TIP747: John Neff: The Value Investor Who Quietly CRUSHED the S&P 500 w/ Kyle Grieve
On today’s episode, Kyle Grieve discusses legendary value investor John Neff, one of the most underrated investors in value investing, who quietly outperformed the S&P 500 for decades. You’ll learn more about Neff’s contrarian mindset, his focus on low PE stocks, and his disciplined yet unconventional approach, which shaped one of the most impressive track records in investing history.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:04 – The unconventional mindset that made John Neff a true contrarian investor
03:41 – Why “boring” businesses can be surprisingly beautiful wealth builders
04:18 – How lessons from his father and mentors shaped Neff’s investing philosophy
06:21 – The hidden danger of investment committees that drag down star performers
10:58 – The two simple categories Neff used to organize his view of the stock market
17:11 – Why Neff’s strategy leaned into dividends—and how that powered his outperformance
19:40 – The overlooked way he measured actual business value against the market
20:20 – How Neff found profits hiding in slow growers, cyclicals, and even high PE stocks
56:51 – The surprising blind spot of value investors who ignore compounders
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Buy a copy of John Neff on Investing here.
Buy a copy of Investing For Growth here.
Follow Kyle on Twitter and LinkedIn.
Check out all the books mentioned and discussed in our podcast episodes here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Check out our We Study Billionaires Starter Packs.
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Browse through all our episodes (complete with transcripts) here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
HardBlock
AnchorWatch
Human Rights Foundation
Cape
Unchained
Vanta
Shopify
Onramp
Abundant Mines
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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1:03:11
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1:03:11
TIP746: ASML: Europe's Tech Monopoly
In this episode, Clay unpacks the extraordinary rise of ASML — a little-known Dutch company that quietly became the most important player in global technology. Since its IPO in 1995, ASML has compounded at 20% annually.
ASML holds one of the most powerful monopolies on earth as it’s the sole manufacturer of EUV lithography machines, which make the world’s most advanced semiconductor chips. Without ASML, companies like Apple, NVIDIA, and TSMC couldn’t power iPhones, AI data centers, or the modern digital economy.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:56 - How ASML grew from a Philips spinoff into Europe’s most important tech company.
13:31 - How ASML’s partnership with TSMC shaped the global semiconductor industry.
32:16 - Why ASML holds a near-monopoly on EUV lithography machines.
41:01 - Why the geopolitical tension between the US and China place ASML at the center of technology power struggles.
53:30 - How investors can view ASML’s growth, risks, and future opportunities.
01:00:23 - What makes ASML’s moat nearly impossible for competitors to replicate.
01:05:08 - The dual leadership that propelled ASML’s rise and built a culture of relentless focus.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Marc Hijink’s book: Focus: The ASML Way.
Related Episode TIP727: 7 Powers by Hamilton Helmer.
Related Episode TIVP024: TSMC: The Most Important Business in the World?.
Follow Clay on X and LinkedIn.
Check out all the books mentioned and discussed in our podcast episodes here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Check out our We Study Billionaires Starter Packs.
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Browse through all our episodes (complete with transcripts) here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
HardBlock
AnchorWatch
Human Rights Foundation
Cape
Unchained
Vanta
Shopify
Onramp
Abundant Mines
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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1:11:11
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1:11:11
BTC248: Bitcoin’s Institutional Wave w/ Willy Woo, Max Kei, Efrat Fenigson, and Preston Pysh at Baltic Honeybadger (Bitcoin Podcast)
A sharp panel debates Bitcoin’s “institutional phase”: BlackRock’s ETF as catalyst, SEC policy shifts on in-kind redemptions, and the boom in corporate treasury strategies.
They probe Coinbase custody concentration, nationalization risks, Tether’s role, and why self-custody remains the antidote. AI’s influence on education and CBDCs vs private stablecoins round out a high-signal hour.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:11 - Why BlackRock’s spot ETF marked a cultural and capital tipping point.
05:31 - How SEC limits on in-kind redemptions and their reversal, shape market integrity.
08:56 - The difference between MicroStrategy’s preferred stock model vs convertible debt.
10:14 - Why concentrated Coinbase custody introduces fragility and what decentralizes it.
12:10 - The political “nationalization” risk and how institutions could be rugged.
17:45 - The case for denominating liabilities in fiat while stacking BTC.
19:50 - Pitfalls of copycat treasury companies timing the market (e.g., short-dated debt).
25:53 - How AI-driven discourse (e.g., Grok) accelerates Bitcoin education.
29:10 - Why private stablecoins (e.g., Tether) may outcompete CBDCs globally.
37:37 - The timeless lesson: make Bitcoin “un-ruggable” via self-custody.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
P2P Bitcoin Trading Platform: Hodl Hodl.
Event details: Baltic Honeybadger Conference.
Conference sponsor: Debifi.
Check out all the books mentioned and discussed in our podcast episodes here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok.
Check out our Bitcoin Fundamentals Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
HardBlock
AnchorWatch
Human Rights Foundation
Cape
Unchained
Vanta
Shopify
Onramp
Abundant Mines
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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41:47
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41:47
RWH060: What Buffett, Munger & Bill Miller Taught Me w/ Robert Hagstrom
In this episode, William Green chats with Robert Hagstrom, Chief Investment Officer & Senior Portfolio Manager at Equity Compass. Robert is the author of a classic book, “The Warren Buffett Way,” which lays out the principles that made Buffett the greatest investor of all. Here, Robert shares life-changing lessons he learned from Buffett & two other icons: Charlie Munger & Bill Miller. He also explains why a focused, low-turnover portfolio is a brilliant but difficult strategy.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:39 - How Robert Hagstrom became a multidisciplinary thinker.
08:09 - How to think better & invest better by tuning out the noise.
26:01 - What mistake Warren Buffett made most frequently.
35:30 - Why AI falls short when it comes to investment decisions.
35:30 - Why Nvidia is Robert’s biggest holding.
01:04:49 - How Miller endured & recovered from a devastating mistake.
01:14:43 - What insights led Bill Miller to make billions in Amazon & Bitcoin.
01:32:04 - Why it’s smart but really hard to own a concentrated portfolio.
01:34:29 - Why Robert views Modern Portfolio Theory with disdain.
01:42:23 - What advice Robert received from investing giant Bill Ruane.
01:48:06 - Why you should be deeply wary of investing in private equity.
02:04:04 - What life lesson Robert has learned from Buffett.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Robert Hagstrom’s investment firm, Equity Compass Investment Management.
Robert Hagstrom's books: The Warren Buffett Way, The Warren Buffett Portfolio, Investing: The Last Liberal Art.
Mortimer Adler's How to Read a Book.
Louis Menand's The Metaphysical Club.
William Green’s podcast interview with Bill Miller.
William Green’s podcast interview with Bill Nygren.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green on X.
Check out all the books mentioned and discussed in our podcast episodes here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Check out our We Study Billionaires Starter Packs.
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Browse through all our episodes (complete with transcripts) here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORSSupport our free podcast by supporting our sponsors:
Support our free podcast by supporting our sponsors:
SimpleMining
HardBlock
AnchorWatch
Human Rights Foundation
Cape
Unchained
Vanta
Shopify
Onramp
Abundant Mines
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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2:08:33
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2:08:33
TIP745: Best Quality Stock Idea Q3 2025 w/ Clay Finck
On today’s episode, Clay Finck breaks down his best quality stock idea for Q3 2025: Amazon.
Clay explores how Amazon has evolved from a low-margin online retailer into a diversified, high-margin tech platform. He also makes the case as to why Big Tech may be systemically undervalued, providing a unique opportunity for investors willing to ride out the higher levels of stock price volatility.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:02 - Why Big Tech, despite its size, may be systemically undervalued.
15:16 - How Amazon evolved from a low-margin online retailer into a high-margin tech platform.
25:11 - The three megatrends Amazon is positioned to benefit from.
29:17 - A breakdown of Amazon’s four main business segments: Retail, AWS, Advertising, and Prime.
50:02 - Amazon’s key competitive advantages and culture of reinvention.
55:07 - How we view Amazon’s valuation today.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
MBI Deep Dives: Amazon.
The Intrinsic Value Podcast episode on Amazon.
Daniel’s model for Amazon.
The Systemic Undervaluation of Big Tech.
Mentioned Episode TIP727: 7 Powers by Hamilton Helmer.
Related Episode TIP722: Best Quality Idea Q2 2025.
Related Episode TIP698: Best Quality Idea Q1 2025.
Related Episode TIP675: Best Quality Idea Q4 2024.
Related Episode TIP652: Best Quality Idea Q3 2024.
Follow Clay on X and LinkedIn.
Check out all the books mentioned and discussed in our podcast episodes here.
Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Check out our We Study Billionaires Starter Packs.
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Browse through all our episodes (complete with transcripts) here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
Hardblock
AnchorWatch
Human Rights Foundation
Cape
Unchained
Vanta
Shopify
Onramp
Abundant Mines
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
About We Study Billionaires - The Investor’s Podcast Network
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 180,000,000+ downloads and is hosted by Stig Brodersen, Preston Pysh, William Green, Clay Finck, and Kyle Grieve.
This podcast also includes the Richer Wiser Happier series hosted by best-selling author William Green. William regularly interviews legendary investors such as Mohnish Pabrai and Guy Spier, exploring what they can teach us about how to succeed in markets and life.
And finally, our Bitcoin Fundamentals series is hosted by Preston Pysh, where he interviews prominent figures in the Bitcoin and macroeconomic space. To learn more about TIP, you can visit theinvestorspodcast.com or subscribe to our free daily newsletter here.
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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