TIP657: Morgan Housel's Lessons to Build Wealth w/ Clay Finck

In today's episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra. Stig only owns five individual stocks, and in this episode, he outlines why Betsson is one of them. Hari’s pick, Nintendo, is at an attractive spot in the console cycle, and Tobias pitches Virtu, a value stock trading at an appealing valuation.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:04 - Why Toby has invested in Virtu Financial (Ticker on NASDAQ: VIRT). 13:23 - The bear case for Virtu, including a discussion of whether their service is superior. 24:44 - Why Hari is bullish on Nintendo (Ticker on the Japanese Stock Exchange: 7974). 26:19 - The bear case of Nintendo, including their valuation.  43:14 - Stig’s bull case is for Betsson (Ticker on the Swedish Stock Exchange: BETS).  55:56 - The bear case for Betsson, including their exposure to Turkey. 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. Listen to Mastermind Discussion Q2 2024 – TIP632 or watch the video. Tune in to the Mastermind Discussion Q1 2024 or watch the video. Listen to Mastermind Discussion Q4 2023 – TIP586 or watch the video. Tune in to the Mastermind Discussion Q3 2023 – TIP576 or watch the video. Listen to Mastermind Discussion Q2 2023 – TIP557 or watch the video. Tune in to Mastermind Discussion Q1 2023 – TIP528 or watch the video. Stig Brodersen’s portfolio and return.  Tobias Carlisle's podcast, The Acquirers Podcast Tobias Carlisle's ETF, ZIG. Tobias Carlisle's ETF, Deep. Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this book. Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com. Tweet directly to Tobias Carlisle. Hari's Blog: BitsBusiness.com Tweet directly to Hari. 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 Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T 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! 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 Shree Viswanathan for a stock deep dive on Hermès. Hermès is a luxury goods manufacturer renowned for its high-quality craftsmanship. The brand is known for its iconic products, such as the Birkin and Kelly bags, silk scarves, and equestrian-inspired items. Since the IPO in 1993, shares of Hermès have compounded at 20.6% (excluding dividends), while the S&P 500 had a total return of just 10.4%.  Shree Viswanathan is the founder and portfolio manager of SVN Capital. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:38 - A business overview of Hermès. 10:28 - Examples of Hermès thinking exceptionally long-term in their business strategy. 30:16 - The attempted takeover of Bernard Arnault. 37:59 - The strength of Hermès’ moat. 56:01 - The growth opportunities ahead for Hermès and the luxury industry more broadly. 01:03:22 - How Hermès approaches capital allocation. 01:14:15 - Shree’s thoughts on Hermès’ valuation. 01:29:51 - Risks that investors should monitor for Hermès. 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. Shree’s fund: SVN Capital. Follow Shree on Twitter. Best Anchor Stocks write-ups on Hermès. Books mentioned: 100 Baggers, The Founder’s Mentality, The Luxury Strategy. Stewart Brand’s seminar on long-term thinking. Howard Marks’ podcast with Morgan House. Related Episode: WSB585: Concentrated Value Investing w/ Shree Viswanathan. Mentioned Episode: WSB645: The King of Luxury w/ Christian Billinger. 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 Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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

This episode covers key real estate market trends amid rising inflation and interest rates, particularly in city centers. We discuss the markdown of commercial properties, the impact on rental vs. ownership rates, and regional pricing variations. The conversation also explores how Bitcoin can serve as collateral for real estate development, acting as a hedge against inflation, and the potential of Bitcoin-backed loans. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:08 - How rising inflation impacts real estate, particularly in city centers. 03:12 - The effect of higher inflation on CAPEX and operational expenses for developers. 05:08 - Key reasons for the markdown of commercial real estate and its potential evolution. 08:42 - Predictions for rental rates vs. ownership rates in a high-interest environment. 13:15 - Regional variations in real estate pricing and how they affect investment strategies. 19:35 - How Bitcoin can serve as a hedge against inflation in real estate development. 27:38 - The potential for Bitcoin to protect against property confiscation. 33:59 - The benefits of using Bitcoin as collateral versus traditional assets. 34:22 - How Bitcoin-backed loans differ in terms of risk and structure from traditional real estate financing. 45:40 - The future of Bitcoin as a standard asset class for real estate collateral. BOOKS AND RESOURCES Leon's X (Twitter) Account. Leon on Nostr. Leon's Newsletter. 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 Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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, Kyle Grieve discusses the importance of simplicity and understanding for investment success, why you can succeed in investing while being wrong often, cloning characteristics too many investors follow that should be avoided to improve investing success, the significant differences in analyzing large and small businesses, how to treat stock tips with caution to avoid risky investments, why separating your investments into subtypes can be a helpful investing tool, and a whole lot more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:44 - Why investing in things that you understand well is still such a big competitive advantage in investing. 04:59 - The vital interplay between fundamentals, momentum, value, and price. 11:18 - How to succeed in investing while being dead wrong 40% of the time. 16:12 - Why market timing is one of the quickest ways to decrease returns. 18:18 - The crucial connection of contrarianism and patience that Peter says makes a successful investor. 21:05 - The significant differences in analyzing small businesses compared to larger businesses. 31:34 - Why you should look to market pricing to find great opportunities and not to assess performance. 32:45 - How you should treat stock tips. 37:05 - 13 unconventional characteristics of outstanding investments. 52:51 - Lynch's six investment types, and why delineating them was important. 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. Buy One Up On Wall Street here. Follow Kyle on Twitter and LinkedIn. 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 Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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 Daloopa The Bitcoin Way American Express Found Vacasa Onramp Facet SimpleMining Public Fundrise USPS AT&T Shopify Fundrise 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