Talking Billions with Bogumil Baranowski

In this engaging discussion, legendary investor Robert Hagstrom delves into the timeless principles of investing. He shares insights from his experience with Bill Miller and discusses the philosophical foundations behind Warren Buffett's strategies. Healing the misconceptions around tech stocks and value, Hagstrom warns about the pitfalls of private equity for retail investors. He emphasizes the emotional toll of concentrated portfolios and the importance of mastering reading techniques to deepen investment understanding. Expect a treasure trove of wisdom for both novice and experienced investors!

Barry Ritholtz, founder of Ritholtz Wealth Management and author of "How Not to Invest," shares valuable lessons on financial decision-making. He discusses how Instagram culture leads to misguided perceptions of wealth, illustrating that seeing only assets can be financially reckless. Ritholtz argues successful individuals can indulge in new cars for safety, debunking the idea of extreme frugality. He emphasizes that money is a tool, not just a means to hoard, advocating for an approach centered around increasing income rather than merely budgeting.

Guest: Dede Eyesan - Founder of Jenga Investment Partners and author of "Global Outperformer"Dede Eyesan, the visionary founder of Jenga Investment Partners and author of Global Outperformers, who shares insights on identifying high-growth companies and navigating global markets with a unique blend of fundamental analysis and entrepreneurial spirit.Key Idea: The counterintuitive nature of finding investment winners globally and the extreme patience required to hold themKey Timestamps & Ideas3:00 - Early Investment LessonsMade first investment at age 10 in Nigerian stocks (Nestle Nigeria, 7up Bottling, First Bank). Two investments went up 4-5x, bank stock fell by half. Introduction to Warren Buffett and fundamental analysis.6:00 - Boarding School EconomicsLearned about delayed gratification and scarcity through food trading. Traded chicken (perishable) for chips (storable) - time arbitrage concept. "It's ironic that what taught me about money had nothing to do with money."9:00 - Investment Philosophy FormationInfluenced by Warren Buffett, Alan Gray (African value investor), and Carlos Slim. Peter Lynch's books: "One Up on Wall Street" and "Beating the Street". Understanding that environment impacts investment approach.16:00 - Global Outperformance ResearchFound 446 companies (not 200 expected) that were 10-baggers in 10 years. Less than 20% were in the US; more multibaggers in Europe than US. Japan was third-best performing country (surprising finding). Only 5-6% were multibaggers in consecutive decades.22:00 - Two Types of Winning BusinessesCyclical businesses with technical barriers to entry (salmon industry example) and large market opportunities with strong unit economics (BYD in China).29:00 - The Challenge of HoldingMSCI case study: stock flat for 9 years while earnings grew 15% annually. Many multibaggers were flat or down 40-50% in the three years before takeoff. Importance of returning to original investment thesis.35:00 - Quantitative vs. Qualitative AnalysisCannot screen for outperformers quantitatively alone. Developed 60-question checklist across 10 categories. Focus on depth over breadth in investment analysis.42:00 - Role of IntuitionIntuition is earned through experience (15-20 years). Overconfidence led to mistakes when abandoning systematic approach. Returning to detailed checklist process.47:00 - Definition of SuccessThree pillars: Individual happiness, family relationships, and client satisfaction. "I want to be in a place where the kids of my investors in 40 years time can look back and be like, yeah, my dad or my mom made a very good decision."Podcast 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.

This episode aired on Excess Returns; full credit goes to Matt Zeigler and Jack Forehand, and all of the guests listed below -- it's reposted here with Matt and Jack's permission. In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Merz, this is both a tribute and a thoughtful discussion on culture, succession, and enduring business values.Topics Covered:The emotional weight and historic nature of Buffett’s resignationFirsthand reactions from inside the room at the Berkshire meetingWhy Buffett’s delivery was masterful—and why it matteredReflections on the unique culture of Berkshire and its shareholder communityThe Buffett “shield” and what it means for Greg Abel and Berkshire's futureWhy more companies don’t emulate the Berkshire approachThe role of tradition in building enduring businessesPersonal stories of shareholders whose lives were changed by long-term compoundingTimestamps:00:00 – Opening reflections from Matt and Bogumil01:06 – Why the Berkshire Hathaway meeting is so special04:00 – John Candeto on the moment Buffett made the announcement11:15 – Ted Merz shares what it felt like live in the room21:00 – Eric Markowitz hears about the announcement over lunch25:45 – Buffett’s dramatic timing and media coverage30:04 – Adam Mead on witnessing the announcement live34:25 – The deep love and loyalty felt in the arena37:00 – John Candeto on the future of Berkshire and Greg Abel45:00 – Adam Mead on the careful succession plan51:12 – Ted Merz: Why don’t other companies do what Berkshire does?58:00 – Eric Markowitz on culture, craftsmanship, and long-term thinking1:03:00 – Bogumil’s personal reflection on Buffett’s final five minutes1:08:58 – Why Buffett’s final message—“I’m not selling a single share”—mattered1:09:28 – Wrap-up and thanksPodcast 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.

Ruschelle Khanna, a family business consultant and psychotherapist, sheds light on how inherited trauma shapes our financial beliefs and family dynamics. She shares her experience growing up in a coal community and how it influenced her relationship with wealth. The discussion emphasizes the importance of transparency in family wealth and how generational differences play into emotional intelligence and conflict resolution. Khanna offers practical strategies for healing familial relationships, highlighting the need for open communication and understanding of shared legacies.

Chris Waller, founder of Plural Investing, shares insights from his extensive background in small-cap value investing. He discusses his 'sleuth investing' approach, which emphasizes rigorous research and the significance of management integrity. Waller highlights a fascinating case study on TerraVest, revealing how governance impacts investment outcomes. He also clears misconceptions surrounding small caps and explores the unique dynamics of value investing in luxury markets. For Waller, success lies in depth of knowledge and the freedom to choose where to focus.

Caleb Breakey, the founder of Renown Publishing, discusses the transformative power of storytelling in preserving family legacies. He shares how his childhood in a strict community fueled his curiosity about diverse perspectives. With a poignant narrative, Caleb illustrates why personal stories matter, highlighting moments when families connect through shared histories. He emphasizes that true wealth lies in experiences and values rather than financial success, urging listeners to see their own stories as vital reflections of identity and connection.

Ardal Loh-Gronager, Founder and Managing Partner of Loh-Gronager Partners, shares insights from over a decade of experience in finance. He reflects on his unique childhood across six countries, shaping his views on financial independence. The discussion dives into the importance of 'second level thinking' in investing, teaching as a tool for clarity, and the balance between qualitative and quantitative analysis through case studies like Amazon. Loh-Gronager emphasizes patience and a contrarian mindset as essential for navigating market challenges.

Dave Nadig, a 30-year ETF veteran and advocate for pro-flourishing capitalism, dives deep into the ethics of finance. He shares how his rural upbringing molded his views on scarcity and service over profit. Discover his thought-provoking 'Black Hat vs. White Hat' framework, exploring motivations behind financial decisions. Nadig reflects on the evolution of passive investing, emphasizing market dynamics and personal choices. He challenges conventional success, urging a shift towards valuing time and personal freedom above mere wealth.

David Werdiger, director at Nathanson Pearson and author of 'Transition', shares his insights on navigating family wealth. He reflects on joining the family business, influenced by his family's immigrant journey. Werdiger discusses the historic wealth transfer from baby boomers and the evolving need for family governance. He emphasizes the importance of teaching responsible ownership and the shift from individual decision-makers to collaborative family dynamics. This engaging conversation sheds light on the complexities of legacy, identity, and the future of wealth.