Talking Billions with Bogumil Baranowski

PV Ramanathan, a Dubai-based entrepreneur, chartered accountant, and fund-of-funds manager, shares his inspiring journey from a middle-class upbringing in India to founding Neeti Fund. He discusses his hands-on experience on oil rigs and the importance of patient capital and zero leverage in building his business. Ramanathan advocates a four-bucket investment strategy and emphasizes the need for long-term thinking over short-term gains. He also highlights undervalued markets and the significance of building community among investors.

Nancy Burger, a workplace communication strategist and founder of the Fear Finding Project, shares her journey from Wall Street executive to fear whisperer. She dives into the transformative power of fear, suggesting it can be an information tool rather than a barrier. Nancy discusses the brain science behind fear responses and its impacts on leadership, confidence, and imposter syndrome. A powerful advocate for open communication, she shares strategies, such as using 'I statements' in difficult conversations, to create emotionally healthy work cultures.

Explore the intriguing analogy of sports cars versus family cars to understand investment strategies. Discover how high-volatility investments may promise speed but come with wild ride risks, while steady approaches prioritize peace of mind. The conversation emphasizes how one's comfort level and journey experience can be just as important as the final returns. Ultimately, the best investment strategy is about finding what you can endure through market ups and downs.

Kevin Koharki, MBA, PhD, is a founder of CAE Consulting and an associate professor who champions the idea that every employee should grasp their role's impact on capital allocation. He shares how his grandmother's frugality instilled a strong work ethic and financial insight. Koharki highlights the disconnect between traditional financial metrics and real-world decision-making. He emphasizes the importance of financial literacy for all employees to foster informed choices that enhance long-term value and operational efficiency in organizations.

Chris Mayer, a savvy author and investor known for his insights into 100-bagger stocks, joins the conversation to share timeless investing wisdom. He delves into the challenges of enduring 'dead money' periods and the emotional toll of long-term patience. Mayer discusses the myth of needing catalysts for growth, the value of compounding, and how great businesses reveal their strengths over time. He emphasizes how successful investors think in decades rather than quarters, unlocking opportunities amid uncertainty.

Whit Huguley, founder and portfolio manager of River Oaks Capital, dives into the intriguing world of microcap investments. He shares his journey from a startup employee to applying private equity-like rigor in analyzing companies with market caps between $30M and $600M. Huguley discusses the importance of personal CEO meetings and the virtues of 'A-plus leadership' in driving company success. He highlights the evolving landscape of public companies and encourages thorough due diligence to uncover hidden gems in the market.

Dive into reflections from 1,000 listener emails that reveal a fascinating theme of financial responsibility and connection. The host emphasizes gratitude and the impact of community stories on shaping discussions. A personal invitation to join a Substack community fosters deeper engagement and offers diverse content. Plus, hear about the commitment to connect personally with new subscribers through emails, enhancing the quality of interactions and advice shared.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]John Rotonti is a portfolio manager at Bastion Fiduciary managing the Industrial and Infrastructure Strategy, former Motley Fool senior analyst and head of investor training, and author of J.Rowe's Notes newsletter who brings nine years of institutional stock-picking experience to generational wealth building.3:00 - John's transition to Bastion Fiduciary: launched Industrial & Infrastructure Strategy in January, managing client capital with generational timeframe and complete autonomy over investment decisions6:00 - Motley Fool learning: Buck Hartzell's advice shifted John from pure deep value to also considering upside scenarios - "spend time trying to figure out what could go right"9:30 - Portfolio construction mistake: launched with 32 stocks vs preferred 20-25, course-correcting by trimming to achieve better concentration14:30 - Universe discipline: whittled 300 stocks down to just 60 companies, eliminating noise and forcing focus on highest conviction ideas18:00 - Letting winners run: discusses anchoring bias and low cost basis pride, admits difficulty adding to winners despite mathematical advantage23:00 - Long-term communication strategy: 22% of client presentation focused on "what I don't do" and "who shouldn't invest" to set proper expectations28:00 - Controversial approach: didn't contact clients during February-April selloff because "volatility is the friend of the long-term investor"32:00 - Performance philosophy: refuses to benchmark against indices, focuses on generational wealth building over short-term comparisons40:00 - Uncompromising quality: maintains 60-stock universe of only highest quality businesses, describes it as "quality only" not just "quality first"45:00 - Research process: deep dive questions focus on stress-testing businesses through adversity, inspired by longevity science concepts55:00 - AI adoption: embracing finance-focused AI platforms for productivity while maintaining preference for deliberate, thoughtful research paceEPISODE NOTESPodcast Program – Disclosure StatementBlue 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.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/] James Emanuel is a London-based contrarian investor and founder of Rock and Turner who discovers fundamentally misunderstood companies trading at massive discounts while building his reputation through popular Substack newsletter research and his book "Fabric of Success."3:00 - Emanuel's intellectual curiosity shaped his contrarian approach: "I take nothing at face value. I question absolutely everything" - discusses how questioning religious beliefs as a child developed critical thinking essential for investing6:00 - The Rolex story reveals value perception: bought same expensive watch as colleague but paid significantly less, demonstrating "price is what you pay, but value is what you get" - watch now worth 3x original price9:00 - Law background creates analytical advantage: legal training teaches structured thinking and considering counterarguments, invaluable for examining investment downside risks12:00 - Convergence theory and "golden threads": successful businesses across different eras/industries evolve similar approaches - like sharks and dolphins reaching similar design through different evolutionary paths15:00 - People matter most: "The jockey is more important than the horse" - Apple's near-bankruptcy under Scully vs. massive success under Jobs proves same company with different leader becomes entirely different investment18:00 - Succession planning as golden thread: best companies promote from within (Novo Nordisk had only 5 CEOs in 103 years, Costco leaders worked up from entry-level)21:00 - Bureaucracy as "corporate virus": processes become more important than results, stifling innovation and driving away top talent24:00 - Stock screeners are garbage: statutory accounts weren't designed for investors, focus on qualitative analysis over quantitative metrics27:00 - John Malone created EBITDA metric because Wall Street couldn't understand his tax-minimizing strategy - TCI became 900-bagger despite appearing expensive on earnings multiplesPodcast Program – Disclosure StatementBlue 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.

Monsoon Pabrai, managing partner of Drew Investment Management, draws on lessons from legendary investors like her father, Mohnish Pabrai, and Charlie Munger. She shares how her childhood experiences shaped her unique perspective on value investing, particularly in emerging markets like India. Monsoon discusses navigating market volatility with emotional stability, emphasizing the importance of patience and thorough research. She also highlights the transformative role of technology in investing and advocates for greater female representation in finance.