TIP723: The Art of Buying Growth Companies for Value Prices w/ Jim Zimmerman and Abigail Zimmerman
On today’s episode, Kyle Grieve chats with James and Abigail Zimmerman about the strength of growing and sustainable cash flowing businesses; the importance of strong balance sheets; how they navigate their circle of competence, and the steps they take to expand it; why simplicity is so important in an age of complexity, how they use cash as a boost, and not a drag on returns, and much more.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:28 - How communities—public and private—can spark better investment ideas.
07:06 - Why free cash flow yield is their north star metric.
10:09 - How to tell if value drivers are simple or deceptively complex.
14:00 - Why staying inside your circle of competence protects your downside.
19:22 - How “Fort Knox” balance sheets help survive any market storm.
28:23 - Key signals that suggest a business can sustain high ROIC.
32:56 - What truly shows management is aligned, not just insider ownership.
43:25 - The hidden risks that make many retailers dangerous investments.
53:07 - How an equity-bond lens helps compare all asset classes.
01:06:39 - When to double down on winners.
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.
Read about The Magic Formula here.
Check out Value Investors Club here.
Check out SumZero here.
Check out MOI Global here.
Follow Kyle 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
Unchained
Fundrise
DeleteMe
CFI Education
The Bitcoin Way
Vanta
Onramp
Indeed
Shopify
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!
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1:17:29
BTC235: Jack Mallers on XXI (21) and Strike Borrowing and Lending (Bitcoin Podcast)
Explore the launch of Twenty One Capital, its strategic ties with Tether, SoftBank, and Cantor Fitzgerald, and how it compares to MicroStrategy or ETFs. Plus, Strike’s bold leap into secure Bitcoin lending.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
15:29 - How Twenty One Capital was formed and why now is the right time for a Bitcoin-native public company
17:16 - What SoftBank contributes beyond funding, including possible global Bitcoin adoption strategies
19:05 - How Twenty One differentiates itself from MicroStrategy and ETFs as a Bitcoin investment vehicle
19:55 - Why “Bitcoin Per Share” is used to track performance instead of traditional fiat metrics
27:31 - The ownership structure and governance dynamics between Tether, SoftBank, and other stakeholders
28:45 - Whether and how Strike and Twenty One will collaborate, and how CEO responsibilities are managed
31:26 - How the company navigates U.S. regulatory challenges, especially with Tether’s involvement
33:07 - The roadmap for Twenty One’s operational revenue beyond holding BTC
35:02 - The thinking behind Strike’s conservative Bitcoin-backed loans and their structure
35:40 - Lessons from the collapse of other crypto lenders and how Strike avoids similar risks
42:06 - The future of interest rates, accessibility, and transparency in Strike’s lending products
49:28 - Strike’s evolving role as a Bitcoin-native financial services platform – or neobank
51:54 - How both companies aim to promote financial sovereignty while balancing ease of use
57:05 - The biggest challenges on the horizon, from regulation to competition, and how they’ll be tackled
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Jack’s X Account.
Learn more about Jack’s company: Strike.
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
Fundrise
DeleteMe
CFI Education
Vanta
The Bitcoin Way
Onramp
Indeed
Shopify
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://premium.theinvestorspodcast.com/
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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1:10:15
RWH057: Celebrating Warren Buffett w/ Joel Greenblatt, Nick Sleep, Tom Russo, Christopher Bloomstran & Chris Davis
In this special celebratory episode, William Green spotlights some of the most important lessons from the greatest investor of all time: Warren Buffett. In honor of Buffett’s historic decision to retire after 60 years as Berkshire Hathaway’s CEO, William offers his thoughts on Buffett’s legacy & Berkshire’s future; he also shares powerful highlights from his conversations about Buffett with Joel Greenblatt, Nick Sleep, Thomas Russo, Chris Davis, Chuck Akre & Christopher Bloomstran.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:20 - What makes Berkshire Hathaway’s annual meeting a joyous experience.
06:13 - How Warren Buffett’s virtues & values shone through at this year’s AGM.
14:51 - How he & Charlie Munger made most of their money off 8 or 9 big bets.
22:41 - What Buffett taught Joel Greenblatt about buying great businesses.
27:24 - What stunned Greenblatt when he finally met Buffett.
33:45 - Why Chuck Akre attributes his enormous success to Buffett’s teachings.
38:18 - What Thomas Russo learned from Buffett about reducing “agency risk.”
46:17 - How Buffett inspired Nick Sleep to do what he already knew was right.
52:34 - Why Christopher Bloomstran thinks all CEOs should study Berkshire.
1:19:54 - Why Buffett focuses relentlessly on resilience in the face of extreme risks.
1:22:48 - What principles guide Greg Abel’s philosophy of asset allocation.
1:26:00 - Why Berkshire directors like Chris Davis vow to protect its unique culture.
1:33:39 - How he achieved staggering success without making enemies.
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.
Berkshire Hathaway’s annual reports since 1995.
Robert Hagstrom’s book The Warren Buffett Way.
Dale Carnegie’s book How to Win Friends & Influence People.
William Green’s podcast episode with Joel Greenblatt.
William Green’s podcast episode with Thomas Russo.
William Green’s podcast episode with Christopher Bloomstran.
William Green’s podcast episode with Chris Davis.
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:
SimpleMining
Hardblock
AnchorWatch
Fundrise
DeleteMe
CFI Education
Vanta
The Bitcoin Way
Onramp
Indeed
Shopify
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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1:52:33
TIP722: Best Quality Stock Idea Q2 2025 w/ Clay Finck & Kyle Grieve
On today’s episode, Clay and Kyle give an overview of their best quality stock idea for Q2 2025. This quarter, they discuss Booking Holdings.
To our surprise, Booking Holdings is the world’s largest travel company. We explore how the company built a dominant position in Europe through its network effect, asset-light business model, and sound capital allocation decisions. We also cover Booking’s competitive advantages, financial performance, and key risks facing the business.
Clay finds Bookings Holdings to be a compelling long-term compounder, which led him to initiate a position in the company earlier this year.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
06:42 - How Booking built its dominant position in Europe and other markets globally.
11:47 - Why Booking Holdings is one of the most dominant and profitable online travel agencies in the world.
16:59 - An overview of the competitive landscape for online travel agencies.
38:21 - Booking Holdings’ competitive advantages.
40:46 - An overview of Bookings’ management team and incentive structure.
01:00:59 - How we view Bookings’ 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.
Related Episode TIP698: Best Quality Idea Q1 2025 w/ Clay Finck & Kyle Grieve.
Related Episode TIP675: Best Quality Idea Q4 2024 w/ Clay Finck & Kyle Grieve.
Related Episode TIP652: Best Quality Idea Q3 2024 w/ Clay Finck & Kyle Grieve.
Related Episode TIP627: Best Quality Idea Q2 2024 w/ Clay Finck & Kyle Grieve.
Related Episode TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve.
Follow Kyle on X and LinkedIn.
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
Fundrise
DeleteMe
CFI Education
Vanta
The Bitcoin Way
Onramp
Indeed
Shopify
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://premium.theinvestorspodcast.com/
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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1:16:16
BTC234: Bitcoin Torque, Saylor's Playbook w/ Andy Edstrom (Bitcoin Podcast)
Andy Edstrom unpacks whether Bitcoin is truly the last asymmetric bet for companies, diving into MicroStrategy's model, capital structure risks, and Bitcoin's rising institutional role.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:40 - Why Michael Saylor calls Bitcoin a lifeline for “zombie companies”
05:20 - How Bitcoin’s returns compare to traditional assets over the last decade
07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations
12:00 - MicroStrategy’s premium-to-NAV strategy and its replicability
15:40 - Risks and rewards of BTC-backed leverage and convertible notes
18:05 - The logic behind “torque” metrics in Bitcoin-financed capital structures
21:10 - If preferred shares like STRK and STRF are innovative or dangerous
23:05 - Wall Street’s changing views on Bitcoin-leveraged equity plays
27:20 - Legal and governance hurdles in corporate Bitcoin adoption
29:10 - What a BTC-heavy balance sheet should do during a major drawdown
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Andy’s X Account.
Microstrategy Shareholders’ Meeting: Q1 2025 Earnings Call.
Michael Saylor’s speech at Strategy World: Bitcoin for Corporations 2025 Keynote Speech.
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
Fundrise
DeleteMe
CFI Education
Vanta
The Bitcoin Way
Onramp
Indeed
Shopify
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://premium.theinvestorspodcast.com/
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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