Before I tell you about this week’s bonus episode, here is a quick announcement: this episode will air on Wednesday, May 1, a day before my arrival in Omaha for Buffett’s Berkshire Meeting. If you are in Omaha and see me, please say hello; I’d love to meet you and hear more about you. Even if you aren’t coming to Omaha but feel inspired to share something with me, head to my website, bogumilbaranowski.com, and send me a message. This is the second Fireside Chat, during which my guest host asks me questions, and you, my audience, get to know me, your host, better. Matthew Stafford is a good friend and a former Talking Billions guest; I highly recommend his episode. He is the co-author of Find Your 9others: The Questions to Ask Yourself as You Start up and Scale Up, which was co-authored by Katie Lewis**. 9others has been a huge success and hosted over 5,000 entrepreneurs at 500 events in 45 countries.** Matthew Stafford works with startups, venture capital, and angel investors, governments, NGOs, and large corporations to create and capture value. He is a fellow VALUEx’er, a brilliant mind, and a thoughtful person, and I had to say yes when the idea for this fireside chat came up. We touch on so many topics, from my journey from Cold War Poland to getting educated around Europe and being professionally shaped by New York. I explain the kind of investing I practice and the type of clients I work with. We discuss the deeper, more nuanced philosophy behind what I do. Stay tuned until the end, when I share my experience of recently launching my new investment firm, Blue Infinitas Capital. We had a fun hour together; I trust you’ll enjoy it as much as I did. Chapters: 05:00 Introduction and Value X Conference 13:09 Life During the Last Decade of Communism 18:07 Discovering a Changing World 30:00 The Importance of Purpose and Passion 33:37 The Power of Patience and Long-Term Thinking 42:21 The Value of Owning Businesses Over the Long Term 53:45 The Game of Investing: Competing Against Yourself 01:01:02 Blue Infinitas Capital: Embracing the Open-Ended Opportunity Disclosure: Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

What if you could learn from the richest people that ever lived -- both how to make money, and how to keep it once you make it. My guest has a lot to share about both pursuits. Guido Alfani is a Professor of Economic History at Bocconi University, Milan (Italy). He is also an Affiliated Scholar at the Stone Center on Socio-Economic Inequality (New York) and a Research Fellow of the Center for Economic Policy Research (CEPR, London). In the last fifteen years, Guido has focused his research on economic inequality in the long run of history and on the history of major pandemics (often combining the two topics). His most recent book, published by Princeton University Press, is dedicated to the rich, the very rich, and the super-rich, and it is entitled As Gods among Men. A History of the Rich in the West. Today — my guest takes us on a trip back in time. I love history. I strongly believe that it rhymes, and there are many patterns worth recognizing as they can help us understand the present and maybe even look into the future. Professor Alfani tells us how wealth has evolved, with different societies defining it in various ways. He introduces us to the three main paths to riches; you’ll have to listen to find out what they are. He also discusses a topic close to my heart and professional pursuits — inherited wealth throughout the ages. Guido explains how maintaining wealth over multiple generations proved to be a challenge throughout history. We take on a revolutionary role of finance, and specifically the stock market, in keeping and growing wealth among more people, including women. Speaking of women, Guido’s book offers a greater understanding of the role they played in their families, preserving fortunes, especially in times of turmoil and change. Stay tuned until the end, when my guest reveals the most consistent strategy for wealth accumulation through the centuries and leaves us with some advice on how to avoid losing wealth once we have it. It’s all music to my ears, a very special guest with a unique book that ties together many of the topics and questions that I’ve studied, observed, and experienced over the last twenty years of my career as an investment advisor to affluent families and individuals. Please help me welcome Professor Guido Alfani.https://press.princeton.edu/books/hardcover/9780691215730/as-gods-among-men Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

80th Episode!! My guest today is Ken Honda, the best-selling author of a beautiful book — Happy Money. Another way of looking at money: a money conversation that will make you smile if not laugh! At just 29 years old, Ken made an unexpected decision: he stepped away from a successful career in consulting and accounting to fully immerse himself in the joys of fatherhood. But it wasn't long before a chance encounter in the park ignited a spark within him. Watching a mother struggle to balance work and playtime for her child struck a chord with Ken. Determined to ease the financial burdens faced by families, he drew upon his own childhood experiences and penned an essay that eventually evolved into the bestselling book, "Happy Money." With over 8 million copies sold worldwide, Ken's message of financial freedom and joy has resonated deeply with readers. Through his work, he encourages others to recognize the distinction between happy and unhappy money, inspiring countless individuals to embrace a life of abundance and contentment. https://kenhonda.com/ Key Takeaways: Find happiness and contentment regardless of the amount of money you have. Money can have either happy or unhappy energy depending on how it is used. Approach money as a game and focus on enjoying the process rather than winning or having the most. Shift from a scarcity mindset to an abundance mindset and say 'I'm next' instead of feeling envy towards others. Wealth is not just about money, but also about having more than enough and being able to focus on giving rather than getting. Knowing how much money you need for the rest of your life is important in order to focus on what truly matters. Appreciating money and having a positive relationship with it can lead to more abundance in your life. Long-term success and building a strong financial foundation are key to financial independence. Leaving a legacy goes beyond just money and can have a lasting impact on future generations. Chapters: 06:00 Childhood Memories and Early Money Lessons 09:09 The Energy Wrapped Up in Money 12:03 The Money Game: Enjoying the Process 14:52 Shifting from Scarcity to Abundance 18:02 Saying 'I'm Next' Instead of Feeling Envy 38:22 Appreciating Money and the Power of Giving 45:05 Knowing Your Financial Needs and Focusing on What Matters 49:48 Building a Strong Financial Foundation for Long-Term Success 56:32 Leaving a Legacy Beyond Money Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

My guest today is the author of “Hidden Genius,” The Secret Ways of Thinking that Power the World’s Most Successful People, Polina Marinova Pompliano. She is the founder of The Profile, a media organization that studies successful people and companies. Previously, she spent five years at FORTUNE where she covered technology and venture capital. As the author and editor of Term Sheet, FORTUNE’s industry-leading dealmaking newsletter, Polina interviewed the industry’s most influential dealmakers, including Melinda Gates, Steve Schwarzman, Richard Branson, and more. hiddengeniusbook.com readtheprofile.com In today's episode, we embark on a captivating journey through the bustling corridors of New York City's subway, where inspiration often strikes unexpectedly. From these underground musings, we delve into the transformative power of personal narratives, discovering profound insights and relatable wisdom from the experiences of others. My guest, Polina, shares invaluable lessons gleaned from the paths of the most successful individuals. Amidst tales of triumph, we explore the notion that success is not always a linear journey; rather, it often manifests in the midst of messiness and imperfection. Embracing the inevitability of hardship, we learn to navigate the twists and turns of our own narratives with resilience and grace. Polina offers sage advice, drawing from the wisdom of those who have navigated similar challenges. Among the gems she shares is the concept of cultivating an aspirational alter ego—an empowering tool for personal growth and achievement. As our conversation unfolds, we delve deeper into the mechanics of success, exploring the role of systems and the indispensable nature of trust in our pursuits. And as we reach the culmination of our discussion, we leave you with a stirring reflection on the essence of success—a reminder that its true measure lies not solely in achievement but in the journey itself. Join us as we uncover the transformative power of storytelling, resilience, and trust, and embark on a journey toward realizing our fullest potential. Before we dive into the conversation, I'd like to extend my gratitude to my dear friend Jordan Olmscheid for introducing me to Polina. Jordan is the brilliant mind behind "The Wealth Letters," a compilation of letters from accomplished individuals imparting their most profound life and business insights. If you haven't already, I highly encourage you to check out his previous episode on the show—it's a treasure trove of wisdom. Additionally, Jordan is currently immersed in an exciting new book project; be sure to follow him on Substack for updates and exclusive content. Alright, let’s get started, please help me welcome, Polina Pompliano. The New York subway can be a source of inspiration for many people. Feeling like an outsider can provide a different perspective and advantage. Learning history through personal stories and experiences can make it more relatable and engaging. Learning from others' experiences and stories can help in making better decisions and understanding different perspectives. Success is often messy and non-linear, requiring a willingness to fail and learn from mistakes. Embracing imperfection can lead to innovative and successful outcomes. Hardship and suffering can be catalysts for personal growth and progress. Developing an alter ego can help individuals overcome self-limiting beliefs and tap into their full potential. Understanding different perspectives is crucial for empathy and avoiding judgment. Translating a book can have a profound impact, allowing people who don't speak the original language to access and understand the author's work. Trust is the foundation of personal and professional relationships, and it is earned through consistency and reliability. Focusing on systems rather than outcomes can lead to more sustainable and fulfilling success. Defining success. NEVER INVESTMENT ADVICE.

Devin Martin is the founder of the executive life coaching company LifeStyle Integrity. His purpose is to bring wisdom to power, and his passion is helping leaders make life-altering decisions. Because of his core belief that the fate of both humanity and the planet hinges on the decisions that our leaders make, he has since dedicated his career to raising the consciousness of those whose decisions have the biggest impact. His work is rooted in the belief that capitalism, done well, can be a force for good in the world. As an executive life coach, he is able to support leaders through both personal and professional development. His approach integrates expertise in physical and mental health, relationships, and spirituality as well as business. His work is focused on helping individuals and corporations align their efforts with both cutting edge science and their hearts. Today, Devin shares with me how he used to live a double life before discovering lifestyle integrity. He takes me back in time to his months spent in a log cabin after leaving New York City's busy life behind. We talk about everything from chasing external markers of success to fear, insecurity, and the lack of fulfillment. My guest tells me how we can rewrite our internal narrative. Stay tuned until the end when Devin reveals how we can escape the wealth trap and develop a dream life and career. Before he shares his definition of success, he generously introduces me and you, the audience, to a bedtime mental exercise that can prove to be life-changing. I’m very grateful for this special hour we had together. www.LifeStyleIntegrity.com https://twitter.com/Flow_Coach https://www.instagram.com/lifestyle_integrity/ Takeaways Different modes of communication offer unique benefits and challenges in terms of depth of connection and vulnerability. Chasing external markers of success often leads to a never-ending pursuit and a lack of fulfillment. Fear and insecurity can drive decision-making and prevent individuals from feeling secure and content. The desire to get rid of wealth can stem from deep-rooted insecurities and a lack of self-worth. Seeing oneself from another perspective and rewriting the internal narrative can lead to greater self-awareness and personal growth. Gaining perspective and taking multiple perspectives can help dissolve problems and provide a broader understanding of situations. Having faith in the unknown and taking leaps of faith can lead to personal growth and new opportunities. Balancing chaos and order is important for personal development and avoiding anxiety or depression. Wealth should be defined on personal terms and should provide freedom and simplicity. Success is not just external circumstances but also internal fulfillment and growth. NEVER INVESTMENT ADVICE.

Best-Selling Author | 2nd Time on TB | Top Ten TB Episode for 12 months | 50,000 Download Milestone Gautam Baid, CFA is the Managing Partner of Stellar Wealth Partners India Fund. He invests in listed Indian equities with a long-term, fundamental, and value-oriented approach. Gautam is the author of the international best-seller on value investing, The Joys of Compounding. In 2018 and 2019, he was profiled in Morningstar’s Learn from the Masters series. This is Gautam’s second appearance on Talking Billions. I have to congratulate him on the new book — The Making of a Value Investor, that we are discussing today, but also on having held the top ten position among the most downloaded Talking Billions episodes in the last 12 months, a remarkable feat. Talking Billions is a hundred downloads away from a major milestone - 50,000 downloads, if you are listening this week, you are among the loyal listeners that help us get there. Thank you all for listening to all 77 episodes. I really appreciate it. Today, we talk about authenticity and vulnerability and how they can help us grow as investors. Gautam reminds me how it’s important to focus on processes and principles rather than outcomes, as the market is probabilistic and unpredictable. My guest discusses the mental and emotional resilience needed when investing through the market’s ups and downs. We take on the definition of a quality business. Stay tuned until the end, when Gautam shares how being wrong is a natural part of investing, and offers some advice on embracing uncertainty. Takeaways: Authenticity and vulnerability Focus on process and principles. Mental and emotional resilience. Understanding the characteristics of quality businesses, such as high return on capital and competitive advantage, is essential for long-term success. A 2-3 year investment view is more feasible in today's fast-changing environment, allowing for a focus on businesses with good growth visibility. Active patience is key in investing, with a focus on verifying investment theses and making adjustments as needed. The bond between customers and brands, as well as factors like switching costs, network effects, and company culture, can contribute to a business's competitive advantage. Choosing the best clients, rather than the biggest ones, is important for investment firms, as it ensures alignment with long-term goals and reduces potential headaches. Avoiding distractions and staying true to one's personal approach is crucial in navigating the investment landscape. Being wrong is a natural part of investing, and embracing uncertainty is necessary for long-term success. https://stellarwealthindia.com/ Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

Today’s guests — Eddie Palmgren and Niklas Sävås are passionate about learning and investing. They are the hosts of Investing by the Books podcast and work at Redeye, an investment bank in Stockholm, Sweden. It’s a wide-ranging rich discussion from inheritance to immortality and everything in between. Today, they both share with me not only their childhood stories but also family histories that shed light on their curiosity about money and investing. You know how interested I am in family fortunes, and my guests have stories to tell. We talk about their podcasting experience hosting their wonderful Investing by the Books podcast. My guests share ideas, books, and lessons. Eddie and Niklas introduced me to serial acquirers, a unique type of business they are especially interested in. They shared more about Sweden, where they live, and the wonderful events they host yearly. Stay tuned until the end, when Eddie and Niklas tell me how they look at success from their own perspective. It wasn’t my first chat with my guests, and I’m grateful they sat down with me and talked about their passions, interests, and stories. I greatly enjoyed every minute of it, and I trust you will, too. Please help me welcome from beautiful Sweden — Eddie and Niklas. NOT INVESTMENT ADVICE. In this conversation, Eddie and Niklas discuss their childhood upbringing and their relationship with money. They also talk about the importance of long-term thinking in investing and share their investing styles. They reflect on their experience hosting the Investing by the Books podcast and the impact it has had on their listeners. They discuss the value of time and money and how they prioritize their time. Finally, they explore the concept of immortality and how they would live their lives if they were immortal. The conversation explores the impact of books on thinking and investing, the concept of investing with an immortal life, the importance of wealth preservation, the power of multidisciplinary thinking, the impact of survival stories on risk perception, navigating risks and unknowns in investing, the importance of trust in public markets, the different types of serial acquirers, and the case study of Teledyne and Henry Singleton. In this conversation, Eddie and Niklas discuss principles of success, their upcoming conference, and their personal definitions of success. They emphasize the importance of financial independence and following principles taught by successful individuals like Warren Buffett. They also highlight the value of having friends and family who love and admire you for living an honest and good life. The conversation explores the power of habits and the importance of finding happiness in everyday life. Ultimately, they encourage listeners to enjoy the journey of life rather than focusing solely on winning and losing. Chapters: 05:36 Introduction 07:42 Childhood Upbringing and Relationship with Money 14:53 The Importance of Long-Term Thinking 22:22 The Why of Investing and Investing Style 30:12 The Experience of Hosting a Podcast 36:50 The Question They Ask Their Guests 41:02 The Value of Time and Money 43:51 The Concept of Time and Immortality 44:55 The Impact of Books on Thinking and Investing 46:56 Investing with an Immortal Life 48:16 Investing for Long-Term Preservation 50:09 The Importance of Wealth Preservation 53:55 The Power of Multidisciplinary Thinking 55:19 The Impact of Survival Stories on Risk Perception 58:11 Navigating Risks and Unknowns in Investing 01:02:24 The Importance of Trust in Public Markets 01:04:44 The Different Types of Serial Acquirers 01:10:06 The Case Study of Teledyne and Henry Singleton 01:26:26 Principles of Success 01:27:50 The Conference 01:30:25 Defining Success 01:32:57 Finding Happiness 01:34:55 The Power of Habits 01:36:06 Enjoying the Journey NOT INVESTMENT ADVICE.

My guest today is Dan Haylett (the host of the #1 Retirement Podcast in the UK). Dan’s ‘pull back the duvet every morning’ purpose is to help his clients spend their time and money on what’s truly important. His passion for understanding and learning about the emotional, behavioral, and financial challenges of life after work makes him a true specialist in helping clients have the freedom and confidence to take advantage of their ‘window of spending opportunity’ and live their best life. He likes golf, reading, coffee, and getting up at 5am; he doesn’t like oysters, arsenal, big egos, and Crocs. Today, we talk about money, and specifically about the topic of humans vs. retirement. You’ll hear about the term Retirement Rebel, and you’ll find out how to become one. My guest will help us dispel some money and retirement myths. We’ll take on one of the biggest fears, the fear of running out of money. Dan will discuss some mindset shifts, and he’ll explain why the concept of retirement is flawed. Stay tuned until the end, when we’ll learn how money can make us happy and truly wealthy. www.humansvsretirement.com www.tfp-fp.com NOT INVESTMENT ADVICE.

Thomas Chua writes, hosts a podcast, runs a stock research service, he is the founder of SteadyCompounding.com , where he writes about lessons from super investors, stock analysis and market insights. Compounding is a fascinating concept, so simple, yet so hard to embrace. I lately spoke about it with Pieter Slegers from Compound Quality and Gautam Baid, the author of The Joys of Compounding. Both have been guests on Talking Billions. The word comes from Latin, componere which means to put together. In finance — compounding is a powerful investing concept that involves earning returns on both your original investment and on returns you received previously. Thomas is a very bright, thoughtful student of investing and the markets; he has quite a story to tell, which he shared with me. You are about to hear about how he left the safety of his proverbial iron rice bowl and made his dreams come true against all odds — a story of minimizing regrets, taking risks, making a jump, and getting outsized results… He tells me about the fascinating idea of the S-Curve of Life. Thomas shares with me that It’s difficult to fail if you love the work you do. It made me think of the work I do, and how it’s my only professional passion. There is nothing else I’d rather do. In a busy, noisy world, filters matter; my guest reminds me that “You become what you feed your mind.” — I really like his thoughts on playing long term games with long term people. Life is too short for anything else. Thomas shares his experience teaching investing in a village. Stay tuned until the end, when my wonderful guest takes on two questions, the $3 question and the $30,000 question. I greatly enjoyed talking to Thomas and learning from him, I hope you do too, please help me welcome - Thomas Chua. https://steadycompounding.com https://twitter.com/SteadyCompound https://www.linkedin.com/in/chuathomas/ https://www.instagram.com/steadycompound/ https://www.youtube.com/c/SteadyCompounding NOT INVESTMENT ADVICE.

My guest today is Pieter Slegers, the founder of the world-famous and hugely successful Compounding Quality Newsletter. Pieter and I missed each at the last year’s Berkshire meeting, but connected soon after. It was Gautam Baid (the author of Joys of Compounding) who in Omaha told me I should chat with Pieter. We had a few wonderful calls since then, and met in person at Guy Spier’s VALUEx in Klosters soon after this recording. Pieter’s enthusiasm for investing is contagious, his appetite for knowledge inspiring, and his dedication to teaching admirable. Pieter Slegers studied Financial Management at the KULeuven and graduated summa cum laude. He worked for three years as a Belgian Asset Manager before focusing full-time on his investment newsletter, Compounding Quality. Compounding Quality has more than 350,000 followers across social media and more than 135,000 email subscribers. The goal of the newsletter is to help other investors by focusing on Quality Investing. His investment philosophy can be summarized as follows: find great businesses led by outstanding managers and trade at fair valuation levels (based on the Buffett philosophy). Pieter is joining us from Belgium, where I spent a year as an exchange student two decades ago and where, at the time, I found Peter Lynch’s book One Up on Wall Street at a tiny, charming English language bookstore. In the same way Peter Lynch introduced me to investing, my today’s guest inspires many readers, followers, and listeners to explore it, too. NEVER INVESTMENT ADVICE.

Money is a difficult topic, so when I meet someone who can make it easier, I can’t wait to have them on the show. Rachael is a Certified Financial Planner and owner and founder of Camp Wealth, a financial planning firm for high-earners and entrepreneurs. She graduated from Indiana University Kelley School of Business with a degree in Finance, and spent her entire career in financial services. She created Camp Wealth when she realized financial advisors weren’t providing the service that Solopreneurs and High-earners really need. I've been enjoying her thoughtful writing for a while now, and I’ve been curious to have a deep discussion with Rachael about a variety of money topics and more. Today, Rachael shares how her clients often realize they need less than they thought to have their dream life. She explains the 5 levels of financial freedom. I really appreciate her thoughts on handling a large, sudden sum of money. Rachael shares with me the most common myths associated with financial freedom. I found it refreshing and inspiring to hear that it’s not all about beating the index but creating an environment that encourages disciplined & consistent investing. Rachael explains how: “Investing when it's hard to invest is a way to increase performance.” Stay tuned until the end when my guest reveals some alternatives to traditional retirement. Finally, Rachael tells me how sometimes she uses her time away in a cabin in the mountains with no internet and TV to find inspiration. We take on so many big ideas today. https://www.rachaelcampwealth.com/ NEVER INVESTMENT ADVICE.

My recent podcast guest and a good friend took over the show and asked me some incredibly thoughtful questions -- what followed was a lovely discussion. Matt is one of those multi-faceted individuals that I feel blessed to have in my life that no simple bio can describe, but it doesn’t have to. He reads, writes, loves music, he is passionate about finance and family wealth, and has an endless curiosity that he expresses in many ways — his Cultish Creative blog is one of those places, you have to look it up. He is a seasoned podcaster himself with a radio voice and personality. His brain is on fire and makes connections where few see it. We met not long ago but instantly hit it off. I recently released a Talking Billions episode with him, which is one of my favorite conversations. I highly recommend it. He knows me well enough to ask some terrific questions and short enough to still find new and intriguing facts about me, some that I forgot, but his curiosity helped me unearth. When he asked me to turn the tables and the spotlight on me for an hour or so, I had to say yes. So here it comes, Talking Billions’ very First Fireside chat with the host led by Matt Zeigler. Thank you, Matt, you are a rockstar. https://cultishcreative.com/ NEVER INVESTMENT ADVICE.

Christian and I were at the same investor event in Zurich last summer, John Mihaljevic’s MOI Global. A couple of mutual friends told me I needed to have Christian on the show, and he was kind enough to say yes, and we sat down, and chatted for over an hour. Christian Billinger has invested in European equities for close to 20 years, first as an analyst for GAM, Gartmore, and Cheyne Capital based in London and more recently for his own investment company, Billinger Forvaltning. His investment philosophy is focused on owning a small number of great businesses for the long run, and the structure of a private investment company is, in his view, the ideal environment for pursuing this style of investing. For more information: https://www.billingerforvaltning.se Today, Christian and I have a wide-ranging discussion. We obviously start with the early days and talk about the relationship with money. Christian shares his thoughts about managing family money versus other people’s money. I especially like his thoughts on the soul in the game concept. We discuss how in life and investing, we are looking for something that’s really not for sale. As a fellow patient and long-term investor, my guest shares his take on an infinite investment horizon. Stay tuned until the end, when we take on benchmarks and investing solely in publicly traded equities. There are some golden nuggets sprinkled throughout our conversation. NEVER INVESTMENT ADVICE.

Vishal Khandelwal is the founder of Safal Niveshak, an investor education initiative. He is an independent analyst and financial writer. He says that he spends 75% of his waking time reading. He is the author of The Sketchbook of Wisdom, A Hand-Crafted Manual on the Pursuit of Wealth and Good Life. I highly recommend it; it’s a beautiful book packed with the wisdom of the ages, from Lord Krishna to Socrates, Charlie Munger, and Warren Buffett. He also published Mental Models, Investing and You, which covers ideas from various disciplines, from psychology, economics, business, and mathematics to literature, statistics, and more. Today, we take on some big questions. First, we’ll hear Vishal’s thoughts on what life is all about beyond eating and making money. We talk about kindness and how to be okay when things are not. My guest shared ideas about the concept of freedom, a topic that came up many times on the show. I really enjoy hearing about minimizing the cost of being wrong, which is at the essence of my own investment philosophy. We dive into a beautiful image that our wealth is like our children, our primary link between the present and the future. Stay tuned until the end, when Vishal tells me if money can buy happiness. https://www.safalniveshak.com/about-vishal/ Twitter: @safalniveshak is the founder of Safal Niveshak, an investor education initiative. He is an independent analyst and financial writer. He says that he spends 75% of his waking time reading. He is the author of The Sketchbook of Wisdom, A Hand-Crafted Manual on the Pursuit of Wealth and Good Life. I highly recommend it; it’s a beautiful book packed with the wisdom of the ages, from Lord Krishna to Socrates, Charlie Munger, and Warren Buffett. He also published Mental Models, Investing and You, which covers ideas from various disciplines, from psychology, economics, business, and mathematics to literature, statistics, and more. Today, we take on some big questions. First, we’ll hear Vishal’s thoughts on what life is all about beyond eating and making money. We talk about kindness and how to be okay when things are not. My guest shared ideas about the concept of freedom, a topic that came up many times on the show. I really enjoy hearing about minimizing the cost of being wrong, which is at the essence of my own investment philosophy. We dive into a beautiful image that our wealth is like our children, our primary link between the present and the future. Stay tuned until the end, when Vishal tells me if money can buy happiness. NEVER INVESTMENT ADVICE.

Jordan Olmscheid is a successful small business owner and the editor of the Wealth Letters, a collection of letters written by people from all walks of life. The idea was to tap into the wisdom of the crowd and distill wisdom from the life and business experiences of others. Jordan was kind enough to include me in his project, and we’ve had some wonderful conversations since. Today, we talk about Wealth Letters and what wealth means. We attempt to answer what it means to look, feel, and be rich. Jordan explains how money can be a very stressful topic and proposes a certain framework of 3 big expenses to tackle it. We search for universal wealth principles. Stay tuned until the end, when we talk about the importance of mentors and the idea that if someone out there has already done whatever you are trying to accomplish, it might be helpful to talk to them. https://www.thewealthletters.com/about NEVER INVESTMENT ADVICE.

Matt is a Managing Director and Private Wealth Advisor at Sunpointe Investments. He helps clients create, align, and manage their financial plans and investment strategies. Matt’s talent-turned-skill is engaging people on their level. In his words, "Finance may be complex, but it doesn’t have to be complicated.” Outside of work, Matt has a long-standing interest in all things creativity and culture related. He was born and raised in Pennsylvania, received his undergraduate degree in music from The University of Hartford, and has resided in Connecticut for over 20 years. You can find him with his eyes on a book, his ears in some music, his nose over the stove, his feet on a trail, and his mind on the markets and the markets on his mind. I’ve been greatly enjoying his Cultish Creative blogposts that I highly recommend. Today, we talk about a variety of topics. I especially enjoyed hearing about Matt’s experience straddling both music and investing in life, and what the two have in common. We have a longer discussion about curiosity, and ideas and bring up Rick Rubin, Joseph Campbell, Rory Sutherland, and more. Stay tuned until the end, when we talk about how the world works, and how to make it work for you. It’s just an all-around fun, deep, entertaining, and educational conversation. https://cultishcreative.com/ NEVER INVESTMENT ADVICE.

David McRaney is a science journalist with a deep interest in brains, minds, and culture. He is the creator of the blog, book, and podcast "You Are Not So Smart," which was initiated to understand self-delusion and motivated reasoning. His journey, however, began with diverse experiences, including construction work, selling leather coats, and owning two pet stores. In 2009, McRaney started his blog, which quickly evolved into an internationally bestselling book, translated into 17 languages, and later into a popular podcast. This podcast, once a part of Boing Boing, features interviews with scientists exploring the psychology of reasoning, decision-making, and judgment. McRaney has authored two more books: "You Are Now Less Dumb," released in 2013, and "How Minds Change," released in 2022. Additionally, he travels globally to give lectures on these subjects. His early career as a newspaper reporter saw him covering Hurricane Katrina, NASA's rocket testing, and more. Beyond journalism, McRaney's career includes roles as an editor, photographer, voiceover artist, television host, journalism teacher, lecturer, and even a tornado survivor. Following "How Minds Change," McRaney wrote, produced, and recorded a six-hour audio documentary delving into the history of the concept and the term "genius." Today, we learn about David’s childhood, and early passion for journalism. We have a deep, broad discussion about our decision-making with a realization that we are not that smart. David has some strong comments about the dance between the emotional and the rational brain. We tie it back to investing, the field where we are supposed to be rational and without emotions, but is it really the best advice? My guest shares some thoughts about changing our minds, and how to go about it. Stay tuned until the end, when we talk about the meaning of the word genius. As much as the word might feel familiar, I’ve been looking at it differently since my conversation with David. https://www.davidmcraney.com/ NEVER INVESTMENT ADVICE.

Jakob and Tobias Schober have been called the youngest portfolio managers in Europe; they are two out of five brothers. They grew up around business and investing and started earlier than most. I had the pleasure of spending some quality time with them in Zurich last summer. They shared with me stories that I knew belonged on Talking Billions, including a transition from running a family business to managing a portfolio of investments and beyond. It was one of those conversations that truly stayed with me, and I feel very blessed and fortunate to be able to continue our discussion here today. Their TIP (The Investor Partners) is an Austria-based value investment firm, inspired by the Buffett’s partnership. In their beginnings, the Schober brothers have been awarded several prizes in stock-picking contests. As someone who loves complex questions being broken down into sound equations, Tobias is a great fan of Bruce Greenwald‘s theoretical work. As such, he specialized in stock buybacks and issuance, since their simplicity tends to confuse the investing crowd. As a former race driver, it is easy for Jakob to stay calm in turbulent times. Today, we talk about the very early fascination with investing, family dinners with stock discussions, and a story of a family business that preceded it all. They share how they discovered the power of compounding and decided to start before they became teenagers. We touch on the topic of age and what it’s like to venture into the investment world at such a young age. They might be young, but they have a few crises under their belt, including getting started before the 2008/2009 financial crisis. My guests tell me what kind of businesses they look for. Stay tuned until the end when Jakob and Tobias share some fascinating research around buyback policies, when companies return capital to shareholders. When we recorded, I found Jakob and Tobias in Germany at a stock investing competition where their brother was accepting and award, we talk about it as well. https://www.tip-invest.com/ NEVER INVESTMENT ADVICE.

Cayden Chang is a Singapore-based Value Investor with over 20 years of experience; he says that he spent a third of it making all the foolish mistakes that anyone has ever made and the other 2/3 building a family investment fund. He is the founder of the Value Investing Academy, where he hosts guest speakers, among them Lauren Templeton and Todd Finkle, both of whom have been earlier guests on Talking Billions. Cayden also built an endowment fund with Singapore Management University (SMU) to give away the returns to students who are financially challenged. He is a Campaign Ambassador With National Cancer Centre of Singapore to help raise $150 million for the next 5 years. Cayden is the author of 4 books: (a) “Do You Have What It Takes to be Boss?” - all sales proceeds were donated to The Straits Times School Pocket Money Fund (b) “The Book of Hope by Cayden Chang” - all royalties were donated to Singapore Cord Blood Bank & National Cancer Centre of Singapore (c) “Beginner’s Guide to Investing” (in Japanese); books were launched in the largest bookstore chain in Japan, Tsutaya - all royalties were donated to Children Cancer Association of Japan (d) “Value Investing Simplified,” with a foreword written by Ms. Lauren C. Templeton —- it’s a delightful read; we talk about it in our conversation. Been featured in more than 30 different media in total in Singapore 🇸🇬, Hong Kong 🇭🇰, Japan 🇯🇵, Cambodia 🇰🇭 and Malaysia 🇲🇾 Honouree of Lifelong Learners Award 2008 by Minister of Manpower, Mr Gan Kim Yong Honouree of Personal Brand Award (Value Investing) 2017 by Marketing Institute of Singapore Today, Cayden shares a very intimate family story with me that sheds more light on his true passion, not just for investing and value investing but, most of all, teaching others about investing. We talk about his early investment, and his experience of starting and running the famous Value Investing Academy. Cayden makes a very compelling case in favor of owning businesses and explains how it is one of the best ways to become wealthy. Stay tuned until the end, when we talk about investing myths, value investors and technology, and so much more. Cayden is yet another Singapore-based Talking Billions guest — I spoke earlier with a good friend, Eugene Ng, the author of Vision Investing and the founder of Vision Capital. Eugene has been very generous with his advice and feedback on a few occasions, and we had a chance to meet and chat in Omaha as well. Chloe Lin is based in Singapore, and she was a guest on Talking Billions with Mary Buffett. Also, I’m about to record with Thomas Chua from Steady Compounding… what’s your secret Singapore? NEVER INVESTMENT ADVICE.

What a wonderful way to kick off the New Year with Algy Hall. Happy New Year, all my dear listeners; so grateful to see you here with my guests in a brand new year. Today, it’s one of those conversation that put a big smile on my face. Algy writes about investing but is also an author and illustrator of children’s books; we have some laughs about very serious and less serious matters. Algy Hall is an award-winning financial journalist and author of Four Ways to Beat the Market: A Practical Guide to stock-screening Strategies to help you pick winning shares. For over a decade, Algy followed several market-beating screening strategies in his weekly column for Investors’ Chronicle, an FT-owned, leading British investment magazine. Since 2022, Algy has been the investment editor of Citywire Elite Companies, where he has helped develop Citywire’s objective and powerful stock-rating system based on the level of backing shares have from the world’s best-performing portfolio managers. He is also the author and illustrator of 11 children’s picture books. We start the conversation with a very personal story that sheds more light on Algy’s relationship with money and curiosity about investing. I’m a big proponent of using screening in the investment process. I’ve tested and back-tested a variety of screens throughout my two-decade-long career. Algy takes on a number of stock screens in his book Four Ways to Beat the Market, a Practical Guide to Screen Strategies to Help You Pick Winning Shares. The book came out in 2023, and I believe it belongs among the classics in the genre — James O’Shaughnessy’s What Works on Wall Street, Ken Fisher’s 1984 Super Stocks, and Joel Greenblatt’s The Little Book the Beats the Market. My guest explains how stock screens give investors an edge. One of my biggest revelations over the years has been the power of filters, and I notice the more experienced, the more seasoned investors use very deliberate filters in deciding what kind of stocks, news, and even people make it into their portfolios, days, and lives. We talk about quality stock, contrarian value investing, dividend stock approach, and momentum investing. As serious as the topics might be today, Algy shares his passion for children’s books and tells the story of the scariest monster in the world. Stay tuned until the end to hear how stories and fairy tales we heard as kids might have been hiding lessons, advice, and wisdom that we so desperately need as adults. I had so much fun recording with Algy, and I trust you’ll enjoy the next hours with us as well. https://www.amazon.com/Four-Ways-Beat-Market-stock-screening/dp/0857199412/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr= Citywire Elite Companies link: https://citywire.com/elite-companies Illustration link: www.algy.co.uk Also mentioned in the episode: James O'Shaughnessy and Morgan Housel. NEVER INVESTMENT ADVICE.

To send me an email, head to my website and use the contact form: https://www.bogumilbaranowski.com/ Follow me on Substack: https://bogumilbaranowski.substack.com/

What can we learn about investing from Gary's childhood gold ring story, a gentleman thief, Bonsai tree, and Charlie Munger. Gary Mishuris, CFA, is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm that seeks to apply its intrinsic value approach to safely compound capital over the long term. He also teaches the Value Investing Seminar at the F.W. Olin Graduate School of Business. Gary received a S.B. in Computer Science and a S.B. in Economics from the Massachusetts Institute of Technology (MIT). He started his investing career at Fidelity as an Equity Research Associate. I highly recommend Gary’s Behavioral Value Investor newsletter, which you can find on Substack. https://behavioralvalueinvestor.substack.com/ https://silverringvaluepartners.com/ Today, we have a wide-ranging discussion about everything investing, from stock picking to some big-picture ideas. Gary shares his early childhood experiences and how they influenced him as an investor. He shares how attention is a finite resource in life and in investing. We talk about Charlie Munger and his early investment record, and we can learn from his experience. Gary finds parallels between other passions and pursuits and investing, including planting and caring for a Bonsai tree. We enjoy a lively discussion about the evolution of value investing. Stay tuned until the end when Gary explains the importance of the process over the outcome and shares his thoughts on capital allocation and his definition of success. I really enjoyed talking to Gary and learning more about his investment style and experience; there are some one-of-a-kind anecdotes and stories hiding in this episode; it’s a real treat. I wish you a delightful listen. NEVER INVESTMENT ADVICE.

Executive Life Coach for CEOs, Investors, Pro Athletes; Author, Podcast Host I discovered Sean through a few mutual friends; I got to learn more about his work through his wonderful book that I started one evening, and I could barely put it down. It’s called **Masterpiece in Progress: A Daily Guide to a Life Well Crafted — it’s choke full of ideas, mental models, advice. It consists of 365 daily motivational passages. In one of them, Sean writes that life is full of teachers if you know where to look. I couldn’t agree more. I feel like everyone has a story, and everyone can teach us something if we only care to ask, and listen. Soon after we recorded this episode, Sean released another book — **Insights of the Ages: Quotes for a Life Well Crafted — which is also a delightful read. There is a lot of wisdom distilled in the quotes. He further opened my eyes to a number of big, powerful ideas in our long conversation. Since our recording, Sean became a instant friend that I value highly. I often listen to his podcast, where he interviews countless fascinating authors, experts, and opinion makers whom we both admire and respect. His interview style is very focused, attentive, and deliberate. I picked up an inspiration or two from his podcasting approach. His conversation Derek Sivers is one of my favorite. For over a decade, Sean DeLaney has masterfully navigated the territories of peak performance, innovative entrepreneurship, and impactful personal development. Transitioning from a career as a professional athlete, Sean now shines as a top-tier executive life coach and the driving force of the What Got You There Podcast. Through his coaching, Sean has fostered the growth and success of a myriad of CEOs, executives, and athletes. http://masterpieceinprogressbook.com/ http://whatgotyouthere.com/ Today, we talk about Sean’s book Masterpiece in Progress. He shares how life can be seen as a vast empty canvas filled with possibility and opportunity. He reminds us how every day is a chance to experiment, learn, and adjust. We have a lively discussion about authenticity inspired by William Green, the author of Richer, Wiser, Happier, who’s been a guest on the podcast, who we both know and admire. Sean talks about the importance of curiosity, which is an area of study of our mutual friend - Tom Morgan, the curiosity sherpa to billionaires, and also an earlier guest on Talking Billions. I enjoy hearing Sean’s thoughts about idea catching, a topic I wrote about recently on my Substack. As an investor, I practice both patience and decisiveness, an approach that my guest has some thoughts about as well. I consider myself a very calm, and collected person. Sean tells me how calm is contagious, and it isn’t just a state of mind. Stay tuned until the end, when my dear friend reveals the secret to addressing one of the biggest challenges of them all — the upper limit problem, the invisible ceiling we set for ourselves. How do we grow past that? I’m curious to know, aren’t you? ⁠⁠⁠⁠⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠ Follow me on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ NEVER INVESTMENT ADVICE.

Over the last twelve years Matthew has worked with startups, venture capital and angel investors, governments, NGOs and large corporations to create and capture value. Matthew is a Co-founder of 9others with Katie Lewis. 9others was established in 2011 and is now a global network of 5,000 entrepreneurs in 45+ cities who meet over dinner to help each other solve the challenges of business and life. To date Matthew has invested in 23 startups, most of which have been sourced from the 9others network, and has achieved 2 exits. He has invested in and negotiated investment transactions from £15k to £50m. He studied Computer Science at Durham University and has an MBA from Imperial College Business School. Matthew lives with his wife, daughter and son in Hertfordshire, UK, where he enjoys reading biographies, watching Formula 1 and training for ultra-marathons. Katie and Matthew wrote a wonderful book Find Your 9others: The questions to ask yourself as you start up and scale up, where they tell their story, document their findings, and share their lessons. Today, Matthew and I talk about the number one question that we both like to ask — what keeps you up at night. We discuss the why behind any project, venture, and how that why can be redefined and rediscovered. We take on the idea of being visible in the words of Seth Godin, who says that you will be judged or you will be ignored. Matthew shares his thoughts on trusting your gut. We have a lively discussion about resilience, and discipline. I really like the point he makes about taking responsibility instead of looking for something or someone to blame. Stay tuned until the end when Matthew tells me that no one is self-made, and as a bonus, he shares a book recommendation, a book I read a few times, and it’s one of those few books that had a big impact on me. Please help me welcome, all the way from the United Kingdom —- Matthew Stafford. https://9others.com/ https://bit.ly/findyour9othersamazon https://twitter.com/mstafford/ https://stafford.vc/ https://www.linkedin.com/in/staffordvc/ https://www.linkedin.com/in/katielewis66 NEVER INVESTMENT ADVICE.

This a bonus episode, please enjoy, and share it with friends and family -- I read my this week's Substack post. Please find it here: https://bogumilbaranowski.substack.com/ -- feel free to sign up and follow me there as well. I mention the following Talking Billions episodes: Mary Buffett & Chloe Lin, and William Green, please find them in your podcast listening app. They are both wonderful conversations. If you are a true Warren and Charlie fan, you'll also enjoy the Dan Pecault & Corey Wrenn episode, they attended the Berkshire meeting for some 30-40 years. Lots of stories. Adam Mead's episode is also special. Jacob McDonough shared with me the stories of the early Buffett years at Berkshire, too. The Todd Finkle episode is a must, too. I'd be curious to hear your thoughts, and your Charlie story -- please head to my website, and send me a quick message. I read all my emails. You'll hear from me within a week. https://www.bogumilbaranowski.com/contact Thank you for listening!

Best-Selling Author, International Speaker, Top Finance Expert We have two guests today, Mary Buffett, and Chloe Lin. Mary Buffett is a best-selling author, international speaker, entrepreneur, political and environmental activist. Chloe Lin is an international speaker, investor, and president of Buffett Online School in Japan. Ms. Buffett’s first book Buffettology, co-written with David Clark in 1997, was an immediate New York Times and Business Week best-seller. Since that time, all seven of Ms. Buffett’s books have been best-sellers. Ms. Buffett appears regularly on television as one of the top finance experts in America. She has appeared around the world as a principal speaker at some of the world’s most prestigious organizations, including the Get Motivated seminar series. Ms. Buffett has worked successfully in a wide range of businesses including extensive work as a consultant to a number of Fortune 500 companies. Mary is the proud mother of three successful children and lives in California. Mary’s book Buffettology has had a big influence on me early on in my career, and I’ve gone back to it over the years. It’s a great study of Warren Buffett’s investment approach. https://www.marybuffett.com/ Chloe is an international speaker and has been invited to travel around the world She is also the President of Buffett Online School in Japan and has also been featured in Singapore’s official Chinese newspaper Lian He Zao Bao sharing her experience on how to invest safely as a female investor, and how to achieve consistent results from the stock market. Together with her team from The Next Level, they have trained over 100,000 students across the world. She is also one of the fast-growing content creators on TikTok with more than 200,000 followers for her channel Arigato Investor. Today, we have a lively discussion about Mary’s earlier experience with investing. She shares stories of Warren Buffett gifting stocks to family members for Christmas and lessons from the experience. Her first exposure to investing, and her first stock. Mary shares what Warren is like in person, his humor, personality, and more. We talk about what makes a great company. Mary shares her insight about the aspects of the business worth examining before investing. We touch on Mr. Market and being a disciplined investor while taking advantage of the pessimism and panic of other participants in the market. Mary highlights the importance of big brands. She also shares how Warren and Charlie handle mistakes. Stay tuned until the end when she tells us about her definition of success. --- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book. To get regular updates and bonus content, please sign-up for my substack: ⁠⁠⁠⁠⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠ Follow me on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ NEVER INVESTMENT ADVICE.

Todd Wenning is a professional investor and writer based in Cincinnati, Ohio. He's currently the author of the Flyover Stocks newsletter, which focuses on finding overlooked companies with economic moats that are led by thoughtful stewards of shareholder capital. Previously, Todd spent eight years on the buyside with Ensemble Capital and Johnson Investment Counsel, and three years on the sell-side with Morningstar where he led the firm's equity stewardship methodology and contributed to the company's book Why Moats Matter. Todd has written publicly about investing since 2006 when he joined The Motley Fool as a writer and financial editor. https://www.flyoverstocks.com/ We have a wonderful discussion about moats, managements, and playing the long game in investing. Todd shares the inspiration behind his newsletter Flyover Stocks, and we touch on a number of topics, and ideas that he has written about over the years. One of the stories includes Todd’s wife, she is an avid seashell hunter. My wife and I have picked seashells on many occasions, so the story resonated with me. Todd explains what sea shell hunting can teach us about investing. Stay tuned until the end, where we take on the topic of crisis. My guest explains how crisis can make companies better, and stronger, and forge future winners. It’s a wide-ranging, thoughtful discussion where more beginner and advanced investing enthusiasts will find something worth discovering. Todd was a joy to talk to, we had a lovely hour long recording. I highly recommend exploring his newsletter, and his writing. NEVER INVESTMENT ADVICE.

My guest today is Matthew Turner is a British author who wrote the book The Successful Mistake: How 163 of the world’s greatest entrepreneurs transform failure and adversity into success on the back of interviewing hundreds of successful entrepreneurs, authors, investors, and thought-leaders. As well as writing his own books, Matthew ghostwrites both articles and books for other successful entrepreneurs and thought-leaders, in between spending time with his two children. nohustle.co beyondbook.co It’s Matthew's second time on the show; it’s always such a pleasure to see him and chat. I highly recommend scrolling down and finding his Beyond the Pale episode — where we explore personal transformation and rediscovering your vision through a fictional story of a billionaire entrepreneur. Today, we have an opportunity to learn from intimate conversations with 163 entrepreneurs that Matthew had the chance to interview; we examine the big idea behind the book — how failures can lead to future success. Matthew explains how successful people he interviewed in the book still experience worry, fear, and self-doubt despite their money, fame, and freedom. We zoom in on the topic of financial pain and the entrepreneurial path. Matthew shares the mantra of "less doing, more living" and the importance of not neglecting one's health. I found it very helpful to be reminded that life without hardship doesn’t exist, and it’s all about pushing through challenges. I really like the idea of asking big questions when in doubt. Stay tuned until the end when we talk about living a life of freedom. NEVER INVESTMENT ADVICE.

Private Wealth Manager | Podcast Host | Author Frazer Rice focuses on Family Office Infrastructure, Trusts and Estates, Private Company Board and Charity, Multi-Generational Wealth & Trustee Consulting for Next Capital. Frazer has written the book Wealth, Actually: Intelligent Decision-Making for the 1% and produces the successful “Wealth Actually” Podcast. He appears on a variety of media and industry panels to discuss wealth management practice, trusts and estates, family dynamics issues, and tax policy. He is on the Board of the New York City Estate Planning Council and is Co-Head of its Programming Committee. He received his B.A. in Political Science and History from Duke University and his J.D. from Emory University School of Law. Frazer lives in Manhattan and enjoys golf, travel, horror movies, media production, and writing. Today, we start with one of my favorite quotes from Frazer’s book: “Very few of life’s important answers are found in a pitch book or a slide deck.” – he further adds, “Unfortunately, the financial services industry makes its money, from the sale of products.” — He shares some advice how to navigate this fascinating, but challenging environment. We focus on the importance of anticipation when providing advice. We also tackle a big question: what it means to be rich? Frazer introduces the distinctions between current and legacy wealth, retirement planning vs. estate planning. We have a lively discussion about sudden windfalls, and Frazer proposes another way of looking at this life-changing event. Stay tuned until the end, when we talk about the real fear of losing it all. Links: www.frazerrice.com www.nextcapitalmgmt.com https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ NEVER INVESTMENT ADVICE.

Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management. After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries all across Europe. In 2015, Luca moved back to his hometown of Turin, Italy, and opened a private consulting practice serving clients worldwide. He has also published books about management, human behavior, and economics that earned him appearances on the most important conferences and podcasts in his field, Nudgestock and EconTalk, respectively. Luca lives with his wife Wenlin and dog Didi and divides his time between Turin and Singapore. Luca writes regularly on Twitter (@DellAnnaLuca). His personal website is www.luca-dellanna.com Last time we discussed Luca’s excellent book - Ergodicity, I highly recommend the episode; you can look it up and hear his thoughts on game-overs, do-overs, and the idea that not the fastest skier wins the race, but the fastest completes all the races without breaking a leg. Today, we’ll talk about three other books that Luca wrote. First, we discuss his 100 Truths You Will Learn to Late. Luca explains how: “Most frustration and unhappiness in your life will come from disrespecting the rules of whatever game you are a participant of, be it love, business, health or social life.” Then we discuss how: “Few successful people took a direct path to success. Successful people know what they want but not what it will look like”. Luca has interesting thoughts about willpower; he says, “Willpower is best used to create a short burst of activity whose purpose is not to achieve a result but to create the conditions for sustainable results.” Luca tells me that “Happiness is not a place we can reach and rest in. Instead, happiness is a direction we can walk along.” Finally in his book about life’s truth he writes: “discipline is freedom,” life is about cultivating independence.” In The Control Heuristic, Luca writes about why we sometimes take actions that are clearly bad for us. He also writes about optical illusions, how we see narratives where there are none, and how we estimate the truth. We further talk about the ego and past experiences and take a different look at pain. Luca also wrote a book about Managing Remote Teams; we had a lively discussion about the future of work, emphasizing relearning how to work, clarity of communication, and the need for trust between the employer and employees. I always learn so much from Luca, and I hope you do too. NEVER INVESTMENT ADVICE.

Victor Haghani – Missing Billionaires w/ ex-LTCM partner & Elm Wealth Founder Victor Haghani started his career in 1984 at Salomon Brothers, where he became an MD in the bond arbitrage group run by John Meriwether. Victor was a co-founding partner of LTCM. In 2011, Victor founded Elm Wealth to help clients, including his own family, manage and preserve their wealth with a thoughtful, research-based, and cost-effective approach that covers not just investment management but also broader decisions about wealth and finances.   In his TEDx talk, Where Are All the Billionaires and Why Should We Care? Victor shares his unique perspective on active versus passive investing. Victor has been a prolific contributor to the academic and practitioner finance literature. He is a co-author of the book, The Missing Billionaires: A Guide to Better Financial Decisions, which has just been released and is available on amazon and most other book sellers.   We talk about Victor’s childhood, upbringing, and fascinating career. He shares his thoughts about managing his own wealth, and what he learned in the process. We focus on the missing billionaires as he calls them in his Ted talk and his book – given the fortunes that existed a hundred years ago, we should have many more billionaire inheritors and we don’t – it’s the ages old challenges of staying rich, and keeping a multi-generational fortune. We discuss position sizing, and asset allocation, how much should be invested in stocks. Victor shares some surprising learnings from a coin flipping competition study.   Stay tuned until the end if your are curious to hear Victor share a story of his very last Liar’s Poker hand at Salomon Brothers…   https://www.amazon.com/Missing-Billionaires-Better-Financial-Decisions/dp/1119747910/ www.elmwealth.com NEVER INVESTMENT ADVICE.

Meet the Audience (30 Mins with the host 1 on 1) – Please Use This Form https://forms.gle/G3EyVBevjJAq2JHf8 Brendan has more than a decade of industry experience in investments and public finance since graduating from James Madison University with a Bachelor of Business Administration degree in Finance and Accounting. For the last several years, Brendan has worked as a Registered Investment Advisor for Lafayette Investments. For Lafayette, Brendan manages a portion of the $800 million in assets under management, primarily for high-net-worth individuals. Brendan is a Chartered Financial Analyst (CFA) charterholder. He has served on various boards and committees, including the James Madison University College of Business Board of Advisors (former Associate Board Member), Cystic Fibrosis Foundation’s Maryland Chapter (Board Member), Can Educate (Board Member) and the Member Engagement Committee for CFA Society Washington D.C. (former Committee Member). Brendan is a two-time winner of the Tomorrow’s Leader Award for his contributions to the Cystic Fibrosis Foundation. Brendan is the author of two books: Markets in Chaos: A History of Market Crises Around the World (published by Business Expert Press) and The Wandering Investor. We talk about Brendan’s book and research on market crises around the world. We start with the most recent global COVID pandemic and the market chaos that followed. We take a tour around the world, stopping by in Iceland, and taking a fresh look at what happened there over a decade ago. Icelanders became three times richer in three years as leverage, and banking led to trouble. Brendan shares stories of crises in Latin America and Asia. We have a longer conversation about the dangers of inflation, and specifically hyperinflation. Our trip around the world wouldn’t be complete without a stop in Africa. We both have great curiosity about the 1970s in the US, the Japanese stock market rise and fall in the 1980s. We both strongly believe that there is always a lot to learn from history, and past market crises can teach us a lot. They expand our imagination and show us how to navigate some more stormy seas. Author: Markets in Chaos: A History of Market Crises Around the World Markets in Chaos: A History of Market Crises Around the World: Brendan Hughes: 9781637425145: Amazon.com: Books The Wandering Investor The Wandering Investor: Hughes, Brendan: 9781098320317: Amazon.com: Books NEVER INVESTMENT ADVICE.

Brian Feroldi is a financial educator, YouTuber, and author. He has been intensely interested in money, personal finance, and investing ever since he graduated from college. If you walk away with one big idea from this conversation, let it be this quote from Brian’s book: “The stock market is the greatest wealth creation machine of all time.” Brian started investing in 2004. In the beginning, he had no idea what he was doing and got his teeth kicked in. His returns improved dramatically as his experience and knowledge about the stock market grew. Brian’s career mission statement is “to demystify the stock market.” He loves to help other people do better with their investments. He has written over 3,000 articles on stocks, investing, and personal finance for the Motley Fool. In 2022, Brian’s best-selling book Why Does The Stock Market Go Up? was published. It was written to explain how the stock market works in plain English. Brian lives in New England with his wife and three kids. We talked about: 1. Childhood and Career Path: 2. Stock Market as a Wealth Creation Machine: 3. Money – A Taboo Topic: 4. Value and Price in the Stock Market: 5. Determining the Right Purchase Price: 6. Pumpkin Spice Latte and Salted Caramel Frappuccino and Daily Price Moves 7. Why the Stock Market Always Recovery 8. Investing During Economic Downturns 9. The Importance of Saving: 10. Investing Isn’t Just for the Affluent: 11. Stay tuned until the end when Brian reveals the biggest edge over Wall Street that investors have. https://www.brianferoldi.com/about/ https://www.brianferoldi.com/newsletter/ NEVER INVESTMENT ADVICE.

I spent last summer reading three of Daniel Crosby’s books: The Behavioral Investor, The Laws of Wealth, You Are Not That Great – today, we spend an hour discussing some of the biggest lessons from his writing, work, and research – we learn what we can do to get out of our own way, and make better investment decisions. Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into 12 languages. His latest work, The Behavioral Investor, was Axiom's best investment book of 2019 and is a comprehensive look at the neurology, physiology and psychology of sound financial decision-making. When he's not decoding market psychology, Daniel is a father of 3, a fanatical follower of the St. Louis Cardinals, an explorer of the American South, and an amateur hot sauce chef. We talk about: 1. Brain's Perception of Money: Brain's wiring in relation to valuing money, liquid happiness. 2. Impact of Early Investing Lessons: How early market experiences shape future investing decisions. 3. Crowd Behavior in Investing: Wisdom of the crowd vs. individual insights, and thinking for yourself. 4. Unique Investor Behavior: The human tendency to fit in vs. the need to stand out in investing & a rat experiment 5. Importance of Slowing down reflexive responses for better financial outcomes. 6. Tropical Disease vs. Wealth Habits: Shocking comparison and the lessons derived. 7. Fallibility in Investment Behavior: Human fallibility as both an advantage and an impediment in wealth accumulation. 8. Role of Investment Advisors: Value of the right advisor in preventing major mistakes & The long-term benefits of seeking expert advice. 9. Performance Measurement: Comparing performance to personal needs vs. market indices. Find Daniel Crosby on Amazon. ---- NEVER INVESTMENT ADVICE.

Hraday Jhala, a 15-year old Singapore-based investing enthusiast, author, and podcast host sits down with me, Bogumil Baranowski for a two hour conversation. Hello everyone, and thank you for tuning in. This episode is a bit different. As you might have noticed, now, and then I share here interviews that I give on other podcasts with full credit to the hosts, and with their permission. This is an interview I gave in late August 2023. The host is Hraday Jhala, a 15 year old investing enthusiast based in Singapore. I had a rare opportunity to read an early copy of his book the Worldly Wisdom. Please keep an eye out for it, when it comes out. I find it very inspiring to see someone at such a young enjoy not only studying investing, but writing a really good book about everything has learned so far. I recently wrote an essay called, a letter to a younger self, where I share what I would tell my younger self – you can look it up on my substack. Talking to Hraday felt a lot like talking to a younger myself. It’s a longer interview, save it, listen over time or in one sitting, it’s a really special conversation, as you are about to see. I share some stories you might have heard elsewhere in the podcast, but many are new, and different, especially around discovering the stock market as a teenager, I share my experience being a podcast host as well. I also talk about some of the lessons I learned from a number of guests on my podcast, including Lucas Miller, and Daniel Crosby – on the topic of how brain work, how our behavior can get us in trouble investing. I discuss my self-imposed selective ignorance in the way I collect information, and filter a lot out. I share with Hraday the importance of the right work environment for an investor. We talk about early investing mistakes, and dangers of bankruptcies. I share my crisis investing, pandemic era experience, which I write about in my recent book – Crisis Investing. We have a lively conversation about envy. I bring up Guy Spier, William Green, and other guests from my podcast. I mention the importance of spending your attention, and time well. I explain how I think our childhood, and upbringing might have a big bearing on how we think of money, and investing, I share some examples from my podcast, Talking Billions. We talk about the variety of market participants, and a variety of stocks available to buy. We also chat about Berkshire Hathaway, Buffett, and Omaha. I explain the difference between getting rich, and staying rich. That’s where you can learn more about Hraday: https://hradayjhala.com/ https://www.youtube.com/@worldlywisdomofvalueinvestment ---- NEVER INVESTMENT ADVICE.

I’ve been an avid reader of Sean’s articles for many years. Sean and his team have a very thoughtful way of presenting sometimes not so intuitive or easy investment concepts. Sean together with Todd Wenning have been regularly sharing their experience and knowledge through writing. I highly recommend checking the episode notes for links, and looking up their work and articles. Sean Stannard-Stockton is president and chief investment officer of Ensemble Capital, which he co-founded in 2004. Ensemble manages $1.5 billion on behalf of approximately 240 high net worth families and institutions. Their core equity strategy is a focused portfolio of 20 to 25 competitively advantaged companies. • We talked about Sean's childhood and upbringing, exploring how it influenced him and paved his career path. • We discussed Sean's article on Value, Growth, Intrinsic Investing. • Sean shared insights into the intriguing concept of the equity anxiety premium, explaining how "premium returns come from the successful management of anxiety." • We touched upon the idea of equity duration. Sean elaborated on how stocks can be viewed as bonds, and lessons from the Nifty Fifty stocks of the 1970s. • Sean shared his experiences with COVID-era pandemic investing, reflecting on the unique challenges and insights from his perspective during this time. • Sean shared his thoughts on an interesting theme he's touched upon in his writings: the consistent underpricing of wonderful companies in the market. • We discussed portfolio construction in detail, exploring topics like the number of stocks, sizes, turnover, holding period. • We also talk about remote work, and Sean’s firm’s experience working remotely. • To conclude, we talked about Sean's personal and professional definitions of success, getting a deeper understanding of what drives and motivates him. • Stay tuned until the end, when we discuss benchmarks and outperformance. Company site: https://ensemblecapital.com/ Blog: https://intrinsicinvesting.com/ Twitter: https://twitter.com/IntrinsicInv ---- NEVER INVESTMENT ADVICE.

50th EPISODE! Every conversation with William Green is an adventure, so was today’s hour and half where we talk about everything from investing to kindness, spirituality, the pursuit of freedom, and more – His book Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life is a must read for anyone serious about investing, and everyone curious to learn from some of the greatest minds not only about getting richer, but living better lives. William is also a host of The Richer, Wiser, Happier collection of podcast episodes featured on We Study Billionaires, the flagship podcast of The Investor’s Podcast Network. Over the last 25 years, William has interviewed many legendary investors—everyone from Sir John Templeton to Charlie Munger, Jack Bogle to Bill Miller. That experience led him to write a landmark book, Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life. In the Richer, Wiser, Happier podcast, William draws on this unparalleled access to the world’s most successful investors, so you can listen to—and learn from—the very best. Over the last quarter of a century, he has interviewed many of the world’s best investors, exploring in depth the question of what qualities and insights enable them to achieve enduring success. Green has written for many leading publications in the US and Europe. Green has collaborated on several books as a ghostwriter, co-author, or editor. Born and raised in London, Green was educated at Eton College, studied English literature at Oxford University, and received a Master’s degree from Columbia University’s Graduate School of Journalism. He lives in New York with his wife, Lauren, and their children, Henry and Madeleine. Today we talk about: Authenticity and Quality. The Praise of Slowness. Contradictory Truths. Contrasting investment strategies of Guy Spier and Mohnish Pabrai. Emotions. When to persist, when to quit. Kindness. Right habits in times of crisis. Return on Life. Spirituality: Pursuit of Freedom Luck and Gratitude ---- NEVER INVESTMENT ADVICE.

As investors, we keep looking for new advantages. A better use of our brain, a great gift that we already have, might be a very intriguing path worth pursuing. My guest today has incredibly insightful advice for all of us. Lucas Miller is a cognitive neuroscientist, author, and human performance researcher, as well as the youngest faculty at UC Berkeley’s Haas School of Business. At Berkeley, Lucas teaches MBA students and is best known for his course called "Becoming Superhuman: The Science of Productivity and Performance". He also co-runs the Becoming Superhuman Lab, which conducts research on how to help busy leaders and their teams get their most important done, in less time, with less stress. We talk about: the mismatch between modern work habits and our brain's natural inclinations, why early rising isn't suitable for everyone, insights on long-term brain health, emphasizing the importance of sleep, regular sun exposure, and the power of meditation. https://www.becomingsuperhuman.science/ Show notes / references below (with specific timestamps). 6’34’’ -- Lucas’s book on Amazon - Beyond Brilliance: The Blueprint for Learning Anything: https://www.amazon.com/Beyond-Brilliance-Blueprint-Learning-Anything/dp/1540421236 8’15’’ -- Becoming Superhuman MBA course at UC Berkeley: https://newsroom.haas.berkeley.edu/classified-becoming-superhuman-course-teaches-the-science-of-productivity-performance-and-wellness/ Lucas’ training and consulting company Becoming Superhuman: https://www.becomingsuperhuman.science/ 17’59’’ -- The impact of the ‘open’ workspace on human collaboration (Bernstein, 2018): https://royalsocietypublishing.org/doi/10.1098/rstb.2017.0239  20’18’’ -- Stanford researchers identify four causes for ‘Zoom fatigue’ and their simple fixes: https://news.stanford.edu/2021/02/23/four-causes-zoom-fatigue-solutions/  25’01’’ -- Brain Brain: The Mere Presence of One’s Own Smartphone Reduces Available Cognitive Capacity (Ward, 2017): https://www.journals.uchicago.edu/doi/full/10.1086/691462  44’00’’ -- Discover Your Chronotype: www.mychronotype.com Use code “TALKINGBILLIONS” (to bypass the paywall and access the assessment for free) 1:18’39’’ -- Meditation experience is associated with increased cortical thickness (Lazar, 2005): https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1361002/  Enhanced brain connectivity in long-term meditation practitioners (Luders, 2015): https://www.sciencedirect.com/science/article/abs/pii/S1053811911006008  Stress reduction correlates with structural changes in the amygdala (Hölzel, 2010): https://academic.oup.com/scan/article/5/1/11/1728269?login=false  ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book. NEVER INVESTMENT ADVICE.

If you are curious to learn more about analyzing business, and picking stocks, this episode is a fascinating look behind the curtain with a seasoned hedge fund analyst, who now teaches a variety of courses on the matter. Steve is the founder of Behind the Balance Sheet (https://behindthebalancesheet.com/), the premier investment training consultancy. The company runs Forensic Accounting Courses for leading institutions like Schroders and Baillie Gifford – since the first course in June 2018, over 500 investment professionals have taken the programme. More recently, courses have been made available to private investors online (https://courses.behindthebalancesheet.com/). Steve also produces bespoke research for a small group of institutional clients. Steve is regularly in the press, in the UK’s Investors Chronicle, in the Times and the Financial Times, on Times Radio and on leading investment podcasts, including Bloomberg Odd Lots and the Grant Williams Podcast, talking about accounting issues at quoted companies. Steve spent some 20 years as an equity analyst at different investment banks, covering various sectors, and was consistently rated in the top 10 in his sector in Extel, II and Reuters surveys. He moved to the buy-side in 2005 and was a partner and head of research at two multi-billion dollar hedge funds; he specialised in using a deep dive research approach to identify special situation opportunities. Steve trained as an accountant and lives in London; he enjoys reading, yoga, and skiing and is interested in investment theory, wine and classic cars. His book, the Smart Money Method https://behindthebalancesheet.com/the-smart-money-method) was a #1 Investing bestseller on Amazon in the UK, US and Australia. Stephen publishes a free weekly newsletter at https://behindthebalancesheet.substack.com/ and has a monthly podcast (https://behindthebalancesheet.com/podcasts) on all major platforms. • We dive into Steve's book, "The Smart Money Method, How to Pick Stocks like a hedge fund pro," the inspiration behind it, and its intended readership. • Steve elaborates on his belief that investors often waste time on fleeting information, emphasizing the importance of discernment in what we consume. • Steve delves into the significance of understanding the industry a stock operates in and what he specifically hunts for. • We discussed often-overlooked elements in company financials that Steve believes deserve more attention. • Moving beyond mere numbers, Steve shared his approach to evaluating company management, stressing its crucial role in investment success. ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book. NEVER INVESTMENT ADVICE.

I don’t know any successful investors who are not curious, and I can’t think of a better person to learn from about curiosity than my today’s guest, an instant friend, Tom Morgan. Tom describes himself as a curiosity sherpa to billionaires. He lives in Manhattan with his wife, 2 children and a rabbit called Frank. Tom Morgan is a Director at Sapient Capital. He is responsible for the firm’s content. He has previously worked in Equity Sales on Wall Street at Merrill Lynch, Bank of America and most recently as a Managing Director at Stifel. Tom loves nothing more than meeting interesting people; drop him an email or phone call – if you are intrigued by what you hear today. Tom holds a BA from Oxford University. Tom’s bio doesn’t give justice to what a fascinating, multi-faceted, complex individual he is, and I hope this episode will reveal a bit more of the Tom I got to meet and spend time with. I was introduced to Tom by Brendon Snow. It was one of a thousand serendipitous moments that have been happening since I launched the podcast. I was walking around Paris earlier this summer listening to Guy Spier’s interview with Julie LaRoche, I shared it on Twitter. Brendan reached out and mentioned that he not only also listened to Guy Spier on his visit to Paris not long ago but also went to the same Parisian Grande Ecole I went to. Brendan Snow is the CEO of Fluent Risk Partners. Tom and I had a few long chats before the recording; we also shared a long lunch one summer day at a lovely vegan restaurant. Today, we talked about Tom’s life and the journey he’s been on, and it’s a very inspiring story that Tom shares in a very vulnerable way. We discuss the importance of curiosity and the idea of our future selves leading us on our path. We talk about the focus in the age of perpetual distraction. Tom shares his thoughts on complexity. We also touch on the meaning crisis in today’s world. I like Tom’s idea of continuously being exposed to new ideas that challenge our worldview. Stay tuned until the end – Tom shares his childhood story; without giving too much away, I will tell you that we are the same age and were both at the same time and the same place, but experienced it from a very different perspective, only to compares our notes, and memories almost four decades later! If that’s not serendipity, I don’t know what is! https://whatsimportant.substack.com/ https://sapientcapital.com/ ---- NEVER INVESTMENT ADVICE.

Matthew Turner is a British author who wrote his latest book, ‘Beyond The Pale’ on the back of interviewing hundreds of successful entrepreneurs, authors, investors, and thought-leaders. As well as writing his own books, Matthew ghostwrites both articles and books for other successful entrepreneurs and thought-leaders, in-between spending time with his two children. Today: We talked about Matthew's book "Beyond the Pale," including its inception, the meaning behind the title, and the symbolic mountain lake on the cover. Matthew shared insights on the hero's journey in his book, exploring personal transformation, business success, and a rediscovery of vision. We discussed the various characters the hero meets in the book and the wisdom and advice they impart to him. We talked about the recurring theme of praise for achievement, reflecting on how it mirrors today's achievement-focused world, and the challenges of escaping this mindset. Matthew shared thoughts on the concept that the hero is not self-made, challenging the conventional idea of being self-made and its implications. We discussed a powerful question from the book that prompts readers to challenge what they think they know to be true. We talked about the importance of rest and slowing down, focusing on a significant moment in the book where the hero takes time to reflect. Matthew shared insights on the theme of control, including the realization of limitations in controlling every aspect of life. We discussed the multi-faceted concept of freedom as depicted in the book, including the paradox between wealth and feeling imprisoned. We talked about the paradox of desire, examining the quote, “The more you want something, the less likely you are to find it,” and its wider implications. Matthew shared thoughts on the theme of scarcity, including how it's embraced early in life and the difficulty of shaking it off. We concluded the interview by discussing Matthew's personal definition of success and how it resonates with his overall life philosophy.   https://turndog.co/ https://beyondbook.co/ ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book. To get regular updates and bonus content, please sign-up for my substack: ⁠⁠⁠⁠⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠ Follow me on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sicart Associates, LLC⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks. The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠adviserinfo.sec.gov⁠⁠⁠

John Maxfield – studies and writes about banking. He spent two decades studying America's best banks, the history of banking, and interviewing bank leaders. He writes a newsletter about banks, a newsletter that has been called the best newsletter on banks. I know seasoned stock investors who told me they choose to never invest in banks because they don’t understand them. We can’t avoid banks in our lives though, we don’t all have to be equity investors in banks, but most if not all of us have deposits with banks. There is a lot to learn, and to understand about banks, and in the next hour, John is going to make this difficult topic a lot more relatable. John is a great student of history, and comes from a family with a multi-generational history with bank ownership. Both as passionate student of history, and investment advisor to families with multi-generational fortunes, I was delighted to have John on the show. Today, we talk about: Childhood and Relationship with Money: Inquiry into John's upbringing, how it shaped his relationship with money, led to his career, and spurred his fascination with banks. Discussion of John's article detailing the four eras of US banking, and how banking is unique compared to other businesses. Counterintuitive Truths about Banking: Exploration of unconventional or counterintuitive truths about banking. Unacknowledged Origins of Banking Crisis: Examination of the hidden or unacknowledged causes of the banking crisis, including if it was foreseeable and how to detect such issues in the future. The Silly Valley Panic of 2023: Inquiry into what John refers to as "the Silly Valley Panic of 2023" and the details of what transpired. Ten Commandments of Banking: Request for John to elaborate on his proposed "ten commandments" for the banking industry, sharing some or all of them. Definition of Success: Conclusion with John's personal definition of success. The big highlight for me was our discussion of the importance of history. John explains how nothing is new, history rhymes.   https://www.maxfieldonbanks.com/p/john-maxfields-magnum-opus-on-banking https://www.maxfieldonbanks.com/p/counter-intuitive-truths-about-banking ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ NEVER INVESTMENT ADVICE.

Credit: Investing the Templeton Way with Lauren Templeton and Scott Phillips -- please find and follow their podcast on your preferred platform. In this episode, we are joined by Bogumil Baranowski to talk about stock investing, managing generational wealth, his investment philosophy, ways to become a better investor, and how to change your environment and think differently as an investor. Bogumil is a founding partner of Sicart Associates LLC, a boutique investment firm catering to families and entrepreneurs on both sides of the Atlantic and the Pacific. He is the author of Outsmarting the Crowd: A Value Investor’s Guide to Starting, Building and Keeping a Family Fortune, and Money, Life, Family: My Handbook: My complete collection of Principles on Investing, finding work and life balance, and preserving family wealth. He also has a new book out called Crisis Investing:100 Essays: Lessons from Managing Family Fortunes through the Global COVID Pandemic and Beyond. As a passion project, he also wrote Living Where Others Vacation: A Travelogue, a pandemic memoir, a Blueprint for a better life, and work from anywhere. Bogumil is the host of the increasingly popular Talking Billions podcast, which features intimate conversations about money, wealth and living a rich and fulfilling life.Stay connected:https://bogumilbaranowski.com/https://www.talkingbillions.co/https://bogumilbaranowski.substack.com/https://twitter.com/bogumil_nychttps://www.linkedin.com/in/bogumil-baranowski/Books mentioned in the episode:Crisis Investing (Bogumil): https://amzn.to/46So1Q7Money Life Family (Bogumil): https://amzn.to/46MsCDvLiving Where Others Vacation (Bogumil): https://amzn.to/3PT6amhOutsmarting the Crowd (Bogumil): https://amzn.to/3DcabuzErgodicity (Dellanna): https://amzn.to/3NU3Zfn100 Baggers (Mayer): https://amzn.to/3PX45WsOne Up on Wall Street (Lynch): https://amzn.to/46IvFwBBogumil's article (mentioned towards the end of the show): https://bogumilbaranowski.substack.com/p/game-overs-and-do-overs The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation. NEVER INVESTMENT ADVICE.

In my work as an investment advisor to families, I get to know not only the stock holdings in the portfolio, but also the people whose money we manage. The topic of wealth, and wealth psychology is of great interest to me, and my partners. Dr. Paul shares unique, and intimate insights. Dr. Paul Hokemeyer (Dr. Paul) was born in Baltimore, Maryland and raised with his older brother in the gently rolling hills of Harford County, Maryland. From an early age, Dr. Paul was confused by the world in which he was born. Struggling to find his place in it, he embarked on transformative journey that took him to Alajuela, Costa Rica where he studied Spanish as an exchange student, to college in Cleveland, Ohio, law school in Columbus, Ohio and to Washington, DC and Amsterdam where he worked in the realm of environmental and social justice. Eventually, he found his place as a psychotherapist helping other human beings repair and make meaning out of their lives. In his debut title, Fragile Power: Why Having It All Is Never Enough, Dr. Paul, who's become the world's foremost authority on issues related to our celebrity and power obsessed culture, reveals the fragility inherent in the status we desperately crave and provides a roadmap to avoid self and relational destruction though misplaced aspirations. Paul Hokemeyer - LinkedIn ---- NEVER INVESTMENT ADVICE.

My guests are: Daniel Pecaut - Chairman | Chief Investment Officer | Author & Corey Wrenn - President | CEO | Author Chairman and President of Pecaut & Company. If you are a Berkshire and Buffett fan, this episode is for you. We’ll go on a trip back in time to the early days of Buffett’s Berkshire. Both my guests have been going to Berkshire’s Annual Meetings since the 1980s, and one of my guests actually worked for Buffett, and was checking tickets, and letting attendees in at the annual meetings. They have some incredible stories to share. Daniel Pecaut is a Harvard graduate whose insights have been featured in the New York Times, Money Magazine, Grant's Interest Rate Observer, Outstanding Investor Digest, and the Omaha-World Herald. He has worked in investing for 30+ years and is Chairman and Chief Investment Officer of a successful investment firm, Pecaut & Company. For 9 years (1983-1992), Corey Wrenn was an internal auditor at Berkshire Hathaway. Wrenn is now the President and CEO of the investment firm, Pecaut & Company. Wrenn received his M.B.A from University of Nebraska at Omaha. Today – we talked about everything from Dan’s grandfather’s tales of the 1920s bull market, and the 1929 market crash, Corey’s years at Berkshire to lessons from almost 4 decades of Berkshire’s annual meetings, and more. 1. Dan shared his family history with stock market investing, while Corey discussed his involvement with Berkshire Hathaway. 2. My guests shared their memories of early Berkshire meetings and described what it was like to be a part of them. 3. We delved into the peculiar nature of an insurance company. 5. The history of Buffett's thoughts on inflation was discussed, considering its implications as a looming threat over the years. 6. Buffett and Munger's perspectives on making predictions. 7. The guests mentioned the valuable advice Buffett has for those starting out in life and investing, particularly addressing younger members of the audience at the annual meeting. 8. The guests discussed Buffett's stance on taxes, noting his commitment to paying what he owes while utilizing available tax benefits for Berkshire, such as deferred taxation and strategic sales triggering immediate tax consequences. 9. The guests highlighted the ethical standards upheld by Buffett, Munger, and Berkshire, which go beyond legal requirements and regulations, emphasizing their commitment to ethical behavior. 10. We concluded the conversation by discussing how my guests define success in their own lives, providing personal insights on the topic. https://www.danielpecaut.com/university-of-berkshire-hathaway/ NEVER INVESTMENT ADVICE.

A Bonus Episode with the the Top 10 List, episodes I recommend checking out, and a some of the upcoming guests, and there are so many, and they are so good! Take a listen, follow, subscribe, share!

Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management. After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries, all across Europe. In 2015, Luca moved back to his hometown of Turin, Italy, and opened a private consulting practice serving clients worldwide. He has also published books about management, human behavior, and economics that earned him appearances on the most important conference and podcast in his field, Nudgestock and EconTalk respectively. Luca lives with his wife Wenlin and his dog Didi, and divides his time between Turin and Singapore. Luca writes regularly on Twitter (@DellAnnaLuca). His personal website is www.luca-dellanna.com Today: 1. We talked about Luca's childhood and upbringing and how it shaped his interest in ergodicity. 2. Luca shared his perspective on how the understanding of time and variance can improve our decision-making process. 3. We discussed how his book is designed to help readers make better decisions that don't ignore time but leverage it. Luca elaborated on the idea of decisions that minimize regret and maximize long-term potential. 4. Luca talked about the concept of survival in both skiing and life in general. 5. We delved into the world of investing where Luca further advised that, over a prolonged period of time, survival dwarfs performance. 6. Luca shared his powerful concept about how irreversible consequences absorb future gains. 7. We talked about the statement, "Do not envy successes that don't reproduce well." Luca shared more about why envy is often misguided and how we should focus on repeatable successes. 8. Luca discussed his perspective that individuals should care about whether a system works for them, rather than if it works on average. 9. Luca explained the difference between ergodic and non-ergodic systems in terms of their outcomes. 10. He recommended investing time and money as a barbell to balance risk and reward. 11. We discussed the idea that extreme risks can outperform skill, and in general, taking small risks is a good strategy. 12. Luca shared his advice on performance measurement, highlighting the pitfalls of narrowing the time frame to increase performance. 13. We discussed how ergodicity can be introduced into life and where non-ergodicity might be positive. 14. Luca talked about the difference between efficiency (a snapshot in time) and effectiveness (a lifetime view). 15. Finally, we discussed how Luca's research has shaped his view of success. NEVER INVESTMENT ADVICE.

John M. Jennings is president and chief strategist of St. Louis Trust & Family Office, a $15 billion wealth management firm. As an author and speaker, he is a leading voice in the space of wealth management and leadership. His book, The Uncertainty Solution, is an engaging dive into investing philosophy and best practices as well as an authorita¬tive, accessible guide for anyone who feels inundated with financial news and data. Jennings is also the author of the highly acclaimed IFOD Interesting Fact of the Day blog, is an adjunct professor at Washington University’s Olin Business School, and frequently writes on wealth management topics for Forbes. He has finance and law degrees from the University of Missouri and a professional certificate in Decision Making and Behavioral Finance from Harvard. Today: 1. We touched on John's professional turning point, the Financial Crisis of 2008, and how it reshaped his identity and approach towards honesty with his clients. 2. John shared a fascinating study about human behavior. 3. We delved into the topic of information overload in investing. John explained his evolution from an exhausting need-to-know-everything approach to a more balanced, big-picture perspective. 4. We explored the concepts of past performance, regression to the mean, and the roles of luck and randomness in investing, as highlighted in John's book. 5. John unpacked the difference between the unknowable and the unknown in the world of investing, emphasizing the pursuit of knowledge and the struggle for perfection. 6. We discussed the human tendency to simplify complex situations into single-cause explanations and how this often contradicts the intricate nature of the world. 7. John shared an intriguing anecdote about diet choices and health, underscoring the importance of sample size in decision-making processes. 8. John elaborated on his viewpoint that "The stock market is not the economy," 9. John shared his belief that waiting for perceived safety and economic health is not a profitable strategy, offering a contrarian perspective. 10. We discussed the perils of predictions through stories of Alan Greenspan and a New York hedge fund manager, reinforcing the idea that predictions often fall short. 11. John walked us through the eight best behavior practices he outlines in his book: inactivity, simplicity, investment policy need, margin of safety, long-term focus, avoiding portfolio checks, maintaining a play account, and choosing the right advisor. https://johnmjennings.com/john-m-jennings-author-speaker-chief-strategist/ His website: https://johnmjennings.com/ His blog "The Interesting Fact of the Day": https://johnmjennings.com/the-ifod/ NEVER INVESTMENT ADVICE.