We Study Billionaires - The Investor’s Podcast Network

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 [https://www.theinvestorspodcast.com/summit/]. * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Edward Chancellor’s book: Capital Returns [https://amzn.to/3SNY2Uj]. * Gautam Baid’s book: The Joys Of Compounding [https://amzn.to/43BZVJY]. * Related Episode: TIP505: The Price of Time w/ Edward Chancellor [https://www.theinvestorspodcast.com/episodes/the-price-of-time-w-edward-chancellor/]. * Mentioned Episode: TIP727: 7 Powers by Hamilton Helmer [https://www.theinvestorspodcast.com/episodes/7-powers-by-hamilton-helmer/]. * Follow Clay on ⁠⁠LinkedIn⁠⁠ [https://www.linkedin.com/in/clay-finck-8073a8a7/] & ⁠⁠X⁠⁠ [https://twitter.com/Clay_Finck]. * Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/wsb]. * Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]. NEW TO THE SHOW? * Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/newsletters/]. * Check out our ⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/]. * Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠ [https://twitter.com/TIP_Network] | ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.linkedin.com/company/the-investor's-podcast/] | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.instagram.com/theinvestorspodcastnetwork/] | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.facebook.com/TheInvestorsPodcast] | ⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.tiktok.com/@theinvestorspodcast]. * Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/we-study-billionaires/]. * Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/tip-finance/]. * Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/affiliates/]. * Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/]. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://theinvestorspodcast.com/sponsors]: * SimpleMining⁠ [https://simplemining.io/preston] * ⁠Hardblock⁠ [https://netsuite.com/study] * ⁠AnchorWatch⁠ [https://www.anchorwatch.com/investors] * ⁠Unchained⁠ [https://unchained.com/fundamentals] * ⁠Vanta⁠ [https://www.vanta.com/billionaires] * ⁠Human Rights Foundation⁠ [https://financialfreedomreport.org/] * ⁠Fundrise⁠ [https://fundrise.com/WSB] * ⁠reMarkable⁠ [https://remarkable.com/] * ⁠Onramp⁠ [https://onrampbitcoin.com/] * ⁠Netsuite⁠ [https://netsuite.com/study] * ⁠Shopify [https://shopify.com/wsb] HELP US OUT! Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠⁠⁠ [https://docs.google.com/presentation/d/1Rnl5KGxmrYISQ7UfbEREMN-AD6b40i6CwWUbXaTabmI/edit] on ⁠⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠⁠ [https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP?si=e77332a33ef04a7c]! 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 [https://theinvestorspodcastnetwork.supportingcast.fm] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices] Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm [https://theinvestorspodcastnetwork.supportingcast.fm]

Michael and Preston explore Bitcoin's foundational principles, covering digital scarcity, mining incentives, node infrastructure, and the importance of self-custody versus third-party management. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 12:13 - How Bitcoin prevents government-led currency debasement 19:14 - Why block reorganizations occur and how they're resolved 23:11 - The mechanics of block creation and transaction verification 28:55 - What makes Bitcoin a secure and decentralized timekeeper 31:13 - The economic incentives behind Bitcoin mining 33:54- The role of transaction fees as block subsidies decline 37:01 - How Bitcoin's security model addresses hack concerns 41:05 - How self-custody empowers users and mitigates risks 50:02 - Differences between running a node and mining 1:00:04 - Innovations in node infrastructure from the 256 Foundation Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Michael’s X Account [https://x.com/Schnitzel]. * Website: Nakamoto Heating Solutions [https://nakamotoheating.com/]. * Website: 256 foundation [https://256foundation.org/]. * Check out all the books mentioned and discussed in our podcast episodes⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/rwh]. * Enjoy ad-free episodes when you subscribe to our⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]. NEW TO THE SHOW? * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠ [https://twitter.com/TIP_Network] | ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.linkedin.com/company/the-investor's-podcast/] | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.instagram.com/theinvestorspodcastnetwork/] | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.facebook.com/TheInvestorsPodcast] | ⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.tiktok.com/@theinvestorspodcast]. * Check out our ⁠⁠⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/bitcoin-fundamentals-starter-packs/]. * Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/richer-wiser-happier/]. * Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/tip-finance/]. * Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/affiliates/]. * Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/newsletters/]. * Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/]. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠ [https://theinvestorspodcast.com/sponsors]:⁠ [https://unchained.com/fundamentals] * SimpleMining [https://simplemining.io/preston] * Hardblock [https://netsuite.com/study] * AnchorWatch [https://www.anchorwatch.com/investors] * Unchained [https://unchained.com/fundamentals] * Vanta [https://www.vanta.com/billionaires] * Human Rights Foundation [https://financialfreedomreport.org/] * Fundrise [https://fundrise.com/WSB] * reMarkable [https://remarkable.com/] * Onramp [https://onrampbitcoin.com/] * Netsuite [https://netsuite.com/study] * Shopify [https://shopify.com/wsb] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices] Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm [https://theinvestorspodcastnetwork.supportingcast.fm]

In today's episode, Stig Brodersen is talking stocks with Tobias Carlisle and Hari Ramachandra. Stig’s pick is Microsoft, the world’s biggest market cap company for good reason. Tobias is pitching Devon Energy, an oil and gas producer with a big upside if you’re right about the timing. Hari’s stocks of choice are Adyen and Block, two fast-growing companies with stronger moats that meet the eye. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:51 - Why Hari is bullish on Block and Adyen (Ticker on NYSE: XYZ and on Euronext: ADYEN). 12:48 - The bear case for Block and Adyen, including valuation and disruption. 24:22 - Stig’s bull case is for Microsoft (Ticker on NASDAQ: MSFT). 44:55 - The bear case for Microsoft, including the rich valuation. 56:56 - Why Toby is bullish on Devon Energy (Ticker on NYSE: DVN). 01:05:31 - The bear case of Devon Energy, including the debt level and share issuance. 01:27:06 - What the TIP Mastermind Community is and how we’re forming meaningful relationships. 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 [https://www.theinvestorspodcast.com/summit/]. * Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Stig Brodersen’s Portfolio and Track record [https://www.theinvestorspodcast.com/articles/stig-brodersen-track-record-portfolio/].  * Listen to Mastermind Discussion Q1, 2025 [https://www.theinvestorspodcast.com/episodes/mastermind-q1-2025-lifco-verisign-ulta-beauty/] or watch the video [https://youtu.be/CPOsvLyNbMw].   * Listen to Mastermind Discussion Q4, 2024 [https://www.theinvestorspodcast.com/episodes/mastermind-q4-2024-evolution-occidental-petroleum-alpha-metallurgical-resources/] or watch the video [https://youtu.be/GoS4dalv2YE].   * Listen to Mastermind Discussion Q3, 2024 [https://www.theinvestorspodcast.com/episodes/mastermind-q3-2024-w-stig-brodersen-tobias-carlisle-and-hari-ramachandra/] or watch the video [https://youtu.be/YTPr_QBIdiw]. * Listen to Mastermind Discussion Q2, 2024 [https://www.theinvestorspodcast.com/episodes/mastermind-q2-2024-burberry-icici-bank-limited-playtika/] or watch the video [https://youtu.be/kyUA90wZ99U]. * Tune in to the Mastermind Discussion Q1, 2024 [https://www.theinvestorspodcast.com/episodes/mastermind-q1-2024-spotify-disney-mueller-industries/] or watch the video [https://youtu.be/idL0phA7aFA]. * Listen to Mastermind Discussion Q4, 2023 [https://www.theinvestorspodcast.com/episodes/mastermind-q4-2023-lvmh-dollar-general-inmode/] or watch the video [https://youtu.be/ZORRgmZlDVI]. * Tune in to the Mastermind Discussion Q3, 2023 [https://www.theinvestorspodcast.com/episodes/mastermind-q3-2023-constellation-software-brookfield-corporation-winnebago/] or watch the video [https://youtu.be/BIU8t35baOM]. * Listen to Mastermind Discussion Q2, 2023 [https://www.theinvestorspodcast.com/episodes/mastermind-q2-2023-teqnion-palantir-virtu-financial/] or watch the video [https://youtu.be/DhN8uBjrrgU]. * Bill Gates’ autobiography, Source Code – read reviews of this book [https://www.amazon.com/Source-Code-Beginnings-Bill-Gates/dp/059380158X?returnFromLogin=1&linkCode=ll1&tag=tipnetwork-20&linkId=89daf8ebd57fe6e53351d2816e289b96&language=en_US&ref_=as_li_ss_tl]. * Stig and Preston book review [https://www.theinvestorspodcast.com/episodes/paul-allen-idea-man/] of Paul Allen’s book, Idea Man [https://www.amazon.com/Idea-Man-Memoir-Cofounder-Microsoft/dp/1591843820?&linkCode=ll1&tag=tipnetwork-20&linkId=e2bd42b49f22543ac9627d14578a86db&language=en_US&ref_=as_li_ss_tl].  * Tobias Carlisle's podcast, The Acquirers Podcast [https://acquirersmultiple.com/podcast/]. * Tobias Carlisle's ETF, ZIG [https://www.acquirersfund.com/]. * Tobias Carlisle's ETF, Deep [https://www.etf.com/DEEP]. * Tobias Carlisle's book, The Acquirer's Multiple [https://www.amazon.com/gp/product/0692928855?ie=UTF8&linkCode=ll1&tag=tipnetwork-20&linkId=c748746eb0b670ebf8094b322ae34603&language=en_US&ref_=as_li_ss_tl] – read reviews of this book. * Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com [https://acquirersmultiple.com/?ref=5] * Tweet directly to Tobias Carlisle: @Greenbackd [https://x.com/Greenbackd]. * Tweet directly to Hari Ramachandra: @harirama [https://x.com/harirama]. * Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠here⁠⁠⁠ [https://prodcast.io/wsb]. * Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠Premium Feed⁠⁠⁠ [https://premium.theinvestorspodcast.com/]. NEW TO THE SHOW? * Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠ [https://www.theinvestorspodcast.com/newsletters/]. * Check out our ⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠ [https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/]. * Follow our official social media accounts: ⁠⁠⁠X (Twitter)⁠⁠⁠ [https://twitter.com/TIP_Network] | ⁠⁠⁠LinkedIn⁠⁠⁠ [https://www.linkedin.com/company/the-investor's-podcast/] | ⁠⁠⁠Instagram⁠⁠⁠ [https://www.instagram.com/theinvestorspodcastnetwork/] | ⁠⁠⁠Facebook⁠⁠⁠ [https://www.facebook.com/TheInvestorsPodcast] | ⁠⁠⁠TikTok⁠⁠⁠ [https://www.tiktok.com/@theinvestorspodcast]. * Browse through all our episodes (complete with transcripts) ⁠⁠⁠here⁠⁠⁠ [https://www.theinvestorspodcast.com/we-study-billionaires/]. * Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠TIP Finance Tool⁠⁠⁠ [https://www.theinvestorspodcast.com/tip-finance/]. * Enjoy exclusive perks from our ⁠⁠⁠favorite Apps and Services⁠⁠⁠ [https://www.theinvestorspodcast.com/affiliates/]. * Learn how to better start, manage, and grow your business with the ⁠⁠⁠best business podcasts⁠⁠⁠ [https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/]. SPONSORS Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠ [https://theinvestorspodcast.com/sponsors]: * SimpleMining⁠⁠ [https://simplemining.io/preston] * ⁠⁠Hardblock⁠⁠ [https://netsuite.com/study] * ⁠⁠AnchorWatch⁠⁠ [https://www.anchorwatch.com/investors] * ⁠⁠Unchained⁠⁠ [https://unchained.com/fundamentals] * ⁠⁠Human Rights Foundation⁠⁠ [https://financialfreedomreport.org/] * ⁠⁠Onramp⁠⁠ [https://onrampbitcoin.com/] * ⁠⁠Fundrise⁠⁠ [https://fundrise.com/WSB] * ⁠⁠Vanta⁠⁠ [https://www.vanta.com/billionaires] * ⁠⁠Netsuite⁠⁠ [https://netsuite.com/study] * ⁠⁠Shopify [https://shopify.com/wsb] HELP US OUT! Help us reach new listeners by leaving us a ⁠⁠⁠rating and review⁠⁠⁠ [https://docs.google.com/presentation/d/1Rnl5KGxmrYISQ7UfbEREMN-AD6b40i6CwWUbXaTabmI/edit] on ⁠⁠⁠Spotify⁠⁠⁠ [https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP?si=e77332a33ef04a7c]! 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 [https://theinvestorspodcastnetwork.supportingcast.fm] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices] Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm [https://theinvestorspodcastnetwork.supportingcast.fm]

In this episode, Clay explores Hamilton Helmer’s 7 Powers framework, breaking down each of the seven sources of enduring competitive advantage. While companies all over the world offer benefits and value to society at large, few have barriers in place that prevent competitors from easily replicating those advantages. Whether you’re an investor or business operator, this episode is an essential listen to understand the critical ingredients for long-term success in business. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:34 - What it means for a company to have Power. 07:04 - The power of scale economies. 12:12 - Why network effects are one of the best competitive advantages a business can have. 18:05 - Why counter-positioning is Hamilton Helmer’s favorite Power. 30:19 - The types of switching costs that can keep customers locked in for years. 38:24 - Why customers are willing to consistently pay up for a great brand name. 51:24 - How companies can capture a cornered resource that even well-funded competitors are unable to replicate. 56:46 - Why process power is the rarest of the all the powers. 01:03:00 - A case study on Netflix and how they built multiple Powers outlined in the book. 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 [https://www.theinvestorspodcast.com/summit/]. * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Hamilton Helmer’s book: 7 Powers [https://www.amazon.com/7-Powers-Foundations-Business-Strategy/dp/0998116319?crid=33ZS1IVDMK2IC&dib=eyJ2IjoiMSJ9._8NIRskPHyul2O2GoXF7hwa3nV-qRdXIZ-TyB0SYGuAFKdRLjbFjvkKuYHBxKYzfxJqaBnumMwrs2P-3YRyn_wpTN8Rs_cAEusD6SxaqXV_dJDdEg_PBh4gy86_SfUiRfKM0E27sUDGecW6hJVkhBlMNjGAIpeMXjTy-vqisl3lryIjEByi8hoBJDuCAtUiYJ2vcuoLCWsLNfw2OmENoeRisi-u3wrxyTXgH5znHC_k.ZKZOhzb6MCNn8V1n48q4Yk0uMuy14xLMjyHZRdZlYz0&dib_tag=se&keywords=7+powers&qid=1748468740&sprefix=7+powers%2Caps%2C119&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=e19a2cfc50d3bfb48c8f1212a0cb8104&language=en_US&ref_=as_li_ss_tl]. * Mentioned Episode: TIP600: Business Durability and Strategy Masterclass w/ Hamilton Helmer [https://www.theinvestorspodcast.com/episodes/business-durability-and-strategy-masterclass/]. * Follow Clay on ⁠LinkedIn⁠ [https://www.linkedin.com/in/clay-finck-8073a8a7/] & ⁠X⁠ [https://twitter.com/Clay_Finck]. * Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/wsb]. * Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]. NEW TO THE SHOW? * Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/newsletters/]. * Check out our ⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/]. * Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠ [https://twitter.com/TIP_Network] | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ [https://www.linkedin.com/company/the-investor's-podcast/] | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ [https://www.instagram.com/theinvestorspodcastnetwork/] | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ [https://www.facebook.com/TheInvestorsPodcast] | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠ [https://www.tiktok.com/@theinvestorspodcast]. * Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/we-study-billionaires/]. * Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/tip-finance/]. * Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/affiliates/]. * Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/]. 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Garrett Johnston shares why Bitcoin—not crypto—should be the foundation for insurance innovation. We explore regulatory friction, risk evolution, and strategic adoption for carriers and corporates. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:57 - How digital asset risk profiles evolve as companies scale 16:09 - The case for Bitcoin in insurance company treasuries 16:15 - Why Bitcoin enhances risk-adjusted returns in institutional portfolios 21:39 - Why current regulatory frameworks hinder BTC adoption 21:54 - How NAIC rules classify BTC as a non-admitted asset 22:07 - The importance of state-by-state education and reform 30:28 - Gaps in current insurance coverage for Bitcoin-native businesses 45:03 -Why “Bitcoin not crypto” is critical in traditional insurance circles 47:12 - ESG misconceptions about Bitcoin in insurance contexts 48:26 - Game theory behind state-level regulatory adoption (e.g., NH SBR) 49:39 - AI’s emerging role in insurance and supply chain risk analysis Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Garrett's ⁠X Account⁠ [https://twitter.com/garrettoj]. * Check out all the books mentioned and discussed in our podcast episodes⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/rwh]. * Enjoy ad-free episodes when you subscribe to our⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]. NEW TO THE SHOW? * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind-2/] to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. * Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠ [https://twitter.com/TIP_Network] | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ [https://www.linkedin.com/company/the-investor's-podcast/] | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ [https://www.instagram.com/theinvestorspodcastnetwork/] | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ [https://www.facebook.com/TheInvestorsPodcast] | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠ [https://www.tiktok.com/@theinvestorspodcast]. * Check out our ⁠⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/bitcoin-fundamentals-starter-packs/]. * Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/richer-wiser-happier/]. * Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/tip-finance/]. * Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/affiliates/]. * Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/newsletters/]. * Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/]. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠ [https://theinvestorspodcast.com/sponsors]: * SimpleMining [https://simplemining.io/preston] * Hardblock [https://netsuite.com/study] * AnchorWatch [https://www.anchorwatch.com/investors] * Unchained [https://unchained.com/fundamentals] * Vanta [https://www.vanta.com/billionaires] * Human Rights Foundation [https://financialfreedomreport.org/] * Fundrise [https://fundrise.com/WSB] * reMarkable [https://remarkable.com/] * Onramp [https://onrampbitcoin.com/] * Netsuite [https://netsuite.com/study] * Shopify [https://shopify.com/wsb] Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm [https://theinvestorspodcastnetwork.supportingcast.fm] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices] Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm [https://theinvestorspodcastnetwork.supportingcast.fm]