TIP512: Top Takeaways from 2022 w/ Trey Lockerbie Image

TIP512: Top Takeaways from 2022 w/ Trey Lockerbie

6 January 2023 - 1 hour 10 mins
Podcast Series We Study Billionaires - The Investor’s Podcast Network

IN THIS EPISODE, YOU'LL LEARN:

03:54 - How today’s inflation compares to 1970 with Jeremy Grantham.07:52 - Why Michael Mauboussin says you have to earn the right to use a valuation multiple.13:17 - How energy impacts inflation with Josh Young.31:55 - Why investors should consider microcaps with Ian Cassell.38:40 - The vindication of the dollar milkshake theory with Brent Johnson.47:15 - Market indicators from Dan Rasmussen, Joe Brown, and a lot more.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Trey Lockerbie's Twitter.Related Episode: The Top of the Cycle w/ Jeremy Grantham– TIP371.Related Episode: The Dollar Milks...

1 hour 10 mins

Series Episodes

BTC240: Economic Calculation w/ Bitcoin with Joe Burnett and Chris Nicholson (Bitcoin Podcast)

BTC240: Economic Calculation w/ Bitcoin with Joe Burnett and Chris Nicholson (Bitcoin Podcast)

In this episode, Preston sits down with Chris and Joe to explore how Bitcoin is changing the way we think about corporate treasuries, asset valuation, and investment risk. They dive into the STRIVE report, debate traditional financial models, and propose new frameworks for evaluating assets in a Bitcoin-denominated world. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:58 - How Bitcoin reshapes asset valuation and opportunity cost analysis 10:23 - Why Internal Rate of Return (IRR) is crucial for comparing investments in a Bitcoin world 13:05 - The challenges of applying traditional DCF models to Bitcoin 20:45 - The concept and implications of the equity stability premium 22:59 - How Bitcoin’s volatility can be reframed as an asset rather than a liability 26:19 - Why volatility perceptions differ between traditional finance and Bitcoin maximalists 31:08 - How Bitcoin adoption trends impact valuation and investment strategy 08:29 - Preston’s personal journey in reevaluating valuation models using Bitcoin 40:46 - Portfolio risk management principles involving Bitcoin and traditional assets 50:06 - Insights from the STRIVE report on future asset valuation frameworks Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Joe's X Account. Chris' X Account. The Strive Report on: The Case for Bitcoin in Corporate Treasuries. The Unchained Report: Repricing the Economy in Bitcoin. 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 Unchained Human Rights Foundation Vanta Indeed Fundrise Onramp reMarkable Shopify Abundant Mines River Financial The Bitcoin Way Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

1 hour 3 mins

25 June Finished

RWH058: Winning Ways w/ Bill Nygren

RWH058: Winning Ways w/ Bill Nygren

In this episode, William Green chats with investing legend Bill Nygren, who oversees about $25 billion at Harris Associates. Bill is the firm’s Chief Investment Officer for US Equities & co-manages two flagship mutual funds: Oakmark Select & Oakmark Fund. Here, he discusses the processes, principles, habits & mindset that have enabled him to beat the market over three decades. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:32 - How Bill Nygren became a contrarian bargain hunter. 18:05 - Why sports gambling companies often refuse to take his bets. 47:56 - What three qualities he seeks in any company. 01:00:05 - How he scored big on Amazon, Google, Apple & Netflix. 01:11:11 - Why he never relaxes his disciplined focus on valuation. 01:16:04 - What he learned from hedge fund star Michael Steinhardt. 01:24:47 - How Bill’s team performs “Devil’s Advocate Reviews” for each stock. 01:33:55 - Why he developed his “Mistake Management Protocol.” 01:46:51 - How to succeed without ruining your health or your family. 01:46:51 - Why he discourages people from entering the investing business. 01:50:46 - What you must sacrifice to achieve greatness. 01:59:08 - How to succeed by aligning yourself with top-decile people. 02:07:13 - Why value investing isn’t dead. 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. Bill Nygren’s investment firm, Harris Associates. Bill Nygren’s funds, Oakmark Select & Oakmark Fund. William Green’s book, “The Great Minds of Investing.” William Green’s podcast interview with Christopher Begg. William Green’s podcast interview with Ray Dalio. 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 Unchained Human Rights Foundation Vanta Indeed Fundrise Onramp reMarkable Shopify Abundant Mines River Financial The Bitcoin Way 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

2 hours 17 mins

22 June Finished

TIP731: Owning Best-in-Class Businesses w/ Joseph Shaposhnik

TIP731: Owning Best-in-Class Businesses w/ Joseph Shaposhnik

On today’s episode, Clay is joined by Joseph Shaposhnik to discuss the launch of his new ETF, Rainwater Equity. The Rainwater Equity ETF just launched on June 18th, 2025, under the ticker RW, and its objective is to compound capital at an above-average rate by investing in publicly listed recurring revenue businesses. The fund Joseph managed at his previous firm compounded at 16.7% since 2015, versus the S&P 500’s 13.1% over that same time period. It was also the top-performing fund out of 343 in its US Large Cap Core Equity category by Nasdaq eVestment. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:39 - Joseph’s lessons from spending a day with Peter Lynch. 12:09 - Why the active management industry is broken and how Joseph has set out to fix it. 22:12 - Why Bill Miller invested in Joseph’s new ETF. 28:25 - Why recurring revenue is the ultimate business model. 40:11 - Whether any of the Magnificent 7 companies fit into Joseph’s recurring revenue framework. 46:35 - The role that valuation plays in Joseph’s quality investing framework. 55:30 - Joseph’s top stock pick to hold for the next 20 years. 01:03:00 - Why Joseph is attracted to the aerospace aftermarket industry. 01:08:09 - Why Joseph chose the ETF structure over the mutual fund. 01:10:53 - How Joseph determined the appropriate position sizing for his fund. 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: TIP622: Finding Certainty in an Uncertain World w/ Joseph Shaposhnik. Related Episode: TIP522: Unconventional Wisdom from the Greatest Minds in Investing w/ Joseph Shaposhnik. Follow Joseph on LinkedIn & X. Follow Clay on ⁠⁠⁠LinkedIn⁠⁠⁠ & ⁠⁠⁠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 Unchained Human Rights Foundation Vanta Indeed Fundrise Onramp reMarkable Shopify Abundant Mines River Financial The Bitcoin Way 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

1 hour 19 mins

20 June Finished

BTC239: Bitcoin, Psychology & the Return of Meaning w/ Seb Bunney (Bitcoin Podcast)

BTC239: Bitcoin, Psychology & the Return of Meaning w/ Seb Bunney (Bitcoin Podcast)

Seb and Preston explore the hidden emotional and societal costs of fiat currency, how Bitcoin changes our perception of value, and why money is more than just economics—it's identity. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:28 - The emotional toll of living within a fiat monetary system 10:04 - How Bitcoin changes the way we express values through money 12:55 - The real-life shifts that occur when someone adopts low time preference 15:37 - How hard money can enable authentic altruism and creativity 19:11 - How broken money disrupts psychological growth through Maslow’s hierarchy 20:24 - Why fiat incentives fuel fear, narrow focus, and societal disconnection 22:41 - The impact of viable saving on emotional and creative well-being 25:45 - Why fiat may be driving an identity crisis and inauthentic life paths 33:22 - What Bitcoin reveals about curiosity and intellectual integrity 41:05 - How note-taking and integration fuel personal and intellectual growth Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Seb’s book: The Hidden Cost of Money. Seb's Blog: Seb Bunney. Related book: Fiat Food. Related Episode: The Hidden Cost of Money (BTC160). 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 Unchained Human Rights Foundation Vanta Indeed Fundrise Onramp reMarkable Shopify Abundant Mines River Financial The Bitcoin Way 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

1 hour 23 mins

18 June Finished

TIP730: Richer, Wiser, Happier, Q2 2025

TIP730: Richer, Wiser, Happier, Q2 2025

On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” In their quest for meaningful relationships and being the best version of themselves, they discuss what has made them Richer, Wiser, or Happier in the past quarter. You’re invited to join them on their journey. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 00:07:45 - Why you will waste years if you can’t waste hours 00:08:04 - The power of (not) structuring your day 00:13:53 - What you can clone from an optimal life design 00:59:46 - What William and Stig have read the last quarter that made them Richer, Wiser, and Happier 01:01:55 - How to have work-play integration rather than a work-life balance 01:03:55 - Why what is important starts and ends with quality 01:22:13 - Why the best things in life come from compounding 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. William Green’s book Richer, Wiser, Happier – Read reviews of this book. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q1 2025. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q4 2024 Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q3 2024. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q1 2024. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q3 2023. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q2 2023. Simon Singh’s book, Fermat's Last Theorem – Read reviews of this book. David Hawkins’ book, Letting Go – Read reviews of this book. Pico Iyer’s book, Aflame – Read reviews of this book. Tara Springett’s book, The Stairway to Heaven – Read reviews of this book. Robert Caro’s book, Working - Read reviews of this book. Robert Gottlieb’s documentary, Turn Every Page.  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 • Vanta • Human Rights Foundation • Fundrise • reMarkable • Onramp • Netsuite • 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! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

2 hours 25 mins

15 June Finished

TIP729:  Mastering the Capital Cycle

TIP729: Mastering the Capital Cycle

In this episode, Clay explores the core ideas behind Capital Returns by Edward Chancellor and Marathon Asset Management. Based on decades of investing experience, the book uncovers the capital cycle framework, which reveals how capital flows, supply dynamics, and managerial incentives drive long-term investment outcomes. Whether you're a value investor, a portfolio manager, or simply curious about market cycles, this episode offers guidance for understanding the boom and bust nature of cyclical industries. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:31 - How the capital cycle explains boom and bust industry dynamics. 07:03 - Why tracking supply is often more useful than forecasting demand. 16:20 - How capital discipline separates great managers from average ones. 05:07 - Why excess investment leads to lower future returns. 30:38 - Why cyclical industries can offer high-return opportunities. 41:50 - How incentives and ownership structures impact corporate decision-making. 49:10 - How low interest rates distort creative destruction and capital efficiency. 53:25 - Why mean reversion remains a powerful force in markets. 58:35 - How to spot red flags near capital cycle peaks. 01:03:55 - Why flexible thinking is essential for long-term investing success. 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. Edward Chancellor’s book: Capital Returns. Gautam Baid’s book: The Joys Of Compounding. Related Episode: TIP505: The Price of Time w/ Edward Chancellor. Mentioned Episode: TIP727: 7 Powers by Hamilton Helmer. Follow Clay on ⁠⁠LinkedIn⁠⁠ & ⁠⁠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 Unchained Human Rights Foundation Vanta Indeed Fundrise Onramp reMarkable Shopify Abundant Mines River Financial The Bitcoin Way 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

1 hour 11 mins

13 June Finished

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