Welcome to The Business Brew
This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business.
We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.”
Disclaimer: This podcast is for informational and educational purposes only. Nothing in this podcast is investment advice. All information in this is opinion based, potentially biased, and requires verification.
Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.
This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.
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Peter Mantas returns to the show. This is a follow up episode to the episode discussing uniQure. It's timely given the amount of media attention Marty Makary is getting; in part because of uniQure. Describing his trip on his Substack : "I flew to Washington D.C. on Friday (and drove to Baltimore on Saturday) with a thesis. I left with something harder to quantify, not a different thesis exactly, but a materially deeper understanding of the terrain on which this thesis will ultimately be resolved...
Charles Frischer and Asheef Lalani return to discuss Fairfax Financial's recent annual meeting, offering insights into its investment philosophy, conservative reserving, and unique capital structure. They detail how accounting practices lead to an understated book value, revealing hidden gains and the strategic deployment of leverage and total return swaps. The episode also explores Fairfax India's significantly undervalued assets and the company's long-term value creation potential, emphasizing its resilience and opportunities in a changing market. This provides investors with a comprehensive update and forward-looking analysis.
Evan Tindell, CIO at Bireme Capital , returns to The Brew for a laid back conversation. The impetus for the conversation is Evan's Q4 letter . A year ago Evan came on the show to educate people about some mistakes he made in 2024. In that show he made the case for foreign stocks. The portfolio he discussed at that time did quite well (our words; not his) in 2025. Find out what he's thinking about now. And hopefully have a few laughs along the way. Sponsorship Information Thank you to Tra...
Sonu Chawla of Times Square Capital Management shares her investment philosophy, focusing on growth with a conscience, valuation discipline, and management assessment. Stocks discussed include Argenx, Carpenter Technologies, Cheniere, and JFrog. The conversation provides insights into how Sonu navigates market dislocations, valuation challenges, and sector opportunities. Sonu's bio: Sonu is a Director, Portfolio Manager/Analyst, and Partner in TimesSquare’s growth equity group. She is responsibl...
@crashkolnikov on X, and author of Notes From The Beauty Contest Substack , joins the show. Notes From The Beauty Contest is a long form Substack that focuses on stocks that are somewhat under covered elsewhere. It got its start with a deep dive into Regeneron, which is a primary focal point of this discussion. We hope you enjoy. Sponsorship Information Thank you to Trata for sponsoring the show. If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside co...
The podcast explores the ongoing battle surrounding uniQure's AMT-130 gene therapy for Huntington's Disease, where the FDA insists on a traditional randomized controlled trial despite the Huntington's community arguing it's unethical and impractical for this devastating, slow-progressing condition. It highlights the use of external control groups and propensity score matching as viable alternatives, alongside concerns about FDA's perceived inflexibility and shifting regulatory stance, contrasting it with the UK's embrace of the treatment.
Geopolitical analyst Jacob Shapiro delves into complex global issues, admitting his misjudgment on the Iran conflict and its potential for extended disruption. He explores Mexico's growing geopolitical importance amidst cartel challenges and critiques the US "boogeyman" narrative around China, advocating for a nuanced understanding of its regional power. Shapiro concludes by framing the current multipolar world as a return to historical normalcy, expressing optimism for future prosperity driven by technological innovation, while cautioning about managing social dislocations and preparing for long-term geopolitical shifts.
This episode features a lively, unscripted conversation with Jason and Jeff, hosts of the Investing Unscripted podcast. They delve into various investment themes, from the importance of distribution over product quality using Zoom as an example, to the societal impacts of technology and changing consumer habits on industries like liquor. The discussion also covers personal investing journeys, the challenges of capital allocation, and the surprising success of simple, long-term strategies.
Adam Wilk of Greystone Capital shares his unconventional path from NBA scouting and analytics to founding an investment firm. He explains how disciplined decision-making under uncertainty and a focus on long-term systems, rather than surface-level metrics, shape his approach to evaluating businesses. The conversation delves into his preference for the small-cap universe, highlighting opportunities created by market inefficiencies and his detailed scuttlebutt process, with specific examples like Duolingo's unique moat and the future of commodity investments like NRP.
Host Bill Brewster candidly discusses his personal transformation, prompted by family patterns and a friend's challenge to cut alcohol and unhealthy eating. He details significant positive changes, including improved mood, physical health, and relationships. Inspired by his success, Bill extends an offer to listeners to become their accountability partner for a 28-day challenge, emphasizing the profound impact of self-improvement.
Will Thompson returns to "The Business Brew" to explore the intricate world of real asset investing. He delves into "wicked problems" where solutions create new challenges, such as central bank policies and climate change initiatives that affect real asset development. Thompson shares his skeptical views on current oil and gold prices, arguing that oil is undervalued for new production while gold's valuation is too uncertain. He presents a constructive outlook on copper, detailing its demand drivers and the significant geological and infrastructural complexities of modern mining. The conversation also touches on the critical role of management, the talent shortage in basic materials, and the broader macro-economic factors influencing these markets.
Host Bill Brewster offers an update on "The Business Brew," addressing a corrupted file that prevented a planned episode on David Thomas's "The Fairfax Way" book, which he still highly recommends for its insights into Fairfax's history and insurance operations. He also shares a personal anecdote about his Christmas and a newly repaired canoe. The episode concludes with reflections on the "Basic Capital" episode, raising questions about debt structures and financing, and a call for listener guest recommendations for the upcoming 2026 season.
Abdul Al Assad, founder of Basic Capital, argues for providing individuals with non-recourse, long-term leverage for investing in diversified financial assets, similar to a mortgage for housing. He critiques the current system where consumer credit is easily accessible but investment credit is not, asserting that traditional saving methods are ineffective for most. By enabling a "retirement mortgage" for market participation, Basic Capital aims to address wealth inequality and empower individuals to build their own "universal basic capital," despite the inherent market risks.
This episode features Jim Hayes, founder of Lucerna Global Capital, who explains the compelling investment opportunities in emerging markets after a decade and a half of underperformance. He highlights the potential in Latin America and Southeast Asia, citing favorable demographics, improving fiscal situations, and political shifts. Hayes also details his firm's bottom-up investment process and expresses structural caution towards China, emphasizing the advantages of active management in a diverse, less-covered asset class.
Bill pops in for a short rant and an update on some of his thoughts. As always, thank you for listening. Have a wonderful Thanksgiving! Tell the people you love that you love them. "People never get the roses while they can still smell them." - West, Kanye Sponsorship Information Thank you to Fiscal.ai for sponsoring the show. DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew , you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to ...
Mark Cooper, founder of MAC Alpha Capital, shares his firm's unique approach to international small-cap value investing, emphasizing competitive advantage, capital allocation, and strong company culture. He details why he believes this sector offers a once-in-a-generation opportunity due to current market imbalances, drawing parallels to the dot-com bubble. The discussion also covers strategies for managing risk, portfolio construction with a long-term horizon, and the behavioral challenges investors face in a trending market.
Matthew Quigley, founder of Draft Line Capital, details his shift from managing FSU's NIL collective to establishing a private credit fund for athletes and universities. He explains how Draft Line addresses athletes' unique financial needs, such as insurance premiums and contract advances, emphasizing responsible lending practices over predatory "future earnings" deals. The discussion also explores the broader impact of NIL on college sports and the robust, growing market for sports finance.
Peter Mantas of Logos LP, https://www.logoslp.com/ , stops by The Business Brew for an update. The previous episode discussed the potential of the life sciences industry. Since then uniQure released potentially groundbreaking results. Hence, Peter came back for an update. Shoutout to the ClearPoint group chat! For more information on how Peter invests, please see https://podcasts.apple.com/us/podcast/peter-mantas-logos-lp-portfolio-construction-biotechs/id1492171651?i=1000537962817 on Apple ...
Maja Vujinovic stops by The Business Brew for a crypto discussion. Maja is CEO of FGNX, a D.A.T. The meat of this conversation is about Maja's experience in payments and how that led her to crypto. Maja then discusses Bitcoin and Ethereum's role in the modern financial system. Sponsorship Information Thank you to Fiscal.ai for sponsoring the show. DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew , you will automatically get 2 weeks of Fiscal Pro for Free and if you find that...
This week, Dan Rasmussen - founder of Verdad Advisors and author of The Humble Investor - drops by to challenge conventional wisdom, discuss humility, and stir up some lively debate. In this conversation, Dan discusses his investment philosophy; focusing on the risks associated with private equity, the unpredictability of future growth, and the importance of patience in investing. Dan also touches on his approach to investigating biotech investing. We hope you enjoy the show. Sponsorship Informa...
David Gardner returns to discuss his new book: Rule Breaker Investing: How to Pick the Best Stocks of the Future and Build Lasting Wealth . After decades of research, the book is a culmination of David's work in investing. This conversation should whet your appetite and help understand David's philosophy. Takeaways Investing requires a long-term mindset and patience. Market volatility is a natural part of investing. Concentration in a few strong positions can be beneficial. Initial position sizi...
Braden Dennis stops by to discuss building Fiscal.ai . Long time show listeners may remember Stratosphere.io. That was "Era 1" of the company. Today, Braden is working on "Era 3" of the company; Fiscal.ai . Braden talks about building a product for himself, to acquiring customers, to early LLM adoption, and finally to competing with FactSet. Fiscal.ai recently raised $10mm in a Series A round led by Portage and Social Leverage. We hope you enjoy the conversation. It's a cool story. ALSO, if you ...
Spencer Cibelli, Investment Associate at Robotti & Company , stops by to discuss Haypp Group; the world’s largest online retailer of nicotine pouches and traditional snus products. The nicotine pouch category is, as Mugatu would say, "So hot right now." Spencer details Haypp's unique characteristics, benefit to customers, and value offered to suppliers. This business has an interesting niche. And may just be an unlikely "Win-Win-Win" example. Enjoy the episode! Sponsor Notes This episode is ...
Jeffrey Collins, Managing Partner of Cloverlay, explains their unique investment strategy focused on esoteric, niche private assets that offer uncorrelated returns absent from traditional portfolios. He details how Cloverlay identifies opportunities by being ahead of institutional capital waves, investing in misunderstood assets like sports media rights, telecom spectrum, and dark fiber, and leveraging regulatory changes. The discussion highlights their disciplined approach to asset acquisition, aiming for asymmetric returns with contained downside, and managing a diversified portfolio to ensure predictable outcomes for institutional and family office clients.
Ryan Dobratz stops by to discuss various aspects of the real estate market, primarily focusing on Freddie Mac and Fannie Mae. The discussion touches on the political implications surrounding Freddie and Fannie, as well as trends in the residential housing market and manufactured housing policies. Weaved into the conversation is interest rates, CPI, and the impact of AI on industrial real estate. Takeaways The real estate market is currently experiencing a divergence in performance across differe...
Stuart Loren, Managing Director at Fort Sheridan Advisors, stops by the show to discuss investing in The Age of Social Disruption (that hyperlinks to his presentation of the idea). Stuart explores how economic, social, and political disaffection is reshaping investment opportunities and societal dynamics. He highlights the decline in geographic mobility, the housing crisis, and the rise of populism as key factors influencing current political landscapes. The discussion also touches on the impact...
James Davolos stops by to discuss the emerging importance of water solutions in oil and gas production. He shares insights on behavioral investing, the evolution of investment strategies at Horizon Kinetics, and the challenges and innovations in water management within the energy industry. The discussion also touches on market dynamics, competitive landscapes, and the future outlook for investment opportunities in this niche sector. Takeaways Water solutions in the oil and gas sector are becomin...
Wes Gray returns to the show to discuss a potential solution for those with concentrated financial investments. Wes discusses a solution, via a Registered Investment Company, that enables investors to diversify their position while deferring taxes. We hope the episode is informative. Find Wes at: Twitter: https://x.com/alphaarchitect RIA/blog/education: http://alphaarchitect.com ETFs: http://funds.alphaarchitect.com White label ETF: http://etfarchitect.com...
Andrew Freedman, Communications Analyst at Hedgeye Risk Management , stops by to discuss his experience integrating AI in his life. Bill contacted Andrew after Andrew tweeted "So many (very smart) people still can’t grasp the implications of AI…" This episode is premised on that tweet. It's a good one! Follow Andrew on X at https://x.com/HedgeyeComm or connect with him on LinkedIn at https://www.linkedin.com/in/andrew-freedman-cfa/ Mary Meeker's AI Presentation/Deck - https://www.bondcap.com/rep...
The one and only John Huber stops by The Business Brew. John runs Saber Capital Management . Bill found John through Base Hit Investing back in the day. Today you can follow John's writing at Basehitinvesting.substack.com . Bill admires John's mental flexibility, grit, and consistency. The Business Brew is happy to feature John this week! 🧠 What You’ll Learn in This Episode 📌 Strategic insights into value investing 📌 How to evaluate high-quality growth companies 📌 The risks of overpaying and...
