Today’s episode is a solo episode where I answer questions from Twitter.Topics covered:* Berkshire’s cash position.* Sell rules.* Passive flows.* Interest rates & stock valuations.* Lessons from the SMCI crash.* The role of bonds in a portfolio.* General rules about ETF’s.* Stock market valuations.* Ulta & Nike.DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Paul Cerro is a professional investor who runs Cedar Grove Capital Management, which focuses on long/short equity, merger arb, IPOs, and special situations. He also operates a substack where he posts his thoughts on various stocks and market trends.Links* Paul’s Twitter Feed: https://x.com/paulcerro* Cedar Grove Capital Management: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Matt Cochrane and I are reuniting to discuss another investing classic.Today’s episode is about Poor Charlie’s Almanac: The Essential Wit & Wisdom of Charlie Munger. Poor Charlie’s Almanac is a collection of essays & speeches from Charlie Munger, along with Munger’s commentary on them, highlighting his unique approach to business & life.We’ve discussed three other books: Peter Lynch’s Beating the Street, the Little Book that Builds Wealth, and Phil Fisher’s classic, Common Stocks & Uncommon Profits. I encourage you to check out those episodes.Links* Poor Charlie’s Almanac: https://www.amazon.com/Poor-Charlies-Almanack-Essential-Charles/dp/1953953239DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Today’s podcast is with Diania Merriam. Most people are familiar with the FIRE movement, where people seek 25x their expenses and retire early. She took a different approach and instead reached her ‘coast FIRE’ number and did not retire. However, she used this as an opportunity to leave traditional W-2 corporate work.Diania also runs the EconoMe conference, a personal finance conference with personal finance educational sessions and workshops.Links:* EconoMe Conference: https://economeconference.com/* Overview of the Coast FIRE concept from Nick Maggiulli: https://ofdollarsanddata.com/coast-fire/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Ian Cassel has been investing in microcaps for the last two decades. He is a full time private investor. He also runs Microcap Club, where microcap investors share interesting ideas.Links* Microcap Club: https://microcapclub.com/* Intelligent Fanatics Capital: https://if.capital/* Ian’s Twitter feed: https://x.com/iancasselDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Zach Abraham is the Chief Investment officer at Bulwark Capital and he’s the host of Know Your Risk radio, which has a lot of interesting guests & content.This is a discussion about Zach’s experiences in the industry, his views on the broader market. We also extensively discuss Boeing. Zach was early in identifying the troubles at Boeing in 2019.Links:* Bulwark Capital: https://bulwarkcapitalmgmt.com/* Know Your Risk Radio: https://bulwarkcapitalmgmt.com/radio-show/* Zach’s Twitter feed: https://x.com/KYRRadioDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Matt Cochrane returns to the podcast! We have been doing a bunch of episodes where we re-read investing classics and talk about them. So far, we’ve revisited “Beating the Street” by Peter Lynch and “Common Stocks and Uncommon Profits” by Phil Fisher.Today, we’re going to talk about “The Little Book That Builds Wealth” by Pat Dorsey.Pat Dorsey was the pioneer behind Morningstar’s economic moat concept. Morningstar currently ranks companies based on whether or not they deem them to have a wide moat, a narrow moat, or no moat. Dorsey put together that entire framework. Today, he runs money based on trying to buy moats at reasonable prices.Links* The Little Book That Builds Wealth: https://www.amazon.com/Little-Book-That-Builds-Wealth-ebook/dp/B07MMYC9VT* Long Term Mindset: https://longtermmindset.co/start/DisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Tobias Carlisle returns to the podcast! This was recorded on 8/1/24 and we discuss the rotation into value that occurred in July, along with many other topics.Tobias has written some of my favorite books about investing, which I highly recommend you check out:* Quantitative Value* Deep Value* Concentrated Investing* The Acquirer’s MultipleHe also runs an excellent weekly podcast called Value After Hours with Jake Taylor and Bill Brewster.Tobias is also the manager of two ETF’s: ZIG and DEEP which employ his deep value strategy.Links:* Tobias Carlisle Part I:* Part II: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This episodes features a discussion with Lawrence Hamtil and Douglas Ott. Lawrence is a partner and portfolio manager at Fortune Financial, and Douglas is the founder and chief investment officer at Andvari Associates. I’ve had Lawrence on the podcast before and I encourage you to check out that podcast, where we talked about a wide variety of topics. Today, we’re specifically zoning in on Lawrence and Douglas’s joint paper, called “Going South: Implications of Business and Population Migration”Please note that we have positions in the following securities discussed: Tractor Supply and Rollins.Links:* The paper, Going South. https://andvariassociates.com/wp-content/uploads/2024/06/2024-06-Andvari-Fortune-Southern-migration.pdf* Douglas Ott’s Twitter feed: https://twitter.com/yesandnotyes* Lawrence Hamtil’s Twitter feed: https://x.com/lhamtilDisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This is a solo Q&A podcast where I answer questions I’ve received on Twitter and via email.Topics covered:* The temptation to enter the casino.* Ethics of investing in alcohol stocks.* Key metrics when evaluating a stock.* Emerging markets.* The unrealized profit tax.* Merits of running multiple strategies.* Gold as an international asset class.* Shareholder yield.* Jobs for value investors.* Learning about accounting.DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Tim Travis is a deep value investor and the CEO of T&T Capital management. His investing style incorporates options and distressed investing along with value investing to generate income and reduce risk.Links* T&T Value Investing: https://www.ttvalueinvesting.com/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Cullen Roche returns to the podcast! He is the chief investment officer at Discipline Funds, which focuses on low fee, systematic, index based investing. He is a returning guest to the podcast and I encourage you to check out our first episode from last year. Cullen is a prolific investing blogger where he discusses macroeconomics and the banking system at Pragmatic Capitalism. Welcome to the podcast, Cullen!Links* Discipline Funds, which is where Cullen applies his macro insights to investing vehicles. https://disciplinefunds.com/* Cullen’s classic blog, Pragmatic Capitalism, where he has a long history of explaining complex macro issues. https://www.pragcap.com/blog/* Three Minute Macro, Cullen’s Youtube channel where he explains complex topics in a three-minute-video format. https://www.youtube.com/@ThreeMinuteMacroDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Tim Melvin has worked in the financial industry for 40 years as a stockbroker, advisor, and portfolio manager. He has extensive experience with deep value investing and specializes in small banks. He is a prolific financial writer and has helped write great investing books, such as the Little Book of Value Investing. His substack is also a fantastic read.This conversation was a joy. Tim is filled with wisdom and was generous to share it. Enjoy!Links* Tim’s substack: * Tim’s Twitter feed: https://x.com/timmelvinDisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Today I am interviewing Adam Mead, the CEO of Mead Capital Management, a New Hampshire based Registered Investment Advisor. He is a prolific writer, writing the Watchlist Investing newsletter, and he has written “The Complete Financial History of Berkshire Hathaway”This discussion focuses mostly on Adam’s work chronicling the history of Berkshire Hathaway. He created the most comprehensive study of Berkshire’s history, reviewing 10,000 pages of research material, including Buffett’s Chairman’s letters, Berkshire Hathaway annual reports and SEC filings, annual meeting transcripts, and subsidiary financials.Links* The Complete Financial History of Berkshire Hathaway: https://www.amazon.com/Complete-Financial-History-Berkshire-Hathaway-ebook/dp/B08VNJK3SC/* Adam’s Twitter feed: https://x.com/BRK_Student* The Watchlist Investing Newsletter: https://watchlistinvesting.com/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Matt Cochrane and I revisited Common Stocks & Uncommon Profits and discussed it in depth. I hope you enjoy the discussion.The book is an investing classic and Warren Buffett credits the book for changing his views towards more of a quality orientation.Links:* Common Stocks & Uncommon Profits: https://www.amazon.com/Common-Stocks-Uncommon-Profits-Writings/dp/0471445509* Long Term Mindset: https://longtermmindset.co/start/DisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This week’s episode is a solo podcast. I sourced these questions via email and Twitter.Topics discussed:* The small cap value rally.* The role of managed futures in a portfolio.* If fundamental investing still works.* Backtesting rules of thumb.DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Michael Fritzell returns to the podcast. I highly recommend our first episode from a year ago where we discussed his approach to investing. Michael lives in Singapore and writes the “Asian Century Stocks” substacks where he profiles companies throughout Asia from a value investing perspective.Companies discussed:* Sony* Casio* Best Mart* IMAX China* Lao Feng Xiang* KoshidakaLinks:* Michael’s Twitter Feed: https://x.com/MikeFritzell* Michael’s substack: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This episode is with Compounding Quality. He is a former hedge fund analyst and he has a very popular substack where he shares his philosophy of quality investing. He has written an excellent book, called: The Art of Quality Investing: How to invest in the best companies in the worldLinks:* Compounding Quality Twitter feed: https://x.com/QCompounding* The Art of Quality Investing: https://www.amazon.com/Art-Quality-Investing-invest-companies/dp/B0D181X6CP* Compounding Quality substack: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Alex Morris returns to the podcast. I encourage you to listen to our first episode from a year ago where we discussed his investment philosophy and several of his holdings. Alex runs a Buffett-style concentrated portfolio where he buys high quality companies and holds for the long run. His returns have been very impressive in the past couple years, up by 35% in 2023 and 19% in Q1 alone.Companies discussed:* Dollar General* Fever Tree* Match Group* TKO Group* Meta* NetflixLinks.* Alex’s Twitter feed: https://x.com/TSOH_Investing* The first podcast with TSOH from 2023: * The Science of Hitting Substack: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Paul Gabrail operates the Everything Money YouTube channel and website.The channel covers a wide variety of investment strategies, but focuses on value investing concepts.Paul has been investing via his Family office, the Crossroads Group, investing in everything from stocks to private businesses to real estate.Links:* Everything Money: https://www.everythingmoney.com/* Everything Money YouTube: https://www.youtube.com/@EverythingMoneyDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Kyla is a prolific financial writer with a focus on analyzing the economy. She makes short form videos, long form videos, podcasts, articles and now she’s written a great book – In This Economy? She grounds her analysis of the economy in a relatable way and makes complex economic topics clearer to understand.Links* Kyla’s main website: https://kylascanlon.com/* YouTube channel: https://www.youtube.com/channel/UC-J8PybPmYl6VJbu8sCRdHQ* In This Economy (How Money & Markets Really Work): https://www.amazon.com/This-Economy-Money-Markets-Really/dp/0593727878* Bloomberg articles: https://www.bloomberg.com/search?query=kyla%20scanlon* Kyla’s substack: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Today’s conversation is with Left Field Investing. He is an anonymous substack writer with a military and engineering background. His blog is appropriately named as he seeks out truly left field ideas in industries such as private prisons and toenail fungus pharmaceutical stocks.Links:* Twitter: https://twitter.com/LeftField_FHRS* Left Field Investing Substack: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Tyler Moody is an electrical engineer and DIY investor. He is an active stock picking value investor. He was inspired by Warren Buffett’s letters and began blogging about his investing process a few years ago. His blog is transparent into his portfolio, providing rationale for buy and sell decisions. His results have been very impressive. He achieved a 18.2% average annual return since 2020, and lost only 4.5% in the bear market year of 2022.Links* The Enterprising Investor: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Ben Sparham is a DIY British Investor. He writes the QV Capital newsletter where he writes about a macroeconomics and individual stocks. For his stock portfolio, he is focused on moaty high quality names and we discuss a few of them.Links:* Twitter: https://x.com/bensparham_* Substack: DisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Edwin Dorsey started the Bear Cave substack account in 2020 when he was still in college at Stanford. The Bear Cave features excellent analysis of potential short candidates. Edwin performs deep dives into troubled companies.This is our second conversation. I highly recommend that you also check out our first one!In this conversation, we dig right into specific companies. Companies discussed:* Hershey* Palantir* Marqeta* FlywireLinks* The Bear Cave: * My first conversation with Edwin: DisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Mikro Cap David is a talented substack writer & investor. He is based in Croatia. He casts a wide net and looks for attractively priced micro cap stocks anywhere in the world. He also has interesting views on some large cap stocks.Links* David’s Twitter feed: https://twitter.com/david_katunaric* David’s substack: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

John Huber is the managing partner of Saber Capital Management. Saber is modeled after the original Buffett partnership fee structure. Saber’s investment philosophy is that the best returns come from the best businesses. He is also a prolific value investing blogger and has put out some truly fascinating thought provoking content.Links* John’s Twitter Feed: https://twitter.com/johnhuber72* Saber Capital: https://sabercapitalmgt.com/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Frank Vasquez is a financially independent retired lawyer who hosts a great podcast, Risk Parity Radio, where he talks about risk parity investing concepts from the perspective of DIY investors.This is our second conversation. I highly recommend that you also check out our first one.This is a very wide ranging discussion.Links* Frank’s Risk Parity Radio website, where he posts podcast episodes and also posts detailed updates on real-money risk parity portfolios. https://www.riskparityradio.com/* Our first conversation on this podcast: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This is a long discussion between myself and Nelson – the Canadian Dividend Investor – about The Snowball: Warren Buffett and the Business of Life by Alice Schroeder. There are really two definitive books about Warren Buffett – this one and Buffett: The Making of An American Capitalist by Roger Lowenstein. Lowenstein’s book is excellent, but he wrote it in 1995 without the cooperation of Warren Buffett. The book was also written before Warren Buffett was extremely famous.The Snowball, in contrast, was written with the cooperation of Warren Buffett. Alice Schroeder covered Berkshire for Morgan Stanley and knew Warren Buffett personally. With his blessing, she began the project in 2003 and was given unprecedented access to Warren’s files, spent a lot of time talking with him directly, and interviewed all of his close associates.The book is massive – 852 pages – and is a deep study on Warren Buffett’s life.The book is controversial and we discuss that in this podcast. Warren Buffett hasn’t publicly criticized it or disavowed it, but Alice Schroeder has commented that the portrayal was difficult for him at times. He doesn’t endorse the book, it’s not sold at the Berkshire meetings, and he appears to have distanced himself from Alice.I love the book and think it’s filled with life & business lessons. I hope you enjoy our conversation about it.Links.* The Snowball: Warren Buffett and the Business of Life: https://www.amazon.com/Snowball-Warren-Buffett-Business-Life-ebook/dp/B009MYD9F8DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Gautam Baid is a CFA and is currently the Managing Partner of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US.The fund is modeled after the original Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.He is also 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. We discuss his investing philosophy and background along with his new book - The Making of a Value Investor.Links* Gautam’s Twitter feed: https://twitter.com/gautam__baid* Stellar Wealth: https://stellarwealthindia.com/* The Joys of Compounding: https://www.amazon.com/Joys-Compounding-Passionate-Heilbrunn-Investing-ebook/dp/B081KB6NT6* The Making of a Value Investor: https://www.amazon.com/Making-Value-Investor-Gautam-Baid-ebook/dp/B0CHZW2WQJDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Today’s episode is a Q&A podcast where I answer questions that I’ve gathered via Twitter and emails. If you have a question that you would like me to address, reach out to me at [email protected] covered:* The Passive Bubble* Catching up with retirement savings in your 40’s* PayPal* Recession Concerns* Tracking Total Performance* My experience getting out of debt in 2008* The Best ETF w/ A Long Track RecordLinks:* My article on the passive bubble: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Ryan Telford is an engineer and a DIY investor. He has a very quantitative approach geared towards microcaps. He has achieved a CAGR over the last 4 years of 37%.Links* Ryan’s Seeking Alpha articles: https://seekingalpha.com/author/ryan-telford* Twitter Feed: https://twitter.com/RTelford_invest* Portfolio123 profile: https://community.portfolio123.com/u/rtelford/summaryDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

HML Compounder is a good follow on Twitter. Like myself, he is a DIY investor posting about his personal portfolio and connecting with other investors online. HML refers to ‘high minus low’, or the difference in returns between value stocks and growth stocks as define by Fama & French’s three factor model.Links* HML Compounder Twitter: https://twitter.com/HML_CompounderDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Bill Brewster has a JD and a CFA and has worked in a variety of different roles in law, banking, and was an entrepreneur. He is an independent investor who hosts a fantastic podcast, the Business Brew, where he interviews many different interesting guests about a wide variety of topics.We had a great conversation about a wide variety of topics: Bill’s experience as an entrepreneur, the value vs. growth debate, ‘never sell’, podcasting, the wisdom of Buffett and Munger, and talk about many different stocks.Links* Bill’s Twitter feed: https://twitter.com/BillBrewsterTBB* The Business Brew podcast: https://www.thebusinessbrew.com/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Philoinvestor is an anonymous Twitter personality. He writes at the philoinvestor substack and writes about a wide variety of different topics. His work combines macroeconomic analysis with bottom-up work on individual stocks & businesses.Links* Philoinvestor Twitter feed: https://twitter.com/philoinvestor* Philoinvestor Substack: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Daniel Crosby is a psychologist with a PhD from Brigham Young. He is also an asset manager. He applies his knowledge of human psychology to markets and is a behavioral finance expert. He is the author of several behavioral finance books including the Behavioral Investor and the Laws of Wealth.Links:* The Behavioral Investor: https://www.amazon.com/Behavioral-Investor-Daniel-Crosby-ebook/dp/B07HH99WH8* The Laws of Wealth: https://www.amazon.com/Laws-Wealth-Psychology-investing-success-ebook/dp/B01E5KWK3A* Twitter feed: https://twitter.com/danielcrosbyDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Craig Rowland is the co-author of the most comprehensive book on the Permanent Portfolio. It was written in 2012 and is called “The Permanent Portfolio: Harry Browne’s Long Term Investment Strategy”He is a software entrepreneur who sold a company to Cisco Systems, worked for the Pentagon’s Chief of Naval Operations, and he is the founder of Sandfly Security, an agentless Linus security solution.The Permanent Portfolio is a low-volatility investment approach that was developed by Harry Browne. The genius is in its simplicity – the portfolio is 25% Stocks, 25% Gold, 25% Long Term Treasuries, and 25% Cash.The portfolio is ideal to limit drawdowns. In 2008, for instance, the stock market declined by 37% and this portfolio was down only 2%. During the COVID crash, this portfolio was down 2% while the stock market was down by 20%.Links* The Permanent Portfolio: Harry Browne's Long-Term Investment Strategy. https://www.amazon.com/Permanent-Portfolio-Long-Term-Investment-Strategy-ebook/dp/B0097VBOHG* Analysis of the Permanent Portfolio from Portfolio Charts: https://portfoliocharts.com/portfolios/permanent-portfolio/* Craig’s Twitter feed: https://twitter.com/CraigHRowlandDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Today’s episode is a Q&A podcast where I answer questions that I’ve gathered via Twitter and emails. If you have a question that you would like me to address, reach out to me at [email protected] covered:* Pros & Cons of Dividend Investing* The Ethics of Materialism* Accounting Books* My Favorite Podcasts* Accumulation vs. Retirement Portfolios* Value vs. Growth* My investment in Deere* Weird Portfolio & Avantis Funds* My worst investments* Avoiding value trapsLinks:* Ben Graham’s Interpretation of Financial Statements: https://www.amazon.com/Interpretation-Financial-Statements-Benjamin-Graham/dp/0887309135* Why Stocks Go Up and Down: https://www.amazon.com/Why-Stocks-Go-Up-Down-ebook/dp/B00GHTKT5O/* Hartford Funds study that dividends are 69% of total return for the market: https://www.hartfordfunds.com/dam/en/docs/pub/whitepapers/WP106.pdf* Investor’s podcast interview with Chris Bloomstran: * Business Brew interview with Arnold Van Den Berg: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Globalflows writes under the capitalflowresearch.com website where he shares macroeconomic/financial market analysis and specific trade ideas. He casts an extremely wide net and writes about a variety of different markets and asset classes. His goal is to find information that contains an asymmetrical edge so that he can leverage it in financial markets.Links* Twitter: https://twitter.com/Globalflows* Capital Flows Research Site: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Mostly Borrowed Ideas is an equity analyst who runs the popular website MBI Deep Dives. On a monthly basis, he publishes deep dives about different companies and regularly posts updates on companies in his portfolio. He is originally from Bangladesh and pursued his MBA at Cornell, graduating in the top 10%. He is a CFA charter holder and was an equity analyst at Madison Investments.He researches companies that aren’t necessarily a good investment at the moment, but tries to understand the company before there is a compelling price.In this podcast, we discuss his background, his research process, META, and Dollar General.Links* Twitter feed: https://twitter.com/borrowed_ideas* MBI Deep Dives: https://www.mbi-deepdives.com/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Ian Bezek earned an Economics degree from Colorado State in 2010 and moved on to a role as a hedge fund analyst for Kerrisdale Capital from 2011-13. Since 2013, he has been an independent investor and looks for strong investment opportunities in overseas markets. He has lived in Mexico, Argentina, and currently lives in Columbia.Links:* Ian’s twitter feed: https://twitter.com/irbezek* Ian’s Substack:DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Jamie Catherwood is an expert in financial history. He majored in history at King’s College. Upon graduating in 2017, he began writing a unique and in depth series of articles about various topics of financial history. His website, Investor Amnesia, offers a number of great articles and courses about financial history. I learn something new every time I read one of Jamie’s articles. In addition to his excellent work in financial history, Jamie currently works as a VP Client Portfolio special at O’Shaughnessy Asset Management.Links* Investor Amnesia: https://investoramnesia.com/about/* Jamie’s Twitter feed: https://twitter.com/InvestorAmnesiaDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This interview is with the anonymous writer of the Systematic Investing substack. The substack focuses on global systematic equity investing. He has chronicled his investing journey on Twitter and Substack. He is a German based engineer deploying his personal savings. He uses a systematic approach to identify attractively priced stocks. He casts a wide net with a global approach. He also created a very useful tool – the Kenneth French Database Explorer – which allows users to explorer the Ken French data set (only available in raw excel form) with nice tools.Links* The Ken French Data Explorer: https://ken-french-data-explorer.streamlit.app/* The Systvest Twitter Feed: https://twitter.com/systvest* The Systematic Investing Substack: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Citrini is a Twitter personality who blogs at Citrini Research on Substack and is an avid poster on Twitter under Citrini7. Citrini looks for mega trends that should persist for years – if not decades - with wide-reaching implications for markets and society.The three mega trends that we discuss in this podcast are: GLP-1’s, US Fiscal Primacy, and artificial intelligence.Links* Citrini’s Twitter profile: https://twitter.com/Citrini7* Citrini research: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

JL Collins is the author of the most iconic book about personal finance and financial independence - The Simple Path to Wealth. He is an advocate of index investing and pursuing financial independence. His new book - Pathfinders - contains accounts from people from all walks of life who have pursued financial independence and the impact it has had on their lives.Links* The Simple Path to Wealth - https://www.amazon.com/Simple-Path-Wealth-financial-independence-ebook/dp/B01H97OQY2/* Pathfinders - https://www.amazon.com/Pathfinders-Extraordinary-Stories-Financial-Independence-ebook/dp/B0BMLXNMNC/* JL’s blog -https://jlcollinsnh.com/* Time Machine and the Future Returns of Stocks: https://jlcollinsnh.com/2017/07/26/time-machine-and-the-future-returns-for-stocks/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Anita Dhake is a blogger at thepowerofthrift.com. She is also the author of a book, Operation Enough, about her approach to financial independence. Anita retired at the age of 33. She graduated with a law degree in 2009 from the University of Chicago. She had a starting salary of $160,000. Instead of using her law income to live an expensive lifestyle, she used it to achieve financial independence at a remarkably early age.She has a unique philosophy towards money that I think is best summed up by her quote: “The most valuable thing money can buy is freedom from worrying about money.”Links* The Power of Thrift: https://thepowerofthrift.com/* Operation Enough: https://www.amazon.com/Operation-Enough-Retire-Remarkably-Early-ebook/dp/B075RS2R4ZDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This is a discussion about Peter Lynch with Matt Cochrane. Matt is a DIY investor with a focus on moats.Peter Lynch is one of the best investors of all time. Lynch achieved a 29% return running Fidelity’s Magellan mutual fund from 1977 to 1990. US stocks returned 12.9% over this period. Both of us recently re-read Beating the Street, Lynch’s account of his time at Magellan and we reflect on the lessons from this book.Links* Beating the Street by Peter Lynch: https://www.amazon.com/Beating-Street-Peter-Lynch-ebook/dp/B00768D664/* My first podcast with Matt: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

George Livadas is the portfolio manager of Upslope Capital Management, a concentrated, long/short equity fund focused on US midcaps and other global developed markets. He also has prior experience at BMO, Citi, and SCB Global. He obtained an MBA at the University of Chicago and did undergraduate work at Georgetown.Links:* Upslope Capital: https://www.upslopecapital.com/* George’s Twitter feed: https://twitter.com/UpslopeCapitalDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this podcast/article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe