The Business Brew
By Bill Brewster
This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business.
We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.”
Disclaimer: This podcast is for informational and educational purposes only. Nothing in this podcast is investment advice. All information in this is opinion based, potentially biased, and requires verification.
Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.
This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.
Sonu Chawla - Managing Mid Cap Exposure - $TSCM
Sonu Chawla of Times Square Capital Management shares her investment philosophy, focusing on growth with a conscience, valuation discipline, and management assessment. Stocks discussed include Argenx, Carpenter Technologies, Cheniere, and JFrog. The conversation provides insights into how Sonu navigates market dislocations, valuation challenges, and sector opportunities.
Sonu's bio: Sonu is a Director, Portfolio Manager/Analyst, and Partner in TimesSquare’s growth equity group. She is responsible for research coverage of the Software, Technology Services, and Internet & Communications sectors within TMT industry. Sonu joined TimesSquare in August 2018 from Pine River Capital Management, a multi-strategy hedge fund where she was a Senior Analyst covering TMT sectors across Software, Internet, Services, Hardware and Telecom. Her previous research analyst experiences were as a Senior TMT Analyst at Surveyor Capital platform of Citadel and an Analyst at Fred Alger Management. Sonu has an M.S. in Mathematics and Computer Science from Indian Institute of Technology, Delhi and an M.B.A from Kellogg School of Management at Northwestern University. She is a member of the CFA Institute and the CFA Society New York. Sonu is conversational in Hindi.
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew
OG Sponsor Shoutout:
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Notes From The Beauty Contest
@crashkolnikov on X, and author of Notes From The Beauty Contest Substack, joins the show. Notes From The Beauty Contest is a long form Substack that focuses on stocks that are somewhat under covered elsewhere. It got its start with a deep dive into Regeneron, which is a primary focal point of this discussion. We hope you enjoy.
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew
OG Sponsor Shoutout:
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Current Events - uniQure and the FDA
uniQure is a business that develops gene therapies. uniQure's AMT-130 is currently in the headlines. This podcast episode attempts to present the Huntington's Disease community's arguments for why the FDA should work collaboratively to design a palatable drug trial.
Last week the FDA told uniQure that AMT-130 would be subject to a double blind, Phase 3, randomized controlled study. While the scientific basis for that request is sound in most cases, the Huntington's Disease community argues that path is overly burdensome; perhaps impossible.
This episode cites:
Dr. Sung - https://www.youtube.com/watch?si=VhMQaFAZRvQA5NRj&t=62&v=mwEEJ91LeJY&feature=youtu.be
Sr. Sarah Tabrizi - https://www.youtube.com/watch?v=wKj1JRfJBRE&t=356s
Dr. Ed Wild - https://www.spreaker.com/episode/uniqure-update-with-dr-ed-wild--67900959
FDA papers - External Control Guidance https://www.fda.gov/media/122425/downloadUse of Bayesian Statistics - https://www.fda.gov/regulatory-information/search-fda-guidance-documents/use-bayesian-methodology-clinical-trials-drug-and-biological-products
Senate Committee on Aging - https://www.youtube.com/watch?v=yLm1SltbRxw&t=2702s
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew
OG Sponsor Shoutout!
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Jacob Shapiro - A "Geopolitical Cousin" Joins the Show
Jacob Shapiro is a geopolitical analyst who provides strategic guidance to families, investors, and corporations. He is a global thought leader in the area of geopolitics and its impact on everything from global markets to supply chains.
You can find his Substack at https://substack.com/@jashap, his personal podcast at here (Apple) or here (Spotify), or you can follow Geopolitical Cousins here (Apple) or here (Spotify).
Hope y'all enjoy!
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew OG Sponsor Shoutout!
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Investing Unscripted
Jeff and Jason, from the Investing Unscripted podcast, stop by the show for some general investment banter. Decent laughs, hopefully some smart thoughts, and a fun convo. Hope y'all enjoy!
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew OG Sponsor Shoutout!
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Adam Wilk
Adam Wilk, Founder and CIO of Greystone Capital Management discusses all things investing. Prior to launching Greystone, Adam worked in scouting and analytics roles with the San Antonio Spurs and Houston Rockets, followed by commercial credit underwriting at a major bank.
Those roles emphasized disciplined decision-making under uncertainty and long time horizons, which are central to how Greystone evaluates businesses, assesses risk, and allocates capital.
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew OG Sponsor Shoutout!
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Paying It Forward
Some Sunday thoughts and an offer from Bill.
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew OG Sponsor Shoutout!
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Will Thomson - Real Returns: Real Assets Are Even Hotter Right Now
Will Thomson returns! In this episode he has the audacity to suggest oil might be a smarter place to fish than gold. He also discusses copper as a theme.
Bill likes Will. You should listen to Will. Will is a solid dude.
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew OG Sponsor Shoutout!
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Quick Update
Abdul Al Assad - Leverage For The People
Abdul Al Assad, founder of Basic Capital, joins the show to discuss why people deserve more leverage in their retirement portfolios. A smart man once said that "men go broke over ladies, liquor, and leverage." Abdul articulates a different version of leverage; specifically medium duration (10 year) non callable, non recourse leverage. In the episode Abdul acknowledges the potential for large market to market drawdowns. That said, he challenges the listeners to think through the long-term implications of what he is saying.
We hope you enjoy the discussion.
Sponsorship Information
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew OG Sponsor Shoutout!
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Jim Hayes - Emerging Opportunities
In this conversation, Jim Hayes, founder of Lucerna GlobalCapital, shares why he thinks there is an opportunity in emerging markets. Prior to founding Lucerna, Jim spent 13 years at Fidelity. Jim's last role at Fidelity was covering a number of sectors in the $35Bn Fidelity Series Emerging Market Fund. This discussion highlights the potential opportunities in Latin America and Southeast Asia.
In other news, thank you for your support. 763,000 minutes were spent listening to this show in 2025. Let's go!
Sponsorship Information
New Sponsor Alert!
Thank you to Trata for sponsoring the show.
If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to trytrata.com/brew
OG Sponsor Shoutout!
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Just Some Bill
Bill pops in for a short rant and an update on some of his thoughts. As always, thank you for listening. Have a wonderful Thanksgiving!
Tell the people you love that you love them. "People never get the roses while they can still smell them." - West, Kanye
Sponsorship Information
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Mark Cooper - Hunting Internationally for Value
Mark Cooper, founder and CIO of MAC Alpha Capital Management, stops by The Business Brew to discuss the potential opportunity in international markets.
Mark has 20 years of experience in equity investing and almost 9 years in commodity trading, working at top-tier hedge funds and mutual funds with some legendary value investors.
Mark’s experience prior to founding MAC Alpha Capital Management:
- Co-Portfolio Manager, First Eagle Investment Management, 2014 to 2019 | International Small Cap Value strategy.
- Portfolio Manager and Analyst, PIMCO, 2010 to 2014 | Global generalist managing a diversified quantitative U.S. equity fund.
- Partner and Portfolio Manager, Omega Advisors, 2005 to 2010 | Global industrials, capital goods, and commodities/energy sectors.
- Analyst, Pequot Capital Management, 2002 to 2004
- Portfolio Manager, JP Morgan, 1992 to 2000 | Fixed income, commodities, and foreign exchange asset classes, co-managing a $50 billion notional value portfolio investing in both European and exotic options and managing a $10 billion portfolio focused on long-dated gold and silver.
- Adjunct Professor of Finance and Economics, Columbia Business School, 2004 to 2025| Applied Value Investing
Education and Credentials:
- MBA - Columbia Business School 2002 | Bachelor of Science - Massachusetts Institute of Technology 1991. Former US Army officer Former Vice Chairman of Harlem success academy HSA #2 (a charter school) |Co-author of Value Investing: From Graham to Buffett and Beyond – Second Edition.
Sponsorship Information
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Matthew Quigley - Pricing Potential: How Lending and NIL Are Changing Sports
Matthew Quigley, Founder of Draft Line Capital, stops by the show to discuss lending to athletes. Matthew got involved in sports via FSU's booster program. He eventually joined FSU to work on recruiting and coaching students on how maximize NIL earnings.
Matthew now runs Draft Line Capital. Draft Line lends to athletes to help them: with working capital, purchase loss of value insurance, and more. Notably, Draft Line will not lend for frivolous expenses. Learn more listening! Contact Matthew by going to DraftLineCap.com.
Bill references an Amazon show: The Money Game. That is worth a watch for some background.
Sponsorship Information
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Peter Mantas Returns
Peter Mantas of Logos LP, https://www.logoslp.com/, stops by The Business Brew for an update. The previous episode discussed the potential of the life sciences industry. Since then uniQure released potentially groundbreaking results. Hence, Peter came back for an update.
Shoutout to the ClearPoint group chat!
For more information on how Peter invests, please see https://podcasts.apple.com/us/podcast/peter-mantas-logos-lp-portfolio-construction-biotechs/id1492171651?i=1000537962817 on Apple or https://open.spotify.com/episode/6r003LhN4REFSxYxogPWXH?si=7ApTcSdmRzepl5oW44friw on Spotify.
Sponsorship Information
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Maja Vujinovic - Crytpo Convo; Ethereum's Role In The Ecosystem
Maja Vujinovic stops by The Business Brew for a crypto discussion. Maja is CEO of FGNX, a D.A.T. The meat of this conversation is about Maja's experience in payments and how that led her to crypto. Maja then discusses Bitcoin and Ethereum's role in the modern financial system.
Sponsorship Information
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Takeaways
Maja Vujinovic has been in the crypto space since 2010.
Mobile payments are crucial for developing markets.
Bitcoin's peer-to-peer nature addresses remittance issues.
Traditional banks often overlook developing markets.
Ethereum serves as a financial layer, while Bitcoin is a reserve asset.
Stablecoins are essential for programmable finance.
Tokenization can unlock liquidity in illiquid assets.
Government regulation is crucial for crypto's future.
The cultural mindset in large corporations can hinder innovation.
Tokenization can expand market access and reduce operational costs. Maja believes Bitcoin is being brought mainstream by companies like MicroStrategy.
Treasury companies can provide exposure to crypto assets without direct ownership.
Family offices are increasingly interested in holding crypto through equity in companies.
Ethereum is seen as a bridge for traditional finance to enter the crypto space.
The future of finance is digital, with a focus on AI and crypto integration.
Scale in the crypto ecosystem allows for greater influence and capital attraction.
Vujinovic emphasizes the importance of community in the success of cryptocurrencies.
The younger generation is moving away from traditional assets like treasuries.
AI and crypto are expected to evolve together, creating new opportunities.
Shitcoins have a place in the market, driven by community engagement.
Dan Rasmussen - Sacred Cow Slayer
This week, Dan Rasmussen - founder of Verdad Advisors and author of The Humble Investor - drops by to challenge conventional wisdom, discuss humility, and stir up some lively debate.
In this conversation, Dan discusses his investment philosophy; focusing on the risks associated with private equity, the unpredictability of future growth, and the importance of patience in investing. Dan also touches on his approach to investigating biotech investing.
We hope you enjoy the show.
Sponsorship Information
Thank you to Fiscal.ai for sponsoring the show.
DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Takeaways
Private equity is often treated as less risky than it truly is.
The recent decline in private equity fundraising indicates a shift in investor sentiment.
Future growth rates are unpredictable.
Focus on profitability and quality in business investments.
Volatility is predictable both in cross-section and time series.
Japan may be a good place for value investors to hunt.
David Gardner - Mastering the Art of Long Term Investing
David Gardner returns to discuss his new book: Rule Breaker Investing: How to Pick the Best Stocks of the Future and Build Lasting Wealth. After decades of research, the book is a culmination of David's work in investing. This conversation should whet your appetite and help understand David's philosophy.
Takeaways
Investing requires a long-term mindset and patience.
Market volatility is a natural part of investing.
Concentration in a few strong positions can be beneficial.
Initial position sizing should be conservative, typically around 5%.
Avoid adding to losing positions; focus on winners.
Understanding the brand and leadership of a company is crucial.
Total addressable market can expand, leading to growth opportunities.
AI can enhance investment strategies and content creation.
Investing is about understanding the underlying business, not just stock prices.
Building a portfolio should reflect personal values and vision.
Other Episode
You can find David and Bill's first conversation at:
Apple: https://podcasts.apple.com/us/podcast/david-gardner-an-investing-fool/id1540847053?i=1000542928487
Spotify: https://open.spotify.com/episode/6QQaQXlOz4mvjFS425vkQs?si=VsXHLcseTneft5J0APQS_Q
Youtube: https://www.youtube.com/watch?v=VXijHth4OrU
Sponsorship Information
Thank you to Fiscal.ai for sponsoring the show. DISCOUNT INFO: If you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities.
The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.
Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.
Like to track Amazon’s Cloud Revenue? They’ve got it.
How about Spotify’s premium subscribers?
Or Google’s quarterly paid clicks?
They’ve got all of it.
Braden Dennis - Beyond Bloomberg: Competing in the AI Era of Finance
Braden Dennis stops by to discuss building Fiscal.ai. Long time show listeners may remember Stratosphere.io. That was "Era 1" of the company. Today, Braden is working on "Era 3" of the company; Fiscal.ai.
Braden talks about building a product for himself, to acquiring customers, to early LLM adoption, and finally to competing with FactSet. Fiscal.ai recently raised $10mm in a Series A round led by Portage and Social Leverage.
We hope you enjoy the conversation. It's a cool story.
ALSO, if you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans.
Thank you for using the affiliate link, I appreciate the support. -Bill
Spencer Cibelli - Haypp Group: Nicotine's "Win-Win-Win" Business
Spencer Cibelli, Investment Associate at Robotti & Company, stops by to discuss Haypp Group; the world’s largest online retailer of nicotine pouches and traditional snus products. The nicotine pouch category is, as Mugatu would say, "So hot right now." Spencer details Haypp's unique characteristics, benefit to customers, and value offered to suppliers. This business has an interesting niche. And may just be an unlikely "Win-Win-Win" example. Enjoy the episode!
Sponsor Notes
This episode is brought to you by Fiscal.ai
Fiscal.ai is the complete modern data terminal for global equities. The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.
Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.
And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports. Fiscal.ai also tracks all company specific Segment & KPI data so you dont have to!
Use my affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans.
Takeaways
Haypp is the world's largest online retailer of nicotine pouches.
The company has a unique data insights business that contributes to its revenue.
Consumer behavior in the nicotine pouch market shows a willingness to switch brands.
Regulatory challenges are significant but manageable for Hape.
Pricing strategies allow Haypp to offer lower prices than traditional retailers.
The growth potential in the nicotine pouch market is substantial, especially in the US.
Management's long-term vision is focused on market share growth.
Valuation metrics suggest Haypp is an attractive investment opportunity.
The online penetration of nicotine products is still low, indicating room for growth.
Haypp's relationships with manufacturers are symbiotic and beneficial for both parties.
Jeffrey Collins - Uncorrelated Private Assets
Jeffrey Collins, Managing Partner of Cloverlay, stops by to discuss how Cloverlay builds private portfolios to offer clients uncorrelated returns. In this conversation, Jeff explains how Cloverlay provides access to private assets that are often overlooked by traditional investors, emphasizing the importance of correlation in portfolio management. The discussion covers various investment opportunities, including sports rights, telecom spectrum auctions, dark fiber, and intellectual property. Jeff shares insights on navigating regulatory changes and lessons learned from past investments, ultimately highlighting the future outlook for investment strategies in a rapidly evolving market.
Takeaways
Cloverlay specializes in esoteric niche private assets.
The firm manages $1.6 billion in assets.
Investments are designed to be uncorrelated and predictable.
Understanding correlations is key to portfolio management.
Investing in sports rights was a unique opportunity in 2020.
Telecom spectrum auctions favor smaller investors.
Dark fiber investments are critical for data centers.
Regulatory changes can create new investment opportunities.
Past investments provide valuable lessons for future strategies.
Cloverlay aims to be a resource for institutional investors.
Jeff's Bio
Jeff serves as Managing Partner of Cloverlay and is a member of the Firm’s Investment Committee and Board of Directors. Prior to founding Cloverlay, Jeff was a Managing Director with Morgan Stanley Alternative Investment Partners (AIP), a division of Morgan Stanley’s institutional asset management business. While at AIP, Jeff was a member of the Executive and Business Committees and served on AIP’s Private Markets Investment Committee as a Portfolio Manager responsible for leading primary fund, co-investment and secondary transactions focused on special situations globally and North American buyouts. Prior to AIP, Jeff advised and traded equity options and futures with U.S. hedge funds in Morgan Stanley’s Equity Derivatives Group in New York. Prior to Morgan Stanley, Jeff was on the investment team at Petra Capital Partners, where he was responsible for screening, researching, structuring and monitoring private equity investments in health care and information services companies. Prior to Petra Capital, Jeff was an investment banker at Robertson Stephens, where he executed a variety of public and private equity, debt and convertible offerings along with mergers and acquisitions in financial services, health care, and business services.
Ryan Dobratz - Fannie, Freddie & The Future
Ryan Dobratz stops by to discuss various aspects of the real estate market, primarily focusing on Freddie Mac and Fannie Mae. The discussion touches on the political implications surrounding Freddie and Fannie, as well as trends in the residential housing market and manufactured housing policies. Weaved into the conversation is interest rates, CPI, and the impact of AI on industrial real estate.
Takeaways
- The real estate market is currently experiencing a divergence in performance across different sectors.
- Interest rates and CPI are critical factors influencing the real estate market.
- AI is expected to drive efficiencies in industrial real estate logistics.
- Freddie and Fannie are facing political and market pressures as they consider exiting conservatorship.
- Preferred shares in Freddie and Fannie present a compelling investment opportunity despite capped returns.
- The residential housing market is showing signs of recovery, particularly in new home construction.
- Manufactured housing is gaining attention due to affordability concerns and potential policy changes.
- The timber market is facing challenges but has potential upside due to supply constraints.
- Investors should be cautious about the political landscape affecting Freddie and Fannie.
- Overall, the real estate sector offers various investment opportunities, but careful selection is necessary.
Stuart Loren - Navigating the Age of Social Disruption
Stuart Loren, Managing Director at Fort Sheridan Advisors, stops by the show to discuss investing in The Age of Social Disruption (that hyperlinks to his presentation of the idea).
Stuart explores how economic, social, and political disaffection is reshaping investment opportunities and societal dynamics. He highlights the decline in geographic mobility, the housing crisis, and the rise of populism as key factors influencing current political landscapes. The discussion also touches on the impact of AI on economic growth and the challenges faced by local and federal governments in addressing these issues.
Stuart can be found on X and LinkedIn.
Takeaways
We're experiencing a period of social disaffection.
Geographic mobility has significantly decreased over the years.
The housing market is becoming increasingly unaffordable for many.
Political responses are shifting towards populism on both sides.
Economic mobility is declining, leading to frustration among younger generations.
Trust in government institutions is at an all-time low.
Social connections are weakening, leading to increased political polarization.
AI could play a crucial role in future economic productivity.
Local politics are becoming more important in addressing social issues.
Investors need to adapt to a changing political and economic landscape.
James Davolos - Liquid Assets: Water’s Role in Oil’s Future
James Davolos stops by to discuss the emerging importance of water solutions in oil and gas production.
He shares insights on behavioral investing, the evolution of investment strategies at Horizon Kinetics, and the challenges and innovations in water management within the energy industry. The discussion also touches on market dynamics, competitive landscapes, and the future outlook for investment opportunities in this niche sector.
Takeaways
Water solutions in the oil and gas sector are becoming increasingly important due to rising water cuts in production.
The Permian Basin generates significant amounts of produced water, necessitating effective management solutions.
Market misunderstandings can create opportunities for companies specializing in water management.
The competitive landscape is shifting, with water management companies gaining leverage over traditional oil and gas firms.
Investment opportunities may exist in companies with strong water management capabilities and innovative technologies.
The future of energy will likely require a balance of traditional hydrocarbons and innovative water solutions.
Long-term investment strategies are essential for navigating the complexities of the energy sector.
Diversifying Concentrated Positions While Deferring Taxes with Wes Gray
Wes Gray returns to the show to discuss a potential solution for those with concentrated financial investments. Wes discusses a solution, via a Registered Investment Company, that enables investors to diversify their position while deferring taxes. We hope the episode is informative.
Find Wes at:
Twitter: https://x.com/alphaarchitect
RIA/blog/education: http://alphaarchitect.comETFs: http://funds.alphaarchitect.comWhite label ETF: http://etfarchitect.com
Andrew Freedman - AI Insights, Integration, and Best Practices
Andrew Freedman, Communications Analyst at Hedgeye Risk Management, stops by to discuss his experience integrating AI in his life. Bill contacted Andrew after Andrew tweeted "So many (very smart) people still can’t grasp the implications of AI…" This episode is premised on that tweet. It's a good one!
Follow Andrew on X at https://x.com/HedgeyeComm or connect with him on LinkedIn at https://www.linkedin.com/in/andrew-freedman-cfa/
Mary Meeker's AI Presentation/Deck - https://www.bondcap.com/report/tai/#view/0
Follow Bill on X at https://x.com/BillBrewsterTBB
John Huber - Mental Flexibility and Trying To Win The Game
The one and only John Huber stops by The Business Brew. John runs Saber Capital Management. Bill found John through Base Hit Investing back in the day. Today you can follow John's writing at Basehitinvesting.substack.com.
Bill admires John's mental flexibility, grit, and consistency. The Business Brew is happy to feature John this week!
🧠 What You’ll Learn in This Episode
📌 Strategic insights into value investing
📌 How to evaluate high-quality growth companies
📌 The risks of overpaying and the dangers of outsourcing your thinking
📌 Thoughts on Berkshire Hathaway’s future
📌 Portfolio management and balancing writing with fund operations
📌 Opportunities beyond the S&P 500
🕰️ Timestamps
00:00 – 👤 John Huber’s Introduction
03:10 – 📉 Berkshire & Market Reflections
06:22 – 💹 Investment Strategies & Market Insights
11:10 – 🚀 Evaluating Growth Engines in Quality Companies
17:02 – 🏢 Tech Giants & Capital Expenditure
26:30 – 🏦 Banking Sector & Investment Risks
34:48 – ⚠️ The Risk of Overpaying for Stocks
36:00 – 🔄 Adapting Investment Strategies
37:57 – 🧩 The Danger of Outsourcing Thinking
40:51 – 🌍 Opportunities Outside the S&P 500
47:24 – ✍️ Balancing Writing & Fund Management
01:00:22 – 🔮 The Future of Berkshire Hathaway
01:07:25 – 👋 Concluding Thoughts & Farewells
Andy Constan on Today's Macro Backdrop
Andy Constan stops by to discuss today's US macro backdrop. Importantly, this discuss was recorded on 4/24. Since then the narrative around the tax bill has gotten incrementally more stimulative. Do what you will with that information.
Bill reached out to Andy after following him for a while on Twitter. Andy appears to use Twitter to educate, inform, and journal thoughts. Hence why he was invited to the show.
As for Andy's formal background, his bio reads as follows:
Andy Constan graduated with a degree in Bioengineering from the University of Pennsylvania in 1986.
Following he spent 35 years investing and trading global equities, spending 17 years at Salomon Brothers.
Following he started honing his Macroeconomic Knowledge in 2010 working at Bridgewater Associates and Brevan Howard.
Since then he has worked on growing Damped Spring Advisors.
We hope you enjoy the conversation.
Bill Chen Returns v3vFINAL
Bill Chen returns for a third time. Bill focuses on "hard assets," with a specific focus on real estate. The conversation winds from some macro (from 15 minutes to 22ish minutes) to more REIT specific ideas (after 24 minutes).
Please note, some of the tariff discussion is already out of date. Nevertheless, we hope you enjoy the conversation!
Bill Chen's other episodes can be found at: https://www.youtube.com/watch?v=oyf41BmMYxU and https://www.youtube.com/watch?v=Tmoc2crT55U
For a different perspective on real estate investing check out Ryan Dobratz' episodes at https://www.youtube.com/watch?v=UIVr5Jvr-2M
China's Investment Potential: A Deep Dive with Jingshu Zhang
Few things are more ironic than releasing a China focused episode on Liberation Day. Nevertheless, here we go!
In this episode of The Business Brew, host Bill Brewster interviews Jingshu Zhang, a persistent listener who recommended looking into China's investment opportunities. Zhang shares his journey from studying in the United States to becoming a successful investor with a unique focus on Chinese assets. They discuss Zhang's experience navigating the Chinese market, the impact of geopolitical tensions, the advantages of holding Chinese state-owned enterprises (SOEs), and specific investment opportunities like Pinduoduo and Tencent. Jingshu offers insights into managing risk, the macroeconomic environment, and the regulatory landscape in China. Disclaimer: All content is for entertainment purposes only and not financial advice.
00:00 Introduction and Guest Background
01:15 Investment Opportunities in China
04:04 Challenges and Sentiments Towards Chinese Investments
08:15 Competitive Landscape and Market Dynamics
15:50 Case Study: TK Group and Industrial Sector Insights
22:55 Pinduoduo's Growth and Strategy
34:37 Exploring Global Investment Opportunities
35:19 US Market Insights and Mid Cap Focus
36:08 Tech Giants and Valuation Comparisons
36:13 Tencent: The Super App of China
43:32 State-Owned Enterprises and Investment Safety
53:20 Environmental Regulations and Investment Opportunities
56:59 Delisting Fears and Investment Strategies
01:04:09 Short Selling Challenges and Lessons Learned
01:07:49 Final Thoughts and Contact Information
Evan Tindell Returns: Navigating Investment Challenges & Opportunities in 2025
Welcome to The Business Brew! Host Bill Brewster is joined by repeat guest Evan Tindell to delve into pressing investment topics for 2024. Evan is the founder and portfolio manager of Bireme Capital. You can find his first episode here: https://creators.spotify.com/pod/show/william-brewster1/episodes/Evan-Tindell---Where-Poker-and-The-Market-Collide-e1nrbum (Spotify) or https://podcasts.apple.com/si/podcast/evan-tindell-where-poker-and-the-market-collide/id1540847053?i=1000579552480 (Apple).
Together, they explore international valuation disparities, the pitfalls of shorting meme stocks, and the dynamics behind recent market movements. Evan shares his unique approach to investing and the lessons learned from challenging investment phases, including a critical analysis of MicroStrategy, GameStop, and meme stocks.
They also discuss Japan's corporate governance reforms and the implications for global investors. Lastly, Evan and Bill touch on utilizing modern AI tools in investment processes, the future of software, and personal stories from Evan's adventurous journey to Zambia.
As a reminder, nothing discussed constitutes investment advice and is for entertainment purposes only. Enjoy the engaging conversation!
00:00 Welcome to The Business Brew
01:20 Introducing Evan Tindell
02:01 Discussing 2024 Performance
03:09 Challenges of Shorting Meme Stocks
05:14 Bitcoin Yield and MicroStrategy
17:55 Market Inefficiencies and Opportunities
30:59 Investing in Japan
42:09 Investment Strategies and Market Insights
43:17 Diverse Business Models in Japan
44:58 Meeting the Emperor and Personal Anecdotes
45:35 The Role of LLMs in Investment
51:48 AI Tools and Their Impact on Daily Life
56:10 Future of Software and Business Models
01:07:12 Tobacco Industry Analysis
01:15:12 Adventures in Zambia
01:20:36 Conclusion and Farewell
Unlocking Unconscious Performance in Sports
In this episode, the host welcomes back Devin Anderson, co-founder of an investment advisory firm and competitive shotgun shooter. They delve into the psychology and skills required for high performance in sports like shooting, golf, and tennis. Devin shares insights from his own experience and coaching on the importance of building skills consciously, then executing them unconsciously under pressure. He highlights the nuances of practice, routine, and dealing with pressure to achieve peak performance. The discussion also touches on the parallels between competitive sports and high-stakes business environments, emphasizing structured planning and routine for consistent success.
00:00 Introduction and Guest Background
00:35 Competitive Shotgun Shooting Explained
01:32 The Mental Game: Conscious vs. Unconscious Execution
03:52 Why We Play: The Allure of Sports
07:17 Coping with Pressure in Sports
14:01 Skill Building and Confidence
17:06 The Role of Vision in Performance
26:16 Routine and Unconscious Performance
42:11 Overcoming Evaluation Paralysis
42:49 The Four Stages of Execution
44:04 The Importance of Practice Routines
44:58 Building Confidence Under Pressure
49:09 Handling Fear and Careful vs. Careless Misses
50:42 Trust and Performance Under Pressure
55:52 The Role of Routine in Performance
01:09:25 The Fun and Pressure of Competition
Bespoke Investing and Unconventional Wisdom with Le Shrub
Join host Bill Brewster as he converses with the intriguing and often humorous anonymous guest, Le Shrub, in this episode of 'The Business Brew'. Le Shrub's writings can be found at https://www.shrubstack.com/ He can also be followed on Twitter/X at https://x.com/agnostoxxx
With a unique approach to investing, Le Shrub shares his thoughts on market trends, stock picks, and the rationale behind them. From discussing the importance of avoiding investment stupidity, analyzing specific stocks like Archer Aviation and Alibaba, to speculating on the economic impacts of a potential Ukraine ceasefire, this episode is packed with insightful observations and strategic thinking. Be prepared for an engaging mix of entertainment, education, and parody, underlined with Le Shrub's distinct charm.
Disclaimer: This is all for entertainment purposes and not financial advice. Recorded 2/14/25
00:00 Introduction to the Business Brew
00:54 Meet Les Shrub: The Anonymous Guest
01:24 Investment Philosophy: Don't Be Stupid
03:35 The Spinny Ponzi: A Deep Dive into Archer
17:15 Biotech Investments: Blood in the Tweets
21:00 The Future of Cancer Vaccines
22:55 ClearPoint and Gene Therapy
30:02 The Power of Community in Investing
33:19 Navigating the Risks of Small Cap Stocks
34:07 Options Trading Strategies
35:36 The Risks of Investing in Alibaba
36:13 Reasons for Investing in Alibaba
36:38 China's Economic Strategies and Stimulus
37:27 Alibaba's AI and Cloud Ventures
39:00 Apple's Partnership with Alibaba
40:31 The Impact of U.S. CapEx on AI
41:19 Investing in Energy and Natural Gas
44:38 The Barbell Portfolio Strategy
45:17 Emerging Markets and Currency Devaluation
52:53 The Potential Ceasefire in Ukraine
59:15 Valuation and Investment Strategies
01:04:19 Avoiding Shorts on Meme Stocks
01:06:50 Recommended Reading: Capital Returns
01:07:50 Conclusion and Final Thoughts
Larry Hozenthaler - Private Credit Risks and Opportunities
In this episode of 'The Business Brew,' host Bill Brewster is joined by Larry Holzenthaler, a portfolio manager at First Eagle Alternative Credit (FEAC). The discussion focuses on the complexities and nuances of private credit. Recorded on February 3rd, the episode delves into the differences between traditional equity value investing and private credit, as well as the strategic transitions First Eagle has made in response to market changes. Larry explains First Eagle's cautious approach to investment, emphasizing measured risk, recurring revenue, and sponsor-backed deals. He discusses the evolution and growth of private credit markets, challenges and opportunities, and the impact of banking regulations on credit availability. The conversation includes detailed insights into various investment structures like interval funds and BDCs, and the importance of reading fine print in credit agreements. Throughout, Larry offers a compelling argument for the attractiveness of private credit as an investment, particularly in current economic conditions.
00:00 Welcome to the Business Brew
00:54 Introducing Larry Hosenthaler and First Eagle
02:13 The Evolution of Private Credit
08:34 The Impact of COVID on Private Credit
12:22 Private Equity and Risk Management
18:41 The Role of Banks in Private Credit
31:37 Fee Structures and Market Dynamics
36:40 Understanding Interval Funds
37:11 The Redemption Process Explained
39:55 Comparing Interval Funds and BDCs
43:17 Risk Management in Private Credit
44:38 The Role of Recurring Revenue
45:24 Leverage and Deal Flow
56:59 Active vs Passive Management in Credit Markets
01:03:27 Why Invest in Private Credit Now?
01:08:46 Conclusion and Final Thoughts
George Livadas: Market Echoes, European Stocks, and Investment Strategy Insights
In this episode of The Business Brew, host Bill Brewster engages in a comprehensive discussion with George Livadas about the complexities and current state of the market. Livadas, known for his candid tweets and insightful views, covers topics ranging from market fluctuations in 2024, reminiscent of the 2021 SPAC bubble, to challenges and opportunities in European stocks and the S&P 500's relentless performance. They delve into George’s investment philosophy, focusing on both large and small cap stocks, the impact of global flows on stock valuations, and the nuanced approach required in shorting and hedging. Additionally, they discuss the operational aspects of running a fund, including transitioning from separate accounts to a unified fund structure, and reflect on the broader implications of AI in investment research.
00:00 Welcome to the Business Brew
00:03 Introducing George Livadas
01:06 Market Reflections and SPAC Bubble
06:56 European Market Insights
18:20 Shorting Strategies and Market Sentiment
21:42 Challenges in the Staples Sector
24:57 Running the Firm: Changes and Challenges
27:14 Navigating Market Ups and Downs
27:40 Client Expectations and Realities
28:39 Challenges in Fundraising and Fee Structures
29:44 The Fund of Funds Debate
31:51 AI in Financial Research
35:15 Investment Strategies and Market Trends
39:48 Reflections on COVID and Market Resilience
43:38 Portfolio Management Insights
46:05 Closing Thoughts and Personal Reflections
Alex Morris - Buffettology
Buffett and Munger Unscripted: A Conversation with Alex Morris
Alex Morris, friend of the show (and IRL), author of TSOH Investment Research stops by to discuss his new book "Buffett and Munger Unscripted." The book offers three decades of insights from Berkshire Hathaway shareholder meetings, grouped by topic area to provide a coherent understanding of Warren Buffett and Charlie Munger's investment wisdom.
Alex shares his experience writing the book, including the extensive work involved and his communication with Berkshire. They also discuss various investment philosophies, the importance of transparency in investment research, and the challenges faced by consumer brands in today's market.
Further, they reflect on the impact and potential risks of long-term investments in businesses like Dollar Tree and the complexities of analyzing brands like Jack Daniels.
00:00 Welcome to the Business Brew
00:06 Introducing Alex Morris and His New Book
02:02 Personal Anecdotes and Family Stories
05:15 The Journey of Writing the Book
12:23 Insights on Buffett and Munger's Investment Strategies
28:53 Discussion on Dollar Stores and Retail Landscape
34:19 Analyzing Dollar Tree's Market Position
36:06 The Value Proposition of Dollar Stores
38:08 Comparing Retail Strategies
39:23 Brand Value and Pricing Power
41:14 Consumer Brands and Retail Dynamics
44:27 Investment Strategies and Portfolio Management
49:11 The Philosophy of Investing
55:01 The Business of Writing and Publishing
01:00:44 Reflections and Future Plans
Tom Morgan - Mysteries, Mystics, and Personal Transformation
In this unconventional episode of 'The Business Brew,' host Bill Brewster sits down with Tom Morgan for a deep dive into topics that blur the line between science and spirituality. From exploring the existence of non-human intelligence and its implications, to discussing personal transformative experiences facilitated by psychedelics, this episode is a fascinating journey through the unknown. Tom shares insights from his years of research and personal struggles, including a near-psychotic breakdown and a mystical experience that reshaped his life. Whether you're interested in the metaphysical implications of alien encounters or the therapeutic potential of psychedelics, this conversation offers a thought-provoking look at the complexities of human consciousness. Tune in for a compelling discussion that challenges conventional thinking and invites you to ponder the nature of reality.
John Maxfield - Maxfield on Banks
John Maxfield from "Maxfield on Banks" stops by the show. John is a wealth of knowledge and has an entertaining personality. Bill and John cover a lot of ground. John discusses the history and dynamics of banking, including the unique supply and demand of credit, traits of successful bankers, and the impact of historical tragedies on banker psychology. The episode also covers stories of notable bankers and failures, the free banking era, liquidity surges, and banking crises. John also delves into modern banking dynamics, including the rise of private credit, and shares insights from his extensive research and personal experiences with top bankers.
Additionally, John talks about his elite banking symposium and unique forms of networking and learning in the banking sector. You can find John's past symposiums here: https://www.thebankingsymposium.com/ And his archive on https://www.maxfieldonbanks.com/ Show Notes: 00:00 Welcome to the Business Brew
01:23 Introducing John Maxfield
01:54 The Art of Banking
02:28 The Common Traits of Great Bankers
16:22 Historical Perspectives on Banking
20:16 The Free Banking Era
25:03 Modern Banking Challenges and Innovations
41:04 The Beale Model and Banking Risks
41:45 Factoring Company Acquisition
43:14 Blockchain in Trucking Industry
44:03 Building a Competitive Network
50:51 Banking Failures and Historical Insights
56:08 The Role of AI in Banking Research
01:00:48 Personal Stories and Networking
01:05:45 Citigroup's Complexities and Global Role
01:10:55 Elite Banking Symposium
01:15:51 Final Thoughts and Farewell
Ryan Dobratz - Real Opportunities
Ryan Dobratz, from Third Avenue Funds, stops by The Business Brew to discuss Third Ave’s real estate strategy. Ryan discusses the benefits of focusing on real estate operating companies over REITs, the potential of investments like CBRE, challenges in the office market, and the outlook for residential real estate. They also discuss investment strategies in the residential market, opportunities in Fannie Mae and Freddie Mac, and Dobratz's personal career journey.
00:00 Welcome to the Business Brew
00:03 Introducing Ryan Dobratz and Third Avenue Funds
00:39 Disclaimer and Financial Advice Warning
01:44 Starting the Conversation with Ryan Dobratz
02:46 Ryan's Career Journey and Early Influences
05:51 Joining Third Avenue and Moving to New York
08:24 Strategic Move to Austin and Real Estate Insights
09:38 Challenges and Opportunities in the Office Sector
13:10 Investing in Real Estate Services Companies
15:02 Philosophy on NAV and Investment Strategies
23:55 Preference for C Corps Over REITs
28:11 Prologis and Industrial Real Estate
35:21 Public vs. Private Real Estate Investments
39:46 Incentives and Behavioral Finance in Private Markets
40:18 Active vs Passive Investing in Real Estate
42:57 Third Avenue's Real Estate Strategy
46:27 Residential Real Estate Investments
59:46 Fannie Mae and Freddie Mac: A Deep Dive
01:18:01 Challenges and Opportunities in Tower REITs
01:22:06 Conclusion and Final Thoughts
Update - Bill's Brain
Shoutout to SpeechDocs (@speechdocs on X) for the show notes below.
🎙️ Welcome to The Business Brew! 🎙️
In this special solo episode, host Bill Brewster opens up about life, markets, and the future of The Business Brew. From surviving Hurricane Milton and its aftermath to contemplating a rebrand of the show, Bill shares raw and unfiltered thoughts on resilience, growth, and change.
📌 What You’ll Learn in This Episode:
The surprising truth about ETF tax loopholes 🤔
Reflections on Florida real estate and climate challenges 🌴
How personal challenges shape perspective and growth 💡
A candid take on rebranding The Business Brew for a fresh start 🚀
Insights on parenting, relationships, and navigating life’s toughest moments 👨👩👧
💭 Key Quote:
"The Business Brew has to die for me to live."
Whether you’re here for market insights, personal reflections, or a behind-the-scenes look at the podcast’s evolution, this episode is packed with value. Hit play, and let’s brew up something new together. ☕
🛠️ Stay Connected: ✅ Subscribe for more unfiltered insights and updates on the show’s rebranding journey.
✅ Like and share this episode if it resonates with you.
✅ Drop a comment below—what do you think about the future of The Business Brew?
#TheBusinessBrew #PodcastRebrand #MarketInsights #PersonalGrowth #HurricaneMilton #Resilience
John Buckingham - The Prudent Election Episode
In this episode of The Business Brew, host Bill Brewster interviews John Buckingham, editor of the Prudent Speculator newsletter. John shares his investing expertise, strategies for managing a diversified portfolio, and provides data-driven insights on how stock markets perform under different tax regimes, political administrations, and election cycles.
They discuss how to stay disciplined and focused on long-term investment objectives amidst market noise and uncertainty. John's commentary is complemented with historical data, illustrating that despite economic and political turbulence, sticking to a disciplined investment strategy can be rewarding.
00:00 Welcome to the Business Brew
01:52 Introducing John Buckingham
04:01 Navigating Market Uncertainty
06:32 The Value of Value Investing
11:11 The Origin of the Prudent Speculator
24:13 The Importance of Dividends
35:56 Navigating Market Volatility
36:12 Apple's Investment Strategy
37:43 The Role of Volatility in Investing
38:18 Market Reactions and Investor Behavior
39:39 Historical Market Trends and Predictions
46:39 Investment Strategies and Stock Selection
51:28 Tax Rates and Market Performance
57:00 Election Impact on Markets
01:04:04 Long-Term Investment Philosophy
01:07:31 Concluding Thoughts
Mike Alkin - Talking Uranium
Mike Alkin of Sachem Cove Partners stops by The Business Brew to share his journey in uncovering the uranium investment thesis. Bill found out about Mike when he began listening to Mike's podcast in 2018/19. At that time, Mike was telling everyone that would listen about how asymmetric the opportunity was. Mike interviewed industry insiders, other investors, and laid out his thesis in public. Bill found it inspiring.
This conversation dives deep into the complexities of the uranium market. The discussion includes a detailed analysis of nuclear power, supply-demand dynamics, and the industry’s challenges. Mike also provides valuable advice for young analysts and highlights the significance of contrarian investing. Additionally, they explore recent advancements in nuclear energy and the evolving markets of EVs, wind, and solar energy.
As always, this episode is for educational and entertainment purposes only, not financial advice.
Michael (Mike) Alkin is a principal of Sachem Cove Partners, LLC, the general partner of Sachem Cove Special Opportunities Fund, LP. He is also the Chief Investment Officer of Public Equities of Lloyd Harbor Capital Management, LLC, the investment manager of the Fund, and in that role is responsible for the Fund’s investment process. He has nearly 30 years of hedge fund experience with extensive investing experience across many cyclical industries. Prior to Sachem Cove and Lloyd Harbor, he was an analyst and partner for 7 years at Knott Partners. Prior to Knott, amongst the firms where held similar roles were Walker Smith Capital, Zweig-DiMenna, and Windsor Partners. Detailed Show Notes
00:00 Welcome to the Business Brew
00:08 Introducing Mike Alkin and the Uranium Thesis
00:48 The Inspiration Behind the Podcast
01:21 Disclaimer and Acknowledgements
02:32 Deep Dive into the Uranium Market
05:26 Challenges and Insights in the Uranium Industry
09:13 Understanding Market Dynamics and Investor Behavior
12:50 The Journey to Conviction in Uranium Investment
17:40 The Role of Nuclear Power in the Energy Market
42:39 The Impact of Geopolitical Risks on Uranium Supply
44:32 The Fuel Cycle and U.S. Fuel Buyers
45:23 Challenges with Industry Forecasts
46:11 Presenting at the NEI Conference
47:09 Confrontations and Convictions
48:56 Expert Networks and Market Misconceptions
52:10 Global Nuclear Power Dynamics
01:01:24 Kazakhstan's Uranium Production
01:10:42 The Future of Nuclear and Renewables
01:18:01 Investment Strategies and Advice
01:22:26 Conclusion and Final Thoughts
Dylan Marrello - Raging Bull
Dylan is a former attorney turned private investor focused on small/microcap stocks and overlooked pockets of the market. He publishes a free newsletter on Substack called Raging Bull Investments, which provides deep-dive investment write-ups and occasional market commentary, and is active on Twitter as raging bull cap/Jake LaMotta.
Richard Cook - Traversing For Value
Richard Cook, Co-Founder of Cook and Bynum, stops by The Business Brew to discuss his approach to global investing. Richard discusses his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value.
Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning. The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics.
With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversation offers invaluable insights into global investment strategies and the essential qualities of successful business leaders.
Tune in to gain expert knowledge on navigating global investments and building a successful investment firm.
00:00 Welcome to The Business Brew
00:07 Introducing Richard Cook
00:45 Investment Philosophy and Strategy
01:09 Shoutout to the Editing Team
02:30 Starting the Interview with Richard Cook
03:02 Emerging Markets and Government Influence
04:15 Investment Holdings and Long-Term Strategy
07:47 The Power of Buybacks and Controlling
Shareholders
14:44 Avoiding Bias in Investment Decisions
19:08 Lessons from Past Investments
24:54 Navigating Market Cycles
34:18 Insights on Bottling Businesses
46:58 Premiumization in the Beverage Industry
48:15 Global Consumption Patterns
49:53 Investment Strategies and Intrinsic Value
51:29 Challenges in Forecasting Business Durability
53:32 Insights on Company Valuation
55:15 Case Study: Kraft and Mondelez
59:01 AB InBev and Craft Beer Market
01:09:59 Investment in Jumbo During Greek Crisis
01:20:39 Evaluating Emerging Markets
01:25:55 Building an Investment Firm
01:28:34 Conclusion and Final Thoughts
Bruce Berkowitz - Avoiding Disaster And Generating Returns While Doing So
In this episode of the Business Brew, host Bill Brewster sits down with the esteemed investor Bruce Berkowitz. They delve deep into Berkowitz's illustrious career, from his strategies during the financial crisis to his current outlook on various investment opportunities, including midstream energy and Florida real estate.
Berkowitz shares anecdotes, personal reflections, and valuable lessons learned over decades in finance. Additionally, Berkowitz emphasizes the importance of due diligence and remaining rational amidst market fluctuations.
Don't miss this enlightening conversation that offers unique insights into the minds of one of the most successful investors in the industry.
00:00 Welcome to The Business Brew
00:07 Introducing Bruce Berkowitz
01:12 Disclaimer and Due Diligence
02:01 Shoutout to the Editing Team
*Dope music*
03:23 Starting the Interview with Bruce Berkowitz
04:19 Bruce's Investment Philosophy
05:06 Insights on Wells Fargo
09:01 The Importance of Management and Culture
10:11 Challenges in the Banking Sector
12:46 Bruce's Focus on U.S. Investments
14:25 Research and Concentration in Investments
20:28 Fairholme's Unique Approach
27:01 Reflections on Sears and Real Estate
30:43 Lessons from St. Joe
32:38 Discussion on St. Joe's Elevated Properties
33:27 Hurricane Resilience and Modern Building Codes
35:07 Investment Strategies and Market Perspectives
35:54 Interest Rates and Duration Risk
39:14 Corporate Spreads and Reinvestment Risk
41:43 Societal Changes and Financial Perspectives
46:17 Enterprise Products and Midstream Energy
48:30 Energy Logistics and Environmental Impact
57:17 Technological Evolution in Energy
01:00:40 Mutual Funds vs. ETFs
01:02:04 Concluding Thoughts and Media Engagement
Blake Haxton - Industrials and High Yield
Blake Haxton, analyst at Brandywine Global Asset Management's High Yield and Corporate Strategies Group, joins the Business Brew. This discussion focuses on the companies Blake covers as well as his views on markets generally. Blake tends to focus on "old economy" industries so prepare yourself for plenty of energy discussion. Bill and Blake also discuss industrials and homebuilders. The conversation also touches on the merits of high yield as an asset class.
Blake was recently featured in Barron's. You can find the article here: https://www.barrons.com/articles/paralympian-blake-haxton-high-yield-brandywine-global-6305e6e5
We hope you enjoy the conversation.
Detailed Show Notes:
4:00 - What Blake covers
5:10 - commodities are fairly tight from a supply demand perspective
8:00 - airline discussion
13:00 - energy as an example of how Brandywine looks to take advantage of capital cycles
16:00 - the prospective outlook for high yield
19:00 - how the high yield benchmark is different from the equity benchmark
24:00 - how the improvement in counterparty risk changed the risk/reward of lending to pipeline companies
28:25 - how to think about decline curves in the US vs. Canadian oil companies
30:25 - how differentials impact Canadian energy economics
38:30 - does it make sense to have an allocation to energy?
42:10 - a discussion about how assets generally are priced
52:00 - the pitch for debt vs. equities
54:45 - where is the US housing market in the cycle?
1:06:00 - trading down in credit quality for yield
1:13:00 - how ETFs can provide opportunities when they sell
1:21:00 - how was covering energy in COVID?
1:29:00 - what’s different today with shale as a key producer
Unlocking REIT Potential with Bill Chen: Navigating Multifamily and Office Market Dynamics
Bill Chen returns to The Business Brew to explore the current landscape of Real Estate Investment Trusts (REITs). Delve into Chen's comprehensive due diligence process, investment strategies, and the future of multifamily and office REITs. Discover key insights on market conditions, cap rates, capital allocation, and the impact of interest rates on investment returns.
The discussion also highlights strategic decisions by large-cap public REITs, dealing with distressed assets, and the potential risks and opportunities in today's real estate market.
A must-watch for anyone looking to understand the intricacies of real estate investing in uncertain times.
Note: This episode was recorded on July 9, 2024.
00:00 - Welcome to The Business Brew
00:05 - Introducing Bill Chen and REITs Discussion
00:35 - A Walk-Through Manhattan with Bill Chen
03:28 - The Future of Office Spaces
09:48 - Bank Balance Sheets and Office Exposure
19:24 - Analyzing REIT Investments
38:12 - Analyzing Cap Rates in Real Estate Investments
41:45 - The Impact of Public Company Costs on Returns
49:30 - Liquidity and Market Dynamics in Real Estate
53:11 - Challenges and Opportunities in the Current Market
1:00:10 - Grocery-Anchored Shopping Centers: A Resilient Asset Class
1:06:17 - Interest Rates and Their Influence on Real Estate Returns
1:15:02 - Understanding Real Estate Multiples and Leverage
1:15:41 - Market Fears and Multifamily Capitalization Rates
1:16:32 - Challenges in Real Estate Development
1:16:56 - Opportunities in a Down Market
1:17:20 - Connecting with the Speaker
1:18:25 - Investment Strategies and Market Timing
1:19:51 - Balancing Market Humility and Aggression
1:21:23 - Psychological Approaches to Real Estate Investment
1:23:24 - Resilience of Multifamily Assets
1:24:48 - The Future of Home Ownership and Renting
1:27:54 - Personal Experiences with Real Estate
1:30:56 - The REIT Mafia and Investment Benchmarks
1:35:16 - Long-Term Investment Perspectives
1:42:22 - Final Thoughts and Farewell
Al Goldstein - Stoic Lane
Al Goldstein, Co-Founder, CEO, and Chairman of Stoic Lane stops by The Business Brew to discuss what his firm is doing in the private markets. Stoic lane is focused on acquiring controlling positions primarily in short term rental management and back office solutions for entrepreneurs. The entity is structured as a corporation with shares rather than as a partnership. As of now, Al's long term goal is to go public.
3:00 - Background and first exit
6:00 - Entering real estate in 2008
8:00 - Al's perspective as an immigrant
10:00 - Starting a private REIT
13:50 - Al's next venture in consumer lending
18:30 - What is Stoic Lane
26:15 - Capital light model with regional brands
30:00 - Creating the right incentives
34:00 - Focusing on the long term
40:00 - Execution is the hard part
Update
Bill drops in to give a podcast status update and let the listeners know what is going on.
Come see him at The CFA Society of New York on June 25th.
If you are interested in the golf events please send your information to businessbrewgolf@gmail.com.
Thank you as always for listening!
Charles Lemonides - ValueWorks
Charles Lemonides, founder and CIO of ValueWorks LLC, stops by The Business Brew to discuss his investment philosophy. Charles started his career as a high yield bond analyst. Over time, he gravitated towards equity. In this episode he says "I find the best investment opportunities are where you can find something that is a real growth opportunity but it is selling for a value price."
Today, ValueWorks LLC, tends to run portfolios with 25-30 long securities in them. Charles tries to have 15 "very, very different" bets in each portfolio.
We hope you enjoy this conversation.
John Hempton on "When do you average down?"
Detailed Show Notes:
5:15 - Best investment setups/opportunities
7:30 - Conceptual position sizing
9:40 - ValueWorks different vehicles and philosophy
17:45 - How Charles built his firm around a philosophy
20:00 - Why Rivian may be a value investment
28:20 - Comcast
31:00 - How Charles manages different types of theses?
35:00 - Where are we in a market cycle?
39:30 - What stocks do you want into a top?
44:40 - What makes Charles tick