The Business Brew

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. Bill is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast. While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world. 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: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group 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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Episodes

Adam Robinson - A Unique Mind

Adam Robinson is the Co-Founder of The Princeton Review, a NY Times Best Selling author, and a US Chess Federation life master. He currently works as a global macro advisor to the heads of some of the world's largest hedge funds through Robinson Global Strategies. Bill has wanted to interview Adam since he heard Tim Ferris interview Adam at The 92nd St. Y. You can find one of his episodes with Tim Ferris at https://www.youtube.com/watch?v=oSyMmleisQM . See also Adam's interview with Shane Parris...

Apr 01, 2021•2 hr 17 min

Sanjay Ayer - The Example of Self Awareness

Sanjay Ayer is a Portfolio Manager & Business Analyst at WCM; which he joined WCM in 2007. His primary responsibilities are portfolio management and equity research for WCM's global, fundamental growth strategies. Since he began his investment career in 2002, Sanjay ’s experience includes a position as Equity Analyst at Morningstar, Inc. in Chicago. In this episode Sanjay "stops by" The Business Brew to have a candid conversation about what really matters in investing. Sanjay has spent a lot of ...

Mar 26, 2021•2 hr 30 min

Elliot Turner - Growth At A Reasonable Price Defined

Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high-quality investment opportunities, and strategic portfolio management. In this episode Elliot joins The Business Brew to discuss his days as a Phish podcast host, being a business analyst, his thoughts on the COVI...

Mar 18, 2021•2 hr 16 min

Liz Simmie - A True ESG Manager

Liz Simmie is the Co-Founder of Honeytree Investment Management, a firm that lives ESG investing. See the end of this description for Liz' official bio. In this episode Liz Simmie stops by The Business Brew to talk all things ESG. Unlike many "ESG" managers, Liz actually practices what she preaches. Said differently, Liz is the real deal and doesn't just use ESG as a marketing tool. The catalyst for this conversation was Bill thinking about morality in investing. On one hand, owning assets one i...

Mar 11, 2021•2 hr 5 min

Ian Cassel - Micro Machine

Ian Cassel is the CIO at Intelligent Fanatics Capital Management ("IFCM"). IFCM invests in the smallest public companies in the world. They focus on businesses that are run by management teams who are capable of growing those businesses while benefiting stakeholders. Ian also founded MicroCapClub. In this episode Ian discusses how he became a microcap investor. One of his first successes was XM Satellite Radio. He discovered the company when it was a microcap trading for $2/sh and didn't have an...

Mar 04, 2021•2 hr 8 min

Oren Falkowitz - No Phishing Way

Oren Falkowitz is the founder of Area 1 Security. He was Chief Executive Officer of Area 1 2013-2020 and currently serves on the Board of Directors. Mr. Falkowitz holds numerous patents and is an avid wearer of bow ties on Thursday. Previously, he was the founder of sqrrl (acquired by Amazon) and held positions at the National Security Agency (NSA) and United States Cyber Command (USCYBERCOM). He joined the Business Brew to discuss his career and the cyber security landscape. We hope you enjoy....

Feb 25, 2021•2 hr 58 min

Derek Walin - Entrepreneur and Music Maven

The Business Brew is pleased to feature Derek Walin, @walin on Twitter, this week. Derek is Bill's cousin. They grew up together and Bill has known Derek since he was born. As Derek grew, Bill watched him become the consummate entrepreneur. Derek began landing "gigs" as a magician. He would do magic for kids, elderly people, and anyone that would book him (by calling his parents). After that, Derek took a liking to DJing (before it was cool). He earned money throughout his high school years by D...

Feb 18, 2021•2 hr 54 min

Moses Kagan - Permanent Real Estate Investing

Moses Kagan is a co-founder of Adaptive Realty, the Los Angeles-based real estate private equity firm. Since 2008, through Adaptive and predecessor entities, he has overseen the acquisition and rehabilitation of nearly 100 properties. Adaptive is laser focused on sub institutional scale multifamily. So these are deals between three and 10 million dollars of total capitalization. The firm is unusual in the real estate private equity world because they buy and hold real estate rather than buying b...

Feb 11, 2021•1 hr 25 min

Bonus: Andrew Walker - A SPACtacular Conversation

Andrew Walker, a PM at Rangeley Capital, author of Yet Another Value Blog, and host of Yet Another Value Podcast stopped by to discuss SPACs and his investment philosophy. We are releasing this episode as a bonus because there are some elements of it that require a faster release than normal. Areas discussed were SPACs, sum of the parts analysis, Getting Better as an Investor, and the current market environment. Andrew has had an interesting career. He's found "compounders," special situations, ...

Feb 10, 2021•2 hr 55 min

Mike aka @NonGaap - Master of the Dark Arts of Corporate Governance

Mike is an ex-activist investor who writes about tech, corporate governance, the power of friction & incentives, strategy, interpersonal board dynamics, and activist fights. In this episode Mike and The Business Brew discuss everything from corporate governance to the potential for charismatic personalities to use their brand to make a run at real companies. Mike has a unique outlook on the world. Mike describes how the clues in corporate governance actions can help investors triangulate their i...

Feb 04, 2021•2 hr 58 min

Shomik Ghosh - A SaaSy Conversation

The Business Brew is joined by Shomik Ghosh. Mr. Ghosh is a Principal at Boldstart Ventures, a day one, pre-product partner for technical founders with portfolio companies such as Snyk, Kustomer, BigID, Superhuman, Front, and Security Scorecard. His career has spanned everything from fixed income sales & trading to investment banking to venture capital. He specializes in enterprise software for his day job and long-term competitively advantaged businesses in his PA (a lot of which are also enter...

Jan 29, 2021•2 hr 56 min

Jen Ross - Always Questioning the Narrative

The Business Brew is joined by Jen Ross this week. Jen was a professional short seller. Consequently, she has a unique perspective. It took Bill a while to understand the role of short selling in a portfolio but Jen’s comment about the need (or lack thereof) to hedge a quality equity portfolio really helped Bill understand what risks to think about hedging via short selling. Her Bio very unique: Jennifer L. Ross has more than 20 years of engineering and financial experience. She is a principal e...

Jan 22, 2021•2 hr

Tyrone V Ross Jr. - A Powerful Advocate

We are fortunate to be joined by Tyrone V Ross Jr. What started out as a connection over BitCoin turned into something much more important. In this episode Tyrone discusses many issues that seem to be forgotten as the stock market hits new highs. We cover a wide range of issues and potential financial solutions. We recommend listening to this one at 1x speed. As always, thank you for listening.

Jan 15, 2021•2 hr 42 min

Sean Stannard Stockton - A Renaissance Investor

We were fortunate to be joined by Sean Stannard Stockton, CIO of Ensemble Capital Management. Sean is one of the best generalist investors we know of. In this episode, Sean discusses: Running an investment firm during COVID-19; The need for companies to lead by example; The willingness to remain open minded; Thinking about serial acquirers; The potential perils of low/slow growth investing; His thoughts on position sizing; And he provides the best answer we've ever heard to an error of omission....

Jan 08, 2021•1 hr 24 min

Jack Rohrbach - A Success Story

This episode details the successful career of Jack Rohrbach. Jack began as a salesman and worked his way up. He made the most of every opportunity. While he often attributes his success to luck, it’s clear he was a team player who found out how to help those above him. In doing so, he became a leader. Our favorite quote of the interview occurred when Jack was talking about his later career. When asked how it felt to have a lot of employees working for him, he responded “I don’t look at it that w...

Dec 25, 2020•2 hr 25 min

Tobias Carlisle - A Modern Walter Schloss

Tobias Carlisle is a well known author. He's written extensively about value investing. In our view, Deep Value is one of the best investment books ever written. He is also the founder and managing director of Acquirers Funds, LLC. See acquirersfunds.com We hope this interview answers some of the tougher questions people have for him regarding “value’s” underperformance. And, more importantly, we hope to introduce a really unique individual to the investing community. We are grateful for his app...

Dec 11, 2020•3 hr 35 min

Dan McMurtrie - The Next Market Wizard

The second episode of The Business Brew features Dan McMurtrie, PM at Tyro Partners. In this episode Dan pulls back the curtain on how a true hedge fund manager thinks. He discusses: A tough launch (13:20) Pivoting from "value" investing (17:50) Agency costs hurting "value" investments (20:35) Convergent & iterative thinking (32:40) Risk management and buying higher (44:20) The dangers of the value investing inoculation (46:50) THE DATING PAPER (58:00) Being early on COVID (1:08:00) TINA + Liqui...

Nov 27, 2020•2 hr 16 min

Michael Mitchell - Fundamental Opportunist

Welcome to the first episode of The Business Brew. Our first guest is Michael Mitchell. Michael is a former partner at Locust Wood Capital Advisors. He describes himself as 80% Greenblatt and 20% Buffett. Alternatively, he can be described as fundamental and opportunistic. Labels aside, he's a great thinker and a cool guy. So enjoy the episode and please subscribe to our feed.

Nov 17, 2020•2 hr 22 min

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