We Study Billionaires - The Investor’s Podcast Network

RWH064: A Soulful Path To Stellar Returns w/ Nima Shayegh

William Green talks with Nima Shayegh of Rumi Partners about Lou Simpson’s investing wisdom and the power of ignoring noise to achieve outstanding returns. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:06:41 - How Nima Shayegh came to see investing as the ultimate intellectual adventure. 00:10:31 - Why investors must go beyond numbers to grasp deep truths about businesses. 00:16:56 - What riding in a Tesla taught him about the awesome experience of quality. 00:21:05 - Why investors should harness intuition & emotions but avoid ego. 00:36:31 - How to succeed by owning resilient businesses & ignoring macro forecasts. 00:39:26 - What qualities made Nima’s mentor, Lou Simpson, an investing legend. 00:49:27 - How Lou taught Nima to avoid noise, distractions & the lure of a flashy office. 00:59:03 - Why Nima’s portfolio is dominated by stocks like AppFolio & Brookfield. 01:13:08 - What he learned from having dinner with Charlie Munger. 01:30:26 - Why we should surrender to uncertainty & should welcome volatility. 01:39:55 - What investors can learn from surfers about the value of self-reliance. 01:41:35 - Why he named his investment firm after a 13th-century Sufi mystic. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * 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. * Inquire about William Green’s ⁠⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠⁠ [https://williamgreenwrites.com/masterclass/]. * Read Concentrated Investing [https://www.amazon.com/Concentrated-Investing-Strategies-Greatest-Investors/dp/1119012023?&linkCode=ll1&tag=tipnetwork-20&linkId=72f6c60e1f9cde07ffffeae5235670a3&language=en_US&ref_=as_li_ss_tl] by Allen Benello, Michael van Biema, Tobias Carlisle. * Read Small is Beautiful [https://www.amazon.com/Small-Beautiful-F-Schumacher/dp/0099225611?crid=18JJGCT1XJCHF&dib=eyJ2IjoiMSJ9.JWhAbUPso7BidT_KVYmWYWVdOsn31wLOzMGmdvDBZUD183evDsnzGXYp6cK8G_sscU3N77eRxsLgJRdXafpxG6Huoyu_ozWByGmI0ld-UthdMIiskWHlnr-T-0irk2EbOYQlnbTP2R5pRV1fBhrad2Yl1FwPuIQYVhkUG8a-rX_7ittstt_bhWJ_GsN729nZEBklFGj1yssRp0ep1NrzKpXhJ0rP13SeETGE4LpKVl8.NmdLIMkwLp5leLuhhZZKILW_i7mcGu7R-HEhKFWWqe4&dib_tag=se&keywords=Small+is+Beautiful&qid=1766166827&s=books&sprefix=small+is+beautiful+%2Cstripbooks%2C135&sr=1-3&linkCode=ll1&tag=tipnetwork-20&linkId=456e378a733c5ed935ecc9d8676dcfc3&language=en_US&ref_=as_li_ss_tl] & A Guide for the Perplexed [https://www.amazon.com/dp/006241481X?psc=1&smid=ATVPDKIKX0DER&linkCode=ll1&tag=tipnetwork-20&linkId=5b50b0893e73ea00d737532a377e883c&language=en_US&ref_=as_li_ss_tl] by E.F. Schumacher. * Read Jalal ad-Din Muhammad ar-Rumi’s book, The Ultimate Rumi Collection [https://www.amazon.com/dp/0063269171?&linkCode=ll1&tag=tipnetwork-20&linkId=28f83b841b0917e0bdfaae0d5221b8b6&language=en_US&ref_=as_li_ss_tl]. * Check out William Finnegan’s book Barbarian Days [https://www.amazon.com/Barbarian-Days-A-Surfing-Life/dp/1472151399?adgrpid=185328955904&hvpone=&hvptwo=&hvadid=748008426930&hvpos=&hvnetw=g&hvrand=17187636193992274333&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9004207&hvtargid=dsa-1595363597442&hydadcr=&mcid=&hvocijid=17187636193992274333--&hvexpln=m-dsad&hvsb=Media_d&hvcampaign=dsadesk&linkCode=ll1&tag=tipnetwork-20&linkId=8926ce23c21bda1e01ba124bcda8b539&language=en_US&ref_=as_li_ss_tl]. * Check out William Green’s book, Richer, Wiser, Happier [https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll1&tag=tipnetwork-20&linkId=b4491ba3e18f0d3f393769adc77f1d7f&language=en_US&ref_=as_li_ss_tl]. * Follow William Green on ⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/williamgreen72]. * Related ⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]. 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Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices] Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm [https://theinvestorspodcastnetwork.supportingcast.fm]

TIP777: The 1999 Dot-Com Bubble w/ Clay Finck

In this episode, Clay explores the dot-com boom and bust through Roger Lowenstein’s book, Origins of the Crash. The book unpacks how distorted incentives, financial engineering, and speculative excess reshaped markets. By studying this period in market history, investors can better recognize recurring patterns in behavior, incentives, and speculation, and apply those lessons to avoid future manias. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:03:33 - Why stock options often misalign executives and long-term shareholders 00:08:51 - How financial engineering was abused in the 1990s market boom 00:12:45 - How distorted incentives fueled the dot-com bubble 00:27:51 - Why revolutionary technologies don’t guarantee successful investments 00:31:47 - The role Wall Street analysts and the media played in amplifying speculation 00:39:19 - How Enron’s deception exposed systemic failures in governance and oversight 01:11:34 - Clay’s lessons for avoiding hype-driven bubbles in the future Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * 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. * Learn how to join us in Omaha for the Berkshire meeting ⁠here⁠ [https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/]. * Roger Lowenstein’s book: Origins of the Crash [https://www.amazon.com/Origins-Crash-Great-Bubble-Undoing/dp/0143034677?crid=27MMFT1ZS1YWM&dib=eyJ2IjoiMSJ9.ywX1CdIb1rhPr86y5WfQfZtkCHqFYkWiisqfb4u0x_tQF9AnKELDKRPiUGIkdsQxU-xuzU5I7RrZ27i_oVxF5tTxUOnqlfM-W5rBEuHC1_QPzfycJmmb1yNqFP47iNIDt-eD4Li5wlol_gloWewyEui5Ngm5yYQVFIghZoroBihkkjarapGHnIiJNiciByHtoTRYLA7LT1Jz7C2Q7ki8h7suffVbk83grFmzncITZdI.lysCrajjfuToclxWB_SoDtVAy3RxiWDUszRUlMu3Udo&dib_tag=se&keywords=Origins+of+the+Crash&qid=1766001324&sprefix=origins+of+the+crash%2Caps%2C106&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=758d645a83ec61b2946ddb94103c1bdf&language=en_US&ref_=as_li_ss_tl]. * Mentioned Episode TIP693: The Power Law: Unlocking Venture Capital's Secrets w/ Clay Finck [https://www.theinvestorspodcast.com/episodes/my-investment-philosophy-w-clay-finck/]. * Follow Clay on ⁠LinkedIn⁠ [https://www.linkedin.com/in/clay-finck-8073a8a7/] & ⁠X⁠ [https://twitter.com/Clay_Finck]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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SPONSORS Support our free podcast by supporting our ⁠⁠sponsors⁠⁠ [https://theinvestorspodcast.com/sponsors]: * ⁠Simple Mining⁠ [https://simplemining.io/preston] * ⁠Human Rights Foundation⁠ [https://financialfreedomreport.org/] * ⁠Unchained⁠ [https://unchained.com/fundamentals] * ⁠HardBlock⁠ [https://www.hardblock.com.au/join/fundamentals] * ⁠Linkedin Talent Solutions⁠ [https://linkedin.com/studybill] * ⁠Onramp⁠ [https://onrampbitcoin.com/] * ⁠Amazon Ads⁠ [https://aws.com/ai/our-story] * ⁠Alexa+⁠ [https://aws.com/ai/our-story] * ⁠Shopify⁠ [https://shopify.com/wsb] * ⁠Vanta⁠ [https://www.vanta.com/billionaires] * ⁠Public.com⁠ [https://public.com/] - see the full disclaimer ⁠here⁠ [https://www.theinvestorspodcast.com//infinite-tech/data-centers-in-space-ai-education-haptic-touch-robotics-and-more-w-seb-bunney]. * ⁠Abundant Mines⁠ [https://abundantmines.com/Preston] * ⁠Horizon [https://joinhorizon.com/?ref=PRESTON] Learn more about your ad choices. 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TECH009: Data Centers in Space, AI Education, Haptic Touch Robotics and More w/ Seb Bunney

This episode explores the intersection of AI with healthcare, space innovation, and education. Preston and Seb discuss personalized genetic analysis, Google's space data centers, haptic touch tech, and the future of simulated realities. They also touch on AI bias, regulation, and how evolving tech might reshape society, purpose, and connection. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:05:20 - How genetic data is used to create custom supplement plans 00:07:21 - The role of AI in interpreting genetic information 00:16:21 - Why Google's space-based data centers could revolutionize computing 00:19:55 - Technical challenges of Bitcoin mining in orbit 00:24:17 - The implications of space debris and Kessler Syndrome 00:26:11 - How AI is personalizing education through initiatives like "Learn Your Way" 00:30:35 - Pros and cons of VR and humanoid robots in classrooms 00:38:45 - Ethical concerns around AI bias and centralization of regulation 00:54:37 - Advances in haptic touch technology for VR and robotics 00:50:12 - Philosophical questions about simulations, reality, and technology’s impact on society Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Seb’s book: ⁠⁠⁠The Hidden Cost of Money⁠⁠⁠ [https://lookingglasseducation.com/books/the-hidden-cost-of-money/#:~:text=The%20Hidden%20Cost%20of%20Money%20by%20Seb%20Bunney%2C%20co%2Dfounder,%2C%20economic%2C%20and%20political%20spheres.]. * X Account: ⁠⁠Seb Bunney⁠⁠ [https://x.com/sebbunney]. * Related⁠⁠⁠⁠⁠⁠⁠⁠⁠ books⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on 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]: * Simple Mining [https://simplemining.io/preston] * Human Rights Foundation [https://financialfreedomreport.org/] * Unchained [https://unchained.com/fundamentals] * HardBlock [https://www.hardblock.com.au/join/fundamentals] * Linkedin Talent Solutions [https://linkedin.com/studybill] * Onramp [https://onrampbitcoin.com/] * Amazon Ads [https://aws.com/ai/our-story] * Alexa+ [https://aws.com/ai/our-story] * Shopify [https://shopify.com/wsb] * Vanta [https://www.vanta.com/billionaires] * Public.com [http://public.com/] - see the full disclaimer here [https://www.theinvestorspodcast.com//infinite-tech/data-centers-in-space-ai-education-haptic-touch-robotics-and-more-w-seb-bunney]. * Abundant Mines [https://abundantmines.com/Preston] * Horizon [https://joinhorizon.com/?ref=PRESTON] 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]

RWH063: Avoid Disaster w/ Howard Marks

In this episode, William Green chats with multibillionaire investor Howard Marks, the co-founder & co-Chairman of Oaktree Capital Management. Since its launch 30 years ago, the firm has grown into a global powerhouse in alternative investments, with $218 billion in assets. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:04:01 - Why Howard Marks aims for “steady excellence,” not shooting the lights out. 00:05:59 - What investors should learn from great (& not-so-great) tennis players. 00:13:13 - How to figure out the right “risk posture” for your investment portfolio. 00:20:12 - How he managed to pull off 5 major market calls in the course of his career. 00:33:24 - What makes Bruce Karsh, his long-time partner, a superb investor. 00:36:52 - How specialization can give you a powerful edge. 00:57:53 - How today’s investment environment resembles the dotcom bubble. 00:54:21 - Why Howard expects most AI companies to “end up worthless.” 00:58:55 - Why he’s deeply wary of investing in Bitcoin & gold. 01:10:46 - Why bonds now strike him as a relatively attractive investment. 01:20:05 - How he reached the pinnacle without sacrificing family, friends or hobbies. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * 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. * Inquire about William Green’s ⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠ [https://williamgreenwrites.com/masterclass/]. * The Complete Collection [https://www.oaktreecapital.com/docs/default-source/memos/the-complete-collection.pdf?sfvrsn=58102966_3] of Howard Marks’ Memos. * Howard Marks’ book The Most Important Thing Illuminated [https://www.amazon.com/Most-Important-Thing-Illuminated-Thoughtful/dp/0231162847?&linkCode=ll1&tag=tipnetwork-20&linkId=a9a88d8e8d9605a83376fde2e80eda20&language=en_US&ref_=as_li_ss_tl]. * Howard Marks’ book Mastering the Market Cycle [https://www.amazon.com/Mastering-Market-Cycle-Getting-Odds/dp/0358108489?adgrpid=190269849110&dib=eyJ2IjoiMSJ9.gnUnD3XGcGhiWWudeb1SM2zVOtn4GRkmN9K6c_00gGLYz6K76v6NukLC1AgAxTMWJuGfrxEH_-zghKxxxBOuNKgNbY7dJDVnIo3fp50KxR0C5PPPyukRCjm3z_reWydbWAWOH1BSe7DvHgbbJ7yR7bZVZYcnUtO85WyuqFzBBX--S3ZlDYXYX9rmMP4R1M2PKHStzlraRv70_8Ep2H55ZSH144dE5-BEJkK4BFZPpFs.QyJLNQXQdGIruHcl15SUtx-HLkPFF6FAZM7RCVBjPf0&dib_tag=se&hvadid=779686017775&hvdev=c&hvexpln=0&hvlocphy=1023419&hvnetw=g&hvocijid=11018695788377667376--&hvqmt=b&hvrand=11018695788377667376&hvtargid=kwd-297515445081&hydadcr=22537_13821287_8187&keywords=howard+marks+books&mcid=67459cc7908933d7b28470d9376e6763&qid=1765326826&sr=8-2&linkCode=ll1&tag=tipnetwork-20&linkId=7b1dc70c0ec42c6e8f61628b2b36f115&language=en_US&ref_=as_li_ss_tl]. * Charlie Ellis's book Winning the Loser’s Game [https://www.amazon.com/Winning-Losers-Game-Strategies-Successful/dp/1264258461?crid=1KXVXHR84HI0T&dib=eyJ2IjoiMSJ9.BZTgcDewstRAlWFphW3JuDIwB8aPd3MQ1-3MKq9ZYDRiVpauWNj6cG8IZunygPmB6ttilPNcim3juc8_npaF3iaqPtzKztv9RU4vkpyQKA3epS2sSia2IAkncMeWQy9_4lmcM3WEOxa1J9JNCZ3IMEtegVo9ePa3uhGo53530ApDtG8s_EYjcsZ3fvFHlsMuSJZcsAitgbMiwEeeAW8SpHIcBk1qC1UQY4961OW2Q84.qSjwsoDr1xQzgOa0Yn0En93Yeo4EgVf6c5SAtO_2xxU&dib_tag=se&keywords=winning+the+losers+game&qid=1765326693&sprefix=winning+the+loser%2Caps%2C126&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=5ce6f6b0ac68f05cb211f810482f2e84&language=en_US&ref_=as_li_ss_tl]. * David Swensen's Pioneering Portfolio Management [https://www.amazon.com/Pioneering-Portfolio-Management-Unconventional-Institutional/dp/1416544690?crid=20UE5JQGORCQV&dib=eyJ2IjoiMSJ9.qzar4SbV_fpqNTg4bZgqAfBh2wBzz9xmMOwtpQ-yHe3GjHj071QN20LucGBJIEps.AuSX-uFTfjrsTYa-6CuYqPjrX2zmx-Tgxg0NgeRY4DQ&dib_tag=se&keywords=%E2%80%A2+Pioneering+Portfolio+Management+by+David+Swensen&qid=1765326748&sprefix=pioneering+portfolio+management+by+david+swensen%2Caps%2C120&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=bb371023ec476eea3bc91363a6947cd2&language=en_US&ref_=as_li_ss_tl]. * Edward Chancellor's Devil Take the Hindmost [https://www.amazon.com/Devil-Take-Hindmost-Financial-Speculation/dp/0452281806?&linkCode=ll1&tag=tipnetwork-20&linkId=b01520667cea9e1837f053f0cd2eda9f&language=en_US&ref_=as_li_ss_tl]. * William Green’s book, “Richer, Wiser, Happier” – ⁠⁠⁠⁠⁠⁠read the reviews of this book⁠⁠⁠⁠⁠⁠ [https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll1&tag=tipnetwork-20&linkId=178a49c7c9cfbf9e85fe8f04e22b55a8&language=en_US&ref_=as_li_ss_tl]. * Follow William Green on ⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠ [https://x.com/williamgreen72]. * Related ⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]. 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TIP776: Stig Brodersen’s Mental Models & Portfolio Update

On today’s episode, Clay is joined by Stig Brodersen to discuss the changes he’s made to his portfolio, why he sold out of Evolution AB, and why he’s bullish on Uber. Clay and Stig also discuss the mental models that Stig has picked up this year, and how our listeners can join us at our live events in Omaha during the Berkshire Hathaway shareholders’ weekend. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:05:08 - The mental models that Stig has picked up this year 00:08:47 - Why Stig sold his position in Evolution AB 00:15:50 - Why Stig has continued to add to his new position in Uber 00:43:29 - The bear case for Uber, and what would break his investment thesis 01:04:52 - Stig’s take on the AI race, and where Alphabet fits into the bigger picture 01:25:19 - How our listeners can join us in Omaha during the Berkshire Hathaway shareholders’ weekend Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * 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. * Learn how to join us in Omaha for the Berkshire meeting here [https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/]. * Read Stig’s letters [https://www.theinvestorspodcast.com/articles/stig-brodersen-track-record-portfolio/] to We Study Billionaires about his track record. * Mentioned Episode: TIP618: Stig’s Portfolio Performance since 2014 [https://www.theinvestorspodcast.com/episodes/stigs-portfolio-performance-since-2014-w-stig-brodersen-clay-finck/]. * Mentioned Episode: TIP684: Current Market Conditions & Poor Charlie's Almanack [https://www.theinvestorspodcast.com/episodes/current-market-conditions-and-poor-charlies-almanack/]. * Follow Clay on LinkedIn [https://www.linkedin.com/in/clay-finck-8073a8a7/] & X [https://twitter.com/Clay_Finck]. * Follow Stig on LinkedIn [https://www.linkedin.com/in/stigbrodersen/]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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