The Security Analysis Podcast

Frank Vasquez is a financially independent retired lawyer who hosts a great podcast, Risk Parity Radio, where he talks about risk parity investing concepts from the perspective of DIY investors. This is our second conversation. I highly recommend that you also check out our first one. This is a very wide ranging discussion. Links * Frank’s Risk Parity Radio website, where he posts podcast episodes and also posts detailed updates on real-money risk parity portfolios. https://www.riskparityradio.com/ * Our first conversation on this podcast: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Gautam Baid is a CFA and is currently the Managing Partner of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the original Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.He is also the author of the international best-seller on value investing, The Joys of Compounding. In 2018 and 2019, he was profiled in Morningstar’s Learn from the Masters series. We discuss his investing philosophy and background along with his new book - The Making of a Value Investor. Links * Gautam’s Twitter feed: https://twitter.com/gautam__baid * Stellar Wealth: https://stellarwealthindia.com/ * The Joys of Compounding: https://www.amazon.com/Joys-Compounding-Passionate-Heilbrunn-Investing-ebook/dp/B081KB6NT6 * The Making of a Value Investor: https://www.amazon.com/Making-Value-Investor-Gautam-Baid-ebook/dp/B0CHZW2WQJ Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This is a long discussion between myself and Nelson – the Canadian Dividend Investor – about The Snowball: Warren Buffett and the Business of Life by Alice Schroeder. There are really two definitive books about Warren Buffett – this one and Buffett: The Making of An American Capitalist by Roger Lowenstein. Lowenstein’s book is excellent, but he wrote it in 1995 without the cooperation of Warren Buffett. The book was also written before Warren Buffett was extremely famous. The Snowball, in contrast, was written with the cooperation of Warren Buffett. Alice Schroeder covered Berkshire for Morgan Stanley and knew Warren Buffett personally. With his blessing, she began the project in 2003 and was given unprecedented access to Warren’s files, spent a lot of time talking with him directly, and interviewed all of his close associates. The book is massive – 852 pages – and is a deep study on Warren Buffett’s life. The book is controversial and we discuss that in this podcast. Warren Buffett hasn’t publicly criticized it or disavowed it, but Alice Schroeder has commented that the portrayal was difficult for him at times. He doesn’t endorse the book, it’s not sold at the Berkshire meetings, and he appears to have distanced himself from Alice. I love the book and think it’s filled with life & business lessons. I hope you enjoy our conversation about it. Links. * The Snowball: Warren Buffett and the Business of Life: https://www.amazon.com/Snowball-Warren-Buffett-Business-Life-ebook/dp/B009MYD9F8 Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Today’s episode is a Q&A podcast where I answer questions that I’ve gathered via Twitter and emails. If you have a question that you would like me to address, reach out to me at valuestockgeek@substack.com Topics covered: * The Passive Bubble * Catching up with retirement savings in your 40’s * PayPal * Recession Concerns * Tracking Total Performance * My experience getting out of debt in 2008 * The Best ETF w/ A Long Track Record Links: * My article on the passive bubble: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Ryan Telford is an engineer and a DIY investor. He has a very quantitative approach geared towards microcaps. He has achieved a CAGR over the last 4 years of 37%. Links * Ryan’s Seeking Alpha articles: https://seekingalpha.com/author/ryan-telford * Twitter Feed: https://twitter.com/RTelford_invest * Portfolio123 profile: https://community.portfolio123.com/u/rtelford/summary Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

HML Compounder is a good follow on Twitter. Like myself, he is a DIY investor posting about his personal portfolio and connecting with other investors online. HML refers to ‘high minus low’, or the difference in returns between value stocks and growth stocks as define by Fama & French’s three factor model. Links * HML Compounder Twitter: https://twitter.com/HML_Compounder Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Bill Brewster has a JD and a CFA and has worked in a variety of different roles in law, banking, and was an entrepreneur. He is an independent investor who hosts a fantastic podcast, the Business Brew, where he interviews many different interesting guests about a wide variety of topics. We had a great conversation about a wide variety of topics: Bill’s experience as an entrepreneur, the value vs. growth debate, ‘never sell’, podcasting, the wisdom of Buffett and Munger, and talk about many different stocks. Links * Bill’s Twitter feed: https://twitter.com/BillBrewsterTBB * The Business Brew podcast: https://www.thebusinessbrew.com/ Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Philoinvestor is an anonymous Twitter personality. He writes at the philoinvestor substack and writes about a wide variety of different topics. His work combines macroeconomic analysis with bottom-up work on individual stocks & businesses. Links * Philoinvestor Twitter feed: https://twitter.com/philoinvestor * Philoinvestor Substack: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Daniel Crosby is a psychologist with a PhD from Brigham Young. He is also an asset manager. He applies his knowledge of human psychology to markets and is a behavioral finance expert. He is the author of several behavioral finance books including the Behavioral Investor and the Laws of Wealth. Links: * The Behavioral Investor: https://www.amazon.com/Behavioral-Investor-Daniel-Crosby-ebook/dp/B07HH99WH8 * The Laws of Wealth: https://www.amazon.com/Laws-Wealth-Psychology-investing-success-ebook/dp/B01E5KWK3A * Twitter feed: https://twitter.com/danielcrosby Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Craig Rowland is the co-author of the most comprehensive book on the Permanent Portfolio. It was written in 2012 and is called “The Permanent Portfolio: Harry Browne’s Long Term Investment Strategy” He is a software entrepreneur who sold a company to Cisco Systems, worked for the Pentagon’s Chief of Naval Operations, and he is the founder of Sandfly Security, an agentless Linus security solution. The Permanent Portfolio is a low-volatility investment approach that was developed by Harry Browne. The genius is in its simplicity – the portfolio is 25% Stocks, 25% Gold, 25% Long Term Treasuries, and 25% Cash. The portfolio is ideal to limit drawdowns. In 2008, for instance, the stock market declined by 37% and this portfolio was down only 2%. During the COVID crash, this portfolio was down 2% while the stock market was down by 20%. Links * The Permanent Portfolio: Harry Browne's Long-Term Investment Strategy. https://www.amazon.com/Permanent-Portfolio-Long-Term-Investment-Strategy-ebook/dp/B0097VBOHG * Analysis of the Permanent Portfolio from Portfolio Charts: https://portfoliocharts.com/portfolios/permanent-portfolio/ * Craig’s Twitter feed: https://twitter.com/CraigHRowland Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Today’s episode is a Q&A podcast where I answer questions that I’ve gathered via Twitter and emails. If you have a question that you would like me to address, reach out to me at valuestockgeek@substack.com Topics covered: * Pros & Cons of Dividend Investing * The Ethics of Materialism * Accounting Books * My Favorite Podcasts * Accumulation vs. Retirement Portfolios * Value vs. Growth * My investment in Deere * Weird Portfolio & Avantis Funds * My worst investments * Avoiding value traps Links: * Ben Graham’s Interpretation of Financial Statements: https://www.amazon.com/Interpretation-Financial-Statements-Benjamin-Graham/dp/0887309135 * Why Stocks Go Up and Down: https://www.amazon.com/Why-Stocks-Go-Up-Down-ebook/dp/B00GHTKT5O/ * Hartford Funds study that dividends are 69% of total return for the market: https://www.hartfordfunds.com/dam/en/docs/pub/whitepapers/WP106.pdf * Investor’s podcast interview with Chris Bloomstran: * Business Brew interview with Arnold Van Den Berg: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Globalflows writes under the capitalflowresearch.com website where he shares macroeconomic/financial market analysis and specific trade ideas. He casts an extremely wide net and writes about a variety of different markets and asset classes. His goal is to find information that contains an asymmetrical edge so that he can leverage it in financial markets. Links * Twitter: https://twitter.com/Globalflows * Capital Flows Research Site: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Mostly Borrowed Ideas is an equity analyst who runs the popular website MBI Deep Dives. On a monthly basis, he publishes deep dives about different companies and regularly posts updates on companies in his portfolio. He is originally from Bangladesh and pursued his MBA at Cornell, graduating in the top 10%. He is a CFA charter holder and was an equity analyst at Madison Investments. He researches companies that aren’t necessarily a good investment at the moment, but tries to understand the company before there is a compelling price. In this podcast, we discuss his background, his research process, META, and Dollar General. Links * Twitter feed: https://twitter.com/borrowed_ideas * MBI Deep Dives: https://www.mbi-deepdives.com/ Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Ian Bezek earned an Economics degree from Colorado State in 2010 and moved on to a role as a hedge fund analyst for Kerrisdale Capital from 2011-13. Since 2013, he has been an independent investor and looks for strong investment opportunities in overseas markets. He has lived in Mexico, Argentina, and currently lives in Columbia. Links: * Ian’s twitter feed: https://twitter.com/irbezek * Ian’s Substack: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Jamie Catherwood is an expert in financial history. He majored in history at King’s College. Upon graduating in 2017, he began writing a unique and in depth series of articles about various topics of financial history. His website, Investor Amnesia, offers a number of great articles and courses about financial history. I learn something new every time I read one of Jamie’s articles. In addition to his excellent work in financial history, Jamie currently works as a VP Client Portfolio special at O’Shaughnessy Asset Management. Links * Investor Amnesia: https://investoramnesia.com/about/ * Jamie’s Twitter feed: https://twitter.com/InvestorAmnesia Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This interview is with the anonymous writer of the Systematic Investing substack. The substack focuses on global systematic equity investing. He has chronicled his investing journey on Twitter and Substack. He is a German based engineer deploying his personal savings. He uses a systematic approach to identify attractively priced stocks. He casts a wide net with a global approach. He also created a very useful tool – the Kenneth French Database Explorer – which allows users to explorer the Ken French data set (only available in raw excel form) with nice tools. Links * The Ken French Data Explorer: https://ken-french-data-explorer.streamlit.app/ * The Systvest Twitter Feed: https://twitter.com/systvest * The Systematic Investing Substack: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Citrini is a Twitter personality who blogs at Citrini Research on Substack and is an avid poster on Twitter under Citrini7. Citrini looks for mega trends that should persist for years – if not decades - with wide-reaching implications for markets and society. The three mega trends that we discuss in this podcast are: GLP-1’s, US Fiscal Primacy, and artificial intelligence. Links * Citrini’s Twitter profile: https://twitter.com/Citrini7 * Citrini research: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

JL Collins is the author of the most iconic book about personal finance and financial independence - The Simple Path to Wealth. He is an advocate of index investing and pursuing financial independence. His new book - Pathfinders - contains accounts from people from all walks of life who have pursued financial independence and the impact it has had on their lives. Links * The Simple Path to Wealth - https://www.amazon.com/Simple-Path-Wealth-financial-independence-ebook/dp/B01H97OQY2/ * Pathfinders - https://www.amazon.com/Pathfinders-Extraordinary-Stories-Financial-Independence-ebook/dp/B0BMLXNMNC/ * JL’s blog - https://jlcollinsnh.com/ * Time Machine and the Future Returns of Stocks: https://jlcollinsnh.com/2017/07/26/time-machine-and-the-future-returns-for-stocks/ Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Anita Dhake is a blogger at thepowerofthrift.com. She is also the author of a book, Operation Enough, about her approach to financial independence. Anita retired at the age of 33. She graduated with a law degree in 2009 from the University of Chicago. She had a starting salary of $160,000. Instead of using her law income to live an expensive lifestyle, she used it to achieve financial independence at a remarkably early age. She has a unique philosophy towards money that I think is best summed up by her quote: “The most valuable thing money can buy is freedom from worrying about money.” Links * The Power of Thrift: https://thepowerofthrift.com/ * Operation Enough: https://www.amazon.com/Operation-Enough-Retire-Remarkably-Early-ebook/dp/B075RS2R4Z Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this podcast and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This is a discussion about Peter Lynch with Matt Cochrane. Matt is a DIY investor with a focus on moats. Peter Lynch is one of the best investors of all time. Lynch achieved a 29% return running Fidelity’s Magellan mutual fund from 1977 to 1990. US stocks returned 12.9% over this period. Both of us recently re-read Beating the Street, Lynch’s account of his time at Magellan and we reflect on the lessons from this book. Links * Beating the Street by Peter Lynch: https://www.amazon.com/Beating-Street-Peter-Lynch-ebook/dp/B00768D664/ * My first podcast with Matt: Disclaimer Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution. Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources. The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed. Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe