First, we like to have fun. Second, we read and talk about the books that have influenced billionaires the most. We typically talk about Warren Buffett, Charlie Munger, Ray Dalio, Stanley Druckenmiller, George Soros, and other financial billionaires.
Charlie Munger’s net worth is about 1.5 billion and as most people know, he’s Warren Buffett’s vice chairman at Berkshire Hathaway. As we’ve talked about on previous episodes, Munger is really a brilliant individual that’s considered a polymath. Few people know that Charlie is an investor with the Daily Journal Corporation in Los Angeles California. As a result, he does a question and answer period every year at the shareholder meeting. One of our good friends Hari Ramachandra was lucky enough to attend the Daily Journal meeting this year, and while he was there, he captured some of the best responses that Charlie gave.
In this episode, you'll learn:
· What would happen if we all bought index funds
· What the future holds for money managers
· Why it would be delusional to think you understand the future of payment systems.
· Why you need to earn the right to become rich
· Whether you should invest through a partnership or a holding company
In this episode, Preston and Stig read a book that was recommended to them by legendary investor Edward Thorp. The book is titled, "Superforecasting" by Philip Tetlock and Dan Gardner.
In this episode, you'll learn:
· The right framework for making correct forecasts
· How to prevent confirmation bias for your investments
· Why financial experts are storytellers rather than forecasters
· How and why the best investors constantly change their opinion
Since the last time The Investors Podcast covered crypto currencies in 2015, the price of Bitcoin has increased by over 1000%. Within the last five years, numerous billionaires have suggested that digital currencies are going to be the next big thing. For example, Bill Gates, Google’s Eric Schmidt, Peter Thiel, Richard Branson, and Patrick Byrne.
In this episode, you'll learn:
· What the fundamental value of Bitcoin is
· Why Bitcoin might continue to be the dominant cryptocurrency
· Why Bitcoin is expected to split into multiple currencies
· The main differences between Bitcoin and Ethereum
This week, Preston and Stig read Billionaire Howard Schultz' book titled, "Onward." Schultz was the CEO and founder of Starbucks. In the early 2000's, Schultz initially left the company only to return as the CEO in 2008. This book covers his first hand account of the return and why it happened.
In this episode, you'll learn:
· The story behind Starbucks and how it got to where it is today
· How Starbucks’ growth strategy failed and how it was fixed
· Why successful leaders are obsessive about their businesses
· If McDonald's truly makes better coffee than Starbucks
During the 2Q, 2017 we assembled our mastermind group to have a discussion about the best stocks that could outperform the S&P 500. In this episode, you'll learn: • Which 4 stock picks that might outperform the S&P 500 • How to invest when real assets have never been cheaper compared to financial assets • Why you are only as smart as your dumbest competitor in a commodity business • How to validate your investment thesis • How Preston and Stig ended up in Bed Bath & Beyond for a guys’ night out
This week we are very excited to talk to the New York Times bestselling author, Brad Stone. In Brad's new book, Upstarts, he talks about how companies like Uber, Airbnb, and other killer companies of Silicon Valley are changing the way the world works. In this episode, you'll learn: • How much skill and luck is behind the success of Uber and Airbnb • Why investors are currently paying close to $70B to own a company that loses $4B a year • Why the next generation of successful companies in Silicon Valley will master Artificial Intelligence • How and why Brad Stone’s previous book got a 1-star review from Jeff Bezos’ wife
This episode is the second part coverage of the Berkshire Hathaway shareholder's meeting. In this episode, you'll learn: • How Warren Buffett estimates the intrinsic value of Berkshire Hathaway • How artificial intelligence might impact Berkshire Hathaway • What Warren Buffett has learned about investing in the last decade • Warren Buffett and Charlie’s forecast about economic growth
In this episode, Preston and Stig talk about their amazing experience from meeting up with the TIP community in Omaha for the Berkshire Hathaway annual shareholder meeting. In this episode, you’ll also hear Warren Buffett’s answer to the best questions asked by the shareholders for the 2017 meeting, and Preston and Stig’s discussion of the responses. Pictures from the event are listed below. In this episode, you’ll learn: • Why Warren Buffett recently sold IBM stocks and bought Apple instead • How much Warren Buffett thinks the Berkshire stock will compound its intrinsic value over the next 10 years • Why Warren Buffett regrets not investing in Google • Why Warren Buffett is a great stock picker, but an even better business owner
In this episode, we talk to legendary investor Jim Rogers. Rogers was the co-founder of the Quantum Fund with George Soros in the 1970s. During his ownership of the Quantum Fund, Rogers captured a 4200% return while the S&P 500 only yielded 47%. In this episode you'll learn: • Jim Rogers’ positions in the market • Why he is holding gold, but does not add to his position. • If India is a good financial market to invest in • What happened when Preston followed Jim’s advice to short junk bonds in 2015
Jim Rickards is the New York Times Best Selling author of multiple books on finance and macroeconomics. In this episode, Jim shares his thoughts on various topics concerning investing around the world. In this episode, you'll learn: • Why Jim is a bull on the Euro and whether or not it can replace the Dollar • Why the world would be better off with a fixed exchange rate system • If a new currency that few have heard about will replace the monetary system as we know it • Why high economic growth won’t be happening in the US anytime soon
