Episoder
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) explores the highs and lows of famed investor Martin Whitman’s career. Whitman is the founder of Third Avenue Management, which, at its peak in 2006, managed 26 billion dollars across a handful of funds. For nearly two decades, Whitman outperformed market benchmarks with average annual returns of 12 percent.
Whitman’s approach to investing is unique, and in this episode, you’ll learn about why the balance sheet is just as important or more important than the income statement, how Whitman got his reputation for being a “vulture” investor, how Whitman was able to profit from companies going through bankruptcy, the legal differences between being a bondholder and stockholder, what Whitman looks for in the companies he owns long-term, and takeaways from Whitman’s legacy, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
07:13 - Why investors should focus on creditworthiness
08:20 - Why the balance sheet is just as important or more important than the income statement
11:35 - How Whitman’s legacy was tarnished by the 2008 Financial Crisis
15:05 - How to assess earnings power using assets
28:58 - What strategies Whitman used to beat the market averages
35:09 - How different markets have varying degrees of efficiency
37:42 - What issues Whitman has with current accounting standards
43:16 - The case for thinking more like a creditor in stock investing
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Request a free copy of Whitman’s book, Dear Fellow Shareholders, on this page.
Whitman’s book Distress Investing.
Case studies on legend investors from past episodes: Howard Marks, Bill Ackman, Bill Miller, George Soros.
William Thorndike Jr.'s book, The Outsiders.
Hunter Hopcroft’s blog post on Martin Whitman — check out Hunter on Twitter.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
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Connect with Shawn: Twitter | LinkedIn | Email
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) discusses how companies can age just like people, how to define and understand the corporate life cycle, why the corporate decline phase is both inevitable and almost always poorly managed, how to invest across the corporate life cycle, plus so much more from studying Aswath Damodaran and recent research from Michael Mauboussin & Dan Callahan of Morgan Stanley.
Aswath Damodaran is a renowned professor of finance at NYU who recently published a book on corporate life cycles. Shawn pulls from Aswath and other sources in painting an actionable picture of the corporate life cycle and how it affects investors while also diving into case studies on three aging companies: Intel, Walgreens, and Starbucks.
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:18 - Why companies age
07:37 - What the corporate life cycle looks like
18:03 - How companies can age gracefully (and why most don’t)
23:35 - How Intel, Walgreens, and Starbucks face different and similar challenges of aging
29:23 - Which declining stock Aswath Damodaran is investing in
34:31 - Investing strategies based on the corporate life cycle
36:59 - Why it’s important to diversify across the corporate life cycle
43:19 - Why younger companies carry more duration risk
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Clay Finck’s interview with Aswath Damodaran on We Study Billionaires | YouTube Video.
Morgan Stanley’s paper on stages of the corporate life cycle.
Damodaran’s free online course about the corporate life cycle.
Book: The Corporate Lifecycle by Aswath Damodaran.
Book: The Little Book of Valuation by Aswath Damodaran.
Blog post on the investing implications of the corporate life cycle.
Check out the case study on aging on Intel, Starbucks, and Walgreens.
Aswath Damodaran’s YouTube channel.
Aswath Damodaran’s free mobile app for valuation.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
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Public
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Connect with Shawn: Twitter | LinkedIn | Email
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
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Manglende episoder?
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In today’s episode, Shawn O’Malley (@shawn_OMalley_) discusses why great companies fail, as outlined by Clayton Christensen in his timeless book, The Innovator’s Dilemma, which was first published in 1997. The Economist actually named it one of the six most important business books ever written.
Christensen was an academic and business consultant who wrote a number of compelling books, but the Innovator’s Dilemma is by far his best-known work. Christensen worked at Harvard Business School for a decade before founding a consulting firm in 2000 and a venture capital firm focused on investing in Southeast Asia in 2005.
In this episode, you’ll learn how disruptive innovations shift the status quo, the difference between disruptive and sustaining innovations, why companies can seemingly do everything right and still lose out to new competition, how following logical incentives can actually lead management to disregard threats from disruptive technology, why disruptive technologies tend to emerge on the fringes of established customer demographics, and what companies can do to prepare themselves for the inevitable rise of disruptive technologies, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:11 - What is a disruptive innovation, and how it differs from sustaining innovations.
02:52 - How the “paradox” of innovation impacts industry leaders.
05:11 - Why even the best of the best companies aren’t immune to disruptive innovation.
08:03 - How to think about disruptive technologies from the vantage point of a value investor.
08:55 - How Tesla disrupted the automotive industry.
13:15 - Why the fast-paced hard-drive industry is such a good case study on innovation.
21:10 - How value networks shape biases and outcomes in companies.
31:28 - What industry leaders can do to manage disruptive innovation.
36:20 - How Honda stumbled into disruptive innovation in the U.S. market.
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Sign up for TIP’s free newsletter, We Study Markets.
The Innovator’s Dilemma by Clayton Christensen.
Clayton Christensen’s website.
Executive Summary of the book.
Clayton Christensen’s Essential Articles, from the Harvard Business Review.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
NetSuite
Connect with Shawn: Twitter | LinkedIn | Email
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) discusses The Alchemy of Finance by George Soros. George Soros is a controversial political figure, but he is a legend on Wall Street. Many know him as the man who “broke the Bank of England” for his epic short bets against the British pound that broke its currency peg. Soros’s hedge fund is among the best performing ever, generating billions of dollars in wealth and giving rise to a number of Soros’s protégés who would make their own names for themselves.
You’ll learn about Soros’s life growing up in Nazi-occupied Hungary, how he went from immigrant to hedge fund titan, why philosophy and abstract thinking were critical to Soros’s success, Soros’s unique theory on investing called Reflexivity and how it has helped him throughout his career, which shortcomings Soros identified in markets, how he used reflexivity to profit from a boom in conglomerates, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:18 - What it was like for George Soros growing up in Nazi-occupied Hungary
03:15 - How Soros went from immigrant to hedge fund titan
10:01 - What is reflexivity, and how did Soros use it
12:16 - Why markets are a place to test hypotheses
24:30 - Why Soros thinks free markets have shortcomings
26:33 - What value investors miss about reflexivity and stock prices
29:45 - How Soros profited from a boom in conglomerates using reflexivity
32:06 - What causes reversals in markets
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
George Soros's book, The Alchemy of Finance.
George Soros's book, Soros on Soros: Staying Ahead of the Curve.
George Soros’s wiki.
How Soros broke the Bank of England.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
NetSuite
Connect with Shawn: Twitter | LinkedIn | Email
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) discusses the formula used by some of history’s best investors to systematically beat the market averages. It’s not a secret formula for winning if you don’t have any investing edge, but it is a system for maximizing wealth over time by properly sizing bets based on your conviction in terms of how favorable bets are for you ( your “edge.”)
You’ll learn about the great minds of Bell Labs behind the Kelly formula, how Ed Thorpe used the Kelly formula to beat the dealers in Las Vegas, which investors have used the Kelly formula and found success with it, how to define having an “edge” in investing and what that can mean for you, the controversies surrounding the Kelly formula, and why the Kelly formula isn’t better known, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
01:57 - The origins of the esteemed Bell Labs and how its research led to the Kelly formula’s creation
02:27 -How to define and use the Kelly formula
18:22 - Why the Kelly formula is helpful
23:40 - Why there are limits to the Kelly formula
25:17 - How Ed Thorpe beat the dealer and the markets with the Kelly formula
28:22 - How Claude Shannon’s approach to beating the markets with the Kelly formula differed from Thorpe’s
36:38 - What it means to have an edge in markets
38:52 - Why the Kelly formula is controversial
41:02 - How to think about your own edge in markets
41:44 - Why the Kelly formula isn’t better known
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Check out Fortune’s Formula by William Poundstone.
Check out Beat the Dealer by Ed Thorpe.
Read Beat the Market (free PDF) by Ed Thorpe.
Bell Labs’ history.
Read about the Information theory.
The Kelly Formula, explained.
William Thorndike's book The Outsiders.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
NetSuite
Connect with Shawn: Twitter | LinkedIn | Email
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
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
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down the energy drink company Monster Beverage, which you may be surprised to learn has been one of the best-performing stocks of the last few decades.
You’ll learn about how Monster got its start almost one hundred years ago and how it took on a new identity in the early 2000s, how Monster Energy changed the beverage market, why Monster’s stock has done so incredibly well, how Monster is fending off the competition and its plan for continuing to compound excellent returns, why Monster’s relationship with Coca-Cola is such a strategic advantage, how to think about valuing Monster Beverage, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:22 - How Monster Beverage got its start almost a century ago
04:49 - How a single product completely changed Monster Beverage’s trajectory as a company
06:30 - Why Monster has delivered such exceptional returns
08:34 - Why Coca-Cola invested in Monster and how that partnership is still helping Monster to this day
10:08 - What the energy drink market looks like today and how competition threatens Monster
20:53 - What investors can learn from doing a case study on Monster
23:53 - Which challenges could weigh on Monster the most going forward
30:09 - Whether Shawn thinks the stock offers good value
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Monster’s latest annual 10k filing.
Monster Energy’s website.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
NetSuite
Connect with Shawn: Twitter | LinkedIn | Email
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
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) will be breaking down the Magic Kingdom company: Disney.
You’ll learn about why recognition value is so important to Disney, why hit movies are just the top of the sales funnel for Disney, how Disney has built a flywheel supporting its businesses, what the outlook is for Disney’s streaming efforts, how Covid hurt the company and how it has bounced back, why the company’s famed ex-CEO Bob Iger returned, what to make of Disney’s financials and valuation, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
01:48 - How Disney relies on recognition value at the top of its sales funnel
04:36 - What to understand about the flywheel of Disney’s businesses
11:34 - How Disney’s streaming business is doing
14:17 - Why Covid was so challenging for Disney
19:17 - Why Disney’s famed ex-CEO Bob Iger returned to the company
32:02 - What makes ESPN so profitable
36:43 - What to make of Disney’s financials and valuation
39:51 - Shawn’s opinion on buying the stock
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Check out The Ride of a Lifetime: Lessons learned from 15 years as CEO of the Walt Disney Company by Bob Iger.
Check out Walt Disney: The Triumph of the American Imagination by Neal Gabler.
Breakdown of TV Sports Rights.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
NetSuite
Connect with Shawn: Twitter | LinkedIn | Email
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
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) is joined by stock investor and founder of The All-in-One Investing Platform, Daniel Mahncke, to break down the world’s largest online Retailer: Alibaba.
You’ll learn about Alibaba’s different business segments, how Alibaba has been impacted by regulations from the Chinese government, why investors have lost trust in Chinese regulators, what drives Alibaba’s profits, what drove the recent slowdown in Alibaba’s business, why Alibaba may finally offer an attractive valuation to investors, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
03:00 - Which segments drive Alibaba’s business the most
16:35 - Why the Chinese government cracked down on tech companies
17:02 - Why investors have soured generally on Chinese stocks
30:35 - How Covid disrupted Alibaba’s operations
34:02 - What is the outlook for Alibaba’s profitability
37:32 - How to value Alibaba
43:48 - Why Alibaba may finally offer good value to investors
47:12 - Which risks are most concerning for Alibaba
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Daniel Mahncke’s All-In-One Investing Platform.
Warren Buffett Shareholder Letter 1994.
Charlie Munger on investing in China and his Alibaba Investment.
Howard Marks Memo: Thinking about Macro.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
NetSuite
Connect with Shawn: Twitter | LinkedIn | Email
Connect with Daniel: Twitter | LinkedIn
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
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Clay Finck chats with Tobias Carlisle about what led him to becoming a value investor, what mean reversion is and how it relates to his overall investment strategy, how inflation impacts his investment process, what the shiller PE is and why it’s something to be mindful of, what his thoughts are on determining an appropriate discount rate, and much, much more!
Tobias Carlisle is the founder of The Acquirer’s Multiple®. He is also the founder of Acquirers Funds® which manages ZIG, the Acquirers Fund, and DEEP, the Roundhill Acquirers Deep Value Fund.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:00 - How Tobias ended up becoming a value investor.
07:43 - What investors had a big impact on Tobias’s own development?
12:02 - What mean reversion is from an investment standpoint, and how it relates to his overall investment strategy.
21:44 - What the shiller PE is, and why it is something to be mindful of.
32:20 - How inflation impacts his overall thought process for stock investing.
44:03 - Tobias’s thoughts on an appropriate discount rate, and what discount rate Warren Buffett might be using in his valuation process.
47:19 - The two funds the Acquirer’s Fund manages - ZIG and DEEP.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Tobias Carlisle’s book The Acquirer’s Multiple.
Tobias Carlisle’s book Deep Value.
Tobias Carlisle’s book Quantitative Value.
Bruce Greenwald’s book Value Investing.
Benjamin Graham’s book, The Intelligent Investor.
The Acquirer’s Podcast.
The Acquirer’s Multiple.
The Acquirer’s Fund.
Related Episode: Listen to MI025: Deep Value Investing w/ Tobias Carlisle, or watch the video.
Related Episode: MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead, or watch the video.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
NetSuite
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
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) is joined by stock investor and founder of The All-in-One Investing Platform, Daniel Mahncke, to break down the company behind the S&P 500 index: S&P Global.
You’ll learn about the five different business units at S&P Global, how the company has built up such deep moats in its credit ratings and indices businesses, how the company’s merger with IHS Markit has affected its future outlook, why the company faced allegations of enabling the Great Financial Crisis, its current valuation and intrinsic value estimate, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
06:30 - How S&P Global was formed and which business units are most important today
07:09 - Why S&P Global is such an important company behind the scenes in financial markets
12:43 - What credit ratings are and why they matter to companies
17:03 - How S&P Global provides data to participants throughout financial markets
35:27 - What was S&P Global’s role in the Great Financial Crisis
38:05 - Why the company is so attractive to investors
39:09 - What risks undermine S&P Global’s future returns
41:51 - Whether Shawn and Daniel think the stock offers good value today
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Daniel Mahncke’s All-In-One Investing Platform.
Value Investors Club post breaking down S&P Global.
Try valuing S&P Global for yourself with our TIP Finance tools.
Andrew Ross Sorkin's book, Too Big to Fail.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
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Connect with Shawn: Twitter | LinkedIn | Email
Connect with Daniel: Twitter | LinkedIn
HELP US OUT!
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Clay Finck chats with Rihard Jarc to do a deep dive on Alphabet’s stock, better known as Google. We cover what Alphabet’s main sources of revenue are, why Google search is such a valuable resource for advertisers to acquire new customers, what is included in Alphabet’s ‘other bets’ line of business, where Alphabet sits in the AI industry, potential risks for Alphabet, why Rihard is bullish on AirBnB, and much more!
Rihard Jarc is the Chief Investment Officer of New Era Funds and runs an investment newsletter called Uncover Alpha.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:04 - What Alphabet’s main sources of revenue are.
06:39 - Why Google is such a valuable resource for advertisers to acquire new customers.
15:55 - What is included in Alphabet’s ‘other bets’ line of business?
18:21 - How Rihard projects revenue for Alphabet going into the future.
24:01 - Where Alphabet sits in the AI industry.
27:00 - Whether Alphabet’s cash pile is excessive or not.
34:38 - Potential risks investing in Alphabet.
40:46 - Why Rihard is bullish on AirBnB.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Related episode: Listen to MI165: Is FAANG The New Value? w/ John Huber, or watch the video.
Related episode: Listen to MI124: Is Amazon a Value Stock? w/ Jason Moser, or watch the video.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down two of the greatest bear market bottoms in stock market history which left stocks incredibly undervalued, as outlined by Russell Napier’s book The Anatomy of the Bear.
You’ll learn why it’s important to study financial history, what bear markets have in common, how the bear market of 1921 differed from 1932, how the financial system has evolved over the last century, which factors really caused the Stock Market Crash of 1929 and the Great Depression, plus so much more!
Prefer to watch? Click here to watch this episode on YouTube.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
01:31 - Why it’s important to study financial history
03:53 - What similarities and differences there are between major bear markets
08:51 - Why the Federal Reserve was first founded and how its role evolved
10:22 - What types of stocks led the stock market across the 1910s and 1920s
11:56 - What circumstances led up to the great bottom of 1921 and how you could have identified the bottom
38:44 - Why the economy boomed in the 1920s
47:17 - What sparked the Stock Market Crash of 1929
55:40 - How a stock market selloff turned into an economic depression
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Russell Napier's book, The Anatomy of the Bear.
The Library of Mistakes website.
Russell Napier’s newsletter.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
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Connect with Shawn: Twitter | LinkedIn | Email
HELP US OUT!
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Clay Finck chats with Trey Lockerbie about how his investment strategy has changed with the everchanging macro landscape, how he analyzes the opportunity cost between individual stocks, what asset classes he invests in, how he became the host of TIP’s flagship show, We Study Billionaires, how his kombucha company was able to get stocked at Target and Costco, how being an investor has made Trey a better businessman, and a whole lot more!
Trey Lockerbie is the co-founder and CEO of Better Booch, and previously the co-host of The Investor’s Podcast’s flagship show, We Study Billionaires.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
01:50 - How Trey’s investment strategy has changed with the everchanging macro landscape.
04:30 - How he analyzes the opportunity cost between two different individual stocks.
04:30 - What asset classes he invests in.
34:21 - What he'll be eyeing in the months ahead.
36:37 - How Trey became the host of We Study Billionaires.
51:48 - How his company was able to get stocked at Target and Costco.
53:53 - How being an investor has made Trey a better businessman.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Trey’s company, Better Booch.
Related episode: MI161: Building a Balanced Portfolio w/ Dan Rasmussen.
Related episode: MI135: Bitcoin is for Millennials w/ Preston Pysh.
Related episode: MI127: Life as a Podcast Host, Investing in FinTech, and Buying Rental Properties w/ Robert Leonard.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down the rollercoaster ride of Bill Ackman’s career, who is one of the most famous investors alive.
You’ll learn about how Ackman’s career got its start, why his biggest successes were so brilliant, why his biggest losses were so painful, what his current portfolio looks like, why his company is looking to IPO, and what sparked his decade-plus feud with billionaire Carl Icahn, plus so much more!
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:24 - How Bill Ackman’s career got its start
03:56 - What started the feud between Bill Ackman and Carl Icahn
08:38 - Why Ackman’s first hedge fund, Gotham Partners, failed
15:54 - How Ackman was able to foresee MBIA’s collapse and the 2008 Financial Crisis
19:39 - Why Ackman wanted Wendy’s to spin off Tim Horton’s
22:01 - How Ackman made one of the greatest hedge fund trades ever
30:14 - Why Ackman’s campaign against Herbalife was a financial fiasco but not necessarily wrong
31:36 - What Ackman got incorrect about Valeant Pharmaceuticals
44:37 - What Ackman’s portfolio looks like today and his latest ventures
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Bill Ackman’s question at the 1998 Berkshire shareholder meeting.
2003 NYT article on Gotham Partners.
Highlights from the Bill Ackman and Carl Icahn debate over Herbalife.
Christine Richard's book, Confidence Game.
Bill Ackman’s research on MBIA.
Bill Ackman’s letter to Wendy’s CEO in 2005.
Check out Betting On Zero — Herbalife movie.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
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Public
Bluehost
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Connect with Shawn: Twitter | LinkedIn | Email
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
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Clay Finck chats with Alexander Morris about the initial things Alex looks at when analyzing a company, why paying up for quality companies is acceptable for long-term investors, how ROIC plays a role in Alex’s investment decisions, why Alex recently added Spotify to his portfolio, how Alex thinks about Spotify’s valuation and their path to profitability, and much more!
Alexander Morris provides high-quality equity research with deep dive company analysis and complete portfolio transparency through his newsletter, The Science of Hitting. Prior to working on his newsletter full-time, Alex was an analyst for an RIA for 10 years.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
03:00 - The initial things Alex looks at when analyzing a company.
08:37 - Why paying up for quality companies is acceptable for long-term investors.
11:33 - How ROIC plays a role in Alex’s investment decisions.
13:58 - What the objective of Alex’s portfolio is.
32:37 - Why Alex recently added Spotify to his portfolio.
35:59 - How Alex thinks about Spotify’s valuation and their path to profitability.
44:38 - The mistakes that Alex has learned over the years.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Check out Alex’s Newsletter.
Read Sven Carlsson’s book, The Spotify Play.
Read Peter Lynch’s book, One Up on Wall Street.
Read Peter Lynch’s book, Beating the Street.
Read Berkshire’s shareholder letters.
Related episode: Listen to MI149: Peter Lynch & GARP Investing w/ Robert Reynolds, or watch the video.
Related episode: Listen to MI131: Richer, Wiser, Happier w/ William Green, or watch the video.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down different investors’ approaches to finding the best of the best companies to own. It’s a strategy known as Quality Investing, and it differs from value investing because quality investors are more focused on finding companies to own forever, as opposed to selling them if they rise above their current intrinsic value.
You’ll learn how definitions of quality vary, how quality investing is still rooted in value investing, what the patterns and building blocks of high-quality companies are, why pricing power is a great way to identify quality businesses, how Chuck Akre approaches quality investing, what Jim Collins’ research on enduringly great companies reveals, and how Chris Mayer finds stocks with 100-to-1 returns—plus so much more!
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:15 - How Quality Investing traces back to Ben Graham
03:10 - What quality investing is generally, and how it differ from other strategies
03:32 - What are the patterns and building blocks of quality businesses
07:51 - Why pricing power is so important to quality stocks
12:37 - How Chuck Akre’s three-legged stool approach to quality investing works
22:12 - What Jim Collins’ intensive study of enduringly great companies reveals for investors
29:57 - How Chris Mayer finds stocks that generate 100-to-1 returns
32:46 - How to define and determine whether a company has a winning corporate culture
41:55 - Why quality investing is really an art form
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Compounding Quality’s Investing Philosophy.
Three-Legged Stool Masterclass.
Chris Mayer’s blog
Jim Collins' book, Built to Last.
Thomas Peters' book, In Search of Excellence.
Michael Porter's book, Competitive Advantage.
Lawrence Cunningham's book, Quality Investing.
Thomas Phelps' book, 100 to 1 in the Stock Market.
Jim Collins' book, Good to Great.
Chris Mayer's book, 100 Baggers.
Long Equity's book, The Intelligent Quality Investor.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
Fundrise
Public
Bluehost
Airbnb
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Connect with Shawn: Twitter | LinkedIn | Email
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
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Clay Finck chats with John Huber about the edge retail investors can have to beat the market, how watching sports has helped John become a better investors, what to look for in a company to determine it if has a strong moat and competitive advantage, John’s thought’s on portfolio allocation and selling winners, the three factors that go into a stock’s overall return, what led John to recently making Amazon his biggest position in his portfolio, and much more!
John Huber is the Managing Partner of Saber Capital Management, LLC. Saber manages separate accounts as well as a partnership modeled after the original Buffett Partnership fee structure.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
06:57 - How retail investors can have an edge over other investors in the market.
10:08 - How watching sports has helped John become a better investor.
16:04 - What to look for in a company to determine if it has a strong moat and competitive advantage.
27:16 - John’s thoughts on portfolio allocation and selling winners.
31:52 - The three factors that go into a stock’s overall investment return.
42:50 - What led John to recently making Amazon his biggest position in his portfolio.
56:05 - Whether John considers the company’s impact on society when forming his investment thesis.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Check out John’s fund and research, Saber Capital Management.
Related episode: Listen to MI125: Investing Like Warren Buffett w/ Jake Taylor, or watch the video.
Related episode: Listen to MI159: The Science of Hitting w/ Alexander Morris, or watch the video.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down the life and career of the great Bill Miller, the only investor to ever beat the market for 15 consecutive years.
You’ll learn how Miller invested in his first stock, Miller’s investment approach and how it differs from classical value investors, what Miller recognized as an early investor in Amazon, why he’s bullish on Bitcoin, how Miller bounced back from the 2008 Financial Crisis, how philosophy shaped his performance as an investor, plus so much more!
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
00:08 - How Miller got his start as an investor
03:27 - How philosophy shaped Miller’s investment approach
05:26 - What is different about how Miller thinks about value investing
08:52 - What Miller recognized about Amazon before Wall Street
10:07 - Why most investors don’t have enough factor diversification
11:22 - What Miller learned from Peter Lynch
17:36 - How the cost of capital impacts companies’ ability to create shareholder value
20:57 - What went wrong for Miller during the Financial Crisis
24:09 - Why Miller decided to go solo and leave Legg Mason
31:02 - Why Miller and his son are bullish on Bitcoin
35:07 - Why Miller is usually worried about nothing in markets
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
R.J. Shook's book, The Winner’s Circle.
Peter Lynch's book, One Up On Wall Street.
William Green's book, Richer, Wiser, Happer.
Check out The Value Investor’s Case for Bitcoin.
Check out Why I’m Still Betting on Bitcoin.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
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Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
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SPONSORS
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Connect with Shawn: Twitter | LinkedIn | Email
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Robert Leonard chats with Grant Norwood about the oil and gas industry, and why investors should consider this potentially lucrative space. Grant is the president of Norwood Energy Corporation, a Texas-based oil and gas exploration company.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:18 - The current state of the oil and gas industry.
04:16 - Why you should consider investing in oil and gas companies.
10:12 - What is the difference between passive investing and buying stock in this industry?
17:45 - Which types of investors should consider this strategy?
22:04 - About current oil prices.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Rick Ferri’s book The Power of Passive Investing.
Taylor Larimore’s book The Bogleheads’ Guide to the Three-Fund Portfolio.
Joel Greenblatt’s book The Little Book That Still Beats the Market.
Guy Spier’s book The Education of a Value Investor.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
ShipStation
Fundrise
Public
Bluehost
Airbnb
NetSuite
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down 30 years’ worth of memos from one of Wall Street’s most storied investors: Howard Marks.
You’ll learn how Marks’s thinking about beating the market evolved over the course of his career, what it was like going through the 2008 Financial Crisis as a professional investor, the 5 market calls that Marks is most proud of, avoiding the cardinal sin of investing, plus so much more!
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
01:38 - Why steady, slightly above-average returns drive the best long-term returns
05:28 - How to find a balance between finding fewer losers and more winners
07:36 - How to intelligently bear risk for profit
13:48 - Why nobody knows what will happen next in a crisis
14:40 - Why booms and busts are inevitable
22:44 - When Marks realized the dot com bubble was going to pop
24:08 - How low interest rates drive investors to take risks
27:33 - Why beliefs about the housing market were wrong
30:45 - How Marks’s firm responded to the Great Financial Crisis
36:02 - How Marks understood when to start buying stocks again after the 2008 crash
37:59 - When Marks knew bargains were being offered in March 2020
39:37 - How to avoid the cardinal sin of investing
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
2023 Memo: Taking The Temperature.
2023 Memo: Fewer Winners Or Losers?
2012 Memo: Deja Vu All Over Again.
2008 Memo: The Limits To Negativism.
2008 Memo: Nobody Knows.
2007 Memo: It’s All Good.
2005 Memo: Three They Go Again.
2004 Memo: Risk And Return Today.
2000 Memo: Bubble.com.
1990 Memo: The Route To Performance.
Benjamin Graham and David Dodd's book Security Analysis.
Jesse Livermore's book How To Trade In Stocks.
Edward Chancellor's book Devil Takes The Hindmost.
Howard Marks' book Mastering The Market Cycle.
Howard Marks' book The Most Important Thing.
Check out the books mentioned in the podcast here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Toyota
Facet
Fundrise
Public
Airbnb
Bluehost
NetSuite
Connect with Shawn: Twitter | LinkedIn | Email
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
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