We Study Billionaires - The Investor’s Podcast Network

Niklas Sävås, a senior equity analyst at Redeye AB, dives into the intriguing world of serial acquirers—companies that thrive by strategically purchasing others. He discusses why these businesses can outperform market norms, emphasizing best practices that lead to successful acquisitions. Sävås highlights the crucial factors of cash flow and competitive advantage while explaining the unique dynamics of acquisitions in both Nordic and US markets. He also touches on the challenges these acquirers face and the significance of organic growth.

In this engaging discussion, Wall Street veteran James Lavish shares his insights on tariffs under Trump and their reverberations across markets. He highlights how these tariffs create game theory scenarios impacting equities, fixed income, and Bitcoin. Lavish also addresses global trade imbalances, China’s bond selloff, and the end of globalism. Additionally, he examines why inflation hurts lower-income individuals and discusses Bitcoin's emerging role as a hedge in today’s chaotic economic landscape.

In this enlightening discussion, Stig Brodersen shares 20 impactful pieces of wisdom, encouraging listeners to step out of their comfort zones and embrace vulnerability. He reflects on the power of language and travel for personal growth, while emphasizing the need for authenticity in relationships. The conversation navigates the balance between dreams and reality, stress-testing ambitions against real limitations. Finally, it tackles the importance of understanding different perspectives in today's divided world, urging meaningful dialogues.

In this engaging conversation, Arif Karim, a seasoned Co-Portfolio Manager at Ensemble Capital with over 25 years in investing, shares insights on Netflix and Ferrari. He discusses Netflix’s evolving strategies to combat subscriber growth challenges and the importance of its competitive moat. Arif also highlights Ferrari’s unique market position and adaptability, especially during economic downturns. He delves into both companies' valuation approaches, emphasizing innovation and resilience as key to success in fluctuating markets.

Jesse Myers, Chief Investment Officer at OnRamp and a Stanford neuroscience grad, delves into MicroStrategy’s new preferred stock strategy. He discusses how this move affects Bitcoin’s role on the company’s balance sheet. Jones offers intriguing insights into Bitcoin’s potential for financial disruption and the significance of appreciating scarcity in investments. He also addresses misconceptions about the economic landscape and speculates on a looming 'debt event horizon'. Plus, he shares his thoughts on influential figures like Elon Musk and the future of the economy.

Kyle Grieve emphasizes the power of common stocks and contrarian thinking for maximizing returns. He shares insights on accepting imprecise valuations and learning from disappointing investments. The discussion includes strategies for spotting great investments and the significance of market cycles. Listeners will discover how averaging up can be an advantage and the mindset needed to navigate market panic. Case studies on companies like IBM and General Motors highlight the value hidden in volatility, showcasing successful long-term investing.

François Rochon, founder of Rochon Global Portfolio and Giverny Capital, shares his insights as a long-term value investor with a remarkable average annual return of 13.6%. He emphasizes the importance of purchasing great businesses at fair prices and views stock market volatility as an opportunity, not a threat. Rochon delves into his investment strategies, discussing why Giverny Capital remains fully invested and explores core positions in Booking Holdings and Brown & Brown. He also highlights the significance of transparent communication with clients and risk management.

Jessy Gilger, an expert in Bitcoin, taxes, and estate planning, shares invaluable insights into securing crypto assets and navigating Bitcoin's dynamic landscape. The conversation dives into whether Bitcoin can be a reliable retirement asset and offers practical tips for passing it down to future generations. Jessy discusses the implications of Bitcoin ETFs on market behavior and the risks associated with centralized exchanges. He also shares his personal journey with home mining, illustrating innovative ways to repurpose mining heat for household use.

In a captivating discussion, Harris Kupperman, founder and CIO of Praetorian Capital Management, shares his investment strategies shaped by macro trends and events. He reveals the secrets to effective macro investing and the importance of solid capital allocation. Kupperman argues against overhyped stocks while advocating for asset-heavy investments during inflation. He underscores the value of patience and adaptability in an ever-changing market, and explores the pros and cons of hedging as a strategy. This conversation is a goldmine for investors eager to rethink traditional approaches.

In this episode, Clay explores When Genius Failed by Roger Lowenstein, the gripping story of the rise and fall of Long-Term Capital Management (LTCM). Founded by Wall Street’s brightest minds, including Nobel Prize-winning economists, LTCM generated astronomical returns using complex mathematical models and extreme leverage—until a financial crisis in 1998 exposed its fatal flaws. Clay also discusses the dangers of overconfidence, the illusion of diversification, and why excessive leverage can be a ticking time bomb. Additionally, he shares details on an exclusive value investing event hosted by TIP in Big Sky, Montana, in September 2025. IN THIS EPISODE YOU’LL LEARN:00:00 - Intro03:34 - How John Meriwether and a team of Wall Street’s brightest minds, including Nobel laureates, built a hedge fund that seemed invincible, using sophisticated financial models and extreme leverage.25:55 - LTCM’s reliance on mathematical models that assumed markets behaved rationally, leading them to underestimate the possibility of extreme events.48:30 - How the Russian debt default triggered widening credit spreads, exposing LTCM’s overleveraged positions and leading to catastrophic losses.54:49 - Why LTCM’s failure posed systemic risks to the global financial system, forcing the Fed to coordinate a rescue with major Wall Street banks.01:08:17 - The dangers of excessive leverage, overconfidence in financial models, and the mistaken belief that markets always revert to historical norms.01:15:09 - How to attend our new value investing event in Big Sky, Montana, bringing together passionate investors for deep discussions and meaningful connections.And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Lowenstein’s book: When Genius Failed. Mentioned book: Big Mistakes. Related Episode: Listen to TIP514: Permanent Supply Chain Disruptions that Will Destroy the Economy w/ Jim Rickards. Email Shawn at shawn@theinvestorspodcast.com to attend our free events in Omaha or visit this page. Follow Clay on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORSSupport our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Vanta Plus500 Netsuite Shopify HELP US OUT!Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm