A recording of my most recent, most-viewed Substack essay, along with a brief update from me. And don't forget to share it with everyone in your life who would also enjoy it.
Find it here (see below) with so much more public, free content: https://bogumilbaranowski.substack.com/p/the-sports-car-paradox
Summary for busy readers: One weekend this summer, I was surprised when a sports car I’d been following for hours emerged from a gas station right beside me at journey’s end—despite its speed advantage, we arrived together.
This moment crystallized a key investment truth: aggressive, high-volatility strategies (sports car investing) and steady, consistent approaches (family car investing) can reach similar destinations, but the journey experience differs dramatically.
While sports car investors endure stomach-churning 50%+ drawdowns for potentially higher returns, family car investors prioritize peace of mind and sustainable progress. The best strategy isn’t necessarily the fastest—it’s the one you can stick with through all market conditions.
Disclosure:
Blue Infinitas Capital, LLC is a registered investment adviser. The 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. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Find me on Substack: https://bogumilbaranowski.substack.com/
Kevin Koharki is an MBA, PhD, founder of CAE Consulting, and associate professor who has spent 20 years analyzing hundreds of firms and uniquely advocates that every employee—not just executives—should understand how their daily decisions impact capital allocation and long-term value creation.
3:00 - Childhood influence: Depression-era grandmother shaped Kevin's views on hard work, discipline, and saving money through close relationship and shared activities
6:00 - Career origin story: 1999 discovery of "Rich Dad, Poor Dad" led to Peter Lynch's "One Up on Wall Street" - describes it as "getting hit by lightning," sparking lifelong investing passion
9:00 - Teaching philosophy: Drops real 10Ks on students' desks, believes in learning by doing rather than textbooks - "if you want to learn how to hit a curveball, you have to step in the batter's box"
12:00 - Personal finance reality check: Most people don't budget despite it being "second, third grade math" - grandmother's "got cable?" test for true money problems
15:00 - Capital allocation breakthrough: 2022 Vegas flight rereading Buffett letters when everything "clicked" - realized employees need training on how their roles impact CEO decisions
18:00 - Defense contractor story: 71 years of collective family experience, never understood job's true financial impact until Kevin's training
21:00 - Common misconception: Analysts focus only on dividends, debt paydown, buybacks - "it doesn't start there, it starts with revenue"
25:00 - Concentration philosophy: Charlie Munger's "three investments in your lifetime" - finding businesses that can reinvest at high rates indefinitely
30:00 - Financial statement analysis: Shocking number of investors not making proper adjustments for leases, pensions, stock-based compensation
35:00 - Stock-based compensation deep dive: Spent three years figuring out what Buffett/Munger meant by "true cost" - most CFOs don't understand until receiving it themselves
40:00 - Double-hit problem: Stock-based comp hits earnings twice (expense + dilution) while actual cash impact appears in financing, not operations
45:00 - Tech sector impact: Free cash flow can be 30-40% lower than reported due to improper stock-based comp accounting
50:00 - Cultural change requirement: Capital allocation mindset shifts take years, require constant reinforcement like diet changes
55:00 - Employee education gap: HR can't explain stock plans due to licensing restrictions, employees receive lawyer-written documents they can't understand
60:00 - Success definition: Making people better investors or employees who understand their financial impact - "help them understand the why"
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.
Three years' worth of interviews with Chris Mayer, which Bogumil and Matt recorded, condensed into a one-hour BONUS episode.
The episode originally aired on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!In this special episode, Matt Zeigler and Bogumil Baranowski take you on a deep-dive mixtape journey through the best moments from their past three years of conversations with author and investor Chris Mayer. From the brutal patience required to ride out dead money periods to why the lack of a catalyst might be a feature, not a bug—this episode is packed with timeless investing wisdom. Whether you're chasing a hundred bagger or trying to hold through volatility, Mayer’s philosophy will challenge and inspire you.
🔑 Topics Covered:
* Why “dead money” is often harder than drawdowns
* The real challenge of holding long-term winners
* The myth of catalysts and the power of compounding
* How great businesses reveal their edge over time
* The emotional toll of patience—and how to cultivate it
* Aligning capital with the right investor mindset
* What Buffett’s evolution teaches us about reinvestment risk
* Why most investors can’t handle uncertainty—and how that creates opportunity
* How great investors and great CEOs think in decades, not quarters
⏱️ Timestamps:
00:00 Intro + Episode Setup
02:07 Dead Money vs. Drawdowns
10:00 Waiting Without a Catalyst
18:15 The Real Test of Holding
25:00 Aligning with Long-Term Capital
35:00 Buffett and Value Investing 2.0
44:00 Management and Short-Term Thinking
50:00 The True Meaning of Patience
54:18 Outro + Closing Thoughts
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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Whit Huguley is the founder and portfolio manager of River Oaks Capital, a concentrated microcap investment fund who applies rigorous private equity-style due diligence to overlooked public companies by personally visiting management teams across America.
EPISODE NOTES
3:00 - Whit's background: From LSU graduate to startup employee to MBA at Tulane, discovering value investing through Ben Graham's "The Intelligent Investor"
6:00 - Career pivot: Five years in the entrepreneurial world, then private equity at AGR buying 30-49% stakes in family businesses
9:00 - Key insight: First company visit revelation - "$100 million market cap company, no investors had visited in 5-10 years"
12:00 - The Buffett parallel: Early investing approach of traveling to meet management, waiting in lobbies, attending sparsely attended annual meetings
15:00 - A+ CEO discovery: Meeting Dayton Judd changed everything - "spoke to me business owner to business owner"
18:00 - Level 5 leadership quote: "Personal humility and professional will, prioritizing company needs over personal gain"
21:00 - Why companies stay public: Most went public pre-2008, now costs $1-2M annually to maintain public status
24:00 - Microcap definition: Portfolio ranges from $30M to $600M market cap, average $250M
29:00 - "Remote island" strategy: Not traditional moats, but obscure markets too small for Amazon to bother conquering
36:00 - Suggestivist approach: "Your company trades at 5x earnings while you're buying acquisitions at 10x - why not buy your own stock?"
42:00 - Three-rule selling framework: Misjudged management, hard left turn in strategy, or extreme overvaluation
49:00 - Capacity constraints: Fund growth helps with influence but hurts at scale - "protecting Thanksgiving dinner investors"
53:00 - Uplisting catalyst: Moving from over-the-counter to NASDAQ opens institutional investor access, FitLife up 50% post-uplisting
58:00 - Counterintuitive lessons: Price drops often mean higher future returns, A+ CEOs are worth premium compensation
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.
After writing, reading, and answering 1,000 emails this summer, I'm sharing what I learned about our Talking Billions community. From curious beginners to seasoned investors, you've trusted me with your stories, questions, and insights. In this solo episode, I reflect on three years of conversations, reveal a surprising pattern that emerged from all those emails, and extend a personal invitation to join me on Substack where I'm building a deeper, more connected community experience.
Plus: Why I'm committing to write personal emails to 100 new subscribers every month, and how your messages directly shape the conversations we have with guests.
https://bogumilbaranowski.substack.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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
John Rotonti is a portfolio manager at Bastion Fiduciary managing the Industrial and Infrastructure Strategy, former Motley Fool senior analyst and head of investor training, and author of J.Rowe's Notes newsletter who brings nine years of institutional stock-picking experience to generational wealth building.
3:00 - John's transition to Bastion Fiduciary: launched Industrial & Infrastructure Strategy in January, managing client capital with generational timeframe and complete autonomy over investment decisions
6:00 - Motley Fool learning: Buck Hartzell's advice shifted John from pure deep value to also considering upside scenarios - "spend time trying to figure out what could go right"
9:30 - Portfolio construction mistake: launched with 32 stocks vs preferred 20-25, course-correcting by trimming to achieve better concentration
14:30 - Universe discipline: whittled 300 stocks down to just 60 companies, eliminating noise and forcing focus on highest conviction ideas
18:00 - Letting winners run: discusses anchoring bias and low cost basis pride, admits difficulty adding to winners despite mathematical advantage
23:00 - Long-term communication strategy: 22% of client presentation focused on "what I don't do" and "who shouldn't invest" to set proper expectations
28:00 - Controversial approach: didn't contact clients during February-April selloff because "volatility is the friend of the long-term investor"
32:00 - Performance philosophy: refuses to benchmark against indices, focuses on generational wealth building over short-term comparisons
40:00 - Uncompromising quality: maintains 60-stock universe of only highest quality businesses, describes it as "quality only" not just "quality first"
45:00 - Research process: deep dive questions focus on stress-testing businesses through adversity, inspired by longevity science concepts
55:00 - AI adoption: embracing finance-focused AI platforms for productivity while maintaining preference for deliberate, thoughtful research pace
EPISODE NOTES
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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
James Emanuel is a London-based contrarian investor and founder of Rock and Turner who discovers fundamentally misunderstood companies trading at massive discounts while building his reputation through popular Substack newsletter research and his book "Fabric of Success."
3:00 - Emanuel's intellectual curiosity shaped his contrarian approach: "I take nothing at face value. I question absolutely everything" - discusses how questioning religious beliefs as a child developed critical thinking essential for investing
6:00 - The Rolex story reveals value perception: bought same expensive watch as colleague but paid significantly less, demonstrating "price is what you pay, but value is what you get" - watch now worth 3x original price
9:00 - Law background creates analytical advantage: legal training teaches structured thinking and considering counterarguments, invaluable for examining investment downside risks
12:00 - Convergence theory and "golden threads": successful businesses across different eras/industries evolve similar approaches - like sharks and dolphins reaching similar design through different evolutionary paths
15:00 - People matter most: "The jockey is more important than the horse" - Apple's near-bankruptcy under Scully vs. massive success under Jobs proves same company with different leader becomes entirely different investment
18:00 - Succession planning as golden thread: best companies promote from within (Novo Nordisk had only 5 CEOs in 103 years, Costco leaders worked up from entry-level)
21:00 - Bureaucracy as "corporate virus": processes become more important than results, stifling innovation and driving away top talent
24:00 - Stock screeners are garbage: statutory accounts weren't designed for investors, focus on qualitative analysis over quantitative metrics
27:00 - John Malone created EBITDA metric because Wall Street couldn't understand his tax-minimizing strategy - TCI became 900-bagger despite appearing expensive on earnings multiples
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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Today's guest:
Monsoon Pabrai is the managing partner of Drew Investment Management, who combines generational wisdom from legendary investors like her father, Mohnish Pabrai, Charlie Munger, and Guy Spier, with her own distinctive approach to global value investing, particularly in India's emerging markets.
EPISODE NOTES
3:00 - Childhood shaped by entrepreneurship over money talk; Chipotle visits became business lessons on cost optimization and operational efficiency
6:00 - At age 12, attended legendary Warren Buffett lunch with Guy Spier; Buffett's advice: "most important decision is who you marry"
9:00 - Learning temperament from father during 9+ years without collecting fees; "I've never seen him have a bad day at all"
12:00 - KEY INSIGHT: American Express COVID opportunity - when travel stopped, 60 cents per dollar usually spent on customer retention became massive float for capital allocation
15:00 - March 2020 market crash: colleagues broke emotionally, sold at bottom despite decades of experience
18:00 - Guy Spier as "uncle figure" - long-term compounder philosophy of buying quality and never selling
27:00 - Investment process: random idea generation through travel, conferences, Value Line screening, then rigorous 4-part analysis framework
35:00 - Four investment criteria: 1) Good business quality 2) Margin of safety 3) Capital allocation 4) Alignment of interests (crucial for emerging markets)
42:00 - AI revolution transforming research speed: "NotebookLM can read a 10K faster than me"
47:00 - India investing: 60-70% of 3,000+ listed companies "untouchable" due to fraud risk, but incredible opportunities exist with proper network
53:00 - Dakshana foundation: educating underprivileged students for IIT entrance (1.3% acceptance rate); "most motivating people I've ever met"
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.
Find the FULL article here: https://bogumilbaranowski.substack.com/p/the-invisible-millions-the-quiet
Please remember to sign up if you haven't already done so.
IMPORTANT: I'm writing a personal email to the next 100 Substack subscribers. Sign up if you'd like to hear from me. I'm definitely curious to hear from you. THANK YOU!
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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Nick Maggiulli is the COO at Ritholtz Wealth Management, a bestselling author of "Just Keep Buying," and creator of the wealth ladder framework, who transformed his blog Of Dollars and Data into one of personal finance's most trusted resources, and joins us to discuss his new book "The Wealth Ladder."
EPISODE NOTES
3:00 - Nick shares his lower-middle-class upbringing in Southern California, parents' divorce due to bankruptcy, and early money habits like always ordering from McDonald's dollar menu
6:00 - Stanford revelation: "My family summers there" - exposure to different socioeconomic backgrounds opened his eyes to other ways of living
9:00 - Chess analogy: effort alone isn't enough, you need the right strategy. Working harder at wrong things won't maximize long-term income
12:00 - KEY CONCEPT: Spending freedom framework - different wealth levels unlock different spending categories (grocery freedom at level two, restaurant freedom at level three, travel freedom at level four)
15:00 - MAJOR INSIGHT: Use net worth, not income, for spending decisions. "0.01% of your net worth" rule for trivial spending amounts
18:00 - House rich, cash poor phenomenon - why liquid net worth matters more than total net worth for spending decisions
21:00 - TRANSFORMATION POINT: How income sources change as you climb the ladder - from pure labor to investment income dominance
24:00 - The moment when your portfolio earns more than your job: "Is your job a side hustle?"
27:00 - CRITICAL REALIZATION: At higher wealth levels, traditional saving can't move the needle - need business ownership to reach next level
30:00 - Four types of leverage: labor, capital, content, and code - how internet enables mass distribution
33:00 - Wealth composition surprise: how little stocks/funds even richest own, mostly business ownership
36:00 - Starting over reality check: NVIDIA founder wouldn't restart his company knowing the difficulty
39:00 - WARNING: Climbing higher may not be worth it - family dynamics, trust issues, social complications at ultra-high wealth levels
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 story, an invitation, an update, and a sincere thank YOU -- listen to hear more.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
John Zolidis is the president and founder of Quo Vadis Capital with 25+ years as one of Wall Street's most insightful retail and restaurant analysts, combining rigorous boots-on-ground research with philosophical training to identify fundamental drivers of consumer business success.
3:00 - Childhood in small-town Wisconsin; spent time alone in nature which created mental flexibility and creativity for investment thinking
6:00 - Million-mile flyer metaphor: investing isn't get-rich-quick, it's a long slog that rewards process over time
9:00 - Philosophy to finance transition: studied philosophy of language and symbolic logic, providing rigorous analytical framework for evaluating corporate strategy
12:00 - "Finance is just not nearly as robust of a difficult topic" - philosophical training made financial analysis easier
15:00 - Four-year news blackout in college; information diet philosophy - news means "new" not "relevant or valuable"
18:00 - Covetus Capital name origin: Latin "Quo Vadis" (where are you going?) - story of conviction with cautionary elements
22:00 - Investment philosophy: high-quality businesses with strong margins, cash flows, and ability to reinvest capital at high returns
24:00 - Unit economics methodology: analyzing component segments, comparing peer groups, tracking incremental profitability trends
26:00 - Sprouts Farmers Market case study: 14x inventory turns vs 4x industry average, misunderstood by street
40:00 - Consumer analysis: employment is #1 indicator, headlines create temporary psychological impact but don't change spending if people keep jobs
50:00 - Chipotle lesson: got shaken out during financial crisis, learned to focus on individual company fundamentals over macro movements
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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Manish Singh is a global investor and meditation practitioner who manages family capital across India, North America, and Western Europe while calling himself a "happy monk" and writing the blog "Mind of Manish."
3:00 - Manish's nomadic childhood across diverse Indian regions, attending 7 schools in 12 years, experiencing everything from villages without electricity to remote jungles
6:00 - How traveling from childhood taught him that "travelers belong to humanity" - seeing universal human desires across cultures
10:00 - Merchant Navy journey starting at 19, sailing globally for 6 months at a time, visiting 50+ countries across all major oceans and regions
15:00 - Metaphysical lessons from the sea: "If you love sea, sea loves you back" - respecting forces bigger than yourself
19:00 - Investment journey beginning at 16 with local magazine writing, earning $10 per article about Indian businesses
22:00 - First major break: friend's father trusted him with capital after testing his business knowledge, leading to word-of-mouth client growth
29:00 - Meditation path inspired by Buddha and Kabir, questioning why wealthy people aren't happy, defining success as happiness
42:00 - Why he continues investing: "If I manage their money and they come to my home... how do I tell them I'll not be managing your money?"
47:00 - Holding investments: "Action is enemy of investor" - partner showed if he'd been kidnapped in 2016, he'd have made more money
55:00 - Advice to 17-year-olds: "Believe in yourself, be cheerful, be honest" - society is "perfectly messy"
60:00 - Defining success as happiness: asks family annually "was I a happy person this year?"
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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Lawrence Yeo is a former corporate finance professional turned writer-illustrator-philosopher who left investment banking to pursue creative storytelling full-time, creating the blog "More to That" and publishing a book, "The Inner Compass," exploring the intersection of self-understanding, money mindset, and authentic living.
This is his very first podcast interview discussing the new book!
3:00 - Lawrence shares his immigrant family's journey from middle-class comfort to poverty, revealing how parental presence created resilience despite financial hardship
6:00 - "Even though we were poor, I didn't feel poor" - the crucial distinction between circumstances and mindset in childhood poverty
9:00 - Career strategy: Using investment banking as a means to creative freedom, not an end goal - the importance of functional versus status-driven success
12:00 - The world's expectations layer onto our natural contentment, creating mental suffering amid physical comfort - a modern affliction
15:00 - Social referencing from infancy to adulthood: How we unconsciously look outward for safety cues instead of cultivating internal compass
18:00 - Distinguishing between knowledge (taught information) and understanding (gained through experience) - wisdom requires living it yourself
21:00 - Religious texts as compounded knowledge parallel: Our oldest personal stories shape us most through conditioning
24:00 - External success vs. inner turmoil: The asymmetry of attention - 0.1% validation moments vs. 99.9% daily reality
27:00 - Choosing your playing field: Why Lawrence quit music after realizing he didn't want to become like successful musicians in that space
30:00 - The invisible wealth test: Would you climb the mountain if you couldn't tell anyone you reached the top?
33:00 - Fork in the road framework: How repetition changes our relationship with certainty vs. curiosity over time
36:00 - Intuition as the gap between rationality's limits and life's biggest decisions (where you live, what you work on, who you're with)
39:00 - Inner compass metaphor: True North (intuition) held steady by the magnet of self-understanding against winds of conditioning
42:00 - Mastery vs. status: Committing to improvement for its own sake while accepting external inspiration from people whose character you admire
45:00 - The 100-hour blog post test: How Lawrence stress-tested his writing passion by removing all external validation
48:00 - Life as single-player game with multiplayer meaning.
51:00 - The paradox of meaningful relationships.
54:00 - Envy's anatomy.
60:00 - Success redefined.
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.
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[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Jamie Yuenger is the founder and CEO of StoryKeep, a pioneering company that helps affluent families preserve their legacies through documentary filmmaking and storytelling, transforming how multi-generational wealthy families connect with their heritage and values.
EPISODE NOTES
3:00 - Jamie's childhood revelation: Learning at age 9 that her father wasn't her biological dad, creating a lifelong fascination with family identity and secrets
6:00 - The basement moment: Meeting her biological grandmother at 18 and seeing ancestral artifacts from Scandinavia, sparking her understanding of generational connection
9:00 - Career pivot: From WNYC producer to family storytelling after being hired to interview a friend's father-in-law, discovering her life's calling
12:00 - Wealthy family education: Reading "Strangers in Paradise" and attending conferences to understand multi-generational family dynamics
15:00 - The real work: Stories as emotional infrastructure for family resilience, not just nostalgia or keepsakes
18:00 - Japanese internment example: How families initially resist difficult stories but ultimately embrace them as cornerstones of resilience
21:00 - Immigration's universal impact: Personal experience moving to Netherlands illuminating the hero's journey embedded in client stories
24:00 - Beyond founder stories: Importance of documenting multiple generations, especially women's contributions often left out
27:00 - Discovery process: 4-6 week phase determining real goals before production begins
30:00 - The screening moment: 80+ family members in a real theater experiencing their story together
35:00 - 100-year perspective: How one family dinner can contain living memory spanning centuries
38:00 - Personal prejudice confrontation: Overcoming working-class assumptions about wealthy people through actual relationships
45:00 - Trust building: The power of listening well and holding space rather than talking
50:00 - Global families: Using media to connect dispersed families across continents
55:00 - Legacy as ambassador: Etymology reveals legacy originally meant envoy to the future
59:00 - Success redefined: Focusing on a good life rather than traditional success metrics
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.
Matt Zeigler and Bogumil Baranowski join Robert Hagstrom for a very special hour-long discussion. The episode originally appeared on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!
Legendary investor and author Robert Hagstrom joins Excess Returns to explore timeless investing principles—and how they’ve evolved in today’s market. In this wide-ranging conversation, Robert shares stories from working with Bill Miller, insights on Warren Buffett’s approach, and the philosophical foundations of long-term investing. He also issues a stark warning about the rising popularity of private equity for retail investors.
Whether you’re a Buffett disciple, a fan of focused investing, or just curious about how great investors think, this is a conversation packed with insight.
🔍 Topics Covered:
• How Robert accidentally became a money manager
• What Buffett’s 1983 letter taught him about investing
• Lessons from 14 years working with Bill Miller
• Why absolutes in investing can be dangerous
• How Robert learned to truly read later in life
• Buffett vs. Modern Portfolio Theory: The real debate
• Why investors misjudge tech stocks and “value”
• Hagstrom’s framework for judging long-term compounders
• The real reason most active managers fail
• Why private equity returns are misleading investors
• The emotional difficulty of running a concentrated portfolio
• What Buffett’s surprise CEO handoff really means
⏱️ Timestamps:
00:00 Intro: "Drawdowns don't matter"
01:35 Falling into money management by accident
04:55 The Berkshire letter that changed everything
07:00 Lessons from Bill Miller and pragmatic investing
09:50 Why rigid value investing missed a decade of returns
12:10 Learning how to read and consume information deeply
14:55 Charlie Munger's feedback on Robert’s books
18:00 Buffett’s surprise retirement as CEO
21:00 The legacy Warren still brings in a crisis
24:00 Why Buffett’s consistency stems from deep reading
25:25 Why focus investing works—but is hard to live through
27:45 Performance vs. volatility: Slugging % vs. batting average
33:45 Why active management fails—and how to fix it
36:50 The false promise of private equity for retail
44:55 Why public markets offer better opportunities
50:30 The hardest lesson Hagstrom had to learn
53:00 Why competitive advantage duration is mispriced
55:00 Why investing is Darwinian—and selection still matters
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.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Barry Ritholtz is the founder and Chief Investment Officer of Ritholtz Wealth Management, overseeing billions in client assets and helping investors avoid costly mistakes while building lasting wealth. He’s the acclaimed author of “How Not to Invest,” sharing hard-won lessons from decades in the trenches. Barry is also the creator and host of Bloomberg Radio’s “Masters in Business,” one of the most influential business podcasts in the world, where he interviews top minds in investing and economics. Today, we’re thrilled to welcome his unique perspective to the conversation.
3:00 - Barry's unconventional approach to budgeting: "my attitude was, gee, if you want to do this, that and the other, you want to have the freedom...then you better make some more money"
5:30 - The Instagram culture problem: Only seeing assets, not liabilities. Story about Instagram influencer working all day on vacation selfies
8:00 - Why successful people buy new cars and lattes if they can afford them - safety features matter more than saving pennies
11:00 - Kawhi Leonard's $103 million contract vs 25-year-old car example illustrates financial recklessness of extreme cheapness
14:00 - Money as tool vs wealth distinction: Dollar's job is medium of exchange, not century-long store of value
17:00 - Two WWI soldiers story: $1,000 buried vs invested becomes $40 vs $32 million after 100 years
20:00 - Why US geographic advantages created investment success: two oceans, natural resources, innovation hubs
24:00 - Politics and investing make terrible bedfellows - both Democrats and Republicans miss gains when their party loses
28:00 - Compounding interruption is what matters, not who's in White House
32:00 - Why experts can't predict: Beatles, blockbusters, Tom Brady all missed by professionals who knew the industries
38:00 - Stock market vs economy during pandemic: market cap weighted toward tech giants, not local businesses
42:00 - Belfer family trifecta: lost $2 billion in Enron, Madoff, FTX - lessons about single stock risk and staying wealthy
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.
Guest: Dede Eyesan - Founder of Jenga Investment Partners and author of "Global Outperformer"
Dede Eyesan, the visionary founder of Jenga Investment Partners and author of Global Outperformers, who shares insights on identifying high-growth companies and navigating global markets with a unique blend of fundamental analysis and entrepreneurial spirit.
Key Idea: The counterintuitive nature of finding investment winners globally and the extreme patience required to hold them
Key Timestamps & Ideas
3:00 - Early Investment LessonsMade first investment at age 10 in Nigerian stocks (Nestle Nigeria, 7up Bottling, First Bank). Two investments went up 4-5x, bank stock fell by half. Introduction to Warren Buffett and fundamental analysis.
6:00 - Boarding School EconomicsLearned about delayed gratification and scarcity through food trading. Traded chicken (perishable) for chips (storable) - time arbitrage concept. "It's ironic that what taught me about money had nothing to do with money."
9:00 - Investment Philosophy FormationInfluenced by Warren Buffett, Alan Gray (African value investor), and Carlos Slim. Peter Lynch's books: "One Up on Wall Street" and "Beating the Street". Understanding that environment impacts investment approach.
16:00 - Global Outperformance ResearchFound 446 companies (not 200 expected) that were 10-baggers in 10 years. Less than 20% were in the US; more multibaggers in Europe than US. Japan was third-best performing country (surprising finding). Only 5-6% were multibaggers in consecutive decades.
22:00 - Two Types of Winning BusinessesCyclical businesses with technical barriers to entry (salmon industry example) and large market opportunities with strong unit economics (BYD in China).
29:00 - The Challenge of HoldingMSCI case study: stock flat for 9 years while earnings grew 15% annually. Many multibaggers were flat or down 40-50% in the three years before takeoff. Importance of returning to original investment thesis.
35:00 - Quantitative vs. Qualitative AnalysisCannot screen for outperformers quantitatively alone. Developed 60-question checklist across 10 categories. Focus on depth over breadth in investment analysis.
42:00 - Role of IntuitionIntuition is earned through experience (15-20 years). Overconfidence led to mistakes when abandoning systematic approach. Returning to detailed checklist process.
47:00 - Definition of SuccessThree pillars: Individual happiness, family relationships, and client satisfaction. "I want to be in a place where the kids of my investors in 40 years time can look back and be like, yeah, my dad or my mom made a very good decision."
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.
This episode aired on Excess Returns; full credit goes to Matt Zeigler and Jack Forehand, and all of the guests listed below -- it's reposted here with Matt and Jack's permission.
In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Merz, this is both a tribute and a thoughtful discussion on culture, succession, and enduring business values.
Topics Covered:
The emotional weight and historic nature of Buffett’s resignation
Firsthand reactions from inside the room at the Berkshire meeting
Why Buffett’s delivery was masterful—and why it mattered
Reflections on the unique culture of Berkshire and its shareholder community
The Buffett “shield” and what it means for Greg Abel and Berkshire's future
Why more companies don’t emulate the Berkshire approach
The role of tradition in building enduring businesses
Personal stories of shareholders whose lives were changed by long-term compounding
Timestamps:
00:00 – Opening reflections from Matt and Bogumil
01:06 – Why the Berkshire Hathaway meeting is so special
04:00 – John Candeto on the moment Buffett made the announcement
11:15 – Ted Merz shares what it felt like live in the room
21:00 – Eric Markowitz hears about the announcement over lunch
25:45 – Buffett’s dramatic timing and media coverage
30:04 – Adam Mead on witnessing the announcement live
34:25 – The deep love and loyalty felt in the arena
37:00 – John Candeto on the future of Berkshire and Greg Abel
45:00 – Adam Mead on the careful succession plan
51:12 – Ted Merz: Why don’t other companies do what Berkshire does?
58:00 – Eric Markowitz on culture, craftsmanship, and long-term thinking
1:03:00 – Bogumil’s personal reflection on Buffett’s final five minutes
1:08:58 – Why Buffett’s final message—“I’m not selling a single share”—mattered
1:09:28 – Wrap-up and thanksPodcast 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.
Guest: Ruschelle Khanna - Family business consultant, psychotherapist, and author of "Inherited Trauma and Family Wealth"
Key Timestamps & Ideas
3:00-5:30 - Growing Up in Coal Country Despite feeling abundant as a child, underlying financial anxiety from this environment shaped her early money scripts and relationship with wealth.
5:30-8:00 - The Origins of Inherited Trauma WorkThree catalysts led to her book: inheriting a traumatic memory from her mother, experiencing Lyme disease, and 20 years of NYC client work.
8:00-12:00 - The Prison MetaphorBoth poverty and wealth can create psychological prisons.
12:00-15:30 - Practical Healing StrategiesFamily governance serves as therapeutic tool, along with genealogy research and getting families talking.
15:30-20:00 - Transparency vs. SecrecyShe advocates transparency about family wealth with next generation, explaining how secrecy robs children of pride in family legacy.
20:00-25:00 - Multi-Generational DynamicsLonger lifespans create more generations alive simultaneously. Value differences between generations are natural. Documenting family legacy helps members understand the "unique collection of coincidences" that created family wealth.
25:00-30:00 - The Five Liabilities of Family TeamsFamilies fall into cycles of chaos, conflict avoidance, people pleasing, procrastination, and abandonment. Conflict in wealthy families isn't "about the money" but about belonging and unspoken pain, with underlying trauma as the root cause.
30:00-35:00 - Money as Intimate EnergyMoney sits at our "root chakra" with sexuality and intimacy. The pudendal nerve means "the place to be ashamed of" in Latin, explaining why people discuss trauma but avoid talking about money in therapy.
35:00-40:00 - Success vs. Failure in Wealth TransitionSuccess requires strong relational, financial, and operational systems. Even "abandonment" can resolve energetically over generations, though blended families face increased emotional complexity and trust issues.
40:00-45:00 - Self-Worth and Sibling DisparitiesThe pillar metaphor describes never feeling "less than" by cultivating both inherent worth ("you're lovable because you exist") and earned worth. Wealth disparities between siblings can destroy family relationships.
45:00-50:00 - Addressing Compulsive BehaviorsCompulsive spending functions as addiction: "what is the pain you're running from?" Imposter syndrome and Dunning-Kruger effect represent two sides of worth issues, while "inversion of trust" means feeling safer with strangers than family.
50:00-55:00 - Individual Change Creates Systemic HealingWorking on inherited trauma individually heals entire family systems. Using the "fascia" metaphor, removing one knot improves the whole system. Success means creating lasting change while learning personally.
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.
