Talking Billions with Bogumil Baranowski

John Rotonti was formerly a Senior Analyst and Head of Investor Training and Development at The Motley Fool. After 9 years at The Motley Fool he is now an individual investor and "free agent" figuring out his next steps. John is too modest to admit, but he has had a lot of success picking stocks throughout the years, and today he will share his insights, process, and advice for anyone curious about finding good investment for the long-run. I connected with John through Brad Barrett, best-selling author, and a host of an award winning podcast – Choose FI, where he shares his wisdom about financial independence. Brad was an earlier guest on the podcast, and we had one of the best conversations on the show. Today, with John, 1. We began our discussion with John's early life, exploring how his upbringing and experiences influenced his relationship with money, investing, and how it ultimately led him to his career path. 2. John shared his insights into what it takes to become a successful stock picker, discussing the criteria and metrics used at Motley Fool, where he was once the highest-ranked stock picker. 3. We talked about a simple yet powerful investment formula that John shared in one of his articles. He explained key concepts like return on invested capital and valuation, why they matter, and how they can contribute to long-term market outperformance. 4. John provided another secret to successful investing: the influence of free cash flow yield. He broke down these concepts for those new to investing, emphasizing their impact on investment return. 5. We discussed the "vital signs" of a business that a stock analyst looks for, according to John. These include a strong balance sheet, return on invested capital, top-line growth, and bottom-line growth. 6. Moving beyond numbers, John shared his thoughts on evaluating good management, highlighting its significance in successful investing. 7. John described his meticulous approach to conducting stock research and shared the importance of using a checklist to avoid overlooking crucial information. 8. We delved into the aspects of buying, holding, and selling stocks. John stressed the importance of patience in active investing and the necessity of adapting to changes in circumstances. 9. John offered advice for investors navigating both major market sell-offs and overheated bull markets, emphasizing the lessons that can be learned from both experiences. 10. To conclude, we talked about John's personal definition of success, exploring what this term means to him in the context of his investing career. Find John on Twitter: @JRogrow NEVER INVESTMENT ADVICE.

My interview with Chloe Lin, Arigato Investor, President of Buffett Online School Japan, Investor, Speaker, 200K TikTok Chloe is an international speaker and has been invited to travel around the world including places like Japan, China, Hong Kong, Malaysia, Taiwan, Vietnam, and many other countries. ​She also heads the Buffett Online School in Japan and has also been featured in Singapore’s official Chinese newspaper Lian He Zao Bao sharing her experience on how to invest safely as a female investor, and how to achieve consistent results from the stock market. Together with her team from The Next Level, they have trained over 100,000 students across the world to learn what options trading really works, and helped many investors to grow their wealth safely through simple options strategies. Chloe: "I just released an in-depth interview with fund manager Bogumil Baranowski on my YouTube channel!In this interview, we delve into topics such as1. How to investing safely in this ever-changing world2. Bogumil's perspective on investing in the US market amidst the rise of China3. Tips and strategies for cultivating emotional stability4. The most significant takeaways from the recent Berkshire AGM, among many others.Thanks Bogumil once again for the amazing sharing and I can’t wait to learn from you more!" https://arigatoinvestor.com/how-to-navigate-the-stock-market-insights-from-bogumil-baranowski/ https://www.tiktok.com/@arigatoinvestor ----  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠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 NEVER INVESTMENT ADVICE.

My guest today is Byron Tully, it’s his second time on Talking Billions. I had the pleasure of having lunch with Byron in a Parisian brasserie not long ago. We had a delightful conversation on many of the topics we are both passionate about. Byron is the author of The Old Money Book - How To Live Better While Spending Less - Secrets of America's Upper Class. He's also written The Old Money Guide To Marriage, Old Money Style, and Old Money - New Woman. The Old Money Book alone has over 700 4-star reviews on Amazon and over 700 4-star ratings on Goodreads. Byron's popular blog at theoldmoneybook.com has, for the past 10 years, discussed topics of personal development and old money culture with a global community of followers. Byron is a grandson of a newspaper publisher and son of an oil industry executive. He's been an occasional guest on radio and podcasts. Today, we’ll talk about his book Old Money, New Woman: How To Manage Your Money and Your Life - Secrets of America's Upper Class. A wonderful book I read hopping around Parisian cafes earlier this summer. Today: - We discussed the creation and intent behind Byron's book "Old Money, New Woman: How To Manage Your Money and Your Life". - Byron talked about the empowering role of money, especially for women, and the importance of 'the true nobility'. - We explored the significance of education and the concept of living life with a purpose. - Byron highlighted the need for toughness in life without resorting to negative behavior. - He elaborated on his amusing take on diplomacy and the value of patience in life's decisions. - We discussed the evolving role of women as economic decision-makers and the need to keep sudden wealth a secret. - Byron emphasized the importance of financial planning with the principle of Plan. Earn. Save. Invest. Spend. - We touched upon what it means to be wealthy and the critical role women play in leadership positions. - Lastly, Byron shared inspiring stories of successful women from history. We left the best for last, so stay with us until the end of the episode. ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠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 NEVER INVESTMENT ADVICE.

Christopher Mayer (Author of 100-Baggers) - How Do You Know? A Guide to Clear Thinking About Wall Street, Investing and Life & Dear Fellow Time-Binder: Letters on General Semantics. I’m always excited to have Chris on the show, it’s his second appearance, and we had as much fun, if not more, as last time. Christopher Mayer is the founder of Woodlock House Family Capital and author of several books, including 100 Baggers. Before starting Woodlock House (which went live in January 2019), Mayer worked with Bonner & Partners and the Bonner family office. He was the editor of Capital & Crisis, published by Agora Financial from 2004-2015. He was a corporate banker from 1994-2004 and graduated magna cum laude with a degree in finance from the University of Maryland. He also has an MBA from the same institution. He is the author of Invest Like A Dealmaker: Secrets of a Former Banking Insider (2008), World Right Side Up: Investing Across Six Continents (2012), 100 Baggers: Stocks that Return 100-to-1 and How to Find Them (2015) and How Do You Know? A Guide to Thinking Clearly About Wall Street, Investing and Life (2018). Dear Fellow Time-Binder: Letters on General Semantics. Today we focus on the last two books. Today: • We discussed Alfred Korzybski's concept of time-binding and its implications for human learning. • Chris emphasized understanding the limits of our knowledge as a form of wisdom. • We explored tools for effective transmission and retention of knowledge. • Chris talked about oversimplifying cause and effect and our tendency to use abstractions. • We discussed the idea of structural differential and its importance in interpreting reality. • Chris shared his perspective on how labels can influence investing decisions. • We delved into the differences between facts and inferences. • We discussed thought-provoking ideas like 1+1 not always equalling 2 and the possibility of rewriting history. • Chris introduced the concept of delayed reaction. • We discussed the need for a nuanced view of the world, moving beyond binary perspectives taught in school. • We talked about the binary view of success and failure, advocating for a more nuanced perspective. • We discussed misguided certainty and the problems it can cause. • Chris proposed Wendell Johnson's set of questions as a starting point for those new to semantics. • We left the best for last, and concluded by discussing the illusion of contentment tied to wealth accumulation ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠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 NEVER INVESTMENT ADVICE.

Ep670: Bogumil Baranowski – Be Careful With Businesses in Secular Decline Full Credit: Andrew Stotz and his My Worst Investment Ever Podcast Bogumil Baranowski is a founding partner of Sicart Associates, LLC, a New York City investment firm. He has almost two decades of investment experience. He is the author of Outsmarting the Crowd and Money, Life, Family. He is the host of the Talking Billions Podcast. Lessons from investing mistakes: Just because it’s cheap, don’t compromise on other factors that affect a stock, such as debt, management, and secular decline. Decide to cut your losses and not just think in terms of money but also in terms of time As an investor, money is one thing, but time is also crucial. Don’t waste too much time on a bad investment. It’s not only what you’re buying but also what you choose not to buy that can make a difference in the portfolio. Too much debt in a company is a red flag. Pay attention to how the management communicates with you. Be careful with a secular decline if you’re a value investor looking for a bargain. A company that can hold on to cash and is ready to survive will flourish in any economic downturn. Debt is the number one risk for an existing company. Run with a minimal amount of debt. When acquisitions come along, and you got the cash, you can move fast and beat your competitors. Just because it’s cheap doesn’t mean you have to buy it. When analyzing a company, pay attention and ask the right questions. Take the time to get to know the company’s story. Then explore the worst thing that can happen and how you can lose money on that business. Once you have that figured out, you can get excited about why you can make money in it. If you’re new to investing, Bogumil recommends reading One Up On Wall Street by Peter Lynch. If you know a bit about investing, then any book about Warren Buffett is fantastic. ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠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 NEVER INVESTMENT ADVICE.

Dr. Milo Jones is currently a Senior Advisor for Geopolitics and Technology at Arcano Partners in Madrid, and a Visiting Researcher at the Changing Character of War Centre at Pembroke College Oxford.  In addition, he teaches at both IE Business School in Madrid and at Imperial College London.  Previously, he worked at Accenture in London, for Morgan Stanley Dean Witter in New York, and served as an officer in the US Marine Corps.  He is the co-author of Constructing Cassandra:  Reframing Intelligence Failure at the CIA, 1947-2001, published in 2013 by Stanford University Press.  A native of Manhattan, he currently lives in Warsaw, Poland. https://www.linkedin.com/in/inveniam/ https://twitter.com/Inveniam   We talk about Milo’s eight years in the Marine Corps, the study of intelligence agencies’ failures that come from the failure of imagination. Milo discusses his work reframing those failures. Milo emphasizes the importance of the quality of questions and diversity in analyzing complex problems. We talk about the big-picture geopolitical situation and so much more.   The mental models we examine can help us make better decisions in all areas of our life, including investing.   What can we learn from intelligence agencies’ failures? Please help me welcome Milo Jones.  https://www.linkedin.com/in/inveniam/ https://twitter.com/Inveniam ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠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 NEVER INVESTMENT ADVICE.

I had the pleasure of hearing Prof. Finkle speak in Omaha earlier this year, and he was kind enough to join me for today’s discussion. It was a real joy to have him on the show, and learn a lot more about our shared hero, Warren Buffett from a different perspective. Todd A. Finkle, Ph.D. is the Pigott Professor of Entrepreneurship at Gonzaga University. He is also an investor, entrepreneur, speaker, and consultant. His research interests include entrepreneurship, famous entrepreneurs, and the business methods and career of Warren Buffett.   His most recent book, published by Columbia University Press, is Warren Buffett: Investor and Entrepreneur. Todd won an award (Bronze Medal) for the best business biography for the Axiom Business Books Awards.   It traces the entrepreneurial paths that shaped Buffett’s career and how he developed it into a global conglomerate through the imaginative deployment of financial instruments and creative deal making. By viewing Buffett as an entrepreneur, Finkle’s book offers readers a fresh take on one of the world’s best-known financial titans. Dr. Finkle is a native of Omaha, having graduated from Omaha Central High School. He earned his undergraduate and doctoral degrees from the University of Nebraska-Lincoln and an MBA from the University of Wisconsin-Madison.   Links: https://www.linkedin.com/in/todd-a-finkle-phd-a59888b6/ https://www.gonzaga.edu/school-of-business-administration/faculty/detail/finkle https://twitter.com/ToddFinkle https://www.toddfinkle.com/ ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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 NEVER INVESTMENT ADVICE.

BONUS EPISODE: My interview with Assel Altayeva on her wonderful podcast: Femmes Finance Podcast. I highly recommend it! From Assel: Welcome to the Femmes Finance Podcast, the ultimate destination for young women who want to take control of their finances and achieve financial independence and career success. Episode Summary: What does it take to become a successful value investor? In this episode, we're joined by Bogumil Baranowski, an experienced Investment Advisor and Founding Partner of Sicart Associates, a boutique investment firm that caters to families and entrepreneurs on both sides of the Atlantic and the Pacific. Bogumil is also a podcast host of Talking Billions, TEDx speaker, and author of three bestselling books about investing, managing family fortunes, and navigating crisis.In this episode, you have an amazing opportunity to learn from Bogumil Baranowski about investment strategies and disciplines, drawing on the wisdom of successful investors such as Warren Buffett, Peter Lynch, and Phil Fisher. This episode is packed with valuable advice on investment management and empowerment, Don't miss out on this exciting podcast episode! Chapters: 0:01:33 - Introduction to Investment 0:07:15 - Investment Strategies 0:13:32 - Common Mistakes in Value Investing 0:22:42 - The Benefits of Passive Investing 0:27:51 - Learning From Financial History 0:36:33 - Nurturing Investment Talent Follow Us: Assel ALTAYEVA: LinkedIn (https://www.linkedin.com/in/asselaltayeva/) Femmes Finance (https://www.linkedin.com/company/femmesfinance/?viewAsMember=true) Bogumil BARANOWSKI: LinkedIn (https://www.linkedin.com/in/bogumil-baranowski/) Personal Website (https://www.bogumilbaranowski.com/) Talking Billions Podcast (https://www.talkingbillions.co/) Crisis Investing Book - Amazon Link Money, Life, Family Book - Amazon Link Outsmarting the Crowd Book - Amazon Link TEDx | The Great Investor In You - YouTube Link ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠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 NEVER INVESTMENT ADVICE.

I'm delighted to bring you today's guest, the insightful Adam Ashton. If you have a thirst for knowledge, you're in for a treat! Adam is one half of the amazing team behind “What You Will Learn,” Australia’s top book podcast. Alongside Adam Jones, they've captivated millions with over 400 episodes discussing the books they’ve read. They’ve also penned two best-sellers, with the second titled "Attitude" (you’ll find links in the notes). My introduction to Adam's podcast was during a peaceful drive in Panama. The engaging talks about books were a perfect match for my love of reading, and soon I was hooked! I listened to episode after episode and found myself adding books to my reading list. Eager to chat about books, I reached out, and to my joy, Adam Ashton agreed to join us today! With a diverse background in physiotherapy, economics, finance, and digital marketing, Adam turned to books to seek answers to life’s questions. His favorite books have not only broadened his knowledge but also helped him understand himself and the world. Today, Adam shares his love for reading and how it led him to create “What You Will Learn.” He believes books are often overlooked treasures that hold simple yet life-changing wisdom. Looking for happiness? Adam shares insights from books that reveal keys to happiness through connections, meaningful work, and understanding values. Adam also talks about passion, hard work, and staying committed - themes that are common in many books and crucial for success. He delves into different mindsets and explains how they can shape our approach to work and life. Public speaking fans, take note! Adam discusses how speaking skills can be highly valuable and even touches upon the fascinating concept of the “Halo Effect.” We also explore the powerful impact of writing and how it can be a tool for personal growth. Adam’s advice for all of us is to take action, embrace new opportunities, and stay open to learning. Speaking with Adam was truly inspiring. This episode is packed with gems of wisdom, so sit back, relax, and please join me in welcoming the wonderful Adam Ashton. Enjoy the episode!  ⁠https://www.whatyouwilllearn.com/ ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠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 NEVER INVESTMENT ADVICE.

In today's episode, we have the privilege of conversing with the accomplished Jacob McDonough, founder and portfolio manager of McDonough Investments, and the author of the insightful book, "Capital Allocation: The Financials of a New England Textile Mill (1955 - 1985)". I was introduced to Jacob’s book through my good friend Direk from Bangkok, who also accompanied me at this year's Berkshire meeting in Omaha. While there, I had the opportunity to attend a panel discussion moderated by Jacob. Subsequently, I delved into his book and was thrilled when Jacob graciously agreed to join us for this podcast interview. Before we dive in, I'd like to mention that Jacob has recently launched an intriguing podcast called "The 10-K Podcast", which I highly recommend. You can find the links in the notes. In our enlightening conversation today, Jacob unveils the fascinating narrative behind his book on Berkshire Hathaway, shedding light on his motivations and the meticulous process of writing it. He shares an unexpected lesson that stands out. He elaborates on the importance of not to investing in certain business. Jacob discusses the critical role of emotional discipline in making investment decisions. He Reveals the humble beginnings of Berkshire with some initially underperforming businesses. We identify three central themes in his book: the quest for capital, the masterful capital allocation, and Buffett’s fondness for businesses with growing cash flows. We discuss Buffett’s Berkshire’s early history with the use of debt, and capital raises. Jacob explores the variety of businesses Buffett favored, including newspapers and toll bridges, and uncovers the commonalities they shared. Jacob offers a deep dive into the pivotal role See’s Candies played in Berkshire's early financial success, emphasizing its margins, debt-free status, and minimal capital requirements. Jacob McDonough's meticulous research and thoughtful writing make his book an invaluable resource for dedicated investors and followers of Buffett alike. Please join me in extending a warm welcome to the insightful and accomplished Jacob McDonough. Enjoy this episode filled with rich insights and thoughtful reflections. https://twitter.com/McD_Investments ---- ⁠⁠⁠⁠⁠⁠⁠⁠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 NEVER INVESTMENT ADVICE.