TIP681: Mastermind Q4, 2024 w/ Stig Brodersen, Tobias Carlisle, and Hari Ramachandra

On today’s episode, Clay Finck invites Stig Brodersen to discuss current market conditions and one of Stig’s favorite books — Poor Charlie’s Almanack. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:23 - How Stig and Clay think about today’s market. 08:02 - Why we expect the stock market to continue to hit new all-time highs. 08:02 - How Stig is protecting himself against potential inflation going forward. 39:49 - Why Stig re-reads Poor Charlie’s Almanack each year. 49:55 - The psychological biases we need to be mindful of. 01:02:14 - How the endowment effect can be detrimental to our portfolio’s returns. 01:11:45 - How we can apply Munger’s principle of inversion to our lives and our portfolios. 01:27:00 - How you can attend the live events TIP is hosting in Omaha during the Berkshire weekend. 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. Book discussed: Poor Charlie's Almanack. Join our highly vetted community of value investors here. Check out Stig’s portfolio here. Email Shawn at shawn@theinvestorspodcast.com to attend our free events in Omaha or visit this page. 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 7-Eleven Connect Invest Bluehost The Bitcoin Way ReMarkable SimpleMining American Express Public Fundrise Toyota Onramp 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

Jeff Ross, American Hodl, and Joe Carlasare discuss Bitcoin’s historic price surge to $96,000, the influence of Donald Trump's re-election on crypto policy, and global proposals for Bitcoin reserves. Topics include regulatory challenges, institutional inflows, and game-changing corporate strategies. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:58 - Why experts believe $96,000 may not be the top for Bitcoin. 14:10 - The potential impact of Trump’s re-election on U.S. Bitcoin policy. 11:06 - How countries like Brazil and the U.S. are exploring Bitcoin as a strategic reserve asset. 17:38 - The global regulatory landscape: Russia’s legalization and China’s possible policy shifts. 30:57 - Nic Carter’s insights into Chokepoint 2.0 and its implications for crypto innovation. 31:19 - The FDIC’s controversial handling of crypto-friendly banking products. 31:37 - How "pause letters" have stifled crypto innovation in traditional finance. 41:31 - The surge in institutional adoption, including ETF investments and corporate treasury moves. 48:07 - Microstrategy's influence on corporate debt and treasury strategies. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Related Episode: Bitcoin Mastermind 3rd Quarter 2024. Related Episode: Base Fiat Money and Bitcoin w/ Matthew Mežinskis. Related Episode: Jack Mallers on Bitcoin 2025 Expectations. American Hodl on Nostr. Jeff Ross on Nostr. Joe Carlasare on  X (Twitter), 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. SPONSORS Support our free podcast by supporting our sponsors: River Toyota 7-Eleven Connect Invest Bluehost The Bitcoin Way ReMarkable SimpleMining American Express Public Fundrise Toyota Onramp Vanta Shopify 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, Kyle Grieve explores the life of Charlie Munger, drawing insights from his biography Damn Right!. He’ll cover Charlie’s similarities and differences with Benjamin Graham, the value of dedicating an hour a day to thinking, the role of decisiveness and conviction in transformative investments, and how independent thinking shaped his life. Plus, he’ll discuss lessons from his days practicing law, key takeaways from his investment partnership, and much more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:25 - How Charlie Munger’s approach to investing was more similar to Benjamin Graham than most think. 13:08 - How selling himself just one hour a day transformed Charlie’s thinking. 14:36 - Learn about Charlie’s multi-billion-dollar missed opportunity. 25:22 - Lessons from Munger’s legal career on working with people you like and how that shaped his investing strategy. 32:15 - Insights from Munger’s Investment Partnership: what worked, what didn’t, and why. 33:13 - What Munger and Benjamin Graham can teach you about the power of independent thinking. 42:22 - Why highly concentrated portfolios thrive in bull markets but face unique challenges in bear markets—and why they’re not for everyone. 53:21 - Why owning a high-quality business is not just profitable but also less stressful—and infinitely more enjoyable. 01:00:55 - Discover why Berkshire Hathaway never having a grand plan was a massive advantage. 01:03:20 - How Munger approached capital allocation and his contrarian views on the cost of capital. 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 Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger 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 7-Eleven Connect Invest Bluehost The Bitcoin Way ReMarkable SimpleMining American Express Public Fundrise Toyota Onramp 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, Clay reviews Brett Gardner’s new book, Buffett’s Early Investments.  Brett is an Analyst at Discerene Group LP, a private investment partnership that invests globally based on a fundamental and long-term value investing philosophy. Like us here at TIP, Brett is also a huge fan of Warren Buffett. During Buffett’s early partnership years from 1957 to 1969, he compounded his investors’ capital at 23.8% net of fees relative to the Dow Jones, returning just 7.4%. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:14 - The primary factors that led to Buffett’s outperformance during early investing years. 06:09 - The parallels between Buffett’s investment in Philadelphia and Reading and how he ended up transforming Berkshire Hathaway in the years that followed. 27:15 - What led Buffett to make an unconventional bet on Disney in 1966. 43:55 - Why Buffett invested in American Express after the Salad Oil Scandal. 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. Gardner’s book: Buffett's Early Investments. Email Shawn at shawn@theinvestorspodcast.com to attend our free events in Omaha or visit this page. Related Episode: Listen to TIP573: Berkshire's Beginnings w/ Jacob McDonough, 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 Toyota 7-Eleven Connect Invest Bluehost The Bitcoin Way ReMarkable SimpleMining American Express Public Fundrise Toyota Onramp 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

Jack Mallers joins to discuss Bitcoin’s evolving landscape, from the potential for strategic reserves to regulatory shifts and exciting advancements in Lightning and Strike’s new working capital feature. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:12 - The potential reality of a Bitcoin strategic reserve. 07:38 - Insights into the rumored $2 billion Bitcoin deposit by the U.S. government. 14:36 - What Operation Chokepoint 2.0 could mean for Bitcoin and crypto regulations. 17:55 - How regulatory changes might unfold under a new administration. 19:47 - Details about Strike's new feature enabling Bitcoin as a working capital account. 26:51 - Why integrating Bitcoin savings with fiat spending is becoming seamless. 27:26 - Possibilities of tax-free Bitcoin gains in the U.S. 32:53 - How Wall Street’s perception of Bitcoin is evolving. 35:38 - MicroStrategy's influence on corporate treasury strategies globally. 50:40 - Exciting Lightning Network advancements and their role in bridging crypto and traditional finance. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Seb’s book: The Hidden Cost of Money 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 Toyota 7-Eleven Connect Invest Bluehost The Bitcoin Way ReMarkable SimpleMining American Express Public Fundrise Toyota Onramp Vanta 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