Podcast appearances and mentions of Benjamin Graham

Benjamin Graham enseñó algo simple.El inversor inteligente no opera al límite, construye margen.Hoy hablamos de por qué el espacio protege tus decisiones.

Zoll-Zickzack statt Klarheit: Nach dem Urteil zu Trumps Zöllen bleibt offen, welche Abgaben gelten und wie lange. Der DAX verliert -1,1 % und schließt bei 24.992 Punkten, die 25.000 bleibt eine harte Marke. KI-Software unter Druck, auch SAP, dazu der Blick auf Nvidia und Salesforce. Bitcoin um 17:00 Uhr bei 65.540,36 USD. Novo Nordisk -16,5 %: CagriSema erreicht nach 84 Wochen 23,0 % Gewichtsabnahme, Eli Lilly kommt mit Tirzepatid auf 25,5 %. Rolls-Royce wirbt um staatliche Hilfe: neues Triebwerk für 3 Mrd. GBP, Anschub 100 bis 200 Mio. GBP. Rohstoffe: Gold 5.208,7000 USD +1,97 %, Silber 87,202 USD je Unze +3,15 %. Öl bleibt fest, 120 USD gelten wieder als möglich. Börsenweisheit zum Schluss "Im kurzfristigen Blick ist der Markt eine Abstimmungsmaschine, langfristig ist er eine Waage." Benjamin Graham.

”Vaikka analyysi olisi täydellistä, tulokset jäävät helposti saamatta, jos oma käyttäytyminen sotkee sen. Moni tietää teoriassa mitä pitäisi tehdä – mutta ei pysty tekemään sitä käytännössä”, Laatusijoituskoulun yliopettaja Riku Pennanen Sifteristä sanoo.Karon Grillin ja Sifterin yhteisen neliosaisen Laatusijoituskoulun päätösoassa keskustellaan sijoittamisen psykologiasta ja tyypillisistä virheistä, joihin sijoittajat sortuvat.Jos pystyy karsimaan omasta käyttäytymisestään pahimmat virheet, sen luulisi kaiken järjen mukaan olevan helppo tapa parantaa sijoitustuottoja. Arvosijoittamisen isä, nuoren Warren Buffettin idoli Benjamin Graham sanoi, että sijoittajan suurin ongelma ja jopa suurin vihollinen, on sijoittaja itse, siis hänen toimintansa.Yksi tyypillisistä virheistä on hyvän yhtiön myyminen liian aikaisin ja huonoissa yhtiöissä pysyminen liian kauan. Tätä pyrkii taklaamaan klassinen sijoitusohje: ”Katkaise tappiot, anna voittojen juosta” kuuluu klassinen sijoitusohje. ”Vaikka ohje kuulostaa helpolta, sitä on vaikea noudattaa. Tutkimusten mukaan tappio ihmisestä pahemmalta kuin vastaava voitto tuntuu hyvältä. Eli me reagoimme tappioihin emotionaalisesti paljon voimakkaammin kuin voittoihin”, Riku Pennanen sanoo.Laatusijoittajan voisi ajatella olevan suojassa joiltakin yleisiltä sijoitusvirheiltä. Laatusijoittaminen eli laadukkaiden liiketoimintojen ostaminen ja pitkäaikainen omistaminen, on omiaan ohjaamaan huomiota pois osakekurssista, ja juuri osakekurssin muutokset ja markkinatunnelmien heiluminen ovat omiaan aiheuttamaan sijoittajille kalliita käyttäytymisvirheitä.”Pitkäjänteinen laatusijoittaja ostaa liiketoiminnan tuloksia, ei osakehinnan muutoksia. Kurssien heilunta on väistämätöntä, mutta pitkällä aikavälillä tuloskasvun suunta ratkaisee”, Pennanen muistuttaa.Laatusijoituskoulun oppikirja ja luentomuistiinpanot on ladattavissa maksutta osoitteesta:sifterfund.com/kouluYhteistyössä: Karon Grilli x Sifter0:00 Alku1:35 Suomalaisten suurin sijoitusvirhe3:33 Markkinan tuotto vs. sijoittajan tuotto4:46 Myyminen liian aikaisin16:04 Kallilla ostamisen pelko26:50 FOMO eli paitsijäämisen pelko29:47 Hypesyklit39:05 Lyhyen aikajänteen ajattelu39:39 Putoaviin puukkoihin tarttuminen51:44 Jakson yhteenveto

Discover how to pick winning stocks and beat the S&P 500 with Tony Kynaston's proven QAV (Quality at Value) investing methodology. In this episode Tony shares his 30+ years of experience, drawing from the investment strategies of Warren Buffett, Charlie Munger, and Benjamin Graham.It's a systematic checklist for identifying undervalued quality companies, timing buys and sells with a "three-point trend line" and avoiding market noise. QAV America has delivered 64% returns since September 2023 vs. the S&P 500's 54%, perfect for beginners and pros seeking long-term compounding.Learn about the checklist manifesto, operating cash flow focus, and why QAV is expanding to cover US stocks. Use promo code SFBUS for 20% off QAV plans: QAV Club America (annual/monthly) for full tools and community, or QAV America Light for simple buy/sell signals. Start your 14-day free trial by clicking this link. Subscribe to this channel for more stock picking tips, value investing strategies, and market-beating ideas.If you invest in the ASX and you're ready to go beyond ETFs, learn from the master - Tony Kynaston's QUALITY AT VALUE. Sign up with code SFB for a 20% discount on QAV Club plan or SFBLIGHT for a free month of QAV Light by clicking this link.Disclosure: The links provided are affiliate links. I will be paid a commission if you use this link to make a purchase. You will receive a discount by using these links/coupon codes. I only recommend products and services that I use and trust myself or where I have interviewed and/or met the founders and have assured myself that they're offering something of value.Stocks for Beginners is a production of Finpods Pty Ltd. The advice shared on Stocks for Beginners is general in nature and does not consider your individual circumstances. Opinions expressed by guests are theirs alone and may not represent the views of Finpods, Money Sherpa, or Phil Muscatello. Stocks for Beginners exists purely for educational and entertainment purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD, and obtain appropriate financial advice tailored towards your needs. Philip Muscatello and Finpods Pty Ltd are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 451289. Hosted on Acast. See acast.com/privacy for more information.

Este episodio de Grandes Aprendizajes destila El inversor inteligente de Benjamin Graham en un método claro: proteger primero, crecer después. Aprendes a comprar con margen de seguridad (pagar 60–70 por lo que crees que vale 100), a tratar al mercado como un socio volátil que se usa y no se sigue (Mr. Market), y a elegir tu camino: inversor defensivo, disciplinado e indexado, o emprendedor, paciente y cazador de gangas reales. El precio es ruido; el valor, la brújula. Y el mejor filtro, casi siempre, es el “no”.Graham lo baja a reglas accionables: diversifica, prefiere negocios sólidos con historial, no pagues múltiplos que exijan perfección (con guías como PER prudente y la famosa 22,5), separa inversión de especulación, promedia tus compras para domar emociones y desconfía de modas e IPOs calientes. La ventaja definitiva no es una fórmula, es tu conducta: evitar errores mortales y dejar que el interés compuesto trabaje. ¿Comprarías tu idea si el mercado cerrara un año? Si no hay margen de seguridad —ni calma al dormir— ya tienes tu respuesta.Conviértete en un seguidor de este podcast: https://www.spreaker.com/podcast/grandes-aprendizajes--5720587/support.Newsletter Marketing Radical: https://marketingradical.substack.com/welcomeNewsletter Negocios con IA: https://negociosconia.substack.com/welcomeLibro "Libertad Financiera" Gratis: https://borjagiron.com/libertadMis Libros: https://borjagiron.com/librosSysteme Gratis: https://borjagiron.com/systemeSysteme 30% dto: https://borjagiron.com/systeme30Manychat Gratis: https://borjagiron.com/manychatMetricool 30 días Gratis Plan Premium (Usa cupón BORJA30): https://borjagiron.com/metricoolNoticias Redes Sociales: https://redessocialeshoy.comNoticias IA: https://inteligenciaartificialhoy.comClub: https://triunfers.comThis content is under Fair Use: Copyright Disclaimer Under Section 107 of the Copyright Act in 1976; Allowance is made for "Fair Use" for purposes such as criticism, comment, news reporting, teaching, scholarship and research. Fair Use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use. I do not own the original content. All rights and credit go to its rightful owners. No copyright infringement intended.

Li Lu zählt zu den eher unbekannten, aber herausragenden Value-Investoren unserer Zeit.Charlie Munger bezeichnete ihn einst als „einen der besten seiner Generation“. Ein Lob, das er nur selten vergab. Doch wer ist Li Lu wirklich?Vom Studierendenführer der Tiananmen-Proteste wurde er zum Gründer von Himalaya Capital Management, einem Investmenthaus, das nach den Prinzipien von Benjamin Graham und Warren Buffett agiert. Sein Fokus: langfristige, konzentrierte und qualitätsorientierte Investments in den USA und China. In diesem Podcast erfährst Du:1. wie Li Lu investiert und worauf er bei Unternehmen achtet2. welche Werte aktuell in seinem Depot die größte Rolle spielen3. warum Charlie Munger ihn so hoch einschätzte4. und was Privatanleger aus seinem Ansatz lernen können Wer Star-Investoren wie Buffett, Dorsey oder Munger kennt, sollte auch Li Lu kennen.Einen Investor, der still im Hintergrund wirkt, aber konsequent nach den Prinzipien des Value Investing handelt. Inhaltsverzeichnis00:00 Intro00:45 Wer ist Li Lu?02:02 Beziehungen zu Charly Manga02:32 Seine Bücher03:01 Investment-Prinzipien05:29 Depot Einblick06:37 Performance vs. S&P 50007:18 Börsen-Kompass Einblick

Wer sich ernsthaft mit dem langfristigen Investieren beschäftigt und seine Entscheidungen auf fundiertes Wissen stützen möchte, kommt an den Lehren von Benjamin Graham und Warren Buffett, den klassischen Vertretern des Value Investing, eigentlich nicht vorbei. Doch in vorweihnachtlicher Stimmung möchte ich heute sagen: Genau so funktioniert es nicht mehr – es gibt vermutlich nur noch einen einzigen Weg, um wirklich unentdeckte Rendite-Perlen zu finden.
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Ein wichtiger abschließender Hinweis: Aus rechtlichen Gründen darf ich keine individuelle Einzelberatung geben. Meine geäußerte Meinung stellt keinerlei Aufforderung zum Handeln dar. Sie ist keine Aufforderung zum Kauf oder Verkauf von Wertpapieren.
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Our guest Ethan Everett is an investment analyst in the US and author of 'The Investment Philosophers'. We discuss the book, in which he connects philosophical ideas from thirteen thinkers, including Spinoza, Hume, and Kierkegaard, to modern investing practices. The conversation also touches on his grandfather's influence as a former student of Benjamin Graham and Ethan's future book projects, connecting law and martial arts to investing.—————————————Our conversation with Ethan Everett was recorded on 22 October 2025.—————————————For more info about the podcast, make sure to follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team—————————————Episode Chapters(00:00) Intro by Eddie(00:53) Welcoming Ethan Everett(02:23) Ethan's way to investing(06:48) Discovering philosophy(08:37) How “The Investment Philosophers” came about(10:45) Criteria for selecting the 13 philosophers in the book(12:42) Lessons from Baruch Spinoza(22:42) David Hume(28:28) Søren Kierkegaard(35:28) Ethan's evolution as an investor(39:31) Company example: Mattel (43:26) Ethan's role as an Investment Analyst at Galvin, Gaustad & Stein(46:10) Lessons from Ethan's grandfather, a student of Benjamin Graham(48:46) Ethan's AI start-up Collexity (53:05) Reading suggestions(57:23) Writing ideas(01:00:43) Concluding remarks—————————————Books MentionedThe Investment Philosophers – Ethan EverettThe Intelligent Investor - Benjamin GrahamThe Money Game - Adam Smith (George Goodman)Essays – Michel de MontaigneThe Gay Science – Friedrich NietzscheEthics – Baruch Spinoza—————————————Companies MentionedMattel—————————————More on Ethan Everett:LinkedIn: https://www.linkedin.com/in/ethan-everett-cfa-esq-404362156/Collexity: https://collexity.ai/—————————————About the PodcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————What is Investing by the Books?Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/Follow on Twitter/X: https://twitter.com/Investbythebook—————————————What is Redeye?Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/Follow on Twitter/X: https://twitter.com/Redeye_—————————————DisclaimerNotice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

En este episodio converso con Diego Tarrats, CEO de Forandra Capital y uno de los inversionistas más visionarios en el mundo del activismo financiero. Hablamos de un tema poderoso y poco explorado: cómo los accionistas pueden influir directamente en la gestión de las empresas, mejorar su gobierno corporativo y generar valor real, más allá del retorno financiero. Diego nos guía desde los orígenes del activismo con Benjamin Graham, hasta casos modernos como Nelson Peltz y transformaciones reales como Shake Shack o el impresionante cambio que está viviendo Japón gracias al involucramiento accionarial. También analizamos por qué México está rezagado, qué derechos les faltan a los inversionistas minoritarios, cómo esto limita el potencial de la Bolsa Mexicana y por qué Forandra está abriendo una oportunidad inédita para inversionistas locales. Este episodio es para quienes quieren dejar de ser espectadores y empezar a tener voz y voto en el sistema financiero. Mira el episodio completo y descubre cómo el activismo puede transformar empresas, mercados y tu forma de invertir.

Our guest on the podcast today is Mark Higgins. Mark serves as senior vice president for IFA Institutional, where he specializes in providing advisory services to institutional plans such as endowments, foundations, pension plans, defined-contribution plans, and various corporate plans. He's the author of Investing in US Financial History: Understanding the Past to Forecast the Future. Mark graduated from Georgetown University, Phi Beta Kappa, and Magna Cum Laude with a bachelor's degree in English and psychology. He received an MBA from the Darden School of Business at the University of Virginia. He is a CFA Charterholder and CFP professional. Mark, welcome to The Long View.BackgroundBioInvesting in US Financial History: Understanding the Past to Forecast the FutureMuseum of American FinanceArticles and Papers Discussed“The Story of Hetty Green: America's First Value Investor and Financial Grandmaster,” by Mark Higgins, ssrn.com, March 11, 2022.“Rediscovering an American Treasure: The True Value of Hetty Green's Legacy,” by Mark Higgins and Bethany Bengtson, researchgate.net, February 2025.“Investors Can Temper Their Inflation Fears: Post-Covid Inflation Is Unlikely to Resemble the Great Inflation of 1968-1982,” by Mark Higgins, papers.ssrn.com, Aug. 15, 2021.“The Phantom Menace: Inflated Expectations,” by Mark Higgins, finhistory.substack.com, Sept. 26, 2023.“Six Stages of Asset Bubbles: The Crypto Crash,” by Mark Higgins, businesstimes.com, Jan. 24, 2023.Other“Origins of the Great Inflation,” by Allan Meltzer, fedinprint.org, 2005.“The Anguish of Central Banking,” Lecture by Arthur F. Burns, perjacobsson.org, Sept. 30, 1979.Charles E. Merrill“A Rediscovered Masterpiece by Benjamin Graham,” by Jason Zweig, jasonzweig.com, March 31, 2015.“Portraits in Oversight: Ferdinand Pecora and the 1929 Stock Market Crash,” levin-center.org.Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David Swensen“Private Equity Confronts Swollen Investment Backlogs With Dealmaking Stuck,” by Maria Armental, wsj.com, June 2, 2025.“The Future Ain't What It Used to Be for These Funds,” by Jason Zweig, wsj.com, June 6, 2025.The Great Inflation and Its Aftermath: The Past and Future of American Affluence, by Robert SamuelsonThe Big Board: A History of the New York Stock Market, by Robert Sobel Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 1881: Kalen Bruce shares actionable strategies to boost your income fast by using skills you already have, whether through online freelancing or local side gigs. He also encourages a balanced financial approach, combining short-term income boosts with long-term investment strategies for lasting financial freedom. Read along with the original article(s) here: https://moneyminiblog.com/make-money/passive-income-and-side-gigs/ Quotes to ponder: "People will always pay that little bit extra to keep a good childminder, as they can be like gold dust in some areas." "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes." "Start with what you know, or what you can do and then consider whether there's a definite market for those services." Episode references: Upwork: https://www.upwork.com The Intelligent Investor by Benjamin Graham: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661  

Bull Markets, Investor Hubris, and the Hidden Risks of Annuities Are you feeling smarter about your investments after years of strong market returns? In this episode of The Financial Hour of The Tom Dupree Show, Tom Dupree and Mike Johnson explore a critical truth that even legendary investors like Benjamin Graham learned the hard way: bull markets can create dangerous overconfidence. For those thinking about retirement or already in retirement in Kentucky, this discussion reveals why understanding what you own—and maintaining investment humility—matters more than chasing the latest “simple solution.” Unlike mass-market advisory firms that promote one-size-fits-all products, Dupree Financial Group emphasizes personalized investment management and portfolio transparency. This episode examines the psychology of market success, the realities of annuity contracts, and why direct access to portfolio managers who show you exactly what you own provides than opaque insurance products. Key Takeaways: Investment Lessons from Market History Bull Markets Create False Confidence: Even Benjamin Graham, Warren Buffett’s mentor, nearly lost everything after early success made him believe he “had Wall Street by the tail”—a lesson for today’s investors experiencing strong returns Market Success Often Includes Luck: Quick wins can lead to psychological distortions, especially when you’ve “unknowingly broken the rules of the game but won anyway” The Dangers of Autopilot Investing: Index funds and passive strategies mean following a “prescribed path that lots of other people are going,” with little thought given to how portfolios are composed Annuities Are Complex Insurance Products: Despite being marketed as simple solutions, annuities involve counterparty risk, surrender penalties, and fine print that rarely delivers promised returns Portfolio Transparency Is Powerful: Understanding exactly what you own—seeing individual stocks and bonds rather than packaged products—provides genuine comfort during market volatility Fear-Based Investing Creates Poor Outcomes: Investment decisions driven solely by fear (whether fear of loss or fear of missing out) typically underperform thoughtful, process-driven strategies The Benjamin Graham Story: When Success Breeds Dangerous Confidence Mike Johnson shares a compelling historical example that resonates powerfully with today’s investment environment. Benjamin Graham—the father of value investing and Warren Buffett’s teacher—started his investment firm in the Roaring Twenties with $400,000. Within just three years, he turned that into $2.5 million. As Mike explains: “Because of the great success over that short period of time, he knew that he knew it all, had Wall Street by the tail. He was thinking about owning a large yacht, a villa in Newport, race horses. And he said, ‘I was too young to realize that I’d caught a bad case of hubris.'” The consequences? When Graham thought the worst of the 1930 market crash was over, he went all in—and even used leverage. The result nearly wiped him out personally, and his firm had to be bailed out by a partner. By 1932, his portfolio had lost over 50%, dropping from $2.5 million back to just $375,000. Tom Dupree emphasizes the universal lesson: “The market can humble you real quick. You always have to view past successes in the lens of ‘okay, you may have had a good run, a good success, and some of that could be luck.'” Why This Matters for Kentucky Retirement Planning Today For those thinking about retirement who have benefited from recent market strength, this story serves as a critical reminder. Mike notes: “In the environment we’ve been in for the last several years in the market, some people have made life-changing money. Some people have made good returns and they got to their goal quicker than they thought they would.” The question becomes: How do you respect the gift the market has given you? Through careful analysis with a local financial advisor who can provide personalized portfolio analysis rather than assuming past success will automatically continue. The Problem with “Autopilot” Investing: Index Funds and Groupthink Tom Dupree delivers a powerful critique of passive index investing that challenges conventional wisdom. When Mike mentions autopilot investing, Tom responds: “Autopilot isn’t ever autopilot. It’s a path that someone else has selected that you’re going on and you’re going on it because everybody else is.” He continues with a critical observation: “In the case of an index, it’s an arbitrarily picked index of, say, 500 stocks that meet a certain size criteria, certain management criteria. What you don’t understand frequently is that by going on autopilot, you’re actually being told what to do. You’re not just going with the flow—there’s almost no thought going into it. There’s no real investing.” Mike adds: “That’s the definition of mediocrity. Even if the return is good and everybody’s getting a good return because the market’s doing well, it’s still mediocrity because you’re not spending any time thinking about what you’re doing or how you’re doing it.” The Windfall Effect: Why Unearned Money Often Gets Lost Mike shares another psychological insight relevant to both inheritance and market windfalls: “We’ve seen it when someone inherits a windfall unexpectedly. A lot of times you see bad decisions with that money. Not all the time, but a lot of times. They’ve never had that kind of money before. They didn’t earn it. How can you respect it that way? How can you fear it?” This applies directly to portfolios that have grown significantly without the owner fully understanding why or how. As Mike notes: “You don’t have the respect that also goes along with having made it. That’s why you see somebody that’s gradually built something over a long period of time—you don’t have that dopamine hit.” For Kentucky retirement planning, this suggests the importance of understanding your investment philosophy and how each holding contributes to your goals, rather than simply celebrating portfolio growth without comprehension. Annuities: The “Simple Solution” That Rarely Delivers The second half of the episode tackles annuities—insurance products increasingly marketed to those in or approaching retirement. Mike presents sobering statistics: “In 2025, more Americans than ever are going to be turning 65—about 4.2 million US citizens will be turning 65 this year.” He connects this demographic trend with research from Allianz: “64% of those surveyed were more worried about running out of money than death.” Tom responds: “That’s a really frightening comment on where a lot of people are.” This fear creates demand for products marketed as “easy solutions”—but the reality is far more complex. Types of Annuities and Their Real-World Performance Mike breaks down the main annuity categories: Index Annuities (Currently Most Popular): These promise you can earn up to a certain percentage annually without losing principal if markets decline. However, Mike explains the reality: “What you generally see is the rate of return on an index annuity averages pretty close to what the going CD rate is. That’s just the math of it.” The problem lies in the fine print. Mike offers a detailed example: “Let’s say it’s a one-year point-to-point, and they say over the year you can make up to 6%. If you take that on a monthly basis, that’s half a percent a month. If in January the market goes up 1%, they credit you half a percent. But then come December, the market goes down 7%. It’s still up for the year, but December wiped out your credit. Even though the market is up for the year, you’re credited with zero.” Immediate Annuities: The “purest form” where you give an insurance company principal in exchange for monthly income. Mike notes: “In those scenarios, you’re essentially getting your own money back for 15, 18 years, and then you start coming out ahead—not even taking into account time value of money.” Fixed Annuities: Similar to CDs inside a tax-deferred wrapper. The primary risk? “The insurance company is able to use the money to earn a return, and in exchange for what they’re paying you. The risk that you’re agreeing to take on is inflation risk.” Variable Annuities: Once popular in the 1990s and early 2000s but less common now due to previous issues at major insurers. The Hidden Risks Nobody Tells You About Annuities Beyond the obvious issues like surrender penalties (typically 7 years, but Mike has seen contracts as long as 14 years), several critical risks receive little attention: Counterparty Risk: Who’s Really Backing Your Annuity? Tom explains: “You have the insurance company as the counterparty, and the insurance company is investing its own money in corporate bonds, and some of those are going into these AI data centers.” Mike expands on this: “Most people think when they have an annuity from an insurance company that it’s similar to something AAA because it’s insured. But what’s it insured by? It’s insured by securities that are backing it that could have trouble.” Tom recalls historical examples: “I’ve seen it happen before. AIG, Executive Life before that—lots of it during my career. Hartford got in trouble with writing variable annuities.” The Insurance Company Squeeze: When Spreads Get Tight Mike reveals a current market concern: “There’s huge demand for bonds, and at the same time, the hyperscalers financing data centers are looking for buyers. The marginal buyer, the largest buyer, has been insurance companies of the data center debt.” The consequence? “Spreads are the tightest they’ve been since the nineties. They’re being priced for perfection, priced almost like a Treasury. But we’re talking about bonds that are backed by a data center with a revenue stream that’s not yet to be determined.” Tom summarizes: “When the spreads aren’t attractive, they’ll go out on the risk spectrum and take more risks to try to get a little more spread there. It’s a vicious cycle.” The Commission Structure Nobody Mentions Tom notes: “We didn’t even talk about the commission part of the annuity structure—the fact that it’s a very, very heavily commission-structured product.” This contrasts sharply with Dupree Financial Group’s approach: “We are fee-based, and it takes all incentive to not—well, we’re fiduciaries also, so we must by law do what’s best for the client. That aligns our interest with the clients as well, which gives you a different product.” The Power of Portfolio Transparency: Seeing What You Actually Own Throughout the episode, Tom and Mike return to a core principle that distinguishes personalized investment management from packaged products. Tom explains: “Our style of investing is that when you get your statement, you are looking under the hood because it’s right there. You’re seeing what your money’s invested in. You’re not looking at an investment that’s invested your money in something else that you can’t see.” Mike emphasizes why this matters over time: “You gain an understanding and a comfort level that’s not just taking somebody’s word for it. You’re seeing it with your own eyes over a long period of time. You see the income, you see price movement. You see these different aspects, and really, it makes the thing come to life.” This transparency provides advantages that no annuity contract or index fund can match: You know exactly which companies you own shares in You understand why each holding is in your portfolio You can see income generation in real-time, not theoretical returns You develop genuine comfort during market volatility because you know what you own You avoid the “black box” problem of packaged products Tom adds: “We’ve always invested with people typically where we show them what is under the hood, what they own. It’s not a package product. It’s not an ETF, it’s not a mutual fund, it isn’t an annuity. It’s not some structured note. It’s bonds and stocks for the most part.” Learning from Mistakes: The Value of Experience Tom shares an honest perspective on how Dupree Financial Group has developed its approach: “There’s nothing like mistakes to help you with financial stuff. Mistakes are valuable if you can limit them to a certain amount to where it doesn’t knock you out of the box. But one of the best investing tools is making mistakes.” He continues: “We’ve learned a lot in our firm with companies that we invested in that were just mistakes. We didn’t think they were mistakes at the time, but over time, you know, it was. And what we began to learn is: Don’t go there again. Let’s not do that one again.” This experiential learning creates pattern recognition: “When you see something again, you see similarities and differences and you’re like, ‘Okay, that’s an opportunity.’ You just learn.” This accumulated wisdom—built over 47 years in Tom’s case—represents a significant advantage of working with experienced local financial advisors rather than being assigned an investment counselor at a large national firm who may lack this depth of historical perspective. The Critical Questions to Ask About Your Retirement Portfolio Mike provides a framework for evaluating your current situation: “You have to pause and view it in the context of you, specifically your situation. There’s always going to be people richer than you. There’s always going to be people that have more of something than you have, and you have to be careful of viewing your situation through their context.” He offers specific questions: “Do the numbers work for you at where they are?” “Do a critical analysis of what the investments are” “Is there an investment plan?” “Or is it—has it just been on autopilot and the autopilot’s taking you where you wanted to go?” “You need to reevaluate where things are today” Mike emphasizes the market context: “This market—people who have had assets invested in the stock market for the last several years—you’ve been given a gift. Generally speaking, a gift in terms of the returns. And you need to respect the gift.” How do you respect it? “By analyzing what it is that you have and thinking critically about how can this be used. Is it being utilized properly in terms of an investment mix, in terms of just an investment approach?” Fear vs. Process: Making Better Investment Decisions A recurring theme throughout the episode is the danger of emotion-driven investing. Mike warns: “You have to be very concerned about allowing your investment decision to be driven only by fear. Yes. And to the point we were making in the first half, having a process—an investment process, an investment plan—that is dynamic enough to change when things need to change.” He identifies two common fear patterns: Fear of Loss: “Think about what fear drives you to do generally. You can look at fear in a situation like an annuity where you leave potential earnings on the table out of fear.” Fear of Missing Out: “And then sometimes there’s fear of missing out in an up market and you can jump in when you shouldn’t.” Tom adds: “Fear is a good thing to have in relation to investing.” Mike clarifies: “Respect. I would call it respect. A respect that things can happen.” This balanced perspective—maintaining respect for market risks while following a thoughtful process—characterizes the approach at Dupree Financial Group. Review their market commentary archive to see how this philosophy has been applied across various market cycles. When Annuities Actually Make Sense (It’s Rare, But It Happens) Despite the episode’s critical examination of annuities, Tom shares an important caveat: “I have seen annuities where they actually make sense for the person. And in those instances, keep it.” He shares a specific example: “I had a client one time that did buy an annuity. It grew in value. He passed away and his wife received a significantly higher payout than what would have happened if we had just invested in investments because the market had gone down, but the value of the annuity had gone up.” Tom reflects on the outcome: “That was a case where I feel like that lady was blessed. I’ve seen it happen too where there have been clients that I feel like—and the only way I can put it is—it’s like God touched them in ways that I can’t explain. Just in ways that it’s just a blessing.” The key takeaway? “You need to have an unbiased analysis of the contract. What are the terms? Does it actually accomplish your goals?” If you currently own an annuity, Mike encourages: “You can give us a call and we can talk with you about the specifics of your contract.” Why “Simple Solutions” Rarely Work for Retirement Mike concludes with a fundamental truth about retirement investing: “Investing’s never just a simple one decision solution. It’s a process. It has to be because things change. Markets change, people’s lives change, and there has to be a process behind what you’re doing.” Tom reinforces the warning: “Whenever they tell you you don’t have to look under the hood with this investment, you better look under the hood.” This principle applies equally to: Index funds marketed as “set it and forget it” solutions Annuities sold as eliminating all market risk Any investment product that promises complexity has been eliminated Mass-market approaches that treat all investors identically For those thinking about retirement or already in retirement in Kentucky, the alternative is working with advisors who provide direct access to portfolio managers, show you exactly what you own, and maintain a process-driven approach that adapts to changing circumstances while remaining grounded in time-tested principles. Ready to See What’s Really Under the Hood of Your Portfolio? If you’re concerned that recent market success may have created blind spots in your retirement planning—or if you’re evaluating whether an annuity truly serves your interests—Dupree Financial Group offers complimentary portfolio reviews for Kentucky residents thinking about retirement or already in retirement. During your consultation, you’ll receive: Honest assessment of your current portfolio’s strengths and vulnerabilities Analysis of whether you’re taking appropriate risks given your life stage Evaluation of any annuity contracts you currently own (unbiased review of actual terms) Direct conversation with experienced portfolio managers who personally manage client assets Clear explanation of what you own and why—no black boxes or packaged products Discussion of how to respect and protect the gains the market has provided Don’t let bull market confidence create blind spots in your retirement plan. Schedule your complimentary portfolio review today. Call Dupree Financial Group at (859) 233-0400 or visit www.dupreefinancial.com to schedule directly from our homepage. Experience the difference that personalized investment management, portfolio transparency, and direct access to portfolio managers makes in your Kentucky retirement planning journey. Frequently Asked Questions About Bull Markets, Annuities, and Retirement Investing What does it mean that “bull markets make you feel smarter than you really are”? This phrase captures how extended periods of market gains can create false confidence in investment abilities. As the Benjamin Graham story illustrates, even legendary investors can mistake favorable market conditions for personal genius. For those in or approaching retirement in Kentucky, this means strong recent returns shouldn’t lead to overconfidence or excessive risk-taking. Working with a local financial advisor who provides objective perspective helps distinguish between skill and fortunate timing. Why did Benjamin Graham nearly lose everything despite being Warren Buffett’s teacher? After turning $400,000 into $2.5 million in just three years during the 1920s, Graham developed what he called “hubris”—thinking he “had Wall Street by the tail.” When he believed the 1930 crash was over, he went all in using leverage. The market continued falling, and his portfolio dropped back to just $375,000. The lesson: even brilliant investors can be humbled by markets when success breeds overconfidence. His partner had to bail out the firm, and Graham didn’t take a salary for years while making clients whole. What’s wrong with index fund investing for retirement? While index funds work for some investors, Tom Dupree notes they represent “a path that someone else has selected that you’re going on because everybody else is.” There’s “no real investing” happening—just following an arbitrary selection of stocks based on size criteria. Mike Johnson adds this is “the definition of mediocrity” because “you’re not spending any time thinking about what you’re doing.” For Kentucky retirement planning, personalized investment management provides understanding of actual holdings rather than passive acceptance of whatever an index contains. How do index annuities actually work, and why do they underperform? Index annuities promise upside participation (often “up to 6% annually”) with downside protection. However, the mechanics rarely deliver. In a typical point-to-point structure, if the market gains 1% monthly for 11 months (crediting you 0.5% monthly due to caps), you’d have 5.5% credited. But if December sees a 7% decline, your entire credit gets wiped out even though the market is up for the year. The result: returns typically match CD rates despite the complex structure. The fine print and monthly/quarterly calculations favor the insurance company. What is counterparty risk with annuities? Counterparty risk refers to the possibility that the insurance company backing your annuity could face financial trouble. Insurance companies invest your principal in corporate bonds and other securities to earn returns higher than what they promise to pay you. Currently, many insurers are heavily invested in AI data center debt with unproven revenue streams. Historical examples like AIG, Executive Life, and Hartford show this isn’t theoretical—insurance companies can and do get into trouble, potentially affecting annuity values. Are there situations where annuities make sense? Yes, though they’re rare. Tom Dupree shares an example where a client’s widow received significantly more from an annuity than she would have from traditional investments because her husband passed away after the annuity grew but when markets had declined. However, these favorable outcomes are exceptions. The key is having an unbiased analysis of your specific contract terms and whether they truly accomplish your goals. If you own an annuity, Dupree Financial Group can review whether keeping it makes sense for your situation. What does it mean to “look under the hood” of your portfolio? Looking under the hood means seeing exactly what individual stocks and bonds you own rather than just seeing a packaged product name and account value. Tom Dupree explains: “When you get your statement, you are looking under the hood because it’s right there. You’re seeing what your money’s invested in, not what packaged product your money is in.” This transparency allows you to understand what companies you own, why you own them, and how they generate income—creating genuine comfort during market volatility. Why is “autopilot” investing dangerous for those approaching retirement? Autopilot investing—whether through target-date funds, robo-advisors, or simple index strategies—means following a prescribed path with little thought given to your specific situation. Tom notes you’re “actually being told what to do” rather than having a strategy tailored to your goals, timeline, and risk tolerance. As retirement nears, one-size-fits-all approaches can leave you overexposed to market declines or invested in ways that don’t generate needed income. Personalized investment management adapts to your changing life circumstances. What should I do if I’ve benefited from recent strong market returns? Mike Johnson advises: “You’ve been given a gift. Generally speaking, a gift in terms of the returns. And you need to respect the gift.” Respecting it means analyzing what you have, ensuring your investment mix still makes sense, and not assuming past success will automatically continue. Ask: “Do the numbers work for you at where they are?” and “Is there an investment plan, or has it just been on autopilot?” A complimentary portfolio review with Kentucky retirement planning specialists can provide this objective assessment. How do I know if fear is driving my investment decisions? Fear-driven investing shows up in two ways: fear of loss (leading to overly conservative choices like annuities that sacrifice potential growth) and fear of missing out (jumping into hot investments at precisely the wrong time). Both create poor outcomes. The alternative is what Tom calls “respect” for markets—acknowledging risks while following a thoughtful process. Mike emphasizes having “an investment plan that is dynamic enough to change when things need to change” rather than reacting emotionally to short-term events. What’s the difference between fee-based advisors and commission-based annuity sales? Annuities typically involve substantial commissions paid to the salesperson, creating incentives that may not align with your interests. Tom Dupree explains: “We are fee-based, and it takes all incentive to not—well, we’re fiduciaries also, so we must by law do what’s best for the client. That aligns our interest with the clients.” Fee-based structures mean advisors earn based on portfolio performance and client retention, not product sales. This fundamental difference affects which solutions get recommended. About The Financial Hour of The Tom Dupree Show The Financial Hour provides practical investment wisdom and retirement planning guidance for Kentucky residents approaching or living in retirement. Hosted by Tom Dupree, founder of Dupree Financial Group, with insights from portfolio manager Mike Johnson, each episode delivers actionable strategies based on decades of experience in personalized investment management and portfolio transparency. Listen to more episodes and read additional market commentary at www.dupreefinancial.com/podcast. The post Bull Markets, Investor Hubris, and the Hidden Risks of Annuities  appeared first on Dupree Financial.

On this week's Stansberry Investor Hour, Dan and Corey are joined by their colleague Gabe Marshank. Gabe is the editor of the new Market Maven newsletter, an advisory focused on asymmetric risk-versus-reward opportunities in the stock market. He's also senior analyst on Stansberry's Investment Advisory and Commodity Supercycles. Gabe kicks things off by describing how he got his start in finance, including discovering the world of hedge funds and working for investing legends Leon Cooperman, Steve Cohen, and David Einhorn. He shares what he learned from each investor and how those lessons have affected his current strategy. Gabe also discusses how today's financial world has changed since the 20th century, why the idea of value investing from Benjamin Graham's era is outdated, bankruptcy being capitalism's greatest tool, and what the dot-com boom tells us about future AI success stories. (0:00) Next, Gabe dives deep on Apple. He says the company has bungled its lead on agentic AI in phones, similar to how IBM fumbled its lead with PCs. As he points out, most of the top 10 stocks in the S&P 500 Index change each decade. So he's looking forward to finding what companies could replace today's big dogs. This leads Gabe to critique Microsoft and Amazon Web Services as "at risk," advise listeners not to worry about a potential AI market crash, and explain why he's looking outside of tech for opportunities today. (21:28) Finally, Gabe says consumer discretionary would be a good sector to investigate for future winners, as it's likely to benefit from AI transformations. He emphasizes that AI does not just mean chatbots and large language models – it's machine learning, too. Industries like onshore oil drilling have been using that technology already to improve their efficiency. Gabe then closes the show out with a conversation about copper prices and the commodity industry as a whole. (38:18)

On this week's Stansberry Investor Hour, Dan and Corey are joined by their colleague Gabe Marshank. Gabe is the editor of the new Market Maven newsletter, an advisory focused on asymmetric risk-versus-reward opportunities in the stock market. He's also senior analyst on Stansberry's Investment Advisory and Commodity Supercycles. Gabe kicks things off by describing how he got his start in finance, including discovering the world of hedge funds and working for investing legends Leon Cooperman, Steve Cohen, and David Einhorn. He shares what he learned from each investor and how those lessons have affected his current strategy. Gabe also discusses how today's financial world has changed since the 20th century, why the idea of value investing from Benjamin Graham's era is outdated, bankruptcy being capitalism's greatest tool, and what the dot-com boom tells us about future AI success stories. (0:00) Next, Gabe dives deep on Apple. He says the company has bungled its lead on agentic AI in phones, similar to how IBM fumbled its lead with PCs. As he points out, most of the top 10 stocks in the S&P 500 Index change each decade. So he's looking forward to finding what companies could replace today's big dogs. This leads Gabe to critique Microsoft and Amazon Web Services as "at risk," advise listeners not to worry about a potential AI market crash, and explain why he's looking outside of tech for opportunities today. (21:28) Finally, Gabe says consumer discretionary would be a good sector to investigate for future winners, as it's likely to benefit from AI transformations. He emphasizes that AI does not just mean chatbots and large language models – it's machine learning, too. Industries like onshore oil drilling have been using that technology already to improve their efficiency. Gabe then closes the show out with a conversation about copper prices and the commodity industry as a whole. (38:18)

Listener Q&A where Andy talks about: The CAPE (Cyclically Adjusted Price to Earnings) Ratio as a measure of whether the US stock market is overvalued or undervalued, and drawbacks with the CAPE Ratio ( 4:32 )The meaning of Benjamin Graham's quote "In the short run, the stock market is a voting machine, but in the long run it's a weighing machine" ( 17:07 )Helping clients overcome their frugality habits to enjoy more of their deferred spending from their nest eggs ( 19:18 )Understanding "duration" and what it means in bond funds ( 26:58 )How Annie Duke's concept of decision making and luck play into retirement planning ( 34:19 )Balancing between good enough and optimization in retirement planning ( 38:45 )Tax withholdings and credits on dividends from international stocks, and whether international stocks should be held only in normal brokerage accounts and not qualified accounts like IRAs and Roth IRAs ( 46:50 )Additional resources in understanding and calculating 72(t) Substantially Equal Period Payments ("SEPP") to avoid the 10% early withdrawal penalty on accessing retirement accounts before 59 1/2 ( 52:20 )A listener public service announcement about itemizable deductions for casualty losses due to federally declared disasters, and how IRS staffing issues and shutdowns exacerbate the inconvenience of the mandatory 20% federal tax withholding on 401(k) contributions ( 55:19 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:Link to Tax Planning to and Through Early Retirement My company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Matt Cochrane & I recently read “The Einstein of Money: The Life and Timeless Financial Wisdom of Benjamin Graham.” This podcast is a discussion about this book.The book alternates between vivid chapters about Graham's remarkable life story and follows with chapters that offer clear explanations of his most enduring financial principles. It's a fascinating portrait of the man who pioneered value investing and mentored Warren Buffett.Links* The Einstein of Money: The Life and Timeless Financial Wisdom of Benjamin Graham: https://www.amazon.com/Einstein-Money-Timeless-Financial-Benjamin-ebook/dp/B009IUPNXM/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 on the Follow the Money podcast, Jerry Robinson breaks down the growing showdown between President Trump and the Federal Reserve. With Trump calling for massive rate cuts and Powell pushing back, the stage is set for a critical Jackson Hole Symposium and September Fed meeting. Jerry shares his forecast for rate cuts, walks through the latest price action in the stock and crypto markets, and closes with a powerful reminder from Benjamin Graham on the biggest risk investors face.View online: https://followthemoney.com/podcast-all-eyes-on-the-fed/

Meme stocks meet Jesse Livermore's timeless trading rules — Lance Roberts & Jonathan Penn discover how classic speculation strategies apply to today's market frenzy. Lance preview's today's CPI print and a Goldman Sachs report on who exactly is shouldering the increased costs of tariffs; a look at markets' up/down pattern, and weakness within; Lance and Jonathan discuss meme stocks, speculative risk, and what the Old Masters of investing had to say about it. Also commentary and guidance for younger investors and those who would like to begin investing: How to get the discipline started. SEG-1a: CPI Preview - It's Always .2% SEG-1b: Who's Footing the Bill for Tariffs? SEG-2a: Meme Stock Frenzy SEG-2b: Speculative Trading Index Examined SEG-2c: Two Old Dudes' Pudding & Protein Paks SEG-2d: The Risk of Speculative Trading SEG-2e: Benjamin Graham on Risk SEG-2f: Jesse Livermore on Market Dynamics & Risk SEG-2g: Ten Rules for Investing SEG-2h: Think Ahead SEG-2i: Needs vs Wants for Younger Generation SEG-2j: First Apartments, First Phones SEG-2k: Getting Started w Savings Plans SEG-2l: Time Flies SEG-2m: What Index Investing Teaches SEG-2n: It's a Different Game for 40-50-year olds Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Jonathan Penn, CFP Produced by Brent Clanton, Executive Producer ------- Watch today's video on YouTube: https://www.youtube.com/watch?v=ZVH-DHO81pk&list=PLVT8LcWPeAuhi47sn298HrsWYwmg8MV7d&index=2&t=2s -------- Articles mentioned in this report: "US Economic Growth Shows Cracks" https://realinvestmentadvice.com/resources/blog/us-economic-growth-shows-cracks/ "Meme Stock Trading & Livermore's Approach To Speculation" https://realinvestmentadvice.com/resources/blog/meme-stock-trading-livermores-approach-to-speculation/ ------- The latest installment of our new feature, Before the Bell, "Watch the Weakness in the Rally," is here: https://www.youtube.com/watch?v=R2kE4pk9IMA&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Our previous show is here: "US GDP Shows Cracks - Why You Should Pay Attention" https://www.youtube.com/watch?v=Fszx_pdp-sA&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=3s ------- Register for our next Candid Coffee, "Savvy Social Security Planning," August 23, 2025: https://streamyard.com/watch/pbx9RwqV8cjF ------- Get more info & commentary: https://realinvestmentadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketCorrection #MarketRally #MarketWeakness #AllTimeHighs #NASDAQ #MemeStocks #StockMarketTrading #JesseLivermore #TradingStrategy #MarketSpeculation #JesseLivermore #BenjaminGraham #NeedsWants #SavingMoney #InvestingAdvice #Money #Investing

Meme stocks meet Jesse Livermore's timeless trading rules —  Lance Roberts & Jonathan Penn discover how classic speculation strategies apply to today's market frenzy. Lance preview's today's CPI print and a Goldman Sachs report on who exactly is shouldering the increased costs of tariffs; a look at markets' up/down pattern, and weakness within; Lance and Jonathan discuss meme stocks, speculative risk, and what the Old Masters of investing had to say about it. Also commentary and guidance for younger investors and those who would like to begin investing: How to get the discipline started. SEG-1a: CPI Preview - It's Always .2% SEG-1b: Who's Footing the Bill for Tariffs? SEG-2a: Meme Stock Frenzy SEG-2b: Speculative Trading Index Examined SEG-2c: Two Old Dudes' Pudding & Protein Paks SEG-2d: The Risk of Speculative Trading SEG-2e: Benjamin Graham on Risk SEG-2f: Jesse Livermore on Market Dynamics & Risk  SEG-2g: Ten Rules for Investing SEG-2h: Think Ahead SEG-2i: Needs vs Wants for Younger Generation SEG-2j: First Apartments, First Phones SEG-2k: Getting Started w Savings Plans SEG-2l: Time Flies SEG-2m: What Index Investing Teaches SEG-2n: It's a Different Game for 40-50-year olds Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Senior Investment Advisor, Jonathan Penn, CFP Produced by Brent Clanton, Executive Producer ------- Watch today's video on YouTube: https://www.youtube.com/watch?v=ZVH-DHO81pk&list=PLVT8LcWPeAuhi47sn298HrsWYwmg8MV7d&index=2&t=2s -------- Articles mentioned in this report: "US Economic Growth Shows Cracks" https://realinvestmentadvice.com/resources/blog/us-economic-growth-shows-cracks/ "Meme Stock Trading & Livermore's Approach To Speculation" https://realinvestmentadvice.com/resources/blog/meme-stock-trading-livermores-approach-to-speculation/ ------- The latest installment of our new feature, Before the Bell, "Watch the Weakness in the Rally," is here:  https://www.youtube.com/watch?v=R2kE4pk9IMA&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1  ------- Our previous show is here: "US GDP Shows Cracks - Why You Should Pay Attention" https://www.youtube.com/watch?v=Fszx_pdp-sA&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=3s ------- Register for our next Candid Coffee, "Savvy Social Security Planning," August 23, 2025: https://streamyard.com/watch/pbx9RwqV8cjF ------- Get more info & commentary:  https://realinvestmentadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketCorrection #MarketRally #MarketWeakness #AllTimeHighs #NASDAQ #MemeStocks #StockMarketTrading #JesseLivermore #TradingStrategy #MarketSpeculation #JesseLivermore #BenjaminGraham #NeedsWants #SavingMoney #InvestingAdvice #Money #Investing  

Auch wenn es hier auf dem Parkett der Frankfurter Börse oder auch an der New Yorker Wall Street längst nicht mehr so laut ist, wie noch vor einigen Jahren: An der Börse kochen die Emotionen regelmäßig hoch. Doch das ist gefährlich und kann vor allem Privatanlegern viel Geld kosten. „Der größte Feind des Anlegers schaut ihm jeden Morgen aus dem Spiegel entgegen", die Börsenweisheit hat schon Benjamin Graham gesagt. Man sollte sich selbst überlegen, wie man in bestimmten Börsenphasen reagiert, weil wir schon alle sehr emotional unterwegs sind. Die Börse bestehe aus 90 Prozent aus Psychologie und nur 10 Prozent aus Fakten, sagte André Kostolany“, so Jessica Schwarzer. „Wir empfinden Gewinne 2,5 mal so stark wie Verluste. Man neigt zum Ignorieren von Verlusten. Keiner erzählt dir von seinen Verlusten, alle sprechen immer nur von den Gewinnern. Also man sollte auch mal die Verluste realisieren." Alle Details verrät die Buchautorin und Finanzjournalistin im Interview von Inside Wirtschaft-Chefredakteur Manuel Koch an der Frankfurter Börse und auf https://inside-wirtschaft.de

Abonnees kunnen gratis het volledige audioboek beluisteren via deze link: De Geheimen van 'Meesterbeleggers' door Danny Reweghs.    In Trends podcasts vind je alle podcasts van Trends en Trends Z, netjes geordend volgens publicatie. De redactie van Trends brengt u verschillende podcasts over wat onze wereld en maatschappij beheerst. Vanuit diverse invalshoeken en met een uitgesproken focus op economie en ondernemingen, op business, personal finance en beleggen. Onafhankelijk, relevant, telkens constructief en toekomstgericht.

On this week's episode, we're pleased to welcome back returning guest, Jason Zweig. Jason writes the “Intelligent Investor” column in The Wall Street Journal and has published a number of popular and critically acclaimed books on investing and finance, including Your Money and Your Brain and The Devil's Financial Dictionary. In his most recent project, Jason published an update of Ben Graham's classic book, The Intelligent Investor. And we've devoted a portion of today's episode to delving into Graham and the Intelligent Investor with Jason. Please note that we recorded this interview on April 8, 2025.BackgroundBioYour Money and Your Brain: How the New Science of Neuroeconomics Can Help Make Your RichThe Devil's Financial DictionaryTariffs and TIPS“Trump Just Shredded the Economic Playbook. Here Are Your Next Investing Moves,” by Jason Zweig, wsj.com, April 4, 2025.“The Mistake You're Making in Today's Stock Market—Without Even Knowing It,” by Jason Zweig, wsj.com, April 25, 2025.“Four Questions You Should Ask to Combat the Market Chaos,” by Jason Zweig, wsj.com, April 10, 2025.“Inflation Isn't Going Away? Some Tips on How to Buy TIPS,” by Jason Zweig, wsj.com, Feb. 14, 2025.The Intelligent InvestorThe Intelligent Investor: The Definitive Book on Value Investing, by Benjamin GrahamThe Intelligent Investor Third Edition: The Definition on Value Investing, by Benjamin Graham and updated with new commentary by Jason Zweig.Jonathan Clements“The WSJ's Jonathan Clements Wants to Leave a Living Legacy,” by Jason Zweig, wsj.com, May 8, 2025.“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,'” The Long View podcast, Morningstar.com, Dec. 26, 2023.“Jonathan Clements: ‘Life Is Full of Small Pleasures,'” The Long View podcast, Morningstar.com, Oct. 15, 2024.Private Markets“Private Markets Seem Out of Reach for Individual Investors. BlackRock Thinks It Has an Answer,” by Jason Zweig, wsj.com, Sept. 12, 2024.“You're Invited to Wall Street's Private Party. Say You're Busy,” by Jason Zweig, wsj.com, Dec. 20, 2024.“Don't Buy Into This Easy Fix for Stock-Market Craziness,” by Jason Zweig, wsj.com, April 18, 2025.Other“SEC, States Investigate Firm Holding Couple's $763,094 Retirement Fund,” by Jason Zweig, wsj.com, Dec. 4, 2024.“David Swensen's Coda,” Yale News, news.yale.edu, Oct. 22, 2021.

Buffett has invested for over 7 decades, where his investing style and approach has evolved. There are many lessons, quotes and soundbites that investors take from him. This episode looks at the lessons that we should ignore from Buffett.You can find the full article here.To submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Additional resources from our episodes are available via our website.Audio Producer and mixer: William Ton.We always have market sceptics (including us at times) declare that there will be inevitable bear markets. However, we've had significant economic and social disruption in the form of a pandemic, and the volatility and uncertainty of President Trump. Still, the market continues to rise. In Mark's latest column, he has explored the reasons for why the market continues to rise, and whether the trend will continue. Stock market participants can broadly be split into two camps: investors and speculators. In the next edition of Bookworm, Joseph shows how Warren Buffett's teacher Benjamin Graham distinguished between the two in a single paragraph of text. He also poses a question that every budding investor should ask themselves, and shares his view on a five word approach to markets that Graham recommended. Shani's last edition of her column looked at a tax targeting super accounts over $3 million. In this edition, she broadens the lens. Australia has a National Financial Capability Strategy, but it is inactive. She runs through the dire impacts that putting financial literacy on the backburner can have on Aussies. She writes an open letter to the newly re-elected Government, urging an immediate focus on improving financial literacy. 60% of Aussies report not feeling confident about managing their own retirement. The relationship between you and your super fund might end up being one of the longest relationships you'll ever have. And just like life, you're at liberty to chop and change as you go. But much like picking a good partner, who you start with matters. In this week's Young & Invested, Sim explores some of the things you should consider when picking between super funds. Hosted on Acast. See acast.com/privacy for more information.

It's been announced that Warren Buffett is stepping down as CEO of Berkshire Hathaway. In this episode, I'll discuss Buffett's humble beginnings, his approach to investing, and the philosophy that built one of the most successful companies in history. I'll also break down Warren Buffett's wisdom into seven powerful, practical tips that align with my own approach to advising clients. Listen for tips on starting your investment journey early, staying the course during tough markets, and prioritizing temperament over intellect.  You will want to hear this episode if you are interested in... [00:00] Principles of Warren Buffett's investing strategies. [05:55] Buffett co-founded The Giving Pledge, pledging 99% of his wealth, and influencing other billionaires. [07:08] Berkshire Hathaway class A shares have averaged a 19% annual return since 1966, vastly outperforming the S&P 500's 11%. [12:41] Invest early, stay committed through market ups and downs, and be fearful when others are greedy and greedy when others are fearful. [17:03] Warren Buffett advises most people to use index funds due to the difficulty of replicating his results. [18:43] Make investment decisions based on facts, not emotions. Investment Lessons from Warren Buffett Warren Buffett, often called the “Oracle of Omaha,” has long been considered one of the greatest investors of all time. His recent announcement that he will step down as CEO of Berkshire Hathaway after more than six decades is the perfect time to reflect on what sets Buffett apart, not just as an investor but as an individual. This episode digs into key lessons from Buffett's life and career, exploring practical ways to apply his wisdom to your financial journey. From Humble Beginnings to Monumental Success Warren Buffett's rise didn't begin in a Wall Street boardroom, but in Omaha, Nebraska, where he was born in 1930. From an early age, Buffett showed an affinity for entrepreneurship, selling chewing gum, Coca-Cola, and magazines as a child. His formal education at the University of Nebraska, Wharton Business School, and Columbia University (where he studied under the legendary Benjamin Graham) laid the foundation for his value investing philosophy. Buffett started his first investment partnership in 1956 with $105,100, much of it from family and friends. By the age of 32, he was a millionaire. His acquisition of Berkshire Hathaway, a struggling textile company at the time, became the launchpad for one of the most successful investment conglomerates in history. The Power of Modesty and Discipline Despite amassing unparalleled wealth, Buffett is renowned for his modest lifestyle. He still lives in the house he purchased in 1958 for $31,000 and drives an older model Cadillac, proving that frugality and comfort often go hand in hand. This modesty is more than a quirk; it's a testament to his belief that wealth should serve a purpose beyond personal extravagance. Buffett's philanthropic efforts are equally legendary. Through The Giving Pledge (co-founded with Bill and Melinda Gates), he's committed to donating more than 99% of his fortune. For Buffett, investing is not just about making money, it's about stewarding resources responsibly and generously. Berkshire Hathaway's Long-Term Outperformance Under Buffett's leadership, Berkshire Hathaway's stock has delivered returns averaging 19% annually since 1966, trouncing the S&P 500's historical average of 11%. One share of Berkshire's Class A stock now costs nearly $800,000, a figure that tells the story of sustained outperformance. Buffett has also issued Class B shares at a lower price tag to democratize access for smaller investors, reflecting his desire to make wealth-building accessible. Buffett's Top Investing Lessons 1. Don't Lose Money Buffett's two most famous rules are simple: “Rule number one: don't lose money. Rule number two: don't forget rule number one.” He emphasizes buying quality businesses with durable competitive advantages rather than taking risks on struggling firms with unsustainable dividends. 2. Start Early and Stay the Course In his book The Snowball, Buffett likens investing to rolling a snowball down a long hill: the earlier you start, the bigger the results. Even if you're approaching retirement, encouraging the younger generation to invest early can yield enormous benefits over time. 3. Remaining Committed Through Market Ups and Downs is Equally Vital Buffett urges consistent investing, especially when markets are turbulent. Staying invested and buying during downturns can lead to significant long-term gains. 4. Be Fearful When Others Are Greedy Buffett's contrarian mindset, being “fearful when others are greedy, and greedy when others are fearful”, has served him well during market panics. While it's emotionally taxing to buy during selloffs, history shows that long-term investors are often rewarded. 5. Buy Great Companies at Fair Prices Rather than chasing bargains, focus on acquiring well-run businesses at reasonable valuations. Many of Buffett's best investments, Apple, Coca-Cola, and American Express, embody this approach. 6. Focus on Buying and Holding Low-cost Index Funds Buffett believes this is the simplest and most effective long-term investment strategy because it provides broad market exposure while keeping fees to a minimum, both of which are important for building wealth over time. 7. Temperament Is Key According to Buffett, success in investing is more about temperament than IQ. The ability to remain rational and stick to your plan, regardless of market noise, is what separates great investors from the rest. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  The Snowball by Warren Buffett The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham  The Giving Pledge  Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

Pablo Martínez Bernal, gran conocedor de la figura de Buffett, como inversor y como empresario, visita Tu Dinero Nunca Duerme. Warren Buffett sigue siendo el mejor inversor del mundo. Pero desde hace unos días, lo es más por su historial que por su labor diaria. Porque el sabio de Omaha anunció que se retiraba, por sorpresa, en la última conferencia anual de inversores de Berkshire Hathaway. Y a partir de ahí se desataron las especulaciones, ¿quiénes serán sus sucesores: en la dirección y en la selección de activos? ¿Seguirán los nuevos responsables de Berkshire manteniendo la línea que hizo famosos a Buffett y a su socio Charlie Munger? Para ayudarnos a responder a estas preguntas, esta semana nos acompaña en Tu Dinero Nunca Duerme el Head of Sales para Iberia de Amiral Gestion, Pablo Martínez Bernal, un gran conocedor de la figura de Buffett, como inversor y como empresario: "Ha sido una gran sorpresa. Todo el mundo daba por hecho que iba a hacer como Charlie Munger, que se iba a morir siendo consejero delegado de la compañía. En esta profesión, las canas cuentan: el acumulado de muchos años de conocimientos son un ayudado. Pero quizás el mismo ha pensado que no quiere ser un problema, sobre todo si aparece un deterioro cognitivo". "El rol por el que siempre ha insistido que le gustaría ser recordado es el de profesor. Ésa es la gran contribución para la comunidad inversora. Fue profesor en la Universidad de Nebraska y ha continuado con esa labor de una u otra forma (por ejemplo, recibiendo a grupos de estudiantes de MBA). A lo largo de estos años, el acumulado implica que ha dado clases a decenas de miles de inversores", nos recuerda Martínez Bernal. ¿Y qué hay detrás de tantos años de éxito? ¿Algún secreto que nadie más conoce?: "No diría que hay un secreto. Warren Buffet, antes de leer el libro El inversor inteligente (de Benjamin Graham), ya invertía, porque empezó a los 11 años. Lo hacía usando los gráficos: es decir, la gente no lo sabe pero era trader. Es curioso cómo una persona que había empezado mal, tira todos los sistemas que le estaban dando dinero, y apuesta por el value investing. Por eso, su secreto consiste en encontrarse con un libro y darse cuenta de que era la filosofía adecuada, que no era sencillo". Eso sí, aunque siga siendo un value de pura cepa, el gran inversor sí ha evolucionado a lo largo de los años: "Buffett no ha cambiado lo fundamental, el value investing, pero sí se ha adaptado. Una de sus claves es que la filosofía ha permanecido intacta, pero el cómo invierta ha cambiado mucho. De los años 50 a 2020, las compañías han cambiado mucho. Ha evolucionado con el paso del tiempo. Munger le dijo en su momento que lo que hacía (comprar empresas de baja calidad) no era escalable. Y a partir de la inversión en See's Candies cambió la forma en la que invertía" Eso sí, nuestro invitado cree que habrá pocos cambios en la nave: "La cultura empresarial de BRK sigue intacta. Estarán Greg Able, que será el nuevo consejero delegado a partir del 1 de enero de 2026; es canadiense que era parte del círculo cercano de Buffett. El rol más importante, el de asignador del capital, lo van a heredar Todd Combs y Ted Weschler".

Warren Buffett, seguramente el inversor más famoso del mundo, anunció el sábado pasado que se retira como presidente de Berkshire Hathaway. Deja en el cargo a Greg Abel, que irá gradualmente haciéndose cargo de la compañía hasta finales de este año. Buffett, que tiene 94 años y es la sexta persona más rica del mundo según Forbes, es uno de los inversores más influyentes de la historia muy conocido por su filosofía de inversión en valor. Nació en Omaha, una pequeña ciudad de Nebraska, y desde niño mostró gran habilidad para las finanzas. A los siete años, inspirado por un libro que acababa de leer, comenzó a vender chicles, revistas y periódicos, y a los 14 compró una granja con sus ahorros. A los 11 realizó su primera compra de acciones siguiendo el ejemplo de su padre, que era corredor de Bolsa y congresista. Aunque no tenía demasiado interés en ir a la universidad, se graduó en la universidad de su Estado natal y luego fue a Columbia, donde se convirtió en discípulo de Benjamin Graham, autor de un libro que le marcaría mucho: “El inversor inteligente”. Este libro y las enseñanzas personales de Graham, padre de la inversión en valor, dieron forma a su manera de pensar e invertir. La inversión en valor consiste en comprar acciones por debajo de su valor priorizando fundamentos empresariales y añadiendo un margen de seguridad, principios que Buffett adoptó con su famosa regla número 1: nunca pierdas dinero. Tras trabajar en la agencia de su padre y en la de Graham, fundó Buffett Partnership en 1956 con 100.000 dólares que le proporcionaron familiares y amigos. Empezó a aplicar la llamada estrategia de “colillas de cigarrillo”, es decir, empresas muy baratas pero que estaban infravaloradas. Consiguió rentabilidades excepcionales y se convirtió en millonario con sólo 32 años. Fue en esa época cuando comenzó a comprar acciones de Berkshire Hathaway, una empresa textil en pleno declive. En 1965 tomó el control, una decisión que luego calificó como su peor error. Pero sobre ese error inicial construyó un acierto. Transformó Berkshire en un inmejorable vehículo de inversión, abandonó la industria textil y se concentró en los seguros. El flotante de las primas de seguros, un capital a muy bajo coste, impulsó el crecimiento de Berkshire en los años siguientes. Influenciado por su socio Charlie Munger, Buffett fue afinando su estrategia. Compró empresas enteras y entró en el accionariado de compañías de primera línea con ventajas competitivas como Coca-Cola, American Express, Apple y la principal empresa ferroviaria del país, la Burlington Northern Santa Fe. Admitió, eso sí, algunos errores y mostró gran humildad reconociendo que había perdido la oportunidad de invertir en tecnológicas como Google o Amazon. Como filántropo, fundó The Giving Pledge en 2010, comprometiéndose a donar el 99% de su fortuna, principalmente a la Fundación de Bill y Melinda Gates. Buffett, famoso por, a pesar de su inmensa fortuna, llevar una vida modesta en Omaha, deja un legado como maestro de la inversión en valor y una serie de principios que inspiran a inversores de todo el mundo. Abel, su sucesor, deberá preservar la cultura de Berkshire, eso sí, mientras viva, Buffett seguirá al pie del cañón. En La ContraRéplica: 0:00 Introducción 3:44 Buffett, el adiós de un maestro 34:07 Emigración cualificada, inmigración sin cualificar 41:30 Silvia Orriols y Alianza Catalana · Canal de Telegram: https://t.me/lacontracronica · “Contra la Revolución Francesa”… https://amzn.to/4aF0LpZ · “Hispanos. Breve historia de los pueblos de habla hispana”… https://amzn.to/428js1G · “La ContraHistoria de España. Auge, caída y vuelta a empezar de un país en 28 episodios”… https://amzn.to/3kXcZ6i · “Lutero, Calvino y Trento, la Reforma que no fue”… https://amzn.to/3shKOlK · “La ContraHistoria del comunismo”… https://amzn.to/39QP2KE Apoya La Contra en: · Patreon... https://www.patreon.com/diazvillanueva · iVoox... https://www.ivoox.com/podcast-contracronica_sq_f1267769_1.html · Paypal... https://www.paypal.me/diazvillanueva Sígueme en: · Web... https://diazvillanueva.com · Twitter... https://twitter.com/diazvillanueva · Facebook... https://www.facebook.com/fernandodiazvillanueva1/ · Instagram... https://www.instagram.com/diazvillanueva · Linkedin… https://www.linkedin.com/in/fernando-d%C3%ADaz-villanueva-7303865/ · Flickr... https://www.flickr.com/photos/147276463@N05/?/ · Pinterest... https://www.pinterest.com/fernandodiazvillanueva Encuentra mis libros en: · Amazon... https://www.amazon.es/Fernando-Diaz-Villanueva/e/B00J2ASBXM #FernandoDiazVillanueva #warrenbuffett #berkshirehathaway Escucha el episodio completo en la app de iVoox, o descubre todo el catálogo de iVoox Originals

In this episode, Clay dives into Buffett and Munger Unscripted by Alex Morris. This book is a treasure trove of timeless investing wisdom from decades of Berkshire Hathaway annual meetings.  The episode highlights Warren and Charlie's most powerful lessons on capital allocation, business quality, temperament, and how to achieve long-term investing success. Whether you're a lifelong Buffett fan or just stepping into the world of value investing, this episode is packed with insights you won't want to miss. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:48 - Why Buffett and Munger believe there's no such thing as non-value investment. 07:45 - Why Buffett avoids complex financial models and sticks to common sense. 08:05 - The traits that define a truly great business—and why those are so rare. 14:57 - How capital allocation drives long-term shareholder value and Berkshire's success. 24:29 - How Buffett thinks about share buybacks and dividends. 26:27 - The importance of understanding and trusting management and company culture. 38:53 - Why most of Berkshire's success came from just a handful of decisions. 49:48 - How Buffett and Munger handle market volatility and avoid emotional decisions. 56:26 - The role of temperament in investing and why intelligence alone isn't enough. 58:15 - Why short selling rarely works and why index funds are still a powerful tool. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠here⁠. Join the exclusive ⁠TIP Mastermind Community⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Alex Morris' book: Buffett & Munger Unscripted. Alex's research service: The Science of Hitting. Book mentioned: The Essays of Warren Buffett. Mentioned Episode: TIP697: The Secret to Buffett's Business Success w/ Lawrence Cunningham. Mentioned Episode: TIP550: Masterclass w/ Mohnish Pabrai. Mentioned Episode: TIP693: The Power Law w/ Clay Finck. Mentioned Episode: TIP626: Intelligent & Rational Long-Term Investing w/ Francois Rochon. Mentioned Episode: TIP620: The Intelligent Investor by Benjamin Graham. Follow Alex on X and LinkedIn.  Follow Clay on ⁠LinkedIn⁠ & ⁠X⁠. Check out all the books mentioned and discussed in our podcast episodes ⁠here⁠. Enjoy ad-free episodes when you subscribe to our ⁠Premium Feed⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠The Intrinsic Value Newsletter⁠. Check out our ⁠We Study Billionaires Starter Packs⁠. Follow our official social media accounts: ⁠X (Twitter)⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠Facebook⁠ | ⁠TikTok⁠. Browse through all our episodes (complete with transcripts) ⁠here⁠. Try our tool for picking stock winners and managing our portfolios: ⁠TIP Finance Tool⁠. Enjoy exclusive perks from our ⁠favorite Apps and Services⁠. Learn how to better start, manage, and grow your business with the ⁠best business podcasts⁠. SPONSORS Support our free podcast by supporting our ⁠sponsors⁠: SimpleMining AnchorWatch Found DeleteMe Fundrise Vanta The Bitcoin Way Indeed Shopify HELP US OUT! Help us reach new listeners by leaving us a ⁠rating and review⁠ on ⁠Spotify⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! ⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

When the market is crashing, it's easy to feel like you're the only one who's ever felt this anxious. But the truth is, some of the greatest investors in history have lived through chaos, and they left behind wisdom that still applies today. In this episode, we turn to voices like Warren Buffett, Benjamin Graham, and Jack Bogle to remind us how to think, act, and stay grounded when everything feels uncertain. Tune in for timeless lessons about controlling your emotions, staying the course, and avoiding costly mistakes like panic selling or trying to time the market. You'll hear why staying disciplined during downturns has always been the key to long-term success, and why the "this time is different" mindset can be one of the biggest traps for investors. Here are the quotes we discuss in this episode:

When the market is crashing, it's easy to feel like you're the only one who's ever felt this anxious. But the truth is, some of the greatest investors in history have lived through chaos, and they left behind wisdom that still applies today. In this episode, Ryan responds to wisdom from experts like Warren Buffett, Benjamin Graham, and Jack Bogle to remind us how to think, act, and stay grounded when everything feels uncertain. Here's what we cover in this episode:

Is buying a house the biggest financial mistake you could make right now, and will the next Great Depression hit even harder? Morgan Housel reveals the real story.  Morgan Housel, partner at Collaborative Fund and bestselling author of ‘The Psychology of Money' and ‘Same As Ever', is one of the world's top experts on financial psychology, economic collapse warnings, and building true financial freedom. His life-changing insights have transformed how millions approach money, investing, and wealth-building. In this conversation, Morgan and Steven discuss topics such as, how America's economy could be quietly collapsing, how devastating tariffs may trigger another Great Depression, why robots are replacing the middle class, and the hidden $30 trillion debt threatening the future of the US. 00:00 Intro02:10 Timeless Lessons of Greed, Wealth, and Happiness04:51 The Current Tariff Situation in 202507:05 What Are Tariffs?11:51 Trump's True Reason for the Tariffs18:24 Why Is China the Factory of the World?20:35 China Stopped Being a Cheap Labour Country23:04 What's the Impact of the Tariffs?25:07 America's Trust26:42 Are We Heading for a Recession?29:30 The Importance of Backups During a Recession30:48 How to Be Financially Free in 202535:59 The Evolutionary Desire to Show Off — Status40:42 Salary Differences43:09 We Have a Distorted View of Financial Wealth44:28 Advice for the Economic Crisis45:55 How Much Money Do You Need Saved?46:56 The Impact of AI in Our Wealth Building56:22 The Skills You'll Need in the AI Era57:56 How to Have a Money Mindset01:00:56 Why People Get Stuck in Crypto Scams01:03:34 Women vs. Men: Who's Better at Saving and Taking Risks?01:06:15 Crypto01:07:23 What History Tells Us About New Technologies, Wealth, and Failure01:08:51 Could the Crypto Security System Be Broken?01:10:21 The Strategies Wealthy People Use01:11:55 Intelligence vs. Endurance01:13:28 Why Is Perseverance Key?01:15:12 The Best Way to Have a Big Investment Return01:17:01 The Power of Compounding in Your Savings01:22:06 How Money and Psychology Are Linked01:27:03 You Need to Change Your View on Savings01:31:10 Biggest Regrets of People on Their Deathbeds01:37:20 The Most Asked Questions About Finances01:41:17 Where Are Your Investments Allocated?01:42:03 Vanguard Index Fund01:49:54 Where to Invest Spare Cash?01:56:24 The Dangers of Retiring02:03:31 How to Live a Happy Life You can follow Morgan, here: Twitter - https://bit.ly/3RzBBSc  Website - https://bit.ly/42LM4PD  Instagram - https://bit.ly/449vnQp    You can pre-order Morgan's books, The Art of Spending Money: Simple Choices for a Richer Life, here: https://amzn.to/3GmHRu4 (US) / https://amzn.to/3EEy5mE (UK) You can find out more about the books mentioned, here: ‘The Intelligent Investor', Benjamin Graham: https://amzn.to/4iwqHHW  Watch the episodes on Youtube - https://g2ul0.app.link/DOACEpisodes  My new book! 'The 33 Laws Of Business & Life' is out now - https://g2ul0.app.link/DOACBook  You can purchase the The Diary Of A CEO Conversation Cards: Second Edition, here: https://g2ul0.app.link/f31dsUttKKb  Sign up to receive email updates about Diary Of A CEO here: https://bit.ly/diary-of-a-ceo-yt  Ready to think like a CEO? Gain access to the 100 CEOs newsletter here: https://bit.ly/100-ceos-newsletter  Follow me:https://g2ul0.app.link/gnGqL4IsKKb Sponsors: Get your hands on the Diary Of A CEO Conversation Cards here: https://bit.ly/conversationcards-mpPerfect Ted - https://www.perfectted.com with code DIARY40 for 40% off Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's episode, Kyle Grieve dives deep into Mohnish Pabrai's The Dhandho Investor, unpacking its nine core principles through vivid case studies and personal reflections to help investors embrace simplicity, asymmetric bets, and the power of cloning proven ideas. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:34 - Why buying an existing business can be a smarter path than starting one from scratch. 11:32 - Profiting from businesses with short-term earnings visibility—and why it matters. 13:07 - The enduring strength and clarity of simple business models. 17:39 - How distressed businesses in troubled industries can become goldmines. 31:46 - Why hidden moats often offer the biggest edge—and how to spot them. 38:08 - The case for concentration: how fewer bets can lead to outsized returns. 50:28 - What modeling Costco reveals about risk, value, and margin of safety. 55:13 - The counterintuitive appeal of low-risk, high-uncertainty investments. 59:13 - How to use the cloning principle to shortcut your search for winners. 01:02:09 - Why your sell strategy should evolve with the quality of the business you own. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Read The Dhando Investor here. Read The Intelligent Investor by Benjamin Graham here. Read Richer, Wiser, Happier by William Green here. Read The Little Book That Beats the Market by Joel Greenblatt here. Follow Kyle on X and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock AnchorWatch CFI Education Found Fundrise Indeed The Bitcoin Way Vanta Shopify Onramp TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Tom welcomes back Tim Price, Director at Price Value Partners. The discussion begins around the importance of filtering information in today's overwhelming media landscape. He suggests turning off legacy media and instead seeking alternative sources like Substack or Twitter for deeper insights. Price warns against over-financialization and the risks it poses to economic stability, advocating for a return to fundamental principles such as value investing and staying within one's zone of competence. He highlights the current geopolitical chaos as a critical moment, noting similarities to past crises like the 1930s. Price critiques Keynesian economics, arguing that treating the economy as a machine fails to account for human behavior. He also discusses the collapse of trust in institutions, particularly after events like Brexit and the Trump presidency, which have led to increased skepticism among voters. Price underscores the role of gold as a reliable store of value during uncertain times, contrasting it with the speculative nature of cryptocurrencies. He advises investors to focus on long-term strategies, avoid getting spooked by short-term market fluctuations, and resist the urge to follow every financial fad. Price stresses the importance of emotional discipline in investing, referencing stoicism as a key trait for navigating volatile markets. He also touches on the destructive impact of unaccountability among elites, comparing it to historical precedents that led to societal destabilization. Timestamp References:0:00 - Introduction0:38 - News Cycle Avoidance4:50 - Finding & Filtering Info7:42 - Confirmation Bias12:37 - Economic Ivory Towers19:28 - Sapiens - Yuval Harari22:45 - Repeating Cycles & Problems27:46 - Consequential Times33:06 - Fragility & Chaos Theory35:52 - Multiflation & Bad Economics37:34 - Gold Signs & Revolution42:44 - Rumors & Market Reactions48:00 - Age of Unaccountability50:28 - Wrap Up Guest Links:X: https://x.com/TimPrice1969Website: https://www.pricevaluepartners.com/War On Cash: https://www.pricevaluepartners.com/war-on-cash/Articles: https://www.pricevaluepartners.com/commentaryTim's Podcast: State of the Markets BooksTim's Book (Amazon): https://www.amazon.ca/Investing-Through-Looking-Glass-Irrational/dp/0857195360 Book Recommendations:180 Degrees (Amazon): http://tinyurl.com/3vjvpnud Tim Price has worked in the capital markets for over 30 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms. Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards program and was a winner in 2005 in the category of Defensive Investing. He is now co-manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. He also co-manages bespoke private client portfolios. Tim writes for MoneyWeek Magazine and The Spectator, and his weekly commentaries are freely available at the Price Value Partners website.

We look at the ETFs that would go into a 3 ETF portfolio, using Morningstar's Manager Research Medalist ratings. In this week's Unconventional Wisdom column, Mark runs through what he should do about a position in his portfolio that has grown too large. He is reluctant to sell shares, especially due to the tax consequences, but it also aware of the dangers of having a large concentration in one share that violates his investment policy statement. Shani recently wrote an article on why she includes managed funds in her portfolio. She received many questions about whether it was the right choice. Her Future Focus column this week comes out in defence of her decision, and why it's important that investors consider their own situation when choosing investment products. Benjamin Graham is widely revered as the dean of value investing and the master of flipping stocks that traded below their asset value. Despite this, Graham's best ever investment actually stemmed from a very different approach. In this week's edition of Bookworm, Joseph finds buy and hold inspiration from this most unlikely of sources. In Sim's day to day, she often gets asked for investment advice when she least expects. Whether it's about shares at the dinner table or Bitcoin at a doctor's appointment. Recently this turned into a request from her younger sister to invest her savings in the market as I see fit. In Sim's latest column, she discusses how she constructed her sister's portfolio amidst the added pressure of giving financial advice to family. To submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Additional resources from our episodes are available via our website.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

Today we are joined by the Professor of Finance at the University of Utah, Matt Ringgenberg to discuss everything related to anomaly returns. Matt's research – mainly centred on the actions of short sellers – has been published in all the major journals including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. We begin with the definition of an asset pricing anomaly before learning about the anomalies that Matt's research is primarily focused on. Then, we unpack anomaly returns and how they relate to anomaly signal information, what causes anomalies, the risk versus mispricing debate, and the barriers to accessing financial data that allow anomalies to persist. We also weigh Matt's research against its anomaly-denying counterparts, assess anomaly behaviour before and after publicly available signal information, explore models that help to predict future anomalies, and learn more about the economic mechanism underlying asset pricing anomalies. To end, we dive into Matt's paper, ‘The Loan Fee Anomaly' and explore the relationship between cross-sectional predictors and market returns, and Matt explains why long-term happiness is the only true marker of success.    Key Points From This Episode:   (0:05:07) Matt Ringgenberg defines an asset pricing anomaly and describes the anomalies his research is focused on.  (0:06:27) When anomaly returns appear relative to the release of anomaly signal information. (0:07:57) How the annual forming of portfolios in June affects anomaly returns.  (0:08:50) The cause of anomalies, and the risk versus mispricing debate on anomaly returns.   (0:10:35) Unpacking the barriers to accessing financial data that allow anomalies to persist.   (0:13:41) How Matt's rebalancing approach could affect anomaly-denying research. (0:14:37) Applying his work to valuation-based anomalies and to investors capturing anomaly returns in live-traded portfolios.   (0:16:04) How anomalies behave before anomaly signal information is publicly available. (0:17:48) Exploring the models that can be used to predict future anomaly signals.  (0:19:05) How anomaly premiums traded on predicted signals compare to trades on actual information release dates. (0:19:37) Understanding the economic mechanism underlying asset pricing anomalies. (0:24:38) Dissecting one of Matt's short-selling papers, ‘The Loan Fee Anomaly'. (0:32:51) The relationship between cross-sectional predictors and market returns. (0:39:11) What Matt hopes to pass on to his students in his Introduction to Investments course. (0:40:48) How Matthew Ringgenberg defines success.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Matthew Ringgenberg on Google Scholar — https://scholar.google.com/citations?user=NArgYXUAAAAJ  Matthew Ringgenberg on LinkedIn — https://www.linkedin.com/in/matthewringgenberg/  Matthew Ringgenberg on X — https://x.com/Ringgenberg_M  University of Utah — https://www.utah.edu/  Davidson Heath on LinkedIn — https://www.linkedin.com/in/davidson-heath-5a28999a/   Management Science — https://pubsonline.informs.org/journal/mnsc  Journal of Financial and Quantitative Analysis — https://jfqa.org/  Morningstar Direct — https://www.morningstar.com/business/brands/data-analytics/products/direct  YCharts — https://ycharts.com/  Andre Chen — https://andrewchen.substack.com/  David Booth | Dimensional Fund Advisors — https://www.dimensional.com/hk-en/bios/david-booth    Papers From Today's Episode:    ‘A Conversation with Benjamin Graham' — https://www.jstor.org/stable/4477960   ‘The Loan Fee Anomaly: A Short Seller's Best Ideas' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3707166  ‘Do Cross-Sectional Predictors Contain Systematic Information?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3459229

Having read more than 1,000 books about investing, Ryan Zabrowski decided to author his own, a 500-page tome titled Time Ahead: Investor's Guide to Prosperity and Impact, inspired by the lessons of Warren Buffett, Benjamin Graham, and Nobel Laureates from Columbia, Penn, Yale and the University of Chicago. (01/2025)

Having read more than 1,000 books about investing, Ryan Zabrowski decided to author his own, a 500-page tome titled Time Ahead: Investor's Guide to Prosperity and Impact, inspired by the lessons of Warren Buffett, Benjamin Graham, and Nobel Laureates from Columbia, Penn, Yale and the University of Chicago. (01/2025)

A CPI print driven rally Rebalancing Investment Portfolios and Risk Autonomous Driving's Impact on Society Guest - Ryan Zabrowski, CFP,MSF - Author of Time Ahead  NEW! DOWNLOAD THIS EPISODE'S AI GENERATED SHOW NOTES (Guest Segment) Ryan Zabrowski, CFP, MSF Having read more than 1,000 books on investing – and authored his own 500-page book in 2024 – Ryan's disciplined investment strategy has long been inspired by the lessons of Warren Buffett, his teacher Benjamin Graham, and Nobel Laureates from Chicago, Columbia, Pennsylvania, and Yale Universities. As a result, Ryan favors owning sustainable, high-quality businesses and arbitrage strategies designed to profit, regardless of economic or interest rate direction. Ryan's career in finance began in 1994. Early on, he focused on financial analysis and financial statement analysis. Over the past 23 years, Ryan has worked in financial and investment management at Washington University Endowment, Morgan Stanley, and Merrill Lynch, before joining Krilogy in 2019. Given his extensive investment knowledge and experience, Ryan has become an integral member of the firm's Investment Committee, which manages Krilogy's model investment portfolios. In this role, Ryan helps conduct investment research, voting on investment strategies and portfolio positions, monitoring fund performance, and analyzing market conditions. GET RYAN'S BOOK - TIME AHEAD Most important to Ryan, however, is sharing his insights and perspectives with his team's clients. Experience tells him that clients who understand what they own and why are best able to minimize emotion and make fact-driven decisions that drive positive, long-term results. Ryan's rigorous and ongoing industry training allows him to provide clients with an extra measure of knowledge, in addition to requiring a fiduciary level of care. Follow @RyanZabrowski Learn More at http://www.ibkr.com/funds Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy - https://thedisciplinedinvestor.com/blog/tdi-strategy/ eNVESTOLOGY Info - https://envestology.com/ Stocks mentioned in this episode: (JPM), (GS), (WFC), (MS), (BAC). (NVDA), (AAPL)

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2974: Jeff Rose shares a cautionary tale of losing $5,000 on penny stocks due to greed, poor advice, and ignorance about the over-the-counter market's volatility. He emphasizes the importance of informed investing, avoiding high-risk ventures, and adopting long-term, passive strategies to achieve financial security. Read along with the original article(s) here: https://www.goodfinancialcents.com/lose-money-penny-stocks/ Quotes to ponder: "Greed is not always good. I was doing just fine making a decent return on my boring mutual funds, but the chance of quadrupling my money got the best of me." "It's more like traveling to a flea market in Spain and trying to bargain with a vendor even though I don't speak the language. Chances are I'm going to get screwed just like I was in this situation." "You don't conjure up strategies driven by greed to beat the market because you don't need to beat the market to meet your financial goals." Episode references: A Random Walk Down Wall Street by Burton Malkiel: https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393358380 The Intelligent Investor by Benjamin Graham: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's episode, Shawn O'Malley (@Shawn_OMalley_) shares his favorite lessons from the billionaire investor Mohnish Pabrai, who some know as the “Indian Warren Buffett.” Pabrai is a master investor, a close friend of Charlie Munger, and a wonderful storyteller, too. You'll learn what it means to circle the wagons in investing, how a few big decisions will end up mattering the most throughout your investment career, how GEICO changed Benjamin Graham's perspective on investing, why Nick Sleep told his investors to simply buy and hold three stocks, what Pabrai learned from having lunch with Buffett, what it means to be a Dhando Investor, plus so much more!  Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 03:59 - Why only 4% of Berkshire Hathaway's decisions over the years have explained most of Buffett's outperformance 08:52 - Which three stocks Nick Sleep told his investors to hold after winding down his fund 09:48 - Which types of stocks you'd want to circle the wagons around 10:10 - How GEICO changed Benjamin Graham's perspective on investing 17:19 - What Pabrai learned from having lunch with Warren Buffett 30:26 - Why great companies are not always great investments  37:55 - How the Patels built a motel empire across America 42:24 - What it means to be a Dhando Investor And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Mohnish Pabrai's book, The Dhando Investor. Pabrai's Circle the Wagons presentation. Pabrai's past interviews on The Investors Podcast Network: The Inner Score Card, Masterclass, Playing to Win, Value Investing and Philanthropy. Pabrai's profile in Richer, Wiser, Happier. Check out Richer, Wiser, Happier by William Green. Pabrai's presentation to Peking University students. Pabrai's Dakshana Foundation. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet Bluehost Fundrise Public Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!  Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today's episode, Kyle Grieve explores the life of Charlie Munger, drawing insights from his biography Damn Right!. He'll cover Charlie's similarities and differences with Benjamin Graham, the value of dedicating an hour a day to thinking, the role of decisiveness and conviction in transformative investments, and how independent thinking shaped his life. Plus, he'll discuss lessons from his days practicing law, key takeaways from his investment partnership, and much more! IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:25 - How Charlie Munger's approach to investing was more similar to Benjamin Graham than most think. 13:08 - How selling himself just one hour a day transformed Charlie's thinking. 14:36 - Learn about Charlie's multi-billion-dollar missed opportunity. 25:22 - Lessons from Munger's legal career on working with people you like and how that shaped his investing strategy. 32:15 - Insights from Munger's Investment Partnership: what worked, what didn't, and why. 33:13 - What Munger and Benjamin Graham can teach you about the power of independent thinking. 42:22 - Why highly concentrated portfolios thrive in bull markets but face unique challenges in bear markets—and why they're not for everyone. 53:21 - Why owning a high-quality business is not just profitable but also less stressful—and infinitely more enjoyable. 01:00:55 - Discover why Berkshire Hathaway never having a grand plan was a massive advantage. 01:03:20 - How Munger approached capital allocation and his contrarian views on the cost of capital. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Buy Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger here. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Connect Invest TastyTrade The Bitcoin Way Public Fundrise American Express Miro ReMarkable Onramp SimpleMining Bluehost Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Tom welcomes back Tim Price from Price Value Partners, to discuss the happenings on the other side of the pond. Price shares concerns over Europe's chaos, comparing it unfavorably to the US under Trump, who he sees as reducing 'woke culture' and neo-Marxist economic policies. He criticizes the media for losing credibility due to untruths and emphasizes the importance of understanding debt economics. Price reflects on his experiences during the exchange rate mechanism crisis and shares skepticism towards state planning, believing it has historically failed. Tim also covers the potential swing from left to right in politics and corruption issues, with Trump's election seen as a possible catalyst for change. Additionally, gold or non-fiat money is suggested as an alternative to the corrupted monetary system. Price calls for individual empowerment and market efficiencies, criticizes central banks, and advocates for real assets and value investing. He discusses potential implications of Bitcoin reaching new heights and Tether's role in it. Throughout the interview, Tim Price encourages listeners to consider traditional investments like gold and silver, often overlooked despite their attractive valuations compared to the stock market. Time Stamp References:0:00 - Introduction0:39 - State of Europe2:48 - Trump & Pendulum Swings7:54 - Trends & Growing Debt10:17 - Bond Mkt Predictions15:50 - Endemic Issues20:23 - Milei & Trump22:04 - Global Cuts & Change23:00 - Fixing Corrupt Money26:55 - The Invisible Hand?31:34 - 40-Year Rate Regime37:30 - Too Early & Wrong44:53 - Silvers Potential48:04 - Finding Cheap Assets50:00 - Bitcoin 100k50:55 - Dollar Strength?55:42 - Time & Cheap Assets59:43 - Miners Underperformance1:02:17 - Contraian-isms1:03:07 - Wrap Up Talking Points From This Episode Europe's chaos contrasted unfavorably to US under Trump, with concerns over 'woke culture' and neo-Marxist economic policies. Media narratives criticized for losing credibility due to untruths, stressing importance of understanding debt economics in politics. Skepticism towards state planning historically, individual empowerment, real assets, value investing promoted. Guest Links:Twitter: https://twitter.com/TimPrice1969Website: https://www.pricevaluepartners.com/War On Cash: https://www.pricevaluepartners.com/war-on-cash/Articles: https://www.pricevaluepartners.com/commentaryTim's Podcast: State of the Markets BooksTim's Book (Amazon): https://www.amazon.ca/Investing-Through-Looking-Glass-Irrational/dp/0857195360 Book Recommendations:180 Degrees (Amazon): http://tinyurl.com/3vjvpnud Tim Price has worked in the capital markets for over 30 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms. Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards program and was a winner in 2005 in the category of Defensive Investing. He is now co-manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. He also co-manages bespoke private client portfolios. Tim writes for MoneyWeek Magazine and The Spectator, and his weekly commentaries are freely available at the Price Value Partners website.

On today's episode, Kyle Grieve discusses major takeaways from the book The Warren Buffett Portfolio, including why concentrated portfolios offer the highest probabilities of outperforming, how focus investors think about risk, Warren Buffett's four-step framework for identifying great investments, the importance of patience, discipline, and self-awareness to investing success, how to widen your circle of competence, why thinking in probabilities is intertwined with outperfrmance and risk reduction, and a whole lot more! IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:53 - The reasons that focus investors are concentrated and the pros and cons of having a concentrated portfolio. 07:12 - Buffett's views on risk and what risk means to him. 08:42 - Warren Buffett's 4-step framework to determine whether an investment is rational. 13:16 - The shared characteristics of these five investors, which helped them overperform. 14:51 - Exciting research on the effects of concentrating your portfolio on long-term performance. 22:35 - How to measure your performance using fundamentals instead of stock prices. 30:15 - Simple ways to widen your circle of competence. 39:01 - Why you should think in probabilities when thinking about investing and practical ways of applying it to your investing. 50:20 - The primary principles Warren Buffett learned from Benjamin Graham and Charlie Munger to best understand human psychology in markets. 55:26 - The roles of overconfidence, overreaction, loss aversion, and mental accounting have on investor psychology. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Buy The Warren Buffett Portfolio here. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Daloopa TastyTrade The Bitcoin Way Connect Invest Fundrise American Express Miro Onramp Public Facet SimpleMining Bluehost ReMarkable Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Are today's markets testing your patience, or making you question your strategies? Jason Zweig believes that timeless investment wisdom is more relevant now than ever. In this episode, we're recording live from the New York Stock Exchange as Zweig discusses why Benjamin Graham's "The Intelligent Investor" remains a cornerstone of disciplined investing. Zweig shares insights on the psychological challenges investors face, the role of human nature in decision-making, and why mastering market psychology is key to achieving lasting success. Listen now and learn: Why core investment principles remain crucial in a fast-paced world How to make market psychology work for, not against, you Strategies to recognize and manage emotional biases in investing The true meaning of being an intelligent investor Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

On today's episode, Kyle Grieve discusses the anatomy of a speculative event, why it's so easy for people to take part in them, and why these events are unlikely to stop in the future; a few major euphoric episodes from history outlined in the book, three more recent bubbles that most listeners lived though, why the rise in IPOs are often the result of mini bubbles, six primary takeaways from the book to help protect yourself from investing in bubbles, and a whole lot more! IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:26 - The blueprint of a speculative event 04:10 - Why we fool ourselves into following people with money who don't deserve to be followed 10:04 - A contrast of risk tolerance between Benjamin Graham and Warren Buffet 15:13 - A detailed account of Tulipomania and the story of the $80,000 price tag for a Tulip 19:13 - How a convicted criminal helped mastermind one of the most giant bubbles in history 25:36 - The importance of due diligence in assisting investors to avoid bubbles 28:13 - How bubbles feed on themselves, opening pathways for other businesses to take advantage of the euphoria 34:56 - A few of the precipitating factors that caused the great depression and the damage it created 39:43 - Breaking down the "Dot-com" bubble, the Great Financial Crisis, and post Covid-19 euphoria 55:41 - Why investors should take responsibility for their wins and their losses And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. John Kenneth Galbraith's book, A Short History of Financial Euphoria. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Connect Invest Public TastyTrade Fundrise Shopify American Express The Bitcoin Way ReMarkable Sound Advisory Facet SimpleMining Bluehost HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today's episode, William Green chats with Jason Zweig about his updated & revised edition of Benjamin Graham's The Intelligent Investor, which Warren Buffett describes as “by far the best book on investing ever written.” Jason, who also writes the Wall Street Journal's Intelligent Investor column, explains why Graham's classic book still holds vitally important lessons for today's investors. He also shares what he's learned from interviewing Buffett & Charlie Munger. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:33 - How Jason Zweig tackled the “honor & burden” of revising The Intelligent Investor. 11:06 - How Ben Graham's 4 core principles can help you to invest intelligently. 25:24 - What a sudden plunge in Japanese stocks shows about the craziness of markets. 27:56 - What Jason views as the most important paragraph ever written about investing. 32:42 - How Warren Buffett & Bill Miller profit from being “inversely” emotional. 33:57 - How regular investors can win by tuning out Wall Street's propaganda.  39:15 - Why you must decide if you're an “enterprising” or “defensive” investor. 44:40 - Why maintaining a “margin of safety” matters more than anything. 48:40 - Why Jason believes index funds should form the base of your portfolio. 52:52 -Why it's so hard to pick the tiny minority of “superstocks.” 1:00:21 - What dooms the vast majority of fund managers to underperform. 1:14:33 - How Graham's most successful investment violated his own principles. 1:33:01 - What life lessons Jason learned from Graham, Buffett, & Charlie Munger. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Jason Zweig's website. Benjamin Graham's The Intelligent Investor, revised and updated by Jason Zweig. Jason Zweig's book on neuroeconomics, Your Money and Your Brain. Jason Zweig's satirical survival guide to Wall Street, The Devil's Financial Dictionary. William Green's previous podcast episode with Jason Zweig | YouTube Video. William Green's podcast episode with Christopher Begg | YouTube Video. William Green's podcast episode with Peter Keefe | YouTube Video. William Green's book, “Richer, Wiser, Happier” – read the reviews. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Connect Invest Bluehost TastyTrade Miro American Express The Bitcoin Way ReMarkable Fundrise Facet Onramp SimpleMining Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Jason Zweig is a well-known personal finance journalist, author, and a long-time friend of the Bogleheads.   Jason became a columnist for The Wall Street Journal in 2008, and before that, he was a senior writer for Money magazine and a guest columnist for Time magazine and Cnn.com. From 1987 to 1995, Jason was the mutual funds editor at Forbes. Earlier, he had been a reporter-researcher for the Economy & Business section of Time and an editorial assistant at Africa Report, a bimonthly journal.   Jason is the author of several books, Your Money and Your Brain, The Devil's Financial Dictionary, The Little Book of Safe Money, and the editor of two revised editions of Benjamin Graham's classic text The Intelligent Investor, which is discussed in this podcast.     The Bogleheads on Investing podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org, and the wiki site is Bogleheads® wiki.    Since 2000, the Bogleheads' have held national conferences in major cities nationwide. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added regularly. All Bogleheads activities are coordinated by volunteers who contribute their time and talent.     This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated.  

Clay Finck chats with Tobias Carlisle about what led him to becoming a value investor, what mean reversion is and how it relates to his overall investment strategy, how inflation impacts his investment process, what the shiller PE is and why it's something to be mindful of, what his thoughts are on determining an appropriate discount rate, and much, much more! Tobias Carlisle is the founder of The Acquirer's Multiple®. He is also the founder of Acquirers Funds® which manages ZIG, the Acquirers Fund, and DEEP, the Roundhill Acquirers Deep Value Fund. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 02:00 - How Tobias ended up becoming a value investor. 07:43 - What investors had a big impact on Tobias's own development? 12:02 - What mean reversion is from an investment standpoint, and how it relates to his overall investment strategy. 21:44 - What the shiller PE is, and why it is something to be mindful of. 32:20 - How inflation impacts his overall thought process for stock investing. 44:03 - Tobias's thoughts on an appropriate discount rate, and what discount rate Warren Buffett might be using in his valuation process. 47:19 - The two funds the Acquirer's Fund manages - ZIG and DEEP. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Tobias Carlisle's book The Acquirer's Multiple. Tobias Carlisle's book Deep Value. Tobias Carlisle's book Quantitative Value. Bruce Greenwald's book Value Investing. Benjamin Graham's book, The Intelligent Investor. The Acquirer's Podcast. The Acquirer's Multiple. The Acquirer's Fund. Related Episode: Listen to MI025: Deep Value Investing w/ Tobias Carlisle, or watch the video. Related Episode: MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead, or watch the video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Public Toyota Airbnb Fundrise Found Facet NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Kyle Grieve chats with Robert Hagstrom about reflections from Warren Buffett's early investing mistakes, why GEICO's insurance float has been setup so perfectly for use by Warren Buffett, why low turnover portfolio's outperform other options, why looking at stocks as abstractions is such a powerful mental model, how Warren Buffett has made thinking long-term into his own competitive advantage, a detailed history on modern portfolio theory, and why it's so pervasive today, why investors should focus on certainties in their investing strategy, and a whole lot more! IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 05:30 - Details on Warren's mistakes on Berkshire Hathaway (textile mill) and subsequent mistakes with the Dexter Shoe acquisition. 08:44 - Why low turnover portfolios tend to outperform. 16:20 - Why you can outperform the market over the long term while underperforming the market 50% of the time. 18:29 - The importance of thinking of stocks as abstractions. 27:55 - How Warren Buffett has evolved his investing methods while staying true to his deeply held principles. 43:07 - Benjamin Graham's two most influential concepts Warren still abides by today. 43:07 - The history of modern portfolio theory and why it's so pervasive today. 54:28 - The single most important characteristic that has produced so much of Warren Buffett's success. 59:36 - The characteristics required to outperform the market. 01:08:09 - Why we should spend our investing time thinking about business rather than macroeconomics. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Buy The Warren Buffett Way here. Read more of Robert Hagstrom's articles here. Related Episode: TIP360: Inside The Money Mind Of Warren Buffett w/ Robert Hagstrom | YouTube video. Related Episode: MI307: Unpacking The Money Mind w/ Robert Hagstrom | YouTube video. Related Episode: MI222: How To Invest Like Warren Buffett w/ Robert Hagstrom | YouTube video. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Sun Life AFR The Bitcoin Way AT&T Sound Advisory Industrious Range Rover iFlex Stretch Studios Meyka Yahoo! Finance Vacasa Briggs & Riley Public American Express USPS Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm