Episodi
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A fascinating, wide-ranging discussion.
John Candeto is the Founder and Managing Partner of the Phronesis Fund. Co-Founder of JoinWDA (Workforce Data Alliance).
Tom Morgan connected us. We met at Markelâs meeting in Richmond earlier this year. Iâve been looking forward to this conversation, and you will see in a moment why.
John applies the study of Complexity to investing, and he is open to discussing it with others, please feel free to reach out to him.
Takeaways:
Survival is a crucial aspect of investing.
Exposing oneself to power law outcomes is essential for wise wealth growth.
Volatility is not the same as risk; risk involves the potential for permanent loss of capital.
Traditional statistics and averages have limitations in understanding complex systems and long-term investing.
Taking a long-term view in investing allows for a different perspective and reduces the focus on short-term fluctuations.
Power laws are prevalent in various aspects of life, such as economic output and company size.
Living by a set of values helps prioritize and make intentional choices.
Learning in public and engaging in feedback loops accelerates personal growth and understanding.
Asking the right questions is essential in navigating complex issues and finding valuable insights.
Writing family stories can help reflect on values and create a sense of gratitude.
Balancing structure and serendipity is important for productivity and creativity.
Here are some resources that could help with your prep:
JohnCandeto.com (links to everything)
HowWeWantToLive.com (family values and journey)
Partnership Letters
Power Laws Rule the World
Partnership Summary
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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RP Stevens is the author of The Sloth Investor book, the host of a podcast, and a YouTube channel with the same name. He is a personal finance author & YouTuber. He is committed to educating people about how to invest their money in a common-sense, âsloth-likeâ manner.
RP firmly believes that the slow-moving, inactive sloth is THE best animal to characterize successful investing.
After we stopped recording, he shared with me how he received a personal note from his proofreader who read the book â instead of a harsh feedback that he feared, he learned the she never thought investing is for her, and now she wants to become an investor herself â to me itâs the best testament to what this book can do for many listeners curious to embrace investing as a lifelong pursuit.
It was a late night recording for RP, early morning for me, we kept talking long after I hit stop â I greatly enjoyed this conversation, and I hope you do, too.
https://slothinvestor.co.uk/
Takeaways
Investing requires a long-term mindset and patience.
Minimizing regrets is a key factor in investment decisions.
Investing should be viewed as business ownership.
The 'Sloth Investor' philosophy promotes a less is more approach.
Financial literacy is essential for overcoming psychological barriers to investing.
Time in the market is more important than timing the market.
Investing should continue even after retirement.
The idea of 'forgotten money' emphasizes long-term investment strategies. The stock market's returns can vary significantly year to year.
Volatility can create both discomfort and buying opportunities.
Investing consistently is crucial, regardless of market conditions.
Loss aversion can impact how investors perceive their portfolios.
Success is defined by how we treat others and stay true to ourselves.
The importance of lifelong learning and curiosity in investing.
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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Episodi mancanti?
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My guest today is Christopher Begg. Chris is a successful long term patient value investor who seeks high quality, he is also a professor and teaches the Ben Grahamâs Security Analysis Course at Columbia University in New York. He also loves the ocean and water sports, especially surfing, which, from what I can tell, makes him an even better investor.
Christopher Begg is President/Chief Investment Officer/Co-Founder at East Coast Asset Management, Inc. & Adjunct Professor at Columbia Business School in New York City.
https://www.linkedin.com/in/christopherbegg/
We talked about:
The Evolution of Investing Philosophy
Patience in Investing
Understanding Value 3.0
Teaching Ben Graham's Principles
The Infinite Game in Investing
The Role of Freedom in Success
The Importance of Questions Quality in Investing
The Influence of Nature on Investment Philosophy
The Search for Truth in History
The Art of Learning and Memory
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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My guest today is Dan Solin â he practiced law in New York City, he represented investors harmed by the misconduct of brokers, he worked as a registered investment advisor, he is a New York Times bestselling author of the Smartest series of books, including the Smartest Money Book Youâll Ever Read â today, we talk about his book Ask: How to Relate to Anyone â I absolutely loved the book, I greatly enjoyed this discussion, and I immediately called it a masterclass in the art of conversation with a focus on investment advisors becoming better at what we do.
Dan Solin is the New York Times bestselling author of the Smartest series of books, which include The Smartest Investment Book Youâll Ever Read, The Smartest 401(k) Book Youâll Ever Read, The Smartest Retirement Book Youâll Ever Read, The Smartest Portfolio Youâll Ever Own, The Smartest Sales Book Youâll Ever Read and The Smartest Money Book Youâll Ever Read. He is also the author of Ask: How to Relate to Anyone and Does Your Broker Owe You Money?
In 2005, he testified as an investor advocate before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services in the U.S. House of Representatives.
His latest book is Wealthier: The Investing Field Guide for Millennials. The website for Wealthier is
https://wealthierbook.com
.
Dan is a regular blogger for Advisor Perspectives.
Dan graduated from Johns Hopkins University and the University of Pennsylvania Law School.
He practiced law in New York City for many years before retiring. As an attorney, he represented many investors harmed by the misconduct of brokers.
He was formerly a registered investment advisor with several prominent advisory firms.
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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Itâs a Fireside Chat today. Jeremy Deal, a good friend and fellow investor, asks me about my investment practice, my philosophy, my experience managing multi-generational family fortunes with an infinite investment horizon, and more.
Blue Infinitas Capital, LLC
Jeremy Deal is the founder of JDP Capital Management. JDP is a private partnership that makes investments in public stocks where the quality and durability of future earnings power is not reflected in the price. The fund's goal is to buy and hold a handful of businesses that can survive and thrive over long periods of time.
www.jdpcap.com
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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My guest today is Meir Statman, he is a professor of finance, author, expert in behavioral finance. We talk about his newest book: **A Wealth of Well-Being: A Holistic Approach to Behavioral Finance â** I learned a lot, and I trust that you will too.
Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance. He describes people as ânormal,â neither computer-like ârational,â nor bumbling âirrational,â and attempts to understand and explain how normal people make choices and how these choices affect their well-being. Meir's research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the CFA Institute Research Foundation, and the Investment and Wealth Institute (IWI).
Meir is a member of the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management, the Journal of Retirement, the Journal of Investment Consulting, and the Journal of Behavioral and Experimental Finance; an Associate Editor of the Journal of Behavioral Finance and the Journal of Investment Management; and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, two Bernstein Fabozzi/Jacobs Levy Awards, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards.
Meir was named as one of the 25 most influential people by Investment Advisor magazine. He consults with many investment companies and presents his work to academics and professionals in many forums in the United States and abroad. Meir received his Ph.D. from Columbia University, and his B.A. and M.B.A. from the Hebrew University of Jerusalem.
Takeaways
Balancing saving and spending is important for financial well-being.
Life well-being is achieved through living a satisfying life full of meaning and purpose.
Money plays a role in various domains of life, including financial, social, cultural, and personal.
Envy and other emotions related to social status can impact happiness.
Knowing your comparison group and focusing on your own achievements can lead to greater contentment.
Self-control is essential when saving for the future, and it's important not to dip into capital except when necessary.
Finding a balance between saving and spending is crucial, as some people become so focused on saving that they forget to enjoy their wealth.
Involving the next generation in financial planning is important for creating a multi-generational wealth strategy.
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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 life-changing book and conversation
My guest today is Peter Atwater; he is a Wall Street veteran and the author of a wonderful book, The Confidence Map. We are talking about everything from investing and navigating the financial crisis to what it takes to be a successful money manager. We are learning from airplane pilots, pandemic-era doctors, and more. Peter proposes an eye-opening framework, a map that has already helped me in my professional life in many ways, and I think it could guide you in your endeavors as well. Please help me welcome, Peter Atwater.
When Peter Atwater turned 45, his son said, âDad you are halfway to ninety.â Three months later he left a very successful career in financial services to do something different. After helping several hedge funds successfully navigate the 2008 banking crisis, that âsomething differentâ turned out to be studying confidence.
Tossing aside his academic training in economics and his experience on Wall Street, Atwater turned to social psychology and discovered that not only do we act as we feel, but we do so consistently, too. To paraphrase Mark Twain, history rhymes for a reason.
Today, Atwater is a recognized expert on the impact of confidence on individual and group decision-making. He teaches classes on the topic at his alma mater, William & Mary. And when he isnât in the classroom, you can find him leading corporate retreats, speaking on stage, and offering his insights on current events on CNBC and Bloomberg Television and in the Financial Times, the Wall Street Journal and Time Magazine.
In his book, The Confidence Map, Atwater shares the tools and framework he uses in his work with business leaders, investors, coaches, and public policymakers.
Website:peteratwater.com
Twitter: @peter_atwater
Book: https://www.amazon.com/Confidence-Map-Charting-Chaos-Clarity/dp/0593539559
Takeaways:
Confidence is a key factor that underpins the important choices we make.
The confidence map consists of four quadrants: comfort zone, stress center, passenger seat, and launch pad.
Understanding our emotions and stories can help determine our position on the confidence map.
Trust is essential in both personal and professional relationships, and it is earned through consistent actions and experiences.
Having clear principles and a philosophy in investing provides a solid foundation, while allowing for flexibility in individual actions.
In times of crisis, shared processes and procedures are crucial for effective decision-making and reducing improvisation.
Creating slack and choosing what to focus on can help navigate uncertainty and maintain a sense of control.
Success is not solely about personal achievements, but also about helping others succeed and leaving a positive impact.
Podcast Program â Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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Today, I answer your questions!
Welcome to the 100th Episode of Talking Billions. I am answering your questions about money, life, family, wealth, investing, and even my coffee-drinking habits. At the end of the episode, I reveal two big announcements: 1) an exciting project Iâm working on, 2) a secret search that one of my fans embarked on â tune in, listen till the end, and maybe you can help with the latter!
As always, if you like the show, and this episode in particular, please share it with a friend or a family member who would enjoy it, too! I appreciate it.
In the episode, I mention:
An Infinite Conversation with Bogumil Baranowski: https://pkkozanov.substack.com/p/an-infinite-conversation-with-bogumilâ
The Three Escape Velocities of Money
https://bogumilbaranowski.substack.com/p/the-three-escape-velocities-of-money
The 100 Year Question at the Berkshire Hathaway Annual Meeting https://www.youtube.com/watch?v=we72dWa86Ok&list=PLT3hkIb1kzgMb-FHzLhmx_mDu8fnDzK94
James Carse on Sean Delaneyâs Podcast What Got You There https://youtu.be/IjeS4RKIJ2o?si=roGGAgrG4IL1ihCV
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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(Iâll be posting two episodes per week for a little bit to catch up with all the summer recordings. Enjoy!)
My guest today is Michael McCloskey, who founded and manages Greenskeeper, a value investing firm. Michael and I met at Guy Spierâs VALUEx Conference. We snowshoed together in the Swiss Alps at some point and shared many conversations both in Switzerland and at Buffettâs Berkshire Meeting in Omaha. Today, we talk about thoughtful, disciplined stockpicking, and the passion for a particular kind of investing, and lessons from running an investment firm.
Michael graduated with a dual J.D./M.B.A. degree after completing his undergraduate degree in Mathematics. He is an Ironman finisher, an avid golfer and cyclist, and a voracious reader. He and his wife have two daughters and live in the suburbs of Toronto.
Takeways:
Childhood experiences and upbringing can shape an individual's curiosity and interests in the world of investing.
Being different and embracing one's unique perspective is important in standing out as an investor.
A background in law can provide valuable skills and knowledge that can be applied to investing, such as understanding contracts, property rights, and securities law.
Investing is a continuous learning process, and investors evolve and improve over time.
Mistakes are opportunities for learning and growth, and it is important to be honest with oneself about them. Learning from mistakes and being self-aware are crucial in investing.
Investing alongside clients creates alignment of incentives.
Long-term thinking and low portfolio turnover can lead to success.
The ValueX community provides support and knowledge-sharing.
Success is maximizing opportunities, being content, and having the freedom to choose.
Website:
www.greenskeeper.ca
Sign up for our free quarterly newsletter - The Scorecard:
https://www.greenskeeper.ca/scorecard-newsletter/
Social Media:
LinkedIn:
https://www.linkedin.com/company/greenskeeper-am/
Twitter/X: @GreensKeeperAM
YouTube:
http://www.youtube.com/@greenskeeperassetmanagemen6259
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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My guest today is Steven Gorelik, in the spirit of keeping these intros short, find all about Steve in the notes. In two sentences â Steve was born in Belarus during the Cold War, moved to the States, fell in love with investing, and has a lot to share both about the US market and the Eastern European markets.
In my mind, both experiences build on top of each other and complete a much deeper, broader perspective that can be very helpful in long-term investing. If you want to hear more about how investing in two very different regions can make you a better investor, tune in, and listen to our conversation.In addition to being Head of Research at Firebird Management, Steve Gorelik is the Lead Fund Manager of Firebird U.S. Value Fund as well as portfolio manager of Firebirdâs Eastern Europe and Russia Funds. He joined Firebird in 2005 from Columbia University Graduate School of Business while completing education from a highly selective Value Investing Program. Prior to business school, Steve was an operational strategy consultant at Deloitte working with companies in various industries including banking, healthcare, and retail. He holds a BS degree from Carnegie Mellon University as well as a CFA (chartered financial analyst) charter and a membership in Beta Gamma Sigma honor society. Steve serves on the number of supervisory boards of listed and private companies in the Baltics. He speaks Russian, English and his native Belarussian.www.fbird.com
Takeaways
Understanding the economic environment and incentives is crucial for successful investing in different regions.Family ownership in Eastern European businesses often leads to long-term decision-making and alignment with investment approaches.Corrupt democracies pose challenges for investment decisions, while non-corrupt democracies provide more stability.Investing in the best financial institutions in growing economies can lead to significant returns. Local knowledge and understanding of the local market is crucial for successful investing.Banks play a crucial role in the economy and can benefit from long-term growth trends.Being a minority shareholder requires careful consideration of the company's treatment of minority shareholders.Having conviction in investment decisions is important, but it's also necessary to admit when you're wrong and make necessary adjustments.Investing in companies with shrinking addressable markets can be risky and may lead to poor returns.The concentration of market performance in a few companies raises questions about the long-term sustainability of their success.Active management can provide opportunities to outperform benchmark indexes.
Podcast Program â Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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Todayâs guest is Matt Zeigler. Heâs been on Talking Billions before, and he was also the guest host when we turned the tables. Matt asked me questions in Talking Billionsâ very first Fireside chat with the host. He is back, and we have lots to discuss.
Matt is a Managing Director and Private Wealth Advisor at Sunpointe Investments. He helps clients create, align, and manage their financial plans and investment strategies.
Mattâs talent-turned-skill is engaging people on their level. In his words, "Finance may be complex, but it doesnât have to be complicatedâ
Outside of work, Matt has a long-standing interest in all things creativity and culture related. He was born and raised in Pennsylvania and received his undergraduate degree in music from The University of Hartford. You can find him with his eyes on a book, his ears in some music, his nose over the stove, his feet on a trail, and his mind on the markets and the markets on his mind.
Iâve been greatly enjoying his Cultish Creative blog posts, which I highly recommend. Matt has his podcasts â the Intentional Investor and Just Press Record. He also does incredibly insightful reviews of books.
https://cultishcreative.com/
Matt has been generous enough to introduce me to quite a few of his podcast guests, whom I had the pleasure of hosting on Talking Billions. I also did my best to send him a number of fascinating earlier Talking Billions guests.
Matt is one of those souls who leaves every place and everyone better after his visit or appearance, and Iâve been enjoying his positive karmic path in my pursuit of knowledge, wisdom, and understanding.
Today, we discuss a variety of topics. We start with the power of stories and bridges between generations. Matt reminds us of the importance of listening and giving time and attention to others. We take on the topic of nostalgia and a whole variety of experiences around it. We learn about business, money, and economics from the punk rock music scene. Matt shares what it means to be independently happy. Stay tuned until the end, where, right about the moment when we are about to turn off the microphone, Matt tells a very emotional story of one particular painting that has great importance to him, a story that beautifully frames the entire conversation weâve had.
All right, please help me welcome Matt Zeigler.
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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My guest today is Ben Claremon; we connected a while ago and have had many deep conversations about work, life, investing, and more. Not long ago, I was a guest on his wonderful podcast - The Compounders Podcast, where I talked about my career, work, investment style, and my firm - Blue Infinitas Capital — scroll down and look up this episode in the Talking Billions feed or on Ben’s channel.
I’ve been eager to turn the tables on Ben, have him on the show, and ask him more about his unique journey, fascinating investment philosophy, and wide-ranging curiosity about the world of money, wealth, and investing.
Ben Claremon has worked in both private and public equity, with the majority of his career spent as an analyst and portfolio manager at Cove Street Capital, a long-only, public investing firm in Los Angeles. During his career, Ben has developed an expertise in corporate governance, especially within small and microcap companies.
https://devonshirepartners.co/
https://compounders.podbean.com/
In today’s discussion, we explore how listening is crucial in investing, providing deeper insights and guiding better decisions.
We delve into how early experiences and upbringing can spark curiosity, mold one’s relationship with money, and define investment philosophies.
Ben reflects on how enduring challenging times, like the financial crisis, can cultivate risk aversion and a strong focus on downside protection.
Our conversation highlights that building a thriving investment firm demands a client-centric approach, a commitment to partnerships, and a deep focus on relationships.
We uncover how success often lies in tackling what others consider too difficult or unworthy, as Devonshire Investors commit to aligning with like-minded partners.
Ben emphasizes his firm's refusal to engage with excessively transactional or extractive companies or partners.
We discuss the potential to build a premium brand in the microcap space by offering capital solutions to overlooked businesses.
In today’s episode, we explore the enduring value of handshake deals and trust in the investment landscape.
Stay tuned until the end, when Ben shares his thoughts on quality deals.
It’s a wonderful conversation, I especially enjoyed Ben’s memories of spending time with his grandfather and learning about the ins and outs of business… Without further ado, please help me welcome — Ben Claremon.
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. -
David is a passionate investor, and wonderful writer, who shares his insights, and observations in his popular blog.
My guest today is David Diranko. We met at Guy Spier’s VALUEx earlier this year, and spoke since. David is a very thoughtful investor who writes about his process, which rhymes with my philosophy in many ways, though we might be drawn to different hunting grounds. I greatly appreciate his perspective and insights that combine both his passion for investing, and background in data science and machine learning.
David shares his investment research on his blog, http://contrariancashflows.com/ . To gain an edge in the market, he focuses on small companies in overlooked or neglected regions and sectors. When he is not researching companies or writing for his blog, David works as a Data Scientist and Machine Learning Engineer for IBM, and he enjoys spending time with his wife and son.
David holds a BSc in Business Mathematics from LMU Munich and an MSc in Mathematics in Data Science from the Technical University of Munich.
David's blog:
https://contrariancashflows.com/
David's twitter:
https://x.com/DavidDiranko
David's LinkedIn:
https://www.linkedin.com/in/david-diranko/
David shares insights on how to look for temporary issues or challenges in businesses that can be resolved over time. My guest talks about considering the contrarian aspect of investing, going in when others are not interested.
David tells me that math and numbers can provide comfort and a framework for investing. My guest talks about thinking probabilistically and considering risk as a subjective factor in investing. We discuss the accelerating shift in technology and how businesses can change rapidly within a few years.
David emphasizes the importance of continuous learning and adjusting expectations in investing, especially with a longer time horizon. My guest talks about buying tailwinds at a discount and recognizing optionality for successful investments.
We discuss how AI has the potential to empower and enhance human decision-making, but it also has limitations and requires transparency and data ownership. David shares the value of being part of a community of like-minded investors for support, ideas, and feedback.
Stay tuned until the end, when my guest talks about how success in investing is not just about financial gains but also about maintaining a balanced and fulfilling personal life.
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.
Podcast Program – Disclosure Statement -
We talk about why I invest and why I invest in my own particular way for a unique type of clients... John asks some superb questions, the topics get serious, but we have some laughs, too!
My guest host today is John Rotonti â as I shared before, in my mind, John, is a very diligent, thoughtful, deliberate stock analyst with a great gift for teaching others the necessary skills to analyze and evaluate businesses. He is kind, generous, and always so much fun to talk to, so no wonder that I keep inviting him back to show with any excuse I have. He recently delivered a stock picking masterclass here on Talking Billions, look it up, and listen as soon as you can.
John graduated from the University of Richmond with a degree in political science. He also holds a Master of Business Administration (MBA) from Tulane Universityâs Freeman School of Business, where he graduated in the top cohort of his class. In December 2013, he published a book titled "A Manual on Common Stock Investing." Most recently, he was employed by The Motley Fool for nearly 9 years, voluntarily leaving as a level 3 senior equity analyst and Head of Analyst Training and Development. He identifies as a contrarian value investor by nature and due to life circumstances. He has a very successful and incredibly well-produced podcast that I recommend you explore. I also know he is onto some new very exciting projects, follow him on Twitter to hear more.
Today, we turn the tables, and continue a relatively new Talking Billions tradition of Fireside chats with the guest hosts, where they ask questions, and I do my best to answer. Look up Matt Zeiglerâs, Matthew Staffordâs, and Christian Billingerâs fireside chat episode, they are all fantastic, and very very different. Iâm lining up a few more, so subscribe if you donât want to miss them.
In a nutshell, we talk about my investment process, how I work, how I operate, why I invest, and most of all, why I invest in my particular way for a unique type of clients that I love working with. If any of it resonates with you, and youâd like to talk more, head over to Blue Infinitas Capital website or Talking Billions website, and get in touch, I read all my emails.
Without giving too much away, letâs get started!
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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The words of wisdom from Eli Manning's Former Coach from First Victory to Positive Mental Deposits, and More
Investing is very much an emotional, inner game, where lack of confidence, doubt, and worry can get in the way of execution and success.
When I came across the book and work of my todayâs guest, I knew I had to sit down and talk to him more, and with a little bit of luck and his great generosity, record this very special hour-long conversation that made me think, and act differently since we spoke.
Doctor Nate Zinsser is a renowned performance psychology expert who has taught three generations of soldiers, athletes, and executives to master the art of confidence and mental toughness. Dr. Zinsser is the director of the Performance Psychology Program at the United States Military Academy at West Point, the most comprehensive mental-training program in the country, where, since 1992, he has helped prepare cadets for leadership in the U.S. Army. He also has been the sport-psychology mentor for numerous elite athletes, including two-time Super Bowl MVP Eli Manning and the NHLâs Philadelphia Flyers, as well as many Olympians and NCAA champions. He earned his PhD in sport psychology from the University of Virginia.
https://www.natezinsser.com/
Dr Zâs wonderful book is called: **The Confident Mind: A Battle-Tested Guide to Unshakable Performance â** I read it in over a few evenings, and I could barely put it down.
Today, we discuss how confidence is about how we think about what happens to us, not what actually happens. Dr. Z. shares that the 'first victory' is winning in your mind before taking action.
My guest emphasizes that practice brings inconsistent and delayed returns, but it is crucial for improvement. We explore that societal factors often undermine confidence and discourage uniqueness.
Our discussion highlights that patience is necessary in the pursuit of improvement. Be patient and trust the process, as consistent practice leads to growth and progress. Dr. Z. suggests that you find joy in the journey and take pride in the quality of your work and the progress you make.
Today we learn that depositing positive thoughts and memories in your mental bank account builds confidence and certainty. Our conversation reveals that you should view setbacks as isolated incidents and temporary experiences, rather than judgments of your abilities.
My guest points out that you can use memories of effort, success, and progress as cleaner burning fuel for motivation. Dr. Z. advises that you strive for excellence without demanding perfection and focus on doing the best you can with what you have.
Stay tuned until the end when my guest concludes that success is defined as self-satisfaction derived from knowing you did your best with the tools and talents you have.Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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Investor, business journalist, writer, and author of the Nightcrawler Newsletter shares his lessons and wisdom
Eric Markowitz is a Partner and the Director of Research at Nightview Capital. Nightview is an investment management firm that runs a concentrated, "best ideas" public equity strategy for long-term investors. Eric was previously a business journalist and published in The New Yorker, Newsweek, and Inc. magazine, among other outlets. He is a winner of a Best in Business Award from the Society of American Business Editors and Writers. He currently writes The Nightcrawler, an idea-driven weekly newsletter about long-term investing. He resides in Portland, Oregon with his wife and daughter.
www.nightviewcapital.com/thenightcrawler
www.twitter.com/ericmarkowitz
Eric recently made public a very personal story, which touched me and moved me, and I highly recommend it: How a brush with death shaped my long game â https://bigthink.com/the-long-game/how-a-brush-with-death-shaped-my-long-game/ â the link is in the notes to the episode.
Eric was kind enough to feature some of my Substack essays in his newsletter, including my post about the benefits of constraints in wealth money and investing. If you like Talking Billions, youâll probably enjoy Ericâs newsletter.
https://bogumilbaranowski.substack.com/p/benefits-of-constraints-in-wealth
Eric emphasizes attending the Berkshire event in Omaha as a unique experience for investors, offering networking and relationship-building opportunities. We discuss how early memories of money shape one's perspective on investing, highlighting the importance of financial education from a young age. My guest shares what it was like to move from investigative journalism to investing, and which skills translated the best.
Eric tells me the art of asking questions requires active listening and creating a comfortable environment for candid insights. We discuss the importance of curating information in an age of abundant data to provide valuable insights. My guest shares that learning in public through writing fosters continuous learning sharpen thinking and creates opportunities for feedback and connection.
Eric emphasizes the crucial role of trust in investing, noting how body language and intonation reveal insights into company leaders' character. My guest shares that negativity and groupthink hinder long-term investing success, stressing the importance of resilience and adaptability.
Eric tells me success involves addressing problems, supporting longevity, and maintaining physical and mental health. Please stay tuned until the end, when we discuss long-term investing focusing on generational winners, asymmetry, and sustainable practices.
In the last minutes of the episode, my guest shares that success is dynamic, involving stewardship, service, and the pursuit of knowledge.
Podcast Program â Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firmâs 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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We talk about managing family fortunes with an infinite investment horizon.
It’s a Fireside with the host today; Christian Billinger is asking questions, and I’m answering. You need to look up earlier editions with Matt Zeigler, who started this new Talking Billions tradition, and Matthew Stafford. I’ll also mention that the next Fireside chat will be hosted by none other than John Rotonti, who recently gave the Ultimate Stockpicking Masterclass on Talking Billions. John and Matt have their podcast — please look them up as well, I could listen to both all day any day.
Christian and I attended the same investor event in Zurich last summer, John Mihaljevic’s MOI Global. We met again in Omaha days before the Berkshire Hathaway meeting, and shared a beverage, and a great conversation.
I highly recommend Christian’s earlier episode on Talking Billions, where he shares how he invests.
Christian Billinger has invested in European equities for close to 20 years, and more recently for his own investment company, Billinger Forvaltning.
His investment philosophy is focused on owning a small number of great businesses for the long run, and the structure of a private investment company is, in his view, the ideal environment for pursuing this style of investing.
For more information:
https://www.billingerforvaltning.se
Today, we turn the tables, and Christian has some terrific questions that I’m sure you’ll appreciate and enjoy.
We talk about the valuable opportunities that attending conferences and events in the investment industry provides for learning from others, building relationships, and expanding one's understanding of various investment approaches.
We discuss the distinction between large institutional managers who focus on sales and product-driven strategies and smaller independent thinkers who prioritize relationship-building and personalized services for clients.
We share insights on building relationships with clients in the investment industry, emphasizing that it is a long-term commitment requiring trust, care, and an understanding of their unique needs and goals.
We highlight that independence and innovation are crucial in creating a successful and fulfilling investment practice. Time and attention are valuable assets for investors and business owners.
I share how wealth preservation is as important as wealth creation, and it requires careful decision-making and risk management.
Christian asks me about my writing, and why I find it helpful in my investment practice.
We have a thoughtful discussion about potential new clients, how the right match between a money manager and a client matters.
We take on benchmarks and discuss the importance of fundamentals in stock analysis.
Stay tuned until the end, when we talk about dealing with underperformance and managing money.
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. -
What if being wealthy was all about rewriting the mental software we run on?
My guest today is John Purkiss. He is the author of a truly wonderful book, a best seller called the “Power of Letting Go.”
John has had a successful corporate career first, learned mindfulness later, only to combine both in his later and current pursuits.
John studied economics at Cambridge University and began his career in banking and management consultancy. He then completed his MBA at INSEAD, where won first prize. Within three months John was diagnosed with clinical depression, which nearly proved fatal. He began searching for a solution, which led him to learn mindfulness and become an executive search consultant, recruiting senior executives and board members. He also began to invest in high-growth companies. John then learned Transcendental Meditation. In 2014 he met his guru, SPH Sri Nithyananda Paramashivam.
http://johnpurkiss.com
In our conversation, we delve into how childhood experiences shape one's identity and leave a lasting impact on life. John highlights that traumatic childhood events can create pain patterns that drive success but may eventually lead to breakdown. We explore two approaches to life: living through the mind or surrendering to a higher intelligence. Embracing and merging with this higher intelligence can result in a natural life flow and magical outcomes.
There's a notable connection between consciousness and wealth; a shift in consciousness can enhance abundance. Our beliefs and expectations about money can impede our ability to manifest wealth. By disengaging from thoughts, or "unclutching," we can access a state of pure consciousness. Pain patterns or incompletions, stemming from past experiences, shape our beliefs and behaviors. Recognizing and releasing these patterns can transform our external reality.
John emphasizes that hard work alone isn't enough for success; a higher intelligence can guide us. While Western views often suggest that matter creates consciousness, Eastern traditions argue that consciousness is the source of everything, with matter being an epiphenomenon. Practices like meditation tap into this underlying consciousness that drives everything. Accessing a higher intelligence can provide answers to difficult questions. Letting go of the need to be right and considering different perspectives fosters understanding and growth. John concludes that true success means living in enlightenment, fulfilling one's potential, and manifesting health, wealth, and relationships.
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. -
My guest today is Lucas Miller; it’s his second time on the show; please look up his earlier episode. I highly recommend it. We met over a year ago in Zurich, where I shared with a small group of investors what I learned about my life, investing process, and work in general during the unusual pandemic years. We bonded right away since Lucas told me that my lessons rhyme with what he is studying and researching as a cognitive neuroscientist and human performance researcher at UC Berkeley’s Haas School of Business, where he is the youngest faculty member.
At Berkeley, Lucas teaches MBA students and is best known for his course called "Becoming Superhuman: The Science of Productivity and Performance".
Since COVID began, Lucas has given over 600 talks and keynotes to financial institutions, private equity firms, and investment funds on how to optimize their workflow and enhance creative thinking.
He’s been featured in Forbes, Wired, and the Wall Street Journal
Few might now, that when Lucas was 21, he published his first book on the science of successful learning and getting work done. He wrote most of the book during a summer off in Nepal, and, of all places, the book became most popular not in America, but in Hong Kong! I’m including a link to a free digital copy in the notes to episode: bit.ly/beyondbrilliance
Today, we discuss the aim of artificial intelligence (AI) to recreate human intelligence, its evolution with large language models like ChatGPT, and its ability to generate answers and summaries from vast amounts of data, despite occasional inconsistencies and hallucinations.
Lucas shares that outsourcing lower-level thinking to AI tools allows humans to focus on higher-level tasks and ask better quality questions, emphasizing the need to verify AI-generated information and ensure accuracy and reliability.
My guest tells me to avoid overconfidence in AI and to maintain human judgment in decision-making.
We explore how AI can automate low-impact tasks, augment human work, and transform industries, noting that the speed of AI adoption and improvement is faster than previous technological revolutions.
We highlight that AI can enhance human capabilities and elevate work, but certain tasks will always require human involvement.
We talk about the impact of AI on different fields and tasks, which will require individuals to adapt and find new ways to add value.
Lucas shares insights on how the brain evolved to help humans survive and reproduce, not to optimize and make rational decisions, leading to errors in thinking and judgment due to its limited capacity and finite processing power.
My guest tells me that AI cannot replace human qualities such as trust, empathy, creativity, and moral judgment.
Stay tuned until the end, when you will hear how success for AI in the next 50 years would look like.
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. -
Itâs Sunday. On weekends, I usually put the finishing touches on the upcoming episode. I wonât say what it is; Iâll let it be a surprise, but itâs a really special conversation that made me thinkâyouâll find out tomorrow.
As I was recording the episode's intro, it dawned on me that it might be a good time to record this bonus episode.
Itâs been on my mind for a while to share with you what Iâm reading. Of course, I read books, newsletters, shareholder letters, articles, and more produced by my upcoming guests, but I also read beyond that. With certain persistence, luck, synchronicity, and serendipity, some of those reads will lead to new guest invitations and episodes.
This week I want to share with you my thoughts on the The Book of Charlie: Wisdom from the Remarkable American Life of a 109-Year-Old Man Book by David Von Drehle. I already lined up his other books for future reading.
Iâll start with the writing style; I just love the way the author writes. It reminds me of how my brain works and how I like to collect information and learn.
I picture an ever wider embrace; your arms go out to the sides, and you catch as much as possible, more than you thought.
The spark of curiosity that starts with a singular bit of information, one idea, takes me on a wide and long-ranging journey. I return like an avid traveler with pockets, backpacks, duffels, and suitcases of memories, ideas, images, and observationsâthe heavier, the better.
Thatâs the image I have in mind, and the author delivers on that front more than any other right in can think of right this minute.
He tells the true story of a neighbor he meets, a centenarian, Charlie White, who lives in Kansas City. He tells the story in a very unique way. We learn not only about Charlieâs eventful, rich, challenging, and inspiring life but also about the big and small historical backdrop of the life he lived in a century that took us from horse carriages and early radio to space travel, social media, and video calls, and more. Charlie was a doctor and physician, and his profession has undergone an equal, if not bigger, transformation than the world around him.
As a licensed pilot myself, I love open skies. Therefore, I had to appreciate the brief but important story of Charlieâs marriage to a famous woman pilot, a legendary aviator who grew up with Amelia Earhartâs accomplishments in the sky and lived a dream of her own.
The author mentions Walt Disney, Ernest Hemingway, President Truman, and other historical figures whose paths crossed or overlapped with Charlie's.
Without giving too much away, Iâll tell you that youâll meet the prohibition-era gangsters, and youâll head out on an expedition to the Amazonian jungle.
Beyond the story of one person, Charlie White, we learn about what it takes to live a good life, and David Von Drehle dives into psychology, philosophy, and science that propose an interpretation, explanation, and maybe even a blueprint for a life well lived.
Iâll drop a hint here that perseverance, optimism, and ingenuity can help as much as turning challenges and lifeâs dead ends into opportunities and new vistas.
There arenât many books I canât put down for a few days until Iâm done; this one was such a book.
If anything of what you just heard resonated with you, donât hesitate to pick up the book and send me an email sharing your thoughts. I donât know the author, but Iâd love to meet him; I donât get anything in return for sharing my thoughts here; if you get the book, consider it a good friendâs reading recommendation.
Itâs just the opinion of one curious reader who couldnât keep it to himself, what an incredible read it was.
I was so moved by the book that on this beautiful Sunday, I felt compelled to share it with you.
Have a lovely afternoon, and tune in tomorrow for the regular Talking Billions episode.
NOT INVESTMENT ADVICE. Full disclosure: https://www.talkingbillions.co/
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