Talking Billions with Bogumil Baranowski

David Diranko, a passionate investor and writer with a background in data science, dives into the world of contrarian investing. He shares strategies for uncovering opportunities in overlooked sectors and small companies while emphasizing the importance of cash flow analysis. David discusses his journey from a small German village to becoming a data scientist at IBM, blending mathematics with investment decision-making. He highlights the transformative potential of generative AI in finance and the necessity of patience and continuous learning in navigating market dynamics.

In this engaging conversation, stock analyst John Rotonti shares his insights on investing, emphasizing the importance of quality stock selection and patience for long-term returns. He and Bogumil Baranowski discuss productivity routines that enhance time management and creativity. The duo also explores the complexities of generational wealth, family legacies, and adapting to market changes. With a touch of humor, they delve into the therapeutic benefits of nature and the art of capturing fleeting ideas through writing.

Dr. Nate Zinsser, a renowned performance psychology expert and director of the Performance Psychology Program at West Point, shares insights on building unshakable confidence. He discusses Eli Manning's journey, emphasizing self-belief in high-pressure situations. Dr. Zinsser explores the concept of a 'mental bank account' for positive memories and how to reframe setbacks as growth opportunities. He advocates for a balanced view of success, focusing on personal satisfaction over external validation, making mental toughness approachable for everyone.

Eric Markowitz, Partner at Nightview Capital and former journalist, discusses transitioning from journalism to investing, attending the Berkshire Hathaway meeting, importance of personal stories in investments, learning in public, investing in generational winners, and the value of investigative journalism.

Christian Billinger, an experienced European equities investor, asks insightful questions during a Fireside Chat about managing family fortunes with an infinite investment horizon. Topics include the significance of investment conferences, client relationships, lessons from prominent investors, reactions in the investment community, balancing reading and thinking in investing, wealth management for high net worth individuals, and evaluating investment performance beyond benchmarks.

What if being wealthy was all about rewriting the mental software we run on? My guest today is John Purkiss. He is the author of a truly wonderful book, a best seller called the “Power of Letting Go.” John has had a successful corporate career first, learned mindfulness later, only to combine both in his later and current pursuits. John studied economics at Cambridge University and began his career in banking and management consultancy. He then completed his MBA at INSEAD, where won first prize. Within three months John was diagnosed with clinical depression, which nearly proved fatal. He began searching for a solution, which led him to learn mindfulness and become an executive search consultant, recruiting senior executives and board members. He also began to invest in high-growth companies. John then learned Transcendental Meditation. In 2014 he met his guru, SPH Sri Nithyananda Paramashivam. http://johnpurkiss.com In our conversation, we delve into how childhood experiences shape one's identity and leave a lasting impact on life. John highlights that traumatic childhood events can create pain patterns that drive success but may eventually lead to breakdown. We explore two approaches to life: living through the mind or surrendering to a higher intelligence. Embracing and merging with this higher intelligence can result in a natural life flow and magical outcomes. There's a notable connection between consciousness and wealth; a shift in consciousness can enhance abundance. Our beliefs and expectations about money can impede our ability to manifest wealth. By disengaging from thoughts, or "unclutching," we can access a state of pure consciousness. Pain patterns or incompletions, stemming from past experiences, shape our beliefs and behaviors. Recognizing and releasing these patterns can transform our external reality. John emphasizes that hard work alone isn't enough for success; a higher intelligence can guide us. While Western views often suggest that matter creates consciousness, Eastern traditions argue that consciousness is the source of everything, with matter being an epiphenomenon. Practices like meditation tap into this underlying consciousness that drives everything. Accessing a higher intelligence can provide answers to difficult questions. Letting go of the need to be right and considering different perspectives fosters understanding and growth. John concludes that true success means living in enlightenment, fulfilling one's potential, and manifesting health, wealth, and relationships. Podcast Program – Disclosure Statement Blue 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.

My guest today is Lucas Miller; it’s his second time on the show; please look up his earlier episode. I highly recommend it. We met over a year ago in Zurich, where I shared with a small group of investors what I learned about my life, investing process, and work in general during the unusual pandemic years. We bonded right away since Lucas told me that my lessons rhyme with what he is studying and researching as a cognitive neuroscientist and human performance researcher at UC Berkeley’s Haas School of Business, where he is the youngest faculty member. At Berkeley, Lucas teaches MBA students and is best known for his course called "Becoming Superhuman: The Science of Productivity and Performance". Since COVID began, Lucas has given over 600 talks and keynotes to financial institutions, private equity firms, and investment funds on how to optimize their workflow and enhance creative thinking. He’s been featured in Forbes, Wired, and the Wall Street Journal Few might now, that when Lucas was 21, he published his first book on the science of successful learning and getting work done. He wrote most of the book during a summer off in Nepal, and, of all places, the book became most popular not in America, but in Hong Kong! I’m including a link to a free digital copy in the notes to episode: bit.ly/beyondbrilliance Today, we discuss the aim of artificial intelligence (AI) to recreate human intelligence, its evolution with large language models like ChatGPT, and its ability to generate answers and summaries from vast amounts of data, despite occasional inconsistencies and hallucinations. Lucas shares that outsourcing lower-level thinking to AI tools allows humans to focus on higher-level tasks and ask better quality questions, emphasizing the need to verify AI-generated information and ensure accuracy and reliability. My guest tells me to avoid overconfidence in AI and to maintain human judgment in decision-making. We explore how AI can automate low-impact tasks, augment human work, and transform industries, noting that the speed of AI adoption and improvement is faster than previous technological revolutions. We highlight that AI can enhance human capabilities and elevate work, but certain tasks will always require human involvement. We talk about the impact of AI on different fields and tasks, which will require individuals to adapt and find new ways to add value. Lucas shares insights on how the brain evolved to help humans survive and reproduce, not to optimize and make rational decisions, leading to errors in thinking and judgment due to its limited capacity and finite processing power. My guest tells me that AI cannot replace human qualities such as trust, empathy, creativity, and moral judgment. Stay tuned until the end, when you will hear how success for AI in the next 50 years would look like. Podcast Program – Disclosure Statement Blue 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.

It’s Sunday. On weekends, I usually put the finishing touches on the upcoming episode. I won’t say what it is; I’ll let it be a surprise, but it’s a really special conversation that made me think—you’ll find out tomorrow. As I was recording the episode's intro, it dawned on me that it might be a good time to record this bonus episode. It’s been on my mind for a while to share with you what I’m reading. Of course, I read books, newsletters, shareholder letters, articles, and more produced by my upcoming guests, but I also read beyond that. With certain persistence, luck, synchronicity, and serendipity, some of those reads will lead to new guest invitations and episodes. This week I want to share with you my thoughts on the The Book of Charlie: Wisdom from the Remarkable American Life of a 109-Year-Old Man Book by David Von Drehle. I already lined up his other books for future reading. I’ll start with the writing style; I just love the way the author writes. It reminds me of how my brain works and how I like to collect information and learn. I picture an ever wider embrace; your arms go out to the sides, and you catch as much as possible, more than you thought. The spark of curiosity that starts with a singular bit of information, one idea, takes me on a wide and long-ranging journey. I return like an avid traveler with pockets, backpacks, duffels, and suitcases of memories, ideas, images, and observations—the heavier, the better. That’s the image I have in mind, and the author delivers on that front more than any other right in can think of right this minute. He tells the true story of a neighbor he meets, a centenarian, Charlie White, who lives in Kansas City. He tells the story in a very unique way. We learn not only about Charlie’s eventful, rich, challenging, and inspiring life but also about the big and small historical backdrop of the life he lived in a century that took us from horse carriages and early radio to space travel, social media, and video calls, and more. Charlie was a doctor and physician, and his profession has undergone an equal, if not bigger, transformation than the world around him. As a licensed pilot myself, I love open skies. Therefore, I had to appreciate the brief but important story of Charlie’s marriage to a famous woman pilot, a legendary aviator who grew up with Amelia Earhart’s accomplishments in the sky and lived a dream of her own. The author mentions Walt Disney, Ernest Hemingway, President Truman, and other historical figures whose paths crossed or overlapped with Charlie's. Without giving too much away, I’ll tell you that you’ll meet the prohibition-era gangsters, and you’ll head out on an expedition to the Amazonian jungle. Beyond the story of one person, Charlie White, we learn about what it takes to live a good life, and David Von Drehle dives into psychology, philosophy, and science that propose an interpretation, explanation, and maybe even a blueprint for a life well lived. I’ll drop a hint here that perseverance, optimism, and ingenuity can help as much as turning challenges and life’s dead ends into opportunities and new vistas. There aren’t many books I can’t put down for a few days until I’m done; this one was such a book. If anything of what you just heard resonated with you, don’t hesitate to pick up the book and send me an email sharing your thoughts. I don’t know the author, but I’d love to meet him; I don’t get anything in return for sharing my thoughts here; if you get the book, consider it a good friend’s reading recommendation. It’s just the opinion of one curious reader who couldn’t keep it to himself, what an incredible read it was. I was so moved by the book that on this beautiful Sunday, I felt compelled to share it with you. Have a lovely afternoon, and tune in tomorrow for the regular Talking Billions episode. NOT INVESTMENT ADVICE. Full disclosure: https://www.talkingbillions.co/

I had the pleasure and honor of being Vishal’s guest on his wonderful show, The One Percent Show. Please find his show on Apple Podcast, Spotify, and YouTube, all links and credits below. Vishal was a guest on Talking Billions earlier this year; please look up his episode. Vishal Khandelwal: I talk to Bogumil Baranowski, a seasoned investor, insightful author, and a thought leader in the field of finance and investing. Bogumil is a published author of three books: Outsmarting the Crowd, Money, Life, Family, and Crisis Investing. He is also a Founder and Host of the popular investing podcast Talking Billions. In 2016, with three partners, he co-founded Sicart Associates, a boutique investment firm based in New York City, and later founded Blue Infinitas Capital. He is also a licensed private pilot, and when not reading, writing, and hosting podcasts, can be found sailing, surfing, and scuba diving around the world. Join me as I delve into Bogumil's mind, exploring his remarkable journey, his philosophy on investing and life, and the wonderful lessons he has learned along the way. Whether you're an aspiring investor, a seasoned professional, or simply curious about the intersection of finance and personal development, Bogumil's story is sure to inspire and enlighten you. * * * Subscribe to The One Percent Show on - Spotify - https://open.spotify.com/show/1iLAoxJuJRDQk8WzYtqVly * * * USEFUL RESOURCES: 1. More about Bogumil - a. Website - https://www.bogumilbaranowski.com/ b. Twitter - https://x.com/bogumil_nyc c. Talking Billions podcast - https://www.talkingbillions.co/ - EP. 70: Vishal Khandelwal: The Sketchbook of Wisdom, A Hand-Crafted Manual on the Pursuit of Wealth and Good Life - https://www.talkingbillions.co/episodes/ep-70-vishal-khandelwal d. Bogumil's books - - Outsmarting the Crowd - https://amzn.to/3XGaJUR - Money, Life, Family - https://amzn.to/45OHpxf - Crisis Investing - https://amzn.to/3L32nPH 2. Modern-Day Asset Management Business w/ Anthony Deden - https://youtu.be/a4_U6bS-cU4?feature=shared 3. Book - One Up on Wall Street - https://amzn.to/3Lrb0nr 4. Book - The Alchemist - https://amzn.to/3xHJpLf 5. Do schools kill creativity? By Sir Ken Robinson - https://youtu.be/iG9CE55wbtY?feature=shared 6. Vishal on Twitter: https://x.com/safalniveshak 7. Vishal's Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 8. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 9. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 10. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/ Podcast Program – Disclosure Statement Blue 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.

What Formula 1 racing can teach us about investing. “It takes a lot of ambition to maximize your wealth over 100 years” - Luca Dellanna I was introduced to Luca’s work by Guy Spier in our conversation a year and a half ago. I got see Luca in person a few times since, and we recorded by now three episodes of Talking Billions. Given the kind of long-term, patient, disciplined investing that I practice, Luca’s thoughts on long-term games and reproducible success resonate with me and have had a big impact on me. Luca expanded my vocabulary to explain something that I and my clients intuitively understand. I greatly enjoy every episode of Talking Billions as I’m sure you can easily tell, and I can’t have favorites, but this conversation is up there in my book, so if you can, don’t miss it. Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management. After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries all across Europe. He has also published books about management, human behavior, and economics that earned him appearances on the most important conferences and podcasts in his field, Nudgestock and EconTalk, respectively. Luca writes regularly on Twitter (@DellAnnaLuca). His personal website is www.luca-dellanna.com Today, we talk about the different mindsets of short-term versus long-term players. We talk about how short-term players focus on immediate gains, while long-term players prioritize sustainable growth over time. We discuss the importance of considering the time horizon in investing and life decisions. We talk about understanding the impact of time horizon on risk management and the pursuit of wealth. Luca shares the value of delaying comparison and enjoying the journey in achieving long-term objectives. We discuss how risk management is not about impeding growth but rather about enabling faster growth by protecting against major risks. We talk about how long-term strategies should be sustainable, constructive, and inevitable, ensuring a 100% success rate over the long term. Luca shares that participating in a 'race to the bottom' can lead to sacrificing too much and ultimately losing, even for the winner. 05:00 Short-Term vs. Long-Term Players: A Distinctive Contrast 08:26 Factors Influencing Time Preference: Genetics, Experiences, and Environment 16:13 The Importance of Experiencing Long-Term Benefits for Emotional Solidification 34:16 Navigating Parallel Universes of Success 42:22 The Significance of Delaying Comparison and Enjoying the Journey 53:44 The Relationship Between Risk Management and Growth 01:04:14 Understanding Long-Term Strategies Podcast Program – Disclosure Statement Blue 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.