Podcast appearances and mentions of Mark Leonard

Ahead of German elections, Mark Leonard from the European Council on Foreign Relations reflects on Germany's significance within the wider European project. We investigate the murky world of underwater stealth sabotage. The German town of Meiningen fosters a cultural oasis in the middle of an AfD stronghold. And Alice in Orbanland: AfD leader Weidel pays a visit to Hungary.

Today, we are replaying one of our favorites, breaking down the industrial conglomerate AMETEK. AMETEK is a great pairing with last week's episode on Jack Henry. These are two businesses with very long track records executing a playbook. AMETEK is one of eight companies that Mark Leonard and his team at Constellation Software studied as they built their own empire. And it's one well worthy of a discussion as you'll hear.  To break down AMETEK, I'm joined by Nael Fakhry, Co-CIO of the Osterweis Capital Management Growth and Income Strategy. Nael has spent a significant amount of time around AMETEK from the early 2000s until today. Please enjoy this breakdown on AMETEK. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @bizbreakdowns | @zbfuss | @ReustleMatt | Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Learn about Finley (00:02:52) An Overview of Ametek (00:04:17) Ametek's Diverse Product Range  (00:11:09) Ametek's history: From Bankruptcy to Industrial Dominance (00:20:22) Ametek's Growth Model: Innovation, Acquisitions, and Global Expansion (00:25:23) Understanding Ametek's Finances (00:29:37) Exploring Revenue Growth and Margin Expansion (00:30:10) Incremental Margins and Cyclical Nature of the Business (00:31:07) Operational Excellence (00:33:35) Decentralized Approach (00:35:21) The Role of Acquisitions (00:36:33) Challenges and Risks (00:38:45) Capital Allocation (00:45:55) Evaluating Cyclical Business Performance and Resilience (00:48:27) Dividend Policy (00:49:44) Valuation and Growth Sustainability (00:53:41) - Key Lessons

Today, we are breaking down Jack Henry. If you're not familiar with it, Mark Leonard of Constellation Software once referred to this business as their ‘gold standard.' Jack Henry is a true best in class operator within the vertical market software space.  To break down the business, I'm joined by Bob Desmond, Portfolio Manager and Head of Claremont Global. Jack Henry sells full operating system software that powers small and mid-sized banks. Like many great vertical market software businesses, M&A has been a piece of the puzzle, but Jack Henry puts a very deliberate focus on organic growth particularly in their core product. The stock has appreciated 480x since its IPO in the mid-eighties, but more recently, has been essentially flat over the past five years, and we get into great business dynamics versus stock dynamics. Please enjoy this Breakdown of Jack Henry. Subscribe to Colossus Review For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com.  ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Learn About Finley (00:05:42) Jack Henry's Business Model and Market Position (00:06:22) Colossus Review Announcement (00:07:04) Deep Dive into Jack Henry's Operations (00:09:43) Jack Henry's History and Culture (00:12:44) Customer Focus and Competitive Advantage (00:16:23) Growth Strategy and Market Dynamics (00:19:37) Technology and Innovation at Jack Henry (00:24:08) Customer Integration and Market Share (00:34:50) Revenue Uplift and Customer Benefits (00:38:57) Financial Metrics and Margins (00:40:35) Cash Flow and Dividend Growth (00:41:53) Cyclicality and Resilience (00:48:04) Fintech Competition and Partnerships (00:53:20) Customer Base and Market Shifts (00:56:17) Risks and Cybersecurity Concerns (00:59:22) Valuation and Long-Term Growth (01:02:14) Key Lessons from Jack Henry

On today's episode, Clay is joined by Eddy Elfenbein to discuss his top stock picks for 2025. After Clay lets Eddy go, he also outlines his top stock pick for 2025 — Lumine Group. Eddy Elfenbein is a portfolio manager and creator of the Buy List, a portfolio of high-quality stocks that have consistently outperformed the market. Known for his Crossing Wall Street blog, he simplifies complex financial concepts into actionable insights for investors. He also manages the AdvisorShares Focused Equity ETF ($CWS), which is based on his Buy List of high-quality stocks. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 04:29 - Eddy's views on the current market and economy. 07:00 - The Buy List's top performers from 2024. 14:41 - An overview of the names he added and removed from The Buy List. 30:38 - How Eddy balances being aware of the macro environment without letting it override his investment process. 44:15 - The investment thesis for Lumine Group. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. The Buy List for 2025. Crossing Wall Street Blog and Substack. ETF (Ticker: CWS) information. Join our highly vetted community of value investors here. Clay's previous episode on Mark Leonard's shareholder letters. Check out Interactive Brokers. Seeking Winners Substack (Lumine write-up is titled, ‘Carving Out Growth'). Email Shawn at shawn@theinvestorspodcast.com to attend our free events in Omaha or visit this page. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained The Bitcoin Way Vanta Fintool PrizePicks Onramp SimpleMining TurboTax Fundrise 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

New research last week suggested that a majority of Brexit voters would accept the return of freedom of movement in exchange for access to the EU single market. The poll, conducted by the European Council on Foreign Relations (ECFR), found that 54% of Brexit voters – and 68% of all respondents – would accept this. Facing their own changing domestic concerns, how close can the UK and EU governments really get? Could Defence hold the key for collaboration? And how much is this driven by a more volatile geopolitical landscape ahead of Trump's return as US president? James Heale speaks to Anand Menon, director of the think-tank UK in a Changing Europe, and Mark Leonard, director at the ECFR. Produced by Patrick Gibbons.

In this informative episode, Pepe takes us on a journey to revisit the early days of folk punk with a focus on Pat the Bunny (Johnny Hobo) & the DIY Bandits label that released much of his music. He enlists the support of longtime friends Dani Chaoflux & Mark Leonard who also spent time with Pat during those days. Together they explore a fascinating origin story that sparked a local community that eventually helped ignite a country wide scene. This is part 1...stay tuned for parts 2 & 3!Support the podcast to get bonus episodes + goodspatreon.com/BackontheGrindHIGHLIGHTS:"What were you thinking?" during the early Bandit daysCreating the Love Songs For The Apocalypse layoutWhat was a typical day like at Bandits HQ back then?What happened to the DIY Bandits website?Who were the DIY Bandits?Remembering the first Johnny Hobo showsEscaping security storyFavorite memory about Pat The BunnyDid the Johnny Hobo music actually reflect who Pat was?What was the scene like?Would you do it all again if you knew how it ended up going?We didn't use the term "folk punk" in the early daysFolk punk bands then & nowTouring with Johnny Hobo & the Freight TrainsWhat was the folk punk scene like in CT. in the early-mid 2000's?What was the difference between the early shows and current day shows?We like ska!Reflecting on Pat The Bunny during the Johnny Hobo eraSome Thoughts on the podcastGet Coffee for the Bandit in you; roasted by PepeStayFreeCoffee.comFollow the podcast on Instagraminstagram.com/backonthegrindpod/?hl=engramSend us questions, comments or topic suggestions toPodcast@BackOnTheGrindRecords.comLeave a comment/question on Spotify or Instagram (we read them all)***Word of mouth really matters to us. Here's two simple things you can do to help keep this podcast going strong: Share your favorite episode with a friend who you think will also enjoy it.Leave us a rating or review. It will help us reach & support more folks like you & that's why we do this :)Stay Free until next time! Hosted on Acast. See acast.com/privacy for more information.

New research this week suggested that a majority of Brexit voters would accept the return of freedom of movement in exchange for access to the EU single market. The poll, conducted by the European Council on Foreign Relations (ECFR), found that 54% of Brexit voters – and 68% of all respondents – would accept this. Facing their own changing domestic concerns, how close can the UK and EU governments really get? Could Defence hold the key for collaboration? And how much is this driven by a more volatile geopolitical landscape ahead of Trump's return as US president? James Heale speaks to Anand Menon, director of the think-tank UK in a Changing Europe, and Mark Leonard, director at the ECFR. Produced by Patrick Gibbons.

Welcome to the Personal Development Trailblazers Podcast! In this episode,  we'll explore the profound power of a mindset shift—how reframing your thoughts and beliefs can unlock new possibilities, restore your sense of control, and empower you to navigate life's challenges with confidence. Dr. Mark Leonard has been an entrepreneur and business owner for over 20 years, experiencing his fair share of worries, sleepless nights, and setbacks along the way. Currently, he owns three businesses that employ an average of 35 employees, giving him an intimate understanding of the pressures of owning and running a business. For the past 18 years, Dr. Leonard has studied why some people achieve remarkable success while others struggle, uncovering clear solutions that he is eager to share. Driven by his quest for understanding and growth, Dr. Leonard earned an EdD in Organizational Leadership from Pepperdine University, equipping him with the expertise to help companies and their leaders achieve sales and operational excellence. He recognizes that true success flows from the individuals leading these companies, which has become his passion—helping leaders break through limitations and plateaus to reach higher levels of success. This passion led Dr. Leonard to pursue training and certification as a Human Performance Expert and become a Certified High-Performance Coach, an industry leader in the field. Over the years, he has been blessed to coach literally thousands of business owners, leaders, and entrepreneurs to their success.   Beyond his professional endeavors, Dr. Leonard understands the complexities of life and its challenges. He has been married to Becky for 33 years, and together they have six children and 12 grandchildren. Balancing the priorities of life is something he deeply understands and navigates with empathy and experience. Connect with Dr. Mark here:  https://www.instagram.com/thehappinessbreakthrough/ https://www.facebook.com/happinessbreakthrough https://www.linkedin.com/in/mark-leonard-ed-d-73b44b5/ www.thehappinessbreakthrough.com Grab the freebie here: www.thehappinessbreakthrough.com/uncommon =================================== If you enjoyed this episode, remember to hit the like button and subscribe. Then share this episode with your friends. Thanks for watching the Personal Development Trailblazers Podcast. This podcast is part of the Digital Trailblazer family of podcasts. To learn more about Digital Trailblazer and what we do to help entrepreneurs, go to DigitalTrailblazer.com. Are you a coach, consultant, expert, or online course creator? Then we'd love to invite you to our FREE Facebook Group where you can learn the best strategies to land more high-ticket clients and customers.  Request to join here:  https://www.facebook.com/groups/profitablecoursecreators QUICK LINKS:  APPLY TO BE FEATURED: https://app.digitaltrailblazer.com/podcast-guest-application GET MORE CLIENTS: https://app.digitaltrailblazer.com/client-acquisition-accelerator-pdf DIGITAL TRAILBLAZER: https://digitaltrailblazer.com/ JOIN OUR FREE FACEBOOK GROUP: https://www.facebook.com/groups/profitablecoursecreators

Curious about what it truly means to be a Certified Anesthesiologist Assistant (CAA)? You're in the right place! From nearly two decades of experience, I share a clear and comprehensive breakdown of the CAA profession. Think of me as your older sister or best friend, guiding you step-by-step through the essentials—from what CAAs actually do to how much money we make, no topic is off limits. Whether you're an aspiring AA student or simply exploring a career in medicine, this guide equips you with the insights you need to understand the CAA profession.In Part 3 I break down some universally misunderstood concepts pertaining to CAA practice regulations such as licensure vs. delegatory authority, medical direction vs. medical supervision, and why CAA state licensure does not automatically guarantee state practice. This is a critical episode no matter where you are in your CAA journey, and one that helped me answer some long considered questions. Resources Mentioned:S3 E46  Transatlantic Tales of a Certified Anesthesiologist Assistant ft. Mark Leonard, CAAS3 E36 [PROCESS] Lindsey Diaz, CAA on fear, anger and her right to practice in New MexicoS3 E35 [PROCESS] The Stars Align in Nevada ft. CAAs Stephanie Zunini, Jada Wabanimkee and Joey ParrishS4 E56 [PROCESS] Breaking Barriers in The Evergreen State ft. Sarah Brown, CAAStates Can CAA's Work @anesthesiasalASA statement on medical direction vs. supervisionASA statement on anesthesia care teamAAAA statement on licensure vs. delegatory authorityMichigan's delegatory authority statuteYou can now text me! Questions/SuggestionsI want to learn more about CAA Matters.CAA Matters is the 1st comprehensive wellness curriculum for 1st year AA students. I designed CAA Matters to be flexible, relevant, and seamlessly integrated into an already packed first year schedule so you don't have to compromise. CAA Matters is now enrolling for the '25/'26 Academic year.Want more? Stay in the know by subscribing to the Awakened Anesthetist Newsletter- more resources, exclusive content and ways to connect. Interested in practicing mindfulness with this CAA community? Receive your Free 30 min Webinar Introduction to Mindfulness for CAAs Join Mindful Connections 1 session/mo during Season 4 of Awakened Anesthetist Podcast (October 2024-March 2025) FREE to join + NO ongoing commitment. Let's Chat! Contact me:awakenedanesthetist@gmail.comIG @awakenedanesthetist

Among foreign policy issues, how the United States should approach its relationship with Europe might be the one on which presidential candidates Donald Trump and Kamala Harris disagree most. To find out why, hear Nathalie Tocci, the director of Rome's Istituto Affari Internazionali, and Mark Leonard, the director of the European Council on Foreign Relations, on the second episode of FP Live's special election series. Suggested reading (FP links are paywall-free): A. Wess Mitchell and Jakub Grygiel: U.S. Strategy Should Be Europe First, Then Asia Hal Brands: Trump's Return Would Transform Europe FP Contributors: Europe Alone Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Pekingology, Freeman Chair in China Studies Jude Blanchette is joined by Mark Leonard, co-founder and director of the European Council on Foreign Relations. He is also the Henry A Kissinger chair in foreign policy and international relations at the US Library of Congress, Washington DC. They discuss his recently co-authored book The Idea of China: Chinese Thinkers on Power, Progress, and People. (European Council on Foreign Relations, 2024)

There are many writings by Western scholars on Chinese foreign as well as domestic policy. Yet few have ventured to analyze the internal intellectual debates in China that, either partly or significantly, shape Chinese policymaking. A recent book from the European Council on Foreign Relations titled The Idea of China: Chinese Thinkers on Power, Progress, and People, intends to fill that gap. Written by Alicja Bachulska, Mark Leonard, and Janka Oertel, the book presents some of the leading Chinese perspectives on a range of contemporary global as well as domestic issues. To help us further understand Chinese thinking and its significance, host Bonnie Glaser is joined by Alicja Bachulska, one of the co-authors of the book and a policy fellow at the European Council on Foreign Relations. Timestamps[01:22] Significance of Intellectual Debates in China[04:31] Gauging the Candor of Interview Responses[06:35] Who are the China solutionists? [08:25] Examining the “Great Changes” Taking Place[11:52] Strengthening China's Discourse Power[15:22] Where is China successfully shaping narratives?[18:05] China on the Defense or Offense[22:36] Rising East, Declining West[28:49] Responding to Chinese Discourse in the Global South 

Matt Cohen welcomes back John Ruffolo of Maverix Private Equity, focusing on a variety of topics, including predictions for the next Canadian election, reflections on the 2023 conference season, and the impact of long-term value creation in Canadian business. They also discuss PitchBook's 2024 university rankings and their implications for Canadian education and entrepreneurship. Additionally, they explore trends in private equity and leveraged buyouts, the impact of interest rates on these markets, and the future of long-term capital in Canada.In this episode, we discuss:* (00:21) The busy conference season including Maverix's off-the-record Leadership Summit* (02:00) Reflections on Mark Leonard's strategic growth and long-term value creation.* (04:47) Discussion on Andre De Grasse and his transition into investing.* (06:00) Analysis of PitchBook's 2024 university rankings and Canada's showing.* (11:15) The shift from leveraged buyouts to minority buyouts in private equity.* (16:57) OMERS Ventures and the consolidation of its private capital group.* (20:04) The recent U.S. election debate and its entertainment value.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Democracy in Question? is brought to you by:• Central European University: CEU• The Albert Hirschman Centre on Democracy in Geneva: AHCD• The Podcast Company: scopeaudio Follow us on social media!• Central European University: @CEU• Albert Hirschman Centre on Democracy in Geneva: @AHDCentre Subscribe to the show. If you enjoyed what you listened to, you can support us by leaving a review and sharing our podcast in your networks! 

Nebraska Public Media is searching the country for a new General Manager/CEO. Mark Leonard announced in December he is retiring after more than 10 years here. Nebraska Public Media's Dale Johnson sat down with Mr. Leonard to talk about his career and the status of public media.

0:00: Introduction 1:00: talking Domino's Pizza crust and its stock. 4:42: Review of the Constellation Software Annual meeting. 5:50: Why the annual meeting is still be done virtually. 8:49: Constellation Software is a capital allocation company. 11:11: Why acquired growth has been a better driver of returns for Constellation vs. organic growth. 13:15: Why Constellation will have to invest more to boost organic growth. 13:45: Why Constellation has limited worries about copycats. 19:11: reviewing Constellation's carve-out strategy. 21:04: strategies to boost deal activity. 22:52: Constellation open to issuing stock for large deals? 29:23: more spin-offs on the way? 32:21: Mark Leonard on selling some of his shares. 34:32: How will AI affect Constellation? 36:41: Will Constellation deliver good returns to shareholders going forward? This week we have a treat for Constellation Software fans! Barry and Ernest review the Constellation Software annual meeting and do a deep dive on the company. The guys discuss Constellation's capital allocation, organic growth, competition, spin-off, carve-outs, copycats, AI and future catalysts.

Today, we cover the industrial conglomerate AMETEK. This is one of eight companies that Mark Leonard and his team at Constellation Software studied as they built their own empire. And it's one well worthy of a discussion as you'll hear.  To break down AMETEK, I'm joined by Nael Fakhry, Co-CIO of the Osterweis Capital Management Growth and Income Strategy. Nael has spent a significant amount of time around AMETEK from the early 2000s until today. Please enjoy this breakdown on AMETEK. Listen to Mitch Rales talk about Danaher on Art of Investing. Interested in hiring from the Colossus Community? Click here. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. This episode is brought to you by Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Partners (00:01:40) Welcome to Business Breakdowns (00:03:52) An Overview of Ametek (00:05:17) Ametek's Diverse Product Range  (00:12:09) Ametek's history: From Bankruptcy to Industrial Dominance (00:21:22) Ametek's Growth Model: Innovation, Acquisitions, and Global Expansion (00:26:23) Understanding Ametek's Finances (00:30:37) Exploring Revenue Growth and Margin Expansion (00:31:10) Incremental Margins and Cyclical Nature of the Business (00:32:07) Operational Excellence (00:34:35) Decentralized Approach (00:36:21) The Role of Acquisitions (00:37:33) Challenges and Risks (00:39:45) Capital Allocation (00:46:55) Evaluating Cyclical Business Performance and Resilience (00:49:27) Dividend Policy (00:50:44) Valuation and Growth Sustainability (00:54:41) Key Lessons Learn more about your ad choices. Visit megaphone.fm/adchoices

Last week, Polityka Insight and The European Council on Foreign Relations hosted the Warsaw European Conversation. We focused on Europe, prosperity, security, and war. During the conference we went offstage to record six fascinating conversations with our esteemed panellists. The result of which are two podcasts. In today's episode, Magdalena Cedro spoke to the co-founder and director of ECFR, Mark Leonard, and to Stefano Sannino, Secretary General of the European External Action Service. In the third conversation, Julia Cydejko speaks to Quentin Genard of the European Climate Foundation.

Drew Cohen from Speedwell Research, joins the podcast to discuss his thesis on Constellation Software (TSX: CSU), who acquires, manages and builds vertical market software businesses. For more information about Speedwell Research, please visit: https://speedwellresearch.com/ Speedwell Research profile on Constellation Software: https://speedwellresearch.com/companies/reports/constellation-software/ Chapters: [0:00] Introduction + Episode sponsor: Tegus [1:41] Who is Constellation Software and why are they interesting to Drew [6:05] How $CSU.TO is scaling their business model / competing with private equity [13:00] Reverse DCF, deploying capital, competing now with other billion dollar software businesses [21:02] Mark Leonard - is $CSU.TO a jockey bet / capital allocation / sellers [28:32] $CSU.TO - what takes this company out [30:57] AI risk? [32:52] Price increases / TransDigm comparison / competition risk [40:08] $CSU.TO vs. parking capital at index fund / likelihood of deploying at least 50% of their cash flow over next 10-ish years [45:07] Operating synergies with 6 verticals? Why not more spin-offs? [47:07] Additional worry about $CSU.TO - changing incentive system [51:58] Aside from Berkshire, what are other examples of Constellation-like culture [54:57] Speedwell's favorite write-ups he's done recently + quick thoughts on $RH Today's episode is sponsored by: Tegus This episode is brought to you by Tegus, the future of investment research. From the beginning, Tegus has been committed to creating efficiencies in the research process by making it easy to access the content that investors need to get to differentiated insights. Today, they're taking it one step further by bundling qualitative content, quantitative data, and better automation and technology together in the same platform. Instead of piecing together data from fragmented sources, just log in to Tegus to get expert research, company- and industry-specific metrics and KPIs, SEC filings, and more, all under the same license cost. You can even take your work offline with an Excel Add-in that updates almost any model with the latest financial data — keeping all your custom formatting intact. Tegus is the fastest way to learn about a public or private company and the only platform you'll need for fundamental research. To try it free today, visit Tegus.com/value

Our teachers today are Daniel Eisen and Paul Yancich, co-founders of Arcadea Group. Arcadea is a private market, long-duration investor building a permanent home for high-quality, vertical market software companies.  Today, we sit down with an example of next-generation talent in Daniel and Paul, who began Arcadea after having the rare opportunity to learn and sit at the feet of Mark Leonard and the remarkable core team of Constellation Software. In this session, we learn about the attractive opportunity in vertical market software and the structural advantages of pursuing this particular opportunity with permanent capital. They've built Arcadea in a way that both honors their past while successfully layering on their own unique ethos. Please enjoy our class with the impressive and inspiring Daniel Eisen and Paul Yancich. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Summus. Summus is a revolutionary health benefits solution, driving superior employee engagement while dramatically lowering your company's enterprise-level healthcare spend. They're completely transforming the world of health benefits by providing employers and their employees in any location, fast access to over 5,100 of the top medical specialists from America's very best medical centers for support across all health questions. If you're looking for a benefit that drives your employee engagement, truly takes care of your people in their most scary and vulnerable times, all while improving your healthcare ROI, visit GoSummus.info/AOI. This episode is brought to you by Hunt Club. Hunt Club unlocks relationships and helps companies grow. Whether it's recruiting your next hire, landing your next big partner, or financing your business, a trusted introduction always works more effectively. Hunt Club's tech-enabled search model leverages the largest community of its kind to refer amazing talent on your behalf. Additionally, its software program, Atlas, helps organize the entire network of a company or fund and assists in streamlining the right introductions. If you're looking for the ideal solution for all of your talent needs, visit HuntClub.com/AOI. ----- Art of Investing is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Art of Investing, visit joincolossus.com/episodes.  Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @ArtofInvest | @Buhrman_Rick | @PaulBuser | @JoinColossus Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes (00:00:00) Welcome to the Art of Investing (00:04:19) First Question - The Success of Constellation Software (00:14:58) The Role of Incentives in Business Success (00:18:37) Paul's Personal Background and Career Path (00:21:48) The Journey to Success: Overcoming Obstacles (00:25:35) The Importance of Operating Roles in Business (00:29:41) Breaking into Finance with a Religious Studies Major (00:33:22) Working with Mark Leonard (00:40:10) The Birth of Arcadea (00:43:11) Influences On the Vision For Arcadea (00:44:19) The Concept of Renter vs Owner in Business (00:44:59) The Influence of 'The Hard Thing About Hard Things' (00:47:58) The Decision to Start Arcadea and the Importance of Partnership (00:55:52) The Structure of Arcadea as a Company, Not a Fund (01:01:29) The Importance of Long-Term Ownership and Growth Orientation (01:06:16) Reflecting on the Early Years of Arcadea (01:12:01) Positioning Against Venture-Backed Companies (01:17:22) Building a Shareholder Base (01:30:49) The Future of Vertical Software

In this company episode on Constellation Software, Speedwell Research draws on their extensive research report to cover everything from Mark Leonard's early insight into the quality of Vertical Market Software Businesses to their unique operating structure. Investors can learn not only about the software business, but also about how Constellation Software has created a conglomerate of hundreds of companies through an impressive multi-decade acquistion spree, all while keeping capital allocation discipline.  We hope you enjoy!    Company Description: A decentralized and acquisitive conglomerate of Vertical Market Software Companies based out of Canada. Purchase the full Constellation Software Report here.  Purchase a Speedwell Membership to gain access to all Reports here.  -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (0:00) Intro (0:58) Constellation Software High-Level Business Description (5:01) Mark Leonard History and Constellation Software Background  (10:31) Constellation Software IPO  *~* Section 2: Vertical Market Software (13:25) What is VMS and Competitive Advantages  (20:37) Financial Model Benefits *~* Section 3: Corporate Structure and Revenue Segments  (23:32) Six Groups  (33:54) Revenue Segments and Context (38:41) How SaaS Changes Things  (44:29) Constellation Software Competitive Advantages *~* Section 4: Topicus and Lumine (52:05) Topicus (1:06:46) Lumine *~* Section 5: Capital Allocation, Valuation & Risks. (1:08:37) Capital Deployment and Hurdle Rates  (1:17:29) ROIC (1:20:00) Risks  (1:23:06) Bull/ Bear Case -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase the full Constellation Software Report here.  Purchase a Speedwell Membership to gain access to all Reports here.     Articles Mentioned Speedwell's Memo: From Private to Public Markets: The Detrimental Impact of Investors' Expectations *~* Twitter: @Speedwell_LLC  Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/   

Every year, the International Rescue Committee publishes an emergency watchlist, an assessment of the 20 countries at greatest risk of humanitarian emergency. According to the IRC's report for 2024, the scope of this year's challenges is broad: Gaza and the West Bank rank only second on the watchlist, behind Sudan. And Ukraine, Syria, Yemen, and Afghanistan don't even make the top ten. In this week's podcast, recorded at the World Economic Forum in snowy Davos, Mark Leonard welcomes David Miliband, former British foreign secretary, now president and CEO of the IRC and an ECFR council member, to discuss the organisation's priorities for 2024. How can Europe address this year's crises? What will happen if we do not act? This podcast was recorded on 18 January 2024. Bookshelf: Hidden Potential: The Science of Achieving Greater Things | Adam Grant Wavewalker: Breaking Free | Suzanne Heywood

In this first PROCESS interview of 2024, I sit down with the extraordinary Mark Leonard, whose career leap from the UK's Anesthesia Associate to an American Certified Anesthesiologist Assistant is nothing short of inspirational. Mark candidly shares his insider knowledge on his significant roles within the CAA profession, from his hands-on clinical work to spearheading simulation program development and teaching regional anesthesia to CAAs. This episode isn't just Mark's personal story; it's a treasure trove of insights for anyone in the anesthesia field or anyone contemplating a big life change. Mark encourages all CAAs to find their unique path to support and strengthen our rapidly growing community, remembering that sharing knowledge is just as important as acquiring it. This conversation is a testament to that belief. So, tune in for an enlightening exploration of the paths that shape our professional lives and the communal bonds that fortify them.What did they say? KEY:ODP (Operating Department Practitioner- UK)AA (Anesthesia Associates- current name for CAAs in UK)CAA (Certified Anesthesiologist Assistant- USA)ANAESTHETISTS (UK- Anesthesia Doctor)ACT (Anesthesia Care Team)LAST (Local Anesthetic Systemic Toxicity)TAP (Transversus Abdominis Plane block)GA (General Anesthesia)NCCAA (National Commission for Certification of Anesthesiologist Assistants)NOVA/NSU (Nova Southeastern University- AA Program)Resources Mentioned:@anesthesiaanonymous TikTokCAALifestyle YouTubeAnesthesiaSal YouTubeAnesthesiaOneSource.comUltrasoundexperts.org8 blocks every CAA should know- interscalene, supraclavicular, femoral, adductor canal, popliteal sciatic, TAP, rectus, erector spine plane (ESP)Connect with Mark @ ML2268@nova.eduMark Leonard FB@ezmuzic on IGInterested in To Be Magnetic neural manifestation? Use promo code AAPODCAST15 for 15% off annual or monthly Pathway membership or feeling not quite ready?Try before you buy Free Clarity WorkshopListen to How to Manifest Anything You Desire Want more? Join The Awakened Anesthetist Community for more resources and ways to connect. Contact The Awakened Anesthetist awakenedanesthetist@gmail.comIG @awakenedanesthetist

Change is inevitable, and so is our beloved predictions episode. As always, Mark Leonard and ECFR's research director Jeremy Shapiro start the year off by revisiting the ten predictions they made last year and then look into their crystal ball at the forces that will shape the upcoming one. Their predictions for 2023 left them with a score of 7/10. Will they do better this year? Let us know if you think they missed something! You can write your own predictions to mark.leonard@ecfr.eu. This podcast was recorded on 9 January 2024

ECFR's new global opinion poll reveals that many people outside the West want Europe and the US in their lives for all they have to offer – but that does not translate into full political alignment. In this week's episode, ECFR's research director Jeremy Shapiro welcomes council member Timothy Garton Ash, who is a bestselling author and professor of European studies at Oxford University; Ivan Krastev, who is a founding board member of ECFR and chairman of the Centre for Liberal Strategies in Sofia; and ECFR's director Mark Leonard to discuss how public sentiment can guide Europe in building partnerships for the world of tomorrow. What is the basis for the West's soft power? What sort of offer is China making the world? And whom do countries in the ‘global south' prefer when faced with a choice between the West and China? This podcast was recorded on 7 November 2023. Bookshelf: Places of Mind: A Life of Edward Said | Timothy Brennan Environmental Political Theory | Steve Vanderheiden Les Aveuglés, comment Berlin et Paris ont laissé la voie libre à la Russie | Sylvie Kauffmann Liberalism against Itself: Cold War Intellectuals and the Making of Our Times | Samuel Moyn You Report to Me: Accountability for the Failing Administrative State | David Bernhardt

For Kyiv, the war in Gaza couldn't have come at a worse time. It has taken the global spotlight just as the fighting between Russian and Ukrainian forces has reached a stalemate (as top Ukrainian general Valery Zaluzhny wrote in The Economist last week) and division in the US Congress threatens to sever its military aid lifeline. In this week's episode, Jeremy Shapiro, ECFR's research director, seizing control from Mark Leonard over the next few weeks, welcomes Gustav Gressel, senior policy fellow with the Wider Europe Programme focusing on Russia, and Kirill Shamiev, visiting fellow and expert in Russia's civil-military relations, domestic politics, and policymaking. Together, they discuss the consequences of the war in Gaza for the war effort in Ukraine. How has the Ukrainian government responded to this new crisis? What consequences will it have for the Ukraine war? And what can Europe do to manage an ever-growing list of crises in its neighbourhood? This podcast was recorded on 6 November 2023.

On 5 November 2024, America will elect its next president. As of now, the race for the White House is shaping up to be a replay of the 2020 presidential election – with Joe Biden and Donald Trump standing out as the likely candidates for their opposing parties. This time around, however, the United States' engagement in the Middle East and in Ukraine, coupled with its global competition with China, could play a significant role in defining the outcome of the election. In this week's episode, Mark Leonard welcomes ECFR's research director Jeremy Shapiro, who is also the director of ECFR's brand new US programme, and senior policy fellow Majda Ruge, who has worked extensively on US politics. Together, they discuss what America's foreign policy could look like after the 2024 election and how Europe could engage proactively with the next US president. What should we expect from a second Biden presidency? Or from a second Trump presidency? What should Europeans do to plan ahead? And how can ECFR's new US programme help them do so? This podcast was recorded on 1 November 2023. Bookshelf: The Wizard of the Kremlin: A Novel | Giuliano da Empoli

On 24 February 2022, Russia blindsided most of Europe with its all-out invasion of Ukraine. This forced an overdue reckoning for Europeans on the failures of their Russia policy and the realities of Vladimir Putin's agenda. In particular, France and Germany had been hoodwinked by promises of cheap Russian energy supplies, as well as the pipe dream of a common European security architecture with Moscow. In this week's episode, Mark Leonard welcomes ECFR board and council member, Sylvie Kauffmann, who is editorial director, lead writer, and columnist at Le Monde; and ECFR council member, Timothy Garton Ash, who is a bestselling author and professor of European studies at Oxford University, to discuss Kauffmann's new book “Les Aveuglés, comment Berlin et Paris ont laissé la voie libre à la Russie” (“The Blindsided: How Berlin and Paris Cleared the Way for Russia”). How and when could France and Germany have acted differently and changed the path of history? At what point was it clear that Putin was heading down this path? And why did Europeans, again and again, ignore the warning signs? Bookshelf: Les Aveuglés, comment Berlin et Paris ont laissé la voie libre à la Russie | Sylvie Kauffmann Homelands: A Personal History of Europe | Timothy Garton Ash

Poland is returning to European politics as a constructive player. The country's National Electoral Commission confirmed on Tuesday morning that the Polish opposition has gathered enough votes to form a government and end the Law and Justice party's eight-year rule of illiberalism and Eurosceptism. The results also hold two key lessons for Europe: a country's illiberal turn can be reversed, and polarisation is an insufficient tool to mobilise progressive voters. In this week's episode, Mark Leonard welcomes senior policy fellows Piotr Buras, head of ECFR Warsaw, and Jana Puglierin, head of ECFR Berlin, to understand what we can expect from Poland's new government and what Poland's return to the EU's centrist fold means for its neighbours and for Brussels. What options do Law and Justice have in opposition? What immediate consequences will the election results have for how Poland relates to the EU, to Germany, and to Ukraine? What effect will they have on the enlargement debate and on European elections next year? This podcast was recorded on 17 October 2023. Bookshelf: A Tale of Love and Darkness by Amos Oz Die Möglichkeit von Glück by Anne Rabe

On Saturday morning, Hamas carried out an unprecedented attack on Israel, firing thousands of rockets, but also infiltrating cities, towns, and kibbutzim in the south of the country. It is the first time a hostile power has taken Israeli territory since the Yom Kippur war in 1973. This surprise offensive – which has already killed more than 800 Israelis and left over 400 Palestinians dead in Gaza after initial Israeli military reprisals – marks a significant turning point in the Israeli-Palestinian conflict. In this special episode, Mark Leonard welcomes Israeli diplomat and strategist, Eran Etzion, who is a former head of policy planning at Israel's Ministry of Foreign Affairs and former deputy head of the country's National Security Council. They are joined by Julien Barnes-Dacey, director of ECFR's Middle East and North Africa programme, and ECFR senior policy fellow Hugh Lovatt to discuss what is behind Israel's intelligence failure and consider possible future scenarios. How did Hamas militants manage to infiltrate Israeli territory? What does this mean for the future of Abraham accords as well as prospects for Saudi-Israel normalisation? And for Netanyahu, and his hold on power? Finally, is there any role at all that Europeans can play in preventing a regional conflagration? This podcast was recorded on 9 October 2023. Bookshelf: How Europeans should respond to the Hamas offensive against Israel | Julien Barnes-Dacey, Hugh Lovatt

Last week, Alberto Núñez Feijóo, leader of Spain's People's Party, lost his second bid at leading the country's government. All eyes are now on Pedro Sánchez, acting prime minister and leader of the Spanish Socialist Workers' Party, as he tries to gather enough support to hold his office for another term. Across the continent, Poland is preparing for the next parliamentary election on 15 October – and the rising far-right party Confederation is set to swing the balance between right-wing incumbents Law and Justice, and the liberal opposition. In this week's episode, Mark Leonard welcomes senior policy fellows José Ignacio Torreblanca, head of ECFR Madrid, and Piotr Buras, head of ECFR Warsaw, to discuss how Spanish and Polish politics will affect Europe's political map, the bloc's support for Ukraine, the growing debate on enlargement, and next summer's European elections. Are mainstream parties in Poland willing to form a government with Confederation? Whose support will Pedro Sánchez need to form a new government, and what happens if he too fails? What is causing voters to flock to right-wing parties in Poland but punish them in Spain? How are Poland's pre-election debates on refugees and grain affecting European support for Ukraine? This podcast was recorded on 29 September 2023. Bookshelf: Free: Coming of Age at the End of History | Lea Ypi Chip War: The Fight for the World's Most Critical Technology | Chris Miller Społeczeństwo populistów | Przemysław Sadura, Sławomir Sierakowski

Mark Maddox returns for a discussion of the third Star Trek film – THE SEARCH FOR SPOCK! The odd number films are generally derided but both of us feel the positives outweigh the negatives in this one. Of course, we pick at every nit we can spot but we do also praise the film for the elements that stand tall and resurrect the dead!   We dig into the genesis (he he) of the story with Leonard Nimoy's desire to step into the director's chair leading to several interesting choices. We discuss what it means to be the middle chapter of a trilogy with Mark claiming that The Undiscovered Country is part of the story as well. I bring in details and story additions from the excellent novelization of the film by Vonda McIntire that enhance the story and the secondary characters. The casting of the Klingons is a point of contention with Doc Brown as an alien bad guy becoming an amusing cinema crossover I had not considered before. We lament the stage bound nature of the Genesis planet segments and agree that some location filming would have improved things overall. The special effects get some attention with the destruction of the Enterprise being singled out for praise and we also express our pleasure at having another performance from Mark Leonard as Sarek. This is turning into a fun revisit to this series of movies!   If you have any comments about Star Trek or anything else we've covered on the show thebloodypit@gmail.com is the place to send them. We'd be thrilled to hear from you. Thank you for listening and we'll be back soon. 

For the past few months, the United States has been trying to broker a groundbreaking bilateral deal between Saudi Arabia and Israel. Iran, meanwhile, is forging an ever closer and ever more dangerous partnership with Russia. Finally, Saudi Arabia, the United Arab Emirates, and Egypt were invited to join the BRICS this summer – and are turning more and more towards the east. In short, the Middle Eastern order has shifted towards multipolarity. In this week's episode, Mark Leonard welcomes Ellie Geranmayeh, senior policy fellow and deputy director of ECFR's Middle East and North Africa programme, and Alistair Burt, pro-chancellor of Lancaster University and former UK minister of state for the Middle East and North Africa. Together, they discuss the power dynamics that are shaping the Middle East's embrace of multipolarity. Who are the winners and losers in these power shifts? How are China and Russia exploiting them? And what can Europe do to pursue its own interests in a region that has become much more comfortable with hedging? This podcast was recorded on 12 September 2023. Bookshelf: A Year on from the Mahsa Amini Protests: Where Iran is headed and the Implications for Western Policy | Ellie Geranmayeh And then what?: inside stories of 21st-century diplomacy | Catherine Ashton Assad | Con Coughlin 1923 | Ned Boulting

Episode 152: Over cigars and Scotch whisky in Vail, we chat with Fuelfed Boulder's Mike Burroughs, Indy 500 racer Tom Gloy, Grand Prix Classics' Mark Leonard, Franck Mueller Watch Co. president Ron Jackson, the man with the best beard in Santa Fe, T.G. Mittler and the awesome Augie Grasis about what makes the Grand grand. The Colorado Grand: co1000.com Please support our sponsors! Enter our code STEERING at checkout for 10% off at JackSloane.com. Check out RiNo Sign Works at rinosignworks.com and @rinosignworks. And, for badass Belgian brews, visit our Bruz Beers friends at bruzbeers.com

In her state of the union address, European Commission president, Ursula von der Leyen, announced an anti-subsidy investigation into Chinese electric cars. This summer, the German government released its first comprehensive China strategy, noting that “China has changed, and therefore we must change our approach.” These events mark a turning point in EU-China relations. In this week's episode, Mark Leonard welcomes Janka Oertel, director of ECFR's Asia programme, to discuss her new book “End of the China illusion: How we must deal with Beijing's claim to power”, published by Piper Verlag (in German). What threats do today's China pose to Europe and to Germany? What are the West's biggest misconceptions about China? And what, really, does China want? This podcast was recorded on 20 September 2023. Bookshelf: Ende der China-Illusion: Wie wir mit Pekings Machtanspruch umgehen müssen | Janka Oertel Five Times Faster: Rethinking the Science, Economics, and Diplomacy of Climate Change | Simon Sharpe Lenin: The Man, the Dictator, and the Master of Terror | Victor Sebestyen

Global freedom has been declining for 17 years. Authoritarian turns are increasing, and current events – such as the rise of populism and Russia's war on Ukraine – are shaping the future of democracy across the globe. In this week's episode, Mark Leonard welcomes the president of the Open Society Foundations (OSF), Mark Malloch-Brown – who previously served as UN deputy secretary-general under Kofi Annan – to discuss open societies and OSF's role in promoting justice, democratic governance, and human rights worldwide. What are OSF's next steps in the new global reality? How could changes in the organisation's presence in Europe affect civil society on the continent, especially in places like Poland, Hungary, and Ukraine? And how crucial is 2024, a year of big elections in Europe and the United States, for defending the open society model? This podcast was recorded on 13 September 2023. Bookshelf: Open Society Barometer The Wide World | Pierre Lemaitre

War has returned to the European continent, putting many previous divisions into perspective. This has caused European leaders to think afresh about their politics – and raised the question of the United Kingdom's role in European foreign policy. Seven years after the Brexit referendum, the EU and the UK have finally resolved some of their differences through the Windsor Framework. The possibility of a reset between the UK and the EU on foreign policy could be on the horizon. In this year's mini-series, Mark Leonard and Susi Dennison examine what a reimagined EU-UK relationship might look like. In this seventh episode, Mark and Susi welcome ECFR senior policy fellow, Nick Witney, who previously served as the first chief executive of the European Defence Agency, and ECFR distinguished policy fellow, Camille Grand, who is a former NATO assistant secretary general. How have Brexit and then the war in Ukraine affected UK-EU defence cooperation? What potential is there for future collaboration in defence, especially in the areas of industry, technology, and energy? And could NATO act as a vehicle for a different kind of defence relationship between the UK and EU member state s? This podcast was recorded on 20 July 2023. Bookshelf: What Just Happened?! by Marina Hyde LeMay: The Life and Wars of General Curtis LeMay, by Warren Kozak The Bomber Mafia, by Malcolm Gladwell (Podcast)

War has returned to the European continent, putting many previous divisions into perspective. This has caused European leaders to think afresh about their politics – and raised the question of the United Kingdom's role in European foreign policy. Seven years after the Brexit referendum, the EU and the UK have finally resolved some of their differences through the Windsor Framework. The possibility of a reset between the UK and the EU on foreign policy could be on the horizon. In this year's mini-series, Mark Leonard and Susi Dennison examine what a reimagined EU-UK relationship might look like. In this sixth episode, Mark and Susi welcome former permanent secretary in the UK's Department for Exiting the European Union, Philip Rycroft, who prior to that held several roles in Westminster and Brussels, including in Leon Brittan's cabinet. How is post-Brexit Britan approaching trade deals and regulatory alignment with third countries? How has Brexit affected the movement of people and labour across borders? What are the implications of the Northern Ireland Protocol for the UK's relationship with the EU? And what challenges and opportunities does the UK face in the evolving global economy, particularly considering China's influence? This podcast was recorded on 20 June 2023. Bookshelf: North and South, by Elizabeth Gaskell

Clay Finck reviews the 28 psychology of human misjudgments in Peter Bevelin's book, Seeking Wisdom. One of the best ways to behave more rationally is to understanding our own shortcomings biologically which we are oftentimes unaware of. This episode dives deep into these shortcomings, and how we can sidestep them to invest more wisely.IN THIS EPISODE YOU'LL LEARN:0:00 - Intro4:11 - Many of the human misjudgments that Charlie Munger has spoken about extensively.4:34 - What bias by mere association is.8:41 - How rewards and punishments influence our behavior.14:51- How self-interest and incentives drive decision-making.24:40 - The bias of self-deception and denial.26:00 - The bias of being consistent with our prior actions.30:11 - The status quo bias.31:42 - How investors can exploit the tendency of humans to be incredibly impatient.36:58 - The anchoring bias.43:51 - What reciprocity is, and it's effects on human behavior.48:29 - The bias of social proof.51:01 - How authority bias effects our investment decisions.51:53 - How to combat our desire minimize uncertainty.55:07 - Why the simple solution is oftentimes the best solution. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out our TIP Mastermind Community.Peter Bevelin's book: Seeking WisdomTune into our previous episode with Gautam Baid or watch the video here.Tune into our previous episode covering Chris Mayer's book, How Do You Know? or watch the video here.Check out our recent episode covering Mark Leonard's Letters and Constellation Software or watch the video here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Experience real language learning for real conversations with Babbel. Get 55% off your Babbel subscription today.Reach the world's largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!Get a customized solution for all of your KPIs in one efficient system with one source of truth. Download NetSuite's popular KPI Checklist, designed to give you consistently excellent performance for free.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Be confident that you'll be small businessing at your best with support designed to help you reach your goals. Book an appointment with a TD Small Business Specialist today.Start, run, and grow your business without the struggle. Be in control of every sales channel with Shopify. Sign up for a $1 per month trial period today.Return to the all-access world of the rich and powerful. Don't miss new episodes of Billions streaming August 11th on the Paramount Plus with Showtime plan.Look good and feel good with True Classic's range of summer essentials, crafted with premium quality fabrics at an accessible price. Get 25% off today with the code WSB.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, Clay Finck presents his favorite clips from the 2023 Berkshire Hathaway annual shareholder meeting, featuring insightful responses from Buffett and Munger during the marathon Q&A session, along with his own thoughts on their answers.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro.05:30 - Buffett and Munger's thoughts on the commercial real estate.09:37 - Why value investors must evolve to the increasingly competitive world of investing.17:36 - How Buffett allocates capital to balance profits versus building out a competitive moat.33:04 - Munger's stance on position sizing.38:16 - Buffett's updated thoughts on Taiwan Semiconductor which is a business Berkshire entered and fully exited over a matter of months.40:09 - Buffett's thoughts on the US Dollar's status as the world's reserve currency.54:40 - Common mistakes to avoid to live a good life.01:01:21 - Buffett and Munger's most recent thoughts on Occidental.01:12:23 - How Berkshire can continue to attract high quality subsidiary managers.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out the full video of the Berkshire Hathaway meeting here.Join our newly released TIP Mastermind Community.Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.Check out Clay's YouTube video calculating the intrinsic value of Constellation Software here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSIf you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Beat FOMO and move faster than the market with AlphaSense.Send, spend, and receive money around the world easily with Wise.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Unravel the fascinating story of Elon Musk's unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's show, Stig Brodersen talks with legend investor Mohnish Pabrai. In the interview, Mohnish Pabrai generously shares his investment framework and touches on various stocks, including Alibaba, Constellation Software, Reysas Logistics, and Shinoken. Disclaimer: Stig Brodersen is invested in Pabrai Funds. IN THIS EPISODE YOU'LL LEARN:00:00 - Intro.01:35 - How to stay objective when you get advice from someone you admire and like04:56 - Why the Turkey stock market is attractive10:05 - Mohnish Pabrai's four steps to read annual reports27:22 - What happened to Shinoken, one of Mohnish Pabrai's previous holdings40:56 - Mohnish Pabrai's thoughts on Constellation Software and Mark Leonard49:44 - Mohnish Pabrai's thoughts on Alibaba 54:48 - How to live a truthful lifeDisclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESMohnish Pabrai's websiteLearn more about Mohnish Pabrai's Dakshana FoundationListen to our interview with Mohnish Pabrai about investing in stocks or watch the video.Tune into our interview with Mohnish Pabrai about value investing and philanthropy or watch the video.Listen to our interview with Mohnish Pabrai about value investing or watch the video.Tune into our interview with Mohnish Pabrai about value investing in 2021 or watch the video.Listen to our interview with William Green about Mohnish Pabrai or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Unravel the fascinating story of Elon Musk's unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay Finck does analysis on two high-quality compounders – Topicus.com and Copart. Topicus.com is a spin off of Constellation Software and is at a size similar to what CSI was back in 2010. They provide vertical market software and vertical market platforms in Europe. Copart provides online auctions and vehicle remarketing services in the United States, Canada, and many other countries.Both companies have strong competitive advantages, strong fundamentals, high insider ownership, and managers who think and act like owners, which led Clay to researching them further during this episode.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro.02:05 - Clay's biggest takeaways from reading 100 Baggers by Chris Mayer.07:00 - Chuck Akre's 3 legged stool approach to compounding wealth.09:00 - Clay's assessment of Topicus as an individual stock.08:00 - Topicus's history as a business.10:00 - Why Topicus operating in Europe is potentially a big competitive advantage.29:00 - Why Copart is well-positioned to prevent competition from taking their market share.47:00 - Copart's insider ownership.54:00 - Potential risks for Topicus and Copart.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESLuxor Capital's Presentation.Willis Johnson's book Junk to Gold.Check out our newly released TIP Mastermind Community.Check out our recent episode covering Mark Leonard's Letters and Constellation Software or watch the video.Check out Clay's YouTube video calculating the intrinsic value of Constellation Software here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Unravel the fascinating story of Elon Musk's unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay wraps up his review of Gautam Baid's book, The Joys of Compounding. Today's episode is part 5 and the final episode of our review of this incredible book. This episode is jam packed with investing wisdom that you won't want to miss.Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro.03:02 - Why we should read more history and study fewer forecasts.12:05 - Why “Don't Fight the Fed” is a misguided investment strategy.22:15 - Why the ability to change our mind as investors is more critical now than ever before.28:37 - What base rates are and why Buffett loves companies with high base rates.32:32 - Gautam's wisdom related to opportunity costs.39:11 - How Nick Sleep, Charlie Munger, Warren Buffett have become masters of pattern recognition and better investors because of it.56:34 - Why value investors should generally avoid stop loss orders on long-term secular winners.62:48 - What the real secret is to utilizing the power of compounding.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESJoin our newly released TIP Mastermind Community.Check out The Joys of Compounding.Tune into our previous episodes covering The Joys of Compounding: Part 1, Part 2, Part 3, & Part 4 or watch the videos here, here , here and here.Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.Check out Clay's YouTube video calculating the intrinsic value of Constellation Software here.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSIf you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Capitalize on the rapidly growing cybersecurity market today with Atakama.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay continues his review of Gautam Baid's book, The Joys of Compounding. Today's episode is part 4 of our review of this incredible book.Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro.05:51 - What the holy grail of long-term value investing is.07:55 - Why Gautam prefers to invest in high quality businesses.10:26 - Why a company's longevity of growth is much more important than its rate of growth.15:44 - Why Gautam is bullish on India.37:26 - Ways in which we can capitalize on inefficiencies in the markets.45:38 - How Gautam thinks about portfolio management and position sizing.54:20 - Why it's so important we emphasize the preservation of our capital and avoiding ruin.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESJoin our newly released TIP Mastermind Community.Check out The Joys of Compounding.Tune into our previous episodes covering The Joys of Compounding: Part 1, Part 2 & Part 3. Watch the videos here, here and here.Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.Check out Clay's YouTube video calculating the intrinsic value of Constellation Software here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSBeat FOMO and move faster than the market with AlphaSense.Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Capitalize on the rapidly growing cybersecurity market today with Atakama.Have Commonwealth Private‘s Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get yourself a Blockstream Jade — An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay continues his review of Gautam Baid's book, The Joys of Compounding. Today's episode is part 3 of our review of this incredible book.Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro02:15 - How journaling can make us better investors.07:00 - Why incentives are at the root of all human behavior.09:22 - How management incentives impact our long-term returns as investors in businesses.18:15 - Why being directionally right is more important than being precise in assessing the intrinsic value of a business.25:37 - How maintenance capex impacts the value of a business.32:14 - Ways in which value investors fall for value traps.32:45 - Why we as investors should respect the market's wisdom for pricing stocks.35:09 - The three most important words of investing.41:25 - How high-quality businesses enhance our margin of safety.47:55 - How one commodity investment catapulted Gautam to nearly achieving financial independence.53:36 - Why Seth Klarman, Peter Lynch, and Joel Greenblatt consider spinoffs to be ripe hunting grounds for investors.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out The Joys of Compounding.Tune into our previous episodes covering The Joys of Compounding: Part 1 & Part 2. Watch the videos here and here.Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.Check out Clay's YouTube video calculating the intrinsic value of Constellation Software here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Get the professional support you need to prepare for your future career with UBC Sauder School of Business.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Send, spend, and receive money around the world easily with Wise.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.Disclosure: The Investor's Podcast Network is an Amazon Associate. We may earn commission from qualifying purchases made through our affiliate links.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay sits down with Chris Mayer to discuss the lessons from his book - 100 Baggers. Chris is the author of 100 Baggers, and the portfolio manager of Woodlock House Family Capital. Chris's book was published in 2018, and has quickly become a favorite within the investing community. The book very clearly explains the ingredients needed for a stock to compound and grow to 100 Bagger status, which we discuss during this episode.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro04:16 - The primary characteristics of companies that reached 100 Bagger status.07:08 - How Chris views valuation when purchasing high-quality companies.09:51 - How Chris assesses the durability of a moat.18:15 - Why stocks are one of the best long-term protections against calamity and chaos.44:27 - Why Chris prefers to own companies with management teams that own substantial portions of the company's stock.35:13 - Why Chris chose to concentrate his fund into only 10 holdings.37:04 - Chris's assessment of Constellation Software and why it's one of his favorite holdings.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESTune into our previous episode covering The Joys of Compounding or watch the video.Check out our recent episode covering Mark Leonard's Letters and Constellation Software or watch the video.Chris's fund: Woodlock House Family Capital.Chris Mayer's book: 100 Baggers.Thomas Phelps' book: 100 to 1 in the Stock Market.Barton Biggs' book: War, Wealth & Wisdom.Follow Chris on Twitter.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Get the professional support you need to prepare for your future career with UBC Sauder School of Business.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.Send, spend, and receive money around the world easily with Wise.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay sits down with Shawn O'Malley to provide an update on the banking crisis. For months, many have said that the Fed will continue hiking interest rates until “something breaks”. Shawn breaks down why it feels like the Fed broke something, and what it means for investors.Shawn is the chief editor and writer of our daily financial markets and investing newsletter. He aims to bring a value investor's perspective to understanding current events.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro00:07:18 - What led to the recent bank failures of Silvergate, Silicon Valley Bank, and Signature.000:16:03 - How the Federal Reserve responded to prevent a collapse of the banking system.00:18:07 - How each crisis is setting a precedent and making impacts in the crises that proceed it.00:30:19 - Why Credit Suisse was forced to sell to UBS for pennies on the dollar.00:33:27 - What the recent drop in treasury yields means for markets.00:46:43 - How investors can prepare themselves for this difficult economic environment.00:52:05 - How investors should view money market funds in light of recent events.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESFollow Shawn on Twitter.Tune into our previous episode covering The Joys of Compounding.Check out our recent episode covering Mark Leonard's Letters and Constellation Software.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Get the professional support you need to prepare for your future career with UBC Sauder School of Business.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Let an expert do your taxes from start to finish so you can relax with TurboTax.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay Finck continues his review of Gautam Baid's book, The Joys of Compounding. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro02:11 - The virtues of philanthropy and good karma.06:24 - How we can simplify both our investments and our life.14:45 - The importance of achieving financial independence.21:42 - How Charlie Munger achieved financial independence.26:28 - Why the key to success is delayed gratification.29:20 - How we can properly assess a management team.56:03 - The importance of using an investment checklist to avoid common mistakes.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out The Joys of Compounding.Tune into our previous episode covering The Joys of Compounding. Watch the video here.Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Let an expert do your taxes from start to finish so you can relax with TurboTax.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Get the professional support you need to prepare for your future career with UBC Sauder School of Business.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay Finck reviews Gautam Baid's book, The Joys of Compounding. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU'LL LEARN:0:00 - Intro05:54 - Why we should commit to lifelong learning.14:49 - How mental models can help us make more rational and effective decisions.16:53 - How understanding first principles can help us better understand the world around us.18:06 - What the Feynman Technique is and how you can use it to learn anything well.30:49 - What Warren Buffett and Bill Gates consider their most critical factor to their success.31:51 - Why the best investors are those with a behavioral edge.38:13 - Why the world's most successful people choose the right role models to learn from.42:16 - Why successful investing requires extreme humility.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out The Joys of Compounding.Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.Don't miss our review of Joel Tillinghast's book – Big Money Thinks Small. Watch the video here.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Get the professional support you need to prepare for your future career with UBC Sauder School of Business.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.Let an expert do your taxes from start to finish so you can relax with TurboTax.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's episode, Clay Finck does a deep dive into Constellation Software (Ticker: $CSU). Constellation Software is a Canadian holding company that has acquired over 600 vertical market software businesses. The company was founded by Mark Leonard, and has delivered exceptional returns to shareholders since their IPO in 2006. The stock has had an average annual return of over 34% from 2006 through the end of 2022. If you are like Clay and enjoy learning about high-quality businesses, then you won't want to miss this episode.IN THIS EPISODE YOU'LL LEARN:00:00 - Intro03:01 - What makes Constellation such a high-quality business.08:32 - The similarities between Mark Leonard and Warren Buffett.09:57 - What Constellation's business model is.19:32 - How Constellation garnered a reputation that founders are more than willing to sell to.21:39 - Clay's takeaways from reading Mark Leonard's shareholder letters.42:21 - How Clay views the valuation of Constellation Software today.44:10 - Why Clay took a position in Constellation Software to hold for the long-term.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESMark Leonard's Letters.Chris Mayer's blog post on Constellation Software.The 10th Man Blog.Don't miss our review of Joel Tillinghast's book - Big Money Thinks Small. Watch the video here.Check out Clay's episode covering legendary British Investor Terry Smith. Watch the video here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSTalk to your clients about Desjardins Responsible Investment today and support what's right for society and what's good for business.Take stock of your finances and investing strategy with Betterment.Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.Let an expert do your taxes from start to finish so you can relax with TurboTax.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.