RWH050: The Intelligent Investor w/ Jason Zweig

On today’s episode, Clay reviews the wonderful book — Am I Being Too Subtle by Sam Zell.  Sam Zell has an impressive background, having started his career in real estate in the late 1960s.  He was the founder and chairman of Equity Group Investments, a leading private investment firm. Over the course of his career, Sam made many bold moves and investments, earning him a reputation as a savvy and fearless investor. One of Sam’s most notable achievements was his role in creating the modern-day real estate investment trust (REIT) industry. He did this by founding Equity Office Properties Trust in 1997, which became the largest office REIT in the United States. In 2007, he sold the company for a record-breaking $39 billion. Just prior to passing away on May 18th, 2023, Sam had his final recorded interview with The Investor’s Podcast Network. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 07:38 - The story of Sam’s family escaping Poland in 1939 to head to the United States. 12:08 - Sam’s early entrepreneurial and real estate ventures. 28:15 - How Sam got the nickname as ‘The Grave Dancer’ within the real estate industry. 32:46 - Sam’s investment criteria when buying real estate. 33:36 - How Sam capitalized on finding bargains outside the real estate industry. 50:56 - An overview of Zell’s record-breaking deal in 2007. 59:12 - Sam’s critical insights into building a great culture. 01:06:54 - Sam’s key business principles that helped him become a billionaire. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Sam’s book. Related Episode: Listen to TIP552: Mastering The Art of Investing: A Deep Dive w/ Sam Zell, or watch the video. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Daloopa Bluehost TastyTrade Miro Public American Express The Bitcoin Way ReMarkable Fundrise Facet Onramp SimpleMining Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Alex Leishman discusses River's recent report on the 30% growth in business Bitcoin adoption, detailing trends in cross-border payments, treasury management, and the unique ways businesses are integrating Bitcoin. He also touches on River's major new service, the importance of proof of reserves, and shares insights on how companies can navigate volatility in the crypto space. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:46 - Why Bitcoin adoption among businesses grew by 30% in just one year 12:37 - How private companies are outpacing public firms in Bitcoin holdings 14:53 - The future growth trajectory of business Bitcoin holdings through 2026 15:54 - Three key areas where Bitcoin adds value for businesses beyond treasury management 27:34 - River’s new service offering interest on FDIC-insured cash deposits 30:05 - What big banks may misunderstand in the coming Bitcoin bull cycle 32:12 - How Alex Leishman stays balanced and his personal hobbies outside of work 34:26 - Top advice for newcomers to the cryptocurrency space 35:55 - Strategies for managing the volatility of Bitcoin Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Check out River’s Exchange Services. River’s recent report on Corporate Bitcoin Adoption. Alex on X (Twitter). Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Daloopa Bluehost TastyTrade Miro Public American Express The Bitcoin Way ReMarkable Fundrise Facet Onramp SimpleMining Vanta Shopify Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today’s episode, Clay is joined by Derek Pilecki. Derek is a managing member and portfolio manager at Gator Capital Management, which manages Financials sector long/short portfolios for private partnerships and mutual funds. Since its inception in July 2008, Gator Capital has compounded capital at 21.0% per annum versus 11.8% for the S&P 500 over the same time period. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:48 - Derek’s experience of launching a financials-focused fund 10 weeks before the collapse of Lehman Brothers. 12:13 - Derek’s advice to aspiring hedge fund managers. 14:30 - How Derek achieved a return of 186% in 2009. 14:30 - What led Derek to purchase General Growth Properties, whose stock increased by 20x in less than one year. 23:25 - Why Warren Buffett likes financial companies, especially the big banks. 27:38 - Why Derek puts his focus on financial companies. 33:36 - How banks can create a sustainable competitive advantage in their market. 36:08 - Why First Citizens Bancshares is Derek’s top position in his fund. 46:44 - An update on the current market conditions for banks. 50:21 - How a high inflation environment would impact banks. 52:53 - Why Derek is long Robinhood. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Derek’s fund: Gator Capital. Derek’s letters. Related Episode: Listen to TIP634: Value Investing Fundametals w/ John Huber, or watch the video. Follow Derek on Twitter. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Daloopa Bluehost TastyTrade Miro Public American Express The Bitcoin Way ReMarkable Fundrise Facet Onramp SimpleMining Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In this episode, Allen shares his thoughts on the Saifedean vs. Saylor debate on borrowing against Bitcoin, the role of stablecoins in expanding fiat, and their underlying protocols. He also delves into the risks of stablecoins compared to traditional bank accounts and highlights current technical risks in the crypto space. Allen gives his take on free speech and technologies like Nostr and discusses the growing custody and derivatives activity with institutions like BNY Mellon and IBIT. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:26 - Allen’s perspective on the Saifedean vs. Saylor debate regarding borrowing against Bitcoin. 05:55 - Why stablecoins may or may not be more risky than traditional bank accounts. 10:26 - How stablecoins might help in the expansion of fiat currencies globally. 14:46 - Technical risks that Allen is currently concerned about in the crypto space. 27:19 - Whether stablecoins require protocols like Tron or Solana for long-term functionality. 31:51 How institutional involvement is changing the crypto landscape, from custody to derivatives. 39:48 - Allen’s views on free speech, Nostr, and supporting technologies for Bitcoin. 45:48 - The significance of BNY Mellon’s custody services and the approval of derivatives for Bitcoin. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Allen's (X) Twitter Account. Allen on Nostr. Allen’s book: Bitcoin Is Venice: Essays on the Past and Future of Capitalism. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Daloopa Bluehost TastyTrade Miro Public American Express The Bitcoin Way ReMarkable Fundrise Facet Onramp SimpleMining Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today's episode, Stig Brodersen outlines 10 things he has learned about investing since he started The Investor’s Podcast in 2014. In the second segment of the show, Clay Finck joins to discuss his top takeaways from his investing career.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:12 - Why you should be careful who you listen to about stock investing.  07:45 - Why you should not screen for stocks. 08:29 - Why Stig’s circle of competence is getting smaller. 11:31 - Why Stig do not read as many investing books as he used to. 16:05 - Why you should set up guardrails for yourself. 19:36 - Why you shouldn’t look at your track record more than once per year. 20:17 - Why you shouldn’t only have public equities in your portfolio. 31:23 - Why you should run your track record 1,000 times. 32:53 - How one could think about position sizing. 35:59 - What are the implicit assumptions? 45:43 - What Clay learned about investing. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Stig’s blog post on his portfolio and track record since 2014. Stig and Clay’s podcast episode on Stig’s return since 2014. Criteria of companies in the UK that Stig is interested in buying. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Daloopa Bluehost TastyTrade Miro Public American Express The Bitcoin Way ReMarkable Fundrise Facet Onramp SimpleMining Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm