TIP647: Value Investing Masterclass w/ Soo Chuen Tan

On today’s episode, Clay shares the most important lessons he’s learned from Morgan Housel. Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:24 - Why the best story wins. 09:35 - Why the biggest risk is the one nobody sees coming.  23:03 - The seduction of pessimism and why it pays to be an optimist. 27:18 - The importance of understanding ‘enough’. 44:42 - The importance of patience and investing with a long time horizon. 52:34 - The impact of debt.  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. Morgan’s books: The Psychology of Money & Same as Ever. Morgan's podcast on debt with Howard Mark. Related Episode: Listen to TIP602: Same as Ever w/ Morgan Housel, or watch the video. Related Episode: Listen to TIP351: The Psychology of Money w/ Morgan Housel, or watch the video. Mentioned Episode: RWH016: The Best of the Best w/ Francois Rochon. Mentioned Episode: RWH013: Move Slow, Win Big w/ Thomas Russo. Mentioned Episode: TIP559: Mastering the Market Cycle w/ Howard Marks. 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 Toyota Range Rover Sound Advisory American Express The Bitcoin Way Vacasa USPS Onramp SimpleMining Public Fundrise BAM Capital Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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

In this episode, Preston interviews Max Kei and Pascal Hugli, diving deep into how Bitcoin's unique characteristics position it as the ultimate collateral for institutional lending. The discussion covers key topics such as risk management, the role of stablecoins, peer-to-peer lending versus traditional finance, and the future of Bitcoin in institutional portfolios. Max and Pascal share their perspectives on the barriers to institutional adoption, the evolving regulatory environment, and the innovations shaping the future of Bitcoin lending and borrowing platforms. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 09:47 - How Bitcoin’s 24/7 liquidity and decentralized nature make it the most pristine collateral for lending and borrowing. 16:59 - The impact of Bitcoin’s deep liquidity on risk management strategies for institutions. 20:45 - The challenges and opportunities for institutions in adopting Bitcoin compared to traditional assets. 24:45 - Insights into Bitcoin’s performance in institutional portfolios and how it shapes future portfolio management. 32:13 - The future of Bitcoin lending and borrowing platforms and the innovations on the horizon. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Max Kei’s Institutional Borrowing and Lending platform: Debifi. Max and Preston: The Future of Bitcoin Borrowing and Lending w/ Max Kei (BTC177). Max Kei's X Account and Nostr. Pascal Hugli’s X Account and Nostr. 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 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 Toyota Range Rover Sound Advisory American Express The Bitcoin Way Vacasa USPS Onramp SimpleMining Public Fundrise BAM Capital Shopify 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, William Green chats with Harold J. (“Jay”) Bowen III, President & CIO of Bowen, Hanes & Company. Jay & his late father generated dazzling returns for their biggest client, the Tampa Firefighters’ & Police Officers’ Pension Fund. The fund’s stock portfolio has achieved an annualized return of 14.4% over 50 years & a cumulative return of more than 81,000%. Here, Jay explains how they pulled this off, sharing one of the great untold stories of the investment world.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 08:37 - What makes the Tampa Firefighters’ & Police Officers’ Pension Fund special. 17:54 - How Jay Bowen’s father came to run the fund half a century ago. 29:09 - How to thrive by slashing fees, shunning consultants, & thinking long term. 38:54 - Why Jay takes a top-down thematic investment approach. 43:03 - How the fund made a fortune buying Coca-Cola before Buffett. 47:15 - Why it pays to bet on extraordinary CEOs. 51:09 - Why truly long-term investors shouldn’t bother with bonds. 1:05:31 - How Jay is positioned to profit from the Fourth Industrial Revolution. 1:10:27 - How he thinks about pricey stocks like Nvidia & Costco. 1:14:29 - How he invests in smaller companies he sees as future blue chips. 1:18:06 - Why he’s obsessed with the Federal Reserve. 1:22:16 - How to invest successfully in times of market mayhem. 1:37:58 - How being an endurance athlete has helped Jay as an investor. 1:53:58 - How he structures his days to optimize performance. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Jay Bowen’s investment firm, Bowen, Hanes & Company.  Links to Jay Bowen’s media appearances. William Green’s podcast episode with Fred Martin | YouTube Video. William Green’s podcast episode with Bob Robotti | YouTube Video. William Green’s book, “Richer, Wiser, Happier” – read the reviews. Follow William Green on X. 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. 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 Toyota Range Rover Sound Advisory American Express The Bitcoin Way Vacasa USPS Onramp SimpleMining Public Fundrise BAM Capital Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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

On today’s episode, Clay offers a detailed guide on creating an investment checklist to help you avoid picking losing stocks. An investment checklist, paired with thorough fundamental analysis, is crucial for making informed and intelligent decisions in the investing world. Great investment opportunities are rare, and a well-crafted checklist is key to distinguishing exceptional companies from mediocre ones. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:44 - Why fundamental research is essential to invest successfully. 04:47 - How to generate new investment ideas. 06:47 - How to understand the basics of a business. 08:31 - How to understand the customer base. 10:32 - How to determine the primary risk factors of a business. 19:19 - How to evaluate the strengths and weaknesses of a company. 28:25 - Which financial and operating ratios investors should monitor? 32:53 - How to determine the quality of a company’s earnings and management team. 01:06:51 - How to evaluate growth opportunities. 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. Books mentioned: The Investment Checklist, 7 Powers, Investment Intelligence from Insider Trading. Mentioned Episode: TIP652: Best Quality Idea Q3 2024 w/ Clay Finck & Kyle Grieve. Mentioned Episode: TIP600: Business Durability and Strategy Masterclass w/ Hamilton Helmer. Mentioned Episode: TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve. Mentioned Episode: TIP602: Same as Ever w/ Morgan Housel. Mentioned Episode: TIP492: The Best Investor You've Never Heard Of — Nick Sleep. 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 Toyota Range Rover Sound Advisory American Express The Bitcoin Way Vacasa USPS Onramp SimpleMining Public Fundrise BAM Capital Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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 this episode, we dive into the challenges of Bitcoin payments and scaling, and how Fedi is addressing these issues. Obi Nwosu explains the concept of Fediments and guardians, while Renata Rodrigues shares her on-the-ground experiences in Africa, discussing the real-world impact of Fedi on communities. We also explore the tools within the Fedi app that empower users to earn sats and the potential of Fedi to unlock talent trapped by financial repression. Additionally, Obi and Renata discuss Fedi’s move towards open-source, social backup mechanisms, and their partnership with Save the Children. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:54 - The major problem that Fediments solve for Bitcoin payments and scaling. 04:31 - How guardians function within the Fedi ecosystem and the role they play in protecting user privacy. 05:43 - The concept of the Fedi Order and how it supports the Fedi ecosystem. 15:33 - Insights from Renata Rodrigues on the conversations happening in Africa around Bitcoin adoption. 18:43 - Obi Nwosu's perspective on how financial repression is trapping talent globally and how Fedi can help unlock it. 28:30 - How vendors are responding to incorporating Fedi into their stores. 30:01 - The tools inside the Fedi app, known as Fedi Mods, that enable people to earn sats. 32:17 - The importance of social backup and stable channels within the Fedi ecosystem. 43:35 - Fedi’s partnership with Save the Children and how it is making a difference. 46:52 - How to start your own Fedimint and the timeline for getting set up. 51:00 - Fedi's transition towards becoming open source and what it means for the future. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Watch the Fedi Live Event at Fedi.xyz. You can follow Fedi on X and Nostr and join the Fedi Telegram community here. Download the Fedi App. Connect with Developers on Fedimint and Discord here. 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 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 Toyota Range Rover Sound Advisory American Express The Bitcoin Way Vacasa USPS Onramp SimpleMining Public Fundrise BAM Capital Shopify 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