We Study Billionaires - The Investor’s Podcast Network

TIP799: The Davis Dynasty w/ Kyle Grieve

Kyle Grieve discusses the remarkable story of the Davis Dynasty, a multi-generational investing family that compounded wealth through discipline, focus, and a deep understanding of insurance businesses. He explores the philosophies of Shelby Davis, his son Shelby Cullom Davis, and his grandson Chris Davis. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:02:44 - How and why Shelby Davis entered investing later in life 00:06:31 - Why frugality shaped Davis’s investing philosophy 00:11:57 - How insurance became Davis’s core compounding engine 00:14:54 - Why stocks beat bonds during inflationary decades 00:17:16 - How Davis utilized leverage 00:20:20 - What the “Davis Double Play” is and how to use it 00:34:58 - Why an early winning track record can be a dangerous thing 00:54:26 - How a few long-held businesses created the Davis dynasty’s wealth 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 The Davis Dynasty [https://www.amazon.com/Davis-Dynasty-Successful-Investing-Street/dp/0471331783?crid=2N9GVTFFDT7Z2&dib=eyJ2IjoiMSJ9.2_tDf5D4yXSPdwt3GxbNNnBtjj9gT7-J0CRZnPq-naAy26ZHiZPsnJXvuEZyyTOx-ttYpBSXPdC1kaLstK9GeqNv0XD0mUDPfmSU7tKbvolyhSM429a7JmRYNd496kVxlsEf9W3h7EW5-uwNzhkzGYZ7ZpbqoW3G_Ih3kwv_tx70F0yhIEDevm5apLwSAZV7AOfQZp28sbZbJkK-sTHfECK3rRhOf36cg6wiqnVRtJg.yyajgDulacz-lyqLQYfaUH6uZYSZEXMRinaFuuS4S9s&dib_tag=se&keywords=the+davis+dynasty&qid=1765915278&sprefix=the+davis+dynast%2Caps%2C207&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=71cd39d659d956e5c918d94cced5a065&language=en_US&ref_=as_li_ss_tl]. * Follow Kyle on ⁠X⁠ [https://twitter.com/IrrationalMrkts] and ⁠LinkedIn⁠ [https://www.linkedin.com/in/kylegrievetip/]. * 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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TIP798: Nintendo Stock Deep Dive w/ Clay Finck

In this episode, Clay breaks down the fascinating history and business model of Nintendo, one of the most iconic entertainment companies in the world. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:01:58 - How Nintendo evolved from a playing card company into one of the world’s most influential gaming businesses 00:14:13 - How movies, theme parks, and mobile apps help extend Nintendo’s intellectual property 00:22:48 - The strategic shift from one-time console sales to recurring revenue 00:26:21 - Why the Switch 2 could expand Nintendo’s ecosystem 00:29:25 - How the Nintendo Switch transformed the company’s business model and profitability 00:47:00 - Why iconic franchises like Mario, Zelda, and Pokémon form the foundation of Nintendo’s competitive moat 00:52:51 - Whether Nintendo’s current valuation offers an attractive opportunity for long-term investors 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/]. * The Intrinsic Value Podcast’s episode on Nintendo [https://www.theinvestorspodcast.com/intrinsic-value-podcast/nintendo-ntdoy-switching-it-up-w-daniel-mahncke-and-shawn-omalley/]. * Crossroads Capital Shareholder Letters [https://www.crossroadscap.io/investor-portal-home]. * Follow Clay on ⁠X⁠ [https://twitter.com/Clay_Finck] and ⁠LinkedIn⁠ [https://www.linkedin.com/in/clay-finck-8073a8a7/]. * 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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TIP797: Born To Be Wired w/ Kyle Grieve

Kyle Grieve discusses the life and career of legendary capital allocator John Malone and details the at times complex strategies that helped him compound capital over decades. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:03:55 - How Malone uncovered fraud and took over Jerrold 00:06:20 - Why risk assessment shaped his “what if not” framework 00:09:21 - How he chose TCI over higher-paying offers 00:11:29 - Creative leverage strategies to survive heavy debt 00:13:23 - Why EBITDA helped reframe TCI’s cash economics 00:55:17 - How clustering acquisitions built regional cable dominance 00:18:51 - The Liberty Media spinoff and tax-efficient structuring 00:44:06 - Asymmetric bets that created massive upside for shareholders 00:34:34 - Lessons from disruption and Netflix’s streaming threat 00:48:54 - Malone’s thoughts on leadership, decentralization, and long-term capital allocation 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/]. * Buy Born To Be Wired here [https://www.amazon.com/Born-Wired-Transforming-Television-Discovery/dp/1668051532?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.hJMh-SsZp17uQrzlIB6FgcjYdd2vqvIUgpkWrnWX2P9zMRASywz9HJnSTFoXj9lMI_yDfcJuJ9FbNR613DShRSBgf2dyvvAW1P-NIAEDkBllGlsPv1_tiPlT1XeWSscknQ_Deb0rQBCWFxVlru0kWrngDUj4JhD_agRH3hb-xvc4jiehipF2wyNl9UcqYHzP001hNbickb7TPF9sUDbZPGeNgYvVYsq06jf7Rpj02iE.bgxTZvs2u7M1c71c__HjG7V80gXJuJ1jg10SMSo3O0U&qid=1772472533&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=d6d0df5334d4928656b0ce9a30c65e53&language=en_US&ref_=as_li_ss_tl]. * Listen to my episode on the Cable Cowboys here [https://www.theinvestorspodcast.com/episodes/the-cable-cowboy-john-malone-w-kyle-grieve/]. * Follow Kyle on Twitter [https://twitter.com/IrrationalMrkts] and LinkedIn [https://www.linkedin.com/in/kylegrievetip/]. * 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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TIP796: Die with Zero & Linde Stock Analysis w/ Clay Finck

Clay explores Bill Perkins’ book Die with Zero, which challenges the traditional mindset of accumulating wealth at all costs and instead encourages readers to think more intentionally about how and when they spend their money. In the second segment, Clay shifts gears to analyze Linde PLC, the global industrial gas powerhouse. He explains why Linde may represent an attractive opportunity in today’s market. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:02:40 - Why optimizing for life experiences may matter more than maximizing net worth 00:23:56 - Why you should consider giving money to your kids earlier in life rather than later 00:27:28 - The tradeoff between compounding money and compounding memories 00:31:26 - The concept of time-bucketing your life to maximize fulfillment 00:35:42 - An overview of Linde PLC’s business and its strong competitive position 00:46:56 - Why Linde is an attractive opportunity to consider with AI disrupting so many different industries 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/]. * Bill Perkins’ book: Die with Zero [https://www.amazon.com/dp/0358567092?bestFormat=true&k=die+with+zero&crid=15Y2U26KI5JWD&sprefix=die+with+zero&linkCode=ll2&tag=tipnetwork-20&linkId=68d4453514e52afab624d526640d286a&language=en_US&ref_=as_li_ss_tl]. * Follow Clay on X [https://twitter.com/Clay_Finck] and LinkedIn [https://www.linkedin.com/in/clay-finck-8073a8a7/]. * 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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TIP795: Berkshire, Moody's, & BellRing Brands w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra

Stig is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. They discuss Berkshire, Moody's and BellRing Brands. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:02:35 - Stig’s bull case for Berkshire: balance sheet, culture, and Greg Abel (NYSE: BRK.B) 00:27:09 - Berkshire bear case: slowing growth and capital allocation risks 00:30:47 - Tobias’ bull case for BellRing: FCF, protein brand strength, PE appeal (NYSE: BRBR) 00:38:30 - BellRing bear case: concentration, leverage, consumer shifts 00:47:02 - Hari’s bull case for Moody’s: moat, duopoly, recurring analytics (NYSE: MCO) 00:50:20 - Moody’s bear case: valuation, cyclicality, regulation, AI risk 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 [https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/]. * Stig Brodersen’s Portfolio and Track record [https://www.theinvestorspodcast.com/articles/stig-brodersen-track-record-portfolio/].  * Check out Mastermind Discussion Q4, 2025 [https://open.spotify.com/episode/6GqwXIiUvbByySiABKzcyP?si=243a4a70649043c9] | Video [https://www.theinvestorspodcast.com/episodes/mastermind-discussion-q4-2025-sanofi-remitly-crocs/]. * Check out Mastermind Discussion Q3 2025⁠ [https://open.spotify.com/episode/0G9aVbQ87IFx8OKVJCd3vo?si=ae5b5876b9c748ed] | Video⁠ [https://www.theinvestorspodcast.com/episodes/mastermind-q3-2025-uber-bath-body-works-merck/]. * Check out Mastermind Discussion Q2 2025 ⁠ [https://open.spotify.com/episode/4B8NRDNshQRmwOb2jEyuB3?si=61ef923978de4628]| Video⁠ [https://www.theinvestorspodcast.com/episodes/mastermind-q2-2025-microsoft-block-devon-energy-adyen/]. * Check out Mastermind Discussion Q1 2025⁠ [https://open.spotify.com/episode/2XY2Bz0Wn6tsKe6s57EnB5?si=ba5b56b8c52d4a0b] | Video. [https://www.theinvestorspodcast.com/episodes/mastermind-q1-2025-lifco-verisign-ulta-beauty/] * Tobias' podcast, The Acquirers Podcast [https://acquirersmultiple.com/podcast/]. * Tobias ' ETF, ZIG [https://www.acquirersfund.com/]. * Tobias' ETF, Deep [https://www.etf.com/DEEP]. * Tweet to Tobias Carlisle [https://x.com/Greenbackd]. * Hari's Blog [bitsbusiness.com]. * Tweet to Hari [https://twitter.com/harirama]. * 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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