The Alchemy of Money – Détails, épisodes et analyse

My conversation with Lyn Alden, author of Broken Money.

Twitter: @LynAldenContact

Disclaimer: I write and podcast for entertainment purposes only. This is not investment advice.

I recently had the pleasure of speaking with Jonny Miller, writer, podcaster, and breathwork facilitator. Jonny wrote some of my favorite recent pieces, including the amazing operating manual for the nervous system and How to Pay Off Your Emotional Debt. Jonny also puts together terrific small wikis like this one on emotional resilience, the ‘spiritual MBA’ and Somalist (‘a global directory of somatic practitioners + trauma-aware bodyworkers’).

We talked about breathwork and its benefits and risks (including Wim Hof), ‘state over story’ and the ability to change the state of your own nervous system, Jonny’s own journey, the $55,000 he spent exploring various modalities and experiences to find the most impactful ideas (including super interesting stuff like darkness meditation), emotional debt, repressed anger, and men’s work.

In the context of a breathwork journey, incomplete reflexes will rise to the surface and they will be felt. The body will move in a certain way, and then there'll be relaxation. It's almost like layers of an onion that keep on unpeeling. The more we become comfortable with feeling the full spectrum of emotions, the more that these deeper pieces start to arise.

We tend to focus on the outer journey, the how of success. How to spot opportunities, how to invest, how to build a business. Mastering the inner journey is equally important: both understanding your why and having the tools and practices to master the stress and setbacks along the way. That’s one of the lessons of the maze. Remember: great investors are survivors and experts at cultivating resilience.

We have what I think of as this Cartesian hangover, almost going back to Descartes, of this mind-body dualism. I think the rational brain, the intellect, the kind of left-hemispheric way of perceiving the world has been very prioritized and almost worshiped in our culture.

Controlling your mind, mastering your mind, mindfulness, all of these things have been really, really emphasized. I think what is starting to happen is the pendulum swinging back to, ‘oh no, there is no actual distinction between the brain and the nervous system.’

Alix Pasquet III is the Managing Partner and portfolio manager at Prime Macaya Capital.

Disclaimer: The information contained in this summary has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase any interests or shares in any of the funds managed by Prime Macaya Capital Management LP.  Any such offer will be made only pursuant to an offering memorandum and the documents relating thereto describing such securities (the “Offering Documents”) and to which prospective investors are referred.  This summary is subject to and qualified in its entirety by reference to the Offering Documents.  An investment in those funds carries certain risks, including the risk of loss of principal.    While all the information prepared in this presentation is believed to be accurate, Prime Macaya Capital Management LP makes no express warranty as to the completeness or accuracy nor can it accept responsibility for errors, appearing in the presentation.  Other events which were not taken into account may occur and may significantly affect the returns or performance of the fund.  Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. This summary is provided to you on a confidential basis and is intended solely for the use of the person to whom it is provided.  It may not be modified, reproduced or redistributed in whole or in part without the prior written consent of Prime Macaya Capital Management LP.

My conversation with Adam Mead, author of The Complete Financial History of Berkshire Hathaway.

You can find the full essay on Julian Robertson at: neckar.substack.com/p/the-tiger-that-was-a-wolf-lessons

This conversation was recorded in June 2022. You can find a full transcript at manual.withcompound.com.

Alix Pasquet III is the Managing Partner and portfolio manager at Prime Macaya Capital. Notes on substack. Presentation on youtube.

Disclaimer: The information contained in this summary has been prepared solely for informational purposes and is not an offer to sell or purchase or a solicitation of an offer to sell or purchase any interests or shares in any of the funds managed by Prime Macaya Capital Management LP.  Any such offer will be made only pursuant to an offering memorandum and the documents relating thereto describing such securities (the “Offering Documents”) and to which prospective investors are referred.  This summary is subject to and qualified in its entirety by reference to the Offering Documents.  An investment in those funds carries certain risks, including the risk of loss of principal.    While all the information prepared in this presentation is believed to be accurate, Prime Macaya Capital Management LP makes no express warranty as to the completeness or accuracy nor can it accept responsibility for errors, appearing in the presentation.  Other events which were not taken into account may occur and may significantly affect the returns or performance of the fund.  Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur.  This summary is provided to you on a confidential basis and is intended solely for the use of the person to whom it is provided.  It may not be modified, reproduced or redistributed in whole or in part without the prior written consent of Prime Macaya Capital Management LP.

I am a big fan Marc Rubinstein and his Net Interest substack and was very excited to finally record a conversation with him. Marc previously covered financials and fintech as a research analyst and hedge fund investor and now shares his takes on the sector with his readers on a weekly basis. It’s a very well written and insightful lens on a fascinating corner of the market.

We talked about banks, fintech, the importance of incentives and culture, payments, the need to watch regulators, how alternative asset managers have been picking up business from investment banks, and the danger of relying on the view of CEOs too far removed from the risk.

You can find show notes on the substack.

“We begin our lives as growth stocks and end our lives as value stocks.”

I’m happy to share my conversation with my friend Nick Maggiulli who writes the excellent personal finance blog Of Dollars and Data. Nick just came out with his first book: Just Keep Buying: Proven Ways To Save Money And Build Your Wealth. He uniquely combines his data-driven research with a personal perspective and I really like that he distills the work down into rules that are effective yet pragmatic. His advice is free from some of the guilt-driven personal finance drivel (save on avocado toast to get wealthy..). We talked about the book, his writing process, the optimal level of fame, and why he thinks people should not pick stocks themselves.

“Fear has a far greater grasp on human action than the impressive weight of historical evidence.” Jeremy Siegel “You have to keep reminding yourself of that quote. It's my favorite investment quote, because it's the only thing that keeps me from letting my behavior take over from my logic.” Nick Maggiulli

Hello everyone,

I’m excited to share my second conversation with Sebastian Mallaby. Last time, we discussed his book More Money Than God. A quote from that conversation stuck with me:

“The key was to do an unreasonable amount of preparation work. It shows you're serious and not wasting people's time by asking the obvious questions."

This time, we discussed The Power Law (see my write-up) in which he tackled the history of venture capital. The two worlds make for an interesting contrast: venture capitalists, networkers by nature, are more willing to meet and chat. But they’re also natural storytellers which presents a challenge in the search for truth. In his book, Mallaby tried to disentangle luck and skill in venture investing, how to build winning and lasting cultures, and the importance of VCs for silicon valley.

And while he admits that individually “the story of every bet can seem to hinge on serendipity,” he argues that over the long run, “the best venture capitalists consciously create their luck.” Individual venture capitalists can “can stumble sideways into fortunes” and at times it seems like luck beats diligence and foresight. The best however, “work systematically to boost the odds that serendipity will strike repeatedly.” “The great challenge at venture partnerships is that the principals must refrain from killing each other.” Michael Moritz “When people write about the venture business, they’re always writing about the startups we back. They never write about the most important investment we make, which is in the business.” Michael Moritz. "The fast moving of ideas, people and money until they reached their optimal use, that’s what made Silicon Valley worked. That’s what made innovation turbocharged. "But where did that fast circulation come from, and my argument is it comes from venture capitalists."

I had a lot of fun digging into these questions with him. I hope you enjoy the conversation.