TIP620: The Intelligent Investor by Benjamin Graham

Dive deep into Bitcoin's evolution with expert Max Hillebrand. We unravel Mises' action axiom, Hoppe's private property origins, and Rothbard's economic theories. Discover Wasabi Wallet's role in privacy, the potential of Ocean mining, and strategies for Bitcoiners to enhance anonymity. Max also shares his take on Bitcoin's path to ossification and how institutions can shield assets against regulatory overreach. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:54 - The principles of Ludwig von Mises' economic dualism and the axiom of action. 06:23 - Hermann Hoppe's theory on private property as a natural emergence. 10:11 - The significance of Murray Rothbard's "Man, Economy, and State, with Power and Markets." 12:59 - An inside look at Bisq and the passion driving decentralized finance platforms. 27:29 - The role of covenants in Bitcoin and their potential to enhance transaction privacy. 34:26 - Innovations in Bitcoin mining pools and the impact of Ocean Bitcoin mining. 38:59 - Strategies beyond CoinJoin for improving privacy for Bitcoin transactions. 01:00:46 - How institutions can use Bitcoin technology to protect their financial sovereignty and self-custody assets. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Max Hillebrand on X (Twitter). Max's website with links to his projects. 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? 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. 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. SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial AT&T Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express USPS NerdWallet Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In this episode, William Green chats with Bryan Lawrence, a highly successful hedge fund manager who runs an investment firm called Oakcliff Capital. Bryan almost never gives interviews, so this is a rare opportunity to hear him speak in depth about the advantages of a concentrated value strategy, how he finds new investments, what 6 questions he asks when analyzing any stock, what he’s learned from Buffett & Munger, & how to build a happy life. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:42 - What Bryan Lawrence learned from his hugely successful father. 16:30 - What Charlie Munger taught Bryan.  33:07 - How Shelby Cullom Davis turned $200,000 into $800 million. 39:14 - How Bryan has consciously built an investing edge. 43:25 - What he learned from meeting Warren Buffett. 47:15 - Why Bryan looks for three specific characteristics in any business. 59:18 - How to beat the market by making infrequent bets.  1:08:19 - Why he’s obsessed with identifying where he’s wrong. 1:10:17 - How he searches for new investment ideas. 1:14:32 - How he structures his day. 1:44:20 - How to think rationally about fossil fuels & climate change. 1:49:1 - How to build a happy life & great relationships. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Bryan Lawrence’s investment firm, Oakcliff Capital. Check out Poor Charlie’s Almanack. Dean Ornish & Anne Ornish's book Undo It. Robert Cialdini's book Influence. Alain de Boton's book The Consolations of Philosophy. Douglas Stone, Bruce Patton, & Sheila Heen's book Difficult Conversations. John Rothchild's book The Davis Dynasty. Vaclav Smil's book How the World Really Works. David Mackay's book Sustainable Energy Without the Hot Air. Gillian Zoe Segal's book Getting There. William Green’s podcast interview with Chris Davis | YouTube Video 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? 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. 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.  SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial AT&T Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express USPS NerdWallet 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! 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

On today’s episode, Clay is joined by François Rochon to discuss how he’s managed to vastly outperform the market over the past 30 years. Since he started the Rochon Global Portfolio in 1993, his annual returns net of fees have been 13.6%, versus 9.2% for the benchmark. François’s investment approach is firmly rooted in three principles — patience, humility, and rationality — which are discussed in depth during this conversation. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:17 - What led François to hiring Jean-Philippe Bouchard. 06:19 - The foundational investment principles of Giverny’s approach. 10:23 - How François realized so early in his career that you can’t predict the stock market. 19:53 - The tribal gene that sets 5% of investors apart from the rest. 29:29 - How we can be prepared for declines in the stock market. 35:37 - Why his biggest investment mistakes are mistakes of omission. 40:54 - How François views Berkshire Hathaway’s role in his portfolio. 45:27 - How François assesses the strength of a brand. 56:02 - His view on the valuation of today’s market. 68:15 - Why François is so passionate about investing. 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. Giverny Capital’s Letters. Learn more about the Giverny Capital. Books Mentioned: How to be Rich, Money Masters of our Time, The Craft of Investing. Related Episode: RWH016: The Best of the Best w/ François Rochon | YouTube Video. Follow François on LinkedIn.  Follow Clay on Twitter.  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? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. 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. SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial AT&T Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express USPS NerdWallet 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! 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

Join us as Peter McCormack shares insights on blending Bitcoin with football business. We delve into his club's dual promotions, strategic investor impacts from the Winklevoss twins, and the broader influence on Bedford, including a new Universal Studios park. Learn how Bitcoin plays a role in these developments and discover actionable strategies for integrating innovative concepts into local enterprises. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:20 - The strategic role of Bitcoin in advancing the success of a local football club. 08:11 - The impact of high-profile investors like the Winklevoss twins on the club. 08:11 - Highlights from the "Cheat Code" Bitcoin conference and its integration with local business. 13:05 - How the club manages competitive growth and future challenges with spending caps. 17:53 - Insights into Peter McCormack's journey of owning and promoting his football team. 22:07 - The significant developments in Bedford, including plans for a Universal Studios theme park. 32:08 - Lessons on leveraging cryptocurrency in traditional businesses and community development. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Buy your Real Bedford sporting attire here. Peter’s podcast, What Bitcoin Did. Learn more about the Cheat Code Conference. Peter's Twitter. 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? 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. 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. SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial AT&T Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express USPS NerdWallet 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

Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a compounded annual growth rate of 11.5% on equities since his fund's inception on 2/28/1999, compared to 7.6% for the S&P500.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:37 - The impact of holding cash on your portfolio returns.   24:07 - How to understand the five different components that make up stock market returns. 33:14 - How to estimate the expected return of being invested in the S&P500. 40:57 - What the intrinsic value of Berkshire Hathaway is. 45:51 - How Berkshire Hathaway has allocated capital since 2018. 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. Stig’s 2023 masterclass with Chris Bloomstran on valuing Berkshire Hathaway | YouTube Video. Stig’s 2022 masterclass with Chris Bloomstran on valuing Berkshire Hathaway | YouTube Video. Stig’s masterclass with Chris Bloomstran on equity valuations | YouTube Video. Chris Bloomstran’s website. Read Chris Bloomstran’s letters to his clients.  Buffett resource on CNBC. 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? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. 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. SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial AT&T Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express USPS NerdWallet 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! 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