Podcasts about Munger

Every playbook, every case study, every innovation workshop is built on the same question: how do you succeed? You map the path forward. You model the upside. Nobody teaches you to ask the harder question. How would you guarantee this fails? That's inversion thinking. Charlie Munger called it one of the most useful tools he had, and he used it for sixty years. Most innovators know the quote. Almost none of them actually use it. By the end of this episode, you'll know why that gap exists, what it costs, and the exact steps to close it. If you want to try this on a real decision right away, I've built a free tool for it. Link below. I'll come back to it later in the episode. What Is Inversion Thinking? Inversion thinking is the practice of reasoning backward from failure. Instead of starting with "what does success look like and how do I get there," you start with "what would guarantee this fails" and design those conditions out of the plan. You'll also hear it called thinking backwards, and when it's aimed at a project before launch, a pre-mortem. Munger's rule was three words: invert, always invert. Or, in his blunter version, "All I want to know is where I'm going to die, so I'll never go there." People hear this and think pessimism. It isn't. A pessimist names the failure and stops there. Inversion names the failure and uses it to redirect the plan, while the fix is still cheap. HP Invented the Category. Then Gave It Away. In 2005, HP built Halo. It was the best telepresence system in the world. You walked into a Halo room and the people on the other end looked like they were sitting across the table from you. Life-sized. Perfect audio. Nobody had built anything close. The team that made it was brilliant, and they believed one thing without question: quality wins. They built rooms that cost $500,000 each. They required customers to run those rooms on HP's proprietary network at a monthly cost that would make your eyes water. Every decision traced back to the same conviction. Make the experience extraordinary, and the market will come to you. Nobody in that room asked the one question that mattered. What if quality isn't what the market is buying? Because it wasn't. The market was buying access. Cisco, and then Zoom, came at the same opportunity from the opposite end. Good-enough quality, on any device, on any network, available to everyone. They understood what the Halo team never tested. In communications, reach beats quality. Every new user makes the service more valuable to everyone already on it, so the product that spreads to the most people wins, even when it looks worse. That network effect beat Halo so completely that Zoom became a verb. HP defined the category and then gave it away. In 2011, under quarterly pressure, HP sold Halo to Polycom for $89 million. In 2022, HP bought the business back, folded into Poly, for $3.3 billion. Thirty-seven times the price, to reacquire a category it had invented. The failure was visible the entire time. It lived inside one assumption nobody questioned: that quality was what the customer cared about most. An inversion exercise would have dragged it into the open. Ask "how do we guarantee Halo fails," and one honest answer was already the plan. Bet everything on quality. Price it for the few. Lock it to our own network. Leave the rest of the market wide open for a cheaper rival. No crystal ball required. Read the plan from the other side and the failure was sitting right there in it. The Three Moves Inversion runs in three moves. The first two are mechanical. The third is where the discipline lives, and where most people quit. Move One: Invert the Question Take the goal and flip it. Write your goal as one sentence. The way you'd say it to the board. "We will win the telepresence market with the best experience available." Turn it into a failure question. Same goal, opposite direction. "How would we guarantee we lose the telepresence market?" List every path to that failure. Don't rank them. Don't defend anything. Write down every way it could happen, including the ones that feel unlikely or embarrassing to say out loud. Price. Distribution. A competitor's move. A wrong read on the customer. Sort each one: recoverable, or not. A slow first year is recoverable. Letting a competitor own the network effect while you keep only the high end is not. The ones you can't undo are what matter here. Set the rest aside. Move Two: Find the Load-Bearing Assumption Behind every failure you can't recover from sits a single assumption holding the whole plan up. Find it. Take your most serious irreversible failure mode. The one from Move One that would actually end the project. Ask what would have to be true for that failure to never happen. For Halo: "Enough customers will pay a large premium for superior quality, and they'll do it fast enough to matter." That sentence is the load-bearing assumption. Ask whether you tested that assumption or inherited it. Did you confirm it with evidence, or did it ride along with the idea because it felt obviously true? The Halo team inherited theirs. Quality felt like an objective good, so nobody checked whether the market agreed. If you can't point to the evidence, you've found your real risk. A plan resting on an untested load-bearing assumption is a bet wearing the costume of a strategy, however solid the rest of it looks. Move Three: Decide What to Do With It Once the assumption is exposed, you have three honest choices. Kill it. If the assumption is false and the failure is irreversible, stop now, while stopping is still cheap. Change the plan so the failure mode disappears. The Halo team had room to do this. A software tier on any network, at lower quality, to build the user base and the network effect, with the premium rooms kept for the customers who'd pay for them. They'd have owned both ends. The plan allowed it. The conviction didn't. Proceed, with the bet named out loud. Sometimes you take the risk on purpose, eyes open, because the upside justifies it. That's legitimate. Taking the same risk by accident, because nobody said the word "assumption" in the room, is not. The one move you cannot make is to see the failure mode and proceed as though you hadn't. That isn't confidence. It's the most expensive form of hope there is. Why You Can't Do This Alone You know the three moves now. The hard part is running them on your own work. You can't fully see your own assumptions. You built the plan. You believe in it. The assumption holding it up feels so obvious that questioning it never occurs to you. The Halo team wasn't careless. They were the best in the world at what they did, and that was the problem. The more expert you are, the more your assumptions feel like facts, and the less it occurs to you to test them. Then there's the room. Even when someone can see the failure coming, the dynamics of a team work against saying it out loud. You earn standing by backing the plan, not by listing the ways it dies. Raise the failure scenario and you look like you lack conviction, or like you're not on board. So the failure half the room quietly senses stays unspoken until it's expensive. Culture rewards the loudest voice on the upside, not the person who turns out to be right about the risk. Two walls. You can't see your own assumptions, and the people who might see them are discouraged from speaking. AI has none of those problems. No ego in the plan, no career to protect, no boss to impress, no reason to soften the bad news to keep the room comfortable. Point it at your work, tell it to find the failure, and it will, without flinching and without politics. It won't make the call for you. It surfaces the failure modes you're too close to see, and then you do the judging. That's how you practice this skill on your own. You sit down with a real decision and a partner that has no reason to spare your feelings. So I built the AI Prompts for Inversion Thinking for exactly that. One prompt makes the AI write the post-mortem of your project before you've even started. Another has it play a competitor designing your defeat. Then one walks you to the single assumption your whole plan is betting on.  You bring the decision and the judgment. The prompts make sure nothing gets skipped just because it's uncomfortable to look at. Here's your work this week. Take one real decision you're sitting on, something with actual stakes, and run it through the pack. It's free at innovation.tools, or use the link in the description. The Long Game The people who use inversion well aren't more negative than their peers. They're more honest about which risks they can walk back and which ones they can't. That single distinction, made early and acted on, is the difference between a project that fails fast and cheap and one that fails slowly, expensively, in year ten. The failure that ends your project is usually the one plenty of people saw coming and nobody was willing to name. Say it now, while it still costs you nothing.

What does it take to turn 325 acres of Indiana woods into a national spirits brand and an "adult Disneyland" that pulls visitors from across the country? In this episode of The Upgraded Man Podcast, Chris Anderson sits down with Jeff McCabe, co-founder of Hard Truth Distilling Co., for a wide-ranging conversation on craft, mindset, family, and the long game of building something that lasts. Jeff is a Naval Academy graduate and former Navy pilot who went on to run a major part of the business travel and corporate card division at American Express before stepping away to chase a different kind of dream in Brown County. Alongside his partners and his own family, he built Big Woods, Quaff On, and Hard Truth into an experience that visitors remember long after they leave. In this conversation, you'll hear: Why a whiskey tastes better at 93 proof than 90, and what that obsession with detail reveals about doing anything well The Charlie Munger philosophy on the wall of his boardroom, and the wild family connection to Munger that Jeff only learned recently What the Naval Academy taught him about failing, and why learning to fail removed his fear of it How he leads people who don't share his mindset by listening first and meaning what he says The realities of running a business with his son, daughter, and son-in-law all under one roof Where he was on the morning of 9/11, and how being out of New York let him help in a way no one else could The McCabe family history, from Irish Gallowglass roots to two uncles' bars and a now-legendary dance hall story The Byron Nelson lesson that stuck with him for life: never putt short Whether you're building a company, leading a team, or just trying to navigate whatever life throws your way, Jeff's blend of hard-won wisdom and Midwest grit offers something to take home. Hard Truth Distilling Co. is located in Nashville, Indiana, in the heart of Brown County, and its spirits are now distributed across 38 states. Plan a visit to walk the property, take a distillery tour, or build a custom experience of your own. The Upgraded Man Podcast is for men who refuse to stay complacent and want to keep growing across every area of life. New episodes drop regularly, so subscribe and share this one with someone who needs it. This episode may or may not be sponsored. Some product links are affiliate links, meaning we'll receive a small commission if you buy something.===========================⚡️ PODCAST: Subscribe and listen on all major platforms⚡️ Want to be a guest on The Upgraded Man? Apply here ➡ https://upgraded-man.com/guest⚡️ For support or business inquiries, email us ➡ chris@upgraded-man.com Our mission at The Upgraded Man is simple — help men upgrade every area of their life through real conversations, honest stories, and actionable insight from men who have done the work.The content on The Upgraded Man is for informational and entertainment purposes only. The views expressed by the host and guests are their own and do not constitute professional legal, financial, medical, or therapeutic advice. Always consult a qualified professional before making decisions based on information discussed on this podcast. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This Day in Legal History: Truman DoctrineOn May 22, 1947, President Harry S. Truman signed legislation authorizing American aid to Greece and Turkey, giving legal force to what became known as the Truman Doctrine. The law provided economic and military assistance to both countries at a moment when U.S. leaders feared that instability in the eastern Mediterranean could expand Soviet influence. Greece was in the middle of a civil war, while Turkey faced pressure over control of strategic territory and access between the Black Sea and the Mediterranean. Britain had previously played the leading role in supporting Greece and Turkey, but after World War II it told the United States it could no longer bear that burden.Truman responded by asking Congress to approve aid, arguing that the United States had to support “free peoples” resisting outside pressure or armed minority movements. By signing the bill, Truman transformed that broad statement of foreign policy into statutory authority backed by federal money. Legally, the act mattered because it showed how Cold War policy would often be made: the president would identify a global threat, and Congress would authorize funds and tools to respond. It also helped normalize large peacetime commitments abroad, a sharp change from earlier American reluctance to enter long-term foreign entanglements. The statute became an early foundation for the national security state that grew through later aid programs, alliances, intelligence activities, and military commitments.The Truman Doctrine also raised enduring questions about the balance of power between Congress and the president in foreign affairs. Congress approved the aid, but the broader doctrine gave presidents a flexible language for intervention that could be invoked well beyond Greece and Turkey. In that sense, May 22, 1947, was not just a date in diplomatic history; it was a legal turning point in how the United States authorized, funded, and justified its Cold War role in the world.A Ninth Circuit panel appeared uncertain about whether Jack Daniel's proved enough to win its trademark dilution-by-tarnishment claim against VIP Products over the “Bad Spaniels” dog toy. The judges focused especially on whether Jack Daniel's had shown that anything beyond the words “Jack Daniel's” was famous enough to qualify for dilution protection. Judge Andrew Hurwitz pressed Jack Daniel's counsel on whether the company could rely on the fame of its name to protect broader elements of its label and bottle design. Jack Daniel's argued that the court should consider the full context of the toy, including its bottle-like appearance and bathroom-humor references. VIP, by contrast, argued that the analysis should be limited to the famous mark itself and the allegedly diluting mark, not the entire product presentation.The case began after VIP made a dog toy parodying a Jack Daniel's bottle with poop-themed jokes, prompting years of litigation over trademark infringement, dilution, parody, and free speech. The U.S. Supreme Court previously ruled that VIP could not use the Rogers test because the toy used another company's trademark-like features to identify VIP's own product. On remand, the district court rejected Jack Daniel's infringement claim but again found dilution by tarnishment, which VIP appealed. VIP also raised a First Amendment challenge to the federal tarnishment law, though both VIP and the federal government suggested the Ninth Circuit could decide the case without reaching that constitutional issue. The Justice Department intervened to defend the law's constitutionality while also acknowledging that waiver or insufficient proof could let the panel avoid the First Amendment question.9th Circ. Questions Jack Daniel's' TM Win Over ‘Bad Spaniels' - Law360Meta has settled a closely watched lawsuit brought by Breathitt County School District in Kentucky over costs allegedly tied to youth mental health harms from social media. The case was important because it was the first school-district case against social media companies scheduled for trial on these claims. Breathitt had accused Meta, YouTube, Snap, and TikTok of designing platforms that kept young users engaged in harmful ways and contributed to anxiety, depression, self-harm, and other student mental health problems. The district sought more than $60 million, including money for a 15-year mental health program and an order requiring changes to allegedly addictive platform features. Meta's settlement follows earlier settlements by YouTube, Snap, and TikTok, meaning Breathitt's case is now fully resolved.The case was a bellwether, meaning it was chosen as a test case to help courts and parties evaluate similar lawsuits. About 1,200 school districts are pursuing related claims, and thousands of other social-media addiction lawsuits are pending in California state and federal courts. Meta said it resolved the case amicably and pointed to teen-safety tools such as Teen Accounts and parental controls. Lawyers for the school district said they remain focused on claims brought by the other districts. The settlement avoids a June 15 trial that could have shaped settlement talks and strategy across the broader litigation. Other major school systems, including Los Angeles and New York City, have filed similar lawsuits, while DeKalb County, Georgia, has claimed billions in future mental health costs.Meta settles first US case over school costs tied to youth mental health, court filing shows | ReutersOpenAI has expanded its group of outside law firms as it faces major litigation, complex business deals, and a possible future IPO. Reuters reports that the company, recently valued at $852 billion, now works with more than a dozen large U.S. law firms. OpenAI, CEO Sam Altman, and lawyers from Wachtell Lipton and Morrison & Foerster recently defeated Elon Musk's lawsuit claiming that OpenAI had departed from its original nonprofit mission. That ruling removed one potential obstacle to a possible IPO, which sources have said could happen as soon as September. Wachtell has also handled major OpenAI transactions since ChatGPT launched, including large fundraising deals involving Microsoft, Nvidia, and other investors.Wachtell is a central player for OpenAI in both deal work and litigation. The firm is defending OpenAI in a lawsuit from Musk's xAI alleging that OpenAI and Apple monopolized markets involving smartphones and generative AI chatbots. In a separate xAI trade secrets case, OpenAI hired Munger, Tolles & Olson. Latham & Watkins has worked on OpenAI deals, including a $4 billion credit line, and is also helping defend the company in copyright lawsuits brought by authors, comedians, and news organizations. OpenAI is arguing in those copyright cases that using material to train AI systems is protected by fair use. Wilson Sonsini is defending OpenAI in a case claiming ChatGPT engaged in unauthorized practice of law, an allegation OpenAI rejects by arguing that ChatGPT is not a lawyer and does not practice law.OpenAI grows stable of law firms for high-stakes lawsuits, deals | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Last year I came out of the BRK annual meeting thinking that Greg Abel was not the right person to run Berkshire Hathaway. Abel lacked Buffett's charisma, warmth, and humor. Greg Abel was not Buffett, and he definitely was not Munger. I was wrong. The post Greg Abel Takes Over Berkshire Hathaway: My Thoughts After Omaha 2026 – Ep 290 appeared first on The Intellectual Investor - Value Investing by Vitaliy Katsenelson.

Chris is Chairman and Portfolio Manager at Davis Advisors, an independent, employee‑owned investment firm managing $30B as of March 2026, and serves on the board of Berkshire Hathaway. We discuss stewardship and patience as core advantages in value investing, how market cycles test conviction, and the enduring lessons as well as the limits of the Buffett and Munger framework. -This podcast/webcast is provided for informational purposes only and should not be considered legal, tax, investment, or business advice. It is not a solicitation, recommendation, or endorsement. All opinions expressed by participants are their own and do not necessarily reflect the views of the Evoke Advisors Division of MAI Capital Management, LLC ("Evoke”), its affiliates, or any companies mentioned. Information shared has not been independently verified by MAI or its affiliates. MAI Capital Management, LLC (“MAI”) is registered with the U.S. Securities and Exchange Commission ("SEC"), which does not imply any particular level of skill or training.Certain information contained herein has been obtained from third party sources and such information has not been independently verified. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by any person.While such sources are believed to be reliable, Evoke does not assume any responsibility for the accuracy or completeness of such information. Evoke does not undertake any obligation to update the information contained herein as of any future date.The content is intended for a general audience and does not constitute a recommendation to buy or sell securities or adopt any investment strategy. Any examples or scenarios discussed are illustrative only, involve risks and uncertainties, and do not guarantee future results. Non-traditional assets carry significant risks and may not be suitable for all investors. Decisions should be based on individual objectives, risk tolerance, and circumstances.Statements herein are general and may not reflect an individual's or entity's specific circumstances or applicable laws, which vary by jurisdiction. Further, speakers' views are personal and may differ from Evoke and MAI recommendations and are not specific investment advice; and do not consider client objectives, risk tolerance, and diversification. Guests may have current or past relationships with Evoke and MAI, its affiliates, or the host, including as clients, service providers, or business partners. Participation does not constitute an endorsement or testimonial. No compensation has been paid or received for guest participation unless disclosed. MAI and its affiliates may have business relationships with entities mentioned in this podcast, which could create potential conflicts of interest. These relationships may include advisory services, investment management, or other arrangements. MAI seeks to manage such conflicts consistent with its fiduciary obligations and policies.(As of December 22, 2025)

In this episode, Chris sits down with Nat Eliason - founder, writer, and now launching Alpha High, a new entrepreneur high school in New York City. Tuition is $150K a year. The promise: every student hits a million dollars in gross profit by graduation, or the family gets their tuition refunded. The first class is around 20 freshmen. The day is split between AI-driven academics in the morning and business building the rest of the day. This is also the same Nat Eliason who in his spare time built Felix - an AI agent he gave a Stripe account, an email, and an X handle, then told to launch a business overnight. Felix has done $60+K in sales since. Nat has not touched the code. They discuss: - Why the "game of school" is kayfabe and what's finally breaking it - The 16-year-old flying out to California to run short-form video for Al Pacino's new movie - The Munger inversion behind Alpha's curriculum: "why would these kids fail?" - What businesses a 14-year-old should and shouldn't build (and the $500/month software budget) - How Nat masters a new domain every two or three years, and why his $35K smart-contract loss accelerated him faster than caution would have - Felix - what "zero human" actually looks like, and the rules Nat set up to keep himself out of it - The day Anthropic shut off Open Claw and Alpha students reverse-engineered a proxy workaround in hours - Why the founding fathers wrote the Declaration in their early 20s, and what we forgot about teenagers Timestamps (05:55) What Alpha Does Differently From Conventional Schools (11:48) Playing the Fake Game of School (21:46) How Nat Masters New Domains (32:18) Open Claw Deep Dive (43:50) Building the Alpha Entrepreneurship Program (51:43) Freshman Year Structure at Alpha School (1:00:23) How Students Can Pitch for Equity or Debt Funding (1:04:08) Why Establish a New York Location for Year One (1:11:15) Nat's 10-Year Vision (1:15:11) AI as a Force Multiplier for Teenage Founders (1:16:15) How Alpha Students Quickly Reverse-Engineered a Workaround After Open Claw Went Down (1:24:13) Teen-Parent Conflict as a Symptom of Infantilization Support our Sponsors Collateral Partners: https://collateral.com/fort Chris on Social Media: X: https://x.com/fortworthchris Instagram: https://www.instagram.com/thepowerspodcast LinkedIn: https://www.linkedin.com/in/chrispowersjr/ Visit our website: https://www.powerspod.com/ Leave a review on Apple: https://bit.ly/45crFD0 Leave a review on Spotify: https://bit.ly/3Krl9jO

On this week's episode of True Crime New England, Katie and Liz touch upon the upsetting story of the murder of 52-year-old Kerry Munger in Rutland, Vermont. On April 20th, 2009, Kerry met up with his estranged wife's lover, a young man named Trevor Herrick, in the parking lot of a mall. After a nasty verbal altercation occurred, Trevor ended up fatally stabbing Kerry twice. Trevor later claimed self-defense in his trial. In March of 2010, Trevor was found guilty of second-degree murder and sentenced to 22 years to life in prison, however a petition filed in 2014 had the sentence reduced by nine whole years. 

Ryan Bunn is the lead portfolio manager at Reference Equity in Denver, a Northwestern-trained engineer and Kellogg MBA with 15+ years of global equity experience who implements a first-principles quality-value philosophy focused on businesses in non-competitive situations.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/3:00 — Ryan's Midwestern upbringing outside Cincinnati; mother taught him investing in elementary school; family of savers focused on dividend yields and long-term wealth building.5:00 — 30-year investing evolution: private equity consulting training revealed wide range of business quality; reading Graham and Buffett cemented value conviction; experimented with options, angel investing in India, due diligence in Moscow, NFTs.7:00 — The NFT experiment: bought digital art in summer 2021, sold for 25x return in six weeks, watched it crash 95%+. Lesson: “It showed me that I'm not a growth investor… it was so stressful even as prices were going up.”9:00 — First principles of quality investing: competition is capitalism's first principle; sustainable high returns require non-competitive scenarios. Challenges the broad definition of “quality” in today's market.13:00 — Philip Carret's legacy: founded Pioneer Fund in 1928, compounded ~13% annually over 60 years, wrote The Art of Speculation in 1930. Met Buffett in early 1950s — before Munger. Framework of “men, materials, and money” underlies all fundamental investing today.19:00 — Intellectual heritage: ideas passed between generations compound like capital. Carret appeared at the 1995 Berkshire meeting at age 99.22:00 — Generational wealth: someone must be the first generation to save and sacrifice. Modern retirement planning models spending to zero — the opposite of wealth transfer.27:00 — Capital vs. currency: truly long-term investing requires a pool of capital you never touch. Focus on yield, not the capital base itself. Bogumil shares his “forgotten money” account untouched for 20+ years.33:00 — Collecting mindset: Berkshire shareholders collect shares, not dollars. Reframing investing as collecting removes short-term anxiety.44:00 — Why value investing works structurally: cheaper stocks get more powerful buybacks; low multiples protect against destructive M&A; boring companies let management focus on operations, not investor relations.55:00 — Global small caps: 5,000+ stocks, ~150 meet Ryan's non-competitive filter, 3-5 per year reach attractive valuations. International investing rewards those who understand what US-quality governance looks like.1:01:00 — Reference equity concept: European “reference shareholder” families as long-term partners to businesses. Ryan's mission to bring this model to US public markets.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

In Episode 181 of the Diary of a UK Stock Investor Podcast this week:- (00:00) Show Start In this week's show Chris discusses how legendary investors like Buffet, Munger, Lynch, Marks, Klarman and Greenblatt identify the rare stocks they are interested in buying, and what factors into their decision to leave certain stocks alone but snap up as much as they can of others.  GET INVOLVED! Drop us a COMMENT on Spotify or Email Chris at the show on chris@chrischillingworth.com The Diary of a UK Stock Investor Podcast is a diary-style, educational podcast documenting Chris's long-term journey as a UK retail investor, with the personal goal of one day becoming a Stocks & Shares ISA millionaire. Each episode reflects on the realities of long-term investing, including lessons learned, mindset, decision-making, and progress along the journey. The show also features listener correspondence, discussion of general market news from UK and US stocks, and educational explanations of investing concepts drawn from real-world experience. From time to time, episodes may explore publicly available company financial statements to help listeners better understand how to read financial data and what different figures mean in practice. These discussions are for educational purposes only and are not intended to influence investment decisions. The podcast does not provide investment advice, personal recommendations, or guidance on what to buy or sell. Chris does not disclose specific investment transactions or encourage listeners to follow any particular strategy. Any views shared are personal reflections only and may change over time. All content is provided for general information and educational purposes and does not take into account individual financial circumstances. Investing involves risk, and listeners should always do their own research or seek advice from a Financial Conduct Authority authorised financial adviser before making investment decisions. New episodes are released EVERY Thursday! Contact the show at chris@chrischillingworth.com

Twenty years. Nearly one thousand episodes on this show. And starting today, we're going to try something a little different this season. Season 21 is about the decisions that actually determine whether innovation lives or dies inside any organization. The real calls. Not the fluff stuff we read in academic textbooks. I want to actually put you in the rooms where these decisions are happening. What went right. What went wrong. My objective is to expose you to the patterns in innovation decisions so that you can recognize them. Recognize them in yourself, in the people you need to influence, long before you step into any landmines. So let's get into it. The Encounter on the Top Floor of Building 25 Making generational decisions on innovation investment can be a make-or-break moment. What I refer to as a CLM, a Career Limiting Move. In my case, it started with a chance conversation with Mark Hurd, HP's CEO. Let me take you back to 2005. HP headquarters is on Page Mill Road in Palo Alto, referred to internally as Building 25. The top floor is where all of the executive offices are. That's where Mark's office was. I was up there doing some meetings and got snagged by Mark. Now, Mark had a reputation. He was a big numbers guy. He believed in what he called extreme benchmarking. You tore into your competitors' numbers. You knew your own numbers in and out.1 Others had warned me about this. He had a famous quote that everybody shared:  "Stare at the numbers long enough, and they will eventually confess." Mark believed you could not lead a critical role at HP if you did not know your numbers cold, inside and out. Didn't matter whether it was sales, CTO, a function, or a division. It didn't matter. And Mark tested everyone on the leadership team. Not just the leadership team. He would randomly stop employees and ask them for their numbers based on what group they worked in. It was non-stop. It was constant. To where support staff was literally constantly preparing briefing books for managers, VPs, leaders, just in case they got nabbed by Mark. In my case, I happened to be walking past his office. Mark waved me in. I sat down, and he immediately started drilling me on the CTO numbers. The number he focused on was R&D as a percentage of revenue. The Broken Benchmark: R&D as a Percentage of Revenue Now, if you've been a regular listener of this show, you know my opinion of that metric. R&D as a percentage of revenue is a meaningless number.2 It is absolutely meaningless. But every public company CEO at an innovation-dependent company, all the tech companies, AI companies, even automotive, they live by this number. It's a number that Wall Street looks at. You have to report it as part of your quarterlies, and from there it's simple math.3 When Mark grilled me, he was focused specifically on the PC group at HP. HP's number at the time for the PC group was about one and a half percent. R&D as a percentage of the PC group's revenue. Acer, which was a key competitor, was at 0.8%. Less than one percent. Roughly half of HP's number.4 Apple was at four percent.5 Mark's question, and he was really pounding on this, was: How do we get our ratios in line with Acer? Basically, he was saying: how do we cut costs so that our R&D expense as a percentage of revenue equals Acer at 0.8%? This is exactly the problem with choosing the wrong metric. Now I'm going to quote somebody who I think was probably one of the most insightful leaders in the business world. Charlie Munger. If you've ever watched any of his talks, he had a really strong opinion on certain metrics. Specifically EBITDA, earnings before interest, taxes, depreciation and amortization. Charlie referred to EBITDA as BS earnings. It was a metric Wall Street swore by, and Munger said it hid more than it revealed. His exact words: "Every time you see the word EBITDA, just substitute the word 'bullshit' earnings."6 R&D as a percentage of revenue is the same problem in a different disguise. It's the metric that makes every company look like it's investing when all it's doing is spending. Mark was using a broken instrument to make a generational decision. If you make decisions based on R&D as a percentage of revenue, and then you do comparisons like "let's make our numbers look like Acer," what you are actually deciding to do is cut your R&D. That is generational. You will destroy a company's innovation capability over the next ten to twenty years before you can even have a hope of rebuilding it.7 "We Are Not Apple and We Never Will Be" I looked at him and said: Why aren't we raising our R&D spend to match Apple? Mark didn't hesitate. He said: "We are not Apple and we never will be." I took offense at that. I was offended that he wouldn't even contemplate it. And I pushed back. I pushed back hard. I argued we could be Apple in areas where we had genuine advantage. Here's one example. Go back to September 2004, about a year before my meeting with Mark. Carly Fiorina was still CEO. Carly had just handed Steve Jobs access to the retail shelf space HP spent thirty years building.8 At that time, HP controlled about nine, nine and a half percent of all retail shelf space for consumer electronics, the largest single entity holding in that category. Where did all that come from? It traces back to the calculator days in the 1970s. Those relationships, those stocking slots, that footprint: HP had spent three decades building that access. Apple was launching the iPod.9 It had no retail distribution in consumer electronics. None. And rather than HP taking advantage of that for itself, it actually opened the door and allowed Apple to come in. That is how the iPod got its traction. It bought Apple the time to build out its own retail strategy, which is ultimately what allowed Apple to be where it is today. That wasn't an accident of history. That was HP giving away a structural competitive asset. When I tried to push back on Mark, saying we could be better with the right investment, it didn't land. Mark viewed the PC business as a commodity. And if it's a commodity, you manage expenses. You don't invest in capabilities. Monthly Arguments and the Search for Better Metrics There was no decision made that day. But something shifted in me. That was the first of many monthly arguments I had with Mark. And they were non-stop. What it drove me to do was start looking for better metrics. We had something most companies don't have: HP's complete financial history going all the way back to the 1940s. I had access to the numbers, division by division, for one of the founding companies of Silicon Valley.10 We were getting traction. I was actually getting Mark to align. I was getting the HP board to align. And then what happens? Mark gets removed as CEO and Leo comes in. Then Meg kicked Leo out and she took over. Then the split of HP into two companies. Acer today? Still roughly 0.9% of revenue in R&D.11 Twenty years later, almost exactly where Mark wanted HP to get to. What I Would Do Differently: Right Argument, Wrong Language If I'm being honest about what I would do differently, I had the right argument. I had the wrong language. The job wasn't to prove Mark wrong. Nobody changes their mind when they're being told they're wrong. I needed to stop speaking CTO and start speaking CEO. Meet him where he was. Make the case in the language of margin, risk, competitive position, the language he already trusted. But that language didn't exist when it came to R&D and innovation. That's the reason I spent the rest of my career building something better. And that is what this season is about. What Comes Next: The Metrics That Tell the Truth That conversation with Mark sent me looking. If R&D as a percentage of revenue was the wrong metric, and I believe to my core that it was, and is, then what's the right one? We went back through HP's own numbers. We back-cast all the way to the 1940s, looking at the numbers by division, by the overall organization. And then something unexpected happened. The archive team at HP gave me access to something nobody had looked at in decades: Bill Hewlett and Dave Packard's original notebooks. What I found in there pointed me somewhere nobody had thought to look. In the next episode, we're going to talk about the metrics that actually tell the truth when it comes to R&D and innovation.     If this episode gave you some insights, shifted something, share it with somebody who you think needs to hear it. Particularly if you're trying to fight senior leaders around R&D investment. And in the comments below, tell me: what's that one benchmark that you are required to hit, and yet you've never questioned? Is it the right benchmark? Have you really looked at it? I genuinely would like to know. Show notes and this week's Studio Notes are over at philmckinney.com. Subscribe there. That's where the deeper analysis lives. Every Monday that we post, subscribe. You don't want to miss the next one. I'll see you in the next episode.  

This is a story about a trail called Nature Trail. At the heart of the story is a simple question: What is nature for? Feel free to click play above to listen to the soundscape of Nature Trail as we ponder this question. Nature Trail was built in the 1960's in the interior of the roughly 5,000-acre nature park that had been dedicated 20 years prior, but received little attention in the way of development. Indeed, the most newsworthy question in those early years seemed to be what should we call it? In 1957, a call for suggestions—perhaps favoring something more showy than the functional, socially adopted name, The Forest Park—yielded many (Skyline, Tualatin, Wildwood, Tualatin Mountain…) but the de-facto name won the day. Officially, “Portland's Forest Park” was favored by one vote over “Skyline Forest Park”. The “Portland's” part never seemed to really catch on.Actually, the biggest changes to the park, to this day, came in response to a 1951 fire that burned over 1200 acres in the center of it. Fifteen emergency access fire lanes were constructed in the early 1950's, broadly perpendicular to the slope of the Tualatin Mountains, like rungs on a ladder. What was nature for in the 1950's? Accessible nature was becoming scarce. The public wanted protections from both development and the threat posed by wildfire. These fire lanes likely became informal points of entry for the park users in the early years. A network of hiking trails was modest: around 10 miles in total, on the southern end in 1960. Today there are over 80 miles of trails.What was nature for in 1960? A refuge to visit and admire via trails and lanes. Today, Nature Trail still harbors subtle clues to its origins There's an old steel pole gate and concrete bollards covered by so much moss they could pass for stumps at the end of Fire Lane 1. It all appears quite out of place in the quiet interior of Forest Park. Nearby there is a meadow-like ridge with a couple weathered picnic tables. Starting in the late 60's and running for about two decades or so, this was the drop zone for thousands of children in a campaign to foster a connection with nature, formalized in 1968. A rare 1968 publication in the Library Use Only stacks of Multnomah County Library holds the key to understanding Nature Trail: Portland's Forest Park Nature Trail was a 32-page interpretive guide authored by Oregon Outdoor Education Councils as informal curriculum for a generation of school children. Fifty-two markers on Nature Trail were keyed to entries in the guide. Midway through the trail was a shelter, bathroom and campfire area. Bus drop off and pickup areas were located on each end. What was nature for in 1968? Nature was a common good. It was a living lab for learning about the interconnectedness of plants, animals and humans, as stated in the booklet introduction:If you are quiet and observant, you may see some of the animals that live here.The forest community is a living area of plants and animals. It has many parts. Some tall plants shade everything on the ground. Under these grow the medium size and the small ground plants. Part of the forest community is the soil and the many organisms that live in the ground. It is the animals that live in the forest. It is the water that comes from the forest. The forest community is many more things. (Portland's Forest Park Nature Trail, 1968)Mind you, this was all designed and implemented a couple years before Earth Day made its debut. A 1970 Oregonian article about Nature Trail noted the large coalition involved— the Park Bureau, Multnomah County schools, U.S. Forest Service, Oregon State Game Commission, Industrial Forestry Association, and others. Much of the trail building for Nature Trail was done by the Neighborhood Youth Corps, employing low-income urban teenagers in public works projects. It all took coordination and vision. Precisely who the masterminded Nature Trail isn't easily discerned, but there is little doubt Thornton T. Munger was a galvanizing force from the late 40's into the 60's, inspiring people to work together, while advancing principles of conservation and education in the nascent Forest Park.Munger's own connection to nature can be traced back to growing up next to an eighteen-acre natural area called Hillhouse Woods in North Adams, Massachusetts, which fostered his lifelong interest in forests. In 1908 he was hired by the US Forest Service, and trained under Gifford Pinchot, who between 1905 and 1910 oversaw a rapid expansion, roughly tripling the number of National Forests and acreage. In his retirement, Munger chaired the Committee of Fifty, convincing city leaders to designate the lands as a nature park. The committee eventually became the Forest Park Conservancy, that to this day provide a Nature Education Program with free public events, organize volunteers, raise money, and conduct community outreach.In 1960, Munger—in collaboration with C. Paul Keyser—wrote a 32 page report entitled The History of Portland's Forest Park. In Part IV A Look Ahead, they write, In a few years nearly a million people will be living within a few miles of the Forest Park. Residences will crowd about it on three sides and industry will dominate its eastern edges. …There will be pressure to widen the roads, to straighten the curves, to pave, to build more roads. This should be resisted, for this “wilderness within a city” is not a place for speeding motorists; here there should be no need for haste. ...Here within city limits will be a continuous forest 7½ miles long. The roads and trails will be under over-arching trees, varying from virgin forest with giants up to 8 feet in diameter, to thrifty second-growth stands of tall Douglas fir.What was nature for in the 1960's and beyond?* To provide facilities that will afford extensive nearby outdoor recreation for the people and attract tourists.* To beautify the environs of Portland.* To provide food, cover, and a sanctuary for wildlife* To provide a site on which youth and other groups may carry on educational projects.* To grow timber which will in time yield an income and provide a demonstration forest.That last point became contentious within a couple decades. Limited timber harvests were being recommended by the committee up until 1975, when the Portland Parks superintendent, facing environmentalist pressure, ruled out selective logging as part of over-all park management. What was nature for in 1975? Forest Park was closer to becoming a quasi-wilderness area, protected from all resource harvesting. (The Forest Park Rock Quarry lease was terminated in 1979.) Fire suppression remained a primary concern, though seasonal manned fire lookouts were by then retired.So when and why did the Nature Trail program dissolve? It's not clear when, and I can only speculate on why. For starters, interior access roads around the park were closed to motor vehicles sometime in the 1980's. Therefore, any bus passage would have been met with more friction. The built elements of Nature Trail would have been approaching their expected lifespan: numbered posts would be weathered and broken, the shelter roof would have by then become what we now call a “living roof”: an ecosystem of duff, mosses and seedlings. Beyond that, the environmentalist awakening of the 1970s met a formidable obstacle with the Reagan administration of the 1980s. So where are we now? What is nature for in 2026? In the pendulum swing of US politics we are lurching back to the 80's mindset. Environmental protections are being systematically dismantled by the current administration in naked collusion with the fossil fuel industry. “Drill baby drill,” is one of the president's most cherished rally cries.When I think back to my childhood in primary school, my most vivid memories are of when either someone visited the classroom, or the class took a field trip someplace. I distinctly remember going to a site to hunt for fossils. I vividly remember Outdoor School; basically an overnight camp experience for sixth graders. Perhaps that's what really replaced Nature Trail: the significant expansion of its objectives with Outdoor School.The first large scale implementation of Outdoor School in Oregon occurred in 1966, serving 500 students. The program grew steadily for decades, but faced budget pressures over the years as schools cut extracurricular spending. In 2016, Ballot Measure 99 saved and expanded it, setting aside Oregon Lottery funds to provide Outdoor School for every one of Oregon's 50,000 fifth and sixth graders, passing with over 67% of the vote. While other states have more modest programs or aspirations, this guaranteed entitlement is unique to Oregon. Perhaps more than any point in the last 50 years, US leaders have adopted an aggressively extractive attitude toward nature. For Oregonians, the 67% vote for Measure 99 was its own kind of answer to the question Nature Trail was asking back in 1968. May in Forest Park is peak birdsong time. My score is electric piano centered—I love the deep tones of this one. It's naive and minimal as per usual.Thanks for reading and listening. Nature Trail is available on all music streaming services today, March 13th, 2026. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit chadcrouch.substack.com/subscribe

“Elation and connection” are two of the side effects of communal singing, and for over four decades, Kate Munger has been writing songs to be sung in tender and difficult moments–at the bedside of the dying, in prisons, and now at gatherings to repair democracy. We talk with Kate about what makes a good communal song, her writing process, how song can transform a negatively charged moment, and what are some of the challenges for communal singing in this moment.Kate Munger has been passionate about community singing since she was 8 years old at Girl Scout Camp and has led community singing now for over 45 years. In 2000 she founded the first of now 200 Threshold Choirs around the world, singing at the bedsides of people who are dying. Now retired from running the Threshold Choir, Kate has returned to her passions of writing songs for medicinal use and singing for people in coma and with folks who are incarcerated she is offering monthly free sessions to learn 60 new songs to sing on the way to, at and from protests to repair democracy, called “Hate Has No Home Here.” An email to Kate (kateamunger@gmail.com) will sign you up. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit emergingform.substack.com/subscribe

Is success in business simply about having the right idea, raising the perfect amount of money, or having the right connections? According to our guest today, David Senra, it's none of those. It's about obsession. David Senra has read 400+ biographies of history's greatest entrepreneurs, studying how they actually built their companies. On his podcast Founders, he distills the lives of iconic builders into actionable frameworks. He also hosts in-depth conversations with living founders on his new show David Senra — from Daniel Ek to Michael Dell to Todd Graves — extracting the mental models you only earn after decades in the arena. In this wide-ranging conversation, we break down: • Why history's greatest entrepreneurs hire for spikes, not well-rounded resumes • Why durability is a first-rate virtue — and most businesses die of indigestion, not starvation • How Steve Jobs worked barefoot at Atari — and why Nolan Bushnell kept him anyway • Why George Lucas bet unapologetically on himself • How Sam Zell tortured himself into greatness — and why he chose freedom over money • Why Michael Dell says he works “all the days” • The founder archetypes framework — and why founder-problem fit beats founder-market fit • Why Todd Graves hasn't changed his menu in 30 years — and built a $20B chicken empire • How Rick Rubin became a reducer, not a producer — and why ruthless editing creates timeless work • Why belief comes before ability — non-negotiable for builders If you want to think like Jobs, Bezos, Zell, or Munger, this episode will permanently change how you approach focus, entrepreneurship, and building something that lasts. Turn attention into revenue with https://beehiiv.link/nt66tb. Use CODIE30 for 30% off your first 3 months. Take your personal data back with Incogni! Use code BIGDEAL at the link below and get 60% off an annual plan: https://incogni.com/bigdeal Follow David Senra: Founders Podcast: https://www.founderspodcast.com New Show (David Senra): Available on all platforms Instagram: @founderspodcast ___________ 00:00:00 Introduction 00:00:42 The Lonely Founder Life: Why Entrepreneurs Need Founder Friends 00:01:04 Marriages and Relationships of History's Greatest Entrepreneurs 00:03:07 Is Entrepreneurship a Trauma Response? 00:05:26 Hiring for Spikes: The Steve Jobs Employee Philosophy 00:10:12 George Lucas and the Power of Unapologetic Self-Investment 00:12:39 Longevity Over Everything: Building Companies That Last Decades 00:18:37 Do You Have to Be Obsessed to Win? 00:19:35 The Inner Monologue Shift: From Negative to Positive Fuel 00:35:48 Keep Your Circle Small: The Sam Zell Approach to Relationships 00:42:03 Personal Standards and the Yardstick for Quality 00:47:30 Sam Zell's Life Philosophy: Freedom, Focus, and the One True Luxury 00:50:29 Start, Scale, Sell Is a Trap: Find Your Last Business 00:52:36 Complexity Is the Killer: The Sam Walton Bureaucracy Battle 00:59:15 Simplify to Amplify: Raising Cane's, Papa Bagels, and the Power of One Thing 01:07:13 Founder Problem Fit: Know Your Archetype 01:25:17 AI, Electricity, and Thin Horizontal Enabling Layers 01:30:50 Mute the World and Build Your Own: The Daily Design Philosophy 01:34:59 The Power of Simple Obsession ___________ MORE FROM BIGDEAL

John, merritt and Niki have finally reunited, and the gang wastes no time getting down to business. What sorts of hammers are there? Do you know what a Munger Hall is? When was the last time that you, a six year old, went out for a fine meal? Do you get to watch it when they ... you know?? Plus a mega-sized installment of Scam Text Theater and, despite our best efforts, somehow even more. Welcome to If You're Driving, Close Your Eyes, a listener-supported comedy podcast where three noble explorers chip away at the crumbling foundations of reality, five or six simultaneous topics at a time. Hosted by Niki Grayson, merritt k and John Warren, and produced by Jordan Mallory, with music by Jordan and art by Max Schwartz.Follow us on Bluesky: https://bsky.app/profile/ifyouredriving.bsky.socialSupport us on Patreon: https://www.patreon.com/ifyouredriving Hosted on Acast. See acast.com/privacy for more information.

Today's episode is one that I've been excited to share. How to value private businesses, even if you only invest in public stocks. Now, you might be thinking, I don't buy private businesses. I buy stocks. Why should I need this? That's exactly what we're gonna unpack today. Understanding how to value a private business might be the most powerful mental model you can borrow as a public market investor. By the end of this episode, you'll see why some of the greatest investors in history, including Buffettt, Munger, and many small cap specialists, think this way. First, why should you think like a private buyer? When you buy a share of stock, you're buying a small piece of a real business, not just a squiggly line on a chart. Most investors forget this. They think of a stock as a lottery ticket or a day-to-day trading vehicle. Thank you for watching. ❤️If you'd like to support Global Value, the links below help a lot. They're affiliate links, which means I may earn a commission at no extra cost to you and everything earned is reinvested into making the videos better.- TIKR: The research platform I use for financial data and company analysis. Join 250,000+ investors here: https://www.tikr.com/globalvalue- Seeking Alpha Premium: Get 20% off + a free 7-day trial with my link: https://www.sahg6dtr.com/H4BHRJ/R74QP/- Sharesight: Portfolio tracking made simple (4 months free when you sign up annually): https://www.sharesight.com/globalvalue- Interactive Brokers: Broker I recommend for global market access and professional-grade tools: https://www.interactivebrokers.com/mkt/?src=gvy1&url=%2Fen%2Fwhyib%2Foverview.php- Patreon: Support the channel directly and help fund future episodes: https://www.patreon.com/GlobalValue#ValueInvesting #Valuation #BusinessValuation #PrivateBusiness #StockInvesting #InvestingBasics #FundamentalAnalysis #IntrinsicValue #DCF #OwnerEarnings #CashFlow #InvestLikeBuffett #WarrenBuffett #CharlieMunger #LongTermInvesting

This is a massive one! Nearly two hours, but you know what they say: Too much of a good thing can be wonderful!My friend MBI (

Most people spend their lives chasing happiness yet end up miserable. In this episode of The Impossible Life Podcast, Garrett and Nick flip the script using inverse thinking to expose 10 decisions that almost guarantee a broken, unhappy life. Inspired by the philosophies of Charlie Munger and Warren Buffett, this episode shows that sometimes the fastest path to wisdom is learning what not to do.You'll hear why making life all about yourself leads to emptiness, how chronic complaining drains momentum, why refusing to take risks kills potential, and how neglecting self-development, health, and belief sabotages your future. Garrett breaks down how belief systems shape outcomes, why confidence and risk are inseparable, and how consuming more than you create slowly erodes purpose and fulfillment.The episode culminates with the two most destructive choices of all: loving yourself more than God, and never developing a deep, lifelong relationship with Him. If you want to avoid regret, live with meaning, and build a life that actually works, this episode gives you a clear warning sign for every major pitfall—and shows you how to walk the opposite path toward purpose, faith, and strength.Join a group of likeminded Impossible Life listeners in our FREE Skool community by clicking here.Get the Purpose Playbook by clicking hereGet the FREE Basic Discipline Training 30 Day Program by clicking hereJoin us in Mindset Mastery by clicking hereIf you're a man that wants real accountability and training to be a leader, click here.Level up your nutrition with IDLife by clicking hereGET IN TOUCHSocial Media - @theimpossiblelifeEmail - info@theimpossible.life

What's the right size for your business? If your gut response is, "As big as possible!" you're not alone.    But that mindset can quietly invite unnecessary complexity, friction, and risk into your operation—especially when growth isn't planned or sustainable.    In this episode, we challenge the default assumption that bigger is always better in construction. Using insights from a legendary 100-year-old essay by biologist JBS Haldane, we explore how biological limits in nature mirror organizational limits in business—and why ignoring them could be hurting your team more than helping it. In this episode you will:    Discover the hidden trade-offs of scaling your construction business too soon Learn how biology explains why your systems are breaking as your team grows Get 3 crucial questions to ask before making your next big hire or opening a new branch   If you're leading a growing team and feeling the strain, press play now to rethink your approach and regain control.   P.S. If you're a Charlie Munger fan/disciple like host Bradley Hartmann, this episode is a prime example of Munger's call to think multidisciplinary— using insights from biology to sharpen leadership and decision-making in construction.   At Bradley Hartmann & Company, we help construction teams improve sales, leadership,  and communication by reducing miscommunication, strengthening teamwork, and bridging language gaps between English and Spanish speakers. To learn more about our product offerings, visit bradleyhartmannandco.com. The Construction Leadership Podcast dives into essential leadership topics in construction, including strategy, emotional intelligence, communication skills, confidence, innovation, and effective decision-making. You'll also gain insights into delegation, cultural intelligence, goal setting, team building, employee engagement, and how to overcome common culture problems—whether you're leading a crew or managing an entire organization. Have topic ideas or guest recommendations? Contact us at info@bradleyhartmannandco.com. New podcasts are dropped every Tuesday and Thursday.   This episode is brought to you by The Construction Spanish Toolbox —the most practical way for construction teams to learn jobsite-ready Spanish in just minutes a day over 6 months.      

In the final episode of Money Moves for 2025, Matty A. and Ryan Breedwell take a wide-angle look at markets, money, and mindset as investors head into a new year filled with opportunity—and noise.They open with year-end reflections on market performance, Fed policy, and thin holiday liquidity before diving deep into one of the biggest surprises of 2025: the explosive run in precious metals. With silver up over 170% and gold posting one of its strongest years in decades, the guys break down what's real, what's speculative, and why narratives around “financial system resets” should be approached with skepticism—not fear.The conversation expands into rate cuts, cost of capital, real estate cycles, and why easy money created lazy investors who were exposed when conditions changed. Matty and Ryan reinforce why dollar-cost averaging, long-term conviction, and emotional discipline consistently outperform market timing and speculation.They also discuss crypto's rough year, why institutional adoption still matters, how regulation could unlock the next phase of growth, and why volatility creates opportunity for patient investors. The episode closes with a candid conversation around government spending, trust, taxes, and why asset ownership isn't optional—it's essential.This episode is a grounded, no-nonsense reminder that wealth isn't built by reacting to headlines—but by staying invested, disciplined, and focused on what you can control.Topics CoveredYear-end market recap and Fed rate-cut expectationsPrecious metals surge: gold vs. silver fundamentalsFinancial system “reset” narratives and investor psychologyRSI, overbought conditions, and potential pullbacksWhy gold behaves differently than silverRate cuts, cost of capital, and real estate falloutLessons from easy-money real estate cyclesCrypto volatility, institutional adoption, and long-term outlookDollar-cost averaging vs. market timingBuffett, Munger, and handling market pullbacksGovernment spending, taxes, and trust erosionHousing affordability and a potential renter nationWhy owning assets is critical heading into 2026Why asset ownership outperforms cash long termPositioning portfolios during macro uncertaintyEpisode Sponsored By:Discover Financial Millionaire Mindcast Shop: Buy the Rich Life Planner and Get the Wealth-Building Bundle for FREE! Visit: https://shop.millionairemindcast.com/CRE MASTERMIND: Visit myfirst50k.com and submit your application to join!FREE CRE Crash Course: Text “FREE” to 844-447-1555FREE Financial X-Ray: Text  "XRAY" to 844-447-1555

December 29, 2025 | Season 7 | Episode 48We review why 2025 defied cautious forecasts, from AI capex and policy-driven depreciation to lower oil and a powerful wealth effect, and we frame 2026 through Munger's lens of patience and clarity. We flag key risks, make the case for a return to quality, and explore copper's setup alongside a closer look at Salesforce.• Munger's principles on patience, reading, and realism• Why 2025 beat expectations despite tariffs and inflation fears• AI buildout surge fueled by accelerated depreciation• Oil's drop easing costs and supporting margins• Wealth effect and democratized access driving flows• Bonds' weak real returns pushing investors into equities• Risks from rates above 4.25% and geopolitics• Barron's angle on quality stocks and FCF ETFs• Salesforce as an AI-enabled operator, not a victim• Commodities review with copper's 2026 bull caseThis podcast is available on most platforms, including Apple Podcasts and SpotifyFor more information, please visit our website at www.heroldlantern.com** For informational and educational purposes only, not intended as investment advice. Views and opinions are subject to change without notice. For full disclosures, ADVs, and CRS Forms, please visit https://heroldlantern.com/disclosure **To learn about becoming a Herold & Lantern Investments valued client, please visit https://heroldlantern.com/wealth-advisory-contact-formFollow and Like Us on Youtube, Facebook, Twitter, and LinkedIn | @HeroldLantern

We have Mike Monaghan on the show today and covering the “Birth of an ETF.” He’s going to talk about the Founders ETF and its new launch. We’re also going to talk a little bit about what it takes to get an ETF up and running. From a compliance perspective, remember, there’s no guarantee of future performance. https://youtu.be/o-m3PYHKXqk?si=qBaHkJpUt7xgdpjG Transcript of “The Birth of an ETF” 00:00 The Founders ETF Frazer Rice (00:00.986)Welcome back, Mike. Michael Monaghan (00:02.616)Frazer, it’s great to be back. Frazer Rice (00:04.4)You are at an interesting point in time right now. You’re about to start up Founders ETF and I think you’re about to get trading authorization to get going. Maybe tell us a little bit about the process to set up an ETF. Then we’ll dive into the strategy a little bit. Michael (00:21.25)Yeah, absolutely right. We should start trading on the SIBO Thursday, so two days from now. And we’ve launched our first fund, the Founders 100, that owns the 100 best founder-led companies. I’d be happy to go through some of the process that it takes to set up an ETF. Frazer Rice (00:40.014)Love it. ETFs are the main way to go now in terms of getting an inveestment cvhicle up and running. What has your experience been around? The Popularity of the ETF Structure Michael (00:52.014)Yeah, so ETFs have become the primary investment vehicle for a few reasons. Let’s outline those reasons. Then we can go through some of the steps that it takes to set up an ETF. So on the advantage side of an ETF, they’re typically a bit lower cost than traditional mutual fund products. Importantly, they’re tax advantaged. So there’s no gains or losses that occur during the normal ETF growth phase. Everything that happens within the ETF is done with what’s called an authorized participant. So you do exchanges. And so there’s no capital gains that are assigned to the investors. As long as they hold the ETF, a tax trigger only occurs when they actually sell the ETF. Finally, it’s a great way to get exposure to the market. So whether you want to own a broad market index, one of the legacy indexes, or a vehicle like ours. That gives you in one single trade, rather than having to guess who’s going to win. Is Nvidia going to win or Palantir who’s going to win? You can own a hundred of the best winners in the market in one single stock ticker. In our case, FFF. Frazer Rice (02:07.364)So let’s dive into that theme a little bit. As you said, it’s the top hundred founder led companies. First and foremost, public I assume, private, you’re not diving in those waters. Public vs Private Michael (02:20.59)Correct. So these are the hundred best publicly traded founder led stocks. And we generally fish from the 200 largest founder led publicly traded stocks. So a lot of these are names and founders that are very well recognized. Whether it’s Elon at Tesla or a Mark at Metta, Larry at Oracle, Rich Fairbanks at Capital One. These are all very well known founders. They’re great entrepreneurs who are leading highly scalable, very high performing publicly traded stocks. 02:53 Understanding Founder-Led Companies Frazer Rice (02:53.914)So let’s define founder a little bit. Obviously we have sort of the cult of personality around high-end CEOs. It sounds like you’re identifying companies that have been founded. The people who are running them not only founded them, but they scaled them. They have now gotten them to a level of maturity. That’s different from the typical public company that we find in the S &P 500. Definition of Founder Michael (03:19.104)Yeah. So first let’s define a founder. Then let’s talk about why we think the founder led companies outperform a traditional S&P company. We define the founder as being a chief executive leader. It could be chief executive officer, could be chief technology officer. Sometimes that say a scientific or medical company, would be the chief scientific or chief medical officer. And that person conceived and founded the company, took it from zero to one. It’s their imprint that has guided it over its 10 or 20 or 30 year period. That’s taken it from a small private company to a venture backed company to a large publicly traded company. And so the idea being the person that founded it continues to run it to this day. We talk about the fact that we own an Nvidia that Jensen still runs. But we don’t own Intel. We own Meta because Mark still runs it, but we don’t own Google. We own Dell computer because Michael Dell still runs it. But we don’t own Apple. We own Capital One because Rich Fairbank still runs it, but we don’t own American Express. Investment Process Frazer Rice (04:25.86)Got it. So lots of things to get into here. How does it a company get on your radar screen? And then ultimately, how does it get off of it? Michael (04:35.806)Great question. the getting on the screen is fairly mechanical. We look at the 200 largest by market capitalization founder led stocks. So we look at all U.S. listed. So it could be listed on the New York Stock Exchange or NASDAQ, but it has to be U.S. listed. We then look at the 200 largest. And from there, we select the 100 best using a quantitative factor model. So I’m have a Sanford Bernstein background and so do some of the folks here. And so for folks who are familiar with Bernstein’s research, we use a Bernstein factor model to pick the best, the hundred best names out of the 200 largest. That’s how they get on our radar. And to get off is quite simple if they retire. So if a CEO announces he’s retiring, per the prospectus, we have 90 days to sell the stock. once we, so for example, Mr. Buffett recently stepped down from Berkshire Hathaway. And so we sell Berkshire Hathaway on his announcement and no longer own the stock. Frazer Rice (05:38.0)things like corporate mergers or divestitures or maybe even a reclassification of stock where the founder stays on in some capacity but their decision making has been reduced. How do you analyze that? 05:54 The Investment Strategy Behind the ETF Michael (05:54.326)Yeah, so there is some human overlay judgment calls here and the founder has to be an executive officer leading the company. So they can’t just run a division. They can’t just be chairman of the board. They have to be the executive in charge of running the company. Frazer Rice (06:14.0)And if for, I guess one of the exits possibly would be if, and I don’t know if this is even possible, but if NVIDIA were to take over Meta and there isn’t room for Jensen and Mark in the same suite, how do you analyze something like that? Michael (06:34.253)So in the business combinations where you have two founder-led companies or a non-founder-led company swallowed up by a founder-led company, as long as an original founder remains, it remains in the portfolio. So we’ve had some stocks that had, say, three to four co-founders. And as long as one of those co-founder remains, it remains in the portfolio. Voting Shares Frazer Rice (06:58.352)So one of the things that’s a bee in my bonnet is the concept of having shares where, in a sense, they’re super majority or voting components and then shareholders that have less decision making authority to act as a check and balance around the company. Is that something you’re not really that worried about or is it something that may be a factor that’s important later on? Michael (07:24.525)So we actually think that’s one of the opportunities that this exists. Like one of the things that we haven’t talked about yet is why is all this alpha there? Why is this uncaptured alpha there for us to go get? And we think historically in the past, active money managers have sometimes shied away from these founder led companies because to your point, Frazier, oftentimes the founder has managed to have super voting control, 10 to one shares, 101 shares. So they completely control the company. And some of these larger active money management complexes have said, well, we as the shareholder, we need to be able to have a vote and we’re going to underown these stocks. We have the opposite view. We think these founders are special. So we think that by the time a Mark or a Elon has driven their company into the public markets, they’ve showed that they know how to set the vision, ruthlessly execute and generate value for the shareholders. Concerns? And so we’re not concerned by super voting structures. Oftentimes those are the stocks that we want to own because it’s the founder that’s in control and setting the direction of the business and generating high returns for the shareholders. We view it as you either believe in them and you own the stock or you don’t believe in them and sell the stock. We’re not interested in other people’s getting on the board and monkeying with the decisions of the founders. Frazer Rice (08:30.255)Is this it? What is it about the founders, especially for those that go from zero to one, then to scale, and then to shepherding a mature business? What makes them better and what drives the alpha that you’re trying to seek? In terms of putting together a portfolio of these types of companies? 09:01 The Importance of Founders in Business Michael (09:02.891)Yeah, so the great ones tend to be a bit irreverent. They tend to be highly visionary. They tend to be charismatic communicators and relentless in their execution ability. They’ve got a great ability to pivot if a change needs to be made. And rthe moral authority to set a tone to generate very high rates of return. We see it sort of over and over and over in these founder led companies. And if you look at some of the studies that we’ve done. There’s a study that Bain Capital, Bain had done years ago in combination with Harvard Business Review, founder led companies tend to outperform non-founder led companies in say the S &P 500 by 3X. So it’s this personality type of high vision and high execution tends to drive outsize returns. And it’s a bit of a self-selecting process. What makes Founders Unique? If you think about it by the time any of these founders that we own or talk about have got to the public market. They first had to identify an opportunity to go after. They had to develop a great product by listening to their customers. And they’ve shown that they can scale all the way from a series A round, B, C, D, all the way investing and generating high rates of return in the private markets. Transitions of Founders to Executives They get to the public markets, continue to do that. And now you get a little bit of an effect of a echo of that, of now all of sudden you’re in the public markets. If you get enough scale, you have this highly effective business. Now you’re getting relatively cheap capital that you’re feeding into your business through the public markets. And now you continue to grow. Frazer Rice (10:42.096)Just to summarize at least what I’m hearing is that they’ve gotten to the point of becoming public. They’ve been able to say no to losing control in exchange for either putting some liquidity back in their pocket or otherwise moving on. And so they’ve almost ratified their vision and message and they keep going. And by the fact that they’re public, there’s enough liquidity for everyone else out there in terms of their investments. So it ends up being a win-win. Michael (11:11.157)I think so. That’s what we see. Frazer Rice (11:13.316)So one thing that I’ve been sort of reading about and thinking about is the concept that the number of public companies is becoming less, well, it’s decreasing, and that many people are able to stay private for longer. Do you worry that your universe is going to get too small to provide sort of a canvas for your ideas here? 12:02 Market Trends and Future Outlook Michael (11:37.549)Let’s talk about three phases of that. We don’t, we actually see the data showing that there’s more and more opportunities within founder led. So let’s look at history and then let’s move to the future. So historically, probably about the time you and I joined the securities business, they would actually take the, to your point, they would take the founder, they would kick out this charismatic founder. They would put in some mid-level proctor or GE middle level manager to be the you know, the suit in the room to take the company public. And that was sort of in the late nineties and people figured out that wasn’t such a good idea. So if you actually look at the chart, there’s more and more founders staying and leading their public, their, their publicly traded companies. That’s number one. Number two. Yes. We have seen some companies stay private, obviously Stripe, SpaceX, but we are now seeing, for example, SpaceX coming to the public markets. Eli is talking about coming next year. so we, we haven’t seen it so far impact the pool with which we can fish in. And as I mentioned, that’s what we saw historically. Public Markets and the Future In the future, think, Frazer, I think we’re going to start to see a conversion of public and private markets, meaning these private mega cap companies have liquidity. And I think that you’ll see more and more ability to trade those stocks almost in public liquidity. So I think these two markets are converging. So I think that Not only do we have plenty of founders in the traditional public markets, I think that the liquidity and the big privates is going to converge to a public market style shortly anyway. Frazer Rice (13:13.232)You’re in a curious time as far as launching an ETF around this concept. I know a lot of people are wary of Mag-7 and ultra valuations and issues related to that. How do you respond to that concept that a lot of the growth has taken place in seven, maybe seven out of the hundred that you’ve chosen? Debunking the Mag-7 (to the Mag-3) Michael (13:33.356)Yeah, so that’s a misconception. We see Mike Saylor get on TV and wave his arms around it, but it’s not really true. First of all, what’s interesting, if you tear apart the Mag-7, it’s actually the Mag-3. The outperformance in the Mag-7 has come from Meta, Tesla, and NVIDIA. So it’s not just the Mag-7, it’s a founder led. And now you say, well, that’s a small sample set. Let’s look at a bigger sample set. So if you look at the NASDAQ 100, for example, It’s actually the 20 founder led companies have driven most of the outperformance over the last 25 years. And what I’m about to tell you about the S &P 500 probably won’t surprise you. It’s the 37 founder led companies that have driven most of the outperforming the S &P 500. So the outperformance is coming from founders, not from any specific part of the market. And one of the things that we think is great about this ETF is to avoid concentration. 14:50 Risk Management I know you’re really familiar with the concept of active share and that’s how different you are than the S &P 500. We have an 85 % active share to the S &P 500. So if you own the founders 100 ETF, you have much different exposure to the market than say the S &P 500. And so we think it helps reduce some of that concentration. We’ve done some things to make sure that we are diversified. First of all, we do own 100 stocks. Diversification So really good diversification across that. And then number two, while we run a market weight portfolio, we cap. No stock can be bigger than 7 % of the portfolio, so we don’t get out of balance at any point. So we think that we mitigate some of those concentration risks and we allow people to invest in innovation without being over concentrated to any one name, say the MAG-7, for example. So we think that we’re giving our investors really good exposure to innovation through the founders, but not exposing them to pre-existing market concentrations. And then finally remind everyone It’s not the MAG-7, it’s not the NASDAQ-100, it’s not the S &P-500, it’s the founders within each of these are what are driving the outsized performance in those analytical groups. Frazer Rice (15:36.218)So from a diversification standpoint, obviously not everything in one name, the 7 % cap you described, do you have sector concentration guidelines as well? Michael (15:45.749)We don’t have sector concentration guidelines, but if you look at the nature of the portfolio, we were fairly well diversified. We’re slightly overweight tech and financials versus say the S &P, but we own healthcare stocks, own consumer stocks, we own energy stocks. So we’re giving you a broad exposure to the market. Leverage Frazer Rice (16:05.924)Let’s talk about leverage for a second. I know a lot of people are trying to juice returns by piggybacking off of other people’s money on that front. Does that have a place in your ETF? Michael (16:17.004)So there’s no leverage in the ETF. We sort of believe in get rich the slow way. I like to tell people that it’s very hard to make money in the stock market over the short term, but it’s not particularly difficult over the very long term. think Mr. Munger and Mr. Buffett used to talk about this. the idea being, leverage can impact you in times that are not favorable. So we believe in just owning the stocks unlevered, let them compound over very long periods of time. And we think that by doing that, we and our shareholder, we think our shareholders can generate wealth over very long periods of time. Taxes Frazer Rice (16:54.98)So tax efficiency, the concept of holding period, does that play into your process at all? Michael (17:04.316)So remember within the ETF, as long as you’re managing your trading properly within the ETF, there’s no tax implications inside of it for your shareholders. Your shareholders only would be impacted at selling. So assuming they hold the stocks for over a year, any gains would be long-term capital gains treatment. Frazer Rice (17:27.024)And when you’re describing the investor profile that you’re looking to attract here, who is this for? Michael (17:35.916)Yeah, so the person that, you we really think it’s appropriate for you if you have a five year or more holding period and you want to have long-term capital appreciation. You know, if your goal is to be exposed to the best minds and public securities, that’s the founder led companies, and you want to compound your wealth over a very long period of time and have a high probability of outperforming the traditional broad market indexes, this ETF is designed for you. 17:59 Investor Profile and ETF Positioning Frazer Rice (18:04.705)And as you’re sort of outlining that profile and for those people who are trying to figure out where this fits in from an equity allocation perspective, you’re in charge in many ways of the spoke of a hub and spoke component of people are really sort of looking at indexes as the base of their equity portfolio. What are you looking for? What kind of benchmarks do you sort of measure yourself against? Michael (18:35.007)Yeah, so we think this is absolutely a core holding. So if you’re looking to build out you or your client’s portfolio, we think this should sit at the core. It is on the growth side, so it’s core growth. We think that it is a one-for-one replacement for, the NASDAQ 100. Or, for example, somebody holding the triple Qs. We think this is a better holding than the triple Qs. So we benchmark ourselves against them and against the S &P 500. Ee look at beating those two broad market indexes, generating better risk return for our investors. Frazer Rice (19:13.019)For those listeners that are out there and want to find out more, what’s the best way that they can either get a hold of you or maybe even better, do you have a ticker symbol ready that people can discover? FFF and Contact Information Michael (19:25.215)Yeah, absolutely. So the ticker is FFF. So that’s the FFF ETF that we’ll trade on. And investors can find that at their favorite brokerage firm, whether they’re Schwab customers, Interactive Brokers customers, Fidelity customers, trades under one ticker, just like a stock. Frazer Rice (19:44.365)And let’s take, we have a few minutes to go here, which is great. Your experience in terms of establishing the ETF, maybe a couple of some of the touch points when you went from vision to execution here, what was the process? Michael (20:00.106)Yeah, so ETF has a few basic processes that are regulated under the 1940 Securities Act. And so a lot of those rules are set up to protect the end investors. So for example, the securities live within a trust. So we set up our own trust. Some people use a mingled trust. We thought it was better for our end investors to have our own trust that we set up that has an independent trust board that oversees to make sure that we’re executing our strategies as we’ve outlined in the prospectus to make sure that we’re Doing the best we can for our investors. You’ve got to set that up There’s a few firms that do the plumbing for the for the ETFs would say US Bank is probably the largest player. So US Bank provides our our fund custody and fund administration and then there’s just a few other vendors in the space that sort of help with all the plumbing to make sure that the ETF runs smoothly. So it’s probably a six month process if you stay really focused to get all of that set up. 20:58 Navigating the ETF Launch Process Frazer Rice (21:03.313)You get that set up, how do you approach the Schwabs and the Fidelitys and the other platforms to make sure that people can access, buy, sell, whatever they want to do with your ETF? Michael (21:14.347)Yeah, that’s a great question. So the online brokerages typically put you on the platform as soon as you’re listed on a major US exchange. So you’ve got to get listed on NASDAQ, NYSE or CIBO. We chose CIBO. So again, on the traditional online brokers, you’re there day one. And then the big wire houses, JP Morgan, Goldman, Morgan Stanley, BAML, they typically have a few hurdles that you’ve got to get through, whether it’s daily trading liquidity assets under management. And over time, as you run the wickets through their process, you’re added to those platforms. Macro Issues? Frazer Rice (21:48.721)We live in a political age and a time when there’s just chaos everywhere, different types of rules in order to allocate capital. If you’re an investor trying to guess what’s happening politically, et cetera, that are difficult, you must be positive as far as the environment for founders to find success in this country and beyond. Is there anything that you’re looking for to make sure that those conditions hold? Michael (22:18.225)Yeah, we don’t really look at the macro or political backgrounds. think over very long periods of time, U.S. innovation outperforms. so we sort of we think that, again, one of the great things with investing in founders is they keep adapting as the background changes behind them. So we think over very long periods of time, the U.S. has great economic growth. And for those people that have worried about little blips along the way, we think the founders are the absolute best at mitigating those blips. Frazer Rice (22:48.334)I like to say you bet against America at your own peril and it sounds like from a founder perspective it’s still a great place for them to locate their businesses and grow them here. Michael (23:01.042)Absolutely. 23:50 Final Thoughts and Contact Information Frazer Rice (23:02.971)Just to reiterate, FFF is the ticker symbol for people to find it. any other contact points for people to find you if they’re interested in what you’re putting together. Michael (23:15.613)Yeah, so we have a great website at FounderETFs.com. can go check out there or anyone’s happy to email me, just michael at FounderETFs.com. Happy to chat with anyone who has interest about the portfolio, the strategy, or what we’re building. Frazer Rice (23:32.197)Well, great to have you back on, Mike. Thank you for putting up with my attempt at looking like Steve Jobs. It’s 25 degrees in New York here, and I am the stupid one who’s not in California or somewhere warm. appreciate you taking the time to be on and talking about your new product. Michael (23:48.011)Yeah, it was great to be on here. Really a huge fan of your podcast and just the level of guests that you’re able to interview and help educate your viewers. Frazer Rice (23:56.849)Mike, thanks for being on. Michael (23:59.061)Thanks a lot, Frazer. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Previously with Mike Monaghan ETF EDUCATION ARTICLES ON ETF.COM

The Third Episode of the Series! (Scroll down the earlier ones below).Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we've been wanting to have—and we think you'll find it as valuable as we did.Available now on Excess Returns Podcast and Talking Billions.

Monsoon Pabrai is the Founder, Managing Partner at Drew Investment Management - a fundamentals-driven public markets fund focused on long-term value compounding anchored in deep research shaped by years of studying capital allocators like Buffett and Munger. Her Fund typically targets high-conviction positions in durable, cash-generating businesses, with a philosophy centered on simplicity, downside protection, and asymmetric upside.

Skippy and Doogles dive into the viral debate around “the real poverty line” and trust us, it's not $31,000… but it's definitely not $140,000 either.Then we turn to Ray Dalio's latest bubble commentary, unpacking what “80% of the way into a bubble” really means—and why cash, leverage, and forced selling matter more than clickbait headlines.Finally, we close with the heartwarming Wall Street Journal piece on Charlie Munger's final years. From yelling across rooms with Buffett to adopting new teenage friends at age 99, Munger kept compounding wisdom until the very end.Join the premium Skippy and Doogles fan club. You can also get more details about the show at skippydoogles.com, show notes on our Substack, and send comments or questions to skippydoogles@gmail.com.

Dr. Kevin Munger, Assistant Professor and Chair of Computational Social Science in the Department of Political and Social Sciences at the European University Institute, discusses the concept of temporal validity in social media research. Dr. Munger breaks down why thinking about time is an important component of meta-science, particularly when it comes to evaluating the methodologies of social media research. We also discuss the Meta 2020 Election Research partnership, new pathways in social media research, the logic of quantitative description, and the challenges of political communication in the current grant funding and interdisciplinary landscape of political research. Here are the two articles we discuss in the episode: Temporal Validity as Meta-Science (2023)What Did We Learn about Political Communication from the Meta2020 Partnership? (2024)And links to Dr. Munger's latest books:The YouTube Apparatus (2024)The Generation Gap: Why the Baby Boomers Still Dominate American Politics and Culture (2022)

Charlie Munger fue, hasta su fallecimiento, la mano derecha de Warren Buffett. En el libro: “El almanaque del pobre Charlie”, se recopilan 11 charlas y relatos de Munger que recogen su pensamiento sobre inversiones, ética y filantropía. Él decía, por ejemplo, que cuando se habla de inversiones, las personas piensan en cómo conseguir un objetivo. Sin embargo, es mejor pensar en cómo no conseguir algo. Así se descartan opciones. A raíz de esa depuración, aparecen o se identifican las inversiones que realmente valen la pena. Dale play y conoce más.

Charlie Munger spent his life studying one question: why do smart people make bad decisions? In his legendary talk The Psychology of Human Misjudgement, Munger outlined 25 psychological tendencies that quietly distort how we think. From incentives and social proof to denial, envy, and authority bias, you'll learn how these hidden tendencies shape behavior and how to build the mental defenses that helped Munger create one of the best decision records in history. You'll hear practical examples, powerful antidotes, and lessons you can apply to business, investing, and everyday life. ----- Chapters: (00:00) Introduction: (01:38) Pattern #1: Reward and Punishment Superresponse Tendency (05:00) Pattern #2: Liking/Loving Tendency (08:38) Pattern #3: Disliking/Hating Tendency (11:48) Pattern #4: Doubt-Avoidance Tendency (14:19) Pattern #5: Inconsistency-Avoidance Tendency (20:08) Pattern #6: Curiosity Tendency (21:30) Pattern #7: Kantian Fairness Tendency (23:32) Pattern #8: Envy/Jealousy Tendency (27:32) Pattern #9: Reciprocation Tendency (31:52) Pattern #10: Influence-from-Mere-Association Tendency (35:43) Pattern #11: Simple, Pain-Avoiding Psychological Denial (37:53) Pattern #12: Excessive Self-Regard Tendency (41:06) Pattern #13: Overoptimism Tendency (42:11) Pattern #14: Deprival-Superreaction Tendency (45:28) Pattern #15: Social-Proof Tendency (48:56) Pattern #16: Contrast-Misreaction Tendency (51:33) Pattern #17: Stress-Influence Tendency (54:20) Pattern #18: Availability-Misweighing Tendency (54:54) Pattern #19: Use-It-or-Lose-It Tendency (56:26) Pattern #20: Drug-Misinfluence Tendency (57:23) Pattern #21: Senescence-Misinfluence Tendency (58:42) Pattern #22: Authority-Misinfluence Tendency (01:01:58) Pattern #23: Twaddle Tendency (01:04:18) Pattern #24: Reason-Respecting Tendency (01:06:42) Pattern #25: Lollapalooza Tendency (01:10:28) Epilogue ----- I published the full updated version on fs.blog with his permission, we are the only website to my knowledge that had his personal permission to post it. ----- Upgrade: Get hand-edited transcripts and an ad-free experience, and so much more. Learn more @ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it's completely free. See what you're missing: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fs.blog/newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ------ Follow Shane Parrish X ⁠⁠⁠⁠⁠@ShaneAParrish⁠⁠⁠⁠⁠ Insta ⁠@farnamstreet⁠ LinkedIn ⁠Shane Parrish ------ This episode is for informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Robert Karas is a Partner and Chief Investment Officer at Bank Gutmann in Vienna, Austria's oldest private bank, where he oversees investment strategies for ultra-high-net-worth clients. Robert is a seasoned investor on a lifelong journey known for his thoughtful investment philosophy and engaging market insights.3:00 - Robert describes the 1960s "paperwork crisis" when Wall Street trading volumes exploded and people physically schlepped suitcases of stock certificates along Wall Street, requiring the establishment of the Depository Trust Company in 1973.5:20 - Bogumil shares his vivid memory of holding physical account statements from decades ago, witnessing the literal doubling of family fortunes—"two turning into four, four turning into eight"—and how the tangible nature of old statements helped him grasp the true power of long-term compounding.6:45 - Discussion of Buffett's revolutionary fee structure: zero management fees, profit sharing only above hurdles, and the forgotten detail—unlimited personal liability for losses. "Talking about aligned interests... we all talk about it, but normally we do not share in the downside directly."14:30 - Robert explains why Buffett dissolved his partnerships in 1969: "He didn't want to manage other people's emotions anymore." The shift from managing external capital to managing Berkshire allowed him to focus purely on business building without quarterly redemption pressures.25:00 - The power of Buffett's language: simple, clear, authentic communication that builds trust. Robert notes how Buffett writes letters "as if he's sitting in your living room explaining things to you."38:15 - Discussion of Berkshire as more than just an investment—it becomes part of people's identities, something they want to pass to their children, transforming from a stock into a legacy vehicle.56:30 - Bogumil's insight about Omaha during the annual meeting: "There's no other place on earth that for a few days, I have more friends per square mile than anywhere else."59:00 - Final reflection on trust and doing the right thing even when nobody's watching—the essence of working with families and the true lesson from Buffett and Munger.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In August 2025, Polish researchers tested something nobody had thought to check: what happens to doctors' skills after they rely on AI assistance? The AI worked perfectly—catching problems during colonoscopies, flagging abnormalities faster than human eyes could. But when researchers pulled the AI away, the doctors' detection rates had dropped. They'd become less skilled at spotting problems on their own. We're all making decisions like this right now. A solution fixes the immediate problem—but creates a second-order consequence that's harder to see and often more damaging than what we started with. Research from Gartner shows that poor operational decisions cost companies upward of 3% of their annual profits. A company with $5 billion in revenue loses $150 million every year because managers solved first-order problems and created second-order disasters. You see this pattern everywhere. A retail chain closes underperforming stores to cut costs—and ends up losing more money when loyal customers abandon the brand entirely. A daycare introduces a late pickup fee to discourage tardiness—and late pickups skyrocket because parents now feel they've paid for the privilege. The skill that separates wise decision-makers from everyone else isn't speed. It's the ability to ask one simple question repeatedly: "And then what?" What Second-Order Thinking Actually Means First-order thinking asks: "What happens if I do this?" Second-order thinking asks: "And then what? And then what after that?" Most people stop at the first question. They see the immediate consequence and act. But every action creates a cascade of effects, and the second and third-order consequences are often the opposite of what we intended. Think about social media platforms. First-order? They connect people across distances. Second-order? They fragment attention spans and fuel polarization. The difference isn't about being cautious—it's about being thorough. In a world where business decisions come faster and with higher stakes than ever before, the ability to trace consequences forward through multiple levels isn't optional anymore. Let me show you how. How To Think in Consequences Before we get into the specific strategies, here's what you need to understand: Second-order thinking isn't about predicting the future with certainty. It's about systematically considering possibilities that most people ignore. The reason most people fail at this isn't lack of intelligence—it's that our brains evolved to focus on immediate threats and rewards. First-order thinking kept our ancestors alive. But in complex modern systems—businesses, markets, organizations—first-order thinking gets you killed. The good news? This is a learnable skill. You don't need special training or advanced degrees. You need two things: a framework for mapping consequences, and a method for forcing yourself to actually use it. Two strategies will stop your solutions from creating bigger problems: Map How People Will Actually Respond - trace your decision through stakeholders, understand what you're actually incentivizing, and predict how the system adapts. Run the "And Then What?" Drill - force yourself to see three moves ahead before you act, using a simple three-round questioning method. Let's break down each one. Strategy 1: Map How People Will Actually Respond Here's the fundamental insight that separates good decision-makers from everyone else: People respond to what you reward, not what you intend. When you make a decision, you're not just choosing an action—you're sending signals into a complex system of human beings who will interpret those signals, adapt their behavior, and create consequences you never imagined. Your job is to trace those adaptations before they happen. This strategy has three components that work together: First: Identify ALL Your Stakeholders When considering a decision, list everyone it will affect directly and indirectly. Don't just think about your immediate team—think about: Your customers (current and potential) Your competitors (how will they respond?) Your suppliers and partners Your employees at different levels Your investors or board Regulatory bodies or industry watchdogs Adjacent markets or ecosystems Most executives stop after listing two or three obvious groups. The consequences you miss come from the stakeholders you forgot to consider. Here's what research shows: Wharton professor Philip Tetlock spent two decades studying how well experts predict future events. His landmark finding? Even highly credentialed experts' predictions were only slightly better than random chance—barely better than a dart-throwing chimp. But the real insight came when Tetlock discovered that certain people can forecast with exceptional accuracy. These "superforecasters" share one key trait: they relentlessly ask "And then what?" before making predictions. They don't just see the immediate effect. They trace the decision through the entire system. The people making million-dollar decisions are operating blind beyond the first consequence. Our job is to see what they're missing. Second: Understand What You're Actually Rewarding This is where most decisions go wrong. You think you're incentivizing one behavior, but you're actually rewarding something completely different. Here's the test: For each stakeholder, ask yourself: "What does this decision make easier, more profitable, or less risky for them?" Quick example: Remember the daycare that introduced a late pickup fee to discourage tardiness? They thought they were incentivizing on-time pickup. But here's what they actually rewarded: guilt-free lateness. Parents who felt terrible about being late now had a clear price for that guilt. The fee didn't discourage the behavior—it legitimized it. Late pickups skyrocketed. The daycare asked the wrong question. They asked: "What punishment will discourage lateness?" Instead, they should have asked: "What does a $5 fee actually incentivize?" Another example: You add a performance metric to improve efficiency. First-order thinking says: "People will work more efficiently." But what are you actually rewarding? Optimizing for the metric—often at the expense of things you didn't measure but actually matter more. Sales quotas reward closing deals, not necessarily solving customer problems. Employee of the month awards reward visibility, not necessarily the best work. Quarterly earnings targets reward short-term thinking, not building long-term value. When you rush a hiring decision to fill a role quickly, you're rewarding speed over quality. The second-order effect? Your team learns that urgency matters more than fit, and future hiring suffers. The pattern: People don't follow the spirit of your policy—they follow the incentives. And they're incredibly creative at finding ways to game systems when the incentives misalign with the goals. Third: Trace Each Response Forward Now that you know who's affected and what you're incentivizing, trace how they'll respond—and then how the system responds to THEIR response. This is where the stakeholder analysis and incentives analysis combine into real predictive power. Example: When ride-sharing apps added surge pricing to solve driver shortages, here's how it played out: First-order: More drivers show up when prices surge. Problem solved, right? Second-order stakeholder responses: Customers started waiting out surge periods, meaning fewer overall rides Drivers started gaming the system—turning off their apps to create artificial shortages that triggered surges Competitors without surge pricing captured price-sensitive customers Media coverage made "surge pricing" synonymous with price gouging, damaging brand trust Third-order systemic effects: The solution trained customers to use the service less frequently It taught drivers to manipulate the platform rather than respond to genuine demand It created a PR vulnerability that regulators could exploit The very mechanism designed to solve shortages created new shortages through gaming behavior The original problem (driver shortages during peak times) was real. The first-order solution (higher prices attract more drivers) was economically sound. But nobody mapped how customers and drivers would actually respond to the incentives created by surge pricing. The key insight: Complex systems don't just accept your decisions—they adapt to them. And those adaptations often work directly against your original intent. Try it now: Pause this video for 30 seconds. Think of one decision your company made in the last year. Who were the stakeholders? How did they actually respond? Was it what you expected? [5-second pause built into video] If their response surprised you—you just found a second-order effect you missed. Strategy 2: Run the "And Then What?" Drill Now you have a framework for thinking about consequences. But frameworks don't change behavior—practice does. This is your daily practice method. Before any significant decision, literally ask yourself "And then what?" at least three times. Out loud. Make it awkward. Make it unavoidable. Here's why this works: Your brain will naturally stop at the first answer. The question forces you to keep going. It's a cognitive override—a way to fight your brain's preference for first-order thinking. The Three Rounds: Round 1: Immediate Consequence State the obvious first-order effect. This should come easily. "We'll discount our product by 20%." And then what? "We'll attract more customers and gain market share." Round 2: Response and Adaptation Now apply Strategy 1. How will stakeholders respond? What are we actually incentivizing? And then what? "Competitors will match our discount to protect their market share. And customers will start expecting permanently lower prices—we've trained them that our regular price was inflated. Early adopters who paid full price feel cheated." Round 3: Systemic Effects Trace the second-order responses forward. What happens when multiple stakeholders adapt simultaneously? And then what? "We're now in a price war. Our margins erode across the entire product line. We can't fund innovation or customer service improvements. Competitors with deeper pockets can outlast us. We've commoditized our own product and destroyed the brand value that justified our original pricing. We're stuck in a race to the bottom." The pattern you're looking for: Are the third-order effects consistent with your goals, or do they undermine them? Most people never get past Round 1. By forcing yourself to Round 3, you'll see patterns others miss. Try it now: Think of a decision you're facing right now—any decision. Say out loud what happens first. Now say out loud: "And then what?" Answer it. Now say it again: "And then what?" [5-second pause built into video] Did Round 3 surprise you? If yes—you just found your blind spot. Let Me Show You How This Actually Works Let me walk you through a decision I faced as CTO at HP. We were under pressure to cut R&D spending by 15% to hit quarterly earnings targets. Round 1: Immediate consequence. "We hit our quarterly numbers. Wall Street is happy. Stock price stays stable. The board is pleased." Round 2: Response and adaptation. And then what? "Our best researchers—the ones working on breakthrough projects with 3-5 year horizons—see the writing on the wall. They start looking at competitors who aren't cutting R&D. Meanwhile, the teams that survive shift focus to incremental improvements with shorter payback periods because that's what won't get cut next quarter." Round 3: Systemic effects. And then what? "Eighteen months later, our innovation pipeline is empty. We're selling the same products with minor tweaks while competitors who maintained R&D investment launch breakthrough products. We lose market leadership. Now we need to spend 3X what we saved just to catch up—but our best people are already gone." We fought that cut. We protected the long-term R&D. Some of those projects became billion-dollar product lines. But I watched other companies make that first-order decision and destroy their innovation capability. That conversation took maybe five minutes. But it saved HP from years of playing catch-up. Put This Into Practice Right Now Take a decision you're facing this week—any decision with financial or operational implications. Write down the decision at the top of a page. Be specific. List three immediate consequences. These should come easily. Take each consequence and ask "And then what?" twice. Write down both second-order and third-order effects. Find which effect you hadn't considered. That's your blind spot. Do this for one decision this week, and you'll start seeing consequences others don't. Make it a habit, and it becomes automatic—like a chess player who sees five moves ahead. The Unfair Advantage Right now, in your company, there are people who seem to always be one step ahead. They don't work longer hours. They're not more talented. But somehow, they avoid the disasters others walk into. They see opportunities others miss. They get promoted while others are fixing problems. Here's their secret: While everyone else celebrates the first-order win, they're already managing the second-order consequences. While you're implementing the solution, they've already anticipated what breaks next. That gap—between first-order thinking and second-order thinking—is the difference between running in place and actually advancing. Your challenge: For the next 30 days, before every significant decision, ask "And then what?" three times out loud. Not in your head. Out loud. Make it awkward. Make it unavoidable. Because the ones who rise aren't the fastest problem-solvers, they're the ones who solve problems that stay solved.. So …  Start asking the question. Three times. Every decision. The question isn't whether we have time to think this way. It's whether we can afford to keep making decisions that create bigger problems than they solve. Your Thinking 101 Journey The Thinking 101 series teaches how to think clearly in a world designed to confuse everyone—here's our journey so far: In Episode 1, we exposed the thinking crisis—AI dependency is creating cognitive debt, and independent thinking has become the most valuable skill in the modern world. In Episode 2, we learned to distinguish deductive certainty from inductive probability and stop treating patterns as proven facts. In Episode 3, we discovered how to distinguish true causation from mere correlation—saving ourselves from solving the wrong problem perfectly. In Episode 4, we learned how to harness the power of analogies while avoiding their traps—generating useful comparisons systematically and spotting false analogies that manipulate thinking. In Episode 5, we mastered probabilistic thinking—how to make decisions with incomplete information and act wisely when nothing is guaranteed. Today, in Episode 6, we learned how to stop our decisions from creating bigger problems—mapping how people actually respond to our decisions, understanding what we are truly incentivizing, and asking "And then what?" until we see patterns others miss. Up next—Episode 7: "Proportional & Numerical Thinking—Understanding Scale and Magnitude." We will learn how to think in terms of scale, ratios, and relative magnitude—understanding when numbers matter and when they don't, spotting statistical tricks used to mislead, and developing intuition about large numbers that most people lack. Hit that subscribe button so you don't miss future episodes. Also—hit the like and notification bell. It helps with the algorithm so others see our content. Why not share this video with a colleague who you think would benefit from it? Because right now, while you've been watching this, someone just made a decision that solves today's problem perfectly—and just created three bigger problems for next quarter. The only question is: will you be the one who sees them coming?     SOURCES CITED IN THIS EPISODE 1. Cost of Poor Operational Decisions Rathindran, R. (2018, December 20). Gartner Says Bad Financial Decisions by Managers Cost Firms More Than 3 Percent of Profits. Gartner Press Release. https://www.gartner.com/en/newsroom/press-releases/2018-12-20-gartner-says-bad-financial-decisions-by-managers-cost-firms-more-than-3-percent-of-profits 2. Expert Forecasting Accuracy and Second-Order Thinking Tetlock, P. E., & Gardner, D. (2015). Superforecasting: The Art and Science of Prediction. Crown Publishers. 3. AI Impact on Medical Diagnostic Skills Romańczyk, M., et al. (2025). Endoscopist deskilling risk after exposure to artificial intelligence in colonoscopy: A multicentre, observational study. Lancet Gastroenterology & Hepatology. As reported by NPR Health News, August 19, 2025. https://www.npr.org/sections/shots-health-news/2025/08/19/nx-s1-5506292/doctors-ai-artificial-intelligence-dependent-colonoscopy 4. Unintended Consequences of Incentive Systems Merton, R. K. (1936). The unanticipated consequences of purposive social action. American Sociological Review, 1(6), 894-904. 5. Second-Order Effects in Economics Henderson, D. R. (2018). Unintended consequences. In The Concise Encyclopedia of Economics. Library of Economics and Liberty. https://www.econlib.org/library/Enc/UnintendedConsequences.html     ADDITIONAL READING On Second-Order Thinking and Decision-Making Marks, H. (2011). The Most Important Thing: Uncommon Sense for the Thoughtful Investor. Columbia University Press. Dalio, R. (2017). Principles: Life and Work. Simon & Schuster. Tetlock, P. E., & Gardner, D. (2015). Superforecasting: The Art and Science of Prediction. Crown Publishers. On Systems Thinking and Consequences Meadows, D. H. (2008). Thinking in Systems: A Primer. Chelsea Green Publishing. Senge, P. M. (1990). The Fifth Discipline: The Art & Practice of The Learning Organization. Currency. On Incentives and Unintended Effects Levitt, S. D., & Dubner, S. J. (2005). Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. William Morrow. Munger, C. T. (1995). The Psychology of Human Misjudgment. Speech presented at Harvard Law School.     Note: All sources cited in this episode have been accessed and verified as of November 2025.

In this podcast episode, ranching experts Wally Olson, John Haskell, and Brian Munger to discuss the intricacies of sell-by marketing in the cattle industry. The conversation covers the importance of understanding market dynamics, the risks associated with traditional buying and selling methods, and the practical applications of sell-buy marketing strategies. The guests share insights on valuing livestock, identifying market inefficiencies, and they discuss their innovative sell/buy marketing school. If you are looking to add somebody to your team to help with your farm or ranch numbers, check out John Haskell and his team at ⁠⁠⁠https://www.ranchrightllc.com/⁠⁠⁠.Check out ⁠⁠⁠⁠⁠⁠www.pharocattle.com⁠⁠⁠⁠⁠⁠ for more information on how to put more fun and profit back into your ranching business! As always, check us out at Ranching Returns Podcast on Facebook and Instagram as well as at ⁠www.ranchingreturns.com⁠.For Ranching Returns shirts, hats, and sweatshirts check out https://farmfocused.com/ranching-returns-merch/If you're interested in Farmatan to fight scours in your operation, call Paul Mitchell at 515-745-1639 or check out farmatanusa.com.

In this solo episode of Business Coaching Secrets, Karl Bryan takes the reins, diving deep into strategies for client communication, drip campaigns, frameworks for business growth, and timeless investing wisdom inspired by Warren Buffett and Charlie Munger. With Rode Dog traveling, Karl delivers practical advice for coaches and their clients—from executing high-impact email sequences to structuring offers that sell and building true wealth through the power of compounding. Key Topics Covered Drip Campaigns & Funnels that Convert Karl Bryan breaks down the anatomy of effective drip campaigns—using not just email, but texts, voicemails, calls, and even direct mail—to stay top of mind and drive prospects towards action. He emphasizes nurturing, education, and persistence over hard selling, revealing real-world examples of campaigns that generated over a million dollars in revenue. Building High-End Programs and Upsell Funnels Karl encourages coaches to help clients create tightly defined, high-ticket programs ($10k, $25k, $50k+) with robust profit margins. He explains the importance of segmenting audiences and tailoring drip sequences, stressing that coaches should study successful operators in competitive markets to shortcut their own learning. The Psychology of Offers Discussion includes using urgency, scarcity, guarantees, bonuses, and exclusivity to motivate buyers—drawing on real-world tactics from luxury brands and industry leaders. Investing Wisdom from Warren Buffett & Charlie Munger Karl unpacks Buffett's two rules—don't lose money; see Rule #1—and shares how the path to true wealth is rooted in patience, clear math, and avoiding movement for movement's sake. He links these principles to business coaching, stressing the power of compounding marginal gains in practice, career, and investment. Actionable Wealth Creation Strategies Explores practical frameworks for investing in business, stocks (S&P index), and real estate, emphasizing dollar cost averaging, critical thinking, and learning from bubbles/past mistakes. Notable Quotes "Performance improves by releasing tension, judgment, and overthinking—not by piling it on." "Educated people buy more. Educate your leads through that sequence of emails, texts, calls, voicemails, etc. It's not buy, buy, it's educate, educate, educate." "Persistence is a measure of your self-esteem. Do you persist? Do you feel like you deserve the business?" "Rule #1: Don't lose money. Rule #2: See Rule #1. Avoiding stupidity automatically places you in the top 1% because the rest of the crowd is too busy chasing brilliance." "Real wealth is built the old boring way, staying the course, math as the foundation." Actionable Takeaways Expand Your Drip Campaigns Beyond Email: Utilize a sequence of texts, voicemails, calls, and direct mail in addition to emails to maximize client engagement. Educate Relentlessly: Focus on teaching and adding value through every touchpoint. Selling comes after trust and knowledge are built. Create Tightly Defined High-End Offers: Help clients establish premium programs with clear outcomes and strong margins; research top players in competitive markets for proven frameworks. Test, Measure, and Refine: Track the performance of campaigns and offers, adjust based on data rather than gut feelings, and always aim for compounding marginal improvements. Motivate Action With Urgency & Scarcity: Build "windows of opportunity," enrollment periods, and limited-time bonuses to prompt decisions. Lead with Guarantees and Exclusivity: Structure guarantees (money-back, buyback, long-term, double-your-money-back) and consider exclusive tiers or bonuses to differentiate. Avoid Movement for Movement's Sake: Apply Buffett and Munger's principles: patience, compounding, and critical thinking beats frequent switching and chasing trends. Invest with Dollar Cost Averaging: For wealth outside business, consistently invest fixed amounts into the S&P index or bitcoin, regardless of market cycles, and avoid leverage. Segment Your Audience: Tailor messaging and offers based on client behaviors and demographics for better results. Prioritize Compounding Improvements: Focus on small gains across multiple areas—these add up exponentially in your business and wealth over time. Resources Mentioned Profit Acceleration Software™ (by Karl Bryan) Powerful tool for coaches to demonstrate instant ROI to prospects. AI Tools ChatGPT, Grok—suggested for generating campaign frameworks and optimizing messaging. Books The Inner Game of Tennis Key lessons on peak performance and mindset. Jab, Jab, Jab, Right Hook by Gary Vee Framework for providing value before selling. Thought Leaders Referenced Warren Buffett & Charlie Munger—investing, wealth creation Alex Hormozi—quantity discount strategies Michael Burry—The Big Short, investing critical thinking Peter Thiel—bitcoin's shifting competitive edge Focused.com Karl Bryan's resource hub for business coaching strategies and Profit Acceleration Software™ demos: https://go.focused.com/profit-acceleration The Six-Figure Coach Magazine Free subscription for actionable coaching insights: https://thesixfigurecoach.com/get-it If you enjoyed the episode, please subscribe, share with a fellow coach, and leave a review. See you next week on Business Coaching Secrets! Ready to take your coaching business and your wealth to the next level? Don't wait—visit Focused.com for more information on Profit Acceleration Software™ and join our community of high-performing coaches.

Are you avoiding AI because you're too busy—or because you don't want to confront what you don't understand? In this episode, host Bradley Hartmann tackles resistance to AI adoption in the construction industry head-on, using the timeless wisdom of Charlie Munger to reveal the dangers of staying uninformed. Whether you're skeptical, curious, or somewhere in between, this episode will challenge how you lead in a rapidly changing tech landscape. In this episode you will: Understand the real risk of letting competitors outpace you with AI adoption Learn why forming an opinion on AI is a leadership responsibility, not a tech task Discover how timeless investing wisdom from Munger and Buffett applies to construction strategy today Listen now to learn how construction leaders can build tech fluency, lead with confidence, and stay competitive in the AI age. This episode is brought to you by The Simple Sales Pipeline® —the most efficient way to organize and value any construction sales rep's roster of customers and prospects in under 30 minutes once every 30 days. *** If you enjoyed this podcast, please leave a review on Apple Podcasts. Your feedback will help us on our mission to bring the construction community closer together. If you have suggestions for improvements, topics you'd like the show to explore, or have recommendations for future guests, do not hesitate to contact us directly at info@bradleyhartmannandco.com.

Meta AI glassesAmazon glasses: https://www.aboutamazon.com/news/transportation/smart-glasses-amazon-delivery-driversSamsung Week 2025: https://news.samsung.com/us/samsung-week-2025-celebrating-innovation-offers-on-tech-that-powers-possibility/ Amazon robots: https://www.theverge.com/news/803257/amazon-robotics-automation-replace-600000-human-jobsWaymo a Londres: https://www.theguardian.com/technology/2025/oct/15/driverless-taxis-from-waymo-will-be-on-londons-roads-next-year-us-firm-announces Nexperia and our global supply chain: https://www.cnbc.com/2025/10/22/volkswagen-warns-of-output-stoppages-amid-nexperia-chip-disruption.html Des podcasts sur Netflix ? https://www.nytimes.com/2025/10/14/business/media/netflix-spotify-podcast-deal.html Inspiration#DOCUMENTARY :: Starting 5 - Season 2 on Netflix BOOK ::Montaigne - Stefan Zweig https://www.amazon.fr/Montaigne-Stefan-Zweig/dp/2253100773 A Fortune-Teller Told Me: Earthbound Travels in the Far East Tiziano Terzani https://www.amazon.com/Fortune-Teller-Told-Me-Earthbound-Travels/dp/060980958X The Dream of Solomeo: My Life and the Idea of Humanistic Capitalism by Brunello Cucinelli https://www.amazon.com/dp/8807339153/?tag=offsitoftimfe-20 Book: A Man For All Market https://www.edwardothorp.com/books/a-man-for-all-markets/ #PODCASTDavid Senra — How Extreme Winners Think and Win: Lessons from 400 of History's Greatest Founders and Investors (Including Buffett, Munger, Rockefeller, Jobs, Ovitz, Zell, and Names You Don't Know But Should) https://tim.blog/2025/09/24/david-senra/ Podcast :: https://www.youtube.com/watch?v=gs39QFYIbBY Sol Price was an American retail pioneer who founded the discount store chain Fed-Mart in 1954 and the warehouse club Price Club in 1976, which later merged with Costco https://en.wikipedia.org/wiki/Sol_Price #QUOTE :: “Both tears and sweat are salty, but they render a different result. Tears will get you sympathy; sweat will get you change.” — ​Jesse Jackson Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

CryptoThe Investor's Podcast (TIP): Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- On today's episode, Kyle Grieve discusses ten investing principles from legends like Warren Buffett, Peter Lynch, and John Neff. Each lesson reveals how these masters built lasting wealth through timeless thinking. It's a crash course in investing smarter, thinking clearer, and playing the long game. IN THIS EPISODE YOU'LL LEARN: 00:00:00 Intro 00:03:02 How Buffett's brutal honesty became a blueprint for lasting success 00:07:22 How to apply Graham's margin of safety in an intangible world 00:14:11 How Lynch turned everyday observation into powerful investing opportunities 00:24:04 How Fisher gained an edge using alternative information sources 00:27:31 Where Templeton cast his line to find rare opportunities 00:32:18 Why Neff proved a low P/E isn't real value 00:37:10 How Howard Marks sharpens thinking in uncertain markets 00:41:42 Why Sleep & Zakaria guard their winners to compound wealth 00:53:03 How Pabrai uncovers hidden value 00:59:48 The power of Munger's win-win mindset, both life and investing 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. Follow Kyle on X and LinkedIn. Related ⁠⁠⁠⁠books⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠: Simple Mining Human Rights Foundation Unchained HardBlock Linkedin Talent Solutions Kubera reMarkable Onramp Netsuite Shopify Vanta Public.com Abundant Mines Horizon Support our show by becoming a premium member! ⁠⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠⁠⁠ 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

This is a preview — for the full episode (released: Oct 15, 2025), subscribe: https://newmodels.io https://patreon.com/newmodels https://newmodels.substack.com Are we entering a neo-oral age? For centuries, linear, text-based media has organized human communication, creating a shared reality, a shared sense of linear time. But as political Scientist Kevin Munger discusses on this ep of NM Talkcore, that ontological structure is rapidly coming undone. For more: https://kevinmunger.com https:// kevinmunger.substack.com Watch: Kevin Munger on Vilém Flusser's “Communicology: Mutations in Human Relations” https://youtu.be/EpVTEoqUCbs?si=e-bh0ewGRsbnzRMq Image: Stafford Beer, 1975 Keywords: accelerationism, Actionists (Viennese), anti-memetics, apparatus, artificial intelligence, bios level, cartesian dualism, chatbots, Communicology, content level, cybernetics, cyberspace, CyberSyn (project), EA (effective altruism), externalities, fanficification, feedback loop, 4chan, game theory, generation gap, large language models (LLMs), Less Wrong, linear media, management cybernetics, media apparatus, media theory, memes, mimetic, mnemonic, mukbang, ontological stability, oral society/orality, platonism, prehension, process philosophy, protocol level, rationalism, recommendation algorithm, recursion, renaissance paintings, secondary orality, singularity, social media, spiral/spiraling, sycophancy, Taylorist management, textual society, video games, whirlpool, World War III (information warfare)

Physicist explains why he's spending so much money to defeat Prop. 50. Also, analysis on the ballot measure and the messaging behind it. Previewing the Sacramento Kings' next season. Finally, Rogue Music Project summons up a spooky new show.

On today's episode, Kyle Grieve discusses ten investing principles from legends like Warren Buffett, Peter Lynch, and John Neff. Each lesson reveals how these masters built lasting wealth through timeless thinking. It's a crash course in investing smarter, thinking clearer, and playing the long game. IN THIS EPISODE YOU'LL LEARN: 00:00:00 Intro 00:03:02 How Buffett's brutal honesty became a blueprint for lasting success 00:07:22 How to apply Graham's margin of safety in an intangible world 00:14:11 How Lynch turned everyday observation into powerful investing opportunities 00:24:04 How Fisher gained an edge using alternative information sources 00:27:31 Where Templeton cast his line to find rare opportunities 00:32:18 Why Neff proved a low P/E isn't real value 00:37:10 How Howard Marks sharpens thinking in uncertain markets 00:41:42 Why Sleep & Zakaria guard their winners to compound wealth 00:53:03 How Pabrai uncovers hidden value 00:59:48 The power of Munger's win-win mindset, both life and investing 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. Follow Kyle on X and LinkedIn. Related ⁠⁠⁠⁠books⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠: ⁠⁠Simple Mining⁠⁠ ⁠⁠Human Rights Foundation⁠⁠ ⁠⁠Unchained⁠⁠ ⁠⁠HardBlock⁠⁠ ⁠⁠Vanta⁠⁠ ⁠⁠LinkedIn Talent Solutions⁠⁠ ⁠⁠Kubera⁠⁠ ⁠⁠Netsuite⁠⁠ ⁠⁠Shopify⁠⁠ ⁠⁠reMarkable⁠⁠ ⁠⁠Onramp⁠⁠ ⁠⁠Public.com⁠⁠ ⁠⁠Abundant Mines⁠⁠ ⁠⁠Horizon⁠⁠ Support our show by becoming a premium member! ⁠⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Are you leading your construction team with focus and clarity—or feel like you're constantly putting out fires all day?   In today's episode, Bradley Hartmann shares game-changing lessons from Poor Charlie's Almanack—a book that has quietly shaped some of the sharpest decision-makers in history.    If you're struggling with accountability, resistance to change, or making better decisions under pressure, this episode offers a rare blueprint to lead smarter without burning out.   In this episode, you will: Discover Charlie Munger's mental models to reduce resistance and drive accountability in your team. Learn how to reverse engineer project failures using the concept of "inversion"—and avoid costly mistakes. Get a practical checklist to elevate your leadership and simplify high-stakes decisions on the job. A synopsis of Munger's 25 tendencies of human misjudgment (see link below from the Novel Investor)    https://novelinvestor.com/charlie-mungers-tendencies-of-human-misjudgment/   Press play to learn how one book can reshape your approach to leadership and help you build smarter, more resilient construction teams.    This episode is brought to you by The Simple Sales Pipeline® —the most efficient way to organize and value any construction sales rep's roster of customers and prospects in under 30 minutes once every 30 days. *** If you enjoyed this podcast, please leave a review on Apple Podcasts. Your feedback will help us on our mission to bring the construction community closer together. If you have suggestions for improvements, topics you'd like the show to explore, or have recommendations for future guests, do not hesitate to contact us directly at info@bradleyhartmannandco.com.  

Are we entering a neo-oral age? For centuries, linear, text-based media has organized human communication, creating a shared reality, a shared sense of linear time. But as political Scientist Kevin Munger discusses on this ep of NM Talkcore, that ontological structure is rapidly coming undone. For more: https://kevinmunger.com https:// kevinmunger.substack.com Watch: Kevin Munger on Vilém Flusser's “Communicology: Mutations in Human Relations” https://youtu.be/EpVTEoqUCbs?si=e-bh0ewGRsbnzRMq Keywords: accelerationism, Actionists (Viennese), anti-memetics, apparatus, artificial intelligence, bios level, cartesian dualism, chatbots, Communicology, content level, cybernetics, cyberspace, CyberSyn (project), EA (effective altruism), externalities, fanficification, feedback loop, 4chan, game theory, generation gap, large language models (LLMs), Less Wrong, linear media, management cybernetics, media apparatus, media theory, memes, mimetic, mnemonic, mukbang, ontological stability, oral society/orality, platonism, prehension, process philosophy, protocol level, rationalism, recommendation algorithm, recursion, renaissance paintings, secondary orality, singularity, social media, spiral/spiraling, sycophancy, Taylorist management, textual society, video games, whirlpool, World War III (information warfare)

Long-Term Stewardship, the Lindy Effect, and Why Alignment Matters More Than ValuationFind me on Substack: https://bogumilbaranowski.substack.com/Michael Gielkens is a partner and co-founder of Tresor Capital, a Netherlands-based independent investment boutique specializing in actively managing wealth through family holding companies and serial acquirers, with deep expertise in capital allocation and owner-operator alignment.EPISODE NOTES3:00 - Discussion of Omaha Berkshire meeting as unique phenomenon bringing global investors together; Michael's Dutch-American background and financial upbringing with CFO father teaching value of money6:00 - Netherlands as birthplace of shareholder concept and securities trading; connection between Dutch Republic's innovation and modern capital markets; family ownership enabling multi-generational wealth preservation12:00 - Core investment philosophy: skin in the game as non-negotiable prerequisite; alignment of interests at every level including portfolio managers investing alongside clients15:00 - Family holding companies explained: listed family offices with long-term orientation, no quarterly guidance pressure, avoiding short-term thinking that plagues typical public companies21:00 - Serial acquirers as superior capital allocators; decentralized decision-making allowing continuous reinvestment at high returns; Swedish companies as breeding ground for this model28:00 - Return on incremental invested capital as key metric; Munger principle that long-term returns match business returns on capital; importance of reinvestment runway34:00 - Quality over value traps: companies at small discounts with proven track records versus deep discounts hiding mismanagement; French holding company cautionary tale of nepotism and value destruction42:00 - Learning from mistakes: avoiding cheap stocks requiring constant attention; importance of doing your own homework rather than blindly cloning positions46:00 - Market volatility response: having valuations ready, buying quality companies at 45-50% discounts during external shocks when they normally trade at 20% discount51:00 - Success defined by relationships and fulfillment, not financial metrics; open collaboration and transparency building compounding relationships; Munger's funeral testPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In this episode of Excess Returns, Matt Zeigler sits down with investor and author Bogumil Baranowski to discuss one of investing's most important mindset shifts: moving beyond cheap stocks to paying up for quality and exceptional opportunities. Drawing on lessons from Warren Buffett, Ben Graham, and his own journey, Bogumil explains how value investing evolves across three key phases—buying cheap, buying good, and learning to pay up. The conversation explores patience, conviction, dead money periods, family wealth stewardship, and how to think about value versus price in a noisy world.Topics covered:• The “cheapest dentist” analogy and why investors chase bargains• The three phases of investor evolution: cheap, good, and exceptional• Lessons from Buffett, Munger, and Graham on paying up for quality• How to hold through drawdowns and dead money periods• Why patience and conviction are the hardest investing skills• Frugality, compounding, and lessons from his grandmother• How long-term family investors think about wealth and stewardship• The difference between price and value in modern markets• How to know when cheap is too cheap and quality is worth paying for• Why great investments are often simple to explain• The story behind his Wall Street Journal essay “The Expensive Truth About Cheap Investments”Timestamps:00:00 Introduction – The cheapest dentist analogy03:00 Why investors love cheap stocks07:00 The evolution from bargain hunter to quality investor09:00 Examples from Ben Graham, Buffett, and Facebook15:30 Conviction, drawdowns, and dead money19:00 Judging success by business progress, not stock price27:00 Lessons from grandma on value and frugality31:00 How Buffett evolved from cheap to quality45:00 Investing for future generations49:00 Invisible wealth and stewardship52:00 The value investor dilemma58:00 Equal-weight vs market-cap indexes59:00 Lessons for the average investor1:02:00 How much research you really need1:04:30 How his WSJ essay came to life and final takeaways

Decision fatigue drains even high-capacity leaders. In this episode, discover how nervous system dysregulation disguises itself as urgency—and why peace-led conviction, not pressure, is the path to clarity.Decision fatigue isn't just about too many choices—it's what happens when your nervous system is braced in survival mode. High-capacity humans often mistake urgency for clarity, moving fast to keep everyone satisfied, only to end the day exhausted, second-guessing, and wondering if the choices were actually good or just quick.In this episode of The Recalibration with Julie Holly, we unpack why decision fatigue is really nervous system dysregulation in disguise—and how Identity-Level Recalibration (ILR) offers a way back to peace-led conviction. Instead of outsourcing clarity to hacks, habits, or urgency culture, ILR anchors decision-making in identity so every choice flows from who you are becoming.Julie shares her own lived story of carrying decision fatigue across family, business, and leadership—and the breakthrough that came when she stopped treating exhaustion as a personal weakness and began recalibrating at the root.We also explore the wisdom of Charlie Munger, Warren Buffett's longtime partner, who modeled calm, peace-led decision-making. From his “invert, always invert” mental model to his commitment to staying within a “circle of competence,” Munger's example shows how presence and patience create clarity that urgency never will.If you've been navigating burnout recovery, role confusion, identity drift, decision fatigue, or performance pressure, this conversation will remind you: urgency is a poor substitute for conviction.Today's Micro Recalibration: Pre-decide 3 non-negotiables that protect presence: time, tone, tempo.Ask yourself:What's one boundary around time that restores me?What's one tone I want to set — in meetings, in conversations, in family life?What's one tempo that honors my capacity, not culture's urgency?Because when you pre-decide from identity, you reduce fatigue. You already know who you are — and every decision flows from that place.If this episode gave you language you've been missing, please rate and review the show so more high-capacity humans can find it. Explore Identity-Level Recalibration→ Follow Julie Holly on LinkedIn for more recalibration insights → Schedule a conversation with Julie to see if The Recalibration is a fit for you → Download the Misalignment Audit → Subscribe to the weekly newsletter → Join the waitlist for the next Recalibration cohort This isn't therapy. This isn't coaching. This is identity recalibration — and it changes everything.

Send us a textAcid Breath is a 10 to 20 minute daily market monologue for investors who prefer thinking to twitching. I scan the day's U.S. economic releases like JOLTS, CPI, and payrolls, note how risk assets moved, then strip away the theater of first prints, revisions, and spurious decimals to focus on signal: liquidity, positioning, incentives, and Marshallian K. Expect dry humor, clear definitions, and Munger style aphorisms. No hype, no doom, no hot tips. Just practical perspective you can use before the noise soaks in.Support the show⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

David Senra is the host of the Founders podcast. For the past nine years, David has intensely studied the life and work of hundreds of history's greatest entrepreneurs. His new podcast, David Senra, showcases conversations with the best-of-the-best living founders and extreme winners.This episode is brought to you by:Cresset family office services for CEOs, founders, and entrepreneursOur Place's Titanium Always Pan® Pro using nonstick technology that's coating-free and made without PFAS, otherwise known as “Forever Chemicals”AG1 all-in-one nutritional supplementTimestamps:[00:00:00] Who is David Senra?[00:01:11] Brad Jacobs: Roll-up king and positive-driven billionaire founder.[00:02:26] Rare positive archetypes: Ed Thorp, Sol Price, Brunello Cucinelli.[00:06:04] Michael Dell as another exception; fear of failure and motivation.[00:06:47] Negative self-talk, excellence, and its ripple effects.[00:08:26] Jensen Huang story: “Why do you suck so much?”[00:08:54] Inspiration from Dan Carlin's Hardcore History.[00:10:00] Derek Sivers: unconventional, philosophical entrepreneur.[00:11:04] Learning equals behavior change, not memorization.[00:11:48] Jeremy Giffon insight: biographies as substitute mentors.[00:12:37] Reading biographies as one-sided conversations.[00:13:16] The chain of influence.[00:14:09] Podcasting as “relationships at scale.”[00:14:28] Coping with trauma and breaking cycles.[00:20:18] Note-taking process: books, Post-its, ruler, Readwise.[00:29:27] OCD tendencies and love of doing things the hard way.[00:31:04] Comparing our reading/re-reading workflows.[00:35:04] A family falling out and the randomness of student housing.[00:38:58] David's introduction to my work during his MySpace-era college years.[00:40:07] Podcasting influences: Jocko Willink, Kevin Rose's Elon Musk interview.[00:44:14] Five-and-a-half years of obscurity before breakthrough.[00:46:50] Graphtreon and experiments with subscription models.[00:49:25] Patrick O'Shaughnessy's endorsement sparks growth.[00:51:23] Sam Hinkie and Patrick connections fuel momentum.[00:52:19] Transition to ads and joining Patrick's network.[00:55:17] Edwin Land: patron saint of founders and Steve Jobs' influence.[00:57:02] Lessons from Sam Zell, Jay Pritzker, and William Zeckendorf.[00:58:48] Need a generous, well-connected person? You can't go wrong with Rick Gerson.[01:03:04] Edwin Land's philosophies: Differentiation and doing to excess.[01:04:30] Entrepreneurial archetypes and conflicting advice.[01:06:00] Daniel Ek as an alternative founder archetype and mentor.[01:10:59] Further founder archetypes and contrasts.[01:13:41] What is an anti-business billionaire?[01:19:55] Advice from “shark” Michael Ovitz about the value of truth in one's inner circle.[01:22:30] The hands-on approach of practical founders who live for the love of their business.[01:23:28] Doing one thing relentlessly.[01:23:51] “This can't be my life” as a powerful motivator.[01:26:57] Low introspection as a common trait among founders — and its implications about human nature.[01:30:15] Robert Caro: The only writer David believes should be allowed to write thousand-page biographies.[01:32:40] James Dyson's persistence vs. the risk of blind stubbornness.[01:34:22] Todd Graves (Raising Cane's) as an example of relentless focus on one idea.[01:35:41] Separating fact from fiction in biographies/histories.[01:41:55] Considering trainable vs. non-trainable attributes in potential role models.[01:46:11] Perusing Charlie Munger's library.[01:49:35] Dealmaking lessons on Eddie Lampert's superyacht.[01:55:34] The smartest person David knows.[01:56:55] David's obsessive craftsman approach to podcast creation.[01:58:51] Why David decided to begin a second podcast.[02:01:21] The economics of trust.[02:03:40] The benefits of cultivating a purposeful aloofness about current events.[02:07:11] Using the pulpit of publicity for good, not evil.[02:09:57] New show frequency/dynamic and how David plans to balance the burden of running two shows.[02:13:30] Teamwork with essence of turtle.[02:15:40] Adapting the Rockefeller “secret allies” strategy to podcasting.[02:17:56] Chris Hutchins: The mad scientist of podcasting?[02:18:30] Working with Rob Mohr and Andrew Huberman of SciComm.[02:20:54] Why David focuses on 24-hour cycles over long-term planning.[02:24:54] Does David worry the extra workload will disrupt his lifestyle?[02:30:18] What makes one potential guest more interesting to David than another?[02:34:34] Making an impact vs. happiness.[02:36:32] Playing the status game when your heart's not in it is for suckers.[02:44:23] Travel observations and the rarity of truly unique experiences.[02:46:26] Books as philosophical operating systems.[02:48:39] Parting thoughts.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

John is joined by Bethany W. Kristovich, Partner and Co-Chair of the Professional Liability Defense Group at Munger, Tolles & Olson, LLP.  They discuss some of the unique aspects of legal malpractice cases, including how often they arise from collection cases, how a plaintiff must prove not only malpractice but that without the malpractice, the case would have had a different result, the importance of expert testimony in malpractice cases, and the difficulty of mastering damages theories from both the underlying case and the malpractice action.  Bethany explains some of the worst things that can happen in a malpractice case, including the lawyer criticizing the former client so much it provokes a backlash by the jury, internal emails in which lawyers on the same team criticize each other's work, and lawyers who appear arrogant because they don't know their own rates.  Finally, Bethany explains several ways lawyers can protect themselves from malpractice claims, including making sure the client is worthy of the firm before taking their case, getting a retainer and staying current on billing and collections, creating short agendas for telephone conversations to document the topics being discussed, and including the client in all decisions about the case.Podcast Link: Law-disrupted.fmHost: John B. Quinn Producer: Alexis HydeMusic and Editing by: Alexander Rossi

In this episode of Excess Returns, we welcome back Cole Smead of Smead Capital for a wide-ranging conversation on markets, history, and the principles of value investing. Cole shares his perspectives on fiscal largesse, inflation, passive flows, energy markets, U.S. exceptionalism, and the timeless lessons of Buffett and Munger. His insights bridge economic history with today's market realities, giving investors a framework to think about risk, capital allocation, and opportunity costs.Deficits, monetary policy, and why recessions are hard to find todayInflation dynamics and lessons from the 1960s and 1970sThe U.S. government's role in markets (Intel stake, big government policies)American exceptionalism vs. global capital allocation improvementsEarnings quality and the divergence between accounting and economic profitsPassive investing flows, weak competition, and investor behaviorEnergy investing: from fracking bust to efficiency and capital disciplineComparing the AI boom with past manias and capital cyclesSmead Capital's investment process and evaluating “wonderful companies”Buffett, Munger, and the lessons of asset-light vs. capital-intensive businessesClosing insights: why returns on capital matter more than EPS or revenue00:00 – Opening quote and fiscal deficits02:00 – Debt, inflation, and recession risks08:50 – Government stake in Intel & big government era12:15 – U.S. exceptionalism and arrogance17:30 – Earnings quality erosion in U.S. businesses24:00 – Passive flows and human behavior27:30 – Opportunities in energy investing34:00 – Energy buildout vs. AI boom38:00 – Smead Capital's investment process44:00 – Lessons from Buffett and Munger51:00 – Standard closing question

In this episode, William Green chats with Robert Hagstrom, Chief Investment Officer & Senior Portfolio Manager at Equity Compass. Robert is the author of a classic book, “The Warren Buffett Way,” which lays out the principles that made Buffett the greatest investor of all. Here, Robert shares life-changing lessons he learned from Buffett & two other icons: Charlie Munger & Bill Miller. He also explains why a focused, low-turnover portfolio is a brilliant but difficult strategy. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 04:39 - How Robert Hagstrom became a multidisciplinary thinker. 08:09 - How to think better & invest better by tuning out the noise. 26:01 - What mistake Warren Buffett made most frequently. 35:30 - Why AI falls short when it comes to investment decisions. 35:30 - Why Nvidia is Robert's biggest holding. 01:04:49 - How Miller endured & recovered from a devastating mistake. 01:14:43 - What insights led Bill Miller to make billions in Amazon & Bitcoin. 01:32:04 - Why it's smart but really hard to own a concentrated portfolio. 01:34:29 - Why Robert views Modern Portfolio Theory with disdain. 01:42:23 - What advice Robert received from investing giant Bill Ruane. 01:48:06 - Why you should be deeply wary of investing in private equity. 02:04:04 - What life lesson Robert has learned from Buffett. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠here⁠⁠⁠⁠. Join the exclusive ⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Robert Hagstrom's investment firm, Equity Compass Investment Management. Robert Hagstrom's books: The Warren Buffett Way, The Warren Buffett Portfolio, Investing: The Last Liberal Art. Mortimer Adler's How to Read a Book. Louis Menand's The Metaphysical Club. William Green's podcast interview with Bill Miller. William Green's podcast interview with Bill Nygren. William Green's book, “Richer, Wiser, Happier” – ⁠⁠read the reviews of this book⁠⁠. Follow William Green on ⁠⁠⁠⁠X⁠⁠⁠⁠. Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠here⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠ | ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ | ⁠⁠⁠⁠Instagram⁠⁠⁠⁠ | ⁠⁠⁠⁠Facebook⁠⁠⁠⁠ | ⁠⁠⁠⁠TikTok⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠here⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠. SPONSORSSupport our free podcast by supporting our sponsors: SimpleMining HardBlock AnchorWatch Human Rights Foundation Cape Unchained Vanta Shopify Onramp Abundant Mines 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 Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today's episode, Kyle Grieve discusses Charlie Munger's legendary speech, The Psychology of Human Misjudgment, and unpacks all 25 of his cognitive biases that often lead even the most intelligent people to make poor decisions. Drawing from Poor Charlie's Almanack, Kyle explores how these psychological tendencies—like incentive-caused bias, social proof, and inconsistency avoidance—can distort our thinking in business, investing, and everyday life. He blends Munger's timeless wisdom with real-world investing examples, personal experiences, and practical strategies to help listeners make better, more rational decisions. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:02 - Why incentives quietly override moral behavior. 06:32 - Why liking and disliking an investing thesis can distort reality. 09:54 - Why doubt avoidance cause investors to take significant risks in things like IPOs. 12:07 - How inconsistency avoidance causes a lazy creep into our thinking processes. 24:38 - How to avoid the destructive effects of reciprocation. 32:49 - The dangers of overestimating our abilities. 37:44 - Why jumping off a sinking ship beats trying to patch it up. 45:58 - Why contrasting stock prices in exuberant markets evaporates margins of safety. 59:41 - Why investors should choose simplicity > complexity. 01:01:43 - Why you should search for Lollapalooza effects in business. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Buy a copy of Poor Charlie's Almanack here. Read about Charlie's Psychology of Human Misjudgement here. Watch Charlie's presentation on The Psychology of Human Misjudgement here. Follow Kyle on X and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠sponsors⁠⁠: ⁠SimpleMining⁠ ⁠Hardblock⁠ ⁠AnchorWatch⁠ ⁠Onramp⁠ ⁠Human Rights Foundation⁠ ⁠Unchained⁠ ⁠Intuit⁠ ⁠Shopify⁠ ⁠Vanta⁠ ⁠reMarkable HELP US OUT! Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!⁠⁠⁠⁠⁠ Support our show by becoming a premium member! ⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today's episode, Kyle Grieve chats about one of the most iconic businesses in history—Coca-Cola—and explores its enduring competitive advantages, its remarkable turnaround under CEO Roberto Goizueta, and what Warren Buffett saw that made it one of Berkshire Hathaway's most legendary investments. Kyle unpacks why Coke's brand power, global distribution, and intelligent capital allocation have helped it dominate for over a century and why understanding this story can help you spot other life-changing investments. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:03 - What gives Coca-Cola four enduring edges over competitors worldwide. 08:04 - A brief overview of Coca-Cola's two primary business segments. 09:38 - Why Goizueta's personality reshaped Coca-Cola's future in unexpected ways. 11:14 - What makes Coca-Cola's brand unforgettable across cultures and decades. 25:16 - The unique metric Goizueta used to unlock hidden value. 27:12 - What Warren Buffett saw before betting big on Coca-Cola. 39:40 - A mental model experiment Munger used to gauge Coke's potential. 48:48 - How inversion revealed Coca-Cola's moat through Charlie Munger's lens. 50:03 - The real story behind Coca-Cola's infamous recipe change. 55:43 - Why Coke's scale and network keep competition permanently outmatched. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠. Join the exclusive ⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Buy I'd Like the World to Buy a Coke here. Buy The Warren Buffett Way here. Read Charlie Munger's $2 trillion Coke hypothesis here Follow Kyle on ⁠⁠⁠X⁠⁠⁠ and ⁠⁠⁠LinkedIn⁠⁠⁠. Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠: ⁠⁠SimpleMining⁠⁠ ⁠⁠Hardblock⁠⁠ ⁠⁠AnchorWatch⁠⁠ ⁠⁠Fundrise⁠⁠ ⁠⁠DeleteMe⁠⁠ ⁠⁠CFI Education⁠⁠ ⁠⁠Vanta⁠⁠ ⁠⁠The Bitcoin Way⁠⁠ ⁠⁠Onramp⁠⁠ ⁠⁠Indeed⁠⁠ ⁠⁠Shopify⁠⁠ HELP US OUT! Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://premium.theinvestorspodcast.com/ Support our show by becoming a premium member! ⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm