holds a B.S in Engineering and a B.A in Economics. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:41 - Some of the key lessons he learned from investing legends like Bill Ackman, Bob Robotti, Peter Cundill, and Walter Schloss 08:17 - How Scott has managed to maintain a value-based strategy when many investors have bailed to chase more expensive stocks 12:00 - Scott's three buckets of investing risk 16:10 - A breakdown of the concept of a "genetic contrarian." 17:30 - Why risk management is key to investing in businesses with high levels of uncertainty and how to take advantage of it 24:27 - Scott's views on energy and how fossil fuels are unlikely to disappear anytime soon 33:36 - The potential downsides Scott sees in super high-quality businesses 34:41 - Why lower-quality businesses with volatile earnings look very attractive right now due to a widespread de-leveraging 43:55 - How Scott dealt with a 72% drawdown during the GFC 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. Learn about the Aegis fund here. Read Scott’s Manager Letters 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 Range Rover Vacasa AT&T The Bitcoin Way USPS American Express Onramp Found SimpleMining 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 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

On today’s episode, Clay Finck is joined by investing legend and bubble historian, Jeremy Grantham. Jeremy gives his updated views on the recent stock market run up, how today’s market compares to market bubbles of the past, and indicators that point to the potential bear market that lies ahead. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:49 - Lessons Jeremy learned from his early career investing in the 1960s. 06:13 - How today’s market compares to previous superbubbles in the 1920s, 1989, 1999, and 2007. 12:11 - Jeremy’s view on the market rally since 2022, and the impact of the overcentration of the Magnificent 7 in the S&P 500. 17:40 - Why bubbles tend to last longer than we would expect them to.  31:56 - Whether using the P/E ratio is a reliable way to value the broader market. 36:29 - The major flaw in projecting compounding growth into the future from here. 44:55 - What Jeremy is seeing for innovation in the green energy space. 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. Check out GMO’s website. GMO’s new US Quality ETF. Related Episode: Listen to TIP542: The Crisis Bigger Than Banks w/ Jeremy Grantham, or watch the video. Related Episode: TIP466: The Bear Has Arrived w/ Jeremy Grantham, or watch the video. Related Episode: TIP371: The Top of the Cycle w/ Jeremy Grantham, or watch the 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 Range Rover Vacasa AT&T The Bitcoin Way USPS American Express Onramp Found SimpleMining 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 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