Episodes
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Guest: Caleb Breakey, Founder of Renown Publishing
Caleb Breakey leads Renown Publishing, guiding high-impact leaders and ultra-high networth families through 18-month transformational storytelling journeys to preserve legacies and inspire human flourishing.
Key Moments:
3:00 - Caleb explains how his upbringing in a high-control community shaped his curiosity about humanity and different perspectives
3:27 - Discussion about how diverse life experiences help you see the world differently, with Bogumil sharing his early life in communist Poland
3:56 - Caleb shares his personal "why" - watching his once-close extended family fall apart after his grandparents passed away, revealing the importance of preserving family stories and values
6:10 - The distinction between capturing history versus telling stories: "History informs, story transforms"
7:53 - Why people often undervalue their own stories and Caleb's mission to help them see the inherent value in their unique experiences
10:43 - The universal elements of the hero's journey present in everyone's life story
11:52 - Example of a client getting emotional when connecting his business values to family history that traced back to the Civil War
14:12 - Powerful story about integrity shown through actions rather than words - a client who paid back a million dollars of debt over seven years despite advice to declare bankruptcy
18:54 - The cinematic approach to storytelling - identifying key moments and creating a narrative that resonates deeply
21:00 - How to handle difficult family stories with honesty while recognizing their transformative power
25:43 - Discussion about connecting with future generations through universal human emotions despite different life circumstances
29:08 - Exploration of the "outrunning the wolves" metaphor - how past struggles drive future success
31:29 - Insights about how we assume our childhood experiences are universal until we discover otherwise
34:54 - Caleb shares the dramatic story of being mistaken for bank robbers on his honeymoon
39:21 - The importance of capturing stories when they're fresh - "if you don't capture it, you will lose it"
44:28 - Vulnerability as a gift - how sharing our own struggles can be someone else's lifeline
47:25 - How the digital age has changed legacy preservation and Renown's approach to creating tangible, meaningful legacy boxes
52:48 - Unexpected outcomes of the legacy preservation process - clients discovering the therapeutic value of being deeply seen and heard
56:51 - Caleb's personal definition of success: "I will be wealthy when I have an abundance of what I value"
Podcast Program – Disclosure Statement
Blue 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.
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Guest: Ardal Loh-Gronager - Founder and Managing Partner of Loh-Gronager Partners Investment Partnership
Background: Over 10 years of financial industry experience at Goldman Sachs, Morgan Stanley, and Credit Suisse. Half Danish, born in UK with a global upbringing across Europe, Asia, and Australia.
Key Moments:
[3:00] Ardal discusses how his childhood shaped him - living in 11 different homes and attending 8 schools in 6 countries before turning 18, with entrepreneurial parents.
[4:30] Shares a powerful childhood memory of his parents being unable to pay school fees, teaching him about financial independence.
[5:10] Critical insights on business reality versus financial models.
[7:30] Discusses how investing is the broadest intellectual pursuit, encompassing everything around us.
[10:45] Recounts winning Guy Spear's charity auction lunch, modeled after Buffett's charity lunches.
[12:20] The spirit of giving back and learning from those who came before you: "All success is built on the shoulders of giants."
[14:00] Explores the concept of teaching as a way to deepen understanding.
[15:30] Shares how writing his book helped him clarify his own investment philosophy.
[19:00] Explains the inspiration behind his book's title "The Perceptive Investor" through Magritte's painting La Clairvoyance.
[21:10] The distinction between art and science in investing: qualitative versus quantitative analysis.
[24:00] Uses Amazon as a case study of perception in investing.
[28:00] Discusses circle of competence and margin of safety.
[36:15] Reveals his 250-question investment checklist, including the unique "centering exercise" to check emotional state before making decisions.
[42:00] Parallels between investing and piloting aircraft - the importance of checklists.
[46:25] The willingness to be lonely as a contrarian investor: "You cannot outperform the market unless you're a contrarian."
[48:50] The stock market paradox: "The stock market is the only market in the world that when it goes on sale, everyone runs away."
[52:30] Investment as an infinite game - focusing on process rather than outcomes.
[55:45] Discusses ergodicity - making decisions that keep you in the game.
[1:01:45] The misconception of risk: "High quality assets can be risky and low quality assets can be safe. What matters is the price you pay."
[1:04:30] Distinguishing between risk and uncertainty: "We define risk as the probability of permanent loss of capital, distinct from price volatility."
[1:07:20] The importance of patience..
[1:13:30] Understanding business moats.
[1:15:30] Culture as a key component of business longevity.
[1:18:30] Lessons from Ben Graham's investment journey.
[1:24:15] The paradox of "best ideas" portfolios - often the investments we have least conviction in outperform our highest conviction picks.
[1:33:00] Ardal defines success.
Podcast Program – Disclosure Statement
Blue 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.
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Episodes manquant?
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How a 30-year ETF veteran learned to prioritize human flourishing over profit maximization
Guest: Dave Nadig - 30-year veteran of the ETF industry, financial blogger, and advocate for pro-flourishing capitalism
Key Moments:
[03:13] Dave shares how his childhood on a farm shaped his financial mindset, developing a scarcity mentality from growing up poor that led him to finance and money management.
[04:38] Dave explains his "Black Hat vs. White Hat" concept in finance - distinguishing between those who prioritize human flourishing (White Hats) versus those focused primarily on profit maximization (Black Hats).
[07:01] Discussion of the Mad Magazine "Spy vs. Spy" cartoons as inspiration for his Black Hat/White Hat framework.
[09:53] Dave emphasizes that people in the "Black Hat" business aren't necessarily evil, but have made different choices about their priorities.
[15:50] Conversation about passive investing and its evolution from the 1980s through today, with Dave sharing his personal journey working at Wells Fargo on the first target date funds.
[19:19] Dave reflects on becoming "a hard convert back to passive investing" after failing as an active fund manager.
[20:14] Discussion of passive investing's impact on market dynamics, particularly how fund flows affect top equities and bond markets.
[26:22] Examination of how capital formation now happens primarily in private markets, not public ones.
[32:23] Dave shares his fascination with consciousness and the brain, discussing Dr. Ian McGillchrist's work on left brain/right brain dynamics.
[34:47] Dave explores how meditation helps investors develop metacognitive awareness and recognize when their perception differs from reality.
[38:39] Discussion of Dave's experiences at Zen Mountain Monastery and how meditation creates space to explore one's own thought processes.
[44:52] Dave's emotional connection to flying, from childhood fascination to earning his pilot's license, and the devastating impact of losing it due to epilepsy.
[53:49] Reflection on how most investors focus too much on narrow details while neglecting broader context and asset allocation decisions.
[55:54] Dave shares how he uses AI tools like Perplexity to streamline research and Claude to assist with data analysis and coding tasks.
[01:01:04] Discussion of how AI will continue to evolve, with the current state being "the worst it's ever going to be."
[01:05:15] Dave's definition of success: having control over his own time rather than financial wealth.
Podcast Program – Disclosure Statement
Blue 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.
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Guest: David Werdiger, Director of Nathanson Pearson and bestselling author of "Transition: How to Prepare Your Family and Business for the Greatest Wealth Transfer in History"
Key Discussion Points:
[03:00] David discusses joining the family business - how being the youngest of five children with a significant age gap influenced his decision not to immediately join the family textile manufacturing business.
[04:47] Origins of the family business - David's cousins came to Australia in the 1920s, while his father (a Holocaust survivor) arrived in the late 1940s/early 1950s. They built a textile manufacturing business that eventually transitioned to property investment.
[08:14] Pattern recognition in wealthy immigrant families - David notices how immigrant entrepreneurs often transition from business to real estate investments, seeing property as a way to establish roots in their new country.
[09:18] The great wealth transfer - David explains how the baby boomer generation created unprecedented wealth that is now being passed down, complicated by longer lifespans.
[13:07] Will vs. Family Charter - The increasing importance of family governance as wealth transfers require more sophisticated planning with multiple generations alive simultaneously.
[15:49] Power dynamics - David explores the critical role of power transfer between generations and the challenge of teaching responsible ownership.
[19:05] Family governance - The transition from single decision-maker to multiple decision-makers and the governance structures needed to make this work.
[24:02] Power and responsibility - How families must teach the next generation that "with great power comes great responsibility" when inheriting wealth.
[26:36] Sibling dynamics - Why shared genetic material doesn't guarantee harmony, and how birth order and family circumstances affect each child's experience.
[33:52] The four-generation reality - With increasing lifespans, families now face the challenge of having four generations alive at once, creating a "sandwich generation" caught between aging parents and capable adult children.
[38:44] The business as identity - How founders view their businesses as children, creating emotional challenges when transitioning ownership.
[49:54] Stories as the cultural bridge - The vital importance of family stories in transmitting values, especially when the original business is gone.
[54:30] Living your own dream - The tension between individual aspirations and family legacy, and finding the balance between collective identity and personal fulfillment.
[57:42] Definition of success - David defines success as getting up excited every day, having a healthy family who share each other's joys and sorrows, and helping other families achieve the same.
Podcast Program – Disclosure Statement
Blue 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.
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Thank YOU! For all excellent questions!
[00:00] Episode Highlights
[03:00] Introduction and Milestone Celebration
[06:00] Setting the Stage[08:00] Investment Philosophy and Starting a Career[10:00] Business Valuation Approaches[12:00] Essential Investment Skills[13:00] Portfolio Structure and Management[15:00] Position Sizing and Client Alignment[17:00] Investment Preferences and Strategy[21:00] Performance Lessons and the "No Zero Policy"[24:00] Holding Periods and Acquisition Experiences[27:00] Market Scenarios and Economic Context[32:00] Investment Strategy Evolution[35:00] Central Banking and Political Context[38:00] Personal Insights and Time Management[40:00] Daily Structure and Deep Work[42:00] Podcast Logistics and Guest Selection[44:00] Client Relationships During Volatile Times[46:00] Personal Perspectives on Optimism and Caution[48:00] Unlearning and Media Consumption[50:00] Book Recommendations[57:00] Life Lessons and Closing Thoughts[59:00] Outro
Podcast Program – Disclosure Statement
Blue 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.
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TWO articles, ONE episode, less than 15 minutes. I'm sharing my thoughts from ahead of the Berkshire Hathaway 2025 meeting, and right after. Still fresh memories and thoughts from a historic meeting. Save it, share it, listen at your convenience, and find the text versions on Substack.
I'm curious to hear your reactions after the event. Please find my email on the Talking Billions website! I reply to all emails.
https://bogumilbaranowski.substack.com/
Podcast Program – Disclosure Statement
Blue 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.
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This episode originally aired on Excess Returns on 4/28/2025. Enjoy!
In this episode, Matt Zeigler and Bogumil Baranowski dive deep into the timeless investing wisdom of Guy Spier. Drawing from Spier’s interviews on both Excess Returns and Talking Billions, they explore crucial ideas about investing, risk, decision-making, and living a meaningful life. From understanding why letting your winners run can enhance returns to redefining true success, this episode is packed with practical insights for both investors and anyone seeking a richer, more thoughtful life.
Topics Covered:
Why holding your winners can be essential to long-term success
The myth of the Fidelity “dead investor” study and what it teaches
Risk, ruin, and why preserving capital matters more than getting rich
Lessons from multi-generational wealth and building lasting fortunes
Understanding the true cost of tinkering with a portfolio
Defining your circle of competence — and updating it over time
How to avoid catastrophic financial outcomes
Rethinking what success really means beyond money
Aligning your inner and outer self to find freedom and authenticity
Managing other people’s money with care, respect, and humility
Learning from mistakes and the importance of reputation
The priceless value of community and true friendships
Timestamps:
00:00 - Introduction and Guy Spier on intervention costs and winners
01:00 - Matt and Bogumil on meeting Guy Spier
02:00 - Holding onto winners and the danger of tinkering
07:00 - The "dead investors" Fidelity myth and narrative economics
12:00 - Avoiding unrecoverable losses and the “stay rich” mentality
18:00 - Circle of competence and cutting off catastrophic paths
26:00 - Journaling and the need for constant self-reflection
33:00 - Defining success beyond wealth and net worth
40:00 - Aligning your inner and outer self for a lighter life
45:00 - Managing family and client money with professional care
53:00 - Learning from mistakes early and maintaining reputation
58:00 - Final thoughts on life, kindness, and answering the callFull Talking Billions Interview https://www.youtube.com/watch?v=UPknZT0tVhEFull Excess Returns Interview https://youtu.be/yVdQVu0j_ggPodcast Program – Disclosure Statement
Blue 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.
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Wisdom from the Berkshire Chronicles: Insights from Buffett and Munger Experts [See text version on my Substack]
8 previous Talking Billions conversations recorded over three years in one 15-minute episode!
This episode features a collection of profound insights and key ideas shared by experts on Berkshire Hathaway, Warren Buffett, and Charlie Munger. It includes historical perspectives on the company, pivotal investment philosophies, unique management practices, and significant business decisions. Highlighting stories from past Berkshire meetings, the importance of capital allocation, and lessons learned from Buffett's mistakes, this episode serves as a compact guide to understanding the principles behind one of the world's most successful businesses.
What you'll find inside:
00:00 Introduction: Wisdom from the Berkshire Chronicles01:12 The Pre-Buffett Era: From Whaling to Textiles02:23 Memories of Early Berkshire Meetings04:03 Buffett's Accidental Empire05:15 The Importance of Capital Allocation and Management Quality06:08 The Evolution of Value Investing06:59 The Insurance Float: Berkshire's Secret Weapon08:20 Concentration: Bet Big When You're Right09:44 The Portfolio Approach to Managing Businesses12:18 Learning from Mistakes and Taking the Long View13:47 Conclusion: The Compounding of Wisdom
Podcast Program – Disclosure Statement
Blue 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.
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Did we get it all wrong, and we are actually negotiating a deeper globalization? A Thoughtful Tariff Talk and more
Guest: Rick Carew - Former Wall Street Journal journalist covering Asia's financial markets, current investor and educator teaching value investing at Fordham University's Gabelli School.
Key Topics: Value investing, journalism skills in investing, China-US business relations, AI in education, personal success philosophy
Timestamps and Key Ideas:
3:38 - Rick shares his upbringing in Richmond, Virginia, where his family owned a wine store that gave him entrepreneurial experience and an early understanding of business operations.
5:21 - Discussion about Rick's language journey learning Chinese and Japanese, which taught him discipline and a growth mindset applicable to investing.
8:06 - How learning languages provides cultural insights beyond words themselves, with Rick explaining how the Chinese character for "good" combines the characters for "mother" and "child."
11:49 - Rick discusses teaching value investing at Fordham University and the importance of mastering concepts before teaching them to others.
15:15 - Conversation about the core principles of value investing and how the framework needs to adapt to incorporate growth investing.
18:25 - Rick explains how students at Fordham manage a real $2.3 million investment fund, teaching them asset allocation and emotional management during market volatility.
22:30 - Rick shares how his journalism background provides valuable research skills for investing, including the willingness to pick up the phone for direct information.
28:12 - Two powerful questions for management interviews: "What question did I forget to ask?" and "If you had to invest in a competitor, which would you choose and why?"
32:22 - Discussion about how executives actually want feedback from thoughtful investors, especially as passive investing grows.
34:15 - Rick explains the complex relationship between Chinese government, Communist Party, and businesses - highlighting cycles of crackdowns and regulations.
40:04 - Insights on China's tech ecosystem as a "learning machine" studying and adapting Silicon Valley innovations.
45:12 - Discussion about globalization, US-China relations, and whether recent trade tensions are temporary or signal a longer-term shift.
53:03 - Rick's perspective on AI in education: embracing it as a tool while still requiring students to understand fundamentals and verify information.
1:00:39 - Rick shares his three-part framework for success: enjoying your work, giving back to society, and maintaining curiosity throughout life.
Podcast Program – Disclosure Statement
Blue 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.
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This is an episode of the Excess Returns Podcast with Matt Zeigler and me. We go over the highlights from our two interviews with Professor Aswath Damodaran.
Lots of wisdom in one full hour, enjoy!
Join Matt Zeigler and Bogumil Baranowski as they play our favorite clips from both the Excess Returns and Talking Billions podcast interviews with Aswath Damodaran. This conversation unpacks Damodaran’s timeless insights on navigating uncertainty, embracing the process of investing, and finding comfort in a volatile market. From the ritualistic allure of the Berkshire Hathaway meeting to the pitfalls of factor investing,
Main Topics Covered:
The dangers of rigid, ritualistic value investing and the Berkshire Hathaway meeting’s cult-like atmosphere, contrasted with its networking value.
Embracing uncertainty as a feature of investing, not a bug, and avoiding unhealthy coping mechanisms like denial or outsourcing.
The limitations of factor investing, emphasizing the need to bring unique value to the table to achieve excess returns.
The stock market as a reflection of real-world business value, not a place where money is made, and the futility of fighting market dynamics.
The importance of loving the investing process over obsessing about beating the market, with diversification as a safeguard against hubris.
Balancing comfort investments with high-risk, high-reward opportunities to build a resilient portfolio.
The rise of passive investing and its potential to create opportunities for active investors as fewer people seek market mistakes.
The "sleep test" for investors—framing choices with gratitude and perspective to maintain peace of mind.
00:00:00 – Introduction and Damodaran’s view on contempt in investing
00:01:00 – Matt and Bogumil introduce the episode and their admiration for Damodaran
00:03:00 – Why the Berkshire Hathaway meeting terrifies Damodaran
00:11:42 – Uncertainty as a feature, not a bug, in investing
00:21:02 – The shortcomings of factor investing and the need to bring value
00:31:01 – The market as the boss and the importance of staying detached
00:38:22 – Loving the investing process over beating the market
00:44:05 – Comfort investments vs. edge opportunities in portfolio construction
00:52:50 – Active investing as bad plumbing and the rise of passive investing
01:01:12 – The sleep test: Framing investments for peace of mind
01:06:48 – Closing remarks and where to find more from Bogumil and MattPodcast 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.
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This is the audio version of my this week's article.
Find all the articles, summaries, and book reviews on Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.If you want to reach out, I'd love to hear from you here is my email bogumil AT talkingbillions.co (not com)] Thank you!
Podcast Program – Disclosure Statement
Blue 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.
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Find all the articles, summaries, and book reviews on Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.If you want to reach out, I'd love to hear from you here is my email bogumil AT talkingbillions.co (not com)] Thank you!
Podcast Program – Disclosure Statement
Blue 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.
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Guest: Nuala Walsh - Mind Equity CEO, Professor of Behavioral Science at Trinity College Dublin, non-executive director, award-winning author, TEDx speaker, and London School of Economics fellow. Recognized among the 100 most influential women in finance with a 30-year investment career spanning BlackRock, Merrill Lynch, Standard Life, and Aberdeen. Author of "Tune In, How to Make Smarter Decisions in a Noisy World."
Key Moments
3:10 - Information access vs. action: Walsh discusses how in investing, everyone has access to the same public information, but having information and acting on it are different things.
3:50 - The donkey story: Walsh shares the parable of a donkey that died from indecision.
5:26 - Elvis and decision context: Walsh explains how she visited Graceland while writing her book and observed how Elvis made bad decisions despite his success, surrounded by sycophants and trapped in his own "bubble of beliefs."
9:21 - The danger of isolation: Discussion about investment professionals making decisions from isolated environments without firsthand experience of what they're investing in.
10:51 - Four factors shaping judgment: Walsh outlines how our decision-making is affected by high-speed environments, data overload, visual dominance, and polarized thinking.
15:28 - Long-term thinking: Baranowski shares how wealthy families with "infinite time horizons" can rise above market noise by looking far ahead.
16:46 - Beyond blind spots: Walsh introduces "deaf spots" (inability to hear accurately) and "dumb spots" (inability to speak wisely) as crucial concepts beyond traditional blind spots.
22:09 - Perimeter judgment traps: Walsh explains her framework of 10 traps.
28:47 - Inaction as decision: Discussion of how procrastination and inability to decide is itself a decision with consequences.
32:28 - Breaking big decisions into smaller ones: Walsh describes "chunking" as a strategy to make overwhelming decisions more manageable.
35:10 - Risk and reward balance: Using the 1996 Mount Everest disaster as an example of how reward-seeking distorts rational judgment.
42:12 - Identity traps: Conversation about how people get labeled in their careers (like "value investor") and how difficult but possible it is to reinvent oneself.
47:21 - Hearing what others don't: Walsh discusses cognitive discipline and tuning in to signals others miss, especially for high-consequence decisions.
52:21 - Slowing down: The importance of creating "decision friction" or "speed bumps for the mind" to interrupt automatic thinking, especially for important choices.
55:45 - Personal definition of success: Walsh shares how her definition has evolved from external achievements to "peace of mind and freedom to do what you want."
Podcast Program – Disclosure Statement
Blue 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.
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This is my appearance on The Art of Quality in Investing Podcast with John Candeto and Paul Higgins. Enjoy!
The Art of Quality Podcast --- This podcast explores the lived experience of those with a deep familiarity with the stories and patterns of quality across business, entrepreneurship, investing and the arts. We have learned like the stoics, stories carry most of the wisdom.
Bogumil Baranowski is the founder of Blue Infinitas Capital, author of three investing books, including Money, Life, and Family, and host of the globally followed Talking Billions podcast.
Trained in the Buffett-Munger school of thought, he brings 20 years of investment experience. Born in Poland, educated across Europe, and professionally shaped in New York City, he has served as a portfolio manager, fund manager, partner, and founding partner at leading investment firms.
At Blue Infinitas Capital, he advises affluent families on both sides of the Atlantic, managing wealth across generations and navigating market cycles.
Bogumil is also a TEDx speaker, a regular at VALUEx Klosters and MOI Global, and a longtime attendee of the Berkshire Hathaway Annual Meeting.
What We Discussed
Trust is the cornerstone of long-term wealth management.Investing is an infinite game, focused on long-term survival, not short-term wins.Effective wealth preservation spans generations and requires engaging the entire family.Crises test the strength of client-advisor relationships and highlight the value of trust.Wealth is deeply emotional, shaping family dynamics and requiring compassion and understanding.Compounding wealth is a nonlinear force—difficult to grasp but thriving with patience and a long-term mindset.Navigating volatility demands emotional intelligence and strong relationships.Honest conversations are crucial for successful wealth transfer.Lessons from nature inspire resilience and sustainable investment practices.Choosing the right clients ensures a more fulfilling and effective advisory practice.Podcast Program – Disclosure Statement
Blue 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.
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If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
Here you will find the audio version of my this week's articles, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue 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.
-
If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue 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.
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Soren Peterson is a 20-year-old investor and co-author (with his sister Maya Peterson) of "The Early Bird: The Power of Investing Young." Soren has been investing since the age of 7 and brings a unique perspective on building wealth through long-term investing from an early age.### Episode Highlights### Early Beginnings (03:47)- Started investing at age 7 when his father gifted him one share of Nintendo- "Invest in what you know" was one of his first investing lessons- Began attending Berkshire Hathaway annual meetings at age 10### Family Influence (05:08)- Father emphasized coding and investing as essential skills- Mother taught financial discipline and savings habits to fund investments### The Power of Ownership (06:08)- Young Soren couldn't believe he could own a piece of a real business- The transformative realization that stocks represent actual business ownership### Challenges for Young Investors Today (08:32)- Student loan burdens creating financial headwinds- Need for better financial education amid technological access to markets### The Magic of Compounding (11:11)- Focus on long-term, value-based investing rather than short-term gains- Research showing how investing summer job earnings can fund retirement- The exponential growth effect that most people underestimate### Signal vs. Noise in Investing (16:49)- The challenge of finding quality information amid overwhelming financial noise- The emotional and psychological aspects of successful investing- How luck and early exposure created opportunities### Seeing Businesses Everywhere (20:43)- How investing changes your perspective on everyday brands and companies- Writing to Lego at age 8 asking why they weren't publicly traded- Viewing businesses through an analytical lens and thinking about competitive advantages### Business Ownership vs. Stock Trading (24:55)- The importance of competitive advantages in high-quality investing### Circle of Competence and Learning (29:15)- The danger of overconfidence in your investing abilities- Learning from friends about products and services you don't personally use- Asking better questions about why people choose certain brands or services### Investing as a Lifelong Pursuit (33:55)- The "coffee can" method of buying high-quality companies and holding them- Looking beyond daily price movements to focus on business fundamentals### The Thesis-Driven Approach (41:11)- Staying focused on your original investment thesis- Not cutting off compounding at the knees when things are working well### Learning from Mentors (51:16)- Learning from both successes and failures—your own and others'### Defining Success (62:20)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.
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FULL BONUS EPISODE: This is the Excess Returns Podcast episode -- please look up all their wonderful content, and listen to it here in case you missed it. It's with Chris Mayer, Matt Zeigler, and me. It's been one of the highlights of my recording year. Tune in and enjoy!
In this episode of Excess Returns, Matt Zeigler is joined by special co-host Bogumil Baranowski to sit down with Chris Mayer. As the author of the acclaimed book 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, former editor of influential newsletters, and co-founder of Woodlock House Family Capital, Chris brings a wealth of experience and a unique perspective to the table. In this conversation, we dive deep into the world of long-term investing, exploring timeless principles, the impact of AI on future opportunities, and the mindset required to identify and hold onto extraordinary businesses. Whether you're a seasoned investor or just starting out, this episode is packed with wisdom to help you navigate the markets with patience and purpose.
Main Topics Covered:
The potential for 100-bagger stocks in emerging industries like AI and how time reveals the winners.
The "twin engines" of growth and multiples, and why great businesses often trade at high valuations.
The merits and challenges of concentrated investing in a market dominated by giants like the "Mag Seven."
Strategies for dealing with drawdowns and maintaining conviction in great companies through volatility.
The importance of aligning investment strategies with the right type of capital, especially for family wealth.
How experiences as a banker, newsletter editor, and board member shape a business-owner mindset.
The role of boards in capital allocation and setting incentives that drive long-term value.
Insights from general semantics as a tool for critical thinking and avoiding investment pitfalls.
The power of journaling to track evolving thoughts and foster humility in investing.
Why patience is the ultimate lesson for investors and how to tune out market noise.
Podcast Program – Disclosure Statement
Blue 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.
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A stormy week is behind us; here are some calm and wise words that you might appreciate this weekend.
I distilled my 3 long podcast interviews with Chris Mayer (100-baggers) and 3 of his books into this 10-minute recap. Enjoy!
If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
FIND the full article covering the same idea on my Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue 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.
-
If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue 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.
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