On today’s episode, Clay Finck does analysis on two high-quality compounders – Topicus.com and Copart. Topicus.com is a spin off of Constellation Software and is at a size similar to what CSI was back in 2010. They provide vertical market software and vertical market platforms in Europe. Copart provides online auctions and vehicle remarketing services in the United States, Canada, and many other countries. Both companies have strong competitive advantages, strong fundamentals, high insider owner...
May 05, 2023•53 min•Ep 727•Transcript available on Metacast Preston Pysh interviews the author of one of his favorite books of all time, Kevin Kelly. Kevin is the founding editor of the global brand Wired Magazine. In this episode, they talk about all the interesting ideas about technology, AI, where it’s going, and more. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 02:12 - What is the Technium and how did Kevin come to understand the term? 02:12 - Why are ecosystems NOT in equilibrium? 06:28 - What are Kevin's thoughts on AI helping biology and longevit...
May 03, 2023•53 min•Ep 726•Transcript available on Metacast Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a CAGR of 11.5% since his fund's inception on 2/28/1999, compared to 6.9% for the S&P500. There is no one in the space we respect as much as Chris Bloomstran when valuing the intrinsic value of Berkshire Hathaway. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 10:21 - The intrinsic value of Berkshire Hathaway and wha...
Apr 30, 2023•1 hr 28 min•Ep 725•Transcript available on Metacast On today’s episode, Clay wraps up his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 5 and the final episode of our review of this incredible book. This episode is jam packed with investing wisdom that you won’t want to miss. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee st...
Apr 28, 2023•1 hr 4 min•Ep 724•Transcript available on Metacast Preston Pysh and Dylan LeClair cover Dylan's use of AI, programming, and on-chain analytics, what's driving the recent surge we've seen in the Bitcoin price since the start of the year, and what he's personally paying attention to in the general macro overview. Dylan is one of the lead writers and researchers at Bitcoin Magazine Pro and has some of the most interesting and well-researched takes on what's currently happening with the market. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:11 - Wh...
Apr 26, 2023•1 hr 12 min•Ep 723•Transcript available on Metacast In this episode, William Green talks with Jason Karp, a prodigiously talented investor & entrepreneur whom he also profiled in his book, “Richer, Wiser, Happier.” Jason founded Tourbillon Capital Partners, where he managed $4.5 billion. He then quit the hedge fund business & created HumanCo, a holding company that invests in the health & wellness sector. Here, he speaks with extraordinary candor about his relentless quest for financial & professional success, & how his obsession with overachieve...
Apr 23, 2023•2 hr 58 min•Ep 722•Transcript available on Metacast On today’s episode, Clay Finck continues his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 4 of our review of this incredible book. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-orient...
Apr 21, 2023•55 min•Ep 721•Transcript available on Metacast David Bailey and Preston Pysh get into an in-depth conversation about the GBTC Bitcoin Trust and all of the issues it's had over the past year and a half. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:29 - What backs Bitcoin? 10:27 - CBDCs and what happens next. 13:14 - FedNow and what happens after it's launch. 18:43 - The actual impact of picking winners and losers for decades on end. 20:14 - The Skull of Satoshi. 29:43 - What it's like building a Bitcoin media company as an entrepreneur. 29...
Apr 19, 2023•1 hr 4 min•Ep 720•Transcript available on Metacast In this episode, William Green chats with Samantha McLemore, the founder of Patient Capital Management. After graduating magna cum laude from Washington & Lee University, she was hired by investing legend Bill Miller & spent 20 years working with him. They co-managed Miller Opportunity Trust, a top-performing mutual fund, for a decade until Bill recently retired & anointed her as his successor. Here, Samantha shares what she’s learned over the last two decades about how to outperform by thinking...
Apr 16, 2023•2 hr 10 min•Ep 719•Transcript available on Metacast Trey Lockerbie invites the renowned Howard Marks, known for establishing Oaktree Capital with $140B in AUM and earning a reputation as an investing legend for his consistent performance, unconventional investments, and insightful memos. In their discussion, Howard shares his views on various topics, including A.I., Bitcoin, and his prediction that the financial markets are undergoing a significant transformation, which he believes is the third such occurrence in his illustrious 50-year career. H...
Apr 14, 2023•1 hr 2 min•Ep 718•Transcript available on Metacast James Lavish comes with decades of experience as a fixed income investor, and overall Bitcoin educator. On today’s show, Preston talks to James about how the evolving macro environment doesn’t seem to be hampering the price of Bitcoin, despite the numerous liquidity and central banking actions plugging the global economy. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:16 - What are the most important things to be focusing on in the second quarter of 2023? 02:56 - What James thinks about the dis...
Apr 12, 2023•56 min•Ep 717•Transcript available on Metacast On today’s episode, Clay continues his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 3 of our review of this incredible book. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented app...
Apr 11, 2023•54 min•Ep 716•Transcript available on Metacast On today’s episode, Clay sits down with Chris Mayer to discuss the lessons from his book - 100 Baggers. Chris is the author of 100 Baggers, and the portfolio manager of Woodlock House Family Capital. Chris’s book was published in 2018, and has quickly become a favorite within the investing community. The book very clearly explains the ingredients needed for a stock to compound and grow to 100 Bagger status, which we discuss during this episode. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:16 -...
Apr 09, 2023•46 min•Ep 715•Transcript available on Metacast Trey Lockerbie welcomes back billionaire and legendary investor Mr. Jeremy Grantham. Jeremy has a reputation for accurately predicting future events, including nearly every single bubble bursting over his career. During their conversation, Jeremy shares his thoughts on recent bank failures, Fed policy, and other world issues. IN THIS EPISODE YOU’LL LEARN: 0:00 - Intro. 01:51 - Jeremy’s general thoughts on recent bank failures and Fed policy. 12:22 - A look at history and how long bear markets ty...
Apr 07, 2023•56 min•Ep 714•Transcript available on Metacast Preston Pysh and Pierre Rochard talk about the current draft bill in Texas that's trying to limit Bitcoin mining and what this means in the broader context of state's rights and their competition between local jurisdictions. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:10 - Why Pierre was in the Texas Congress testifying about the benefits of Bitcoin and it's mining infrastructure. 04:40 - Explain why Bitcoin is a National Security issue if a country fails to adopt and understand it. 07:55 - ...
Apr 04, 2023•55 min•Ep 713•Transcript available on Metacast On today’s episode, Clay Finck sits down with Daniel Gallancy to chat about the evolution of capital markets and how equity crowdfunding allows individual investors to get access to new investment opportunities. Daniel is the CEO of Atakama. Atakama is a cybersecurity company that is pioneering multifactor encryption, enabling unrivaled data protection through distributed cryptographic key management. Organizations rely on Atakama to protect their most sensitive data, even when identity or rules...
Apr 04, 2023•53 min•Ep 712•Transcript available on Metacast In this episode, William Green chats with Tom Gayner, one of the great long-term investors of our time. Tom is the CEO of the Markel Corporation, a global financial holding company, where he oversees about 20,000 employees. Here, he shares his time-tested advice on how to achieve enduring success in business & investing while also building a happy & fulfilling personal life. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:38 - How Tom Gayner made a fortune by setting up a retirement account at ag...
Apr 02, 2023•1 hr 26 min•Ep 711•Transcript available on Metacast Trey chats with billionaire entrepreneur and investor, Mr. Andrew Wilkinson. They discuss various topics, including self-care and parenting, as well as exciting deals he collaborated on with Bill Ackman and Howard Marks. Andrew is the co-founder of Tiny, which has been called the Berkshire Hathaway of Tech companies. Andrew turned his first business, MetaLab, into a not-so-tiny conglomerate in a similar fashion to how Buffett turned an old textile mill into the juggernaut Berkshire is today. IN ...
Mar 31, 2023•1 hr 3 min•Ep 710•Transcript available on Metacast Preston Pysh interviews Alfonso Peccatiello, better known as Macro Alf, to talk about how the banking system works, what might come next with the spreading global impairment, and what it might mean for Bitcoin and other asset classes. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:25 - Global perspectives and insights. 05:28 - The impact of immediate withdrawals on banks' cash reserves. 11:49 - Twitter debates: QE returns or not? 11:49 - Dispelling Bitcoiners' mistrust in the banking system. 28...
Mar 29, 2023•56 min•Ep 709•Transcript available on Metacast On today’s episode, Clay sits down with Shawn O’Malley to provide an update on the banking crisis. For months, many have said that the Fed will continue hiking interest rates until “something breaks”. Shawn breaks down why it feels like the Fed broke something, and what it means for investors. Shawn is the chief editor and writer of our daily financial markets and investing newsletter. He aims to bring a value investor’s perspective to understanding current events. IN THIS EPISODE YOU’LL LEARN: ...
Mar 28, 2023•52 min•Ep 708•Transcript available on Metacast On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” They discuss what has made them Richer, Wiser, or Happier in the past quarter. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:31 - How to think about investing with an asset manager that yields a lower return and has good values, or an asset manager with a higher return and bad values. 27:35 - The role of money vs. happiness for billionaires. 48:55 - What Stig and William learned from Ray Da...
Mar 26, 2023•2 hr 7 min•Ep 707•Transcript available on Metacast Trey brings back TIP fan favorite, Mr. Ian Formigle. Together they discuss the future of office and retail, the risks of capital calls in a downward market, and much more. Ian is the Chief Investment Officer of Crowdstreet and our go-to expert on all things real estate, especially commercial real estate. IN THIS EPISODE, YOU'LL LEARN: 00:00 - Intro 08:32 - Ian’s outlook for 2023, especially as it pertains to the risks surrounding bank failures and other illiquidity issues. 15:01 - How interest r...
Mar 24, 2023•1 hr 22 min•Ep 706•Transcript available on Metacast Preston Pysh sits down with global macro and security intelligence thinker, Matthew Pines to talk about China and its deeply manipulated market conditions, Japan being a major choke point for international interest rates, central bank digital currencies, and many more interesting ideas. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:19 - How Matthew Pines became familiar with Bitcoin. 03:26 - Was the balance of payments between net producers and net consumers a reason why we have so many global...
Mar 22, 2023•1 hr 14 min•Ep 705•Transcript available on Metacast On today’s episode, Clay Finck continues his review of Gautam Baid’s book, The Joys of Compounding. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:11 - ...
Mar 21, 2023•56 min•Ep 704•Transcript available on Metacast William chats with renowned hedge fund manager Guy Spier. Since launching the Aquamarine Fund in 1997, Guy has beaten the S&P 500 by 200 percentage points & the MSCI World index by 364 percentage points. He’s also the author of “The Education of a Value Investor.” In this conversation, Guy speaks candidly about the challenges he’s facing, including his fear that Russia’s war in Ukraine could escalate, creating a systemic risk for investors. He explains how he’s positioning his portfolio to survi...
Mar 19, 2023•2 hr 14 min•Ep 703•Transcript available on Metacast Trey invites Kristof Gleich, together they discuss a wide range of topics, including factor frameworks, advancements in behavior analytics, the qualities that set exceptional money managers apart, and more! Kristof is the President and CIO of Harbor Capital and is responsible for Harbor’s $40B of AUM invested in boutique managers from across the World. Prior to Harbor, Kristof worked at Goldman Sachs and JP Morgan. IN THIS EPISODE, YOU'LL LEARN: 0:00 - Intro 01:53 - How Kristof would summarize Q...
Mar 17, 2023•1 hr 7 min•Ep 702•Transcript available on Metacast Preston Pysh sits down with Steven McClurg, who’s the CIO at Valkyrie, and just an all-around brilliant macro thinker, to talk about the multiple bank failures, what it meant for the broader economy, Bitcoin, and more. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 03:03 - What are the three things the FED is currently considering? 26:15 - Why Silvergate, Signature, and Silicon Valley Bank are different than many other banks? 31:29 - What rules from the Global Financial Crisis are currently impact...
Mar 15, 2023•1 hr 11 min•Ep 701•Transcript available on Metacast On today’s episode, Clay Finck reviews Gautam Baid’s book, The Joys of Compounding. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach. IN THIS EPISODE YOU’LL LEARN: 0:00 - Intro 05:54 - Why we should com...
Mar 14, 2023•56 min•Ep 700•Transcript available on Metacast Stig brings back one of our most popular and thoughtful guests, investment expert Lyn Alden. Together, they discuss how the Fed went broke and what the implication is for us as investors. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:28 - What is on the balance sheet of the FED. 07:32 - Why the Fed should be profitable. 11:36 - Should central bankers be elected? 21:09 - Why Lyn is bullish on India and Brazil. 36:39 - Whether the commercial bank system will allow a central bank digital currency....
Mar 12, 2023•1 hr 5 min•Ep 699•Transcript available on Metacast Trey chats with Dr. Graeme Forster. Together they discuss the success of legendary investors such as Jim Simons & Orbis' founder Allan Gray, Graeme's shift from mathematics to value investing, and much more! Graeme is the Director and Portfolio Manager of Orbis, which currently manages around $30B. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:30 - Graeme’s journey from mathematics to value investing, & exploring legendary investors like Jim Simons. 26:14 - How Orbis’ founder and billionaire Al...
Mar 10, 2023•1 hr 1 min•Ep 698•Transcript available on Metacast 
