The Business Brew

Just some brief thoughts to communicate what's going on. While you are waiting for a new episode try Trata ! trytrata.com/brew And remember to use Fiscal.ai for all your data needs. Fiscal.ai/brew

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.

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.

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, 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, 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 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 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.

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 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 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, 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, 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 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, 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 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.

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.com ETFs: http://funds.alphaarchitect.com White label ETF: http://etfarchitect.com

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

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 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 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

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

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

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

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