Explore every episode of the podcast The Business Brew
| Title | Pub. Date | Duration | |
|---|---|---|---|
| Bespoke Investing and Unconventional Wisdom with Le Shrub | 21 Feb 2025 | 01:08:31 | |
Join host Bill Brewster as he converses with the intriguing and often humorous anonymous guest, Le Shrub, in this episode of 'The Business Brew'. Le Shrub's writings can be found at https://www.shrubstack.com/ He can also be followed on Twitter/X at https://x.com/agnostoxxx With a unique approach to investing, Le Shrub shares his thoughts on market trends, stock picks, and the rationale behind them. From discussing the importance of avoiding investment stupidity, analyzing specific stocks like Archer Aviation and Alibaba, to speculating on the economic impacts of a potential Ukraine ceasefire, this episode is packed with insightful observations and strategic thinking. Be prepared for an engaging mix of entertainment, education, and parody, underlined with Le Shrub's distinct charm. Disclaimer: This is all for entertainment purposes and not financial advice. Recorded 2/14/25
00:00 Introduction to the Business Brew 00:54 Meet Les Shrub: The Anonymous Guest 01:24 Investment Philosophy: Don't Be Stupid 03:35 The Spinny Ponzi: A Deep Dive into Archer 17:15 Biotech Investments: Blood in the Tweets 21:00 The Future of Cancer Vaccines 22:55 ClearPoint and Gene Therapy 30:02 The Power of Community in Investing 33:19 Navigating the Risks of Small Cap Stocks 34:07 Options Trading Strategies 35:36 The Risks of Investing in Alibaba 36:13 Reasons for Investing in Alibaba 36:38 China's Economic Strategies and Stimulus 37:27 Alibaba's AI and Cloud Ventures 39:00 Apple's Partnership with Alibaba 40:31 The Impact of U.S. CapEx on AI 41:19 Investing in Energy and Natural Gas 44:38 The Barbell Portfolio Strategy 45:17 Emerging Markets and Currency Devaluation 52:53 The Potential Ceasefire in Ukraine 59:15 Valuation and Investment Strategies 01:04:19 Avoiding Shorts on Meme Stocks 01:06:50 Recommended Reading: Capital Returns 01:07:50 Conclusion and Final Thoughts | |||
| Larry Hozenthaler - Private Credit Risks and Opportunities | 14 Feb 2025 | 01:09:33 | |
In this episode of 'The Business Brew,' host Bill Brewster is joined by Larry Holzenthaler, a portfolio manager at First Eagle Alternative Credit (FEAC). The discussion focuses on the complexities and nuances of private credit. Recorded on February 3rd, the episode delves into the differences between traditional equity value investing and private credit, as well as the strategic transitions First Eagle has made in response to market changes. Larry explains First Eagle's cautious approach to investment, emphasizing measured risk, recurring revenue, and sponsor-backed deals. He discusses the evolution and growth of private credit markets, challenges and opportunities, and the impact of banking regulations on credit availability. The conversation includes detailed insights into various investment structures like interval funds and BDCs, and the importance of reading fine print in credit agreements. Throughout, Larry offers a compelling argument for the attractiveness of private credit as an investment, particularly in current economic conditions.
00:00 Welcome to the Business Brew 00:54 Introducing Larry Hosenthaler and First Eagle 02:13 The Evolution of Private Credit 08:34 The Impact of COVID on Private Credit 12:22 Private Equity and Risk Management 18:41 The Role of Banks in Private Credit 31:37 Fee Structures and Market Dynamics 36:40 Understanding Interval Funds 37:11 The Redemption Process Explained 39:55 Comparing Interval Funds and BDCs 43:17 Risk Management in Private Credit 44:38 The Role of Recurring Revenue 45:24 Leverage and Deal Flow 56:59 Active vs Passive Management in Credit Markets 01:03:27 Why Invest in Private Credit Now? 01:08:46 Conclusion and Final Thoughts | |||
| Dylan Marrello - Raging Bull | 11 Sep 2024 | 01:41:24 | |
Dylan is a former attorney turned private investor focused on small/microcap stocks and overlooked pockets of the market. He publishes a free newsletter on Substack called Raging Bull Investments, which provides deep-dive investment write-ups and occasional market commentary, and is active on Twitter as raging bull cap/Jake LaMotta. | |||
| Michael Green - Macro Contrarian | 10 Feb 2022 | 01:15:44 | |
Michael Green stops by The Business Brew to discuss his inelastic market theory, the outlook for inflation, why the market might be too excited about rate normalization, and much more. Michael is a frequent contributor to Real Vision and has done some phenomenal interviews, which can be found on YouTube. Visit | |||
| Chris Cerrone - A Simple, Quality Discussion | 03 Feb 2022 | 01:59:56 | |
Chris Cerrone, a Partner at Akre Capital Management, stops by The Business Brew for a discussion about his investment philosophy, simplicity, the definition of quality, and much more. Chris’ paper, The Art of (Not) Selling, really made an impression on Bill. This discussion follows up on that paper, among other topics.
Prior to joining Akre Capital Management in 2012, Chris served as an equity research analyst for Goldman Sachs & Co. in New York from 2010 to 2012. In that position, he covered restaurant and retail companies. He began his investment management career in 2007 as a junior equity research analyst with Century Capital Management in Boston. Chris graduated summa cum laude with a B.A. in economics from Tufts University.
Bill really enjoyed listening to Chris talk about how Mr. Akre would push Chris to find the essence of a business. That enables an analyst to then focus on THE most important question.
Books mentioned include: https://www.amazon.com/Zen-Art-Motorcycle-Maintenance-Inquiry/dp/0060589469
Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.
Please leave us a rating in your favorite podcast player!
This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process. Stream has developed an extensive library of expert interviews that cover a variety of industries. https://streamrg.co/BB features over 300 expert interviews per week. 70% of Stream's experts are found exclusively on https://streamrg.co/BB. Visit | |||
| Andrew Freedman – TMT talk! | 27 Jan 2022 | 01:36:43 | |
Andrew Freedman stops by The Business Brew for a discussion about the ever changing media landscape. In this discussion, Andrew articulates how he views valuation, what makes stocks good “long” and “short” candidates, and how his process has evolved over time. There’s a lot of company specific discussion here. We hope it is beneficial, educational, and entertaining.
Andrew’s official bio reads as follows:
Andrew Freedman, CFA, is a Managing Director and Communications Sector Head at Hedgeye. In addition, he holds Senior Analyst responsibilities on the Health Care Team where he specializes in Information Technology. Before joining Hedgeye in 2014, Andrew worked for an institutional consulting firm where he was responsible for client asset allocation and investment manager due-diligence. Andrew is a CFA® charterholder and holds a Bachelor of Science degree from Marquette University in Finance and Business Economics.
Hedgeye is an independent investment research firm covering 10 fundamental/industry sectors, macro and policy. We provide actionable long/short ideas to institutions (hedge funds, mutual funds, and family offices) and RIAs/Individuals. Institutional research includes access to deep dive fundamental reports (black books) on individual stocks, thematic/industry analysis, proprietary and third party datasets, industry thought leader calls, company models, one-on-one analyst access and more. We do not have a broker dealer and don't do banking. Please contact sales@hedgeye.com if you are interested in learning more about Hedgeye's research offerings.
Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.
Please leave us a rating in your favorite podcast player!
This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process. Stream has developed an extensive library of expert interviews that cover a variety of industries. https://streamrg.co/BB features over 300 expert interviews per week. 70% of Stream's experts are found exclusively on https://streamrg.co/BB. Visit | |||
| Troy Lavinia - Thinking in Systems to Build Businesses | 24 Jan 2022 | 01:09:09 | |
Troy Lavinia, founder of Stream by Mosaic, stops by The Business Brew to discuss creating Stream, building teams, and strategic thinking. Troy is a really interesting thinker, approaches life with an abundance mentality, and is always looking to find the right partners to grow a business. Interesting tidbits about Troy include his time at Elliott Management and playing football fullback and tight end at University of Pennsylvania. At one point in the conversation Bill asks Troy how he got comfortable delegating work. Troy responded by saying something to the effect of “You have to associate joy with creating a meaningful job for someone else.” That answer struck Bill as a very positive association for delegation. We hope you enjoy this conversation. It is a peek into the financial services industry and an introduction to the person behind our sponsor. Stream by Mosaic is a product that is integral to any fundamental research process. Stream has developed an extensive library of expert interviews that cover a variety of industries. https://streamrg.co/BB features over 300 expert interviews per week. 70% of Stream's experts are found exclusively on https://streamrg.co/BB. Visit https://streamrg.co/BB for a 14 day trial. 3:00 – Troy’s background, including time at Elliott Management
6:00 – How Stream was incubated within Mosaic and then spun out for growth reasons
8:00 – How Troy thought about partnering with AlphaSense
11:30 – Why expert transcript libraries are similar to media streaming services
16:15 – Did COVID “help” Stream by Mosaic as a business?
19:00 – Why does Troy like running startups vs. more mature businesses?
21:20 - Team building and the power of delegation
33:00 – Listening to the interviews on Stream by Mosaic
35:00 – Troy’s association with selling St | |||
| Will Thomson – A Real Asset Discussion | 20 Jan 2022 | 01:28:48 | |
Will Thomson stops by The Business Brew to discuss his approach to real asset investing. Will is the Founder and Managing Partner of Massif Capital, LLC. He has experience in private equity and credit/political risk insurance, in addition to having served as a strategic and economic adviser to NATO/ISAF in Afghanistan. Before starting Massif Capital, Will worked in the New York office of Chaucer, a Lloyd’s of London insurance syndicate, serving as the co-portfolio manager for a $750 million portfolio of credit and political risk insurance policies. He is a Graduate of Trinity College and holds a Masters in Government from Harvard University.
4:05 – Being able to present at Grant’s
5:05 – Will’s background and his experience watching government intervention change an industry
8:30 – What Massif focuses its time on
10:30 – Everyon | |||
| Muji – A hhhypergrowth Discussion | 13 Jan 2022 | 01:36:17 | |
Muji stops by The Business Brew to discuss modern internet infrastructure. Muji has extensive technical knowledge about internet infrastructure, network security, and high growth companies such as Snowflake. He shares his knowledge via a paid newsletter, found at hhhypergrowth.com, which Bill subscribes to and enjoys very much. Our discussion mostly focuses on how information travels over the internet to end up being consumed by everyone. This is a very interesting discussion and we hope you enjoy.
15:40 – Cloud Infrastructure vs. CDNs
18:50 – Fastly strategy
21:30 – The rise of software defined networking
23:15 – Fully programmable app stacks vs. monolithic app stacks
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| Denise Shull – Discussing The Game Within The Game | 06 Jan 2022 | 01:21:07 | |
Denise Shull is Founder and CEO of The ReThink Group (see https://therethinkgroup.net/). She developed the Shull method, which relies on the latest brain research on how humans perceive, judge and decide. Understanding this on a practical level routinely allows The ReThink Group to resolve the mysterious mental challenges of slumps, burnout, motivation and resilience. Denise’s distinctive approach produces results that are unmatched in the performance and risk-taking fields.
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| Kristi Ross - Entrepreneur Extraordinaire | 23 Dec 2021 | 01:11:17 | |
Kristi Ross stops by The Business Brew to discuss her career, leading companies through M&A, and two notable exits exceeding $1.7Bn (the most recent of which was valued at $1Bn https://www.bizjournals.com/chicago/inno/stories/news/2021/01/21/chicagos-tastytrade-acquired-in-1b-deal.html). Kristi is the co-CEO of tastytrade, which launched in 2011. She also co-founded dough, a visual front-end trading technology platform that launched in 2014 and ultimately merged with and rebranded as tastytrade when the team launched their own online brokerage firm, tastyworks, in 2017.
Kristi is an award-winning entrepreneur who believes in empowering the do-it-yourself investor to engage more with their finances. She also uses her time to interview innovative entrepreneurs on her show, Bootstrapping in America. She also walks through the ins and outs of taxes for traders in Kristi’s Tax Bursts.
Kristi started her career in public accounting, specializing in financial services industry clientele including individual traders, proprietary firms, market makers, and advisory firms. After her run as a public accountant, Kristi acted as CFO of Automated Trading Desk Specialists, a stock specialist on the Chicago Stock Exchange. She then partnered up with Tom Sosnoff to serve as CFO of thinkorswim Group where she led numerous mergers, acquisitions and integration. thinkorswim sold to TD-Ameritrade for $750M in 2009.
We hope you enjoy the discussion.
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| Jillian Jaccard Murrish – Alternative Credit | 16 Dec 2021 | 01:19:02 | |
Jillian Jaccard Murrish stops by The Business Brew to discuss co-founding and running Pier Asset Management; an alternative credit firm. Pier delivers fixed income yield by investing in alternative credit, which they define as all nonbank lending. Typical loan sizes in Pier’s portfolio are loans less than $250,000.
“The investment strategy discussed in this podcast is only suitable for eligible investors and there is no guarantee that the investment strategy will be successful or meet its goals. Any discussion of targeted returns reflects the intended interest rates paid by borrowers and is not reflective of returns to investors. Also, nothing in this discussion should be regarded as a representation, warranty or prediction that any specific transaction will reflect any particular performance or that it will achieve or is likely to achieve any particular result or that investors will be able to avoid losses, including total loss of their investment. Inherent in any investment is the potential for loss. This podcast discussion is solely for informational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.”
Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.
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| Rob Koyfman - Fintech Founder | 13 Dec 2021 | 01:15:46 | |
NOTE: For 20% off of KOYFIN please use the following link: https://www.koyfin.com/?utm_campaign=BusinessBrew20off&utm_medium=referral&utm_source=rewardful&via=business The discount will be applied at checkout. Rob Koyfman stops by The Business Brew to discuss his background, starting a Fintech business, building teams, and much more. Rob’s experience includes stints and Goldman Sachs, Citigroup and macro roles at Luxor Asset Management and Tekne Capital Management. This was a fun conversation for Bill. We hope you enjoy meeting the person behind our first sponsor. | |||
| Richard Cook - Traversing For Value | 22 Aug 2024 | 01:29:07 | |
Richard Cook, Co-Founder of Cook and Bynum, stops by The Business Brew to discuss his approach to global investing. Richard discusses his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value. Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning. The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics. With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversation offers invaluable insights into global investment strategies and the essential qualities of successful business leaders. Tune in to gain expert knowledge on navigating global investments and building a successful investment firm.
00:00 Welcome to The Business Brew 00:07 Introducing Richard Cook 00:45 Investment Philosophy and Strategy 01:09 Shoutout to the Editing Team 02:30 Starting the Interview with Richard Cook 03:02 Emerging Markets and Government Influence 04:15 Investment Holdings and Long-Term Strategy 07:47 The Power of Buybacks and Controlling Shareholders 14:44 Avoiding Bias in Investment Decisions 19:08 Lessons from Past Investments 24:54 Navigating Market Cycles 34:18 Insights on Bottling Businesses 46:58 Premiumization in the Beverage Industry 48:15 Global Consumption Patterns 49:53 Investment Strategies and Intrinsic Value 51:29 Challenges in Forecasting Business Durability 53:32 Insights on Company Valuation 55:15 Case Study: Kraft and Mondelez 59:01 AB InBev and Craft Beer Market 01:09:59 Investment in Jumbo During Greek Crisis 01:20:39 Evaluating Emerging Markets 01:25:55 Building an Investment Firm 01:28:34 Conclusion and Final Thoughts
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| Tren Griffin - Giving to Get | 09 Dec 2021 | 01:43:03 | |
Tren Griffin stops by The Business Brew for a fun conversation about his career, investing, and life. Tren is an author of 7 books, had a front row seat to Bill Gates’ career, sold ½ of his business in the .com bubble, deeply studied Charlie Munger, and now works at Microsoft. This conversation spans Tren’s career, his advice regarding giving to get, the importance of being brave, and much more.
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| Louisa Nicola - Enhancing Performance | 03 Dec 2021 | 01:07:37 | |
Louisa Nicola stops by The Business Brew to discuss her time as a triathlete, recovering from a major injury, and how she got curious about the power of the brain during her rehab from injury. Today, Louisa is Director and Head Neuroscientist at Neuro Athletics. Her firm helps athletes and hedge fund managers monitor their sleep, diet, etc. in order to help them achieve their maximum potential. You can follow Louia @lousianicola_ on Twitter or read her writing at https://substack.com/profile/32674240-louisa-nicola We hope you enjoy the discussion. Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.
~9:45 – Learning by treating the body as a science experiment
~13:00 – Facilitating healthy sleep
~18:45 – Negative impacts from not enough sleep
~23:00 – Neurology 101
~28:30 – General dietary discussion (NOT ADVICE)
~31:00 – What engaging Louisa’s firm “looks like”
~35:00 – Heart Rate Variability and an inconvenient truth about alcohol (and cannabis)
~40:00 – Tracking health
~47:50 – Social media is not good for sleep
~53:00 – How to contact Louisa
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| David Gardner - An Investing Fool | 24 Nov 2021 | 01:57:21 | |
The one and only David Gardner stops by The Business Brew for an interview Bill has been looking forward to for over a year. David is a Co-Founder of The Motley Fool. He is best known for his Rule Breaker investing strategy but Bill knows him as a person that forced Bill to contemplate how he looks at investing. You can find David’s Rule Breaker podcast at https://www.fool.com/podcasts/rule-breaker-investing/, follow him on Twitter at @DavidGFool, and sign up for The Motley Fool at https://www.fool.com/. See also his podcasts with Invest Like The Best https://podcasts.apple.com/dk/podcast/david-gardner-finding-companies-that-break-the-rules/id1154105909?i=1000392148108 or https://open.spotify.com/episode/4bwyONARX4WeVcsPYosiuR?si=H8lR4qlwTgS92N5u6IQ2mA and Wealth Track https://wealthtrack.com/category/guests/david-gardner/
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| Jonathan Boyar - Intrinsic Value Opportunities | 18 Nov 2021 | 01:27:36 | |
Jonathan Boyar stops by The Business Brew to discuss his investing philosophy. Jonathan is the President of Boyar's Intrinsic Value Research LLC., an independent research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of Boyar Asset Management, which has been managing money utilizing a value oriented strategy since 1983. | |||
| David Fauchier - Market Neutral Crypto | 11 Nov 2021 | 01:35:14 | |
David Fauchier stops by The Business Brew to discuss crypto and market neutral strategies in crypto assets. David works at Nickel Digital Asset Management, an investment manager connecting traditional finance with the digital assets market. The firm deploys highly sophisticated low-latency algorithmic trading, pursuing a range of arbitrage strategies in both spot and derivative markets, as well as a range of directional buy-and-hold products. All funds are designed with institutional clients in mind, but we hope the discussion is broadly applicable.
4:19 - What David does - market neutral strategies in crypto
6:04 - How to look at market neutral strategies when there is not "value" in a coin
8:48 - David's take on crypto and monetary regimes
14:39 - H | |||
| Alexandra Blumenfeld - Red Rover Founder | 08 Nov 2021 | 01:15:23 | |
Alexandra Blumenfeld stops by The Business Brew to discuss her business, Red Rover. Alex is a Junior at Vanderbuilt University and founded Red Rover, an expert network. Bill, Josh Tarasoff, Trey Kuppin, and Elliot Turner have all used Alex's service and all recommend the service. This conversation will highlight the value Alex provides. See show notes below for details of the conversation. Red Rover Website: redrovernetwork.com Red Rover Twitter Page: https://twitter.com/RedRoverNetwork
If you'd like to order a poll please see the website and click on "order polls" or contact Alex at alex@redrovernetwork.com.
NOTE: The timestamps should be accurate for those listening to the podcast on a dedicated podcast player. YouTube's timing is different because of how we edit the podcast audio.
21:50 - How Alex is thinking about expanding Red Rover's capabilities 22:50 - Examples of surveys Red Rover has run 23:45 - Alcohol consumption among college students 25:45 - Video streaming services 30:00 - Insights on Spotify vs. audio streaming 35:20 - Discussion about podcasts 35:15 - How Gen Z ranks social media 37:15 - Gen Z is comfortable with a lack of privacy 39:50 - What Red Rover is doing to monitor levels of engagement 43:10 - Cultivating an Instagram account to make sure people don't say no to friendship 45:30 - How much time does video get with Gen Z? 48:10 - Body image and Instagram 50:30 - Metaverse (note: this was recorded before Facebook's announcement) 52:40 - Growing up with the internet and whether that is tough on the mind 58:50 - Subscription billing practices 60:00 - How Alex thinks about building a culture that will last. | |||
| Kyler Hasson - Playing His Game | 04 Nov 2021 | 01:34:08 | |
Kyler Hasson (Kyler@hassoninvestments.com) stops by The Business Brew to discuss how he has morphed as an investor and as a Registered Investment Advisor. Kyler is one of Bill's good friends and they've chatted about investments for a number of years now. Kyler is an investor that has gravitated to high quality businesses. He has also gravitated towards a less concentrated portfolio in order to fulfill client objectives. We hope you enjoy listening to the two of them sharing lessons they've learned.
18:49 - Moving towards a more diversified portfolio and avoiding overconfidence bias
26:02 - A very cool class Kyler took in college
30:32 - Why certain tribe of investors talk past each other
34:12 - Being aware of behavioral biases
36:00 - Lessons from an energy investment
40:36 - Lessons from Altice and why demanding execution might have been a better idea
42:19 - Looking for high quality companies that sell off for non core reasons 48:00 - Culture compounding as a competitive advantage 52:54 - The individual investor's greatest advantage 56:40 - Buying a new position or adding to an existing position 58:00 - Whether buying "cheap" is harder than owning fairly priced quality companies | |||
| Chris Bloomstran - Taking Principled Stances | 28 Oct 2021 | 02:11:30 | |
This week Chris Bloomstran stops by The Business Brew to catch up. Part of this conversation are a bit scary. Parts you may disagree with. Regardless, it's very apparent that Chris thinks A LOT about what he is investing in.
7:34 - Chris setting weight lifting records in high school 11:33 - Playing football against Barry Sanders 17:04 - Pivot to investing 17:47 - What about today rhymes with the late 90s 25:00 - Chris' warning about Twitter, Shopify, and Tesla 28:00 - What rhymes between ARK and Janus 30:54 - How Chris thinks about today's multiples 38:25 - Why Chris has positions in energy companies 43:00 - Chris' use of Twitter and his Twitter threads 50:31 - Chris' love for teaching 53:03 - Bill and Chris discuss Berkshire 60:45 - Berkshire Hathaway Energy and how it fits within the renewable energy landscape 1:04:45 - Discussion about opportunity cost and value traps 1:08:45 - Why Chris is lukewarm on Big Tech 1:10:00 - Chris' take on the idea of never selling a great business 1:16:10 - Chris discusses Costco vs. Amazon and concludes the opportunity cost discussion at 1:18:52 1:22:00 - More energy (in the context of opportunity cost) | |||
| Margot Edelman - Trust This! | 21 Oct 2021 | 00:56:17 | |
Margot Edelman stops by The Business Brew to discuss corporate communications as well as the Edelman Trust Barometer (see https://www.edelman.com/sites/g/files/aatuss191/files/2021-01/2021-edelman-trust-barometer.pdf). Edelman is an award-winning global public relations consultancy firm. Key findings from the 2021 Trust Barometer are as follows: | |||
| Stinson Dean - Talking Lumber | 14 Oct 2021 | 02:23:32 | |
Stinson Dean (@lumbertrading on Twitter), owner of Deacon Lumber, stops by The Business Brew to discuss the current lumber market, what happened to lumber in 2020, and how the market got to where it is. This is a long conversation, but deserves the length. Stinson goes deep into what it means to trade physical lumber, how he manages risk, why he is hedged, and much, much more. | |||
| Bruce Berkowitz - Avoiding Disaster And Generating Returns While Doing So | 08 Aug 2024 | 01:03:49 | |
In this episode of the Business Brew, host Bill Brewster sits down with the esteemed investor Bruce Berkowitz. They delve deep into Berkowitz's illustrious career, from his strategies during the financial crisis to his current outlook on various investment opportunities, including midstream energy and Florida real estate. Berkowitz shares anecdotes, personal reflections, and valuable lessons learned over decades in finance. Additionally, Berkowitz emphasizes the importance of due diligence and remaining rational amidst market fluctuations. Don't miss this enlightening conversation that offers unique insights into the minds of one of the most successful investors in the industry. 00:00 Welcome to The Business Brew 00:07 Introducing Bruce Berkowitz 01:12 Disclaimer and Due Diligence 02:01 Shoutout to the Editing Team *Dope music* 03:23 Starting the Interview with Bruce Berkowitz 04:19 Bruce's Investment Philosophy 05:06 Insights on Wells Fargo 09:01 The Importance of Management and Culture 10:11 Challenges in the Banking Sector 12:46 Bruce's Focus on U.S. Investments 14:25 Research and Concentration in Investments 20:28 Fairholme's Unique Approach 27:01 Reflections on Sears and Real Estate 30:43 Lessons from St. Joe 32:38 Discussion on St. Joe's Elevated Properties 33:27 Hurricane Resilience and Modern Building Codes 35:07 Investment Strategies and Market Perspectives 35:54 Interest Rates and Duration Risk 39:14 Corporate Spreads and Reinvestment Risk 41:43 Societal Changes and Financial Perspectives 46:17 Enterprise Products and Midstream Energy 48:30 Energy Logistics and Environmental Impact 57:17 Technological Evolution in Energy 01:00:40 Mutual Funds vs. ETFs 01:02:04 Concluding Thoughts and Media Engagement | |||
| Meb Faber - Quant Savant | 07 Oct 2021 | 01:49:25 | |
Meb Faber joins The Business Brew to discuss his views on investments, geographical diversification, trend following, and much more. See https://www.youtube.com/watch?v=fRJKoalFBgs for Bill and Rob's podcast. This is the podcast that will highlight how Koyfin works.
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| Kyla Scanlon - A Finfluential Conversation | 04 Oct 2021 | 01:18:57 | |
Kyla Scanlon stops by The Business Brew to discuss the life of a finance content creator. Kyla is a Gen Z financial content creator. Her content focuses on macro economics, monetary policy, crypto innovation, and more. She chooses to avoid stock discussions in an effort to avoid anything that could be deemed "pumping." | |||
| J Mintzmyer - Shipping Extraordinaire | 30 Sep 2021 | 01:28:17 | |
J Mintzmyer (@mintzmyer) is a renowned maritime shipping analyst who directs the Value Investor's Edge ("VIE") research platform on Seeking Alpha. He stopped by The Business Brew to discuss the shipping industry. J is a frequent speaker at industry conferences, is regularly quoted in trade journals, and hosts a popular podcast featuring shipping industry executives. Mr. Mintzmyer also hosts regular "Virtual Investor Forums," which are a must-attend for anyone interested in the shipping and infrastructure industries. As Head of Research at Value Investor's Edge, his trades and model portfolios have outperformed the shipping sector average for 6 consecutive years and have beaten the Russell 2000 for 5 of the past 6 years. J has earned a BS in Economics from the Air Force Academy, an MA in Public Policy from the University of Maryland, and is a PhD Candidate at Harvard University, where he researches global trade flows and security policy. | |||
| Rui Ma - Talking China | 23 Sep 2021 | 01:31:05 | |
Rui Ma, co host of Tech Buzz China, stops by The Business Brew to discuss what is going on with China's current regulations. This conversation is nuanced, offers perspective on some of China's goals, and touches on a variety of subjects. The goal of the conversation is not to offer answers, per se. Rather, we are trying to help provide a framework of how to think about what the CCP might be attempting to achieve and help listeners think about how to analyze different Chinese competitive dynamics. Rui has sixteen years of experience in technology and finance, spanning seed stage to pre-IPO investing, with a decade focused on China. She founded Tech Buzz China in 2018 to educate and consult investors, funds and entrepreneurs on Chinese tech companies products, strategies and trends. She previously worked at 500 Startups as an investment partner, and spent a decade in private equity and mergers & acquisitions roles at the Raine Group, Morgan Stanley and Merrill Lynch in both Silicon Valley and China. Rui holds a B.S. in Electrical Engineering and Computer Science from the University of California at Berkeley, and additional degrees from Tsinghua, INSEAD, UIUC and Harvard University. We hope you enjoy this conversation with Rui. She has a great personality and is a fantastic resource. Please follow her on Twitter at @ruima and join her community at https://www.techbuzzchina.com/insider. | |||
| Logan Mohtashami - Bear Crusher | 16 Sep 2021 | 01:40:54 | |
Major Topics: Housing and Macro Logan Mohtashami is a housing data analyst, financial writer, and blogger covering the U.S. economy specializing in the housing market. Mohtashami’s work is frequently quoted in BankRate.com and Bloomberg financial. Logan is also a Lead Analyst for HousingWire. Mohtashami has been an invited speaker at the Americatlyst, California Association Of Realtors and the National Association Of Women In Real Estate Business, and other economic conferences. He is a recurring guest on Bloomberg Financial, where he discusses the health of the housing market. Logan Mohtashami, now retired, was a senior loan officer at AMC Lending Group, which has been providing mortgage services for California residents since 1987. This episode is brought you by Koyfin, one of the fastest-growing platforms for financial data and analytics to research stocks and understand market trends. Check out Koyfin.com to see what a Bloomberg-lite, with tons of high-quality fundamental data and a powerful graph engine looks like.
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| Seth Porges - Director: Class Action Park | 13 Sep 2021 | 00:48:08 | |
Major Topics: 80s Culture and Film Directing Seth Porges stops by The Business Brew to discuss directing Class Action Park, a beautiful piece of art. The New Jersey and New York fans may appreciate this episode *a bit* more than the rest, but rest assured this is a fun conversation. Check out Class Action Park on HBO Max before listening if you are concerned with spoilers. We hope you enjoy the episode. You can follow Seth at @sethporges on Twitter. Bill can be reached at @BillBrewsterTBB on Twitter. This episode is brought you by Koyfin, one of the fastest-growing platforms for financial data and analytics to research stocks and understand market trends. Check out Koyfin.com to see what a Bloomberg-lite, with tons of high-quality fundamental data and a powerful graph engine looks like.
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| Thomas Braziel - An Esoteric Episode | 09 Sep 2021 | 01:40:20 | |
Major Topics: Special Situations, Small Cap Investing, Unique Thinking This episode is brought you by Koyfin, one of the fastest-growing platforms for financial data and analytics to research stocks and understand market trends. Check out Koyfin.com to see what a Bloomberg-lite, with tons of high-quality fundamental data and a powerful graph engine looks like.
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| Jake Taylor - From First Principles | 02 Sep 2021 | 01:54:40 | |
Major Topics: Process and Decision Making Improvement Jake Taylor is CEO of Farnam Street Investments, Co-Host of Value After Hours, Host of the 5GQ podcast, author of The Rebel Allocator, and Founder of journalytic.com. Jake and Bill met at Berkshire and immediately became friends. While they invest differently, they have more in common than Value After Hours fans may think. On Value After Hours Jake is known for his "veggie" segments, which are segments that tie investing ideas to other worldy concepts. He is very passionate about making the best decisions possible and drawing from a wide range of subjects. We hope this episode highlights how Jake thinks about the world and spreads better decision making. Topics covered include: -Base rates underpinning underwriting -Bayesian updating -Tracking what happens vs what you thought would happen - Few stocks driving the majority of return. See https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447 - W. Brian Arthur's theory of Returns to Scale. See https://hbr.org/1996/07/increasing-returns-and-the-new-world-of-business - And much more We hope you enjoy this conversation!
This episode is brought you by Koyfin, one of the fastest-growing platforms for financial data and analytics to research stocks and understand market trends. Check out Koyfin.com to see what a Bloomberg-lite, with tons of high-quality fundamental data and a powerful graph engine looks like. | |||
| Jim O'Shaughnessy - Man, Myth, Legend | 26 Aug 2021 | 02:15:02 | |
Major Topics: The Human Mind, Life, and Quant Investing Wall Street legend, best selling author, Godfather of FinTwit, and Chief Meme Officer James P. O'Shaughnessy joins The Business Brew. Jim is a one of a kind individual who took time out of his life to help Bill work through some real life issues earlier in the year. They connected as individuals and Bill values Jim's friendship highly. This episode is brought you by Koyfin, one of the fastest-growing platforms for financial data and analytics to research stocks and understand market trends. Check out Koyfin.com to see what a Bloomberg-lite, with tons of high-quality fundamental data and a powerful graph engine looks like.
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| Outro - Season 1 | 24 Jun 2021 | 00:05:09 | |
New photo courtesy of Mike Ando. Please see https://www.mikeando.com/ Thank you to all the fans, guests, and especially to Mathew Passy. If you like the intro music you'll love this episode. We will be back soon. Until then, thank you and take care! -Bill | |||
| Blake Haxton - Industrials and High Yield | 01 Aug 2024 | 01:40:48 | |
Blake Haxton, analyst at Brandywine Global Asset Management's High Yield and Corporate Strategies Group, joins the Business Brew. This discussion focuses on the companies Blake covers as well as his views on markets generally. Blake tends to focus on "old economy" industries so prepare yourself for plenty of energy discussion. Bill and Blake also discuss industrials and homebuilders. The conversation also touches on the merits of high yield as an asset class. Blake was recently featured in Barron's. You can find the article here: https://www.barrons.com/articles/paralympian-blake-haxton-high-yield-brandywine-global-6305e6e5 We hope you enjoy the conversation. Detailed Show Notes: 4:00 - What Blake covers 5:10 - commodities are fairly tight from a supply demand perspective 8:00 - airline discussion 13:00 - energy as an example of how Brandywine looks to take advantage of capital cycles 16:00 - the prospective outlook for high yield 19:00 - how the high yield benchmark is different from the equity benchmark 24:00 - how the improvement in counterparty risk changed the risk/reward of lending to pipeline companies 28:25 - how to think about decline curves in the US vs. Canadian oil companies 30:25 - how differentials impact Canadian energy economics 38:30 - does it make sense to have an allocation to energy? 42:10 - a discussion about how assets generally are priced 52:00 - the pitch for debt vs. equities 54:45 - where is the US housing market in the cycle? 1:06:00 - trading down in credit quality for yield 1:13:00 - how ETFs can provide opportunities when they sell 1:21:00 - how was covering energy in COVID? 1:29:00 - what’s different today with shale as a key producer | |||
| Rick Van Nostrand, CFA - Consistently Hunting For Real Value | 17 Jun 2021 | 01:31:48 | |
Rick Van Nostostrand is a Partner and Senior Portfolio Manager at Cornerstone Investment Partners. Cornerstone is an investment boutique in Atlanta, Georgia. The firm manages "mid $2Bn" across a number of value strategies. They have a qualitative approach with a quantitative model that guides them. See https://cornerstone-ip.com/. Prior to Conerstone, Rick was a voting member of the investment committee at EARNEST Partners and served on the Fundamental Value product at Invesco Capital Management. Previously, he worked in management consulting where he served clients across industries at both McKinsey & Company and Accenture (the Anderson Consulting). Rick earned an MBA with a concentration in Finance from Wharton (U Penn), and holds a Bachelor of Science in Computer Science Engineering from Southern Methodist University. This conversation covers: ~2:30 - Rick's Background ~3:53 - His consulting career at Accenture and McKinsey ~7:11 - College businesses, one of which could have been quite successful if Amazon existed ~13:57 - The theory that in the real world prices and value are seldom aligned ~ 16:23 - Need to develop an investment process and Cornerstone's philosophy ~ 22:21 - What Cornerstone's model told them about Microsoft that the market missed ~ 24:08 - Looking for high quality companies building value over time ~ 26:21 - ESG discussion ~29:36 - Risk subsidies driving valuation ~32:31 - Indexes and how they impact investment results and the market ~37:00 - What happened to certain stocks after the 1999 bubble burst ~38:00 - Investing in the late 90s ~43:00 - Buying the dip may not work forever ~45:00 - Avoiding financials in 2009 ~50:50 - Real option theory in valuation ~54:05 - Where Wells Fargo erred in remediation ~ 57:19 - Why Citigroup was a palatable turnaround investment ~1:01:00 - The benefit of investing with a team ~ 1:05:00 - Avoiding groupthink as a team ~1:07:00 - How to have investment teams function well ~1:14:00 - Building teams to last and culture ~1:19:00 - Miscellaneous discussion | |||
| Jason Buck - Survive Like A Cockroach | 10 Jun 2021 | 01:44:46 | |
Jason Buck (@JasonMutiny on Twitter), Co Founder and CIO of Mutiny Funds, stopped by for the first in person interview on The Business Brew. Mutiny is releasing the Cockroach Portfolio, a portfolio designed to survive any market conditions. See https://mutinyfund.com/ for details. In this episode Jason discusses his history as an entrepreneur, which took a hit in the Great Financial Crisis. That event caused Jason to think about whether it was possible to hedge entrepreneurial risk. After years of thought, the Cockroach Portfolio was born. The goal of the Cockroach Portfolio is to keep wealth in all market conditions. This conversation goes all over the place. We hope you enjoy. ~4:05 - Trading VIX ~9:00 - Jason's history as a real estate entrepreneur ~10:00 - How often "black swans" occur ~16:50 - Jason describes thinking about hedging macro/entrepreneurial risk ~18:00 - Shannon's Demon - see also https://quant.stackexchange.com/questions/38473/intuitive-explanation-for-shannons-demon ~22:30 - How would Buffett behave if he were starting today? ~23:35 - The $SHIT ETF ~29:17 - What it's like to lose everything ~32:00 - Keeping wealth vs. making wealth ~37:50 - The Hypomanic's Edge ~41:00 - How Jason and Taylor "solved" the problem they wanted to solve ~48:07 - Be so good they can't ignore you ~49:20 - Selecting the right partners ~55:00 - Building the Cockroach Portfolio the right way ~1:04:00 - Playing better games than stock picking; compounding capital without tax ~1:09:00 - What lies do we tell ourselves? ~1:13:00 - Laying asymmetric bets ~1:17:00 - Mental health and whether substances risk mental health ~1:18:00 - General mental health discussion and habits to keep healthy ~1:29:00 - General podcast and Pirates Of Finance Discussion; see https://www.youtube.com/channel/UCsfk98XxbnjTCLkROQZ5zWg/featured ~1:37:00 - Back to Mutiny Fund and how it's structured ~1:40:00 - Avoiding big drawdowns
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| Jason Wild - From $80k to $1.7Bn | 03 Jun 2021 | 00:59:59 | |
Jason Wild is the founder and President of JWAM, an SEC-registered investment adviser with over $1.7 billion under management. Jason found investing during his last year of pharmacy school. Taking Peter Lynch seriously, he invested every other paycheck in pharmaceutical ideas he thought were undervalued. His theses were correct far more often than they weren't and he made himself almost a half million dollars in the market. After proving his competence, he started a fund with a mere $80,000. Today, that fund manages over $1.7Bn. Jason's initial strategy focused on specialty pharmaceuticals. His knowledge base enabled him to assess asset bases and M&A quickly (and correctly). After pitching a company on an M&A opportunity, and getting nothing in return, Jason decided to take matters into his own hands. He decided to purchase Arbor Pharmaceuticals for $2.5mm dollars and built the company via M&A. After 3 years, KKR bought a portion of Arbor; valuing the enterprise at $1.1Bn. Today, Jason is Chairman and Interim CEO of TerrAscend Corporation, a cannabis company with multi state operations in the US. His official Bio is as follows: "Jason Wild is the founder and President of JWAM, an SEC-registered investment adviser with over $1.7 billion under management. After starting his first fund in 1998 with only $80,000 AUM, Jason achieved early success by leveraging his background as a pharmacist to find undervalued specialty pharmaceutical companies and by managing the firm’s investments for long-term growth. After building a strong track record as a stock picker, Jason expanded his investment universe and applied his experience and extensive healthcare network to private market opportunities. He has since established himself as a highly respected investor and sought-after partner for both public and private companies." This was an awesome conversation to have. Highlights are as follows: ~1:00-6:00 - Early career highlights ~6:00- Finding cannabis as a potential investment opportunity ~9:50 - Applying the same learnings from pharmaceuticals to cannabis and getting control of TerrAscend ~13:50 - When the US cannabis thesis got derisked ~16:44 - Applying for licences in New Jersey and what that means ~18:50 - Buying Ilera ~23:30 - Discussion on incentives for East Coast regulators and how they may think about supply/demand balances ~26:30 - The strategy of density vs spreading out the retail footprint ~28:58 - Homegrown cannabis as an alternative ~31:00 - Federalization/interstate commerce and what that may do to the thesis. ~34:49 - The social justice impact of legalization ~37:13 - Consistency in edibles and what is difficult about getting those products consistent ~44:00 - Whether the illicit market will keep its customers ~49:00 - What Jason is doing with Chris Webber to help minorities profit in the cannabis industry ~55:00 - Why issuing equity right now was the right choice for TerrAscend | |||
| Arnold Van Den Berg - A Must Listen Life, and Investing, Discussion | 31 May 2021 | 02:01:53 | |
Arnold Van Den Berg is one of the most unique investors alive today. He is Jewish and was born in Amsterdam, Holland, in 1939. As a toddler, he and his family were forced to hide in a small closet when the Nazis searched his street. His mother was concerned that Arnold and his brother, then 5 years old, would not be able to keep quiet during the searches. Consequently, she arranged for Arnold and his brother to be smuggled out of Amsterdam. While Arnold was successfully smuggled out of Amsterdam, his mother never received a phone call confirming his safety. She grew worried and eventually set out to find a phone to confirm Arnold's safety. Arnold's dad went with her. On the way to the phone booth Arnold's mother and father duked into a store to avoid an air raid. The store owner alerted the Nazis and both of Arnolds parents were sent to Auschwitz. They both survived. This episode is about investing. But, it is more about life than anything. BIll has been fortunate to get to know Arnold over this process. They have talked on the phone for ~10 hours and will do so until Arnold tires of Bill! Arnold is a testament to what humans can do. He and his immediate family survived the most hellish conditions on Earth. Yet, he holds no resentments. In fact, he discusses his experiences as something he's almost grateful for because they enabled him to become the person he is now. In conclusion, no detailed show notes on this one. As a listener, you are encouraged to listen to this entire interview and determine what is helpful for you. Arnold is someone to celebrate and his story should never be forgotten. We hope we add something important to your Memorial Day with this episode. Thank you to all that serve and help ensure the freedomes we enjoy today. Best wishes. Much love.
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| David Barr - From Venture Capital to The Venture Exchange | 27 May 2021 | 01:37:30 | |
David Barr (@PenderDave on Twitter) is the President and Portfolio Manager at Pender Fund Capital Management. He focuses primarily on Canadian small cap equities, but is not limited to that subset of investments. Bill met Dave at an MOI Global event in 2019 and was very excited for Dave to join The Business Brew because Dave truly loves stock picking. Dave is extremely well respected, high integrity, and looks at the world through a unique lens. While some people see small cap investing as riskier, Dave sees it as an opportunity. Perhaps it's because of his background in venture capital ("VC"). Perhaps it's because he does better "work" than others. Whatever the reason, The Business Brew is grateful for his time and hope we introduce an investor that warrants respect. Topics discussed include: ~2:50 - Bill and Dave discuss MOI Global as a community ~4:30 - Dave discusses small cap investing ~7:40 - "Microcap draws people who are business analysts" ~8:35 - How venture capital influenced Dave ~10:00 - Why redemptions disproportionately influenced small caps in 2018 ~13:00 - How Dave thinks about marrying VC thinking with equity investing ~15:50 - How journaling helped Dave remember what COVID was really like ~20:00 - Avoiding envy in a social media world ~22:00 - Dave's experience getting "active" (read: constructive) with his holdings ~28:00 - What the Canadian Venture Exchange is and why companies are going public now ~35:00 - How Canada can lead in the financial trends and a discussion on how bubbles form ~45:00 - Dave's thoughts on balancing a portfolio of "compounders" and rerating investments ~49:00 - Are public markets really "long term?" ~53:00 - Is it possible to fully appreciate the right tail of outcomes? ~1:00:00 - Companies are people organizations now; reflexivity matters ~1:04:00 - Follow @PenderFelix! ~1:09:00 - Why Dave is respected by colleagues and how he's been able to achieve success ~1:15:00 - What to learn from Buffett ~1:20:00 - Founder/CEO turnover in smaller cap companies as a risk factor ~1:34:00 - Some SPAC talk
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| Francisco Olivera and Alex Morris - The Squad | 24 May 2021 | 02:34:02 | |
This episode features Francisco Olivera (@FrancoOlivera on Twitter) and Alex Morris (@TSOH_Investing on Twitter). Francisco and Alex are Bill's "mastermind" group. The three of them talk daily and discuss ideas. Scroll down to see topics and time stamps. This episode was recorded in early May. The AT&T and Discovery deal changes some of the discussion. Nevertheless, the thought process is what's more important than the event outcome. Alex and Francisco will return in Season 2 to discuss more media. We are certain of that. Please also note that Alex sold Qurate Retail Group after this episode was recorded. Unfortunately, Bill's mic is a little distorted in this episode, but the conversation was so good that Bill didn't want to scrap it. The three gentlemen hope you all enjoy the conversation. Sign up for Alex's Substack at https://thescienceofhitting.substack.com/ Check out Francisco's most recent "pitch" for Roblox at https://www.dropbox.com/s/qg827ammn51axwg/Roblox%20Investment%20Memo_vF.pdf?dl=0 and you can see him on Andrew Walker's podcast at https://www.youtube.com/watch?v=Np3AQjNV4OY Time stamps as follows: ~2:00 - starting a Substack and thinking through the frequency of client communication ~8:00 - Francisco's research process and why he's Bill's Abominable NO-man. ~12:00 - Position sizing ~17:00 - Buffett on Verizon ~19:00 - Takes on Berkshire annual meeting ~35:00 - What a "bull market" may do to how we all frame investments (note Alex's YOLO hedge idea at ~39 minutes) ~44:00 - How we think about cash/macro; leads into big tech talk ~50:00 - How our investing philosophy has changed. ~53:00 - Comcast discussion ~58:00 - AT&T discussion (changed with deal) ~1:03:00 - Disney discussion ~1:09:00 - Alex presents a counter to some of the Never Sell narrative and points out that great companies go through tough periods ~1:14:00 - Microsoft talk ~1:19:00 - Difference between multiples and market caps ~1:21:00 - Back to position sizing ~1:30:00 - GEICO vs Progressive ~1:35:00 - Back to Substack, then Alex describes his Substack offering at ~1:39:00 ~1:48:00 Qurate Retail Group ~1:50:00 - Alex and Francisco's bet for Apple to buy Disney ~1:55:00 - Twitter talk ~2:00:00 - Podcast strategy ~2:20:00 - State of Pay TV
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| Brian Feroldi - Man or Machine?! | 20 May 2021 | 01:37:45 | |
Brian Feroldi (@brianferoldi on Twitter) joined The Business Brew to discuss his investment philosophy. Brian is doing some very cool things to spread the message of personal finance and intelligent investing. Matt Cochrane (@matt_cochrane on Twitter) and Austin Lieberman (@libermanaustin on Twitter) vouch for him as a person. That means something to Bill. As for the discussion, Bill enjoyed speaking to Brian very much. Brian is process driven, open minded, and implements a different style from Bill's. Thus, he's exactly the type of guest Bill looks to speak to. Bill's takeaways from this conversation are as follows: Brian is smart, writes everything down, has an intelligent mental model of how the world works, is trying his best to do something positive for the finance industry, and has a passion for learning. He looks for businesses with huge potential and market caps that are capable of growing for a long time. He articulates some of the concepts behind David Gardner's "Rule Breaker" philosophy very well in this episode. Studying the philosophy that underlies Brian's strategy has been a great experience for Bill. The strategy is very different from Warren Buffett's, but it has created impressive outcomes for those that follow it. While Buffett takes large swings, Brian's strategy involves owning many companies and allowing the stocks to grow into concentrated bets. As he says, "make your biggest holdings earn their spot." We hope you enjoy this conversation. If you do then please subscribe to Brian's Substack https://brianferoldi.substack.com/ and YouTube channel at https://www.youtube.com/channel/UCs60_Z83HU76uygzHRQl0kA. ALSO, PLEASE GIVE US A 5 STAR RATING IN THE APP STORE IF YOU LIKE WHAT WE ARE DOING. Thank you for listening! | |||
| Austin Lieberman - Squash The Beef | 17 May 2021 | 02:08:50 | |
Title - Austin Lieberman - Squash The Beef Description - Austin Lieberman stops by The Business Brew for a special “squash the beef” episode. Austin and Bill are mortal enemies stemming from a classic “value vs growth” bet. Please see this GoFundMe link for details https://www.gofundme.com/f/fintwit-war-value-vs-growth?utm_campaign=p_cp_url&utm_medium=os&utm_source=customer. While Austin and Bill are not actually mortal enemies, they did disagree on their investment philosophy. Austin is more focused on faster growing companies than Bill has traditionally focused on. Their style differences caused them to talk past each other. One day Austin told Bill that the problem with “value investors” is they think there’s only one way to invest. Bill realized Austin had a point, which upset Bill (mostly because he hates being wrong). That conversation sent Bill on a path to study other styles. For that, he is grateful to Austin. More importantly, Bill is also grateful to Austin’s military service. Austin served as a Tactical Air Control Party (TACP) Officer in the Air Force. He talks about how that influenced him as a person and as an investor in this episode. This conversation is light hearted, good natured, and a fun way for two people from opposite ends of the investing spectrum to come together to talk investments. We hope you enjoy and are entertained. | |||
| George Livadas - A Long Short Discussion | 13 May 2021 | 01:06:46 | |
George Livadas stopped by The Business Brew to discuss his background, investing framework, and investment strategy. George is the founder and CIO of Upslope Capital Management. Bill really likes how George looks at the world. You can find George's work at https://www.upslopecapital.com/. George's portfolio tends to be focused on industries he covered in the past. Bill was curious to discuss how George thinks of his gross exposure (long exposure minus short exposure) and whether shorting has been, and will be, a good idea in the future. A reason for Bill's interest in long/short strategies is thinking about whether long/short strategies are a better method of diversification relative to the traditional 60/40 stock/bond allocation. In this conversation George talks about his investment theories, position sizing, how he sees risk/reward, and much more. The Business Brew is happy to feature him this week. You can follow Upslope Capital on Twitter at @UpslopeCapital.
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| Jeremy Raper - Credit Focused Equity | 06 May 2021 | 02:06:41 | |
Jeremy Raper stopped by The Business Brew to discuss his unique way of viewing equity markets. | |||
| Unlocking REIT Potential with Bill Chen: Navigating Multifamily and Office Market Dynamics | 23 Jul 2024 | 01:45:35 | |
Bill Chen returns to The Business Brew to explore the current landscape of Real Estate Investment Trusts (REITs). Delve into Chen's comprehensive due diligence process, investment strategies, and the future of multifamily and office REITs. Discover key insights on market conditions, cap rates, capital allocation, and the impact of interest rates on investment returns. The discussion also highlights strategic decisions by large-cap public REITs, dealing with distressed assets, and the potential risks and opportunities in today's real estate market. A must-watch for anyone looking to understand the intricacies of real estate investing in uncertain times. Note: This episode was recorded on July 9, 2024. 00:00 - Welcome to The Business Brew 00:05 - Introducing Bill Chen and REITs Discussion 00:35 - A Walk-Through Manhattan with Bill Chen 03:28 - The Future of Office Spaces 09:48 - Bank Balance Sheets and Office Exposure 19:24 - Analyzing REIT Investments 38:12 - Analyzing Cap Rates in Real Estate Investments 41:45 - The Impact of Public Company Costs on Returns 49:30 - Liquidity and Market Dynamics in Real Estate 53:11 - Challenges and Opportunities in the Current Market 1:00:10 - Grocery-Anchored Shopping Centers: A Resilient Asset Class 1:06:17 - Interest Rates and Their Influence on Real Estate Returns 1:15:02 - Understanding Real Estate Multiples and Leverage 1:15:41 - Market Fears and Multifamily Capitalization Rates 1:16:32 - Challenges in Real Estate Development 1:16:56 - Opportunities in a Down Market 1:17:20 - Connecting with the Speaker 1:18:25 - Investment Strategies and Market Timing 1:19:51 - Balancing Market Humility and Aggression 1:21:23 - Psychological Approaches to Real Estate Investment 1:23:24 - Resilience of Multifamily Assets 1:24:48 - The Future of Home Ownership and Renting 1:27:54 - Personal Experiences with Real Estate 1:30:56 - The REIT Mafia and Investment Benchmarks 1:35:16 - Long-Term Investment Perspectives 1:42:22 - Final Thoughts and Farewell | |||
| Jared Kaplan - CEO Interview - OppFi | 04 May 2021 | 01:19:11 | |
First and foremost, Bill owns stock in OppFi. This episode is not an invitation or solicitation to buy or sell shares in FGNA, the entity that OppFi is merging with in a SPAC transaction. Second, The Business Brew and Bill encourage listeners to do their own due diligence and talk to their financial advisor before purchasing or selling shares in any security. | |||
| William Green - Author Interview - Richer, Wiser, Happier | 03 May 2021 | 01:31:45 | |
William Green is the author of RICHER, WISER, HAPPIER: How the World’s Greatest Investors Win in Markets and Life (April 20, 2021; Scribner). Green has written for many leading publications in the US and Europe, including The New Yorker, Time, Fortune, Forbes, Barron’s, Fast Company, Money, Worth, Bloomberg Markets, The Los Angeles Times, The Boston Globe Magazine, The New York Observer, The (London) Spectator, The (London) Independent Magazine, and The Economist. He has reported in places as diverse as China, India, Japan, the Philippines, Bangladesh, Saudi Arabia, South Africa, the US, Mexico, England, France, Monaco, Poland, Italy, and Russia. He has interviewed presidents and prime ministers, inventors, criminals, prize-winning authors, the CEOs of some of the world’s largest companies, and countless billionaires.
While living in London, Green edited the European, Middle Eastern, and African editions of Time. Before that, he lived in Hong Kong, where he edited the Asian edition of Time during a period in which it won many awards.
Green has collaborated on several books as a ghostwriter, co-author, or editor. One of them became a #1 New York Times and #1 Wall Street Journal bestseller in 2017. He also worked closely with a renowned hedge fund manager, Guy Spier, helping him to write his much-praised memoir, The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment. Green also wrote and edited The Great Minds of Investing, which features short profiles of 33 renowned investors, along with stunning portraits created by Michael O’Brien, one of America’s preeminent photographers.
Born and raised in London, Green was educated at Eton, studied English literature at Oxford, and received a Master’s degree from Columbia University’s Graduate School of Journalism. He lives in New York with his wife, Lauren, and their children, Henry and Madeleine. | |||
| Corey Hoffstein - More Than A Model; Idiot (Yes, that's a Zoolander Reference) | 29 Apr 2021 | 02:08:35 | |
Corey Hoffstein, host of Flirting with Models, stopped by The Business Brew to have a wide ranging conversation about markets and his career. Corey is an amazing thinker. Rather than summarize his thoughts we would direct listeners to his website: https://blog.thinknewfound.com/author/choffstein/. You can find his podcast links at https://www.thinknewfound.com/podcast. He's a great guy, incredibly smart, and this is one cool conversation. We hope you listen and enjoy! Corey is the Co-Founder and Chief Investment Officer of Newfound Research, a quantitative investment manager. Corey received his BS in Computer Science from Cornell University and his MS in Computational Finance from Carnegie Mellon University.
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