John Maxfield, a banking expert with rich insights from researching top bankers, delves deep into the intricate world of finance. He explores the unique supply and demand of credit and the traits that set successful bankers apart. Historical tragedies and their psychological impacts on bankers add depth to the discussion. John also highlights modern banking challenges, including the rise of private credit. With personal anecdotes and experiences, he shares the importance of networking and how innovative banking practices are reshaping the industry.

Ryan Dobratz, a portfolio manager at Third Avenue Management specializing in real estate, shares insights on the firm's real estate strategy. He advocates for real estate operating companies over traditional REITs, exploring investment potential in firms like CBRE. The discussion includes challenges in the office market and a deep dive into opportunities within Fannie Mae and Freddie Mac. Dobratz also reflects on his career journey and highlights the shifting dynamics in residential real estate amid rising mortgage rates.

In a candid solo dive, the host shares the aftermath of Hurricane Milton and its impact on community resilience. They reveal surprising ETF tax loopholes and reflect on Florida's climate challenges. Personal growth takes center stage as they explore how life changes shape perspectives, including parenting and relationships. The desire for a fresh start sparks a conversation about rebranding the show, offering a glimpse into the journey ahead. Raw insights blend with market analysis for a truly engaging experience.

This discussion features John Buckingham, an investment veteran and editor of the Prudent Speculator newsletter, who shares insights from decades of market analysis. He explores how tax regimes and elections influence stock performance. John emphasizes the importance of maintaining a disciplined, long-term investment strategy amidst economic unpredictability. He also delves into value investing tactics, the significance of dividends, and the surprising relationship between higher taxes and stock market gains. Learn how to navigate volatility while focusing on enduring financial goals!

In a compelling discussion, Mike Alkin, a seasoned expert in uranium investment and founder of Sachem Cove Partners, unravels the complexities of the uranium market. He highlights the recent resurgence of nuclear power and its potential amid global energy demands. Listeners gain insights into the unique aspects of uranium investing, including price dynamics and geopolitical risks. Mike also emphasizes the significance of contrarian investing and provides valuable advice for emerging analysts in the field.

Dylan Morello is a former attorney turned private investor specializing in small and microcap stocks. He shares insights on navigating the often-overlooked segments of the market, emphasizing the importance of caution and thorough research. Dylan discusses his transition from law to investing, his innovative approach to uncovering hidden potential in small-cap stocks, and the fascinating turnaround of a micro-cap pharmaceutical firm. He also examines unique water treatment solutions in mining and the emotional dynamics of investing amidst market volatility.

Richard Cook, Co-Founder of Cook and Bynum, is a global investing expert with a focus on concentrated strategies in emerging markets. He shares valuable insights on navigating complex market dynamics, emphasizing the importance of long-term planning and understanding consumer behaviors. Discussions range from strategic investments in countries like Mexico and Turkey to overcoming challenges during the Greek financial crisis. Richard also highlights the necessity of transparent investor relations and the impact of cultural influences on consumer choices in the beverage industry.

Bruce Berkowitz, an esteemed investor known for his crisis strategies, shares compelling insights on investment opportunities in midstream energy and Florida real estate. He discusses the importance of management and culture in banking, while reflecting on missed opportunities with Sears and St. Joe's property transformations. Emphasizing due diligence, he speaks on navigating interest rates and necessary cash reserves to ensure safety during economic fluctuations. Berkowitz's decades of experience provide invaluable lessons for both seasoned and new investors.

Blake Haxton, analyst at Brandywine Global Asset Management's High Yield and Corporate Strategies Group, joins the Business Brew. This discussion focuses on the companies Blake covers as well as his views on markets generally. Blake tends to focus on "old economy" industries so prepare yourself for plenty of energy discussion. Bill and Blake also discuss industrials and homebuilders. The conversation also touches on the merits of high yield as an asset class. Blake was recently featured in Barron's. You can find the article here: https://www.barrons.com/articles/paralympian-blake-haxton-high-yield-brandywine-global-6305e6e5 We hope you enjoy the conversation. Detailed Show Notes: 4:00 - What Blake covers 5:10 - commodities are fairly tight from a supply demand perspective 8:00 - airline discussion 13:00 - energy as an example of how Brandywine looks to take advantage of capital cycles 16:00 - the prospective outlook for high yield 19:00 - how the high yield benchmark is different from the equity benchmark 24:00 - how the improvement in counterparty risk changed the risk/reward of lending to pipeline companies 28:25 - how to think about decline curves in the US vs. Canadian oil companies 30:25 - how differentials impact Canadian energy economics 38:30 - does it make sense to have an allocation to energy? 42:10 - a discussion about how assets generally are priced 52:00 - the pitch for debt vs. equities 54:45 - where is the US housing market in the cycle? 1:06:00 - trading down in credit quality for yield 1:13:00 - how ETFs can provide opportunities when they sell 1:21:00 - how was covering energy in COVID? 1:29:00 - what’s different today with shale as a key producer

Real Estate Investment Trusts expert Bill Chen discusses due diligence processes, investment strategies, and market conditions for multifamily and office REITs. The podcast covers cap rates, public REIT decisions, distressed assets, and the impact of interest rates on investment returns. Insightful discussions on market fears, analyzing REIT investments, grocery-anchored shopping centers, and the correlation between interest rates and real estate investments.