Talking Billions with Bogumil Baranowski

Jeremy Deal is the founder of JDP Capital Management. JDP is a private partnership that makes investments in public stocks where the quality and durability of future earnings power is not reflected in the price. The fund's goal is to buy and hold a handful of businesses that can survive and thrive over long periods of time. www.jdpcap.com Today, my guest shares his unique investing journey. Although he is a professional investor, he had never worked at an investment firm before launching his own private partnership. Jeremy tells me about the importance of independent thinking and the right environment to work in. We talk about the benefits of being an outsider. Stay tuned until the end, when my guest shares an anecdote and a lesson about investing as an emotional game and explains what it takes to develop and keep your conviction behind investment ideas. Last but not least, we discuss the value of having a community, a network of like-minded yet very different individuals in your professional life. Please help me welcome a dear friend and fellow VALUEx’er, Jeremy Deal. 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.

Before I tell you about this week’s bonus episode, here is a quick announcement: this episode will air on Wednesday, May 1, a day before my arrival in Omaha for Buffett’s Berkshire Meeting. If you are in Omaha and see me, please say hello; I’d love to meet you and hear more about you. Even if you aren’t coming to Omaha but feel inspired to share something with me, head to my website, bogumilbaranowski.com, and send me a message. This is the second Fireside Chat, during which my guest host asks me questions, and you, my audience, get to know me, your host, better. Matthew Stafford is a good friend and a former Talking Billions guest; I highly recommend his episode. He is the co-author of Find Your 9others: The Questions to Ask Yourself as You Start up and Scale Up, which was co-authored by Katie Lewis**. 9others has been a huge success and hosted over 5,000 entrepreneurs at 500 events in 45 countries.** Matthew Stafford works with startups, venture capital, and angel investors, governments, NGOs, and large corporations to create and capture value. He is a fellow VALUEx’er, a brilliant mind, and a thoughtful person, and I had to say yes when the idea for this fireside chat came up. We touch on so many topics, from my journey from Cold War Poland to getting educated around Europe and being professionally shaped by New York. I explain the kind of investing I practice and the type of clients I work with. We discuss the deeper, more nuanced philosophy behind what I do. Stay tuned until the end, when I share my experience of recently launching my new investment firm, Blue Infinitas Capital. We had a fun hour together; I trust you’ll enjoy it as much as I did. Chapters: 05:00 Introduction and Value X Conference 13:09 Life During the Last Decade of Communism 18:07 Discovering a Changing World 30:00 The Importance of Purpose and Passion 33:37 The Power of Patience and Long-Term Thinking 42:21 The Value of Owning Businesses Over the Long Term 53:45 The Game of Investing: Competing Against Yourself 01:01:02 Blue Infinitas Capital: Embracing the Open-Ended Opportunity Disclosure: 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 if you could learn from the richest people that ever lived -- both how to make money, and how to keep it once you make it. My guest has a lot to share about both pursuits. Guido Alfani is a Professor of Economic History at Bocconi University, Milan (Italy). He is also an Affiliated Scholar at the Stone Center on Socio-Economic Inequality (New York) and a Research Fellow of the Center for Economic Policy Research (CEPR, London). In the last fifteen years, Guido has focused his research on economic inequality in the long run of history and on the history of major pandemics (often combining the two topics). His most recent book, published by Princeton University Press, is dedicated to the rich, the very rich, and the super-rich, and it is entitled As Gods among Men. A History of the Rich in the West. Today — my guest takes us on a trip back in time. I love history. I strongly believe that it rhymes, and there are many patterns worth recognizing as they can help us understand the present and maybe even look into the future. Professor Alfani tells us how wealth has evolved, with different societies defining it in various ways. He introduces us to the three main paths to riches; you’ll have to listen to find out what they are. He also discusses a topic close to my heart and professional pursuits — inherited wealth throughout the ages. Guido explains how maintaining wealth over multiple generations proved to be a challenge throughout history. We take on a revolutionary role of finance, and specifically the stock market, in keeping and growing wealth among more people, including women. Speaking of women, Guido’s book offers a greater understanding of the role they played in their families, preserving fortunes, especially in times of turmoil and change. Stay tuned until the end, when my guest reveals the most consistent strategy for wealth accumulation through the centuries and leaves us with some advice on how to avoid losing wealth once we have it. It’s all music to my ears, a very special guest with a unique book that ties together many of the topics and questions that I’ve studied, observed, and experienced over the last twenty years of my career as an investment advisor to affluent families and individuals. Please help me welcome Professor Guido Alfani.https://press.princeton.edu/books/hardcover/9780691215730/as-gods-among-men 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.

80th Episode!! My guest today is Ken Honda, the best-selling author of a beautiful book — Happy Money. Another way of looking at money: a money conversation that will make you smile if not laugh! At just 29 years old, Ken made an unexpected decision: he stepped away from a successful career in consulting and accounting to fully immerse himself in the joys of fatherhood. But it wasn't long before a chance encounter in the park ignited a spark within him. Watching a mother struggle to balance work and playtime for her child struck a chord with Ken. Determined to ease the financial burdens faced by families, he drew upon his own childhood experiences and penned an essay that eventually evolved into the bestselling book, "Happy Money." With over 8 million copies sold worldwide, Ken's message of financial freedom and joy has resonated deeply with readers. Through his work, he encourages others to recognize the distinction between happy and unhappy money, inspiring countless individuals to embrace a life of abundance and contentment. https://kenhonda.com/ Key Takeaways: Find happiness and contentment regardless of the amount of money you have. Money can have either happy or unhappy energy depending on how it is used. Approach money as a game and focus on enjoying the process rather than winning or having the most. Shift from a scarcity mindset to an abundance mindset and say 'I'm next' instead of feeling envy towards others. Wealth is not just about money, but also about having more than enough and being able to focus on giving rather than getting. Knowing how much money you need for the rest of your life is important in order to focus on what truly matters. Appreciating money and having a positive relationship with it can lead to more abundance in your life. Long-term success and building a strong financial foundation are key to financial independence. Leaving a legacy goes beyond just money and can have a lasting impact on future generations. Chapters: 06:00 Childhood Memories and Early Money Lessons 09:09 The Energy Wrapped Up in Money 12:03 The Money Game: Enjoying the Process 14:52 Shifting from Scarcity to Abundance 18:02 Saying 'I'm Next' Instead of Feeling Envy 38:22 Appreciating Money and the Power of Giving 45:05 Knowing Your Financial Needs and Focusing on What Matters 49:48 Building a Strong Financial Foundation for Long-Term Success 56:32 Leaving a Legacy Beyond Money 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 the author of “Hidden Genius,” The Secret Ways of Thinking that Power the World’s Most Successful People, Polina Marinova Pompliano. She is the founder of The Profile, a media organization that studies successful people and companies. Previously, she spent five years at FORTUNE where she covered technology and venture capital. As the author and editor of Term Sheet, FORTUNE’s industry-leading dealmaking newsletter, Polina interviewed the industry’s most influential dealmakers, including Melinda Gates, Steve Schwarzman, Richard Branson, and more. hiddengeniusbook.com readtheprofile.com In today's episode, we embark on a captivating journey through the bustling corridors of New York City's subway, where inspiration often strikes unexpectedly. From these underground musings, we delve into the transformative power of personal narratives, discovering profound insights and relatable wisdom from the experiences of others. My guest, Polina, shares invaluable lessons gleaned from the paths of the most successful individuals. Amidst tales of triumph, we explore the notion that success is not always a linear journey; rather, it often manifests in the midst of messiness and imperfection. Embracing the inevitability of hardship, we learn to navigate the twists and turns of our own narratives with resilience and grace. Polina offers sage advice, drawing from the wisdom of those who have navigated similar challenges. Among the gems she shares is the concept of cultivating an aspirational alter ego—an empowering tool for personal growth and achievement. As our conversation unfolds, we delve deeper into the mechanics of success, exploring the role of systems and the indispensable nature of trust in our pursuits. And as we reach the culmination of our discussion, we leave you with a stirring reflection on the essence of success—a reminder that its true measure lies not solely in achievement but in the journey itself. Join us as we uncover the transformative power of storytelling, resilience, and trust, and embark on a journey toward realizing our fullest potential. Before we dive into the conversation, I'd like to extend my gratitude to my dear friend Jordan Olmscheid for introducing me to Polina. Jordan is the brilliant mind behind "The Wealth Letters," a compilation of letters from accomplished individuals imparting their most profound life and business insights. If you haven't already, I highly encourage you to check out his previous episode on the show—it's a treasure trove of wisdom. Additionally, Jordan is currently immersed in an exciting new book project; be sure to follow him on Substack for updates and exclusive content. Alright, let’s get started, please help me welcome, Polina Pompliano. The New York subway can be a source of inspiration for many people. Feeling like an outsider can provide a different perspective and advantage. Learning history through personal stories and experiences can make it more relatable and engaging. Learning from others' experiences and stories can help in making better decisions and understanding different perspectives. Success is often messy and non-linear, requiring a willingness to fail and learn from mistakes. Embracing imperfection can lead to innovative and successful outcomes. Hardship and suffering can be catalysts for personal growth and progress. Developing an alter ego can help individuals overcome self-limiting beliefs and tap into their full potential. Understanding different perspectives is crucial for empathy and avoiding judgment. Translating a book can have a profound impact, allowing people who don't speak the original language to access and understand the author's work. Trust is the foundation of personal and professional relationships, and it is earned through consistency and reliability. Focusing on systems rather than outcomes can lead to more sustainable and fulfilling success. Defining success. NEVER INVESTMENT ADVICE.

Devin Martin, founder of LifeStyle Integrity, shares his journey from a double life to discovering lifestyle integrity, focusing on escaping the wealth trap, rewriting internal narratives, and developing a dream life and career. Topics include aligning personal values with work, balancing work and life for success, trusting intuition, and exploring fulfillment beyond career success.

Best-Selling Author | 2nd Time on TB | Top Ten TB Episode for 12 months | 50,000 Download Milestone Gautam Baid, CFA is the Managing Partner of Stellar Wealth Partners India Fund. He invests in listed Indian equities with a long-term, fundamental, and value-oriented approach. Gautam is the author of the international best-seller on value investing, The Joys of Compounding. In 2018 and 2019, he was profiled in Morningstar’s Learn from the Masters series. This is Gautam’s second appearance on Talking Billions. I have to congratulate him on the new book — The Making of a Value Investor, that we are discussing today, but also on having held the top ten position among the most downloaded Talking Billions episodes in the last 12 months, a remarkable feat. Talking Billions is a hundred downloads away from a major milestone - 50,000 downloads, if you are listening this week, you are among the loyal listeners that help us get there. Thank you all for listening to all 77 episodes. I really appreciate it. Today, we talk about authenticity and vulnerability and how they can help us grow as investors. Gautam reminds me how it’s important to focus on processes and principles rather than outcomes, as the market is probabilistic and unpredictable. My guest discusses the mental and emotional resilience needed when investing through the market’s ups and downs. We take on the definition of a quality business. Stay tuned until the end, when Gautam shares how being wrong is a natural part of investing, and offers some advice on embracing uncertainty. Takeaways: Authenticity and vulnerability Focus on process and principles. Mental and emotional resilience. Understanding the characteristics of quality businesses, such as high return on capital and competitive advantage, is essential for long-term success. A 2-3 year investment view is more feasible in today's fast-changing environment, allowing for a focus on businesses with good growth visibility. Active patience is key in investing, with a focus on verifying investment theses and making adjustments as needed. The bond between customers and brands, as well as factors like switching costs, network effects, and company culture, can contribute to a business's competitive advantage. Choosing the best clients, rather than the biggest ones, is important for investment firms, as it ensures alignment with long-term goals and reduces potential headaches. Avoiding distractions and staying true to one's personal approach is crucial in navigating the investment landscape. Being wrong is a natural part of investing, and embracing uncertainty is necessary for long-term success. https://stellarwealthindia.com/ 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.

Today’s guests — Eddie Palmgren and Niklas Sävås are passionate about learning and investing. They are the hosts of Investing by the Books podcast and work at Redeye, an investment bank in Stockholm, Sweden. It’s a wide-ranging rich discussion from inheritance to immortality and everything in between. Today, they both share with me not only their childhood stories but also family histories that shed light on their curiosity about money and investing. You know how interested I am in family fortunes, and my guests have stories to tell. We talk about their podcasting experience hosting their wonderful Investing by the Books podcast. My guests share ideas, books, and lessons. Eddie and Niklas introduced me to serial acquirers, a unique type of business they are especially interested in. They shared more about Sweden, where they live, and the wonderful events they host yearly. Stay tuned until the end, when Eddie and Niklas tell me how they look at success from their own perspective. It wasn’t my first chat with my guests, and I’m grateful they sat down with me and talked about their passions, interests, and stories. I greatly enjoyed every minute of it, and I trust you will, too. Please help me welcome from beautiful Sweden — Eddie and Niklas. NOT INVESTMENT ADVICE. In this conversation, Eddie and Niklas discuss their childhood upbringing and their relationship with money. They also talk about the importance of long-term thinking in investing and share their investing styles. They reflect on their experience hosting the Investing by the Books podcast and the impact it has had on their listeners. They discuss the value of time and money and how they prioritize their time. Finally, they explore the concept of immortality and how they would live their lives if they were immortal. The conversation explores the impact of books on thinking and investing, the concept of investing with an immortal life, the importance of wealth preservation, the power of multidisciplinary thinking, the impact of survival stories on risk perception, navigating risks and unknowns in investing, the importance of trust in public markets, the different types of serial acquirers, and the case study of Teledyne and Henry Singleton. In this conversation, Eddie and Niklas discuss principles of success, their upcoming conference, and their personal definitions of success. They emphasize the importance of financial independence and following principles taught by successful individuals like Warren Buffett. They also highlight the value of having friends and family who love and admire you for living an honest and good life. The conversation explores the power of habits and the importance of finding happiness in everyday life. Ultimately, they encourage listeners to enjoy the journey of life rather than focusing solely on winning and losing. Chapters: 05:36 Introduction 07:42 Childhood Upbringing and Relationship with Money 14:53 The Importance of Long-Term Thinking 22:22 The Why of Investing and Investing Style 30:12 The Experience of Hosting a Podcast 36:50 The Question They Ask Their Guests 41:02 The Value of Time and Money 43:51 The Concept of Time and Immortality 44:55 The Impact of Books on Thinking and Investing 46:56 Investing with an Immortal Life 48:16 Investing for Long-Term Preservation 50:09 The Importance of Wealth Preservation 53:55 The Power of Multidisciplinary Thinking 55:19 The Impact of Survival Stories on Risk Perception 58:11 Navigating Risks and Unknowns in Investing 01:02:24 The Importance of Trust in Public Markets 01:04:44 The Different Types of Serial Acquirers 01:10:06 The Case Study of Teledyne and Henry Singleton 01:26:26 Principles of Success 01:27:50 The Conference 01:30:25 Defining Success 01:32:57 Finding Happiness 01:34:55 The Power of Habits 01:36:06 Enjoying the Journey NOT INVESTMENT ADVICE.

My guest today is Dan Haylett (the host of the #1 Retirement Podcast in the UK). Dan’s ‘pull back the duvet every morning’ purpose is to help his clients spend their time and money on what’s truly important. His passion for understanding and learning about the emotional, behavioral, and financial challenges of life after work makes him a true specialist in helping clients have the freedom and confidence to take advantage of their ‘window of spending opportunity’ and live their best life. He likes golf, reading, coffee, and getting up at 5am; he doesn’t like oysters, arsenal, big egos, and Crocs. Today, we talk about money, and specifically about the topic of humans vs. retirement. You’ll hear about the term Retirement Rebel, and you’ll find out how to become one. My guest will help us dispel some money and retirement myths. We’ll take on one of the biggest fears, the fear of running out of money. Dan will discuss some mindset shifts, and he’ll explain why the concept of retirement is flawed. Stay tuned until the end, when we’ll learn how money can make us happy and truly wealthy. www.humansvsretirement.com www.tfp-fp.com NOT INVESTMENT ADVICE.

Thomas Chua writes, hosts a podcast, runs a stock research service, he is the founder of SteadyCompounding.com , where he writes about lessons from super investors, stock analysis and market insights. Compounding is a fascinating concept, so simple, yet so hard to embrace. I lately spoke about it with Pieter Slegers from Compound Quality and Gautam Baid, the author of The Joys of Compounding. Both have been guests on Talking Billions. The word comes from Latin, componere which means to put together. In finance — compounding is a powerful investing concept that involves earning returns on both your original investment and on returns you received previously. Thomas is a very bright, thoughtful student of investing and the markets; he has quite a story to tell, which he shared with me. You are about to hear about how he left the safety of his proverbial iron rice bowl and made his dreams come true against all odds — a story of minimizing regrets, taking risks, making a jump, and getting outsized results… He tells me about the fascinating idea of the S-Curve of Life. Thomas shares with me that It’s difficult to fail if you love the work you do. It made me think of the work I do, and how it’s my only professional passion. There is nothing else I’d rather do. In a busy, noisy world, filters matter; my guest reminds me that “You become what you feed your mind.” — I really like his thoughts on playing long term games with long term people. Life is too short for anything else. Thomas shares his experience teaching investing in a village. Stay tuned until the end, when my wonderful guest takes on two questions, the $3 question and the $30,000 question. I greatly enjoyed talking to Thomas and learning from him, I hope you do too, please help me welcome - Thomas Chua. https://steadycompounding.com https://twitter.com/SteadyCompound https://www.linkedin.com/in/chuathomas/ https://www.instagram.com/steadycompound/ https://www.youtube.com/c/SteadyCompounding NOT INVESTMENT ADVICE.