Talking Billions with Bogumil Baranowski

I share a wide-ranging monthly Q&A on long-term investing and the human side of money, from finding compounding opportunities and building conviction in uncertain markets to portfolio construction and idea generation. Tune in, enjoy listen here or on your favorite platform. I explain my approach: treat stocks as ownership of businesses, focus on value versus price, use structured checklists alongside experience-based intuition, keep a living wishlist, and use market turmoil to buy good businesses at better prices. I discuss position sizing and timing (often gradual, sometimes fast in panics), what I do when a stock falls, why holding great businesses long enough matters, and why I use valuation ranges rather than precise targets. I also cover how AI helps with information processing while judgment and conviction remain human, reflect on career decisions and non-traditional paths into investing, offer views on private equity and the role of a CEO, and discuss wealth across generations, family dynamics, housing, succession, and balancing ambition with fulfillment. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Adam Mead is a professional investor, CEO of Mead Capital Management, and author of the 850-page second edition of The Complete Financial History of Berkshire Hathaway — one of the most exhaustive chronicles of Warren Buffett’s conglomerate ever written. 3:00 – Adam explains why a second edition was necessary: the pandemic, Apple’s rise to 50% of the portfolio, Allegheny and Pilot acquisitions, Japanese trading houses, losing Charlie Munger, and Buffett’s retirement 5:58 – Berkshire’s underlying philosophy hasn’t changed — it’s the world that changed; living through history feels more intense than researching it on the page 8:25 – Why Buffett sold the airlines: as largest shareholder, Berkshire could have blocked bailout funds, putting the airlines’ survival at risk 11:28 – New investment cases rhyme with the past; patient capital allocation works; $72B in share repurchases between 2020–2024 was the real “elephant” 15:22 – Japanese trading houses financed with 1% yen-denominated debt — currency-insulated and opening future partnership opportunities 17:56 – The new chapters are Buffett’s final years; succession to Greg Abel was methodical, not sudden; Greg made material improvements visible in the financials 22:01 – Global expansion under Greg Abel could be Berkshire’s next chapter, following Fairfax’s playbook 23:50 – Sum of the parts walkthrough: $373B cash (~$320B deployable), $234B equities (after Apple adjustment and deferred taxes), BNSF $80-90B, BHE ~$70B, MSR businesses ~$205B, insurance underwriting ~$42.5B, minus $22.5B holding company debt = just over $1 trillion intrinsic value 44:41 – S&P underperformance is more about the index going “nuts” than Berkshire missing something 48:47 – Cash buildup is confluence, not structural: Apple gains, expensive market, Berkshire shares at/above intrinsic value — like a water balloon filling up 56:41 – Berkshire’s edge: de-emphasize information, emphasize continual learning, patience, and underappreciated liability management 1:00:54 – AI won’t replace conviction; if it could be done by clicking a button, the advantage negates itself 1:10:15 – Conviction requires deep work; shallow roots won’t hold through volatility Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

I joined Justin Carbonneau for one more special episode of Excess Returns. We spoke with Chris Bloomstran soon after his famous annual letter release, and right before the Berkshire meeting in Omaha. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Justin and Jack. Don’t miss it! And follow their work, links below. This episode features Chris Bloomstran of Semper Augustus discussing market concentration, AI capital spending, Berkshire Hathaway, and the risks facing today’s equity investors. The conversation explores whether we are at a secular valuation plateau, how AI investment may reshape returns, and why passive investors may face more risk than they realize. Semper Augustus Investments https://www.semperaugustus.com Topics covered: Why extreme market concentration in the Mag 7 may create long-term risks The concept of a “secular plateau” vs a market peak How AI capex could become a classic capital cycle with poor returns Why hyperscaler spending may not translate into shareholder profits The hidden risks of leverage both on and off balance sheets Why buy-and-hold investing is harder than it seems in practice How valuation discipline drives long-term investment outcomes Berkshire Hathaway’s cash position and what it signals about opportunity Why capital allocation matters more than growth narratives Lessons from past bubbles including railroads, fiber, and the Nifty Fifty The fragility of life and how it shapes investing priorities The importance of independent thinking in the age of AI Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Ethan Starr is a researcher and author of Billionaire Trivia, who spent years studying over 250 American billionaires, uncovering the surprising personal stories, pivotal moments, and unconventional paths behind their extraordinary wealth. Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: ⁠https://fiscal.ai/talkingbillions/⁠ 3:00 — Ethan's upbringing in Amherst, MA — a small college town with no super wealthy residents, shaping his careful attitude toward money. 5:00 — The human side of billionaires: "Here's something that money can't fix" — Ethan on billionaires who've lost a child, showing no amount of wealth can shield from tragedy. 8:00 — The self-made myth examined: Howard Schultz grew up in public housing; his father's injury and lost health insurance inspired Starbucks' employee benefits. "If you don't make mistakes, you're not trying hard enough." 11:00 — Childhood traits of future billionaires: Jeff Bezos's intense focus, Michael Dell's obsession with shortcuts, Bill Gates reading books at dinner. Yet "I don't think there are any specific childhood traits that consistently predict who's going to become a billionaire." 15:00 — Getting fired as a launchpad: Bernie Marcus dropped his lawsuit, co-founded Home Depot. Bloomberg's $10M severance funded Bloomberg LP. "To make billions, you have to own a business." 19:00 — The power of pivoting: one billionaire switched from running an airline to leasing planes; Daniel Lubetzky created KIND Bars from a snack he wished existed. 22:00 — Naming and luck: Google was originally "BackRub." Mark Cuban's broadcast.com sale to Yahoo for $5.7B at the dot-com peak. 25:00 — Being unreasonable: Eli Broad's philosophy. Todd Graves limits Raising Cane's to five menu items while Michael Dell offered infinite customization — both unconventional, both successful. 27:00 — Collector psychology and obsessive focus: Spielberg and Lucas collected Norman Rockwell paintings as fellow storytellers. 30:00 — The space race: Bezos, Musk, Isaacman — pushing frontiers but risking everything, including their lives. 38:00 — Political ambitions: Bloomberg as NYC mayor; billionaires deploying management skills in public service. 42:00 — A world without billionaires: Ethan's take on wealth redistribution vs. wealth creation, and the slowing giving pledge. 48:00 — Future billionaires: high-margin businesses, software, consumer products. "Start a business that can serve a lot of customers." 52:00 — Defining success beyond money: "Success is making a positive difference" — Ethan's tribute to his fifth-grade teacher who left a lasting legacy.

Lupin Rahman, PhD, is a senior macroeconomist, sovereign debt specialist, and former head of sovereign credit and emerging markets portfolio manager at PIMCO, with over 25 years of experience across the IMF, World Bank, and global capital markets, and author of The Sovereign Debt Investor (Wiley Finance). Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/ 3:00 — Lupin recalls growing up with her grandmother in Bangladesh, a powerful matriarch who managed rice markets, bargaining, inventory timing, and informal community insurance — an early blueprint for sovereign economics.5:00 — The mindset shift from IMF/World Bank policymaker to PIMCO investor: "Policy advice lives in a world of intent and markets essentially price outcomes."7:30 — Sovereign debt has survived thousands of years because it bridges the gap between government spending today and tax collection over time — productive use strengthens economies, unproductive use "starts borrowing from the future."9:15 — Guided tour of the sovereign debt landscape: borrower type, currency risk, instrument structure, legal framework, investor base, and collateral.13:45 — How sovereign credit analysis differs from equities: analyzing tax capacity, monetary policy, political constraints, institutional frameworks — and the unique power governments hold over creditors.17:15 — Bond valuation essentials: yield, duration, and convexity explained. "Maturity is not the same as duration."20:00 — Return of capital vs. return on capital — and how modern bond trading evolved from "clipping the coupon" to active portfolio management.24:00 — Why a 100-year bond doesn't mean a 100-year holding period.27:20 — Credit ratings: useful for benchmarking and regulation, but markets move well before rating changes. Investors should do their own analysis.33:25 — Policy credibility: measured not by speeches but by tradeoffs — incentive alignment, willingness to accept short-term pain, and institutional strength.37:15 — Sovereign debt restructurings as political coordination problems, not just financial engineering exercises.40:50 — Is the risk-free rate obsolete? Credit risk vs. supply absorption risk in advanced economies.47:50 — Fiscal dominance, financial repression, and Japan's 260% debt-to-GDP challenge.51:40 — AI can process data and identify patterns, but hasn't replaced judgment — understanding politics and incentives remains human work.54:06 — Lupin defines success through the Japanese concept of Ikigai: doing what you're good at, what the world needs, what aligns with your values, and what you can get paid for. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Kevin Koharki, MBA, PhD, is the founder of CAE Consulting (Capital Allocation Enhancement), associate professor of accounting at Purdue University, and expert financial analyst with a 20-year career — including M&A analysis — who consults with and advises Fortune 100 companies on understanding the true economic cost of stock-based compensation. The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off. https://www.tenzingmemo.com/ 3:00 — Kevin traces the origins of stock-based comp to the 1990s dot-com era; originally meant to conserve cash at startups and align employee incentives with shareholders. 5:00 — The shift from stock options to RSUs and PSUs; accounting still at the expensing stage from 2002 FASB rules. 7:00 — Why stock-based comp is concentrated in the tech sector, particularly Mag-7 companies — the very firms that don’t need to conserve cash. 10:00 — Kevin walks through the mechanics: 100 RSUs granted at $30, expensed over three years, but if sold at $90, the $60 gap never appears on the P&L. 14:00 — Cash flow distortion: compensation paid in shares shows up as a financing activity, not an operating expense — inflating free cash flow. 17:00 — Why employees don’t truly become owners: tax liabilities force selling, and short-term vesting creates a “what’s my vest date?” mentality. 19:00 — The Berkshire model: Greg Abel buys shares with after-tax salary. No stock-based comp. Buffett’s emphasis on intrinsic value per share. 23:00 — Psychological toll: employees hired at the peak face crushing drawdowns; companies respond by issuing even more shares. 28:00 — Real-world example: a company with $102B in operating cash flow shows $6.4B in GAAP SBC — but $7.9B just in tax withholdings. The tax cost exceeds the recorded expense. 35:00 — Second example: 90% of a $26.3B share buyback was simply to offset dilution. True free cash flow drops from $46B to roughly $4B. 42:00 — The private company test: “If you bought the whole company, you’d still have to pay those employees in cash.” 50:00 — The IRS treats SBC as cash-basis: the $90 exercise price gets the deduction, not the $30 GAAP cost. 58:00 — Kevin: “I just think there’s kind of a mass delusion going on right now.” 1:03:00 — Wall Street Journal coverage and Nvidia’s disclosure change; the conversation is shifting. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Ryan Bunn is the lead portfolio manager at Reference Equity in Denver, a Northwestern-trained engineer and Kellogg MBA with 15+ years of global equity experience who implements a first-principles quality-value philosophy focused on businesses in non-competitive situations. Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/ 3:00 — Ryan’s Midwestern upbringing outside Cincinnati; mother taught him investing in elementary school; family of savers focused on dividend yields and long-term wealth building. 5:00 — 30-year investing evolution: private equity consulting training revealed wide range of business quality; reading Graham and Buffett cemented value conviction; experimented with options, angel investing in India, due diligence in Moscow, NFTs. 7:00 — The NFT experiment: bought digital art in summer 2021, sold for 25x return in six weeks, watched it crash 95%+. Lesson: “It showed me that I’m not a growth investor… it was so stressful even as prices were going up.” 9:00 — First principles of quality investing: competition is capitalism’s first principle; sustainable high returns require non-competitive scenarios. Challenges the broad definition of “quality” in today’s market. 13:00 — Philip Carret’s legacy: founded Pioneer Fund in 1928, compounded ~13% annually over 60 years, wrote The Art of Speculation in 1930. Met Buffett in early 1950s — before Munger. Framework of “men, materials, and money” underlies all fundamental investing today. 19:00 — Intellectual heritage: ideas passed between generations compound like capital. Carret appeared at the 1995 Berkshire meeting at age 99. 22:00 — Generational wealth: someone must be the first generation to save and sacrifice. Modern retirement planning models spending to zero — the opposite of wealth transfer. 27:00 — Capital vs. currency: truly long-term investing requires a pool of capital you never touch. Focus on yield, not the capital base itself. Bogumil shares his “forgotten money” account untouched for 20+ years. 33:00 — Collecting mindset: Berkshire shareholders collect shares, not dollars. Reframing investing as collecting removes short-term anxiety. 44:00 — Why value investing works structurally: cheaper stocks get more powerful buybacks; low multiples protect against destructive M&A; boring companies let management focus on operations, not investor relations. 55:00 — Global small caps: 5,000+ stocks, ~150 meet Ryan’s non-competitive filter, 3-5 per year reach attractive valuations. International investing rewards those who understand what US-quality governance looks like. 1:01:00 — Reference equity concept: European “reference shareholder” families as long-term partners to businesses. Ryan’s mission to bring this model to US public markets. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

This episode brings together Robert Hagstrom and Chris Mayer to explore how investors should think about base rates, extreme outcomes, and the realities of long-term wealth creation in markets. Drawing on Michael Mauboussin's work, the conversation challenges conventional ideas like mean reversion and highlights why a small number of companies drive most stock market returns—and what that means for portfolio construction. Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below. Chris’ New Book https://shop.generalsemantics.org/pro... Robert’s Book: Investing: The Last Liberal Art https://www.amazon.com/Investing-Libe... https://excessreturnspod.com/ • Why markets are driven by extreme outcomes and power laws, not averages • The Best & Bessembinder research showing a handful of stocks create most wealth • Base rates vs outliers and when to trust historical probabilities • Why the 100 bagger framework focuses on studying winners, not predicting them • Portfolio construction as a way to capture asymmetric upside • Buffett’s approach to consistency, durability, and long-term operating history • Inside view vs outside view and how narratives distort investing decisions • Why AI may be breaking traditional base rate assumptions in software and tech • The limits of mean reversion and why it can lead investors astray • Return on invested capital and how competition erodes excess returns over time • Identifying durable moats and why most advantages eventually get attacked • Winner-take-all dynamics and how they shape long-term investing outcomes • The twin engines of returns: earnings growth and multiple expansion • Return on incremental capital as a key driver of long-term compounding • Intangible assets and why accounting understates true business value • Amazon as a case study in misunderstood profitability and reinvestment • AI CapEx cycle and why current spending may not be sustainable long term • Why great businesses matter more than great management in long-term investing Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

What kind of money are we talking about? The why behind the holdings? A podcast production secret --- and so much more! Enjoy! In this third edition of Unfiltered, I talk about the one question I always start with when someone entrusts me with their capital, what multi-generational wealth really means (and why it's a mindset, not a number), the expensive truth about cheap stocks, why I came for the puzzle but stayed for the people, how AI is reshaping the advisory world — and the doorman fallacy that should make us all pause before we automate too much. I also share what I've been obsessing about lately, from Wittgenstein's family story to the art of giving, and I let you in on a little secret about what happened recently after I stopped a certain recording. Highlights: “What kind of money are we talking about?” — The most important question in investing isn’t about returns or risk tolerance. It’s understanding the story behind the capital — how it was accumulated, what it means emotionally, and what losing or growing it would feel like. Context shapes everything. Multi-generational wealth is a mindset, not an amount. A family with $100K who thinks about legacy and stewardship has a multi-generational fortune. A family with billions who doesn’t think beyond their own lifetime does not. More families than ever are entering this mindset. “I came for the puzzle, but I stayed for the people.” The intellectual challenge of investing draw me in, but the human dimension — serving families across generations, building something cathedral-like brick by brick — is what keeps me going. The expensive truth about cheap stocks. Frugal savers are drawn to what looks cheap, but cheap stocks can create more trouble than seemingly expensive businesses with long runways. Quality is like a 30-year-old Toyota still on the road — it wasn’t the cheapest, but it outlasted everything. The doorman fallacy and AI. Borrowed from Rory Sutherland’s doorman analogy — replacing human roles with automation by reducing them to their most visible function misses the invisible value. Applies to advisory work, customer service, and anywhere human presence matters. Families who rebuild vs. families who build for the first time. First-generation wealth builders are in foreign territory. Families rebuilding after loss are returning to something remembered. Both are powerful, but the relationship with wealth is fundamentally different. Playing the long game means playing forever. Don’t think about how quickly you can win — think about how long you can continue to play. If you can play forever, you can’t really lose unless you stop. Truly hearing someone vs. just listening. It’s not improv — it’s a deeper presence where you catch the subtle nuance, the pause, the word choice, and steer the conversation toward what matters. The post-recording revelation. Some of the best moments happen after you stop recording. Staying the extra five minutes with a guest can yield the “cherry on the cake” that makes the whole episode come together. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Peter Gustafson is a Danish investor, former business journalist, founder of Prospect Family Office, and author of The Business Investor: The Warren Buffett Path to Your Financial Freedom—a book born from 2,200 hours of writing, 15 years of market-beating returns, and annual lectures at the Genius of Warren Buffett seminar in Omaha, where several Berkshire directors and members of the Buffett family also participate. The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off. https://www.tenzingmemo.com/ [3:00] Peter shares how growing up in a family of Danish business owners and a house full of books shaped his love of numbers and business thinking. [5:00] Discovering Buffett: Peter read Buffett and The Intelligent Investor in 2007 and "clicked right away"—leading him to close his 15-year consultancy and become a full-time co-owner of businesses through the stock market. [6:30] The speculation trap: "The desire to get rich has nothing to do with intelligence." Peter explains why the stock market is presented as entertainment and why even smart people blow up. [10:00] Private vs. public ownership: When Peter ran his consultancy, he never had a stock price. He argues many investors would be more profitable owning non-listed companies—free from the distraction of daily prices. [14:00] Return on capital as the true north: "All the company will produce for the owners is the discounted cash flow of the earnings." Peter introduces return on unlevered net tangible assets as the key metric. [21:00] The six-category framework: Peter maps businesses from bad to great using two metrics—return on operating capital and growth rate—highlighting compounding machines vs. value destroyers. [27:00] Moats and the share of mind: Consumer moats live in the customer's mind; B2B moats are embedded in operational systems. Both require circle-of-competence understanding. [32:00] Founder-led companies: A founder's baby vs. a hired CEO's career stepping stone. Culture survives transitions when the successor is raised inside it—relevant now as Berkshire transitions to Greg Abel. [38:00] Capital allocation pitfalls: The five uses of capital, why M&A adrenaline is dangerous, and why dividends should always be a residual decision. [45:00] Buffett's 10% hurdle rate: Peter used his journalist training to piece together Buffett's personal hurdle—"10% before tax real return"—from annual letters and meeting transcripts. [50:00] Margin of safety reframed: Buffett's margin of safety isn't just buying at a discount—it's ensuring a higher-than-average return. For high-growth companies, the growth itself becomes the margin. [54:00] The 6-bagger that should have been 46x: Peter shares his biggest blunder—selling a Norwegian insurance company during an operational (not systemic) problem, and the psychological barrier of re-entering. [59:00] Stoic philosophy for investors: "You have to spend a lot of time alone." Peter's daily two-hour forest walk replaces market-watching, drawing on Roman Stoic lessons about controlling what's inside. [1:04:00] Success... Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Ignacio Ramirez Moreno, CFA, is a fixed income advisor at Pictet Wealth Management in Geneva, host of the Blunt Dollar podcast, and Switzerland’s number one LinkedIn financial markets creator with close to 20 million views, known for turning bonds and market risk into viral stories with humor and raw honesty. 3:00 — Ignacio shares his multicultural upbringing: born in Madrid, raised in Brussels, exchange programs at Warwick, Berkeley, Copenhagen, and Stockholm. Eight countries before settling in Geneva. 5:00 — Bogumil traces his own journey: communist Poland, Brussels, Sciences Po in Paris, then New York. Picking up Peter Lynch’s One Up on Wall Street in Brussels as a turning point. 7:30 — Ignacio’s accidental arrival in Switzerland via HSBC graduate program. “They said Hong Kong, then Mexico City, then Geneva — and 15 years later, still here.” 9:30 — Both reflect on the gifts of living abroad: expanded worldviews, lifelong friendships, blind spots revealed through different perspectives. 12:30 — The origin stories of both podcasts. Bogumil’s goal was six episodes; Ignacio started out of frustration after a dinner party where “fixed income advisor” put everyone to sleep while his art-advisor wife captivated the room. 16:00 — Ignacio: “Finance is the most fascinating topic in the world. Financial markets touch upon everything — economics, politics, psychology.” 23:30 — Deep dive into the craft of asking great questions. Bogumil: “Having a podcast makes me a better investor.” Ignacio preps 50 questions per episode, uses about five to eight. 28:30 — The human side of finance. Bogumil: “There’s a person with a heartbeat behind the portfolio.” Both champion interdisciplinary knowledge — reading across fields to make unexpected connections. 38:00 — Fixed income vs. equities: Ignacio explains bonds as the deepest market in the world; Bogumil shares the cathedral metaphor — “I’m not just picking stocks, I’m putting down bricks that create a cathedral.” 48:45 — AI in finance. Both optimistic and thoughtful. Ignacio: concerned for junior roles. Bogumil: “AI empowers us to do more, but the human presence — the doctor holding your hand — can’t be replaced.” 59:00 — Career advice for young professionals. “Nothing beats passion.” Both agree: genuine interest outlasts any competition. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

I was a guest on Mark McCartney's wonderful podcast: What is a Good Life? https://www.whatisagood.life/p/what-is-a-good-life-165 Reposted here with his permission. I trust you’ll enjoy it! Hello and welcome to What is a Good Life? A project exploring the big questions around how we live, who we are and what actually matters. This week, I’m reflecting on my conversation with Bogumil Baranowski, investment advisor, author, host of Talking Billions podcast, and a profound thinker on the intersection of wealth and human experience. We go deeper on why money is one of the most emotionally charged forces and why being truly present might be the most undervalued skill of our time. If this project resonates with you, thank you for being here — and if you’d like to support it, consider a paid subscription, sharing, or subscribing. Take care, Mark Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Find me on Substack! Arie van Gemeren is a CFA, Goldman Sachs veteran, and CEO of Lombard Equities Group who translates 2,000 years of wealth-building history into actionable modern real estate and investment strategy. Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/ 3:00 – Ari's family origin story: grandmother fled Nazi Berlin to South America, father grew up fatherless in Bolivia, came to the U.S. at 18 speaking no English, put himself through medical school. History was alive in the household. 5:15 – The contrarian leap from Wall Street to real estate. Started at Fisher Investments, moved to Goldman Sachs, but it was his Persian father-in-law who kept asking: "Why would I do that when I could buy a good property?" 7:30 – The live-in flip that changed everything. Bought a Bay Area bungalow for $515K, invested $60K in renovations, saw equity jump to $850–900K. "I was hooked." 9:18 – At Goldman, wealthiest clients — especially Middle Eastern tech entrepreneurs — were pouring profits into real estate, not stocks. Pattern recognition clicked. 11:59 – Real estate vs. stocks: "They're both tremendous wealth-building asset classes." Ari argues for a portfolio approach — stocks as majority for passive investors, real estate as complement. Introduces the scarcity insight: the stock market is the only market where inventory shrinks over time via buybacks. 19:51 – Timeless principles and behavioral finance. Nothing new under the sun — 8,000 years of recorded history isn't enough for human nature to evolve. Patience, discipline, avoiding excessive leverage are the throughlines of lasting fortunes. 21:43 – Hitler's invasion of the Soviet Union as an investing parable: certainty vs. conviction. "If you are so convinced of your thesis that you cannot hear contrary advice… guys confuse having a strong thesis with it being the absolute truth." 33:27 – Concentrated wealth creation. 67% of the world's billionaires are self-made first-generation who built companies — a form of concentration investing. 40:17 – Generational wealth traps. The "first generation builds, second maintains, third loses" proverb exists in Italian, Japanese, Mandarin, Russian, Spanish. Contrasts Vanderbilt collapse with Walton and Grosvenor family structures. 47:12 – The Hanseatic League: 500+ years of patient, boring warehouse ownership that generated extraordinary wealth and even conquered Copenhagen. 57:33 – Success redefined: "What we're really looking for is freedom and independence." Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

I join Matt Zeigler for one more special episode of Excess Returns. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below. [Vitaliy was on TB before, scroll down to find the episode, it's very different, but equally worthwhile. Enjoy!] In this episode of Excess Returns, Matt Zeigler and Bogumil Baranowski speak with Vitaliy Katsenelson, CEO of Investment Management Associates and author of Soul in the Game. The conversation explores how value investing is evolving in a world shaped by artificial intelligence, rapidly changing economic dynamics, and historically high market valuations. Vitaliy discusses why humility and diversification are increasingly important for investors today, how to balance quality and valuation when selecting stocks, and what he has learned about selling decisions, portfolio construction, and long-term investing discipline. The discussion also moves beyond markets into deeper ideas about passion, creativity, and why investing, like art, is ultimately a creative pursuit driven by curiosity and lifelong learning. Topics covered in this episode The math behind long-term stock market returns and the role of earnings growth versus valuation changes Whether the dominance of mega-cap technology companies represents a structural shift in markets Why AI investment could lead to both massive innovation and large amounts of wasted capital The importance of humility in investing during periods of rapid technological and economic change Why Vitaliy increased the number of stocks in his portfolio due to greater uncertainty How investors can think about what will not change in a rapidly evolving world The evolution from statistical value investing to focusing on business quality and management Why cheap stocks are often expensive and how narrative bias can trap value investors The importance of evaluating management integrity and avoiding companies with questionable leadership How Vitaliy thinks about selling decisions and recognizing when an investment thesis is broken Why many investors make their biggest mistakes by selling winners too early The concept of being a value buyer but a growth holder when fundamentals improve Lessons learned from great investors and the importance of surrounding yourself with thoughtful peers The idea of building a personal operating system for investing and life Passion, patience, and process as the three pillars of long-term investment success Why investing is fundamentally a creative pursuit similar to art and music The deeper motivations behind investing and why for many great investors it is not ultimately about money Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find me on Substack! Matt Reustle is the former CEO of Colossus and architect of the Business Breakdowns podcast, who spent a decade at Goldman Sachs mastering business dissection before building one of the investment world’s most influential media platforms. The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off. 3:00 – Matt reflects on his upbringing: engineer father, educator mother, and how dinner table conversations about managing teams shaped his thinking on accountability and action. 5:00 – The pivot from Goldman Sachs to Colossus: Matt describes the frustration with compliance-driven communication at large firms and the freedom podcasting offered to reach wider audiences with authentic analysis. 7:15 – Second-order impact of content: how episodes designed for investors also reach management teams, founders, and unexpected audiences who extract different lessons. 10:51 – From analyzing businesses to running one: Matt describes eating “humble pie” when moving from the investor seat to the operator seat, gaining appreciation for nuance, experimentation, and details that don’t scale. 15:06 – The Patek Philippe episode and stewardship: watches powered by human movement, built to last centuries, and the marketing genius of positioning a product as something you never truly own but look after for the next generation. 19:09 – Long-term thinking benefits you now: Bogumil argues that applying a multi-generational filter to decisions delivers returns in the current generation, not just future ones. 22:58 – What makes a compounder: Matt identifies three characteristics — a self-reinforcing sales model, religious cost efficiency, and disciplined capital allocation — set against the macro backdrop of industries growing faster than GDP. 31:35 – Mapping value chains: finding mission-critical, low-cost components with high barriers to entry where small players capture outsized profits. 37:34 – Financial hygiene: management teams that communicate future flexibility and demonstrate depth of knowledge signal discipline; track records outweigh rhetoric. 43:40 – Evolutionary DNA of businesses: the ability to adapt and pivot, what Henry Ellenbogen calls “act two companies,” and why the best investors change their minds when information changes. 49:30 – Audience of one philosophy: creating content for a specific person breeds focus, quality, and trust — and paradoxically reaches far more people than content designed for mass appeal. 54:35 – AI as a creative superpower: interacting with your own content library in new ways, finding use cases from peers, and owning the technology rather than letting it own you. 58:20 – Success as fulfillment: family, creation, and relationships — Matt’s definition shaped by watching his parents balance it all. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. EPISODE NOTES

I join Matt Zeigler for one more special episode of Excess Returns. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below. In this episode of Excess Returns, we explore one of the most important but overlooked questions in investing: what is the purpose of your portfolio? Through a series of powerful clips and reflections from Aswath Damodaran, Meb Faber, Ben Hunt, Cullen Roche, Corey Hoffstein, Daniel Crosby, Larry Swedroe, and Wes Gray, we examine how goals like financial freedom, funded contentment, liability driven investing, retirement planning, and multi generational wealth shape the way we invest. This conversation goes beyond beating the market and focuses on preserving and growing wealth, reducing financial stress, aligning money with meaning, and defining what a life well lived truly looks like. Topics covered include: * Why the end game of investing matters more than beating the market * Preserving and growing wealth vs trying to get rich * Freedom as the ultimate goal of financial independence * Funded contentment and what it means to live a life well lived * Liability driven investing and matching assets to future needs * The difference between getting rich and staying rich * Needs vs desires and understanding marginal utility of wealth * Retirement planning and redefining success beyond a number * Multi generational wealth and thinking beyond your own lifetime * The psychological impact of growing up with or without money * Financial freedom, stress reduction, and peace of mind * Tactical financial goals vs long term purpose driven investing * Education, legacy, and investing in the next generation * Why once you win the game you may not need to keep playing Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Mark McCartney is an Irish-born coach, host of the acclaimed What Is a Good Life podcast with nearly 300 conversations, and facilitator who helps leadership teams move from performative to genuine authenticity through presence, silence, and radical honesty. 3:00 Mark describes his early career in corporate banking and capital markets in Ireland and Canada, passing the CFA Level I but realizing finance wasn't his calling: "If I do the next versions of this, I just haven't had a better idea yet as to what I want to do with my life." 5:00 The New York Stock Exchange bell-ringing moment—what looked like a career peak became the catalyst for leaving finance. "I felt like a bit of an imposter where people really seemed to love their work." 7:00 Mark's sabbatical to India—meditation, ashrams, Vipassana—and the surprise of meeting his future wife in McLeod Ganj, proposing within five weeks. Ten years later, the story holds. 10:00 Turning down a 40% pay increase after a body-scan meditation revealed total clarity. His wife's response: "Yeah, I know you can't. It's fine." They sell everything and leave for Peru's Sacred Valley. 15:00 Patterns from 300+ interviews on "What is a good life?"—the deeply individual nature of the answer, the importance of presence, and how people who say they're living a good life have often endured divorce, addiction, or depression. 20:00 Authenticity as inner and outer coherence—not sharing everything, but no longer saying things your heart doesn't believe to be true. Tom Morgan reference: "When I said something that my heart didn't believe to be true, it hurt." 25:00 Silent conversations explained—groups sit in silence for 10-45 minutes before speaking. Vulnerability isn't sharing your biggest trauma; it's sharing what's alive in this moment. 32:00 Leadership teams moving from performative to genuine—creating conditions where defenses lower, elephants get named, and "I don't trust you right now" becomes a conversation starter, not a threat. 39:00 Intellectual understanding as a "consolation prize"—the difference between reading Eckhart Tolle and embodying the teaching. "The lived experience of our life equates more to wisdom than sharing intellectual ideas." 47:00 Belonging through attention—how a Peruvian woman's daily eye contact gave Mark a sense of home, and why belonging is built through tending to the people around you, not nationality. 51:00 Transactional vs. relational living—Bogumil's infinite game tennis analogy and Mark's insight on the psychic toll of pretending something is important when it isn't. 59:00 Mark's definition of success: spending days doing something you care about, being with people you love, and having the financial foundation to support it. "It feels like I've created the foundation for something that I hope to enjoy for many more years in this life." Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast. Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below. The 100 Year Thinkers: Long-Term Compounding in a Short-Term World Chris’ New Book https://shop.generalsemantics.org/pro... Robert’s Book: Investing: The Last Liberal Art https://www.amazon.com/Investing-Libe... In this episode of Excess Returns, Matt Zeigler and Bogumil Baranowski continue their conversation with Robert Hagstrom and Chris Mayer, diving deeper into general semantics and what it means for investors navigating AI enthusiasm, market volatility, benchmark obsession, and the gamification of markets. From Warren Buffett’s cathedral versus casino metaphor to the risks hiding in so-called “safe” consumer staples stocks, this discussion explores how language, expectations, and mistaken certainty shape investment decisions. If you want to think more clearly about markets, technology, valuation, and your own reactions as an investor, this episode offers a powerful mental framework. Topics Covered * What general semantics is and how language influences how investors think * IFD disease idealism frustration demoralization and how unrealistic expectations impact markets * AI hype, capital spending, and the prisoner’s dilemma facing major tech companies * Warren Buffett’s cathedral versus casino metaphor and what it means for investors today * Why beating the S and P 500 may not be the right benchmark for success * The gamification of markets, retail trading growth, and the shift from long-term investing to speculation * Terminal value risk in software stocks amid AI disruption * Why low volatility “warm fuzzy” stocks like consumer staples may be more dangerous than they appear * Expectations investing, confidence versus overconfidence, and avoiding mistaken certainty * The map is not the territory and how to avoid confusing models with reality * Everything is connected to everything else markets as biological systems rather than mechanical systems * Delayed gratification, compounding, and why wealth is built later in the investment journey Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find me on Substack! Questions from the Talking Billions CommunityThe second installment of my monthly listener Q&A — raw, unscripted, and as close to a one-on-one conversation as you'll get without picking up the phone. I sit down with your real questions about investing, portfolios, patience, and why so few people actually talk to someone about their money. Episode highlights: Why you'll never hear specific stock picks on this show — and why that's actually the point. A single holding pulled out of context is like a prescription without a diagnosis. I explain why frameworks matter more than tickers and how every portfolio is a one-of-one. A candid look at the biggest psychological traps in investing: impatience, borrowed conviction, and saying "long-term" when your behavior says otherwise. I draw on childhood memories of mushroom foraging with my grandfather and the rhythms of farming to make the case that patience isn't a personality trait — it's a skill built through repetition and loss. How 200+ episodes of podcasting quietly transformed my investment practice — the systems thinking, the database mindset, the discipline of showing up week after week. The show didn't just document my process, it sharpened it. The no-middleman philosophy: what it means to own every holding alongside my clients, to write personalized letters each quarter, and to build a practice where the advisor and the investor are on the exact same journey. And the question beneath all the questions: What got you here — will it get you where you're going? A warm, honest invitation to anyone carrying real wealth and wondering whether a second pair of eyes might be worth the conversation. Listen if: You've been managing your own money successfully and have started wondering what you might be missing. Or if you just want to spend 45 minutes with someone who genuinely loves his craft, and enjoys sharing what he has learned so far.Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Find me on Substack. Richard Oldfield, founder of Oldfield Partners and author of the investing classic Simple, but Not Easy, is a four-decade veteran of markets whose career arc from Warburg and Mercury Asset Management to running a family office gives him a rare dual vantage point as both portfolio manager and allocator of managers. The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off. https://www.tenzingmemo.com/ 3:00 — Richard shares his origin story: drew to markets at 15, first investment at 18 in Britannia Arrow at 6p. Core belief: “Value investors are born, not made.” 5:00 — Warburg founding story: Sigmund Warburg fled Germany in 1934 and built an institution with a lasting ethos. Richard recalls a personal hour-long meeting with him. 6:30 — The 1987 storm and Black Monday. Walking among fallen trees as the Dow dropped 500 points (25%), Richard saw it as a price movement, not reality — until he returned to the office and was “swallowed up in the gloom.” Lesson: avoid the cacophony. 9:00 — Isaac Newton and the South Sea Bubble: “I can understand the movement of the planets, but not the madness of men.” Don’t make wholesale asset allocation bets. 13:00 — Family office decade: empowerment, privacy, and bravery. The patriarch’s stamp: “Return to sender — you decide.” The freedom to be unconventional. 19:30 — The book’s central paradox: rudiments of equity investing are simple. Professionals obscure them with jargon and self-interest. But half will underperform by definition — fees and all. 22:40 — Patience comes from Latin with three meanings: waiting, suffering, and passion. You need all three. 28:30 — Track records mislead. Never judge a manager primarily by performance. The transaction record reveals conviction and patience. “My favorite holding period for a manager is forever.” 38:30 — The 90% decline must be thought about. Establish your cushion of comfort upfront. Diversify globally. 50:00 — Rip Van Winkle Asset Management: dead investors outperform living ones. Hyperactivity is the enemy; the average fund investor earns 3-4% vs. the fund’s 8%. 56:30 — Take your own medicine. 95% of Richard’s assets are in his own funds. A manager who won’t invest alongside clients is a red flag. 1:04:30 — Success redefined: resume virtues vs. funeral virtues. “You want to have the feeling that they loved and were loved.” Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.