Podcasts about Big Sky

On today's episode, Clay is joined by Joseph Shaposhnik to discuss the launch of his new ETF, Rainwater Equity. The Rainwater Equity ETF just launched on June 18th, 2025, under the ticker RW, and its objective is to compound capital at an above-average rate by investing in publicly listed recurring revenue businesses. The fund Joseph managed at his previous firm compounded at 16.7% since 2015, versus the S&P 500's 13.1% over that same time period. It was also the top-performing fund out of 343 in its US Large Cap Core Equity category by Nasdaq eVestment. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:39 - Joseph's lessons from spending a day with Peter Lynch. 12:09 - Why the active management industry is broken and how Joseph has set out to fix it. 22:12 - Why Bill Miller invested in Joseph's new ETF. 28:25 - Why recurring revenue is the ultimate business model. 40:11 - Whether any of the Magnificent 7 companies fit into Joseph's recurring revenue framework. 46:35 - The role that valuation plays in Joseph's quality investing framework. 55:30 - Joseph's top stock pick to hold for the next 20 years. 01:03:00 - Why Joseph is attracted to the aerospace aftermarket industry. 01:08:09 - Why Joseph chose the ETF structure over the mutual fund. 01:10:53 - How Joseph determined the appropriate position sizing for his fund. 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. Related Episode: TIP622: Finding Certainty in an Uncertain World w/ Joseph Shaposhnik. Related Episode: TIP522: Unconventional Wisdom from the Greatest Minds in Investing w/ Joseph Shaposhnik. Follow Joseph on LinkedIn & X. 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 ⁠Hardblock⁠ ⁠AnchorWatch⁠ ⁠Unchained⁠ ⁠Human Rights Foundation⁠ ⁠Vanta⁠ ⁠Indeed⁠ ⁠Fundrise⁠ ⁠Onramp⁠ ⁠Netsuite⁠ ⁠reMarkable⁠ ⁠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://premium.theinvestorspodcast.com/ 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

Join Jordan, Commish, Pitt Girl and Big Sky Brigit. We talk College World Series, Gage Wood's no hitter, BIRDS WITH TEETH VS BIRDS WITH TEETH, Joey Chestnut back!, MULCH FRAUD, Sac State leaving the Big Sky, Ron Rivera is now Cal's GM, Playoff format disputes, Bret Bielema's comments, College Tennis in danger?, Happy National Mascot Day, Kangaroos, Mascot Hall of Fame inductees and MASCOT SNUBS, then an Alaska Pronunciation and Population game and much, much more!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Host Bob St.Pierre is joined by The Nature Conservancy's Kelsey Molloy, Wyoming Migration Initiative's Andrew Jakes, Pheasants Forever's Casey Sill and PF's Montana State Coordinator Hunter VanDonsel for a discussion regarding the Montana Grassland Initiative. The dialogue spans the objectives for the initiative, emphasizing its advantages for Montana's diverse wildlife species as well as the farming and ranching community. Episode Highlights: • VanDonsel kicks off the conversation with a poignant narrative about walking across a Montana grassland while carrying his newborn daughter against his chest. This experience inspired VanDonsel to conceive the Montana Grassland Initiative and solidify his career aspirations. • Molloy and Jakes explain the significance of Montana's sagebrush habitat for sage grouse and pronghorn, particularly during their migration periods. • Jakes further discusses the distinct nature of pronghorns in North America, noting that their closest relative is Africa's giraffe. “On the Wing Podcast” is proudly fueled by Purina Pro Plan.

Eric Frandsen and Jason Walker visit with new Utah State men's basketball player Luke Kearney. Sacramento State moves to the Big West. But what will they do with football? Projections of TV revenue for Pac-12.

Join our community of RE investors on Skool: https://www.skool.com/the-real-estate-investing-club-5101/about?ref=44459ba83f5540f19109c8a530db4023SHORT-TERM RENTAL EMPIRE BUILDING SECRETS

Meet our newest guest, Miss Big Sky 2025, Sofia Beers! Sofia has a love of writing and journalism and a passion for supporting sexual violence survivors through her Community Service Initiative, 'Studio Bloom'. But Sofia doesn't view her tragedy as misery, instead an opportunity. We also discussed style, and featured our fun new made up business 'Gowns and Crowns'. Enjoy the episode!

Emilio Moreno Moreno Villanueva politologo y doctorante nos habla de René Girard y su teoría mimética como base para justificar los actos de vilencia, incluidos los que nacen en las diferentes religiones y sociedades de nuestro mundo, porque al final de muchas cosas el pensamiento religioso esta en la base de nuestras sociedades.Musica: https://www.purple-planet.com The Big Sky

On today's show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” In their quest for meaningful relationships and being the best version of themselves, they discuss what has made them Richer, Wiser, or Happier in the past quarter. You're invited to join them on their journey. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 00:07:45 - Why you will waste years if you can't waste hours 00:08:04 - The power of (not) structuring your day 00:13:53 - What you can clone from an optimal life design 00:59:46 - What William and Stig have read the last quarter that made them Richer, Wiser, and Happier 01:01:55 - How to have work-play integration rather than a work-life balance 01:03:55 - Why what is important starts and ends with quality 01:22:13 - Why the best things in life come from compounding 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. William Green's book Richer, Wiser, Happier – Read reviews of this book. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q1 2025. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q4 2024 Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q3 2024. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q1 2024. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q3 2023. Stig Brodersen and William Green's episode on being Richer, Wiser, and Happier, Q2 2023. Simon Singh's book, Fermat's Last Theorem – Read reviews of this book. David Hawkins' book, Letting Go – Read reviews of this book. Pico Iyer's book, Aflame – Read reviews of this book. Tara Springett's book, The Stairway to Heaven – Read reviews of this book. Robert Caro's book, Working - Read reviews of this book. Robert Gottlieb's documentary, Turn Every Page.  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 • Unchained • Vanta • Human Rights Foundation • Fundrise • reMarkable • Onramp • Netsuite • 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! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In this episode, Clay explores the core ideas behind Capital Returns by Edward Chancellor and Marathon Asset Management. Based on decades of investing experience, the book uncovers the capital cycle framework, which reveals how capital flows, supply dynamics, and managerial incentives drive long-term investment outcomes. Whether you're a value investor, a portfolio manager, or simply curious about market cycles, this episode offers guidance for understanding the boom and bust nature of cyclical industries. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:31 - How the capital cycle explains boom and bust industry dynamics. 07:03 - Why tracking supply is often more useful than forecasting demand. 16:20 - How capital discipline separates great managers from average ones. 05:07 - Why excess investment leads to lower future returns. 30:38 - Why cyclical industries can offer high-return opportunities. 41:50 - How incentives and ownership structures impact corporate decision-making. 49:10 - How low interest rates distort creative destruction and capital efficiency. 53:25 - Why mean reversion remains a powerful force in markets. 58:35 - How to spot red flags near capital cycle peaks. 01:03:55 - Why flexible thinking is essential for long-term investing success. 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. Edward Chancellor's book: Capital Returns. Gautam Baid's book: The Joys Of Compounding. Related Episode: TIP505: The Price of Time w/ Edward Chancellor. Mentioned Episode: TIP727: 7 Powers by Hamilton Helmer. 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 ⁠Hardblock⁠ ⁠AnchorWatch⁠ ⁠Unchained⁠ ⁠Vanta⁠ ⁠Human Rights Foundation⁠ ⁠Fundrise⁠ ⁠reMarkable⁠ ⁠Onramp⁠ ⁠Netsuite⁠ ⁠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://premium.theinvestorspodcast.com/ 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

Colter Nuanez continues his offseason journey around Big Sky football by catching up with Northern Arizona head coach Brian Wright. Plus: Peyton Garrison, part of Montana State's mile relay team that's getting set to compete at the national championships.

Big Sky, Freemansburg, Harleys, Nos, Nitro, snakes plus much more. Enjoy!

Northern Arizona head coach Brian Wright joins Colter Nuanez for this week's Big Sky Spotlight. 

On this episode of The Bluebloods, Zach McKinnell is joined by Timothy Rosario from FCS Football Central on SI to discuss the projected over/under win totals for every team in the Big Sky ahead of the 2025 college football season. Does Montana's Schedule Give The Grizzlies An Advantage Over Montana State? Will Northern Arizona or Sacramento State be able to challenge for the Big Sky Championship? How Many Teams From The Big Sky Will Make The FCS Playoffs? All this & more right here on The Bluebloods!

Today on Too Opinionated we sit down with actor Paul Piaskowski!  Paul can currently be seen playing Robert on Resident Alien. Paul is also known for his work on Togo, Family Law, Wild Cards, The Good Doctor, Yellowjackets, Nancy Drew, Big Sky, A Million Little Things, Supergirl, Arrow, IZombie and Supernatural!  Make sure to check out all of our Great Resident Alien Interviews: https://youtube.com/playlist?list=PLbjgvaCt6qMFE7UM3htQDrU8txJ7EjfYo&si=Cp5iWRyY4MIwjHlk   Want to watch: YouTube Meisterkhan Pod (Please Subscribe)  

Michele Lockwood is an artist, writer, photographer, clothing designer, mother, activist, and environmental scientist. She grew up in the boroughs of New York City and started sneaking out to hip-hop gigs, house music clubs, and punk shows while in high school. She hung out at the Brooklyn Banks in the late 1980s, and played the character “Kim” in Larry Clark's 1995 film Kids. The X-girl logo, designed by Mike Mills, was based on her face, which led her to becoming a clothing designer in Tokyo with her own brand, called Material. Lockwood has lived in Australia for the last 20-odd years with her partner, Andrew Kidman, on a rural property in the hills between Byron Bay and the Gold Coast. Recently, Lockwood has started working for a not-for-profit Indigenous organization that helps to build more resilient communities and ecosystems. In her spare time, she studies and publishes papers on a local endangered frog species. In this episode of Soundings, Lockwood sits down with Jamie Brisick at the Big Sky compound to talk about her teenage years, creativity, fashion, surfing in California, Kids, music, the artistic process, moving to Australia, and the study of frogs. 

Montana's burgeoning film industry got a boost this spring when Story House Montana purchased the former Roseburg wood products plant in Missoula with plans to turn the project into a full-service movie studio – with housing, to boot. Click on […] The post Story House Montana – Big Stages for Big Sky Movies and More first appeared on Voices of Montana.

On this episode of The Bluebloods, Zach McKinnell is joined by Timothy Rosario from FCS Football Central on SI to preview the Big Sky entering the 2025 college football season. In the first part of the official Big Sky preview, the two discuss the biggest storylines across the conference. Who Will Emerge As The Starting QB At Montana State? Will Montana Resolve Its QB Issues From Last Season? Who Are The Biggest Dark Horses In The Conference? All this & more right here on The Bluebloods!

In this week's Akem's Analysis, Samuel Akem will be examining the Big Sky Conference and discussing where he see the teams ranked in the preseason. We will also examine whether QB proficiency makes a difference in a team's success. The data shows that it may not be as important as some think. Villanova is following the trend of teams leaving the CAA and joining the Patriot League. What does this mean for the CAA going forward? We will also be talking about the NCAA v. House Settlement being approved and all the changes that are coming along with it. There is a new governance model and NIL Go clearinghouse platform.0:00 - Intro 3:41 - My Initial Big Sky 2025 Preseason Poll 12:59 - Is QB Proficiency As Important To FCS Success As We Think? 23:18 - HERO Sports Preseason Top-25 Poll 29:02 - Villanova Leaving The CAA 36:16 - The NCAA v. House Settlement Has Officially Been Approved 55:48 - EA Sports College Football 26 Will Pay Schools For Team Usage 57:40 - ChatGPT Jokes of The Week 1:00:10 - Final Thoughts 1:02:31 - End

In today's episode, Stig Brodersen is talking stocks with Tobias Carlisle and Hari Ramachandra. Stig's pick is Microsoft, the world's biggest market cap company for good reason. Tobias is pitching Devon Energy, an oil and gas producer with a big upside if you're right about the timing. Hari's stocks of choice are Adyen and Block, two fast-growing companies with stronger moats that meet the eye. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:51 - Why Hari is bullish on Block and Adyen (Ticker on NYSE: XYZ and on Euronext: ADYEN). 12:48 - The bear case for Block and Adyen, including valuation and disruption. 24:22 - Stig's bull case is for Microsoft (Ticker on NASDAQ: MSFT). 44:55 - The bear case for Microsoft, including the rich valuation. 56:56 - Why Toby is bullish on Devon Energy (Ticker on NYSE: DVN). 01:05:31 - The bear case of Devon Energy, including the debt level and share issuance. 01:27:06 - What the TIP Mastermind Community is and how we're forming meaningful relationships. 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. Stig Brodersen's Portfolio and Track record.  Listen to Mastermind Discussion Q1, 2025 or watch the video.   Listen to Mastermind Discussion Q4, 2024 or watch the video.   Listen to Mastermind Discussion Q3, 2024 or watch the video. Listen to Mastermind Discussion Q2, 2024 or watch the video. Tune in to the Mastermind Discussion Q1, 2024 or watch the video. Listen to Mastermind Discussion Q4, 2023 or watch the video. Tune in to the Mastermind Discussion Q3, 2023 or watch the video. Listen to Mastermind Discussion Q2, 2023 or watch the video. Bill Gates' autobiography, Source Code – read reviews of this book. Stig and Preston book review of Paul Allen's book, Idea Man.  Tobias Carlisle's podcast, The Acquirers Podcast. Tobias Carlisle's ETF, ZIG. Tobias Carlisle's ETF, Deep. Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this book. Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com Tweet directly to Tobias Carlisle: @Greenbackd. Tweet directly to Hari Ramachandra: @harirama. 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 ⁠⁠Unchained⁠⁠ ⁠⁠Human Rights Foundation⁠⁠ ⁠⁠Onramp⁠⁠ ⁠⁠Fundrise⁠⁠ ⁠⁠Vanta⁠⁠ ⁠⁠Netsuite⁠⁠ ⁠⁠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://premium.theinvestorspodcast.com/ 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

The Storm Skiing Journal and Podcast explores the world of lift-served skiing year-round. Join us.WhoPete Sonntag, Chief Operating Officer and General Manager of Sun Valley, IdahoRecorded onApril 9, 2025About Sun ValleyClick here for a mountain stats overviewOwned by: The R. Earl Holding family, which also owns Snowbasin, UtahPass affiliations:* Ikon Pass – 7 days, no blackouts; no access on Ikon Base or Session passes; days shared between Bald and Dollar mountains* Mountain Collective – 2 days, no blackouts; days shared between Bald and Dollar mountainsReciprocal pass partners: Challenger Platinum and Challenger season passes include unlimited access to Snowbasin, UtahLocated in: Ketchum, IdahoClosest neighboring ski areas: Rotarun (:47), Soldier Mountain (1:10)Base elevation | summit elevation | vertical drop:Bald Mountain: 5,750 feet | 9,150 feet | 3,400 feetDollar Mountain: 6,010 feet | 6,638 feet | 628 feetSkiable Acres: 2,533 acres (Bald Mountain) | 296 acres (Dollar Mountain)Average annual snowfall: 200 inchesTrail count: 122 (100 on Bald Mountain; 22 on Dollar) – 2% double-black, 20% black, 42% intermediate, 36% beginnerLift fleet:Bald Mountain: 12 lifts (8-passenger gondola, 2 six-packs, 6 high-speed quads, 2 triples, 1 carpet - view Lift Blog's of inventory of Bald Mountain's lift fleet)Dollar Mountain: 5 lifts (2 high-speed quads, 1 triple, 1 double, 1 carpet - view Lift Blog's of inventory of Dollar Mountain's lift fleet)Why I interviewed him (again)Didn't we just do this? Sun Valley, the Big Groom, the Monster at the End of The Road (or at least way off the interstate)? Didn't you make All The Points? Pretty and remote and excellent. Why are we back here already when there are so many mountains left to slot onto the podcast? Fair questions, easy answer: because American lift-served skiing is in the midst of a financial and structural renaissance driven by the advent of the multimountain ski pass. A network of megamountains that 15 years ago had been growing creaky and cranky under aging lift networks has, in the past five years, flung new machines up the mountain with the slaphappy glee of a minor league hockey mascot wielding a T-shirt cannon. And this investment, while widespread, has been disproportionately concentrated on a handful of resorts aiming to headline the next generation of self-important holiday Instagram posts: Deer Valley, Big Sky, Steamboat, Snowbasin, and Sun Valley (among others). It's going to be worth checking in on these places every few years as they rapidly evolve into different versions of themselves.And Sun Valley is changing fast. When I hosted Sonntag on the podcast in 2022, Sun Valley had just left Epic for Ikon/Mountain Collective and announced its massive Broadway-Flying Squirrel installation, a combined 14,982 linear feet of high-speed machinery that included a replacement of North America's tallest chairlift. A new Seattle Ridge sixer followed, and the World Cup spectacle followed that. Meanwhile, Sun Valley had settled into its new pass coalitions and teased more megalifts and improvements to the village. Last December, the resort's longtime owner, Carol Holding, passed away at age 95. Whatever the ramifications of all that will be, the trajectory and fate of Sun Valley over the next decade is going to set (as much or more than it traces), the arc of the remaining large independents in our consolidating ski world.What we talked aboutThe passing and legacy of longtime owner Carol Holding and her late husband Earl – “she was involved with the business right up until the very end”; how the Holdings modernized the Sun Valley ski areas; long-term prospects for Sun Valley and Snowbasin independence following Mrs. Holding's passing; bringing World Cup Downhill races back to Sun Valley; what it took to prep Bald Mountain for the events; the risks of hosting a World Cup; finish line vibes; the potential for a World Cup return and when and how that could happen; the impact of the Challenger and Flying Squirrel lift upgrades; potential upgrades for the Frenchman's, River Run, Lookout Express, and Christmas lifts; yes Sun Valley has glades; the impact of the Seattle Ridge chairlift upgrade; why actual lift capacity for Sun Valley's legacy high-speed quads doesn't match spec; explaining Sun Valley's infrastructure upgrade surge; why Mayday and Lookout will likely remain fixed-grip machines; the charm of Dollar Mountain; considering Dollar lift upgrades; what happened to the Silver Dollar carpet; why Sun Valley is likely sticking with Ikon and Mountain Collective long-term after trying both those coalitions and Epic; whether Sun Valley could join Ikon Base now that Alterra ditched Ikon Base Plus; RFID coming at last; whether we could still see a gondola connection between Sun Valley Village and Dollar and Bald mountains; and why Sun Valley isn't focused on slopeside development at Bald Mountain.Why now was a good time for this interviewSince I more or less covered interview timing above, let me instead pull out a bit about Sun Valley's megapass participation that ended up being timely by accident. We recorded this conversation in April, well before Vail Resorts named Rob Katz its CEO for a second time, likely resetting what had become a lopsided (in Alterra's favor) Epic-versus-Ikon battle. Here's what Sonntag had to say on the pod in 2022, when Sun Valley had just wrapped its three-year Epic Pass run and was preparing for its first season on Ikon:… our three-year run with Epic was really, really good. And it brought guests to Sun Valley who have never been here before. I mean, I think we really proved out the value of these multi-resort passes and these partner passes. People aspire to go other places, and when their pass allows them to do that, that sometimes is the impetus. That's all they need to make that decision to do it. So as successful as that was, we looked at Ikon and thought, well, here's an opportunity to introduce ourselves to a whole new group of guests. And why would we not take advantage of that? We're hoping to convert, obviously, a few of these folks to be Sun Valley regulars. And so now we have the opportunity to do that again with Ikon.When I asked Sonntag during that conversation whether he would consider returning to Epic at some point, he said that “I'm focused on doing a great job of being a great partner with Ikon right now,” and that, “I'm not ready to go there yet.”With three winters of Ikon and Mountain Collective membership stacked, Sonntag spoke definitively this time (emphasis mine):We are very very happy with how everything has gone. We feel like we have great partners with both Ikon, which is, you know, partnering with a company, but they're partners in every sense of the word in terms of how they approach the partnership, and we feel like we have a voice. We have access to data. We can really do right by our customers and our business at the same time.Should we read that as an Epic diss on Broomfield? Perhaps, though saying you like pizza doesn't also mean you don't like tacos. But Sonntag was unambiguous when I asked whether Sun Valley was #TeamIkon long-term: “I would see us staying the course,” he said.For those inclined to further read into this, Sonntag arrived at Sun Valley after a long career at Vail Resorts, which included several years as president/COO-equivalent of Heavenly and Whistler. And while Sun Valley is part of a larger company that also includes Snowbasin, meaning Sonntag is not the sole decision-maker, it is interesting that an executive who spent so much of his career with a first-hand look inside the Epic Pass would now lead a mountain that stands firmly with the opposition.What I got wrongI mischaracterized the comments Sonntag had made on Epic and Ikon when we spoke in 2022, making it sound as though he had suggested that Sun Valley would try both passes and then decide between them. But it was me who asked him whether he would decide between the two after an Ikon trial, and he had declined to answer the question, saying, as noted above, that he wasn't “ready to go there yet.”Why you should ski Sun ValleyIf I was smarter I'd make some sort of heatmap showing where skier visits are clustered across America. Unfortunately I'm dumb, and even more unfortunately, ski areas began treating skier visit numbers with the secrecy of nuclear launch codes about a decade ago, so an accurate map would be difficult to draw up even if I knew how.However, I can offer a limited historical view into the crowding advantages that Sun Valley offers in comparison to its easier-to-access peer resorts. Check out Sun Valley's average annual skier visits from 2005 to 2011, compared to similarly sized Breckenridge and Keystone, and smaller Beaver Creek:Here's how those four ski areas compare in size and average skier visits per acre:Of course, 2011 was a long time ago and multi-mountain passes have dramatically reworked visitation patterns. Breck, Keystone, and Beaver Creek, all owned by Vail during the above timeframe, joined Epic Pass in 2008, while Sun Valley would stand on its own until landing on Mountain Collective in 2015, then Epic in 2019, then back to MC and Ikon in 2022. Airline service to Sun Valley has improved greatly in the past 15 years, which could also have ramped up the resort's skier visits.Still, anecdote and experience suggest that these general visitation ratios remain similar to the present day. Beaver Creek remains a bit of a hidey-hole by Colorado standards, but Breck and Keystone, planted right off America's busiest ski corridor in America's busiest ski state, are among the most obvious GPS inputs for the Epic Pass masses. No one has to try that hard to get to Summit County. To get to Sun Valley, you still have to work (and spend), a bit more.So that's the pitch, I guess, in addition to all the established Sun Valley bullet points: excellent grooming and outrageous views and an efficient and fast lift network. By staying off the Ikon Base Pass, not to mention Interstates 70 and 80, Sun Valley has managed to achieve oxymoron status: the big, modern U.S. ski resort that feels mostly empty most of the time. It's this and Taos and Telluride and a few others tossed into the far corners of the Rockies, places that at once feel of the moment and stand slightly outside of time.Podcast NotesOn Sun Valley/Pete 1.0Sonntag first joined me on the pod back in 2022:On Carol HoldingLongtime Sun Valley owner Carol Holding passed away on Dec. 23, 2024. Boise Dev recalled a bit of the family legacy around Sun Valley:“One day, I spotted Earl and Carol dining on the patio and asked him again,” Webb told Bossick. “And Carol turned to him and said, ‘Earl, you've been saying you're going to do that for years. If you don't build a new lodge, I'm going to divorce you.' That's what she said!”The lodge opened in 2004, dubbed Carol's Dollar Mountain Lodge.In a 2000 interview with the Salt Lake Tribune, Carol made it clear that she was as much a part of the business as Earl, whose name caught most of the headlines.“I either became part of his business or lived alone,” she said.The pair often bought distressed or undervalued assets and invested to upgrade them. She told the Tribune that paying attention to the dollars in those early years made a big difference.“I still have the first dollar bill that anyone gave me as a tip,” she said.Once they bought Sun Valley, Robert and Carol wasted no time.Wally Huffman, the resort's GM, got a call to the area above the Ram Restaurant. Someone was stuffing mattresses out the window, and they were landing with a thud on the kitchen loading dock below. Huffman called Janss – the person who had owned the resort – and asked what to do.“I think you should do whatever Mr. Holding tells you to do.”Robert and Carol had purchased the property, and upgrades were well underway. They didn't know how to ski. But they did know hospitality.“Why would anyone who didn't know how to ski buy a ski resort? That wasn't why we bought it—to come here to ski,” Carol said. “We bought it to run as a business.”Earl Holding's 2013 New York Times obituary included background on the couple's purchase of Sun Valley:A year later, Carol Holding, who was her husband's frequent business partner, showed him a newspaper article about the potential sale of Sun Valley. He bought the resort, which had fallen into disrepair since its glory years as a getaway for Ernest Hemingway and others, after he and his wife spent a day there skiing. They had never skied before.Davy Ratchford, President of sister resort Snowbasin, told a great story about Carol Holding on the podcast back in 2023 [31:20]:Mrs. Holding is an amazing woman and is sharp. She knows everything that's going on at the resorts. She used to work here, right? She'd flip burgers and she'd sell things from the retail store. I mean she's an original, right? Like she is absolutely amazing and she knows everything about it. And I was hired and I remember being in our lodge and I had all the employees there and she was introducing me, and it was an amazing experience. I remember I was kneeling down next to her chair and I said, “You know, Mrs. Holding, thank you for the opportunity.” And she grabs both your hands and she holds them in tight to her, and that's how she talks to you. It's this amazing moment. And I said, “I just want to make sure I'm doing exactly what you want me to do for you and Earl's legacy of Snowbasin.” I know how much they love it, right? Since 1984. And I said, “Can I just ask your advice?” And this is exactly what she said to me, word for word, she said, “Be nice and hire nice people.” And every employee orientation since then, I've said that: “Our job is to be nice and to hire nice people.”Listen to the rest here:On Sun Valley's evolutionWhen the Holdings showed up in 1977, Sun Valley, like most contemporary ski areas, was a massive tangle of double and triple chairs:The resort upgraded rapidly, installing seven high-speed quads between 1988 and 1994: Unfortunately, the ski area chose Yan, whose bungling founder's shortcuts transformed the machines into deathtraps, as its detachable partner. The ski area heavily retrofit all seven machines in partnership with Doppelmayr in 1995. Sun Valley has so far replaced three of the seven Yans: the Seattle Ridge sixer replaced the detach quad of the same name last year and the Broadway sixer and Flying Squirrel quad replaced the Broadway and Greyhawk quads in 2023, on a new alignment:Sonntag outlines which of the remaining four Yan-Doppelmayr hybrids will be next on the pod.I've summarized the Yan drama several times, most recently in the article accompanying my podcast conversation with Mammoth COO Eric Clark earlier this year:On World Cup resultsWhile we talk in general about the motivation behind hosting the World Cup, what it took to prep the mountain, and the energy of the event itself, we don't get a lot into the specifics of the events themselves. Here are all the official stats. Videos here.On gladesYes, Sun Valley has glades (video by #GoProBro, which is me):On Ikon Pass' evolutionI feel as though I publish this chart every other article, but here it is. If you're reading this in the future, click through for the most current:On the Sun Valley Village masterplanWe discuss an old Sun Valley masterplan that included a gondola connection from the village to Dollar and then Bald mountains:The new village plan, which is a separate document, rather than an update of the image above, doesn't mention it:Why? We discuss.The Storm Skiing Journal and Podcast is a reader-supported publication. Please support independent ski journalism, or we'll all be reading about bros backflipping over moving trains for the rest of our lives. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

In this episode, Clay explores Hamilton Helmer's 7 Powers framework, breaking down each of the seven sources of enduring competitive advantage. While companies all over the world offer benefits and value to society at large, few have barriers in place that prevent competitors from easily replicating those advantages. Whether you're an investor or business operator, this episode is an essential listen to understand the critical ingredients for long-term success in business. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:34 - What it means for a company to have Power. 07:04 - The power of scale economies. 12:12 - Why network effects are one of the best competitive advantages a business can have. 18:05 - Why counter-positioning is Hamilton Helmer's favorite Power. 30:19 - The types of switching costs that can keep customers locked in for years. 38:24 - Why customers are willing to consistently pay up for a great brand name. 51:24 - How companies can capture a cornered resource that even well-funded competitors are unable to replicate. 56:46 - Why process power is the rarest of the all the powers. 01:03:00 - A case study on Netflix and how they built multiple Powers outlined in the book. 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. Hamilton Helmer's book: 7 Powers. Mentioned Episode: TIP600: Business Durability and Strategy Masterclass w/ Hamilton Helmer. 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 ⁠Hardblock⁠ ⁠AnchorWatch⁠ ⁠Unchained⁠ ⁠Human Rights Foundation⁠ ⁠Onramp⁠ ⁠Fundrise⁠ ⁠Vanta⁠ ⁠Netsuite⁠ ⁠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://premium.theinvestorspodcast.com/ 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

John Canzano and Jon Wilner talk with Big Sky Conference Commissioner Tom Wistrcill about the madness of college athletics. Subscribe to this podcast and share it. • Read John Canzano's work at www.JohnCanzano.com. • Read Jon Wilner's work at www.Pac12Hotline.com via the Bay Area News Group. Follow on Twitter: www.Twitter.com/JohnCanzanoBFT www.Twitter.com/WilnerHotline

Part of the brain trust behind Wildfire FC of Missoula, Montana- Charlie Vandam and Shannon Flanagan- drop by to talk about the last year-plus as Wildfire gets ready for their 2025 dry run this weekend in Montana...We talk about the sport in the state, the runway to get to this weekend, and the goals going forward...

On today's episode, Kyle Grieve chats with Jon Cukierwar about his unique global investing approach focused on undiscovered companies. They delve into Jon's high-conviction strategy, his in-depth on-the-ground research process, and how he uncovers overlooked opportunities by combining valuation, quality, and growth. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:02 - Lessons Jon learned working for legend Bob Robotti 07:19 - Why Jon favours high-quality, growing businesses 17:26 - How Jon counters bias when meeting charismatic CEOs 25:50 - Why local investor networks unlock global insights 36:23 - Why Jon prioritizes owners' earnings over net income 37:41 - The three essential traits Jon demands in investment and what makes an investment a “no-brainer” for Jon 39:47 - Why holding winners is harder than it seems 53:57 - Why Jon leans toward “boring” low-tech businesses 1:00:30 - What traits Jon values most in company leadership 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 Jon's shareholder letters here. Read Jon's research 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? 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 • DeleteMe • Fundrise • Vanta • The Bitcoin Way • Unchained • CFI Education • Onramp • 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

On today's episode, Clay is joined by Tim Koller to discuss all things valuation. Tim is the lead author of Valuation: Measuring and Managing the Value of Companies which is the #1 best-selling guide to business valuation. This book—now in its eighth edition—has sold more than one million copies, and is used as a textbook at top business schools such as Wharton School, University of Chicago, MIT, INSEAD, Tuck School of Business, and Northwestern University. As a Partner at McKinsey & Company, Tim combines broad cross-sector experience with decades of service to clients in value creation, corporate strategy, capital-markets issues, and M&A transactions. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:45 - How companies create shareholder value. 05:13 - The common misconceptions related to creating shareholder value. 13:54 - How managers should think about return on invested capital. 28:08 - Why it's so common for managers to not take a long-term approach. 33:16 - How return on invested capital impacts a company's valuation. 46:30 - How Tim thinks about the vast differences in returns we've seen in the US relative to Europe. 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. Tim's book: Valuation. McKinsey's website. McKinsey's insights: McKinsey on Finance. Related Episode: TIP577: Valuation Masterclass w/ Aswath Damodaran. Follow Tim on 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 ⁠Hardblock⁠ ⁠AnchorWatch⁠ ⁠DeleteMe⁠ ⁠Fundrise⁠ ⁠Vanta⁠ ⁠The Bitcoin Way⁠ ⁠Unchained⁠ ⁠CFI Education⁠ ⁠Onramp⁠ ⁠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://premium.theinvestorspodcast.com/ 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

Rebecca and Shannon welcome legendary photographer Robert Osborn and colleague Rheanna Menges to We're No Dam Experts. From launching BMX Action magazine in the 1970s to documenting Montana's ranch life and Native communities, Osborn's work spans over 70 years and is now featured at the C.M. Russell Museum. Tune in for stories behind the photos and the impact of a visual storyteller who helped shape both BMX culture and Montana history. Robert Osborn: https://www.robertosborn.com/about CM Russell Museum: https://cmrussell.org/exhibitions-2/

Trisha joins Tommy on the Trail Lunchbox for a conversation about Marshall Madness, set to take place on  Sunday, June 1 from 11am–3pm — an epic outdoor bash with group runs, hikes, and rides, brand-new trails, food trucks, Big Sky beer, and hourly raffle prizes! From bike jousting and a dunk tank to a live set by DJ Ivanoff and a bike skills clinic, this is the ultimate summer kickoff you don't want to miss — and yes, there's even free town shuttles and loaner bikes!SCHEDULE OF EVENTS10:30 AM - SHUTTLES BEGIN (1205 E Broadway St, Missoula, MT 59802)11:00 AM - DJ Ivanoff Kicks things off11:30 AM - FOOD TRUCKS BEGIN SERVICE11:30 PM - FIRST RIDE, RUN & HIKE BEGINS (and every half hour thereafter)12:00 PM - RAFFLE #112:30 PM - FIRST 'CASH DASH' SCRAMBLE (Your chance to win $100 cash!)1:00 PM - RAFFLE #212:30 PM - SECOND 'CASH DASH' SCRAMBLE (Your chance to win $100 cash!)2:00 PM - RAFFLE #32:30 PM - LAST RIDE, RUN & HIKE3:00 PM - LAST SHUTTLE BACK TO TOWN

On today's episode, Kyle Grieve chats about one of the most iconic businesses in history—Coca-Cola—and explores its enduring competitive advantages, its remarkable turnaround under CEO Roberto Goizueta, and what Warren Buffett saw that made it one of Berkshire Hathaway's most legendary investments. Kyle unpacks why Coke's brand power, global distribution, and intelligent capital allocation have helped it dominate for over a century and why understanding this story can help you spot other life-changing investments. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:03 - What gives Coca-Cola four enduring edges over competitors worldwide. 08:04 - A brief overview of Coca-Cola's two primary business segments. 09:38 - Why Goizueta's personality reshaped Coca-Cola's future in unexpected ways. 11:14 - What makes Coca-Cola's brand unforgettable across cultures and decades. 25:16 - The unique metric Goizueta used to unlock hidden value. 27:12 - What Warren Buffett saw before betting big on Coca-Cola. 39:40 - A mental model experiment Munger used to gauge Coke's potential. 48:48 - How inversion revealed Coca-Cola's moat through Charlie Munger's lens. 50:03 - The real story behind Coca-Cola's infamous recipe change. 55:43 - Why Coke's scale and network keep competition permanently outmatched. 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. Buy I'd Like the World to Buy a Coke here. Buy The Warren Buffett Way here. Read Charlie Munger's $2 trillion Coke hypothesis 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 ⁠⁠Fundrise⁠⁠ ⁠⁠DeleteMe⁠⁠ ⁠⁠CFI Education⁠⁠ ⁠⁠Vanta⁠⁠ ⁠⁠The Bitcoin Way⁠⁠ ⁠⁠Onramp⁠⁠ ⁠⁠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://premium.theinvestorspodcast.com/ Support our show by becoming a premium member! ⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today's episode, Kyle Grieve chats with James and Abigail Zimmerman about the strength of growing and sustainable cash flowing businesses; the importance of strong balance sheets; how they navigate their circle of competence, and the steps they take to expand it; why simplicity is so important in an age of complexity, how they use cash as a boost, and not a drag on returns, and much more. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:28 - How communities—public and private—can spark better investment ideas. 07:06 - Why free cash flow yield is their north star metric. 10:09 - How to tell if value drivers are simple or deceptively complex. 14:00 - Why staying inside your circle of competence protects your downside. 19:22 - How “Fort Knox” balance sheets help survive any market storm. 28:23 - Key signals that suggest a business can sustain high ROIC. 32:56 - What truly shows management is aligned, not just insider ownership. 43:25 - The hidden risks that make many retailers dangerous investments. 53:07 - How an equity-bond lens helps compare all asset classes. 01:06:39 - When to double down on winners. 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 about The Magic Formula here. Check out Value Investors Club here. Check out SumZero here. Check out MOI Global  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 Unchained Fundrise DeleteMe CFI Education The Bitcoin Way Vanta Onramp 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://premium.theinvestorspodcast.com/ Support our show by becoming a premium member! ⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In this week's Akem's Analysis, Samuel Akem talks about all the teams in the Big Sky Conference and  strength of schedule. He looks deeply into the previous top-5 teams from the conference last year (UC Davis, Idaho, Montana State, Montana, & NAU), or in other words, all the playoff teams. Also, analysis about Deloitte and the newly formed "NIL Clearinghouse", which will serve as the new governing arm for NIL in college football.0:00 - Intro 3:55 - Toughest Strength of Schedules In The Big Sky 29:00 - NIL, Clearing House, Deloitte, Collectives 52:21 - 16-Team CFP Playoff Proposal 1:01:10 - Final Thoughts 1:02:37 - End 

Colter Nuanez runs down the best high school storylines in the state, from potential records falling at the state track meet to the Treasure State's top football recruit heading to the Big 10. Plus: Trevor Subith and Sadie McGuinn of Missoula Big Sky softball join the show.

Big Sky pole vault champ Tatum Richards of Montana State joins the show, as does head coach Wade Sellers of Missoula Sentinel softball.

Montana Commissioner of Securities and Insurance James Brown joined guest host Kyle Riley to discuss: the upcoming 2025 ‘Investing in Montana’ Summit June 12 in Bozeman; the June National Association of Insurance Commissioners Mid-Year Meeting in Big Sky; and numerous […] The post Laws from Montana's 69th Legislature that could Impact You first appeared on Voices of Montana.

Colter Nuanez recaps the weekend's action, from the NBA Playoffs to the PGA Championship to the Big Sky track championships. Plus: one of the stars of the Big Sky meet, Montana sprinter Tara Ohlwiler, joins the show live.

Montana State runner Harvey Cramb made history at the Big Sky outdoor championships, setting a new record in the 1500. The track star joined the show to discuss his big race and more. Plus: Colter Nuanez and Andrew Houghton start to look forward to the NBA conference finals.

In this special celebratory episode, William Green spotlights some of the most important lessons from the greatest investor of all time: Warren Buffett. In honor of Buffett's historic decision to retire after 60 years as Berkshire Hathaway's CEO, William offers his thoughts on Buffett's legacy & Berkshire's future; he also shares powerful highlights from his conversations about Buffett with Joel Greenblatt, Nick Sleep, Thomas Russo, Chris Davis, Chuck Akre & Christopher Bloomstran. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 04:20 - What makes Berkshire Hathaway's annual meeting a joyous experience. 06:13 - How Warren Buffett's virtues & values shone through at this year's AGM. 14:51 - How he & Charlie Munger made most of their money off 8 or 9 big bets. 22:41 - What Buffett taught Joel Greenblatt about buying great businesses. 27:24 - What stunned Greenblatt when he finally met Buffett. 33:45 - Why Chuck Akre attributes his enormous success to Buffett's teachings. 38:18 - What Thomas Russo learned from Buffett about reducing “agency risk.” 46:17 - How Buffett inspired Nick Sleep to do what he already knew was right. 52:34 - Why Christopher Bloomstran thinks all CEOs should study Berkshire. 1:19:54 - Why Buffett focuses relentlessly on resilience in the face of extreme risks. 1:22:48 - What principles guide Greg Abel's philosophy of asset allocation. 1:26:00 - Why Berkshire directors like Chris Davis vow to protect its unique culture. 1:33:39 - How he achieved staggering success without making enemies. 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. Berkshire Hathaway's annual reports since 1995. Robert Hagstrom's book The Warren Buffett Way. Dale Carnegie's book How to Win Friends & Influence People. William Green's podcast episode with Joel Greenblatt. William Green's podcast episode with Thomas Russo. William Green's podcast episode with Christopher Bloomstran. William Green's podcast episode with Chris Davis. William Green's book, “Richer, Wiser, Happier” – ⁠read the reviews of this book⁠. 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? 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 ⁠Fundrise⁠ ⁠DeleteMe⁠ ⁠CFI Education⁠ ⁠Vanta⁠ ⁠The Bitcoin Way⁠ ⁠Onramp⁠ ⁠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! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

The Storm Skiing Journal and Podcast is a reader-supported publication (and my full-time job). To receive new posts and to support independent ski journalism, please consider becoming a free or paid subscriber.WhoJoe Hession, CEO of Snow Partners, which owns Mountain Creek, Big Snow American Dream, SnowCloud, and Terrain Based LearningRecorded onMay 2, 2025About Snow PartnersSnow Partners owns and operates Mountain Creek, New Jersey and Big Snow American Dream, the nation's only indoor ski center. The company also developed SnowCloud resort management software and has rolled out its Terrain Based Learning system at more than 80 ski areas worldwide. They do some other things that I don't really understand (there's a reason that I write about skiing and not particle physics), that you can read about on their website.About Mountain CreekLocated in: Vernon Township, New JerseyClosest neighboring public ski areas: Mount Peter (:24); Big Snow American Dream (:50); Campgaw (:51) Pass affiliations: Snow Triple Play, up to two anytime daysBase elevation: 440 feetSummit elevation: 1,480 feetVertical drop: 1,040 feetSkiable Acres: 167Average annual snowfall: 65 inchesTrail count: 46Lift count: 9 (1 Cabriolet, 2 high-speed quads, 2 fixed-grip quads, 1 triple, 1 double, 2 carpets – view Lift Blog's inventory of Mountain Creek's lift fleet)About Big Snow American DreamLocated in: East Rutherford, New JerseyClosest neighboring public ski areas: Campgaw (:35); Mountain Creek (:50); Mount Peter (:50)Pass affiliations: Snow Triple Play, up to two anytime daysVertical drop: 160 feet Skiable Acres: 4Trail count: 4 (2 green, 1 blue, 1 black)Lift count: 4 (1 quad, 1 poma, 2 carpets - view Lift Blog's of inventory of Big Snow American Dream's lift fleet)Why I interviewed himI read this earlier today:The internet is full of smart people writing beautiful prose about how bad everything is, how it all sucks, how it's embarrassing to like anything, how anything that appears good is, in fact, secretly bad. I find this confusing and tragic, like watching Olympic high-jumpers catapult themselves into a pit of tarantulas.That blurb was one of 28 “slightly rude notes on writing” offered in Adam Mastroianni's Experimental History newsletter. And I thought, “Man this dude must follow #SkiTwitter.” Or Instabook. Of Flexpost. Or whatever. Because online ski content, both short- and long-form, is, while occasionally joyous and evocative, disproportionately geared toward the skiing-is-fucked-and-this-is-why worldview. The passes suck. The traffic sucks. The skiers suck. The prices suck. The parking sucks. The Duopoly sucks. Everyone's a Jerry, chewing up my pow line with their GoPro selfie sticks hoisted high and their Ikon Passes dangling from their zippers. Skiing is corporate and soulless and tourist obsessed and doomed anyway because of climate change. Don't tell me you're having a good time doing this very fun thing. People like you are the reason skiing's soul now shops at Wal-Mart. Go back to Texas and drink a big jug of oil, you Jerry!It's all so… f*****g dumb. U.S. skiing just wrapped its second-best season of attendance. The big passes, while imperfect, are mostly a force for good, supercharging on-hill infrastructure investment, spreading skiers across geographies, stabilizing a once-storm-dependent industry, and lowering the per-day price of skiing for the most avid among us to 1940s levels. Snowmaking has proven an effective bulwark against shifting weather patterns. Lift-served skiing is not a dying pastime, financially or spiritually or ecologically. Yes, modern skiing has problems: expensive food (pack a lunch); mountain-town housing shortages (stop NIMBY-ing everything); traffic (yay car culture); peak-day crowds (don't go then); exploding insurance, labor, utilities, and infrastructure costs (I have no answers). But in most respects, this is a healthy, thriving, constantly evolving industry, and a more competitive one than the Duopoly Bros would admit.Snow Partners proves this. Because what the hell is Snow Partners? It's some company sewn together by a dude who used to park cars at Mountain Creek. Ten years ago this wasn't a thing, and now it's this wacky little conglomerate that owns a bespoke resort tech platform and North America's only snowdome and the impossible, ridiculous Mountain Creek. And they're going to build a bunch more snowdomes that stamp new skiers out by the millions and maybe – I don't know but maybe – become the most important company in the history of lift-served skiing in the process.Could such an outfit possibly have materialized were the industry so corrupted as the Brobot Pundit Bros declare it? Vail is big. Alterra is big. But the two companies combined control just 53 of America's 501 active ski areas. Big ski areas, yes. Big shadows. But neither created: Indy Pass, Power Pass, Woodward Parks, Terrain Based Learning, Mountain Collective, RFID, free skiing for kids, California Mountain Resort Company, or $99 season passes. Neither saved Holiday Mountain or Hatley Pointe or Norway Mountain or Timberline West Virigina from the scrapheap, or transformed a failing Black Mountain into a co-op. Neither has proven they can successfully run a ski area in Indiana (sorry Vail #SickBurn #SellPaoliPeaks #Please).Skiing, at this moment, is a glorious mix of ideas and energy. I realize it makes me uncool to think so, but I signed off on those aspirations the moment I drove the minivan off the Chrysler lot (topped it off with a roofbox, too, Pimp). Anyhow, the entire point of this newsletter is to track down the people propelling change in a sport that most likely predates the written word and ask them why they're doing these novel things to make an already cool and awesome thing even more cool and awesome. And no one, right now, is doing more cool and awesome things in skiing than Snow Partners.**That's not exactly true. Mountain Capital Partners, Alterra, Ikon Pass, Deer Valley, Entabeni Systems, Jon Schaefer, the Perfect Clan, Boyne Resorts, Big Sky, Mt. Bohemia, Powdr, Vail Resorts, Midwest Family Ski Resorts, and a whole bunch more entities/individuals/coalitions are also contributing massively to skiing's rapid-fire rewiring in the maw of the robot takeover digital industrial revolution. But, hey, when you're in the midst of transforming an entire snow-based industry from a headquarters in freaking New Jersey, you get a hyperbolic bump in the file card description.What we talked aboutThe Snow Triple Play; potential partners; “there's this massive piece of the market that's like ‘I don't even understand what you're talking about'” with big day ticket prices and low-priced season passes; why Mountain Creek sells its Triple Play all season long and why the Snow Triple Play won't work that way (at least at first); M.A.X. Pass and why Mountain Creek declined to join successor passes; an argument for Vail, Alterra and other large ski companies to participate on the Snow Triple Play; comparing skiing to hotels, airlines, and Disney World; “the next five years are going to be the most interesting and disruptive time in the ski industry because of technology”; “we don't compete with anybody”; Liftopia's potential, errors, failure, and legacy; skiing on Groupon; considering Breckenridge as an independent ski area; what a “premium” ski area on the Snow Triple Play would be; why megapasses are “selling people a product that will never be used the way it's sold to them”; why people in NYC feel like going to Mountain Creek, an hour over the George Washington Bridge, is “going to Alaska”; why Snow Triple Play will “never” add a fourth day; sticker shock for Big Snow newbs who emerge from the Dome wanting more; SnowCloud and the tech and the guest journey from parking lot to lifts; why Mountain Creek stopped mailing season passes; Bluetooth Low Energy “is certainly the future of passes”; “100 percent we're getting more Big Snows” – but let's justify the $175 million investment first; Big Snow has a “terrible” design; “I don't see why every city shouldn't have a Big Snow” and which markets Snow Partners is talking to; why Mountain Creek didn't get the mega-lift Hession teased on this pod three years ago and when we could see one; “I really believe that the Vernon base of Mountain Creek needs an updated chair”; the impact of automated snowmaking at Mountain Creek; and a huge residential project incoming at Mountain Creek.What I got wrong* I said that Hession wasn't involved in Mountain Creek in the M.A.X. Pass era, but he was an Intrawest employee at the time, and was Mountain Creek's GM until 2012.* I hedged on whether Boyne's Explorer multi-day pass started at two or three days. Skiers can purchase the pass in three- to six-day increments.Why now was a good time for this interviewOkay, so I'll admit that when Snow Partners summarized the Snow Triple Play for me, I wasn't like “Holy crap, three days (total) at up to three different ski areas on a single ski pass? Do you think they have room for another head on Mount Rushmore?” This multi-day pass is a straightforward product that builds off a smart idea (the Mountain Creek Triple Play), that has been a smash hit at the Jersey Snow Jungle since at least 2008. But Snow Triple Play doesn't rank alongside Epic, Ikon, Indy, or Mountain Collective as a seasonlong basher. This is another frequency product in a market already flush with them.So why did I dedicate an entire podcast and two articles (so far) to dissecting this product, which Hession makes pretty clear has no ambitions to grow into some Indy/Ikon/Epic competitor? Because it is the first product to tie Big Snow to the wider ski world. And Big Snow only works if it is step one and there is an obvious step two. Right now, that step two is hard, even in a region ripe with ski areas. The logistics are confounding, the one-off cost hard to justify. Lift tickets, gear rentals, getting your ass to the bump and back, food, maybe a lesson. The Snow Triple Play doesn't solve all of these problems, but it does narrow an impossible choice down to a manageable one by presenting skiers with a go-here-next menu. If Snow Partners can build a compelling (or at least logical) Northeast network and then scale it across the country as the company opens more Big Snows in more cities, then this simple pass could evolve into an effective toolkit for building new skiers.OK, so why not just join Indy or Mountain Collective, or forge some sort of newb-to-novice agreement with Epic or Ikon? That would give Snow Partners the stepladder, without the administrative hassle of owning a ski pass. But that brings us to another roadblock in Ski Revolution 2025: no one wants to share partners. So Hession is trying to flip the narrative. Rather than locking Big Snow into one confederacy or the other, he wants the warring armies to lash their fleets along Snow Partners Pier. Big Snow is just the bullet factory, or the gas station, or the cornfield – the thing that all the armies need but can't supply themselves. You want new skiers? We got ‘em. They're ready. They just need a map to your doorstep. And we're happy to draw you one.Podcast NotesOn the Snow Triple PlayThe basics: three total days, max of two used at any one partner ski area, no blackouts at Big Snow or Mountain Creek, possible blackouts at partner resorts, which are TBD.The pass, which won't be on sale until Labor Day, is fully summarized here:And I speculate on potential partners here:On the M.A.X. PassFor its short, barely noted existence, the M.A.X. Pass was kind of an amazing hack, granting skiers five days each at an impressive blend of regional and destination ski areas:Much of this roster migrated over to Ikon, but in taking their pass' name too literally, the Alterra folks left off some really compelling regional ski areas that could have established a hub-and-spoke network out of the gate. Lutsen and Granite Peak owner Charles Skinner told me on the podcast a few years back that Ikon never offered his ski areas membership (they joined Indy in 2020), cutting out two of the Midwest's best mountains. The omissions of Mountain Creek, Wachusett, and the New York trio of Belleayre, Whiteface, and Gore ceded huge swaths of the dense and monied Northeast to competitors who saw value in smaller, high-end operations that are day-trip magnets for city folks who also want that week at Deer Valley (no other pass signed any of these mountains, but Vail and Indy both assembled better networks of day-drivers and destinations).On my 2022 interview with HessionOn LiftopiaLiftopia's website is still live, but I'm not sure how many ski areas participate in this Expedia-for-lift-tickets. Six years ago, I thought Liftopia was the next bargain evolution of lift-served skiing. I even hosted founder Evan Reece on one of my first 10 podcasts. The whole thing fell apart when Covid hit. An overview here:On various other day-pass productsI covered this in my initial article, but here's how the Snow Triple Play stacks up against other three-day multi-resort products:On Mountain Creek not mailing passesI don't know anything about tech, but I know, from a skier's point of view, when something works well and when it doesn't. Snow Cloud's tech is incredible in at least one customer-facing respect: when you show up at a ski area, a rep standing in a conspicuous place is waiting with an iPhone, with which they scan a QR code on your phone, and presto-magico: they hand you your ski pass. No lines or waiting. One sentimental casualty of this on-site efficiency was the mailed ski pass, an autumn token of coming winter to be plucked gingerly from the mailbox. And this is fine and makes sense, in the same way that tearing down chairlifts constructed of brontosaurus bones and mastodon hides makes sense, but I must admit that I miss these annual mailings in the same way that I miss paper event tickets and ski magazines. My favorite ski mailing ever, in fact, was not Ikon's glossy fold-out complete with a 1,000-piece 3D jigsaw puzzle of the Wild Blue Gondola and name-a-snowflake-after-your-dog kit, but this simple pamphlet dropped into the envelope with my 2018-19 Mountain Creek season pass:Just f*****g beautiful, Man. That hung on my office wall for years. On the CabrioletThis is just such a wackadoodle ski lift:Onetime Mountain Creek owner Intrawest built similar lifts at Winter Park and Tremblant, but as transit lifts from the parking lot. This one at Mountain Creek is the only one that I'm aware of that's used as an open-air gondola. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

On today's episode, Clay and Kyle give an overview of their best quality stock idea for Q2 2025. This quarter, they discuss Booking Holdings. To our surprise, Booking Holdings is the world's largest travel company. We explore how the company built a dominant position in Europe through its network effect, asset-light business model, and sound capital allocation decisions. We also cover Booking's competitive advantages, financial performance, and key risks facing the business.  Clay finds Bookings Holdings to be a compelling long-term compounder, which led him to initiate a position in the company earlier this year. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 06:42 - How Booking built its dominant position in Europe and other markets globally. 11:47 - Why Booking Holdings is one of the most dominant and profitable online travel agencies in the world. 16:59 - An overview of the competitive landscape for online travel agencies. 38:21 - Booking Holdings' competitive advantages. 40:46 - An overview of Bookings' management team and incentive structure. 01:00:59 - How we view Bookings' valuation today. 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. Related Episode TIP698: Best Quality Idea Q1 2025 w/ Clay Finck & Kyle Grieve. Related Episode TIP675: Best Quality Idea Q4 2024 w/ Clay Finck & Kyle Grieve. Related Episode TIP652: Best Quality Idea Q3 2024 w/ Clay Finck & Kyle Grieve. Related Episode TIP627: Best Quality Idea Q2 2024 w/ Clay Finck & Kyle Grieve. Related Episode TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve. Follow Kyle on ⁠X⁠ and ⁠LinkedIn⁠.  Follow Clay 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 Fundrise DeleteMe CFI Education Vanta The Bitcoin Way Onramp 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://premium.theinvestorspodcast.com/ 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

"AI will never touch live musicians." Tim Lauer shares his journey working on a variety of albums and TV shows, highlighting how feedback from music supervisors shapes the final sound. He talks about his innovative use of reverb, effects, guitar pedals, and real-time processing to enhance recordings, emphasizing the collaborative nature of music creation. Tim also dives into how sampling and synthesizers are essential tools in modern music production, and discusses the intricate art of arrangement and orchestration, especially the roles musicians play in the studio. He explores the evolving landscape of music with AI and the future of live performances, all while stressing the importance of personal fulfillment and joy in making music. Get access to FREE mixing mini-course: https://MixMasterBundle.com My guest today is Tim Lauer, a versatile musician, producer, and arranger. He has played on albums by Taylor Swift, The Civil Wars, Cheap Trick, Joan Baez, and more, and arranged strings for Dolly Parton, Smashing Pumpkins, and Shawn Mendes. Tim has produced cast recordings for shows like Nashville, Greenleaf, Big Sky, and Zoey's Extraordinary Playlist. Recently, he worked on Amazon's The Bondsman, Sony's Patsy and Loretta, and Netflix's Country Comfort. He's also part of the dream pop band Bien, with millions of streams and 1.5 million monthly listeners, and serves as musical director for NPR's No Small Endeavor. Tim first joined us on RSR172. Thank you to Glenn Rosenstein and Loren Francis for the introduction! THANKS TO OUR SPONSORS! http://UltimateMixingMasterclass.com https://usa.sae.edu/ https://www.izotope.com Use code ROCK10 to get 10% off! https://www.native-instruments.com Use code ROCK10 to get 10% off! https://www.adam-audio.com/ https://stealthchair.com/ Use code ROCK10 to get 10% off! https://www.makebelievestudio.com/mbsi Get your MBSI plugin here! https://RecordingStudioRockstars.com/Academy  https://www.thetoyboxstudio.com/ Listen to the podcast theme song “Skadoosh!” https://solo.to/lijshawmusic Listen to this guest's discography on Spotify: https://open.spotify.com/playlist/7vbOMZzOi478USUr54FPtL?si=db2b0060b6fe4d5c If you love the podcast, then please leave a review: https://RSRockstars.com/Review CLICK HERE FOR COMPLETE SHOW NOTES AT: https://RSRockstars.com/506

Peyton Size, volleyball and basketball star at Missoula Sentinel, visits the studio for a Senior Spotlight. Plus: updates from the Big Sky track championships and plenty of NBA Playoffs talk.

With the Big Sky outdoor track championships already underway, head coaches Lyle Weese of Montana State and Doug Fraley of Montana join the ESPN Roundtable.

In this episode, Clay and Kyle reflect on their weekend at the Berkshire Hathaway annual shareholders meeting in Omaha and play a few of their favorite clips from the Q&A session with Warren Buffett, Greg Abel, and Ajit Jain. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:16 - Our thoughts on Buffett's announced retirement of CEO at Berkshire Hathaway. 07:07 - How Warren Buffett and Greg Abel's management style might differ as CEO. 20:03 - Why Buffett seeks to surround himself with wonderful people. 35:03 - How Buffett and Abel balance patience with acting quickly and opportunitistically. 49:31 - How Buffett and Abel view Berkshire's investments in Japan. 01:06:05 - The most important factor to consider when investing in emerging markets. 01:10:44 - Berkshire's recent investment activity and Buffett's thoughts on today's market. 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. Watch the full shareholders meeting here. Related Episode: TIP629: Berkshire Hathaway Annual Shareholders Meeting 2024 w/ Clay Finck & Kyle Grieve. Related Episode: TIP551: Berkshire Hathaway Annual Shareholders Meeting 2023 w/ Clay Finck. Related Episode: TIP446: Berkshire Hathaway Annual Shareholders Meeting 2022 w/ Stig Brodersen & Trey Lockerbie. Follow Kyle on X and LinkedIn.  Follow Clay 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 ⁠⁠DeleteMe⁠⁠ ⁠⁠CFI Education⁠⁠ ⁠⁠Vanta⁠⁠ ⁠⁠Indeed⁠⁠ ⁠⁠Shopify⁠⁠ ⁠⁠Vanta⁠⁠ ⁠⁠The Bitcoin Way⁠⁠ ⁠⁠Onramp⁠ 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

On today's episode, Kyle Grieve breaks down the contrarian investing philosophy of Anthony Bolton, revealing how he consistently outperformed the market by combining sentiment analysis, in-depth fundamental research, and a flexible yet disciplined portfolio strategy. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:27 - The traits Bolton observed in the best fund managers. 04:55 - Why incomplete knowledge can be a strength. 06:56 - A simple method for conviction-based portfolio reviews. 11:48 - What to do when your investments aren't working. 16:05 - The role of sentiment in Bolton's investing edge. 22:40 - How to spot and avoid artificial conviction. 29:14 - Using bond prices to assess business risk. 31:18 - Why controlling your destiny matters in business. 35:45 - Insights Bolton gained from meeting company management. 01:00:45 - Three big mistakes—and what they taught him. 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 Investing Against The Tide 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 ⁠DeleteMe⁠ ⁠CFI Education⁠ ⁠Vanta⁠ ⁠Indeed⁠ ⁠Shopify⁠ ⁠Vanta⁠ ⁠The Bitcoin Way⁠ ⁠Onramp 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

Tell a friend, tell a hobo... As always, send questions and comments to theretrohale@gmail.com Also, check out the after show at patreon.com/theretrohale  Thanks for listening, ENJOY IT!

In this week's coaching conversation, Northern Colorado head coach Steve Smiley joined the Basketball Podcast to share insights on the "over ourself" philosophy and grading success.Steve Smiley has established himself as a formidable head coach at Northern Colorado, leading the Bears with a strong overall record of 89–71 (.556) in NCAA competition. His leadership was instrumental in securing the Big Sky regular season championship in 2025, a testament to his ability to develop winning teams and foster a competitive culture.Smiley's success hasn't gone unnoticed—his efforts were recognized in 2024 when he was named Big Sky Co-Coach of the Year. He also owns the second highest winning percentage in Northern Colorado's Division I era, equaling Jeff Linder for the most postseason wins with six, who he succeeded in March 2020.Smiley's experience in the Big Sky goes beyond his four years at UNC as he was an assistant coach at Weber State from 2014-16. Before Weber State, Smiley spent six years as the head coach and Athletic Director at Sheridan College.In the six years with Sheridan College, Smiley posted a 153-43 overall record and led Sheridan to four North Sub-Region 9 titles and two runner-up finishes. Smiley was twice named the North Region Coach of the Year. During his time at Sheridan, Smiley had 21 players sign to play NCAA Division I basketball and 38 players moved on to play at four-year colleges.Prior to his stint at Sheridan, Smiley spent two seasons as an assistant coach at his alma mater, Northern State University in Aberdeen, South Dakota where he collaborated with the winningest coach in NCAA history, Don Meyer. During his time at NSU, the Wolves posted a 50-12 record. Smiley was also the assistant head coach at Black Hills State University during the 2005-06 season. He began his coaching career as a graduate assistant at Texas A&M International during the 2004-05 campaign.

On today's show, Stig Brodersen talks with legend value investor Mohnish Pabrai. Since its inception in 1999, one dollar invested in the flagship fund would have turned into $13.63 vs. $6.19 for the S&P 500. In the special interview, you can join Mohnish and Stig's metaphorical restaurant and together taste new wonderful dishes in investing and life. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:36 - How stock investors can truly think like the owners of the business 10:09 - Which advice would Mohnish give to himself at ages 40 and 50 20:48 - Why you should learn from your mistakes, but not too much 33:07 - Why Mohnish looks at philanthropy as part two of the ultimate game 35:41 - Why you need to work with the fewest possible variables in philanthropy 51:30 - How to look at an “execution moat”  1:00:59 - Why Stig thinks that Mohnish is over diversified  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. Mohnish Pabrai's website. Learn more about Mohnish Pabrai's Dakshana Foundation. Our interviews with Mohnish Pabrai about The Inner Scorecard. Our interviews with Mohnish Pabrai about Masterclass Investing. Our interviews with Mohnish Pabrai about investing in stocks. Our interviews with Mohnish Pabrai about value investing and philanthropy. 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! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In this episode, 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

Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a compounded annual growth rate of 11.4% on equities since its fund's inception on 2/28/1999, compared to 8.2% for the S&P 500. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 01:45 - The importance of being trusted for Warren Buffett and Chris Bloomstran 18:20 - Why you may want to own a 10-year treasury over the S&P 500 over the next decade  20:28 - How to estimate whether you're in a secular peak 27:43 - How active Berkshire should be on the boards of portfolio companies 36:03 - How to take a deep dive into Berkshire Hathaway's culture and business model 43:53 - What the intrinsic value of Berkshire Hathaway is, and what type of return you can get moving forward 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. Stig's 2024 interview with Chris Bloomstran about Berkshire Hathaway.  Stig's 2023 interview with Chris Bloomstran about Berkshire Hathaway.  Stig's 2022 masterclass with Chris Bloomstran on valuing Berkshire Hathaway.  Chris Bloomstran's website.  Read Chris Bloomstran's annual letters. Buffett resource on CNBC.  Alex Morris' book, Buffett and Munger Unscripted – read reviews of the book. 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 Found AnchorWatch Fundrise DeleteMe CFI Education The Bitcoin Way Vanta Shopify Indeed Onramp 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

On today's episode, Kyle Grieve explores the DNA of Amazon by tracing Jeff Bezos's early influences, strategic decisions, and relentless focus on customer experience, revealing how a bold vision and founder-led culture built one of the most dominant businesses in history. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:12 - How Bezos's childhood brilliance helped forged Amazon's DNA. 03:22 - Why self-reliance helped Bezos repeatedly invent out of failure. 06:02 - How DE Shaw inspired Amazon's hiring bar and secretive innovations. 14:18 - Why founder-led companies tripled returns vs peers from 1990–2014. 17:07 - How Amazon used user reviews to build trust and boost Amazon's moat. 24:20 - How one-click ordering deepened customer loyalty and competitive defensibility. 41:05 - The importance of Amazon Prime and how it affected customer churn and loyalty. 51:51 - How AWS was born. 54:27 - How Amazon has used its scale and competitive positioning to acquire competitors. 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 Everything Store: Jeff Bezos and the Age of Amazon here. Read Invent and Wander: The Collected Writings of Jeff Bezos here. Read Delivering Happiness: A Path to Profits, Passion, and Purpose 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 Found AnchorWatch Fundrise DeleteMe CFI Education The Bitcoin Way Vanta Shopify Indeed Onramp 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

In this episode, William Green chats with Christopher Begg, an exceptional hedge fund manager who is the CEO & CIO of East Coast Asset Management. Chris has also taught for many years at Columbia Business School, where he teaches the prestigious Security Analysis course that Warren Buffett took with Ben Graham in 1951. Here, Chris discusses how to stay calm amid market turmoil; how he identifies great businesses; why Tesla could deliver extraordinary long-term returns; & how he builds a balanced life in 7 key areas. IN THIS EPISODE YOU'LL LEARN: 03:54 - How Christopher Begg handles extreme market turmoil. 04:07 - Why he loves volatility & how he exploits it.  06:27 - What 3 qualities he seeks when identifying an exceptional business.  18:19 - Why temperament is the key to investment success.  28:06 - How Perimeter Solutions embodies what he looks for in a stock. 31:49 - How value investing has evolved to what he calls “Value 3.0.” 42:15 - Why Tesla could deliver “extraordinary” returns over many years.  42:15 - What he thinks of Elon Musk.  01:11:13 - Why the secret of success is “persistent incremental progress.” 01:13:48 - How a 66-day challenge helped Chris to nurture good habits. 01:26:06 - How Buffett & Munger won the investing game with “class & virtue.” 01:34:18 - How to design a balanced, joyful, & spacious life.  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. Chris Begg's investment firm, East Coast Asset Management. Marcel Proust's In Search of Lost Time. Tanya Luhrmann's How God Becomes Real. Maurice Merleau-Ponty's Phenomenology of Perception. Douglas Adams' The Hitchhiker's Guide to the Galaxy. Richard Bach's Jonathan Livingston Seagull. James Carse's Finite & Infinite Games. David Whyte's Consolations & Consolations II. Madeleine Green's song discussed by William & Chris. William Green's book, “Richer, Wiser, Happier” – read the reviews of this book. 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? 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 Found AnchorWatch DeleteMe Fundrise CFI Education Indeed Vanta Shopify The Bitcoin Way Onramp 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