Talking Billions with Bogumil Baranowski

Guest: Nuala Walsh - Mind Equity CEO, Professor of Behavioral Science at Trinity College Dublin, non-executive director, award-winning author, TEDx speaker, and London School of Economics fellow. Recognized among the 100 most influential women in finance with a 30-year investment career spanning BlackRock, Merrill Lynch, Standard Life, and Aberdeen. Author of "Tune In, How to Make Smarter Decisions in a Noisy World."Key Moments 3:10 - Information access vs. action: Walsh discusses how in investing, everyone has access to the same public information, but having information and acting on it are different things.3:50 - The donkey story: Walsh shares the parable of a donkey that died from indecision.5:26 - Elvis and decision context: Walsh explains how she visited Graceland while writing her book and observed how Elvis made bad decisions despite his success, surrounded by sycophants and trapped in his own "bubble of beliefs."9:21 - The danger of isolation: Discussion about investment professionals making decisions from isolated environments without firsthand experience of what they're investing in.10:51 - Four factors shaping judgment: Walsh outlines how our decision-making is affected by high-speed environments, data overload, visual dominance, and polarized thinking.15:28 - Long-term thinking: Baranowski shares how wealthy families with "infinite time horizons" can rise above market noise by looking far ahead.16:46 - Beyond blind spots: Walsh introduces "deaf spots" (inability to hear accurately) and "dumb spots" (inability to speak wisely) as crucial concepts beyond traditional blind spots.22:09 - Perimeter judgment traps: Walsh explains her framework of 10 traps.28:47 - Inaction as decision: Discussion of how procrastination and inability to decide is itself a decision with consequences.32:28 - Breaking big decisions into smaller ones: Walsh describes "chunking" as a strategy to make overwhelming decisions more manageable.35:10 - Risk and reward balance: Using the 1996 Mount Everest disaster as an example of how reward-seeking distorts rational judgment.42:12 - Identity traps: Conversation about how people get labeled in their careers (like "value investor") and how difficult but possible it is to reinvent oneself.47:21 - Hearing what others don't: Walsh discusses cognitive discipline and tuning in to signals others miss, especially for high-consequence decisions.52:21 - Slowing down: The importance of creating "decision friction" or "speed bumps for the mind" to interrupt automatic thinking, especially for important choices.55:45 - Personal definition of success: Walsh shares how her definition has evolved from external achievements to "peace of mind and freedom to do what you want."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 is my appearance on The Art of Quality in Investing Podcast with John Candeto and Paul Higgins. Enjoy!The Art of Quality Podcast --- This podcast explores the lived experience of those with a deep familiarity with the stories and patterns of quality across business, entrepreneurship, investing and the arts. We have learned like the stoics, stories carry most of the wisdom.Bogumil Baranowski is the founder of Blue Infinitas Capital, author of three investing books, including Money, Life, and Family, and host of the globally followed Talking Billions podcast.Trained in the Buffett-Munger school of thought, he brings 20 years of investment experience. Born in Poland, educated across Europe, and professionally shaped in New York City, he has served as a portfolio manager, fund manager, partner, and founding partner at leading investment firms.At Blue Infinitas Capital, he advises affluent families on both sides of the Atlantic, managing wealth across generations and navigating market cycles.Bogumil is also a TEDx speaker, a regular at VALUEx Klosters and MOI Global, and a longtime attendee of the Berkshire Hathaway Annual Meeting.What We DiscussedTrust is the cornerstone of long-term wealth management.Investing is an infinite game, focused on long-term survival, not short-term wins.Effective wealth preservation spans generations and requires engaging the entire family.Crises test the strength of client-advisor relationships and highlight the value of trust.Wealth is deeply emotional, shaping family dynamics and requiring compassion and understanding.Compounding wealth is a nonlinear force—difficult to grasp but thriving with patience and a long-term mindset.Navigating volatility demands emotional intelligence and strong relationships.Honest conversations are crucial for successful wealth transfer.Lessons from nature inspire resilience and sustainable investment practices.Choosing the right clients ensures a more fulfilling and effective advisory practice.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.

Dive into a captivating discussion on investment strategies and resilience. The guest shares her journey from humble beginnings to becoming a founder and CIO. Discover insights on the importance of patience in investing and the value of long-term partnerships. With a fresh perspective on market volatility, this episode offers valuable lessons for anyone interested in navigating the complex world of finance.

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you! Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you! 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.

Soren Peterson, a 20-year-old investor and co-author of "The Early Bird: The Power of Investing Young," shares his wealth-building journey that began at age 7 with a single Nintendo stock. He discusses the transformational moment of realizing stocks mean ownership in real businesses and the critical role of early investment and compounding. Soren also highlights the challenges young investors face today, such as student loans and the lack of financial education, while emphasizing the importance of understanding the emotional aspects of investing.

Chris Mayer, author of '100 Baggers: Stocks That Return 100-to-1', sheds light on long-term investing strategies and the secrets to identifying high-potential stocks. He discusses the impact of AI on emerging industries and how time reveals the true winners. Mayer highlights the importance of understanding market psychology, especially during volatility, and the merits of concentrated investing in a competitive landscape. His insights on capital allocation and the mindset of sustainable business ownership make this conversation invaluable for investors at any level.

Dive into transformative investment wisdom as Chris Mayer shares his insights on the 100-bagger mindset and the coffee can portfolio. Discover the power of compounding growth and the importance of long-term wealth-building. The discussion also emphasizes the psychological side of investing, focusing on simplicity, patience, and innovative thinking. It's a quick, engaging recap that offers valuable strategies for navigating market uncertainties and crafting a personalized approach to financial success.

Explore the ups and downs of the market as your host draws intriguing parallels between turbulence in the skies and recent financial volatility. Discover how tariffs contribute to unpredictability and why it's vital to avoid assumptions about the future. Gain insights on strategic patience as investors navigate uncertainty, reminding us that keen observation can lead to opportunities. Plus, learn about timely discussions revolving around market reflections and the lessons they hold for savvy investing.

Discover key insights from value investing legends in this enlightening recap. Delve into the principles of successful investments focusing on quality businesses and wise management decisions. Explore unique perspectives on risk and learn strategies for achieving long-term success and fulfillment in your financial journey. If you're intrigued by quick, impactful highlights of investment wisdom, this brief conversation is a must-listen!

Dive into the complexities of family finances and the emotional factors that shape our financial decisions. Discover the importance of open conversations about money within families and the impact of early financial experiences. Gain insights into prenuptial agreements and teaching children financial literacy. This quick recap also offers personal reflections on the learnings derived from these discussions, perfect for anyone interested in enhancing their financial relationships.