Talking Billions with Bogumil Baranowski

I don’t know any successful investors who are not curious, and I can’t think of a better person to learn from about curiosity than my today’s guest, an instant friend, Tom Morgan. Tom describes himself as a curiosity sherpa to billionaires. He lives in Manhattan with his wife, 2 children and a rabbit called Frank. Tom Morgan is a Director at Sapient Capital. He is responsible for the firm’s content. He has previously worked in Equity Sales on Wall Street at Merrill Lynch, Bank of America and most recently as a Managing Director at Stifel. Tom loves nothing more than meeting interesting people; drop him an email or phone call – if you are intrigued by what you hear today. Tom holds a BA from Oxford University. Tom’s bio doesn’t give justice to what a fascinating, multi-faceted, complex individual he is, and I hope this episode will reveal a bit more of the Tom I got to meet and spend time with. I was introduced to Tom by Brendon Snow. It was one of a thousand serendipitous moments that have been happening since I launched the podcast. I was walking around Paris earlier this summer listening to Guy Spier’s interview with Julie LaRoche, I shared it on Twitter. Brendan reached out and mentioned that he not only also listened to Guy Spier on his visit to Paris not long ago but also went to the same Parisian Grande Ecole I went to. Brendan Snow is the CEO of Fluent Risk Partners. Tom and I had a few long chats before the recording; we also shared a long lunch one summer day at a lovely vegan restaurant. Today, we talked about Tom’s life and the journey he’s been on, and it’s a very inspiring story that Tom shares in a very vulnerable way. We discuss the importance of curiosity and the idea of our future selves leading us on our path. We talk about the focus in the age of perpetual distraction. Tom shares his thoughts on complexity. We also touch on the meaning crisis in today’s world. I like Tom’s idea of continuously being exposed to new ideas that challenge our worldview. Stay tuned until the end – Tom shares his childhood story; without giving too much away, I will tell you that we are the same age and were both at the same time and the same place, but experienced it from a very different perspective, only to compares our notes, and memories almost four decades later! If that’s not serendipity, I don’t know what is! https://whatsimportant.substack.com/ https://sapientcapital.com/ ---- NEVER INVESTMENT ADVICE.

Matthew Turner is a British author who wrote his latest book, ‘Beyond The Pale’ on the back of interviewing hundreds of successful entrepreneurs, authors, investors, and thought-leaders. As well as writing his own books, Matthew ghostwrites both articles and books for other successful entrepreneurs and thought-leaders, in-between spending time with his two children. Today: We talked about Matthew's book "Beyond the Pale," including its inception, the meaning behind the title, and the symbolic mountain lake on the cover. Matthew shared insights on the hero's journey in his book, exploring personal transformation, business success, and a rediscovery of vision. We discussed the various characters the hero meets in the book and the wisdom and advice they impart to him. We talked about the recurring theme of praise for achievement, reflecting on how it mirrors today's achievement-focused world, and the challenges of escaping this mindset. Matthew shared thoughts on the concept that the hero is not self-made, challenging the conventional idea of being self-made and its implications. We discussed a powerful question from the book that prompts readers to challenge what they think they know to be true. We talked about the importance of rest and slowing down, focusing on a significant moment in the book where the hero takes time to reflect. Matthew shared insights on the theme of control, including the realization of limitations in controlling every aspect of life. We discussed the multi-faceted concept of freedom as depicted in the book, including the paradox between wealth and feeling imprisoned. We talked about the paradox of desire, examining the quote, “The more you want something, the less likely you are to find it,” and its wider implications. Matthew shared thoughts on the theme of scarcity, including how it's embraced early in life and the difficulty of shaking it off. We concluded the interview by discussing Matthew's personal definition of success and how it resonates with his overall life philosophy.   https://turndog.co/ https://beyondbook.co/ ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book. To get regular updates and bonus content, please sign-up for my substack: ⁠⁠⁠⁠⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠ Follow me on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sicart Associates, LLC⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks. The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠adviserinfo.sec.gov⁠⁠⁠

John Maxfield, a banking expert with two decades of experience, discusses the history and unique aspects of banking. Topics include: his upbringing and fascination with banks, the four eras of US banking, counterintuitive truths about banking, unacknowledged causes of the banking crisis, and the importance of historical knowledge and relationships in the industry.

Credit: Investing the Templeton Way with Lauren Templeton and Scott Phillips -- please find and follow their podcast on your preferred platform. In this episode, we are joined by Bogumil Baranowski to talk about stock investing, managing generational wealth, his investment philosophy, ways to become a better investor, and how to change your environment and think differently as an investor. Bogumil is a founding partner of Sicart Associates LLC, a boutique investment firm catering to families and entrepreneurs on both sides of the Atlantic and the Pacific. He is the author of Outsmarting the Crowd: A Value Investor’s Guide to Starting, Building and Keeping a Family Fortune, and Money, Life, Family: My Handbook: My complete collection of Principles on Investing, finding work and life balance, and preserving family wealth. He also has a new book out called Crisis Investing:100 Essays: Lessons from Managing Family Fortunes through the Global COVID Pandemic and Beyond. As a passion project, he also wrote Living Where Others Vacation: A Travelogue, a pandemic memoir, a Blueprint for a better life, and work from anywhere. Bogumil is the host of the increasingly popular Talking Billions podcast, which features intimate conversations about money, wealth and living a rich and fulfilling life.Stay connected:https://bogumilbaranowski.com/https://www.talkingbillions.co/https://bogumilbaranowski.substack.com/https://twitter.com/bogumil_nychttps://www.linkedin.com/in/bogumil-baranowski/Books mentioned in the episode:Crisis Investing (Bogumil): https://amzn.to/46So1Q7Money Life Family (Bogumil): https://amzn.to/46MsCDvLiving Where Others Vacation (Bogumil): https://amzn.to/3PT6amhOutsmarting the Crowd (Bogumil): https://amzn.to/3DcabuzErgodicity (Dellanna): https://amzn.to/3NU3Zfn100 Baggers (Mayer): https://amzn.to/3PX45WsOne Up on Wall Street (Lynch): https://amzn.to/46IvFwBBogumil's article (mentioned towards the end of the show): https://bogumilbaranowski.substack.com/p/game-overs-and-do-overs The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation. NEVER INVESTMENT ADVICE.

In my work as an investment advisor to families, I get to know not only the stock holdings in the portfolio, but also the people whose money we manage. The topic of wealth, and wealth psychology is of great interest to me, and my partners. Dr. Paul shares unique, and intimate insights. Dr. Paul Hokemeyer (Dr. Paul) was born in Baltimore, Maryland and raised with his older brother in the gently rolling hills of Harford County, Maryland. From an early age, Dr. Paul was confused by the world in which he was born. Struggling to find his place in it, he embarked on transformative journey that took him to Alajuela, Costa Rica where he studied Spanish as an exchange student, to college in Cleveland, Ohio, law school in Columbus, Ohio and to Washington, DC and Amsterdam where he worked in the realm of environmental and social justice. Eventually, he found his place as a psychotherapist helping other human beings repair and make meaning out of their lives. In his debut title, Fragile Power: Why Having It All Is Never Enough, Dr. Paul, who's become the world's foremost authority on issues related to our celebrity and power obsessed culture, reveals the fragility inherent in the status we desperately crave and provides a roadmap to avoid self and relational destruction though misplaced aspirations. Paul Hokemeyer - LinkedIn ---- NEVER INVESTMENT ADVICE.

My guests are: Daniel Pecaut - Chairman | Chief Investment Officer | Author & Corey Wrenn - President | CEO | Author Chairman and President of Pecaut & Company. If you are a Berkshire and Buffett fan, this episode is for you. We’ll go on a trip back in time to the early days of Buffett’s Berkshire. Both my guests have been going to Berkshire’s Annual Meetings since the 1980s, and one of my guests actually worked for Buffett, and was checking tickets, and letting attendees in at the annual meetings. They have some incredible stories to share. Daniel Pecaut is a Harvard graduate whose insights have been featured in the New York Times, Money Magazine, Grant's Interest Rate Observer, Outstanding Investor Digest, and the Omaha-World Herald. He has worked in investing for 30+ years and is Chairman and Chief Investment Officer of a successful investment firm, Pecaut & Company. For 9 years (1983-1992), Corey Wrenn was an internal auditor at Berkshire Hathaway. Wrenn is now the President and CEO of the investment firm, Pecaut & Company. Wrenn received his M.B.A from University of Nebraska at Omaha. Today – we talked about everything from Dan’s grandfather’s tales of the 1920s bull market, and the 1929 market crash, Corey’s years at Berkshire to lessons from almost 4 decades of Berkshire’s annual meetings, and more. 1. Dan shared his family history with stock market investing, while Corey discussed his involvement with Berkshire Hathaway. 2. My guests shared their memories of early Berkshire meetings and described what it was like to be a part of them. 3. We delved into the peculiar nature of an insurance company. 5. The history of Buffett's thoughts on inflation was discussed, considering its implications as a looming threat over the years. 6. Buffett and Munger's perspectives on making predictions. 7. The guests mentioned the valuable advice Buffett has for those starting out in life and investing, particularly addressing younger members of the audience at the annual meeting. 8. The guests discussed Buffett's stance on taxes, noting his commitment to paying what he owes while utilizing available tax benefits for Berkshire, such as deferred taxation and strategic sales triggering immediate tax consequences. 9. The guests highlighted the ethical standards upheld by Buffett, Munger, and Berkshire, which go beyond legal requirements and regulations, emphasizing their commitment to ethical behavior. 10. We concluded the conversation by discussing how my guests define success in their own lives, providing personal insights on the topic. https://www.danielpecaut.com/university-of-berkshire-hathaway/ NEVER INVESTMENT ADVICE.

A Bonus Episode with the the Top 10 List, episodes I recommend checking out, and a some of the upcoming guests, and there are so many, and they are so good! Take a listen, follow, subscribe, share!

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. In 2015, Luca moved back to his hometown of Turin, Italy, and opened a private consulting practice serving clients worldwide. He has also published books about management, human behavior, and economics that earned him appearances on the most important conference and podcast in his field, Nudgestock and EconTalk respectively. Luca lives with his wife Wenlin and his dog Didi, and divides his time between Turin and Singapore. Luca writes regularly on Twitter (@DellAnnaLuca). His personal website is www.luca-dellanna.com Today: 1. We talked about Luca's childhood and upbringing and how it shaped his interest in ergodicity. 2. Luca shared his perspective on how the understanding of time and variance can improve our decision-making process. 3. We discussed how his book is designed to help readers make better decisions that don't ignore time but leverage it. Luca elaborated on the idea of decisions that minimize regret and maximize long-term potential. 4. Luca talked about the concept of survival in both skiing and life in general. 5. We delved into the world of investing where Luca further advised that, over a prolonged period of time, survival dwarfs performance. 6. Luca shared his powerful concept about how irreversible consequences absorb future gains. 7. We talked about the statement, "Do not envy successes that don't reproduce well." Luca shared more about why envy is often misguided and how we should focus on repeatable successes. 8. Luca discussed his perspective that individuals should care about whether a system works for them, rather than if it works on average. 9. Luca explained the difference between ergodic and non-ergodic systems in terms of their outcomes. 10. He recommended investing time and money as a barbell to balance risk and reward. 11. We discussed the idea that extreme risks can outperform skill, and in general, taking small risks is a good strategy. 12. Luca shared his advice on performance measurement, highlighting the pitfalls of narrowing the time frame to increase performance. 13. We discussed how ergodicity can be introduced into life and where non-ergodicity might be positive. 14. Luca talked about the difference between efficiency (a snapshot in time) and effectiveness (a lifetime view). 15. Finally, we discussed how Luca's research has shaped his view of success. NEVER INVESTMENT ADVICE.

John M. Jennings is president and chief strategist of St. Louis Trust & Family Office, a $15 billion wealth management firm. As an author and speaker, he is a leading voice in the space of wealth management and leadership. His book, The Uncertainty Solution, is an engaging dive into investing philosophy and best practices as well as an authorita¬tive, accessible guide for anyone who feels inundated with financial news and data. Jennings is also the author of the highly acclaimed IFOD Interesting Fact of the Day blog, is an adjunct professor at Washington University’s Olin Business School, and frequently writes on wealth management topics for Forbes. He has finance and law degrees from the University of Missouri and a professional certificate in Decision Making and Behavioral Finance from Harvard. Today: 1. We touched on John's professional turning point, the Financial Crisis of 2008, and how it reshaped his identity and approach towards honesty with his clients. 2. John shared a fascinating study about human behavior. 3. We delved into the topic of information overload in investing. John explained his evolution from an exhausting need-to-know-everything approach to a more balanced, big-picture perspective. 4. We explored the concepts of past performance, regression to the mean, and the roles of luck and randomness in investing, as highlighted in John's book. 5. John unpacked the difference between the unknowable and the unknown in the world of investing, emphasizing the pursuit of knowledge and the struggle for perfection. 6. We discussed the human tendency to simplify complex situations into single-cause explanations and how this often contradicts the intricate nature of the world. 7. John shared an intriguing anecdote about diet choices and health, underscoring the importance of sample size in decision-making processes. 8. John elaborated on his viewpoint that "The stock market is not the economy," 9. John shared his belief that waiting for perceived safety and economic health is not a profitable strategy, offering a contrarian perspective. 10. We discussed the perils of predictions through stories of Alan Greenspan and a New York hedge fund manager, reinforcing the idea that predictions often fall short. 11. John walked us through the eight best behavior practices he outlines in his book: inactivity, simplicity, investment policy need, margin of safety, long-term focus, avoiding portfolio checks, maintaining a play account, and choosing the right advisor. https://johnmjennings.com/john-m-jennings-author-speaker-chief-strategist/ His website: https://johnmjennings.com/ His blog "The Interesting Fact of the Day": https://johnmjennings.com/the-ifod/ NEVER INVESTMENT ADVICE.

Scott Patterson is the author of the New York Times best-selling book The Quants and Dark Pools and a staff reporter for The Wall Street Journal, where has written about hedge funds, high-speed trading, Warren Buffett, the global mining industry, the Jan. 6, 2021 investigation, and climate change. A winner of the Loeb Breaking News Award, Scott has made frequent appearances in the media, including on CNBC, The Daily Show, and Fresh Air. His work has also appeared in the New York Times, Rolling Stone and Mother Earth News. He has a masters of arts degree from James Madison University. He lives in Alexandria, Virginia with his wife and son. Today, we focus on his newest book Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis. It is a fascinating deep dive into the world of billion-dollar traders and high-stakes crisis predictors who strive to turn extreme events into financial windfalls. Today, 1. Scott shared the genesis of his book "Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis," and introduced some of the fascinating characters that readers can get to know. 2. We talked about the increasing focus on chaos, crisis, and market crashes, with Scott highlighting some of the most distressing financial moments of the past 30-40 years and how the individuals in his book profited from them. 3. Scott shed light on a unique aspect of options as explained by Nassim Taleb, one of his book's main characters: their non-linearity. He likened this to fire insurance that triples in value if your home burns down, illustrating how outsized profits can be made during times of chaos. 4. We delved into the concepts of 'Black Swans' and 'Dragon Kings' that feature in his book. 5. We discussed how traditional risk metrics like Value at Risk (VaR), often fail during crisis situations. Scott explained the belief that past events do not accurately predict future correlations during extreme circumstances. 6. We then shifted gears and Scott shared his thoughts about the interconnectedness of financial markets, climate change, and long-term, generational risk. 7. In a lighter moment, Scott spoke about the high number of his characters who ride fast cars or motorcycles, jokingly questioning if there's a hidden correlation worth noting. 8. Last, but not least, we talk about value investing, and Warren Buffett who Scott has covered as a reporter for many years. https://scottpattersonbooks.com/ NEVER INVESTMENT ADVICE.