Talking Billions with Bogumil Baranowski

Christopher Begg, a successful long-term value investor and adjunct professor at Columbia University, dives deep into the evolution of investing philosophy. He emphasizes the importance of patience and quality in investments while teaching Ben Graham’s timeless principles. Begg reflects on how insights from nature, particularly his love for surfing, shape his investment strategies. He also discusses the balance between freedom and growth in business, advocating for a long-term perspective that prioritizes meaningful experiences over mere financial success.

Dan Solin, a New York Times bestselling author and former attorney, shares insights from his book 'Ask: How to Relate to Anyone.' He emphasizes the art of meaningful dialogue, particularly in financial advising, demonstrating how curiosity and active listening can transform conversations. Dan illustrates the importance of authenticity in communication and reflects on how ensuring clients feel heard fosters deeper connections. He also discusses the true essence of success, highlighting that personal fulfillment often outweighs mere monetary wealth.

It’s a Fireside Chat today. Jeremy Deal, a good friend and fellow investor, asks me about my investment practice, my philosophy, my experience managing multi-generational family fortunes with an infinite investment horizon, and more. Blue Infinitas Capital, LLC 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 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 Meir Statman, he is a professor of finance, author, expert in behavioral finance. We talk about his newest book: **A Wealth of Well-Being: A Holistic Approach to Behavioral Finance —** I learned a lot, and I trust that you will too. Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance. He describes people as “normal,” neither computer-like “rational,” nor bumbling “irrational,” and attempts to understand and explain how normal people make choices and how these choices affect their well-being. Meir's research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the CFA Institute Research Foundation, and the Investment and Wealth Institute (IWI). Meir is a member of the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management, the Journal of Retirement, the Journal of Investment Consulting, and the Journal of Behavioral and Experimental Finance; an Associate Editor of the Journal of Behavioral Finance and the Journal of Investment Management; and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, two Bernstein Fabozzi/Jacobs Levy Awards, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards. Meir was named as one of the 25 most influential people by Investment Advisor magazine. He consults with many investment companies and presents his work to academics and professionals in many forums in the United States and abroad. Meir received his Ph.D. from Columbia University, and his B.A. and M.B.A. from the Hebrew University of Jerusalem. Takeaways Balancing saving and spending is important for financial well-being. Life well-being is achieved through living a satisfying life full of meaning and purpose. Money plays a role in various domains of life, including financial, social, cultural, and personal. Envy and other emotions related to social status can impact happiness. Knowing your comparison group and focusing on your own achievements can lead to greater contentment. Self-control is essential when saving for the future, and it's important not to dip into capital except when necessary. Finding a balance between saving and spending is crucial, as some people become so focused on saving that they forget to enjoy their wealth. Involving the next generation in financial planning is important for creating a multi-generational wealth strategy. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed.  Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

A life-changing book and conversation My guest today is Peter Atwater; he is a Wall Street veteran and the author of a wonderful book, The Confidence Map. We are talking about everything from investing and navigating the financial crisis to what it takes to be a successful money manager. We are learning from airplane pilots, pandemic-era doctors, and more. Peter proposes an eye-opening framework, a map that has already helped me in my professional life in many ways, and I think it could guide you in your endeavors as well. Please help me welcome, Peter Atwater. When Peter Atwater turned 45, his son said, “Dad you are halfway to ninety.” Three months later he left a very successful career in financial services to do something different. After helping several hedge funds successfully navigate the 2008 banking crisis, that “something different” turned out to be studying confidence. Tossing aside his academic training in economics and his experience on Wall Street, Atwater turned to social psychology and discovered that not only do we act as we feel, but we do so consistently, too. To paraphrase Mark Twain, history rhymes for a reason. Today, Atwater is a recognized expert on the impact of confidence on individual and group decision-making. He teaches classes on the topic at his alma mater, William & Mary. And when he isn’t in the classroom, you can find him leading corporate retreats, speaking on stage, and offering his insights on current events on CNBC and Bloomberg Television and in the Financial Times, the Wall Street Journal and Time Magazine. In his book, The Confidence Map, Atwater shares the tools and framework he uses in his work with business leaders, investors, coaches, and public policymakers. Website:peteratwater.com Twitter: @peter_atwater Book: https://www.amazon.com/Confidence-Map-Charting-Chaos-Clarity/dp/0593539559 Takeaways: Confidence is a key factor that underpins the important choices we make. The confidence map consists of four quadrants: comfort zone, stress center, passenger seat, and launch pad. Understanding our emotions and stories can help determine our position on the confidence map. Trust is essential in both personal and professional relationships, and it is earned through consistent actions and experiences. Having clear principles and a philosophy in investing provides a solid foundation, while allowing for flexibility in individual actions. In times of crisis, shared processes and procedures are crucial for effective decision-making and reducing improvisation. Creating slack and choosing what to focus on can help navigate uncertainty and maintain a sense of control. Success is not solely about personal achievements, but also about helping others succeed and leaving a positive impact. 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.

The host reflects on their journey in investment and personal growth while answering listener questions about money and life. Key insights include the necessity of informed investing and portfolio construction for financial independence. Exciting discussions around the future of Berkshire Hathaway reveal the enduring culture initiated by Buffett. A focus on long-term investments in quality businesses highlights the shifts in market leadership. Personal anecdotes about wealth creation explore relationships and timing, with an announcement of a new audiobook project.

Michael McCloskey, founder of traditional value investing firm Greenskeeper, discusses the artistry of investing. He shares how childhood experiences shaped his curiosity and investment philosophies, emphasizing the importance of embracing individuality. Michael also delves into the blend of personal and analytical aspects in investing, highlighting that mistakes offer valuable learning opportunities. He underscores the necessity of patience, self-awareness, and a long-term mindset, illustrating how investing can go beyond mere financial gain to enrich one's life.

Steven Gorelik, a seasoned investor originally from Belarus, shares insights on investing in both Eastern European and U.S. markets. He discusses how his experiences under communism shaped his understanding of capitalism. The conversation dives into the nuances of long-term investment strategies, emphasizing local economic conditions and political stability. Gorelik also highlights the importance of documenting investment decisions and maintaining personal conviction, all while revealing trends in the S&P 500 and the dynamic nature of cash flows in driving investment returns.

In this engaging conversation, Matt Zeigler, a Managing Director at Sunpointe Investments, shares his unique perspective on 'punk rock economics,' emphasizing community and storytelling. He explores the nostalgia tied to childhood memories and the impact of music on personal growth. Matt discusses the importance of empathy in wealth management, highlighting how emotions shape financial decisions. The dialogue weaves philosophical insights on finding meaning in life's chaos, showcasing the transformative power of stories and human connections in both finance and personal life.

Ben Claremon, an investment veteran with two decades of experience and host of The Compounders Podcast, shares his unique journey and insights. He emphasizes the importance of listening in investing and how early experiences shape one's relationship with money. Claremon reflects on the lessons learned from the financial crisis and the role of risk aversion in his philosophy. He also discusses the microcap landscape, the challenges it faces, and how curiosity and relationship-building drive success in investment.