In this episode, William Green chats with hedge fund manager Christopher Begg, who is the CEO, Chief Investment Officer, & co-founder of East Coast Asset Management. Chris is also a revered professor at Columbia Business School, where he teaches the Security Analysis class that was originally taught by Warren Buffett’s mentor, Ben Graham. Here, Chris shares powerful lessons on how to identify high-quality businesses & build a life that’s defined by a commitment to quality.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro03:54- How Chris Begg came to teach an investing class originally taught by Ben Graham.10:29 - What Chris learned from his ten fireside chats with Berkshire Hathaway’s Todd Combs.13:17 - What Buffett & Munger taught Chris about focusing on a few great businesses.17:58 - How he finds undervalued stocks by asking, “Where are the clouds today?”26:55 - Why he’s bullish on Meta & Google, despite an array of perceived threats.36:09 - How he identifies great businesses by seeking 8 layers of competitive advantage.47:13 - How to succeed through “persistent incremental progress eternally repeated.”1:00:01 - Why investors can’t afford to ignore a company’s impact on the environment.1:06:40 - Why consistent kindness is a potent ingredient of success, helping to build trust.1:15:22 - How Chris gains an edge by continuously compounding his interdisciplinary knowledge.1:32:17 - What he’s learned about the pursuit of excellence from surfing with Josh Waitzkin.1:40:48 - Why Chris structures his workday to include meditation & contemplation.1:50:46 - What studying Andrew Carnegie—once the world’s richest person—has taught him.1:53:40 - Why Chris believes that the world is headed in a better direction.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESChris Begg’s investment firm, East Coast Asset Management.One from Many by Dee Hock.Nick Sleep’s list of long-term vs short-term characteristics.Robert Pirsig’s Zen & the Art of Motorcyle Maintenance, Lila, & On Quality.Finite & Infinite Games by James Carse.William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.William Green’s Twitter.NEW TO THE SHOW?Check out our We Study Billionaires 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.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSIf you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay reviews one of Warren Buffett’s favorite investment books called The Outsiders by William Thorndike Jr.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.01:56 - How we should evaluate the performance of a CEO during their tenure.03:01 - How Henry Singleton led Teledyne to deliver a 20.4% average annual return to shareholders during his 30 year tenure.09:18 - How most CEOs think like foxes, while Outsider CEOs think like hedgehogs.22:15 - What it means to be an exceptional capital allocator.26:17 - How Katherine Graham from The Washington Post delivered a 22.3% average return to shareholders from 1971 through 1993. 32:40 - The unconventional decisions that led Warren Buffett to become known as the world’s greatest capital allocator.52:55 - How Buffett thinks about constructing a stock portfolio.57:24 - The most common themes in studying Outsider CEOs.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESWilliam Thorndike’s book – The Outsiders.Check out our newly released TIP Mastermind Community.Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video.Clay’s previous episodes covering Warren Buffett’s full story – Part 1 & Part 2, or watch the video here & here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires 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.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSIf you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In part two of Preston Pysh's discussion with Tuur Demeester, they go deep into Tuur's latest report on why right now in particular is a great time to be a Bitcoin bull. Tuur talks about numerous on-chain metrics, and circumstances happening in the macro backdrop that only contribute to the bullish narrative.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:59 - What do inscriptions actually mean for L1 and L2 bitcoin networks?08:19 - Why do so many people have the urge to update the code base?11:17 - Why are inscriptions potentially good for L2?14:25 - Apps that are seamlessly working between L1 and L2.15:36 - What will future fees look like on both layers in 10 years or more?28:34 - Some of Tuur's previous writing and what he's focusing on now.BOOKS AND RESOURCESTuur Demeester's Bitcoin Reformation Article.Tuur Demeester's Latest article: How To Position For the Bitcoin Boom.Tuur Demeester's article from 2015: How to Position For the Rally in Bitcoin.Tuur Demeester's articles from 2015.Tuur Demeester's articles from 2014 - 2021.Related episode: Listen to BTC130: Inscriptions & High Fees On Bitcoin L1 w/ Tuur Demeester, or watch the video.Related episode: Listen to BTC033: Important Bitcoin Consideration with Tuur Demeester, or watch the video.Related episode: Listen to WSB244: Bitcoin 101 w/ Expert Tuur Demeester, or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires 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.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSIf you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay chats with John Jennings about his new book - The Uncertainty Solution. John Jennings is President and Chief Strategist of St. Louis Trust & Family Office, which has $12 billion dollars in assets under management. He is also a member of the firm’s Management Committee, on its Board of Directors, and also serves on the Investment, Risk Management, and Trust Committees. John works closely with client families, advising them in all areas of wealth management.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.01:38 - Why humans are hard-wired to avoid uncertainty.06:40 - Mental models we can use to invest more intelligently.10:08 - How humans tend to react when faced with uncertainty.16:56 - Why we are wired to quickly come to conclusions and tend to confuse correlation with causation.27:17 - How the improbable is much more probable than we might expect.32:13 - Why the economy is not directly correlated with the stock market.47:51 - Where investing falls on Michael Maubbousin’s Skill vs Luck continuum.1:00:53 - How behavior biases like loss aversion and overconfidence affect our investment decisions.1:06:14 - How storytelling can trick us into making poor investment decisions.1:10:13 - What base rates are and understanding base rates can help us make more intelligent decisions.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESJohn’s new book - The Uncertainty Solution.John’s website.John’s firm - St. Louis Trust & Family Office.Check out our newly released TIP Mastermind Community.Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires 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.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Join over 5k investors in the data security revolution with Atakama.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck brings back Tavi Costa to chat about the beginning of a commodity supercycle. Tavi gives a masterclass in why we are just in the beginning phases of a bull market for gold, silver, and hard assets like commodities. Tavi is a partner and portfolio manager at Crescat Capital. His research has been featured in financial publications such as Bloomberg, The Wall Street Journal, CNN, among others.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.03:31 - Why Tavi believes we’re just at the beginning phases of a bull market for gold, silver, and hard assets like commodities.09:47- When the next wave of inflation may strike.21:21 - What the 4 pillars of inflation are, and why they all point to structurally higher inflation going forward.21:44 - Why the S&P 500’s earnings are likely to roll over and decline in the near term.37:40 - Why yield curve inversions are bullish for gold relative to equities.51:09 - Why foreign countries are selling US treasuries to buy gold.83:19 - Where Tavi sees asymmetric opportunities in the gold mining industry.83:27 - Why Tavi is bullish on Brazil and sees Brazil much differently than the other BRICS nations.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out Crescat Capital.Check out our newly released TIP Mastermind Community.Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video here.Follow Tavi on Twitter.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires 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.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSHave peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.Join over 5k investors in the data security revolution with Atakama.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.