Preston Pysh takes his top five favorite moments and lessons learned about Bitcoin since starting the Bitcoin Fundamentals Podcast in 2020. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 00:56 - Preston's 1st pick: Michael Saylor describing the importance of inflation being a vector 21:28 - Preston's 2nd pick: Pablo Fernandez talking about how CBDC will drive a wedge between producers and consumers 31:34 - Preston's 3rd pick: Cory Klippsten describing in detail how the alt coin / Silicon Valley VC...
Mar 08, 2023•2 hr 37 min•Ep 697•Transcript available on Metacast On today’s episode, Clay Finck does a deep dive into Constellation Software (Ticker: $CSU). Constellation Software is a Canadian holding company that has acquired over 600 vertical market software businesses. The company was founded by Mark Leonard, and has delivered exceptional returns to shareholders since their IPO in 2006. The stock has had an average annual return of over 34% from 2006 through the end of 2022. If you are like Clay and enjoy learning about high-quality businesses, then you w...
Mar 05, 2023•58 min•Ep 696•Transcript available on Metacast Trey invites Richard Wilson. Together, they discuss his top 5 favorite books written by billionaires and tease out the lessons from each one. Richard is the Founder and CEO of The Family Office Club, which is the #1 family office association with over 4,000 registered family offices. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:02 - What a family office is and how it works. 16:53 - The first thing you should focus on when setting one up. 46:54 - Key lessons from Richard’s top 5 billionaire boo...
Mar 03, 2023•1 hr 2 min•Ep 695•Transcript available on Metacast Preston Pysh is joined by Bitcoin miner, investor and strategic thinker, Harry Sudock. They talk about the current status of the mining industry and how they're dealing with an all-time high hash rate combined with prices that are still significantly down. Harry shares his thoughts on the ever-changing policy and legal rules around Bitcoin and Bitcoin mining, and much more. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:28 - Harry's thoughts on the massive amount of hash rate that has recently ...
Mar 01, 2023•1 hr 6 min•Ep 694•Transcript available on Metacast On today’s episode, Clay Finck reviews Joel Tillinghast’s book, Big Money Thinks Small, and does analysis on two companies built around acquisitions - Brown and Brown Insurance and Constellation Software. Joel is an incredible long-term investor as he has consistently outperformed the market and currently manages around $70 billion at Fidelity. Peter Lynch, who hired Joel at Fidelity, has described Joel as “one of the greatest, most successful stock pickers of all time.” IN THIS EPISODE YOU’LL L...
Feb 28, 2023•57 min•Ep 693•Transcript available on Metacast Stig speaks to Tobias Carlisle and Hari Ramachandra. Stig only owns five individual stocks, and in this episode, he outlines why he added Spotify as the newest addition to his portfolio. Hari’s pick, Disney, has recently been extremely volatile, and Tobias pitches Amgen, a value stock with strong downside protection in uncertain times. IN THIS EPISODE YOU’LL LEARN: 0:00 - Intro 01:24 - Why Hari is bullish on Disney (Ticker: DIS) 34:39 - Why Stig has invested in Spotify (Ticker: SPOT) as one of t...
Feb 26, 2023•2 hr 31 min•Ep 692•Transcript available on Metacast Trey talks to New York Times bestselling author William Cohan about GE's history, including founder Thomas Edison, Jack Welch's controversial career & successes, Warren Buffett's investment on GE, and much more! William Cohan's latest book, titled "Power Failure: The Rise and Fall of an American Icon," chronicles the incredible history of General Electric, which was often the largest and most esteemed company in the world over its 130-year existence. IN THIS EPISODE YOU’LL LEARN: 0:00 - Intro 07...
Feb 24, 2023•1 hr 7 min•Ep 691•Transcript available on Metacast There has been a lot of news coverage on Sam Bankman-Fried and the FTX disaster and all the pieces that led to its final meltdown. Mark Goodwin is the writer of the newly released article covering all the ins and outs of this major financial news story. And we cover it all in this episode. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:33 - Mark's thoughts on the cover of the Magazine. 05:35 - The timeline of FTX's founding. 09:59 - SBF's network and how was it even possible. 25:28 - Why and ho...
Feb 22, 2023•1 hr 6 min•Ep 690•Transcript available on Metacast On today’s episode, Clay Finck discusses the investment philosophies and framework of Terry Smith, who is the founder and CEO of Fundsmith and also known as the Warren Buffett of Great Britain. Smith started Fundsmith in 2010, and ever since has returned 478% to his investors versus his benchmark returning 256%. He did this using the simple framework of buying good companies, not overpaying, and holding them for the long-term. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:12 - Why Terry Smith o...
Feb 21, 2023•56 min•Ep 689•Transcript available on Metacast William chats with Ray Dalio, one of the most successful investors of all time. Ray, whose net worth is estimated at $19.1 billion, founded the world’s largest hedge fund firm, Bridgewater Associates, which manages about $150 billion. He’s also the author of the #1 NYT bestseller “Principles: Life & Work,” which has sold over 4 million copies. Here, Ray shares invaluable lessons on how to develop your own principles for success, overcome your biggest obstacles, construct a resilient portfolio, i...
Feb 19, 2023•2 hr 41 min•Ep 688•Transcript available on Metacast Trey speaks with accomplished real estate entrepreneur, Michael Sonnenfeldt, about his experiences and takeaways from his private club, Tiger 21, as well as his early life achievements and other topics. Michael is also the author of the book, "Think Bigger: And 39 Other Winning Strategies from Successful Entrepreneurs." IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:46 - What Michael learned from achieving his dreams early in his thirties. 19:59 - What he’s learned from subsequent wins and losse...
Feb 17, 2023•1 hr 9 min•Ep 687•Transcript available on Metacast Preston Pysh talks with Luke Broyles about Bitcoin's impact from a monetary historical perspective. Luke has been creating a lot of great content around why Bitcoin is so important, how we're at the start of the information era, and why scarce digital monetary units are so vital at such a point in time. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 05:32 - An overview of monetary history. 12:54 - Hyperinflation examples and boom bust empires. 11:17 - Why we might be at the end of an era. 47:32 - ...
Feb 15, 2023•1 hr 23 min•Ep 686•Transcript available on Metacast On today’s episode, Clay breaks down four wide moat stocks to be considered for 2023. If you’ve been following along with the show for quite some time, you know that Warren Buffett loves companies with wide moats. These are the companies that are most equipped to handle the constant disruption occurring in the capitalistic marketplace. However, even some of the widest moat and highest quality companies can be a poor investment if you pay too high of a price, so I also brought that into considera...
Feb 14, 2023•57 min•Ep 685•Transcript available on Metacast Stig Brodersen has invited back investment expert Cullen Roche to discuss how to optimize your portfolio for financial independence and sleeping well at night. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:05 - What the difference is between CPI and PCE. 08:31 - Whether central bankers should be elected? 14:46 - What the velocity of money is, and how it impacts inflation? 19:08 - What it means for inflation and the US dollar that the world is decoupling. 28:19 - What a balance sheet recession i...
Feb 12, 2023•1 hr 20 min•Ep 684•Transcript available on Metacast Trey chats with Joseph Shaposhnik. Joseph is the Portfolio Manager of TCW’s New America Premier Equities Fund. Joseph also serves as a Senior Equity Analyst in the equity research group with coverage responsibility for the industrials and basic materials sectors. Before joining TCW in 2011, he was an Equity Research Associate at Fidelity, focusing on the semiconductor and entertainment software sectors. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:52 - Unconventional wisdom and strategies that...
Feb 10, 2023•57 min•Ep 683•Transcript available on Metacast Pierre Rochard comes back to the show to do a deep dive into ordinals and the impact of people being able to put NFTs onto the base layer of the Bitcoin protocol. Many people in the space are currently debating whether this is a good thing or a bad thing, and there's no one better than Pierre to provide a good objective look at what it means and whether it potentially presents an attack vector to the protocol in the long term. Pierre has an in-depth understanding of the code, how exchanges work,...
Feb 08, 2023•1 hr•Ep 682•Transcript available on Metacast On today’s episode, Clay reviews Warren Buffett’s shareholder letters and shares his takeaways, and distills some of the biggest lessons he learned. If you asked a lot of value investors, they would tell you that reading Buffett’s letters is equivalent to an MBA on value investing and business. Buffett has a lot to teach us as investors as he has grown the value of Berkshire shares by over 3,600,000% since he took control of the business in 1965. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 07:44...
Feb 07, 2023•56 min•Ep 681•Transcript available on Metacast William Green showcases some of the most valuable insights from four investing superstars who have recently appeared on the Richer, Wiser, Happier podcast: Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon. Here, these famed investors share practical lessons on how to deal with uncertainty & handle the emotional challenges of investing in turbulent times. William adds his own observations, drawing on his conversations with these great investors & with legends like Sir John Templeton,...
Feb 05, 2023•1 hr 21 min•Ep 680•Transcript available on Metacast Trey brings back financial historian, Jamie Catherwood. Jamie is a Client Portfolio Specialist at O'Shaughnessy Asset Management and the author of the popular blog, Investor Amnesia. Trey and Jamie discuss the historical viewpoint on a post-bubble world, the impact of 1800s markets on our current market outlook, and more. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:45 - How markets from the 1800’s can inform how we view our market today. 13:27 - How the frauds of today like FTX draw similarit...
Feb 03, 2023•1 hr 10 min•Ep 679•Transcript available on Metacast Preston Pysh is joined by Bitcoin Lightning expert Justin Rezvani. Justin is a Forbes 30 under 30 and has some fascinating stories as a tech entrepreneur. Justin discusses how he sees the creator economy evolving with immediate settlement happening on the Lightning Network, and how people are going to be compensated for holding their own data and content instead of the big platform owners. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:15 - Justin's background as an entrepreneur. 01:20 - Justin...
Feb 01, 2023•59 min•Ep 678•Transcript available on Metacast Clay reviews Guy Spier’s book, The Education of a Value Investor. Guy Spier is a renowned hedge fund manager who has beaten the S&P 500 by almost 250 percentage points since launching the Aquamarine Fund in 1997. He has also been a guest on We Study Billionaires several times, including episode #14 released all the way back in 2014. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:27 - Guy’s story and background, and the critical mistakes he learned from the journey. 06:39 - How studying Tony Robb...
Jan 29, 2023•51 min•Ep 677•Transcript available on Metacast Trey chats with Eddy Elfenbein, a portfolio manager and editor of the blog Crossing Wall Street. They discussed his Buy List for 2022 and reviewed his list for 2023. Eddy's 'Buy List' has beaten the S&P 500 by 102% over the last 17 years. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:08 - How the 2022 list performed during one of the worst stock market years on record. 06:12 - Which five stocks Eddy swapped out for 2023 and why. 20:58 - Which stock performance surprised Eddy the most. 39:07 - A...
Jan 27, 2023•1 hr•Ep 676•Transcript available on Metacast Lyn Alden and Alyse Killeen talk about all the emerging businesses and ideas currently happening in the Bitcoin Lightning Network and where they see the space moving in the coming 12 to 24 months. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:12 - What are most important things that Lyn and Alyse are tracking going into 2023? 03:59 - What is the current state of the Bitcoin Lightning Network? 15:36 - How do they see stable coins versus CBDCs progressing in the coming year? 15:36 - Thoughts on ...
Jan 25, 2023•1 hr 26 min•Ep 675•Transcript available on Metacast On today’s episode, Clay reviews Mohnish Pabrai’s book, The Dhandho Investor. Mohnish is one of our very favorite investors to study here at TIP as we’ve interviewed him for the podcast multiple times in the past. Since its inception in 2000, Mohnish’s flagship fund has achieved a return of 781% to his investors net of fees versus 378% for the S&P 500. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:19 -The story of the Patels, who went from owning nothing in the US, to owning over 50% of the mot...
Jan 22, 2023•54 min•Ep 674•Transcript available on Metacast Trey invites Patrick Carroll, the founder and CEO of Carroll, which is a multi-billion dollar real estate investment firm. Patrick is a self-made entrepreneur with boundless ambition and has built his empire from scratch. Together they discuss today’s real estate markets and so much more! Patrick has risen from the school of hard knocks to become the success he is today. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:47 - Today’s real estate markets and how they eerily resemble 2008. 14:50 - How...
Jan 20, 2023•54 min•Ep 673•Transcript available on Metacast Preston Pysh interviews Lyle Pratt, an entrepreneur of multiple successful businesses, and a telecommunications and spam expert. They talk about the intersection of the Bitcoin Lightning Network and how it offers a solution to the worsening spam and bots that litter our social media and phone calls. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:18 - Lyle's background as an entrepreneur founding Better Voice. 06:22 - The history of VOIP and how it relates to Bitcoin today. 06:22 - The 402 payme...
Jan 18, 2023•59 min•Ep 672•Transcript available on Metacast IN THIS EPISODE, YOU'LL LEARN: 00:00 - Intro 05:11 - Aswath’s two primary methods for valuing a company. 05:40 - The general truths about valuations that investors should understand. 12:38 - The four most basic inputs to valuing a company. 19:37 - How to go about setting an appropriate growth rate in our valuations. 34:11 - Additional considerations in performing valuations such as a company’s intangible assets. 47:09 - Clay’s intrinsic value assessment of Williams-Sonoma (Ticker WSM). Disclaime...
Jan 15, 2023•52 min•Ep 671•Transcript available on Metacast IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:31 - How Inflation has been winning the tug of war with Deflation, but not for long. 23:58 - The importance of the velocity of money. 29:12 - How supply chains have evolved and who we’ve ended up where we are. 55:18 - How China’s power has peaked. 57:26 - The need for sound money. And much, much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermi...
Jan 13, 2023•1 hr 5 min•Ep 670•Transcript available on Metacast We interview and study famous financial billionaires including Warren Buffett, Ray Dalio, and Howard Marks, and teach you what we learn and how you can apply their investment strategies in the stock market. We Study Billionaires is the largest stock investing podcast show in the world with 100,000,000+ downloads and is hosted by Stig Brodersen, Trey Lockerbie, and Clay Finck. This podcast also includes the Richer Wiser Happier series hosted by best-selling author William Green. William regularly...
Jan 11, 2023•3 min•Ep 671•Transcript available on Metacast IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:37 - What's the mastermind's thoughts on FTX and SBF? 10:22 - What's happening with Gemini, DCG, Genesis, & GBTC? 14:37 - What's the group's thoughts on Binance? 15:04 - Why is a risk assessment of counterparts risk so important? 15:04 - Thoughts on liquidity and how to use it to understand volatility limits. 22:30 - An overview of Fixed Income Markets and High Yield Debt. 41:39 - Thoughts on inflation and what it might trend towards in 2023. 58:16...
Jan 11, 2023•2 hr 36 min•Ep 669•Transcript available on Metacast 
