Talking Billions with Bogumil Baranowski

Let's get to NUMBER #1 together! Kindle at $0.99, Already TOP #2 in Finance & Wealth Management, TOP #3 in Stock Market Investing & Investing in Amazon Hot New Releases. Get your copy today! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book. Crisis Investing: 100 Essays - Introduction “In the midst of every crisis lies great opportunity” – Albert Einstein ⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠ - My new book. This book is a chronological collection of 100 essays written over three years during the Global COVID Pandemic, with an added retrospective commentary. It is a treasure trove of everlasting investment principles shared through lessons, experiences, and memories from managing family fortunes through one of the most challenging periods for the economy and the stock market. As the author picked up his laptop and embarked on a personal journey, these essays were written in a midtown Manhattan high-rise office, two remote cabins in the woods, and the tropics, among other places. His perspective changed, while current events offered ample inspiration to write."I highly recommend that anyone serious about long-term investing should not only add this book to their library but also include Bogumil in their investment ecosystem." - Guy Spier, a Zurich-based investor, the Author of The Education of a Value Investor, the manager of the Aquamarine Fund"Bogumil Baranowski's book, Crisis Investing, presents an insightful chronicle of the various challenges that investors faced during the pandemic era. With a wealth of experience as an investment advisor, Baranowski's collection of personal essays provides readers with invaluable lessons and advice on navigating markets and building wealth." - Lauren Templeton, Founder & Principal of Templeton & Philips Capital Management, LLC, the author with Scott Philipps of Investing the Templeton Way"For me, the years covered in your book have been a good test of core investment principles, especially being patient. Your book is a collection of wise observations made in real-time during those years and yet are timeless, as the best investment principles should be!" - Christopher Mayer, the Author of 100 Baggers: Stocks That Return 100-to-1 and How To Find Them“A valuable compilation which helps build the required mental & emotional resilience for the highly volatile world investors operate in.” - Gautam Baid, the Author of The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Managing Partner, Stellar Wealth Partners India Fund"Since I met him, I've been thoroughly impressed with Bogumil in many ways: His knowledge, passion for life and investing, preparation level, and thoughtfulness in every interaction and question he asks. For these reasons and many more, he's the perfect person to write the book on how to invest through a crisis, generally and specifically through the one we just lived through with the Covid pandemic." - Brad Barrett, Co-founder and Host of the ChooseFI Podcast"I believe in Bogumil, and I can say that he’s one of the good guys in the finance space." - John Soforic, the Author of The Wealthy Gardener: Lessons on Prosperity ---- NEVER INVESTMENT ADVICE.

Ellen Carr has over two decades of experience as a high-yield bond portfolio manager, most recently at Barksdale Investment Management (BIM), a majority-women-owned, institutional fixed-income investment management firm based in Nashville, TN. Ellen has been an adjunct professor of finance at Columbia Business School since 2012, where she teaches courses on the credit markets and cash flow modeling. Ellen is also a writer. She is a frequent contributor to the Financial Times and the co-author of a book on women in investment management published in the summer of 2021 by Columbia University Press. Ellen has an MBA from the Kellogg Graduate School of Management at Northwestern University. She received her B.A. from Harvard in 1994, where she graduated magna cum laude and Phi Beta Kappa. Ellen splits her time among Asheville, North Carolina, rural Tennessee, and New York. She has a son, a cat, and a pandemic puppy. Katrina Dudley, CFA, CAIA, is a Senior Vice President, Portfolio Manager, and Investment Strategist at Franklin Templeton Investments, one of the world’s largest asset managers, where she co-manages the Franklin Mutual Global Discovery and Franklin Mutual European Funds.  Ms. Dudley has a passion for advocating for women in finance and business.  She is the author of the introduction to the Vault Career Guide to Mutual Funds. She co-authored with Columbia Business School Adjunct Professor Carr “Undiversified: The Big Gender Short in Investment Management.”  Ms. Dudley is a frequent market commentator on Bloomberg and other media outlets. Ms. Dudley earned an M.B.A. from New York University's Stern School of Business, a Law degree (with first-class honors) and a Commerce degree from Bond University (Australia), and an Associate of Science degree (Computer Science) from the University of the People. She is a Chartered Financial Analyst (CFA) Charter holder and a Chartered Alternative Investment Analyst (CAIA).   Today, we talk about: 1)   Ellen and Katrina’s childhood, upbringing, and career path. 2)   Their book Undiversified: The Big Gender Short in Investment Management 3)   The need and ways to include more women in the investment profession. 4)   Ellen and Katrina share their research and advice on creating more opportunities for women, from entry-level analyst roles to paths to promotion and retention later on. 5)   We discuss how women are more risk aware, not necessarily risk averse. 6)   Stay tuned until the end, when we talk about how this challenge of being undiversified when it comes to gender can be the next opportunity for investment management as a profession and industry. The book - find it here. ---- ⁠⁠⁠⁠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 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Talking Billions⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Read ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Money, Life, Family⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - the book. NEVER INVESTMENT ADVICE.

Warren Buffett and Charlie Munger’s 2023 Berkshire Hathaway Meeting I got up and stood on a platform — a microphone in front of me, a beam of bright light in my face. Warren Buffett just called me to ask a question in front of tens of thousands of people around me and millions watching worldwide. I was in the middle of Berkshire Hathaway’s Annual Meeting – the Woodstock for Capitalists held in Omaha, Nebraska, each year. It was my turn to speak; I said: “Thank you for making our lives better.” My words echoed back, confusing me for a moment; I proceeded with the question, nonetheless! Before I share with you what followed, I must thank everyone who asked me if I’m going to Omaha this year. There were many of you, many more than usual: Guy Spier, William Green, Adam Mead, Gautam Baid, Phil Ordway, Christopher Tsai, Robert Karas, Saurabh Madaan, Jeff Henriksen, Ninad Shinde, Jake Taylor, Gillian Zoe Segal, Eugene Ng, Tyler Howell, John Mihaljevic, Alex Wetterling, Tilman Versch, and many others. Special credit goes to Lauren Templeton, though, who, in our podcast conversation, finally convinced me to pack up and head over on this very special pilgrimage, my first in a long time. Thank you, Lauren! Read here or listen to the episode. ---- ⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠ - My new book <-- check it out on Amazon. 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 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Talking Billions⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Read ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Money, Life, Family⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - the book. NEVER INVESTMENT ADVICE.

In the world of investing, we keep looking for an edge; everyone wants to be smarter, and faster, I often say I’m probably more patient than most. My guest today might know of a secret edge worth sharing.   Carl Honoré is a bestselling author, broadcaster and the voice of the Slow Movement. His two main-stage TED Talks have racked up millions of views. His TED Course is entitled How to slow down. Carl travels the world to deliver powerful keynotes that put time and tempo in a whole new light. His counter-intuitive message is simple but game-changing: To thrive in a fast world, you have to slow down. Carl’s first book, In Praise of Slow, chronicles the global trend toward putting on the brakes in everything from work to food to parenting.   Carl’s second book, Under Pressure explores how to raise and educate children in a fast world and was hailed by Time as a “gospel of the Slow Parenting movement.” Carl’s third book, The Slow Fix, explores how to tackle complex problems in every walk of life, from health and relationships to business and politics, without falling for superficial, short-term quick fixes. Carl’s latest book, Bolder: Making The Most Of Our Longer Lives, explores ageing – how we can do it better and feel better about doing it. It’s a spirited manifesto against ageism. We talked about the following ideas: 1.      Speed is not always the best – that idea that it’s the fittest that survive, not the fastest! 2.      The biggest challenge to the slow movement is alleged price, the sacrifice we need to pay if we dare to slow down – Carl shares his perspective. 3.      Boredom is a modern invention. 4.      A contradiction, and contrast of sorts, where we could both praise speed and slowness. How do we strike a balance between the fast and slow?  5.      Being time rich and being time poor, how do become time rich in this ever-faster world we live in?  6.      The curiosity in slowness is growing also in the industry that is speeding us up – tech industry! 7.      We touch on remote work, and how it’s changing the work, life, and speed dynamic. 8.      Leisure is not more than escape from work. 9.      Demographics, and aging, and Carl’s other book - Bolder 10. Stay tuned until the end where we talk about how we can get started on this path to slowness, how kids are growing up under lots of pressure. Carl Honore -- Books. Carl's - Website. TED Talk. ---- ⁠⁠⁠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 ⁠⁠⁠⁠⁠⁠⁠⁠⁠Talking Billions⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠ Read ⁠⁠⁠⁠⁠⁠⁠⁠⁠Money, Life, Family⁠⁠⁠⁠⁠⁠⁠⁠⁠ - the book. NEVER INVESTMENT ADVICE.

John Soforic is the owner of a real estate business and enjoys total financial freedom. He wrote The Wealthy Gardener: Lessons on Prosperity between Father and Son to distill his own wisdom on money and success for his ambitious son who was entering adulthood. John’s book became a huge success, a best-seller, and an instant classic. He has lived in Mount Pleasant, Pennsylvania, with his wife, Patti, for over 30 years. He has a daily wealth blog at wealthygardener.com We talk about 1)       John’s childhood and upbringing and how those days influenced his relationship with money 2)      The unique storytelling shared in the book, a parable of a Wealthy Gardener, and John’s own intimate stories of struggles and success 3)      John explains how financial freedom is a way of life 4)      We learn from John that “prosperity is the power to take a walk in the woods on a weekday, pay for college tuition, and live with choices, options, and power.” 5)      We have a fascinating discussion about how we spend our time and the need for impact activity in our days. 6)      John shares his experience with stock market investments and how real estate investment resonated better with his personality and expertise. 7)      We talk about the discomfort and the pursuit of wealth 8)      The importance of relationships and alone time 9)      Last but not least, we touch on John’s own definition of success. John and I had a really fun conversation that continued after we stopped recording. I shared my last book with him, and he was kind enough to contribute to my new book, Crisis Investing. I hope you enjoy this episode as much as I did. Please help me welcome John Soforic. ---- ⁠⁠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 ⁠⁠⁠⁠⁠⁠⁠⁠Talking Billions⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠ Read ⁠⁠⁠⁠⁠⁠⁠⁠Money, Life, Family⁠⁠⁠⁠⁠⁠⁠⁠ - the book. NEVER INVESTMENT ADVICE.

Welcome to the special episode of Talking Billions. It’s Berkshire Hathaway week, and some of you might be heading to Omaha for the company’s annual meeting. I’ll be there, and I might see some of you. Many of you might be following the event online. Others might be new to Buffett and his company. As a special treat this week, I have an episode with Adam Mead for you. Adam wrote an incredible, almost 800-page book about the history of Berkshire Hathaway. I read it all, and I highly recommend it. Berkshire is an investment vehicle managed by Warren Buffett and Charlie Munger, two legends in the investing world. There are many books about them and the company, but this one is unique. Adam did an incredible job researching the history of Berkshire long before Buffett’s arrival at the helm, leaving us with hints about the future beyond Buffett. If you are a Buffett fan, I think you’ll greatly enjoy hearing stories you might be hearing for the first time, or at least how we discuss them might offer a new perspective. If you are new to Buffett and Berkshire, it’s a great primer in the history of a very successful investing duo, a one-of-a-kind company, and over 150 years of economic and industrial change in the United States. We start with the whaling fortunes of the northeast, we talk about Hetty Green, a legend of Wall Street of the late 1800s, to a story of the textile industry in America, to Buffett’s arrival, and Berkshire’s prosperous growth to a giant it is today holding a stake in Apple among others. We’ll talk both about the success and some massive mishaps, too. Stay tuned until the end, where we talk about Buffett’s lesser-known involvement with Amazon soon after the dot com bubble burst. Our conversation is a lesson in economic history seen through the experience of one company that changed and evolved and continues to flourish today. Adam J. Mead is a life-long student of business and capital allocation. He is the CEO and Chief Investment Officer of Mead Capital Management, LLC. Adam is also the founder of watchlistinvesting.com, a value investing newsletter. Adam spent over a decade in banking in commercial credit, including observing first-hand the after effects of the Great Recession and the long credit expansion afterward. Adam has been investing in public securities markets since 2004. Adam holds a Master of Business Administration from Southern New Hampshire University. Twitter: @BRK_Student LinkedIn YouTube Blog: http://www.theoraclesclassroom.com Newsletter: http://watchlistinvesting.com The Complete Financial History of Berkshire Hathaway: ---- ⁠Crisis Investing: 100 Essays⁠ - the new book. To get regular updates and bonus content, please sign-up to my substack: ⁠https://bogumilbaranowski.substack.com/⁠ Follow me on Twitter: ⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠Talking Billions⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠ Read ⁠⁠⁠⁠⁠⁠⁠Money, Life, Family⁠⁠⁠⁠⁠⁠⁠ - the book. NEVER INVESTMENT ADVICE.

Gillian Zoe Segal is the author of “Getting There: A Book of Mentors” and “New York Characters.” She received a Bachelor of Arts from the University of Michigan and a law degree from the Benjamin N. Cardozo School of Law.  We talk about her book Getting There, and we explore the stories of many successful people. We discuss some of the themes and lessons from their experience: 1)     We start with Gillian’s own childhood and upbringing 2)      Gillian shares how none of the characters featured in her book had a smooth and steady ride to the top 3)      She shares a story of young Warren Buffett’s fear of public speaking and how he managed to overcome it 4)      We learn how the mentors in Gillian’s book had blind faith in future success despite countless rejections. 5)      We hear about the importance of treating everyone with respect. 6)      Gillian shares a lesson from Sara Blakley, the billionaire founder of Spanx how it helps to protect and nurture new ideas. 7)      We talk about how great schools and degrees are not an indispensable ingredient to success and how getting fired might have helped many of the heroes in the book succeed. 8)      We discuss the dead-ends, plateaus, and even rock bottoms in the lives of the many accomplished people that Gillian features in the book. 9)      Stay tuned until the end if you are curious to know what a big wave surfer can teach us about goals and more. I had a lovely time chatting with Gillian and learning more about many people we all admire. Her book introduces them from a whole new perspective. I think there might be a lesson there or two for all of us. I certainly found some valuable takeaways for myself. ---- 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 ⁠⁠⁠⁠⁠⁠Talking Billions⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠ Read ⁠⁠⁠⁠⁠⁠Money, Life, Family⁠⁠⁠⁠⁠⁠: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth. NEVER INVESTMENT ADVICE.

It's a bonus episode where I introduce all the previous 20+ episodes. It's a short listen, and you can choose and pick which episodes you might have missed but would enjoy listening to. Enjoy, subscribe, follow, rate, and most of all, share with your family and friends; warmly, Bogumil To get regular updates and bonus content, please sign-up to my substack: ⁠https://bogumilbaranowski.substack.com/⁠

My guest today is Robert Karas. He is a partner and a chief investment officer at Bank Gutmann in Vienna Austria. He is a fellow Guy Spier’s ValueX attendee. He calls himself an investor on a lifelong journey. I’m a big fan of his newsletter, which you can find on LinkedIn, the link is in the notes. Robert has a way of presenting familiar ideas in a new fresh, and thoughtful way. I think that any seasoned and new investor would benefit from reading them. I highly recommend checking out his earlier posts, especially the ones written in midst of last crisis, the global COVID pandemic.   Today, we talk about Robert’s childhood, and upbringing, his investing journey. He shared with me his experience working at 100-year old institution, and how that influences the type of clients he works with, and the type of investment philosophy that his firm pursues. We discuss the benefits of writing, and how writing can make us better investors. Robert likes to call himself an outsider, and he explains why that helps in his work.   I especially like how he refers to the life of an investor as being monk like. He shares how an investment team resembles monks and nuns in a monastery. Stay tuned until the end to find out why Robert believes that it doesn’t pay to get completely out of the market at any point in time, no matter what’s happening.   I greatly enjoyed our conversation, I hope to continue to learn from Robert, and follow his writing.   After we stopped recording, I shared with Robert that Vienna was the first Western European city I saw as a kid. Poland, where I grew up, was just ending its failed experiment with a centrally planned Soviet-style economy. I have vivid memories of Vienna as being colorful, and alive compared to my early childhood Poland, which was gray, but about to dramatically change as the Cold War came to an end, and the Iron Curtain just fell.    Without further ado, please help me welcome Robert Karas from Bank Gutmann in Vienna, Austria.    https://www.linkedin.com/in/robertkaras/ ---- 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 ⁠⁠⁠⁠⁠Talking Billions⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠ Read ⁠⁠⁠⁠⁠Money, Life, Family⁠⁠⁠⁠⁠: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth. NEVER INVESTMENT ADVICE.

My guest today is Jeff Henriksen. He is the CEO and founder of Thorpe Abbotts Capital, LLC. He is also an Associate Fellow at the University of Oxford and a contributor to Forbes.   Over the last ten years, Jeff has gained knowledge and experience as a private investor with a focus on behavioral finance. Although his investment style is rooted in the teachings of traditional value-oriented thinkers, Jeff’s philosophy centers on understanding the behavioral factors behind mispricing to unlock the core building blocks of the value premium. Using knowledge of these core building blocks, Jeff seeks to adapt traditional value investing philosophy to 21st century financial markets.   Jeff earned his MBA from the University of Oxford where he received the Dean’s Commendation Award. He also holds a master’s in finance from the University of Colorado Denver and a Bachelor of Arts from the University of Colorado Boulder, where he graduated magna cum laude in History. He is a member of the Phi Beta Kappa Society.   Today, we start with some childhood stories, and Jeff’s first entrepreneurial experience.   We dive deep into the concepts behind behavioral finance and economics in search of the new frontier or maybe the last edge in the investment world. Jeff has a gift for explaining difficult concepts in a very relatable way.   All investors read, many write, some publish, and others also teach on top of it all, Jeff tells us what he learned teaching investing at Oxford.   Jeff shares his recent memories of crisis investing while navigating through the global pandemic and tells a story of a stock trader who lived through the Cuban Missile Crisis… a story I didn’t know, but a story that gave me a new way of looking at extremely uncertain moments in time.   We have a longer discussion about obliquity, a concept that’s been on my mind lately, it’s the idea of indirectly arriving at the goal we chose.   Stay tuned to the end, one more time, my guest surprises me with a new take on the definition of success. It involves a Hollywood movie and more.   Find Jeff here: www.thorpeabbottscapital.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 ⁠⁠⁠⁠Talking Billions⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠ Read ⁠⁠⁠⁠Money, Life, Family⁠⁠⁠⁠: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth. NEVER INVESTMENT ADVICE.