TIP759: The Art of Spending Money w/ Morgan Housel
On today’s episode, Clay is joined by Morgan Housel to discuss his newest book, The Art of Spending Money — Simple Choices for a Richer Life.
Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 8 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:04 - The intersection of money and happiness
06:08 - Why Buffett’s inner scorecard can empower us to use money as a tool instead of letting money use us
20:40 - Why the happiest people we know are oftentimes the most content
28:40 - Why chasing status is a game you’ll never be able to win
30:34 - Dopamine’s role in how we spend our money
35:27 - Why not all of our big spending decisions need to be run through a spreadsheet
38:06 - The shocking story of how the Vanderbilts lost billions of dollars due to social debt
46:46 - Why Morgan highly prioritizes spending money on independence
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Morgan’s new book: The Art of Spending Money.
Morgan’s other books: Same as Ever and The Psychology of Money.
Morgan’s Podcast.
Related Episode: TIP351: The Psychology of Money w/ Morgan Housel.
Related Episode: TIP602: Same as Ever w/ Morgan Housel.
Follow Morgan on X.
Follow Clay on LinkedIn & X.
Related books mentioned in the podcast.
Ad-free episodes on 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.
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SPONSORS
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Simple Mining
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1:08:16
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1:08:16
TECH004: Sam Altman & the Rise of OpenAI w/ Seb Bunney
Seb and Preston analyze the book "Empire of AI," reflecting on Sam Altman’s rise and OpenAI’s transformation from a nonprofit into a powerhouse AI firm.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
00:04 - Why Sam Altman’s early ventures shaped his leadership style
00:09 - How storytelling plays a role in securing AI funding and public trust
00:11 - The founding vision behind OpenAI and Elon Musk’s original role
00:18 - The internal power struggles that led to Altman’s firing and reinstatement
00:20 - The significance of AI governance structures in shaping future technologies
00:28 - How OpenAI evolved from a non-profit to a capped-profit model
00:33 - Why AGI poses ethical and societal challenges
00:39 - The hidden costs and global inequalities in AI model training
01:00 - A sneak peek into longevity research and Lifespan by David Sinclair
01:01 - Why ancestral health might hold keys to understanding aging
BOOKS AND RESOURCES
Related book: Empire of AI: Dreams and Nightmares in Sam Altman's OpenAI.
Seb’s Website and book: The Hidden Cost of Money.
Seb's Blog: The Qi of Self-Sovereignty.
Next book: Lifespan: Why We Age―and Why We Don't Have To.
Related books mentioned in the podcast.
Ad-free episodes on 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:
Simple Mining
Human Rights Foundation
Kubera
HardBlock
LinkedIn Talent Solutions
Unchained
Vanta
Shopify
NetSuite
Onramp
Public.com
Abundant Mines
Horizon
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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1:05:59
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1:05:59
RWH061: How To Thrive No Matter What w/ Arnold Van Den Berg
In this episode, William Green chats with Arnold Van Den Berg, a revered investor whom he spotlighted in his book, Richer, Wiser, Happier. Against all odds, Arnold has run a highly successful investment firm for 50 years. Here, he discusses what he’s learned about how to succeed in markets & life; shares practical tools that he’s found transformative; & explains how he’s positioned to survive & thrive in the most overvalued US stock market he’s ever seen.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
06:57 - How extreme focus saved the life of Arnold Van Den Berg’s father.
14:05 - How to develop one-pointed focus & get into a flow state.
18:50 - What Dostoevsky taught Arnold about avoiding lies & discerning truth.
40:58 - How Arnold overcame a terrible self-image & “reprogrammed” himself.
40:58 - How he taught himself to be a successful investor.
01:34:51 - What habits he practices every day, including his favorite affirmations.
01:47:53 - How he remains optimistic amid adversity.
01:51:56 - Why he’s betting big on gold, silver, uranium, oil & natural gas.
01:51:56 - Why he thinks the S&P 500 “is one of the worst things you could buy.”
01:57:54 - Why he warns against long-term Treasury bonds & “anything with leverage.”
02:02:24 - How he & his firm are harnessing Artificial Intelligence.
02:09:59 - What brings him the greatest happiness.
02:19:02 - What you’ll learn from his favorite book about the “real secret to life.”
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.
Inquire about William Green’s Richer, Wiser, Happier Masterclass.
Arnold Van Den Berg’s investment firm, Century Management.
Write to request Arnold’s report on one-pointed focus.
Mihaly Csikszentmihalyi's Flow.
Victor Frankl's Man’s Search for Meaning.
Fyodor Dostoevsky's The Brothers Karamazov.
James Nestor's Breath.
Leslie Lecron's Self Hypnotism.
Harry Carpenter's The Genie Within.
Harry Carpenter’s audio recordings for relaxation & self-hypnosis.
James Allen' Mind is the Master, including “From Poverty to Power”.
William Green’s 2022 podcast interview with Arnold Van Den Berg.
William Green’s 2023 podcast interview with Arnold Van Den Berg.
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.
SPONSORS
Support our free podcast by supporting our sponsors:
Simple Mining
HardBlock
Human Rights Foundation
Linkedin Talent Solutions
Netsuite
Shopify
Vanta
Abundant Mines
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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2:20:01
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2:20:01
TIP758: Current Market Conditions & Investment Opportunities w/ Derek Pilecki
On today’s episode, Clay is joined by Derek Pilecki to discuss the current market conditions and the investment opportunities he’s finding in today’s chaotic environment.
Derek is a managing member and portfolio manager at Gator Capital Management, which manages Financials sector long/short portfolios for private partnerships and mutual funds. Since its inception in July 2008, Gator Capital has compounded capital at 21.8% per annum versus 11.9% for the S&P 500 over the same time period.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:33 - Derek’s process of looking for a potential 26% IRR on new investments.
07:43 - How value investing has evolved over the tenure of running his fund.
12:23 - The moves he made during the tariff tantrum earlier this year.
15:14 - How Buffett has influenced him as an investor.
19:51 - The opportunities he’s finding in the market today.
23:00 - How he expects the Fed’s interest rate cuts to impact the economy, the banking sector, and the real estate market.
45:25 - What Derek saw in Robinhood’s stock before it increased by over 10x.
58:24 - Derek’s investment thesis in WEX Inc.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Derek’s fund: Gator Capital.
Derek’s letters.
Related Episode: TIP669: Quietly Compounding at 20%+ Per Year w/ Derek Pilecki.
Follow Derek on X.
Follow Clay on LinkedIn & X.
Related books mentioned in the podcast.
Ad-free episodes on 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:
Simple Mining
Human Rights Foundation
Kubera
HardBlock
LinkedIn Talent Solutions
Unchained
Vanta
Shopify
NetSuite
Onramp
Public.com
Abundant Mines
Horizon
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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1:02:26
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1:02:26
TECH003: Elon Musk's Tesla Robotaxi, Optimus, and more w/ Cern Basher (Tech Podcast)
Cern Basher joins Preston Pysh to talk about robotaxi and robo-trucking economics, Optimus humanoid robots, and Wall Street’s short-term blind spots.
Cern also unpacks Tesla’s Dojo shutdown, its true data moat, the macro impacts of autonomy and deflation, and why Bitcoin may be the ultimate corporate treasury hedge in this new era.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:02 - Why Tesla shut down Dojo and what that means
08:14 - How Tesla’s data advantage beats hardware competition
09:12 - Why Tesla’s future lies in AI and robotics, not just vehicles
12:49 - The deflationary effects of autonomy on labor and goods
20:55 - How investors can exploit Wall Street’s short-term bias
21:26 - How robotaxis could beat Uber’s per-mile costs by 10x
28:02 - Why robo-trucking may surpass robotaxis in profitability
40:00 - Why Bitcoin could hedge corporate treasuries in a new economy
42:09 - How Optimus robots could drive labor costs under $1/hour
45:42 - The economics of Robot-as-a-Service and Tesla’s potential moat
BOOKS AND RESOURCES
X Account: Cern Basher.
Cern’s company: Brilliant Advice.
Related books mentioned in the podcast.
Ad-free episodes on 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:
Simple Mining
HardBlock
Human Rights Foundation
Linkedin Talent Solutions
Netsuite
Shopify
Vanta
Abundant Mines
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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