Talking Billions with Bogumil Baranowski – Details, episodes & analysis

It's Chris' third time on the show -- check out the earlier episodes, both are among the top ten all-time downloads.

My guest today is Chris Mayer, he is a professional investor, best-selling author, expert on general semantics and more.

He is a portfolio manager and co-founder of Woodlock House Family Capital, and the author of 100 bagger, How do you know, Dear Fellow Time Binder, World Right Side Up, and Invest Like a Dealmaker.

It’s his third time on the show — consider listening to the previous two episodes before or along with this. It’s always such a joy to speak with Chris, and this episode is no different. Enjoy!

Summary

In this conversation, Chris Mayer discusses the nuances of investing, emphasizing the importance of clear communication with investors, the long-term perspective of family wealth, and the evolution of investment research. He highlights the significance of patience in compounding, the role of catalysts in stock performance, and the need to embrace uncertainty.

Chris also contrasts dynamic and static value investing, explores the impact of passive investing on market dynamics, and reflects on how general semantics has influenced his investment thinking. In this conversation, Chris and Bogumil explore the themes of lifelong learning, the importance of humility in understanding knowledge, and the principles of investing that should be passed down to future generations.

They discuss the mindset of an immortal investor, the impact of news on market perceptions, and the significance of quality over startup risks in investment strategies. The conversation also delves into cultivating patience in an impatient world, the nature of success and failure, and the subjective understanding of quality in business.

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 Brent Beshore, he is the founder and CEO of Permanent Equity, a private equity firm that uses 30-year funds to invest in and partner with companies that care what happens next. He is the author of a wonderful book: The Messy Marketplace, Selling Your Business in a World of Imperfect Buyers. Summary In this conversation, Brent Beshore, founder and CEO of Permanent Equity, discusses his unique approach to private equity, emphasizing long-term ownership and the importance of understanding the businesses he acquires. He shares insights from his upbringing, his journey into investing, and the reasons why business owners choose to sell. Brent highlights the significance of customer loyalty and the characteristics of ideal businesses, while also addressing the challenges of running a small business. In this conversation, Brent Beshore discusses the complexities of buying and selling businesses, emphasizing the human elements involved in transactions. He explores the chaos often present in small businesses, the reasons owners choose to sell, and the importance of treating people with care and respect. Beshore also highlights the significance of long-term perspectives in business, the challenges faced post-sale, and how success is redefined through a focus on flourishing and healing rather than mere financial outcomes. 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 Julia Carreon, a Business Transformation and Integration Executive. In her own words, in an industry rife with friction and failed projects, she leads teams that are in the 1% of executing reimagined client/advisor experiences. Today, we are talking about the Future of Wealth Management, digital transformation and more.

https://www.linkedin.com/pulse/make-mistake-gen-zs-social-skills-fierce-julia-c-carreon/

https://www.linkedin.com/posts/julia-c-carreon-8318674_courage-opinions-leadership-activity-7201617334648676353-_1dd?utm_source=share&utm_medium=member_ios

Takeaways

Julia's childhood experiences shaped her views on money and power.

Technology should enhance human interaction, not replace it.

Gen Z will demand seamless digital experiences in wealth management.

Understanding generational differences is crucial for effective communication. Listening to clients can reveal valuable insights for service improvement.

Change management is essential for adopting new technologies.

Respecting clients' time enhances the quality of interactions.

Success is defined by the impact you have on others.

Involving the next generation in wealth management is vital for future success.

Leadership is about serving others and fostering their growth.

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.

Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management.

After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries, all across Europe.

In 2015, Luca moved back to his hometown of Turin, Italy, and opened a private consulting practice serving clients worldwide.

He has also published books about management, human behavior, and economics that earned him appearances on the most important conference and podcast in his field, Nudgestock and EconTalk respectively.

Luca lives with his wife Wenlin and his dog Didi, and divides his time between Turin and Singapore.

Luca writes regularly on Twitter (@DellAnnaLuca).

His personal website is www.luca-dellanna.com

Today:

1. We talked about Luca's childhood and upbringing and how it shaped his interest in ergodicity.

2. Luca shared his perspective on how the understanding of time and variance can improve our decision-making process.

3. We discussed how his book is designed to help readers make better decisions that don't ignore time but leverage it. Luca elaborated on the idea of decisions that minimize regret and maximize long-term potential.

4. Luca talked about the concept of survival in both skiing and life in general.

5. We delved into the world of investing where Luca further advised that, over a prolonged period of time, survival dwarfs performance.

6. Luca shared his powerful concept about how irreversible consequences absorb future gains.

7. We talked about the statement, "Do not envy successes that don't reproduce well." Luca shared more about why envy is often misguided and how we should focus on repeatable successes.

8. Luca discussed his perspective that individuals should care about whether a system works for them, rather than if it works on average.

9. Luca explained the difference between ergodic and non-ergodic systems in terms of their outcomes.

10. He recommended investing time and money as a barbell to balance risk and reward.

11. We discussed the idea that extreme risks can outperform skill, and in general, taking small risks is a good strategy.

12. Luca shared his advice on performance measurement, highlighting the pitfalls of narrowing the time frame to increase performance.

13. We discussed how ergodicity can be introduced into life and where non-ergodicity might be positive.

14. Luca talked about the difference between efficiency (a snapshot in time) and effectiveness (a lifetime view).

15. Finally, we discussed how Luca's research has shaped his view of success.

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John M. Jennings is president and chief strategist of St. Louis Trust & Family Office, a $15 billion wealth management firm. As an author and speaker, he is a leading voice in the space of wealth management and leadership. His book, The Uncertainty Solution, is an engaging dive into investing philosophy and best practices as well as an authorita¬tive, accessible guide for anyone who feels inundated with financial news and data.

Jennings is also the author of the highly acclaimed IFOD Interesting Fact of the Day blog, is an adjunct professor at Washington University’s Olin Business School, and frequently writes on wealth management topics for Forbes. He has finance and law degrees from the University of Missouri and a professional certificate in Decision Making and Behavioral Finance from Harvard.

Today:

1. We touched on John's professional turning point, the Financial Crisis of 2008, and how it reshaped his identity and approach towards honesty with his clients.

2. John shared a fascinating study about human behavior.

3. We delved into the topic of information overload in investing. John explained his evolution from an exhausting need-to-know-everything approach to a more balanced, big-picture perspective.

4. We explored the concepts of past performance, regression to the mean, and the roles of luck and randomness in investing, as highlighted in John's book.

5. John unpacked the difference between the unknowable and the unknown in the world of investing, emphasizing the pursuit of knowledge and the struggle for perfection.

6. We discussed the human tendency to simplify complex situations into single-cause explanations and how this often contradicts the intricate nature of the world.

7. John shared an intriguing anecdote about diet choices and health, underscoring the importance of sample size in decision-making processes.

8. John elaborated on his viewpoint that "The stock market is not the economy,"

9. John shared his belief that waiting for perceived safety and economic health is not a profitable strategy, offering a contrarian perspective.

10. We discussed the perils of predictions through stories of Alan Greenspan and a New York hedge fund manager, reinforcing the idea that predictions often fall short.

11. John walked us through the eight best behavior practices he outlines in his book: inactivity, simplicity, investment policy need, margin of safety, long-term focus, avoiding portfolio checks, maintaining a play account, and choosing the right advisor.

https://johnmjennings.com/john-m-jennings-author-speaker-chief-strategist/

His website: https://johnmjennings.com/

His blog "The Interesting Fact of the Day": https://johnmjennings.com/the-ifod/

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Scott Patterson is the author of the New York Times best-selling book The Quants and Dark Pools and a staff reporter for The Wall Street Journal, where has written about hedge funds, high-speed trading, Warren Buffett, the global mining industry, the Jan. 6, 2021 investigation, and climate change. A winner of the Loeb Breaking News Award, Scott has made frequent appearances in the media, including on CNBC, The Daily Show, and Fresh Air.

His work has also appeared in the New York Times, Rolling Stone and Mother Earth News. He has a masters of arts degree from James Madison University. He lives in Alexandria, Virginia with his wife and son.

Today, we focus on his newest book Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis. It is a fascinating deep dive into the world of billion-dollar traders and high-stakes crisis predictors who strive to turn extreme events into financial windfalls.

Today,

1. Scott shared the genesis of his book "Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis," and introduced some of the fascinating characters that readers can get to know.

2. We talked about the increasing focus on chaos, crisis, and market crashes, with Scott highlighting some of the most distressing financial moments of the past 30-40 years and how the individuals in his book profited from them.

3. Scott shed light on a unique aspect of options as explained by Nassim Taleb, one of his book's main characters: their non-linearity. He likened this to fire insurance that triples in value if your home burns down, illustrating how outsized profits can be made during times of chaos.

4. We delved into the concepts of 'Black Swans' and 'Dragon Kings' that feature in his book.

5. We discussed how traditional risk metrics like Value at Risk (VaR), often fail during crisis situations. Scott explained the belief that past events do not accurately predict future correlations during extreme circumstances.

6. We then shifted gears and Scott shared his thoughts about the interconnectedness of financial markets, climate change, and long-term, generational risk.

7. In a lighter moment, Scott spoke about the high number of his characters who ride fast cars or motorcycles, jokingly questioning if there's a hidden correlation worth noting.

8. Last, but not least, we talk about value investing, and Warren Buffett who Scott has covered as a reporter for many years.

https://scottpattersonbooks.com/

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John Rotonti was formerly a Senior Analyst and Head of Investor Training and Development at The Motley Fool. After 9 years at The Motley Fool he is now an individual investor and "free agent" figuring out his next steps.

John is too modest to admit, but he has had a lot of success picking stocks throughout the years, and today he will share his insights, process, and advice for anyone curious about finding good investment for the long-run.

I connected with John through Brad Barrett, best-selling author, and a host of an award winning podcast – Choose FI, where he shares his wisdom about financial independence. Brad was an earlier guest on the podcast, and we had one of the best conversations on the show.

Today, with John,

1. We began our discussion with John's early life, exploring how his upbringing and experiences influenced his relationship with money, investing, and how it ultimately led him to his career path.

2. John shared his insights into what it takes to become a successful stock picker, discussing the criteria and metrics used at Motley Fool, where he was once the highest-ranked stock picker.

3. We talked about a simple yet powerful investment formula that John shared in one of his articles. He explained key concepts like return on invested capital and valuation, why they matter, and how they can contribute to long-term market outperformance.

4. John provided another secret to successful investing: the influence of free cash flow yield. He broke down these concepts for those new to investing, emphasizing their impact on investment return.

5. We discussed the "vital signs" of a business that a stock analyst looks for, according to John. These include a strong balance sheet, return on invested capital, top-line growth, and bottom-line growth.

6. Moving beyond numbers, John shared his thoughts on evaluating good management, highlighting its significance in successful investing.

7. John described his meticulous approach to conducting stock research and shared the importance of using a checklist to avoid overlooking crucial information.

8. We delved into the aspects of buying, holding, and selling stocks. John stressed the importance of patience in active investing and the necessity of adapting to changes in circumstances.

9. John offered advice for investors navigating both major market sell-offs and overheated bull markets, emphasizing the lessons that can be learned from both experiences.

10. To conclude, we talked about John's personal definition of success, exploring what this term means to him in the context of his investing career.

Find John on Twitter: @JRogrow

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My interview with Chloe Lin, Arigato Investor, President of Buffett Online School Japan, Investor, Speaker, 200K TikTok

Chloe is an international speaker and has been invited to travel around the world including places like Japan, China, Hong Kong, Malaysia, Taiwan, Vietnam, and many other countries.

​She also heads the Buffett Online School in Japan and has also been featured in Singapore’s official Chinese newspaper Lian He Zao Bao sharing her experience on how to invest safely as a female investor, and how to achieve consistent results from the stock market.

Together with her team from The Next Level, they have trained over 100,000 students across the world to learn what options trading really works, and helped many investors to grow their wealth safely through simple options strategies.

Chloe: "I just released an in-depth interview with fund manager Bogumil Baranowski on my YouTube channel!
In this interview, we delve into topics such as
1. How to investing safely in this ever-changing world
2. Bogumil's perspective on investing in the US market amidst the rise of China
3. Tips and strategies for cultivating emotional stability
4. The most significant takeaways from the recent Berkshire AGM, among many others.
Thanks Bogumil once again for the amazing sharing and I can’t wait to learn from you more!" https://arigatoinvestor.com/how-to-navigate-the-stock-market-insights-from-bogumil-baranowski/

https://www.tiktok.com/@arigatoinvestor

----

 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book.

To get regular updates and bonus content, please sign-up for my substack: ⁠⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠⁠

Follow me on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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My guest today is Byron Tully, it’s his second time on Talking Billions. I had the pleasure of having lunch with Byron in a Parisian brasserie not long ago. We had a delightful conversation on many of the topics we are both passionate about.

Byron is the author of The Old Money Book - How To Live Better While Spending Less - Secrets of America's Upper Class. He's also written The Old Money Guide To Marriage, Old Money Style, and Old Money - New Woman.

The Old Money Book alone has over 700 4-star reviews on Amazon and over 700 4-star ratings on Goodreads.

Byron's popular blog at theoldmoneybook.com has, for the past 10 years, discussed topics of personal development and old money culture with a global community of followers.

Byron is a grandson of a newspaper publisher and son of an oil industry executive.

He's been an occasional guest on radio and podcasts.

Today, we’ll talk about his book Old Money, New Woman: How To Manage Your Money and Your Life - Secrets of America's Upper Class. A wonderful book I read hopping around Parisian cafes earlier this summer.

Today:

- We discussed the creation and intent behind Byron's book "Old Money, New Woman: How To Manage Your Money and Your Life".

- Byron talked about the empowering role of money, especially for women, and the importance of 'the true nobility'.

- We explored the significance of education and the concept of living life with a purpose.

- Byron highlighted the need for toughness in life without resorting to negative behavior.

- He elaborated on his amusing take on diplomacy and the value of patience in life's decisions.

- We discussed the evolving role of women as economic decision-makers and the need to keep sudden wealth a secret.

- Byron emphasized the importance of financial planning with the principle of Plan. Earn. Save. Invest. Spend.

- We touched upon what it means to be wealthy and the critical role women play in leadership positions.

- Lastly, Byron shared inspiring stories of successful women from history.

We left the best for last, so stay with us until the end of the episode.

---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book.

To get regular updates and bonus content, please sign-up for my substack: ⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠

Follow me on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

NEVER INVESTMENT ADVICE.

Christopher Mayer (Author of 100-Baggers) - How Do You Know? A Guide to Clear Thinking About Wall Street, Investing and Life & Dear Fellow Time-Binder: Letters on General Semantics.

I’m always excited to have Chris on the show, it’s his second appearance, and we had as much fun, if not more, as last time.

Christopher Mayer is the founder of Woodlock House Family Capital and author of several books, including 100 Baggers.

Before starting Woodlock House (which went live in January 2019), Mayer worked with Bonner & Partners and the Bonner family office. He was the editor of Capital & Crisis, published by Agora Financial from 2004-2015. He was a corporate banker from 1994-2004 and graduated magna cum laude with a degree in finance from the University of Maryland. He also has an MBA from the same institution.

He is the author of Invest Like A Dealmaker: Secrets of a Former Banking Insider (2008), World Right Side Up: Investing Across Six Continents (2012), 100 Baggers: Stocks that Return 100-to-1 and How to Find Them (2015) and How Do You Know? A Guide to Thinking Clearly About Wall Street, Investing and Life (2018). Dear Fellow Time-Binder: Letters on General Semantics.

Today we focus on the last two books.

Today:

• We discussed Alfred Korzybski's concept of time-binding and its implications for human learning.

• Chris emphasized understanding the limits of our knowledge as a form of wisdom.

• We explored tools for effective transmission and retention of knowledge.

• Chris talked about oversimplifying cause and effect and our tendency to use abstractions.

• We discussed the idea of structural differential and its importance in interpreting reality.

• Chris shared his perspective on how labels can influence investing decisions.

• We delved into the differences between facts and inferences.

• We discussed thought-provoking ideas like 1+1 not always equalling 2 and the possibility of rewriting history.

• Chris introduced the concept of delayed reaction.

• We discussed the need for a nuanced view of the world, moving beyond binary perspectives taught in school.

• We talked about the binary view of success and failure, advocating for a more nuanced perspective.

• We discussed misguided certainty and the problems it can cause.

• Chris proposed Wendell Johnson's set of questions as a starting point for those new to semantics.

• We left the best for last, and concluded by discussing the illusion of contentment tied to wealth accumulation

---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book.

To get regular updates and bonus content, please sign-up for my substack: ⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠

Follow me on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

NEVER INVESTMENT ADVICE.