TIP636: Billionaire Investing Legend Li Lu w/ Clay Finck
8 June 2024 - 53 minsOn today’s episode, Clay dives into the investment approach of billionaire value investor Li Lu.
Li Lu is the Founder and Chairman of Himalaya Capital, a value investing firm where he has been managing its principal fund since 1997. Before his passing in 2023, Charlie Munger was an investor in the fund.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:27 - The back story of Li Lu’s early life.
06:46 - Li Lu’s investment philosophy.
08:28 - The four key investment principles he adheres to.
29:36 - Li Lu’s view on investing in China.
44:52 - An overview of Alphabet, one of Li Lu’s top holdings.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differen...
Series Episodes
RWH071: Risk, Ruin, Reinvention & Resilience w/ Victor Haghani
In this episode, William Green speaks with Victor Haghani, founder & CIO of Elm Wealth & author of The Missing Billionaires: A Guide to Making Better Financial Decisions. Victor’s journey is among the most remarkable & instructive in modern investment history. As one of the founders of Long-Term Capital Management, he experienced dazzling success & devastating failure. Today, he oversees billions of dollars using a low-cost, diversified, index-driven strategy that reflects hard-won lessons about resilience, humility, simplicity & risk management. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro(00:04:17) How Victor Haghani’s tumultuous family history shaped him.(00:14:02) What he learned as a star trader on Salomon’s famed arbitrage desk.(00:22:56) How he honed his skills by playing high-stakes games of Liar’s Poker.(00:30:35) How Long-Term Capital Management hit the jackpot—for a while.(00:46:04) How Russia’s default in 1998 sparked a cascading disaster.(00:49:18) Why he defends the fund’s enormous appetite for leverage & risk.(00:52:20) What he views as the real lessons of the fund’s collapse.(00:58:21) How the concept of expected utility can improve our financial decisions.(01:11:09) Why he fell out of love with exotica like private equity & hedge funds.(01:13:22) What troubles him about the traditional, static approach to indexing.(01:18:52) Why he favors a “dynamic asset allocation” based on risks & rewards.(01:27:21) How his firm’s current allocations reflect a wary view of US equities.(01:40:45) What he’s learned about overcoming adversity & finding happiness. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Inquire about William Green’s Richer, Wiser, Happier Masterclass. Victor Haghani’s investment firm, Elm Wealth. Victor Haghani & James White’s book “The Missing Billionaires.” Michael Lewis’ book, “Liar’s Poker.” Roger Lowenstein’s book, “When Genius Failed.” Daniel Gilbert’s book, “Stumbling on Happiness.” Viktor Frankl’s book, “Man’s Search for Meaning.” William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. SPONSORS Support our free podcast by supporting our sponsors: Plaud Plus500 Netsuite Scribe References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 59 mins
8 August Finished
TIP836: Exor NV (EXO): The Massive Discount Continues To Widen w/ Kyle Grieve & Shawn O’Malley
In today’s episode, Kyle Grieve and Shawn O’Malley analyze Exor, the Dutch holding company controlled by Italy’s Agnelli family and best known for its long-standing stake in Ferrari. They walk through Exor’s ownership of Ferrari, and what they like about Lingotto, Exor’s investing management company. Along the way, they dig into what could cause the current valuation gap to close or widen. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:08) Revisiting the Exor and Ferrari thesis (00:05:06) How Exor’s stock reacted since the original purchase (00:09:16) Why Ferrari’s stock has fallen despite strong operating results (00:16:07) The market’s reaction to Ferrari’s new Luce model (00:22:26) How Ferrari’s other new releases are doing (00:45:04) Ferrari’s capital allocation, working capital, and margin trends (00:54:05) How Ferrari’s racing program supports its brand and marketing (00:57:18) Risks facing Ferrari from changing driving habits and tariffs (01:13:22) Expanding on Lingotto, Exor’s growing asset management business (01:17:44) Evaluating Lingotto’s performance, fees, and top holdings Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Check out our previous Intrinsic Value breakdowns: Exor, Ferrari, Formula One Group. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. 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: Plaud Plus500 Netsuite Scribe References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 23 mins
5 August Finished
TIP835: Intuit (INTU): The S&P 500's Biggest Loser w/ Shawn O’Malley & Kyle Grieve
Shawn O'Malley and Kyle Grieve explore Intuit (ticker: INTU). In this episode, you'll learn what narratives have underpinned the company’s more than 60% selloff, as Intuit claims the undesirable title of “worst performer in the S&P 500” this year. But is this a bargain price for a high-quality SaaS business, or a value trap? That’s the key question that Shawn & Kyle discuss, plus so much more! IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:48) How Intuit’s accounting software became so popular (00:12:49) What makes QuickBooks such a great business (00:20:54) Why Intuit is the worst performing stock in the S&P 500 this year (00:24:05) How to think about Intuit as either a value trap or bargain (00:38:45) Whether Intuit’s TurboTax business is resistant to AI disruptions (01:17:02) Valuation discussion of Intuit (01:18:55) How to model Intuit’s intrinsic value (01:20:04) Whether Shawn & Kyle add Intuit to The Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. See Shawn’s financial model for Intuit. The Finance Corner: "Deep Dive Into Intuit". Business Breakdowns Podcast — Intuit (2022). Intuit’s 2025 Investor Day Presentation. Intuit’s 2026 latest Investor Day Presentation. Check out our previous Intrinsic Value breakdowns: Wix, Microsoft, Kelly Partners Group. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. 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: Plus500 Netsuite Shopify Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 18 mins
1 August Finished
TIP834: DLocal (DLO): Multibagger Potential with Decade-Long Runway w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O’Malley take a deep dive into DLocal (NASDAQ: DLO), the first Uruguayan unicorn and the emerging markets payment provider for companies like Amazon, Uber, Spotify, Netflix, and many more. DLocal is trading at attractive multiples while growing payment volumes at over 70% and printing cash due to high operating leverage and a high-margin business model. That cash is given back to shareholders in the form of dividends and buybacks. Daniel and Shawn discuss whether the high customer concentration and the declining take rate justify the cheap valuation or whether the market is not understanding the full potential of this emerging market jewel. In the end, Daniel values the business and decides whether DLO deserves a spot in The Intrinsic Value Portfolio. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:01) How DLO became the leading player in emerging markets (00:07:14) What makes DLO’s business model stand out (00:19:08) What two megatrends DLO benefits from (00:28:18) Whether there is a race to the bottom with take rates (00:56:10) How DLO compares to Western competition (01:00:30) How DLocal distributes cash to shareholders (01:19:00) Valuation discussion of DLO (01:21:41) Whether DLO is valued attractively (01:23:19) Whether Shawn and Daniel add DLO to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Value Investors Club Pitch on DLO. Interview with the CEO, Pedro Arnt. DLocal Investor Relations Podcast. Founder and CEO Interview by Stratechery. Check out our previous Intrinsic Value breakdowns: Visa, Amazon, Sea Limited, Mercado Libre, Shopify. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. 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: Plus500 Netsuite Shopify Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 22 mins
29 July Finished
RWH070: Hunting For Hidden Treasures w/ Christopher Begg
In this episode, William Green chats with Christopher Begg, a renowned hedge fund manager who is the CEO & CIO of East Coast Asset Management. Chris is also an adjunct professor at Columbia Business School, where he teaches the prestigious Security Analysis course that Ben Graham taught to Warren Buffett in 1951. Here, Chris shares rich insights about Tesla, Alphabet, SpaceX, Constellation Software, & the art of discovering great investments hidden in plain sight. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:30) How writing helps Chris Begg to “compress complexity into essence” (00:10:38) How to succeed by slowing down, training your attention, & going deep (00:32:48) How Alphabet embodies everything he seeks in a long-duration compounder (00:38:44) How fears of AI disruption created enticing bargains among software stocks (00:43:18) Why he focuses on great businesses with 8 layers of competitive advantage (00:55:04) What he learned from Buffett & Munger about the power of deserved trust (01:02:17) What ancient cathedrals can teach investors about businesses that endure (01:08:15) Why he steered clear of Elon Musk, then changed his mind & bet big on Tesla (01:24:58) What investors don’t yet see about the emerging capabilities of SpaceX (01:33:04) Why he reveres right-brained investment giants like Bill Miller & Nick Sleep (01:38:52) How Chris structures his life to create enduring value (01:51:43) How to prosper mightily without engaging in “extractive short-termism” (01:59:00) How a magical experience with his son reveals the true meaning of wealth Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Inquire about William Green’s Richer, Wiser, Happier Masterclass. Christopher Begg’s investment firm, East Coast Asset Management. Robert Pirsig’s books Zen & the Art of Motorcycle Maintenance & Lila. Iain McGilchrist’s books The Matter with Things & The Master & His Emissary. Christopher Begg’s song, The Great Work. William Green’s podcast episode with Daniel Goleman & Tsoknyi Rinpoche. William Green’s 2025 podcast episode with Christopher Begg. William Green’s 2023 podcast episode with Christopher Begg. William’s book, Richer, Wiser, Happier. Follow William Green on X. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. SPONSORS Support our free podcast by supporting our sponsors: Plus500 Netsuite Shopify Vanta References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
2 hours 1 min
25 July Finished
TIP833: Perimeter Solutions (PRM): A Niche Monopoly, One Acquisition at a Time w/ Kyle Grieve & Shawn O’Malley
In today’s episode, Kyle Grieve and Shawn O’Malley analyze Perimeter Solutions, a niche industrial conglomerate built by Transdigm’s legendary founder Nick Howley using the same playbook that turned Transdigm into a multi-decade compounder. They break down how the company operates two very different segments, from wildfire retardants and airbase logistics to specialty chemicals and precision medical manufacturing equipment, each built around sticky, mission-critical customer relationships. They’ll also cover the company’s acquisition strategy, its unusual founder’s advisory fee, and the debt and litigation risks that complicate an otherwise compelling capital allocation story. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:19) Why the Transdigm playbook is worth cloning (00:05:02) How this management team built a public compounding machine (00:08:24) Why one segment profits directly from worsening wildfires (00:16:51) The chemical monopoly hiding inside a boring business (00:29:39) What makes these niche products nearly impossible to replace (00:39:05) How disciplined acquisitions have created so much shareholder value (00:45:16) The controversial fee structure investors aren’t big fans of (01:13:26) Valuation discussion of PRM (01:16:06) Intrinsic value of PRM (01:18:03) Whether Kyle and Shawn will add PRM to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Follow Kyle on Twitter and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. 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: Plus500 Netsuite Shopify Vanta References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 15 mins
22 July Finished
