Talking Billions with Bogumil Baranowski

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.

I was a guest on Ben Claremon’s the Compounders Podcast — here is the episode, and episode notes. Thank you so much, Ben! My guest on the show today is Bogumil Baranowski: author, podcast host and the Founder of Blue Infinitas Capital. Many people may know Bogumil for his excellent podcast, Talking Billions. However, as I turned the microphone around on Bogumil, I was interested in learning about his investment philosophy and approach. In this in-depth conversation, we covered: The founding inspiration for Blue Infinitas Capital; What types of clients he hopes to attract to his new firm The types of companies Bogumil gravitates toward; The value he derives from writing books; and How you invest if you have an infinite time horizon; For more information about Talking Billions Podcast, please visit: https://www.talkingbillions.co/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable. 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.

Pieter Slegers, writer of Compounding Quality, discusses the art of quality investing, emphasizing simplicity, understanding business models, and the importance of growth and pricing power. He shares quantitative criteria for evaluating companies, portfolio construction tips, and the significance of management's capital allocation skills.

My guest today is John Rotonti — in my mind, John is a very diligent, thoughtful, deliberate stock analyst with a great gift for teaching others the necessary skills to analyze and evaluate businesses. He is kind, generous, and always so much fun to talk to. We recorded our first episode together about a year ago; scroll down to find it. It’s a truly wonderful conversation and an opportunity to get to know my guest. Today is John’s second appearance on the show, and we’ll go deeper with a stock picking masterclass delivered by someone I admire and respect. John graduated from the University of Richmond with a degree in political science. He also holds a Master of Business Administration (MBA) from Tulane University’s Freeman School of Business, where he graduated in the top cohort of his class. In December 2013, he published a book titled "A Manual on Common Stock Investing." Most recently, he was employed by The Motley Fool for nearly 9 years, voluntarily leaving as a level 3 senior equity analyst and Head of Analyst Training and Development. He identifies as a contrarian value investor by nature and due to life circumstances. He has a very successful, and incredibly well produced podcast that I recommend you explore. In our conversation today, John, emphasizes the importance of focusing on high-quality, growing businesses with strong moats and good management teams. He suggests maintaining a watchlist of thoroughly researched businesses and waiting for their stock prices to sell off before considering them as investment opportunities. John recommends getting ideas from a network of investors, reading investor letters, and conducting constant research. He outlines a quick glance process for evaluating potential investments, which includes assessing the balance sheet, income statement, and cash flow statement. John advises investing in adaptable businesses with the potential to grow their intrinsic value over time. Stay tuned until the end, when John clarifies the misinterpretation of Warren Buffett's philosophy and strategy. Chapters: 05:00 Introduction and Focus on Investments 07:50 Building a Watchlist and Idea Generation 13:33 Buying Opportunities in Market Sell-Offs 16:42 Companies' Ability to Change and Adapt 18:31 Dynamic Nature of Corporate Life Cycles 41:06 Directional Correctness and Holding the Right Businesses 46:13 The Importance of Being Slow to Sell 49:42 Building a Successful Track Record with High-Quality, Profitable Growth Businesses 53:29 The Significance of Avoiding Profitless Companies 1:02:17 The Misinterpretation of Warren Buffett's Philosophy and Strategy 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.

Morgan is a singer-songwriter, an author, and the co-founder of Trailhead Planners, a financial planning and wealth management firm serving clients nationally. Morgan lives with his family in Minneapolis, Minnesota. Morgan is the author of Money with Purpose: Receive the Dividends of an Undivided Financial Life and is an in-demand financial industry writer via his popular newsletter, The Value of Advice. You can find more information about Morgan and follow his blog at morganranstrom.com Our mutual good friend Matt Zeigler kindly introduced us, and I’m grateful we connected, and had an opportunity to record. Today, we talk about money. Morgan emphasizes though that becoming a millionaire should not be the ultimate goal; instead, money should be a means to a more meaningful end. My guest points out that money plays a role in overall well-being and should not be ignored or underestimated. Shifting from a victim mentality to one of ownership and gratitude is crucial for financial well-being. Morgan also highlights that the act of creation, such as through music, it’s something that can bring personal fulfillment and leave a lasting legacy. Money, he suggests, can be used to buy back time and create meaningful experiences. Legacy and passing on wisdom to future generations is an important aspect of financial planning for him. Morgan stresses that time is a valuable resource that should be prioritized and used intentionally. He noted that wisdom and experience are valuable assets in entrepreneurship, with many successful entrepreneurs being in their 40s and 50s. He reminds us that life is long, providing ample time to pursue meaningful things and have meaningful experiences. Morgan advises letting go of guilt and shame when enjoying life's pleasures and prioritizing self-care. Stay tuned until the end, when we talk about investing for the future and caring for future generations while setting them up for success. Chapters: - 05:00 Introduction and Overlapping Interests - 13:22 Money as a Means to a More Meaningful End - 31:54 Shifting from Victim to Gratitude - 40:21 Money Can Buy Time - 51:57 Time: A Valuable Resource - 01:00:25 Investing for Future Beings - 01:14:04 Defining Success: Virtue, Family, and Creation 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.

Brian Portnoy, a leading expert on the psychology of money, discusses the emotional and psychological aspects of money, the concept of funded contentment, and the four Cs (connection, control, competence, and context) that contribute to a sense of contentment and fulfillment. The conversation explores how experiences have a longer-lasting impact on happiness than possessions and emphasizes aligning investments with personal values for wealth growth and a meaningful life.

Professional investor Adam Seessel discusses the evolution of value investing in the digital age, emphasizing the need for a dynamic perspective. He explores the intersection of journalism and investment analysis, navigates complex accounting issues, and delves into the relationship between success, wealth, and personal happiness.

An hour-plus with a master storyteller, forensic accountant, investor, and a good friend. Jeff is such a terrific guy. He has that voice and storytelling gift that keeps you hooked for hours because every minute, you feel like he is letting you in on the biggest secret, and he really is. I had to have him here on TB, and he kindly said yes. He is a fellow investor, VALUEx’er, forensic accountant, and good friend. Jeff Gilbert, CPA is an Executive Director of Investigations where he specializes in forensic auditing. Drawing upon personal experience and using real-life case studies, he teaches at the Asper School of Business and with the Chartered Professional Accountants program. Jeff also mentors entrepreneurs and provides strategic advice to assist them in achieving their goals. He manages his own investment portfolio with a mix of public companies and private investments. A strong believer in lifelong learning, he is an avid reader and has numerous interests, including value investing and understanding various philosophies, strategies, and mental models. In this conversation, we discuss Jeff's childhood upbringing and the influence of his grandfather's wisdom. Jeff shares his journey of discovering and developing his own investment style, emphasizing the importance of curiosity and continuous learning. We also highlight the role of accounting in investing and the need to understand financial shenanigans. Jeff emphasizes the significance of ethics in investing and the dangers of fraud. Overall, the conversation explores the individual journey and personal approach to investing. We discuss the divide between honest and unethical individuals in the business world and explore the importance of trust in the stock market and the differences between private and public businesses. The conversation delves into the mindset of an investor and the power of kindness and gratitude. We also highlight the value of being part of a like-minded community and define success as personal well-being, fulfilling work, strong relationships, and giving back. Chapters: 05:00 Introduction and Childhood Upbringing 08:06 The Influence of Jeff's Grandfather 11:11 The Power of Curiosity 15:00 Jeff's Discovery of Investing 19:53 Developing a Personal Investment Style 27:58 The Role of Accounting in Investing 30:57 Understanding Financial Shenanigans 36:08 The Importance of Ethics in Investing 39:01 The Gray Area of Accounting and Fraud 40:39 The Divide: Honest vs. Unethical Individuals 44:07 The Importance of Trust in the Stock Market 48:20 Private vs. Public Businesses 51:46 The Mindset of an Investor 56:46 The Power of Kindness and Gratitude 1:00:38 The Value of a Like-Minded Community 1:08:22 Defining Success 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.

A wide-ranging discussion about money, wealth, investing, inherited wealth, books, curiosity, ideas, and more! Full Credit to Matt Zeigler, his Intentional Investor on Epsilon Theory Podcast. Thank you, Matt! In this episode of The Intentional Investor, host Matt Zeigler is joined by Bogumil Baranowski to discuss the power of investing with a multi-generational mindset. Baranowski shares his personal journey from growing up in communist Poland to discovering the transformative potential of free market economies and property rights. We also discuss the importance of viewing wealth as a tree that can be planted, nurtured, and enjoyed by future generations and explore the value of community, education, and personal experiences in shaping one’s perspective on investing and life. DISCLOSURES This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results. Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. 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.

We will learn about leadership from a global executive who taught 60,000 students around the world. My guest today is Elizabeth Campbell Pagé. She is an entrepreneur, manager, and global executive in international organizations, including The World Bank, Inter-American Development Bank (IDB), and The Royal Society. Elizabeth teaches cross-sectoral teams in person and online. She was also the founder, publisher, and editor of a global, peer-reviewed journal of economic and environmental sciences, Ecodecision, featuring Francophone and Commonwealth articles and distributed to over 100 countries. https://ecppage.com/ Elizabeth C. Pagé shares her childhood influences, early adventures, and curiosity. She discusses the challenges and rewards of living in different places and straddling cultures. Elizabeth talks about her work in leadership development and the importance of leading remote and hybrid teams. She explores the redefinition of success and failure and the need for a broader perspective. Elizabeth emphasizes the value of process and long-term thinking and the importance of intrinsic motivation in leadership. In this conversation, we discuss the redefinition of leadership in the face of disruption and the importance of creating more leaders. We explore the need for meaningful connections and creating environments where people can challenge ideas. We also delve into the impact of AI on different professions and the need for re-skilling. The power of storytelling and trust in business is highlighted, along with the intrinsic value of stories and the human element. The conversation concludes with a reflection on the seismic shift in the definition of success. Chapters: 05:00 Introduction and Childhood Influences 08:13 Early Adventures and Curiosity 11:02 Living in Different Places and Straddling Cultures 14:27 The Work of Elizabeth C. Pagé 18:38 Leading Remote and Hybrid Teams 19:29 Creating a Safe Space for Voices to Be Heard 27:26 The Importance of Process and Long-Term Thinking 33:12 The Nuances of Success and Failure 34:31 The Shift from Extrinsic to Intrinsic Motivation 41:36 Redefining Leadership and Creating More Leaders 44:07 The Shift in Leadership and the Need for Meaningful Connections 45:09 Creating an Environment for Challenging Ideas 47:20 Preparing for the Disruption of AI 49:18 The Impact of AI on Different Professions 53:45 Aligning Values and Investing for Generational Wealth 56:54 The Power of Storytelling and Trust in Business 01:01:01 The Intrinsic Value of Stories and the Human Element 01:04:31 Insight, Hindsight, and Foresight in Success 01:07:54 Leadership as Guiding and Empowering Others 01:14:06 The Seismic Shift in the Definition of Success 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.