Podcast appearances and mentions of Charlie Munger

In this episode, Clay shares the key principles behind his personal investment approach. His approach has been shaped by over a decade of experience and lessons from great investors like Charlie Munger, Nick Sleep, and Chris Mayer. He explains how he builds a portfolio focused on high-quality businesses and long-term compounding. It's a candid look at how he filters out the noise and plays the game on his own terms. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:19 - How Clay defines and pursues financial independence through investing. 05:22 - The lessons Clay learned from Charlie Munger, Nick Sleep, and Chris Mayer. 08:35 - How Clay constructs and thinks about his personal portfolio. 16:22 - Why great businesses often beat cheap stocks over the long run. 27:05 - What “sidecar investing” means and how to apply it. 58:08 - The importance of simplicity and ignoring market noise. 01:04:26 - Why patience may be the biggest edge in investing. 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. Richard Zechhauser's paper: Investing in the Unknown and Unknowable. Related Episode: TIP598: A Tribute to Charlie Munger. Related Episode: TIP492: The Best Investor You've Never Heard Of (Nick Sleep). Related Episode: TIP677: Why Most Stocks Will Lose You Money w/ Hendrik Bessembinder. Related Episode: TIP713: Why Serial Acquirers Outperform w/ Niklas Savas. Clay's podcast episode on Constellation Software. Clay's podcast episode on Topicus. Clay's podcast episode on Dino Polska. Clay's podcast episode on Booking Holdings. Clay's video on Lumine. 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 ⁠AnchorWatch⁠ ⁠Human Rights Foundation⁠ ⁠Onramp⁠ ⁠Superhero Leadership⁠ ⁠Unchained⁠ ⁠Vanta⁠ ⁠Shopify HELP US OUT! Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3200: Vitaliy Katsenelson challenges the simplistic notion that value investing is about buying only the cheapest stocks. Drawing on insights from Ben Graham, Charlie Munger, and Warren Buffett, he reveals that true value lies not just in low prices but in the blend of quality, growth, and sound judgment proving that a Motel 6 mindset won't build a Berkshire Hathaway-sized portfolio. Read along with the original article(s) here: https://contrarianedge.com/values-value-investing/ Quotes to ponder: "I thought value investors were supposed to like cheap stuff." "A $36-a-night room at Motel 6 by the airport, overrun by cockroaches and bedbugs and with questionable plumbing, may be statistically cheap, but it's not a bargain." "Charlie is not a ‘sidekick'! Charlie changed Buffett's investment philosophy. Sidekicks don't do that." Episode references: The Intelligent Investor: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3200: Vitaliy Katsenelson challenges the simplistic notion that value investing is about buying only the cheapest stocks. Drawing on insights from Ben Graham, Charlie Munger, and Warren Buffett, he reveals that true value lies not just in low prices but in the blend of quality, growth, and sound judgment proving that a Motel 6 mindset won't build a Berkshire Hathaway-sized portfolio. Read along with the original article(s) here: https://contrarianedge.com/values-value-investing/ Quotes to ponder: "I thought value investors were supposed to like cheap stuff." "A $36-a-night room at Motel 6 by the airport, overrun by cockroaches and bedbugs and with questionable plumbing, may be statistically cheap, but it's not a bargain." "Charlie is not a ‘sidekick'! Charlie changed Buffett's investment philosophy. Sidekicks don't do that." Episode references: The Intelligent Investor: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2025, Mohnish Pabrai manages over $798 million dollars invested in 5 stocks in his stock portfolio at Pabrai Funds. In this video, we're covering all of his biggest public holdings.Want to support Global Value? https://www.interactivebrokers.com/mkt/?src=gvp1&url=%2Fen%2Fwhyib%2Foverview.phphttps://www.patreon.com/GlobalValueMohnish Pabrai is the Investment Portfolio Manager of Pabrai Funds. He's a highly regarded valued investor who became personal friends with Charlie Munger after bidding for and winning a charity auction for lunch with Warren Buffett alongside fellow value investor, Guy Spier. Pabrai's portfolio is extremely concentrated and usually hidden - in fact, we can only see 4 holdings in the United States. Many people online think these are his only holdings, but they're wrong. Pabrai has at least one other international holding that's more secretive for US investors - although he's talked about it publicly in interviews. Watch Mohnish Pabrai's full interviews here:https://youtu.be/FFxUSADENrc?si=ZcWmXWzoc0I2kxoghttps://youtu.be/Kax8XnBU1ik?si=PlaW03NUd2lIUhFhhttps://youtu.be/EzMWPRx9-CY?si=anagrU4LmfZvNr6AThank you for watching. ❤️ Please support the channel by checking out our affiliates. All commissions are reinvested to improve the quality of videos!- TIKR is the website I use for financial data in my videos. Join me and 250,000+ investors worldwide by using TIKR in your investment analysis. Referral link - https://www.tikr.com/globalvalue- Check out Seeking Alpha Premium and score an exclusive 20% off plus a free 7 day trial! Affiliate link - https://www.sahg6dtr.com/H4BHRJ/R74QP/#mohnishpabrai #valueinvesting #valueinvestor #investing #stockmarket #investing2025 #stockmarket2025 #stockportfolio #mohnishpabraistocks #compounding #mohnishpabrai2025 #mohnishpabraistocks #pabriafunds #mohnishpabraiportfolio #mohnishpabraiportfolio2025 #mohnishpabraistocks2025

Andrew Wilkinson is the co‑founder of Tiny, a holding company that quietly owns more than three dozen profitable internet and consumer brands, including Dribbble and the AeroPress coffee maker. Starting as a teenage barista and web designer, he's created a portfolio approaching $300 million in yearly sales (and he was personally worth over $1 billion at one point)—all without ever raising venture capital.In this conversation, you'll learn:1. The “fish where the fish are” framework for spotting high‑margin niches no one else notices2. The exact agent stack (Lindy, Replit, Limitless, and more) that supercharges Andrew's day-to-day productivity (and has replaced his assistant)3. How Andrew evaluates companies in less than 15 minutes using Buffett‑style moats and “lazy leadership”4. Telltale signs you should shut down (or never start) that startup idea5. His journey from crippling anxiety to clarity through SSRIs and ADHD medication6. His prediction that most knowledge work will be automated—and the skills to teach your kids now—Brought to you by:Sauce—Turn customer pain into product revenueEnterpret—Transform customer feedback into product growthMiro—A collaborative visual platform where your best work comes to life—Where to find Andrew Wilkinson:• X: https://x.com/awilkinson• LinkedIn: https://www.linkedin.com/in/awilkinson/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Introduction to Andrew Wilkinson(04:07) Finding the right business idea(07:18) Avoiding common business pitfalls(11:58) Finding your unfair advantage(17:08) Fish where the fish are(20:08) Why boring is good(25:30) Bootstrapping vs. venture capital(31:20) Lessons from acquiring and managing businesses(36:47) Avoiding people problems(42:39) Leveraging AI in business and life(49:30) The Limitless device(53:13) Job displacement and AI's future impact(58:20) Advice for new grads(01:02:50) Parenting in the age of AI(01:05:26) The pursuit of happiness beyond wealth(01:10:10) Mental health and medication(01:16:45) Lightning round and final thoughts—Referenced:• Andrew's post on X with the Charlie Munger quote: https://x.com/awilkinson/status/1265653805443506182• Metalab: https://www.metalab.com/• Letterboxd: https://letterboxd.com/• AeroPress: https://aeropress.com/• Brian Armstrong on X: https://x.com/brian_armstrong• Warren Buffett's quote: https://quotefancy.com/quote/931119/Warren-Buffett-I-am-a-better-investor-because-I-am-a-businessman-and-a-better-businessman• Flow: https://www.getflow.com/• Instacart: https://www.instacart.com/• Things: https://culturedcode.com/things/• Dustin Moskovitz on LinkedIn: https://www.linkedin.com/in/dmoskov/• Salesforce: https://www.salesforce.com/• Serato: https://serato.com/• Chris Sparling on X: https://x.com/_sparling_• Lindy: https://www.lindy.ai/• Replit: https://replit.com/• Behind the product: Replit | Amjad Masad (co-founder and CEO): https://www.lennysnewsletter.com/p/behind-the-product-replit-amjad-masad• David Ogilvy: https://en.wikipedia.org/wiki/David_Ogilvy_(businessman)• Malcolm Gladwell's website: https://www.gladwellbooks.com/• Inside Bolt: From near-death to ~$40m ARR in 5 months—one of the fastest-growing products in history | Eric Simons (founder and CEO of StackBlitz): https://www.lennysnewsletter.com/p/inside-bolt-eric-simons• Building Lovable: $10M ARR in 60 days with 15 people | Anton Osika (CEO and co-founder): https://www.lennysnewsletter.com/p/building-lovable-anton-osika• Limitless: https://www.limitless.ai/• Perplexity: https://www.perplexity.ai/• Claude: https://claude.ai/• ChatGPT: https://chatgpt.com/• Gemini: https://gemini.google.com/app• William Gibson's quote: https://www.goodreads.com/quotes/681-the-future-is-already-here-it-s-just-not-evenly• Palm Treo: https://en.wikipedia.org/wiki/Palm_Treo• Sam Altman on X: https://x.com/sama• Dario Amodei on X: https://x.com/darioamodei• Anthropic's CPO on what comes next | Mike Krieger (co-founder of Instagram): https://www.lennysnewsletter.com/p/anthropics-cpo-heres-what-comes-next• Challengers on AppleTV+: https://tv.apple.com/us/movie/challengers/umc.cmc.53cuz33n4e74ixj8whccj87oc• Matic vacuum: https://maticrobots.com/• Jerzy Gregorek's quote: https://www.goodreads.com/quotes/8652595-hard-choices-easy-life-easy-choices-hard-life• Tiny: https://www.tiny.com/• Dribbble: https://dribbble.com/—Recommended books:• The Laws of Human Nature: https://www.amazon.com/Laws-Human-Nature-Robert-Greene/dp/0525428143• How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets: https://www.amazon.com/How-Get-Rich-Greatest-Entrepreneurs/dp/1591842719—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.lennysnewsletter.com/subscribe

Tune in to hear:What are anti-goals and why are they often just as, if not more, powerful than goals?What does the prospect theory of behavioral economics have to say about the uniquely motivating power of a villain?Why do humans have asymmetrical risk preferences and what does this reveal about human nature?What did famous investor Charlie Munger mean by his famous quote “invert, always invert?”What is the Stoic exercise of “Premitatio Malorum” and how can it be used in everyday life?LinksThe Soul of WealthOrion's Market Volatility PortalConnect with UsMeet Dr. Daniel CrosbyCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 1754-U-25176

What do the world's greatest investors know that the rest of us don't? In this episode, we sit down with William Green, author of Richer, Wiser, Happier, to uncover the timeless principles he's learned from interviewing legends like Charlie Munger, Howard Marks, and Bill Miller. Rather than chasing hot tips or quick wins, William reveals how traits like emotional control, simplicity, and avoiding big mistakes can help you build wealth—and a more meaningful life. We discuss the difference between gambling and investing, the wisdom of indexing for most families, and why subtracting noise can lead to clarity and success. Whether you're just starting out or well along your financial journey, this conversation offers valuable takeaways for life and money. If you want to become richer, wiser, happier, this episode with William Green is a must-listen. RESOURCES: ⁠⁠Sponsors + Partners + Deals⁠⁠ Richer, Wiser, Happier (book): https://amzn.to/4kkLq2e (affiliate) Chapters 00:00 – Timeless wisdom and survival in investing 01:00 – Introduction to William Green and his journey 03:30 – The surprising philosophical nature of top investors 06:00 – Learning from failure: The Bill Miller story 08:30 – The power of accepting impermanence (Mujo & Howard Marks) 11:30 – Gambling vs. investing: Lessons from a young William 14:30 – The Buffett playbook and indexing for most families 18:00 – The art of subtraction and simplifying your financial life 22:00 – Defining a rich life: Health, relationships, peace of mind 25:00 – Charlie Munger's key principle: Invert, always invert 28:30 – How to survive financial storms: Diversify and avoid leverage 32:00 – Dogged incremental progress and being “number one-ish” 36:00 – William's biggest takeaway from 25 years of interviews 38:00 – Where to find Richer, Wiser, Happier and his podcast MKM RESOURCES: ⁠⁠MKM Coaching⁠⁠: Want 1-on-1 support with your family finance journey? Book a time with me today. ⁠⁠Coast FIRE Calculator⁠⁠: A free calculator to help you find out when you can slow down or stop investing for retirement. ⁠⁠Mortgage Payoff Calculator⁠⁠: A free calculator to help you see how fast you can become mortgage free. ⁠⁠YouTube⁠⁠: Subscribe for free to watch videos of these episodes and interviews. RECOMMENDED RESOURCES (SPONSORS AND AFFILIATES): ⁠⁠Monarch Money⁠⁠ - Best Budget App for Families & Couples ⁠⁠Empower⁠⁠ - Free Portfolio Tracker ⁠⁠Crew⁠⁠ - HYSA Banking Built for Families - Get an Extra 0.5% APY with my partner link ⁠⁠Ethos⁠⁠ - Affordable Term Life Insurance ⁠⁠Trust & Will⁠ ⁠- Convenient Estate Planning HOW WE MAKE MONEY + DISCLAIMER: This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone. Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice. Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. CREDITS: Podcast Artwork: Kayli Johnson Editor: Johnny Sohl Podcast Support: Nev Maraj Learn more about your ad choices. Visit megaphone.fm/adchoices

Daragh Murphy is giving brands their own credit-card platform—no legacy bank required.On this week's Grit, the Imprint co-founder and CEO traces the leap from being a junior lawyer to closing nine-figure card deals.He breaks down the hidden economics of credit-card loyalty, the discipline of treating capital “like the last dollar,” and how AI will slash risk-and-support costs.Guest: Daragh Murphy, CEO & Co-Founder of ImprintChapters:00:00 Trailer00:48 Introduction01:30 Actualizing the dream08:37 Imprint11:37 Partnerships are massive16:48 Understand the market18:42 “Get more, spend more” tradeoffs23:57 Fishing in the wrong ponds31:32 Can't skip work32:43 Exciting and scary34:56 Pride and ownership46:50 The way you spend your day50:20 New technologies54:51 Who Imprint is hiring54:59 What “grit” means to Daragh55:34 OutroMentioned in this episode: Figma, Rippling, H-E-B Grocery Company, LP, Barclays US, IBM, Coinbase, Charlie Munger, Instagram, Hamptons, Google, Nick Huber, Ribbit, Ireland, WeWork, Adam Kim, Amazon, Shopify, Tobias Lütke, Duolingo, Parker ConradLinks:Connect with DaraghLinkedInConnect with JoubinXLinkedInEmail: grit@kleinerperkins.comLearn more about Kleiner Perkins

Matt Zeigler and Bogumil Baranowski join Robert Hagstrom for a very special hour-long discussion. The episode originally appeared on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!Legendary investor and author Robert Hagstrom joins Excess Returns to explore timeless investing principles—and how they've evolved in today's market. In this wide-ranging conversation, Robert shares stories from working with Bill Miller, insights on Warren Buffett's approach, and the philosophical foundations of long-term investing. He also issues a stark warning about the rising popularity of private equity for retail investors.Whether you're a Buffett disciple, a fan of focused investing, or just curious about how great investors think, this is a conversation packed with insight.

Jason and Jeff welcome Alex Morris, a second-time guest and author of 'Buffett and Munger Unscripted.' The trio discusses the significance of Berkshire Hathaway meetings and the making of Alex's book. They delve into Warren Buffett's and Charlie Munger's investment philosophies, the evolution of their strategies, and how individual investors might apply these lessons. 01:03 Introducing the Guest: Alex Morris02:05 Discussing Alex's Book: Buffett and Munger Unscripted06:07 Insights on Berkshire Hathaway and Investing09:52 Buffett and Munger's Investment Philosophy14:29 Personal Reflections on Investing20:15 The Future of Berkshire Hathaway23:21 The Challenge of Excess Cash24:37 Buffett's Cash Philosophy25:33 Future of Berkshire's Capital Allocation36:23 The Influence of Buffett and MungerCompanies mentioned: AAPL, BRK.B, KO, MRKL*****************************************Join our PatreonSubscribe to our portfolio on Savvy Trader *****************************************Email: investingunscripted@gmail.comTwitter: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube******************************************2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

Oslo Børs noterer rekord på rekord, S&P 500 bryter 6 000-merket og Norges Bank senker styringsrenten – alt mens Israel og USA bombet Iran. På kort tid svingte oljeprisen innom 80 dollar før den igjen var under 70 - vil våpenhvilen i Midtøsten vare?Anders Johansen og Eirik Torsnes Kveldro forklarer hvorfor markedet likevel holder seg rolig, hva Irans olje-eksport via Hormuz betyr for energiprisene , og hvordan Trumps «TACO – Trump Always Chickens Out» setter scenen for en ny tariffdeadline 8. juli . Vi oppsummerer første halvår, peker ut risikofaktorene for høsten og deler boktips til sommerferien.Boktips:Invested: How Warren Buffet and Charlie Munger taught me to master my mind, my emotions and my money – Danielle, Phil TownCapital returns – Ed ChancellorThis time is different – Reinhart og RogoffThe Geek way – Andrew McAfeeApple in China Patrick McGeeLandet som ble for rikt - Martin Bech HolteMaskiner som tenker - Inga StrumkeThe Big Short - boken/filmen Skjermhjernen – Anders HansenPulskuren – Torkil FærøDisclaimer: Podcasten er et markedsføringsmateriale fra Danske Bank. Uttalelsene i podcasten er ikke å regne som investeringsrådgivning eller en anbefaling til å investere, og uttalelsene er ikke et tilbud eller en oppfordring til å kjøpe eller selge et finansielt instrument. Vær alltid oppmerksom på at historisk avkastning ikke er en pålitelig indikator for fremtidig utvikling eller avkastning på en investering. Søk råd hos profesjonelle rådgivere omkring juridiske, skattemessige, finansielle eller andre forhold knyttet før du foretar en investering.

Progressive's George O'Connor and Ian Robertson wish AIM a Happy 30th Birthday, consider its success and follow Charlie Munger's edict of ‘invert, always invert' to gain some context. 1,700 companies on AIM in 2007 was too many (polite way to say it), but 700 now is too few. The politically impossible bail out is not the answer, but what can be done for little cost and risk to the public purse? Perhaps if we make it more profitable for fund managers, and in particular for those with credible voices, for whom improving the quality of the businesses they invest in is a goal. George wants to know how you make a Staveley scale? (Other fund managers are available.) George raises the issue of small-cap and AIM plc governance. How much does it cost, and what, realistically, can a NED actually do? He relates a story of frustration from a NED contact. Inevitably this leads to the RC Fornax shambles and whether fund managers know how much DD gets done by the NOMADs. On the companies front it's a tough market for Hays, progress for Capita and for Oxford Metrics it's back to normal but with concerns over US university and research spending under the new regime.

This week on The Capitalist Investor, we dive into how Warren Buffett's timeless investing principles apply in today's AI-driven market. Joined by special guest Dave Abboud, we break down why Buffett's long-term strategies still matter—and how investors can use AI tools to think like the Oracle of Omaha. We cover:Buffett's biggest bets (Coca-Cola, Apple) and what made them geniusHow to cut through the noise in today's tech-fueled marketsThe role of AI in identifying future winners (and why it's just a tool)Lessons from Charlie Munger's “Too Hard” pileWhy discipline always beats hype in investingBuffett may have underperformed in flashy bull markets—but his long game wins. Tune in to hear how you can apply these insights to build smarter portfolios in 2025 and beyond. 

In 1995, Charlie Munger gave a speech called the Psychology of Human Misjudgment, which contains 25 psychological tendencies by humans that can lead to bad decision making & bad outcomes. Today, Alex shares his 13 favorite & provide examples of how they impact your abilities and success as an entrepreneur. Link to the original speech: https://fs.blog/great-talks/psychology-human-misjudgment/ Link to Poor Charlie's Almanack: https://www.amazon.com/Poor-Charlies-Almanack-Charles-Expanded/dp/1578645018 — Thanks to our presenting sponsor, Gusto. Head to www.gusto.com/alex — Check Out Alex's Stuff: • storyarb - https://www.storyarb.com/ • growthpair - https://www.growthpair.com/ • distro - https://youdistro.com/  • X - https://x.com/businessbarista • Linkedin - https://www.linkedin.com/in/alex-lieberman/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Quanto tempo dura uma sociedade de sucesso? Algumas pessoas acreditam em parceria para vida toda.. até que a morte os separe. Esse devia ser o caso de Charlie Munger, amigo e sócio do mega investidor warren Buffett de anos! Os dois trabalharam juntos por 45 anos - e a sociedade só acabou com o falecimento de Charlie, que morreu em novembro de 2023, em um hospital na Califórnia, aos 99 anos. Por essas razões, o Charlie Munger é o tema do episódio de hoje do Do Zero ao Topo - Personalidades, a nossa edição que conta as histórias dos grandes inovadores. Para saber mais da história de Charlie Munger, acesse: https://www.infomoney.com.br/perfil/charlie-munger/

Welcome back to America's #1 Daily Podcast,  featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris?  Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206. ******************* 2025's Real Estate Rollercoaster: Dodge the Career-Killers with THIS Mastermind!

Check out the episode in its original version here : https://www.gdiy.fr/podcast/shane-parrish-vo/L'ex-espion qui conseille Wall Street.Shane Parrish travaille pour les services secrets canadiens. Spécialisé en cybersécurité, il entre dans l'agence deux semaines avant le 11 septembre 2001. Un choc qui le pousse à se lancer dans une quête :Apprendre à prendre de meilleures décisions.Mais un jour, un média révèle publiquement son identité. Or, en tant qu'agent, il n'avait même pas le droit d'être présent sur Internet… Il quitte alors les services secrets et se consacre à son blog : Farnam Street.Résultat ? Une newsletter suivie aujourd'hui par 850 000 personnes, et l'une des communautés payantes les plus anciennes du web.Mais il n'existe ni cursus, ni cours sur le sujet, alors que c'est une compétence cruciale dans la vie pro comme perso.Il commence à creuser le sujet, archive ses découvertes et lance l'un des plus gros podcasts aux US : The Knowledge Project.Biais cognitifs, psychologie comportementale, stratégies d'investisseurs… Shane se plonge dans le sujet, jusqu'à être mentoré par Charlie Munger, l'ancien bras droit de Warren Buffett.Par ricochet, ce sont d'abord les cerveaux de Wall Street qui le lisent. Puis le bouche-à-oreille fait le reste : son audience explose, bien au-delà du monde de la finance.Son livre Clear Thinking, un New York Times Bestseller, a déjà aidé des centaines de milliers de personnes à reprendre le contrôle de leurs décisions, et à dépasser l'égo, la colère, ou l'anxiété qui les freinent.Dans cet épisode, Shane retrace son parcours et partage les règles qui l'ont aidé à mieux penser, mieux décider… et mieux vivre. Un incontournable pour quiconque veut reprendre le contrôle et exceller dans son domaine.TIMELINE:00:00:00 : La chose à ne pas faire en tant qu'espion00:11:45 : La méthode (trop) simple : les règles automatiques00:22:32 : Système 1 / Système 2 : apprendre à dompter ses biais cognitifs00:36:37 : Rendre la discipline facile et se créer une vie de rêve00:41:17 : La règle des 3 projets et ce que le COVID a provoqué00:48:30 : Espionner durant les réunions chez les agents secrets00:56:47 : Pourquoi le boss doit toujours parler en dernier01:02:40 : Inspirer les autres à se dépasser et viser l'excellence01:12:53 : Ton agenda te domine et cannibalise ton esprit01:23:09 : Se positionner pour avoir toujours un coup d'avance01:32:25 : Poursuivre ses rêves, c'est accepter d'en payer le prix01:40:19 : Apprivoiser son ego pour trouver l'équilibre01:48:08 : Comment il est devenu un OG de la création de contenuLes anciens épisodes de GDIY mentionnés : #463 - Nicolas Spiess (Running Addict) - Campus - L'expert du running : transformer sa communauté en business rentable#416 - David Corona - GIGN, In_Cognita - Devenir expert de la négociation et prédire les comportements#158 Edgar Grospiron - Athlète et conférencier - Avance, fais-toi confiance.Nous avons parlé de :Rejoindre la communauté de Shane ParrishLe podcast The Knowledge ProjectLa newsletter Brain FoodSyrus PartnersNaval Ravikant : Le philosophe de la Silicon Valley [The Knowledge Project Ep. #18]Campus CoachTrop occupé pour « prendre un café » (article de Naval Ravikant)Ray Dalio : Leçons de vie d'un milliardaire autodidacte [The Knowledge Project Ep. #23]Charlie Munger (Berkshire Hathaway)Henry Singleton, l'outsider — Une force discrète [The Knowledge Project Ep. #225]Kevin Kelly : Conseils pour bien vivre [The Knowledge Project Ep. #166]Morgan Housel : Devenir riche, le rester [The Knowledge Project Ep. #195]Shane Parrish chez Tim FerrissGénéral Stanley McChrystal : L'essence du leadership [The Knowledge Project Ep. #132]Rey Flemings : Une autre définition du succès [The Knowledge Project Ep. #174]Jim Collins : Relations vs. transactions [The Knowledge Project Ep. #110]Andrew Wilkinson (Tiny)Esther Perel : Cultiver le désir (2019) [The Knowledge Project Ep. #199]Garry Tan : Les outsiders du milliard — La recette Y Combinator [The Knowledge Project Ep. #226]Les recommandations de lecture :Clear Thinking: Turning Ordinary Moments into Extraordinary ResultsClear Thinking (French : Penser avec clarté)The Great Mental ModelsThinking, Fast and Slow (Daniel Kahneman)Système 1, système 2Ego is the EnemyL'ego est l'ennemiPoor Charlie's AlmanackMeditations (Marcus Aurelius)Pensées pour moi-même (Marc Aurèle)Vous pouvez contacter Shane sur LinkedIn, Instagram, X.Nous tenons à remercier tout particulièrement Stan, Alex et l'ensemble des équipes d'ElevenLabs , qui ont assuré le doublage de cet épisode. Vous souhaitez sponsoriser Génération Do It Yourself ou nous proposer un partenariat ? Contactez mon label Orso Media via ce formulaire.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

Retrouvez l'épisode en version française ici : https://www.gdiy.fr/podcast/shane-parrish-vf/The ex-spy who now advises Wall Street.Shane Parrish used to work for the Canadian intelligence services. A cybersecurity specialist, he joined the agency just two weeks before 9/11, an event that would trigger a lifelong quest:How can we make better decisions?At the time, Shane wasn't even allowed to have an online presence. But when a media outlet exposed his identity, he left the agency and poured his energy into his blog, called Farnam Street.Fast forward to today: his newsletter is read by over 850,000 people, and he has built one of the oldest paid communities on the web.The problem? There's no formal training on decision-making despite being one of the most powerful skills you can learn.So Shane went all in. He documented everything he was learning and eventually launched one of the top podcasts in the US: The Knowledge Project.From cognitive biases to behavioral psychology to investment strategies, he immersed himself fully. Over time, he even caught the attention of Charlie Munger, Warren Buffett's longtime right-hand man, who became his mentor.At first, it was Wall Street insiders who tuned in. Then word spread, and his audience exploded far beyond the finance world.His book, Clear Thinking—a New York Times Bestseller—has helped thousands reclaim control over their decisions and move past ego, anger, and anxiety.In this episode, Shane shares the rules that shaped his journey—how to think clearly, decide wisely… and live better.A must-listen for anyone who wants to regain control and truly thrive.TIMELINE:00:00:00 : How to get in trouble as an intelligence agent00:11:45 : The cheat code for decision making: automatic rules00:22:32 : System 1 and System 2 — counteracting our biases00:36:37 : How to stick to our goals and create a great life00:41:17 : The 3-project rule and the COVID era00:48:30 : Spying on meetings at a Canadian Intelligence Agency00:56:47 : Let the HiPPO speak last to avoid blind spots01:02:40 : How to inspire people to do their best and go beyond average01:12:53 : Stop stuffing your calendar — you're not thinking enough01:23:09 : How to position yourself so that you always win01:32:25 : Be ready to pay the price to chase your dreams01:40:19 : Ego and life balance01:48:08 : How he became one of the OGs of content creationWe referred to previous GDIY episodes : #463 - Nicolas Spiess (Running Addict) - Campus - L'expert du running : transformer sa communauté en business rentable#416 - David Corona - GIGN, In_Cognita - Devenir expert de la négociation et prédire les comportements#158 Edgar Grospiron - Athlète et conférencier - Avance, fais-toi confiance.A few recent episodes in English : #473 - VO - Brian Chesky - Airbnb - « We're just getting started »#452 - Reid Hoffman - LinkedIn, Paypal - “We are more Homo technicus than Homo sapiens”#437 - James Dyson - Dyson - “Failure is more exciting than success”#431 - Sean Rad - Tinder - How the swipe fever took over the worldWe spoke about :Join Shane Parrish communityThe Knowledge Project PodcastBrain Food (Newsletter)Syrus PartnersNaval Ravikant: The Angel Philosopher [The Knowledge Project Ep. #18]Campus CoachBe Too Busy to ‘Do Coffee' (Naval's article)Ray Dalio: Life Lessons from a Self-Made Billionaire [The Knowledge Project Ep. #23]Charlie Munger (Berkshire Hathaway)Outliers: Henry Singleton—Distant Force [The Knowledge Project Ep. #225]Kevin Kelly: Advice for Living [The Knowledge Project Ep. #166]Morgan Housel: Get Rich, Stay Rich [The Knowledge Project Ep. #195]Shane Parrish with Tim FerrissRet. Gen. Stanley McChrystal: The Essence of Leadership [The Knowledge Project Ep. #132]Rey Flemings: A Different Definition of Success [The Knowledge Project Ep. #174]Jim Collins: Relationships vs. Transactions [The Knowledge Project Ep. #110]Andrew Wilkinson (Tiny)Esther Perel: Cultivating Desire (2019) [The Knowledge Project Ep. #199]Garry Tan: Billion-Dollar Misfits — Inside Y Combinator's Startup Formula [The Knowledge Project Ep. #226]Reading Recommendations :Clear Thinking: Turning Ordinary Moments into Extraordinary ResultsClear Thinking (French : Penser avec clarté)The Great Mental ModelsThinking, Fast and Slow (Daniel Kahneman)Système 1, système 2Ego is the EnemyL'ego est l'ennemiPoor Charlie's AlmanackMeditations (Marcus Aurelius)Pensées pour moi-même (Marc Aurèle)You can contact Shane on LinkedIn, Instagram, X.Interested in sponsoring Generation Do It Yourself or proposing a partnership ? Contact my label Orso Media through this form.Distribué par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

“Show me the incentives and I'll show you the outcome”. These were the wise words of the late Charlie Munger, Warren Buffett's former business partner. What he meant by that was that if you incentivize good and productive business behavior, your business will grow. If you reward bad and unproductive behavior, your business and, ultimately, the consumer, will suffer. Since the 1980s, the economic and legal frameworks we've used have incentivized bad behavior. Today, we'll discuss Shareholder Primacy, which is the idea that a firm's primary responsibility is to maximize value for its shareholders. Its proponents believe that by maximizing value for shareholders, there is greater accountability, more incentives to invest in productive capabilities, and a higher likelihood of risk-taking leading to innovation. From the 80s to the 2000s, these ideas reigned supreme across economic and legal circles. They helped shape law and policy to create the highly corporatized economy we see today. But now, some of the flaws of this framework are beginning to manifest. Corporate profits as a percentage of GDP remain high relative to prior decades. Corporate profits now make up 12% of GDP, down from its peak of 12.8% in 2021, according to the Federal Reserve Bank of St. Louis. This is at a time when most Americans are still reeling from inflation earlier in the 2020s. A recent report from the Ludwig Institute for Shared Economic Prosperity found that the bottom 60% of households are out of reach of a minimal quality of life. Using the framework of shareholder primacy, a time of high corporate profits should translate to a high standard of living. But we just aren't seeing that.Why? Well, it depends on who you ask. I sat down with Harrison Karlewicz, a P.hD candidate at UMass Amherst, whose work shows that investing in equities doesn't always translate to investment in productive assets that will help companies grow. Instead of efficiently channeling savings to companies that need resources, like we're taught financial markets are for, they have become a place where speculation can lead to rent-seeking. There was a lot of nuance to the conversation. Financial markets weren't all good or all bad. But, I think we have to be realistic about the role financial markets and assets play in the economy. Our conversation touched a lot upon how businesses can be better structured to invest in assets that will help the company grow and provide good-quality products to consumers.Mr. Karlewicz is wrapping up his dissertation at UMass Amherst, where he works with Lenore Palladino, a Political Economist, on projects about corporate governance, industrial organization, and financialization. He is a research assistant at UMass's Political Economy Research Institute and a Fellow at McClave and Associates, an economic consulting firm. He has taught economics and math at Springfield College and Berkshire Community College. His work has been published by multiple outlets such as the Roosevelt Institute and Jacobin. Harrison earned his bachelor's degree in economics and political science from Seattle Pacific University and his master's from Bard College in Economic Theory and Policy. Together, we discussed the Robinhood-Gamestop debacle, the differences between public and private financial markets, and how policy can better incentivize investment in productive capabilities. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/

Mohnish Pabrai manages over $798 million dollars invested in 5 stocks in his portfolio at Pabrai Funds. In this video, we're covering all of his biggest public holdings.Want to support Global Value? https://www.interactivebrokers.com/mkt/?src=gvy1&url=%2Fen%2Fwhyib%2Foverview.phphttps://www.patreon.com/GlobalValueMohnish Pabrai is the Investment Portfolio Manager of Pabrai Funds. He's a highly regarded valued investor who became personal friends with Charlie Munger after bidding for and winning a charity auction for lunch with Warren Buffett alongside fellow value investor, Guy Spier. Pabrai's portfolio is extremely concentrated and usually hidden - in fact, we can only see 4 holdings in the United States. Many people online think these are his only holdings, but they're wrong. Pabrai has at least one other international holding that's more secretive for US investors - although he's talked about it publicly in interviews. Watch Mohnish Pabrai's full interviews here:https://youtu.be/FFxUSADENrc?si=ZcWmXWzoc0I2kxoghttps://youtu.be/Kax8XnBU1ik?si=PlaW03NUd2lIUhFhhttps://youtu.be/EzMWPRx9-CY?si=anagrU4LmfZvNr6AThank you for watching. ❤️ Please support the channel by checking out our affiliates. All commissions are reinvested to improve the quality of videos!- TIKR is the website I use for financial data in my videos. Join me and 250,000+ investors worldwide by using TIKR in your investment analysis. Referral link - https://www.tikr.com/globalvalue- Check out Seeking Alpha Premium and score an exclusive 20% off plus a free 7 day trial! Affiliate link - https://www.sahg6dtr.com/H4BHRJ/R74QP/- Try Sharesight https://www.sharesight.com/globalvalue (remember you get 4 months free if you sign up for an annual subscription!)#mohnishpabrai #valueinvesting #valueinvestor #investing #stockmarket #investing2025 #stockmarket2025 #stockportfolio #mohnishpabraistocks #compounding #mohnishpabrai2025 #mohnishpabraistocks #pabriafunds #mohnishpabraiportfolio #mohnishpabraiportfolio2025

Long-term investment success isn't about timing the market — it's about having the right perspective and discipline. In this episode, we share the key principles that help investors avoid costly mistakes, stay invested, and reach their financial goals.Learn why emotional decisions, media noise, and chasing trends often do more harm than good — and why a steady, long-term strategy remains the most reliable path to wealth.Backed by decades of data and insights from Warren Buffett and Charlie Munger, this episode will help you block out the noise and focus on what truly matters.If you're looking to achieve long-term investing success, we think you'll enjoy this podcast episode. Thanks for listening!For more details we recommend that you check out our blog post covering the same topic at https://pw-wm.com/learn/investing/the-secrets-of-investment-success/

Mohnish Pabrai manages over $798 million dollars invested in 5 stocks in his portfolio at Pabrai Funds. In this video, we're covering all of his biggest public holdings.Want to support Global Value? https://www.interactivebrokers.com/mkt/?src=gvy1&url=%2Fen%2Fwhyib%2Foverview.phphttps://www.patreon.com/GlobalValueMohnish Pabrai is the Investment Portfolio Manager of Pabrai Funds. He's a highly regarded valued investor who became personal friends with Charlie Munger after bidding for and winning a charity auction for lunch with Warren Buffett alongside fellow value investor, Guy Spier. Pabrai's portfolio is extremely concentrated and usually hidden - in fact, we can only see 4 holdings in the United States. Many people online think these are his only holdings, but they're wrong. Pabrai has at least one other international holding that's more secretive for US investors - although he's talked about it publicly in interviews. Watch Mohnish Pabrai's full interviews here:https://youtu.be/FFxUSADENrc?si=ZcWmXWzoc0I2kxoghttps://youtu.be/Kax8XnBU1ik?si=PlaW03NUd2lIUhFhhttps://youtu.be/EzMWPRx9-CY?si=anagrU4LmfZvNr6AThank you for watching. ❤️ Please support the channel by checking out our affiliates. All commissions are reinvested to improve the quality of videos!- TIKR is the website I use for financial data in my videos. Join me and 250,000+ investors worldwide by using TIKR in your investment analysis. Referral link - https://www.tikr.com/globalvalue- Check out Seeking Alpha Premium and score an exclusive 20% off plus a free 7 day trial! Affiliate link - https://www.sahg6dtr.com/H4BHRJ/R74QP/- Try Sharesight https://www.sharesight.com/globalvalue (remember you get 4 months free if you sign up for an annual subscription!)#mohnishpabrai #valueinvesting #valueinvestor #investing #stockmarket #investing2025 #stockmarket2025 #stockportfolio #mohnishpabraistocks #compounding #mohnishpabrai2025 #mohnishpabraistocks #pabriafunds #mohnishpabraiportfolio #mohnishpabraiportfolio2025

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

Mohnish Pabrai's Session with Ashoka Investment Club on April 22, 2025. (00:00:00) - Introduction (00:00:47) - Charlie Munger's mental models; Poor Charlie's Almanack (00:07:38) - Cloning is the best mental model (00:08:45) - Sam Walton & Family; Walmart (00:10:36) - Microsoft (00:13:31) - Bridge (00:14:51) - Pabrai Funds: Cloned model from the Buffett Partnerships (00:17:41) - Selecting a stock (00:19:12) - Macro-economic factors; D-Mart & Shrimp farming in India (00:23:32) - Circle of competence; John Arrillaga (00:24:38) - Commodity producers; Saudi Aramco (00:27:26) - Look for anomalies, Investing in Turkiye & Reysas (00:33:54) - Learning from mistakes; Satyam Computers (00:39:35) - Nifty-50 in the 1970s; Walmart The contents of this website are for educational and entertainment purposes only, and do not purport to be, and are not intended to be, financial, legal, accounting, tax or investment advice. Investments or strategies that are discussed may not be suitable for you, do not take into account your particular investment objectives, financial situation or needs and are not intended to provide investment advice or recommendations appropriate for you. Before making any investment or trade, consider whether it is suitable for you and consider seeking advice from your own financial or investment adviser.

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

On today's special episode of I AM HOME, we're revisiting one of our most insightful conversations in honor of the Berkshire Hathaway Annual Shareholders Meeting, which took place earlier this month. Originally recorded in 2023, this episode remains as relevant and inspiring as ever. Our hosts are joined by Amy Myers, Chief Marketing Officer at NFM, for a captivating interview with Todd Combs—a multi-billion-dollar investment manager at Berkshire Hathaway and the President and CEO of GEICO. Todd takes us behind the scenes of his incredible journey: from sitting in a Columbia University lecture hall listening to Warren Buffett, to an unforgettable meeting with Charlie Munger at the California Club and ultimately accepting the call to join Berkshire Hathaway. Join us for a personal and profound look into the world of high stakes investing, following your childhood dreams and the importance of building a sense of home wherever life takes you. Resources: I Am Home | Podcast on Furniture and Family | NFM

In this week's episode, CJ dives into five powerful lessons he's learned through real-life experiments, biohacking adventures and philosophical insights. From mastering the art of opinion to activating your brain's P300 wave, these lessons will challenge you to rethink how you learn, connect and perform.Five Core LessonsYou're Only Entitled to an Opinion If You Can Argue the Other SideInspired by Charlie Munger: true wisdom means understanding opposing views before taking a stand.Beware of confirmation bubbles on social media—seek out diverse perspectives.Your Network Is Not Your Contact ListReal equity lies in the people who light up when they hear your name.Liking bias: we do business with—and refer—those we genuinely like, not just the most skilled.Play the Game to Get Free of the GameNaval Ravikant's insight: hustle intensely, but build systems so you're no longer owned by the hustle.True wealth is freedom, not an endless chase of metrics.Embrace the 40–70 Rule for Decision-MakingGeneral Colin Powell: act when you have ~40% of the information; waiting for 70% or more means you're too late.Fast action generates feedback—“wrong fast” teaches you quicker than endless analysis.Activate Your P300 “Performance Wave”P300 is your brain's spike of attention, novelty and intensity.Trigger it with new experiences, urgent challenges and deep focus to unlock superhuman clarity and memory.Key TakeawaysCuriosity over Certainty: Hold judgment until you've explored all sides.Quality over Quantity in Relationships: Focus on deep bonds, not big lists.Freedom as the Endgame: Your efforts should liberate, not entrap.Momentum Beats Perfection: Small, timely actions outpace endless planning.Signal, Not Time: You don't need more hours—just stronger, sharper stimuli.Five Actions You Can Start TodayDebate Both Sides: Next time you form an opinion, write down arguments for the opposite view.Reconnect Authentically: Text five people who haven't heard from you lately—no pitch, just genuine care.Systematize Your Hustle: Identify one repeatable task in your work or health regime and document a process to automate it.Apply 40–70 Decision Rule: Choose a stalled project; commit a “good enough” launch date once you hit 40% clarity.Design a P300 Trigger: Schedule a novel activity (e.g., cold plunge or focused micro-challenge) before a big meeting to sharpen your mind.

Este episodio es muy especial para mí. Tuve la oportunidad de estar en Omaha, en la última asamblea anual de Berkshire Hathaway con Warren Buffett como CEO, y lo que viví fue mucho más que una reunión de accionistas. Fue una despedida histórica, una clase magistral de sabiduría financiera y una profunda reflexión sobre la vida, el legado y el verdadero significado de la riqueza. Te comparto los 10 aprendizajes más poderosos que me llevé de esa experiencia: ✅ Por qué Buffett mantiene una posición histórica en efectivo. ✅ Su visión sobre el futuro del dólar, Japón y la paciencia como ventaja competitiva. ✅ La trampa del retiro, el valor de la compañía y la lección humana detrás de su relación con Charlie Munger. ✅ Cómo construir un legado con propósito, conexión y conciencia financiera. Además, en Revolución de la Riqueza creemos en tomar decisiones con claridad, control y confianza. Por eso, agradecemos a nuestro patrocinador Equity Link, que ayuda a las empresas a mejorar su liquidez mediante facturaje inteligente, adelantando el cobro de facturas sin endeudamiento.

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

Founders ✓ Claim : Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- What I learned from reading The Red Bull Story by Wolfgang Fürweger and Red Bull's Billionaire Maniac by Duff McDonald. ----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----Come and build in-person relationships at the Founders Only conference----(1:30) "In literal financial terms, our sports teams are not yet profitable, but in value terms, they are," he says. "The total editorial media value plus the media assets created around the teams are superior to pure advertising expenditures."(2:30) "It is a must to believe in one's product. If this were just a marketing gimmick, it would never work."(5:00) He doesn't place a premium on collecting friends or socializing: "I don't believe in 50 friends. I believe in a smaller number. Nor do I care about society events. It's the most senseless use of time. When I do go out, from time to time, it's just to convince myself again that I'm not missing a lot."(7:30) The most dangerous thing for a branded product is low interest. (Edwin Land: The test of an invention is the power of an inventor to push it through in the face of the staunch-not opposition, but indifference-in society. (Indifference is your enemy)(9:00) Nike, Adidas and Vans episodes:Shoe Dog: A Memoir by the Creator of Nike by Phil Knight. (Founders #186)Sneaker Wars: The Enemy Brothers Who Founded Adidas and Puma and The Family Feud That Forever Changed The Business of Sports by Barbara Smit. (Founders #109)Authentic: A Memoir by the Founder of Vans by Paul Van Doren. (Founders #216)(11:00) The lines between Red Bull, Red Bull athletes, and Red Bull events are blurry on purpose. To Mateschitz, it's just one big image campaign with many manifestations.(12:00) He has no plans to sell or take Red Bull public. "It's not a question of money. It's a question of fun. Can you imagine me in a shareholders' meeting?”(13:00) Red Bull's Billionaire Maniac https://www.bloomberg.com/news/articles/2011-05-19/red-bulls-billionaire-maniac(16:00) He is universally described as a person with great charisma.(16:30) The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders 292)(17:00) He has a fierce desire for privacy. He buys a society magazine to make sure he never appears in it.(22:00) There is no market for Red Bull. We will create one.(24:00) Estée Lauder: A Success Story by Estée Lauder.  (Founders #217)(30:00) the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329)(31:00) Gossip and malicious rumors are worth more than the most expensive publicity campaign in the world.” — Dior by Dior: The Autobiography of Christian Dior (Founders #331)(36:00) Control your costs and maintain financial discipline even when making record profits.(38:00) Cult brands have their own laws, otherwise they would not be cultish.(38:00) Red Bull is Dietrich Mateschitz and Dietrich Mateschitz is Red Bull.(38:00) Many companies outsource their marketing and advertising activity. Red Bull consistently took the opposite route: It outsourced production and distribution and takes care of sales and advertising itself.(40:00) Charlie Munger and John Collison on Invest Like The Best #355 Rolex: Timeless Excellence on Invest Like The Best (41:00) If you are making a physical product make it look different from its competitors from the start.(43:00) Everything is marketing.(45:00) Never do anything that compromises your survival.(46:00) He keeps his empire constantly in motion(46:00) All corporate projects like Formula 1, football, Air Race, and media serve the core business: the sale of the energy drink.(47:00) This is a battle for attention.(49:00) Red Bull owns their events. They never relinquish media rights to any event. They invest in making the content and then they give their content to other media distributors for free. A very clever way to multiply their advertising and marketing spend.(52:00) The Bugatti Story by L'Ebe Bugatti. (Founders #316)The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli. (Founders #289)(54:00) Why he moved Red Bull's headquarters to a little village on a lake: The aim was to create a more pleasant working atmosphere.(54:00) On why fitness is so important to him: “Everything that gives me pleasure in life is connected with a certain physical fitness and physical well-being. I like going to the mountain, I like skiing, I like sailing, I like riding a motorbike, I like fooling around - and everything is connected with a minimum of physical agility, motor skills, dexterity, strength, stamina. In order to enjoy it outdoors, I need the indoor program.”----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----Come and build in-person relationships at the Founders Only conference----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers.” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

Founders ✓ Claim What I learned from reading The Red Bull Story by Wolfgang Fürweger and Red Bull's Billionaire Maniac by Duff McDonald. ----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----Come and build in-person relationships at the Founders Only conference----(1:30) "In literal financial terms, our sports teams are not yet profitable, but in value terms, they are," he says. "The total editorial media value plus the media assets created around the teams are superior to pure advertising expenditures."(2:30) "It is a must to believe in one's product. If this were just a marketing gimmick, it would never work."(5:00) He doesn't place a premium on collecting friends or socializing: "I don't believe in 50 friends. I believe in a smaller number. Nor do I care about society events. It's the most senseless use of time. When I do go out, from time to time, it's just to convince myself again that I'm not missing a lot."(7:30) The most dangerous thing for a branded product is low interest. (Edwin Land: The test of an invention is the power of an inventor to push it through in the face of the staunch-not opposition, but indifference-in society. (Indifference is your enemy)(9:00) Nike, Adidas and Vans episodes:Shoe Dog: A Memoir by the Creator of Nike by Phil Knight. (Founders #186)Sneaker Wars: The Enemy Brothers Who Founded Adidas and Puma and The Family Feud That Forever Changed The Business of Sports by Barbara Smit. (Founders #109)Authentic: A Memoir by the Founder of Vans by Paul Van Doren. (Founders #216)(11:00) The lines between Red Bull, Red Bull athletes, and Red Bull events are blurry on purpose. To Mateschitz, it's just one big image campaign with many manifestations.(12:00) He has no plans to sell or take Red Bull public. "It's not a question of money. It's a question of fun. Can you imagine me in a shareholders' meeting?”(13:00) Red Bull's Billionaire Maniac https://www.bloomberg.com/news/articles/2011-05-19/red-bulls-billionaire-maniac(16:00) He is universally described as a person with great charisma.(16:30) The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders 292)(17:00) He has a fierce desire for privacy. He buys a society magazine to make sure he never appears in it.(22:00) There is no market for Red Bull. We will create one.(24:00) Estée Lauder: A Success Story by Estée Lauder.  (Founders #217)(30:00) the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329)(31:00) Gossip and malicious rumors are worth more than the most expensive publicity campaign in the world.” — Dior by Dior: The Autobiography of Christian Dior (Founders #331)(36:00) Control your costs and maintain financial discipline even when making record profits.(38:00) Cult brands have their own laws, otherwise they would not be cultish.(38:00) Red Bull is Dietrich Mateschitz and Dietrich Mateschitz is Red Bull.(38:00) Many companies outsource their marketing and advertising activity. Red Bull consistently took the opposite route: It outsourced production and distribution and takes care of sales and advertising itself.(40:00) Charlie Munger and John Collison on Invest Like The Best #355 Rolex: Timeless Excellence on Invest Like The Best (41:00) If you are making a physical product make it look different from its competitors from the start.(43:00) Everything is marketing.(45:00) Never do anything that compromises your survival.(46:00) He keeps his empire constantly in motion(46:00) All corporate projects like Formula 1, football, Air Race, and media serve the core business: the sale of the energy drink.(47:00) This is a battle for attention.(49:00) Red Bull owns their events. They never relinquish media rights to any event. They invest in making the content and then they give their content to other media distributors for free. A very clever way to multiply their advertising and marketing spend.(52:00) The Bugatti Story by L'Ebe Bugatti. (Founders #316)The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli. (Founders #289)(54:00) Why he moved Red Bull's headquarters to a little village on a lake: The aim was to create a more pleasant working atmosphere.(54:00) On why fitness is so important to him: “Everything that gives me pleasure in life is connected with a certain physical fitness and physical well-being. I like going to the mountain, I like skiing, I like sailing, I like riding a motorbike, I like fooling around - and everything is connected with a minimum of physical agility, motor skills, dexterity, strength, stamina. In order to enjoy it outdoors, I need the indoor program.”----Get access to the World's Most Valuable Notebook for Founders by investing in a subscription to Founders Notes----Come and build in-person relationships at the Founders Only conference----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers.” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

My friend Patrick O'Shaughnessy asked me to come to New York and record a conversation. Patrick had just finished listening to episode #383 "Todd Graves and his $10 Billion Chicken Finger Dream" and he believed there was an important conversation to have on focus and finding your life's work. This conversation was off-the-cuff and from the soul. I hope you find it useful. If you'd prefer to watch the episode you can do that on Spotify and YouTube. Patrick and I are doing a live show on May 27th in New York. Event details and registration here!----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ---- ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

Y después de tanto tiempo llegó el día. Warren Buffet anunció el sábado que tras 60 años, deja el cargo de CEO de la compañía. El Oráculo de Omaha aprovechó la cita anual con los accionistas para anunciar el esperado adiós. Aunque señaló que no se va a desentender del todo de Berkshire Hathaway, ya que como indicó “todavía seguiré por aquí y posiblemente seré útil en algunos casos”. Su sustituto ya está claro o por lo menos el más deseado por Buffet. Greg Abel es el caballo ganador del inversor multimillonario. Y es que era el sucesor designado desde 2021, pero el anuncio le sorprendió igual que al resto del mercado. En sus manos queda el futuro de una empresa que Buffet ha convertido en uno de los gigantes de la inversión. Para Munesh Melwani, Socio Fundador de Cross Capital, una de las claves de la gran dimensión que obtuvo Buffet con Berkshire es la asociación que ha tenido en los últimos cincuenta años con Charlie Munger, vicepresidente de la compañía muchos años y él que es considerado como el principal socio del Oráculo de Omaha. En cambio para Luis García, gestor de MAPFRE AM, lo que explica el éxito del multimillonario es la transición que hizo del Value. Aunque el sábado no fue sólo el día de la sorpresiva despedida de Buffet. Berkshire Hathaway presentó resultados, unos resultados con unos beneficios decepcionantes. Estos se fueron hasta los 4600 millones de dólares, un 64% menos que el año pasado. Y es que la compañía sigue reduciendo sus ventas netas de acciones fueron de 1500 millones de dólares. ¿Cómo están ahora estructuradas sus inversiones? La empresa tenía una liquidez de 350.000 millones de dólares, de los cuales 300.000 han ido para bonos de tesoro. Aunque Buffet reconoció que la compañía estuvo a punto de invertir 10.000 millones en los últimos días. Sabemos los resultados y quién lo sustituye pero ¿Quién es Greg Abel? Nacido en Canadá, en 1992 empezó su andadura en PricewaterhouseCoopers. Después pasó a Mid American Energy, que fue al tiempo adquirida por Berkshire y que supuso la llegada a la empresa. Uno de los puntos más chocantes es que a Warren Buffet no le convencía Greg Abel en un principio. David Sokol, CEO de Mid American, convenció tanto a Buffet como a Munger de la valía de Abel. El Oráculo de Omaha es conocido por aprovechar los momentos de crisis para conseguir grandes inversiones. Eso es lo que hizo también Abel con la crisis de 2008. Gracias a la cancelación de Constellation Energy, que en vez de con Berkshire se fue con EDP, Mid American consiguió 1.000 millones de dólares de indemnización. Así comenzaron las andaduras de Abel hasta convertirse en lo que es hoy: la inversión más valiosa de Warren Buffet.

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

“I'm an accidental guru.” He was irreverent, he was focused, he was one of the world's most successful investors, and he was one of a kind. Billionaire investor Charlie Munger, the longtime right-hand man and close friend of Berkshire Hathaway CEO Warren Buffett, died a few weeks shy of what would have been his 100th birthday. Becky Quick, Squawk Box co-host, interviewed Munger two weeks before his death in his home in Los Angeles. In Part 2 of this special conversation, Charlie Munger reflects on the childhood traumas that shaped him and the investing wins and losses that made his career. For more, revisit our 2021 Squawk Pod series, Warren Buffett and Charlie Munger: A Wealth of Wisdom. Squawk Pod is produced by Katie Kramer, Cameron Costa, Karoline Rouhotas and Zach Vallese.  CNBC's Managing Editor is Lacy O'Toole. John Lazration edited this podcast series.

“I'm an accidental guru.” He was irreverent, he was focused, he was one of the world's most successful investors, and he was one of a kind. Billionaire investor Charlie Munger, the longtime right-hand man and close friend of Berkshire Hathaway CEO Warren Buffett, died a few weeks shy of what would have been his 100th birthday. Becky Quick, Squawk Box co-host, interviewed Munger two weeks before his death in his home in Los Angeles. In the first part of this special conversation, Charlie Munger reflects on his century of life and the perspective and knowledge he gained in his final years. For more, revisit our 2021 Squawk Pod series, Warren Buffett and Charlie Munger: A Wealth of Wisdom. Squawk Pod is produced by Katie Kramer, Cameron Costa, Karoline Rouhotas and Zach Vallese.  CNBC's Managing Editor is Lacy O'Toole. John Lazration edited this podcast series.

In this episode, Dustin Burleson sits down with the powerhouse leadership team behind Rock Dental Brands to answer one of the most pressing questions in modern dentistry and orthodontics: How do I avoid choosing the wrong DSO?You'll hear directly from CEO Kristi Casey, Chief Development Officer Spencer Lunghino, and Co-Founder Dr. Mark Dake as they share a transparent look into the origins, philosophy, and strategic direction of Rock Dental Brands. Together, they bust myths around private equity, clinical autonomy, and growth timelines—and reveal what doctors should really be asking before joining a DSO.If you're a dentist, orthodontist, or specialist considering your next move, this episode is a must-listen. What You'll Learn:The real story behind private equity in dentistry—where the money comes from and how it worksWhy not all DSOs (or equity structures) are created equalHow Rock Dental Brands evolved from a doctor-led support model to a nationally respected DSOThe biggest myths around clinical autonomy, ownership, and growthWhy Rock's equity model is designed to treat doctors fairly—and how that differs from joint venturesHow to reverse-engineer a smart partnership decision using Charlie Munger's “invert and avoid” philosophyWhat questions to ask during DSO due diligence (and how to avoid future regret) Key Quotes:“We were built to be proud of the work we're doing 50 years from now." —Dr. Mark Dake“You're not giving up control of your practice. You're gaining part of 110 practices.” —Kristi Casey Connect with Our Guests:Spencer Lunghino – spencer.lunghino@rockdentalbrands.comrockdentalbrands.com Resources Mentioned:GreyFinch Practice Management SoftwareDentiCon by Planet DDSVistria Group – Private equity partner of Rock Dental Brands Subscribe & Review:If you enjoyed this episode, please leave a review and subscribe to The Burleson Box on Apple Podcasts, Spotify, or wherever you listen. Your support helps us bring powerful conversations like this to more listeners in healthcare leadership. ***The Burleson Box is brought to you by Stax Payments:Save Big on Transaction Fees: Boost Your Bottom Line with Stax Payments.Did you know that your practice can start saving thousands of dollars on your monthly processing costs with our preferred payments partner, Stax? Simplify your practice operations and provide a quality patient experience. Healthcare practices like yours need a way to accept payments simply and securely. That's where Stax comes in.Stax helps you manage your entire payments experience from within one platform. You can safely accept touch-free payments in-person, online, or over the phone, securely store and manage patient information with layered security and Level 1 PCI compliance.
Take advantage of a simpler, more transparent way to process your payments with competitive flat-rate pricing, provided exclusively through Stax. No additional fees or contracts required!Power your practice and get paid faster with simple, safe and secure payment solutions. Have questions? Schedule time to speak with a dedicated payment consultant to learn more.Click Below to Lear More Today:StaxPayments.com/burleson-seminars*** Go Premium: Members get early access, ad-free episodes, hand-edited transcripts, exclusive study guides, special edition books each quarter, powerpoint and keynote presentations and two tickets to Dustin Burleson's Annual Leadership Retreat.http://www.theburlesonbox.com/sign-up Stay Up to Date: Sign up for The Burleson Report, our weekly newsletter that is delivered each Sunday with timeless insight for life and private practice. Sign up here:http://www.theburlesonreport.com Follow Dustin Burleson, DDS, MBA at:http://www.burlesonseminars.com

Wisdom from the Berkshire Chronicles: Insights from Buffett and Munger Experts [See text version on my Substack]8 previous Talking Billions conversations recorded over three years in one 15-minute episode!This episode features a collection of profound insights and key ideas shared by experts on Berkshire Hathaway, Warren Buffett, and Charlie Munger. It includes historical perspectives on the company, pivotal investment philosophies, unique management practices, and significant business decisions. Highlighting stories from past Berkshire meetings, the importance of capital allocation, and lessons learned from Buffett's mistakes, this episode serves as a compact guide to understanding the principles behind one of the world's most successful businesses.What you'll find inside:00:00 Introduction: Wisdom from the Berkshire Chronicles01:12 The Pre-Buffett Era: From Whaling to Textiles02:23 Memories of Early Berkshire Meetings04:03 Buffett's Accidental Empire05:15 The Importance of Capital Allocation and Management Quality06:08 The Evolution of Value Investing06:59 The Insurance Float: Berkshire's Secret Weapon08:20 Concentration: Bet Big When You're Right09:44 The Portfolio Approach to Managing Businesses12:18 Learning from Mistakes and Taking the Long View13:47 Conclusion: The Compounding of WisdomPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

On this week's Stansberry Investor Hour, Dan and Corey welcome Alex Morris to the show. Alex is the founder of TSOH (The Science of Hitting) Investment Research and an author. TSOH, which boasts more than 20,000 subscribers, aims to generate attractive long-term returns while providing complete transparency on the research process, portfolio decision-making, and returns. Alex kicks off the show by discussing the inspiration behind his new book, Buffett and Munger Unscripted: Three Decades of Investment and Business Insights From the Berkshire Hathaway Shareholder Meetings. He goes in depth on what he learned from Warren Buffett and Charlie Munger in the process of crafting his book, including understanding incentives, management turnover, and which macroeconomic factors are important. (1:46) Next, Alex talks about the "pointed" questions Buffett and Munger got during the dot-com era from shareholders who doubted their abilities. Then he breaks down his own investing style, how that style has evolved over the years, and how he got interested in investing in the first place. This leads to a discussion about struggling retailer Five Below (which Alex is keeping an eye on to see if it can turn its business around) and Dollar Tree (which Alex owns and still likes today). (19:53) Finally, Alex delves further into the retail space. He discusses Costco Wholesale versus Walmart, the importance of retailers understanding their core customer base, why Dollar Tree is misunderstood, geographic retail strategies, President Donald Trump's tariffs, and a U.K.-based mixers company he finds attractive. (40:24)

If Warren Buffett is the king of capital allocation—Henry Singleton is the ghost. Singleton built one of the most successful conglomerates in American history, transforming business while remaining virtually unknown. While Wall Street chased fads, Singleton, who could play chess blindfolded, quietly turned industrial conglomerate Teledyne into a business juggernaut with 20.4% annual returns over nearly three decades—outperforming Buffett, outmaneuvering rivals, and outlasting the hype. Dive into the mind of a man who Charlie Munger said had "the best operating and capital deployment record in American business—bar none." This is a masterclass in disciplined capital allocation and long-term thinking on the most underrated business genius of the 20th century.  If you're building a business, allocating capital, or simply trying to think more clearly in a noisy world, you cannot afford to miss this one.  (03:16) Prologue (05:59) PART 1: THE MAKING OF A MAVERICK (07:48) After MIT (10:24) Founding of Teledyne (14:04) The Future is Semiconductors (17:18) What to Acquire? (19:12) Integrating into the Teledyne System (21:49) Vasco Metals and George Roberts (23:40) PART 2: MASTER CAPITAL ALLOCATOR (28:10) Entering Insurance (29:44) The Great Buyback Revolution (32:46) Teledyne Operating Systems (34:56) Thinking Local (37:41) Building Knowledge (39:59) PART 3: PEAK PERFORMANCE (42:51) Planning for Retirement (44:09) Passing the Torch (46:45) End of an Era: Singleton Retires (47:41) Teledyne After Singleton (48:46) Singleton's Legacy (51:05) SHANE'S REFLECTIONS This episode is for informational purposes only and most of the research came from reading Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It, with an Introduction to Teledyne Technologies by Dr. George A. Roberts with Robert J McVicker and The Outsiders by William N. Thorndike, Jr. Additional source: 1979 Interview with Forbes Check out highlights from these books in our repository, and find key lessons from Singleton here —https://fs.blog/knowledge-project-podcast/outliers-henry-singleton/ Upgrade — If you want to hear my thoughts and reflections at the end of all episodes, join our membership: ⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠ and get your own private feed. Newsletter — The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it's completely free. Learn more and sign up at fs.blog/newsletter Learn more about your ad choices. Visit megaphone.fm/adchoices

Akio Morita was a visionary entrepreneur and co-founder of Sony. Born as the first son and fifteenth-generation heir to a 300-year-old sake-brewing family in Japan, Akio eschewed the traditional path to forge his own legacy in electronics.In post-war Japan, Akio joined forces with Masaru Ibuka to found Sony. They started in a burned-out department store with limited resources—to build their first product they had to buy supplies on the black market. Akio was determined to change the global perception of Japanese goods as poor quality. From day one he set out to build high-quality, differentiated products, targeted at affluent markets. Akio believed in long-term vision over short-term profits, product innovation without market research, and brand building over immediate profits. Against all opposition, including inside of his own company, Akio invented one of the most successful consumer products of all time: The Walkman. It sold over 400 million units and inspired countless other entrepreneurs like Steve Jobs, Jeff Bezos, James Dyson, and Phil Knight. This episode is what I learned from rereading Akio's classic 1986 autobiography Made In Japan. ----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast

In this episode, we break down why every investor—no matter their experience level—should have an Investment Policy Statement . We walk through the key components you need to include, from setting clear investment goals and understanding your risk tolerance to creating a contribution plan and rebalancing rules that work for you. Braden also shares a personal story inspired by Charlie Munger’s wisdom on spending money meaningfully and learning when to say yes to experiences. Plus, we touch on why fewer companies are going public and how cash-secured puts can be a useful strategy when markets are volatile. Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Finchat.io for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

This week on The Audit Podcast, we're joined by Mark Freeman, Head of Internal Audit at Vermeer Corporation. In this episode, Mark shares insights from a recent CAE roundtable, where recruitment, audit committee metrics, and Copilot use cases topped the agenda. He also walks us through how he rebuilt internal audit's reputation at Vermeer after stepping into a challenging environment. Plus, he gives us a look at the actual metrics he shares with his audit committee—offering a practical starting point for your own reporting conversations. Be sure to connect with Mark on LinkedIn.   Also, be sure to follow us on our new social media accounts on LinkedIn, Instagram, and TikTok.   Also be sure to sign up for The Audit Podcast newsletter and to check the full video interview on The Audit Podcast YouTube channel.   Timecodes:   3:03 - Timeless Advice from Charlie Munger 7:15 - Rethinking Recruitment and Talent in Audit 12:10 - Unlocking the Full Value of Internal Audit 15:20 - Reframing the Image of Internal Audit 21:50 - Why Metrics Matter 27:58 - Must-Reads for Audit Professionals 31:30 - Implementing Copilot: AI in Action 39:15 - Final Thoughts   *   This podcast is brought to you by Greenskies Analytics, the services firm that helps auditors leap-frog up the analytics maturity model. Their approach for launching audit analytics programs with a series of proven quick-win analytics will guarantee the results worthy of the analytics hype.  Whether your audit team needs a data strategy, methodology, governance, literacy, or anything else related to audit and analytics, schedule time with Greenskies Analytics.

Markets are twitchy, tariffs are flying, and the Economic Policy Uncertainty Index just hit 900. So... what now? This week, Skippy and Doogles channel Charlie Munger, debate whether it's time to dump Chinese stocks, and wrestle with how (and when) to deploy cash in a world that makes zero sense. Plus: Howard Marks drops another banger memo, the NASDAQ flirts with 24/7 trading, and we break down the real deal with ESOPs and employee ownership.Join the Skippy and Doogles fan club. You can also get more details about the show at skippydoogles.com, show notes on our Substack, and send comments or questions to skippydoogles@gmail.com.

"In my whole life, I have known no wise people over a broad subject matter area who didn't read all the time. None. Zero. You'd be amazed at how much Warren reads; at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out." - Charlie MungerThe Investor Series rolls on today, but with a bit of a different look and feel.  Our good friend and usual co-host Aleck Arena will not be joining in on this conversation.  Instead, our very own Jay Doran will be flying solo and discussing one of the great great minds of the modern investing world, Mr. Charles T. Munger.  When it comes to investing, there are few voices that ring out louder and clearer and have had more of an impact in the space than Charlie Munger.  You don't come to be Warren Buffet's right hand for decades without knowing a thing or two.  Today, Jay is discussing some of the finer points of Mr. Munger's work and why he will always be remembered as a titan in his industry.  We hope you enjoy this episode of The Culture Matters Podcast.

Just days after the White House shut down rumors of a potential pause on tariffs, the world reacts to a swift reversal. National Economic Council Director Kevin Hassett discusses the market's reaction to President Trump declaring a 90-day pause on tariffs and how a spike in the bond market possibly changed negotiations. Plus, Amazon CEO Andy Jassy sits down in an exclusive interview at the company's headquarters, saying he believes sellers will pass increased tariffs costs on to consumers.  Meanwhile, Becky Quick revisited her 2019 conversation with Warren Buffett, Charlie Munger and Bill Gates discussing the then-latest developments in the U.S.-China trade talks and what they thought would benefit all parties involved. Watch the video from that discussion here. Kevin Hassett     25:37Andy Jassy          47:07 In this episode: Andy Jassy, @ajassyBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie

Charlie Munger, the late sage of value investing and Warren Buffett's right-hand man, once said there are only three ways a smart man can go broke: “liquor, ladies, and leverage.” Now, of the three, leverage is the sneakiest. It shows up dressed like opportunity, whispers promises of scale and speed, and before you know it—you're in a capital call or margin call. But let's be clear: leverage isn't the enemy. In fact, if your goal is to become truly wealthy—if you want to build lasting, generational wealth—you're going to need it. Unless you're one of the lucky few who can throw a football 70 yards or sell out Madison Square Garden, leverage is your ticket to the big leagues. At its core, leverage is simply using other people's money—or time—to amplify your results. It's a mortgage on a cash-flowing property, a business line of credit, or a carefully constructed insurance strategy. When used properly, it's the financial version of driving a car instead of walking. It gets you there faster. Leverage magnifies everything—the gains, yes, but also the losses. It's the volume knob on your financial life. And in the last few years, when interest rates skyrocketed at the fastest pace in modern history, that volume went from background music to full-blown chaos. And here's the thing: it wasn't just the rookies who got caught. This cycle humbled everyone—developers with decades of experience, funds with billions under management, and institutional players with Ivy League MBAs. When the tide went out, even the smart money found itself swimming without trunks. Some were caught overleveraged. Others had short-term debt in long-term projects. And a whole lot of people made the fatal assumption that the low-rate environment would last forever. It didn't. But…just like the last financial crisis, this kind of wreckage creates extraordinary opportunity—if you know how to navigate it. Because as painful as the last couple years have been for real estate investors, they've also opened the door to a once-in-a-decade setup. Distressed assets. Motivated sellers. And amidst all the carnage, leverage—used carefully, conservatively, and respectfully—can once again become the powerful tool it was meant to be. This is not a time for fear. It's a time for strategy. For discipline. For underwriting with humility and deploying capital. This week's episode of Wealth Formula Podcast is a postmortem on what went wrong in real estate over the past few years as interest rates surged and markets shifted. We break down the hard lessons learned—even by seasoned pros—and explore why today's environment is starting to resemble the rare window of opportunity we saw in 2010–2011, in the wake of the mortgage meltdown.

Most people see investing as just stocks and numbers, but the world's greatest investors approach it differently. Their biggest lessons go beyond money—they're about how to think, make smarter decisions, and live a richer life. William Green, bestselling author of Richer, Wiser, Happier, has interviewed over 50 legendary investors, including Charlie Munger, Howard Marks, and Sir John Templeton. Along the way, he's uncovered powerful insights that apply not just to investing but to leadership, business, and personal growth. In this episode, William shares what leaders can learn from investors about making better decisions, avoiding costly mistakes through inversion thinking, and applying the power of compounding to knowledge, relationships, and habits. He reveals why mastering emotions matters more than mastering money, why intuition is just as critical as data, and how knowing your circle of competence helps you focus on playing games you're equipped to win and knowing your limits. We also explore how ethical leadership isn't just the right thing to do—it's a long-term advantage, and long-term success is often tied to integrity, self-awareness, and learning from both wins and failures.   ________________ Start your day with the world's top leaders by joining thousands of others at Great Leadership on Substack. Just enter your email: ⁠⁠https://greatleadership.substack.com/

Todd Graves is one of my favorite living entrepreneurs. He's a great example of Charlie Munger's maxim: Find a simple idea and take it seriously. Todd wanted to create a quick service restaurant that only focused on quality chicken finger meals and nothing else. Everyone told him that couldn't possibly work. The college paper that described the idea that would turn into Raising Canes got the lowest grade in the class. Banks wouldn't loan him any money —but nothing could stop Todd from living out his "chicken finger dream." He worked 95 hour weeks as a boilermaker, risked his life on a commercial fishing boat off the coast of Alaska, and scrounged up startup money from his bookie and a guy named Wild Bill. Todd made every mistake in the book, over leveraged himself, almost lost everything and yet he refused to give up or sell out. Today he has over 800 locations, 50,000 employees, and owns 90% of a business that's worth at least $10 billion. Todd's maxim is "Do one thing and do it better than anyone else." Sources: Trading Secrets: Raising Cane's founder Todd Graves reveals his path to building the wildly popular restaurantTheo Von: Raising Cane's Founder Todd Graves----Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. ----Join my free email newsletter to get my top 10 highlights from every book ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast