Talking Billions with Bogumil Baranowski

Guest: Ruschelle Khanna - Family business consultant, psychotherapist, and author of "Inherited Trauma and Family Wealth"

Key Timestamps & Ideas

3:00-5:30 - Growing Up in Coal Country Despite feeling abundant as a child, underlying financial anxiety from this environment shaped her early money scripts and relationship with wealth.

5:30-8:00 - The Origins of Inherited Trauma WorkThree catalysts led to her book: inheriting a traumatic memory from her mother, experiencing Lyme disease, and 20 years of NYC client work.

8:00-12:00 - The Prison MetaphorBoth poverty and wealth can create psychological prisons.

12:00-15:30 - Practical Healing StrategiesFamily governance serves as therapeutic tool, along with genealogy research and getting families talking.

15:30-20:00 - Transparency vs. SecrecyShe advocates transparency about family wealth with next generation, explaining how secrecy robs children of pride in family legacy.

20:00-25:00 - Multi-Generational DynamicsLonger lifespans create more generations alive simultaneously. Value differences between generations are natural. Documenting family legacy helps members understand the "unique collection of coincidences" that created family wealth.

25:00-30:00 - The Five Liabilities of Family TeamsFamilies fall into cycles of chaos, conflict avoidance, people pleasing, procrastination, and abandonment. Conflict in wealthy families isn't "about the money" but about belonging and unspoken pain, with underlying trauma as the root cause.

30:00-35:00 - Money as Intimate EnergyMoney sits at our "root chakra" with sexuality and intimacy. The pudendal nerve means "the place to be ashamed of" in Latin, explaining why people discuss trauma but avoid talking about money in therapy.

35:00-40:00 - Success vs. Failure in Wealth TransitionSuccess requires strong relational, financial, and operational systems. Even "abandonment" can resolve energetically over generations, though blended families face increased emotional complexity and trust issues.

40:00-45:00 - Self-Worth and Sibling DisparitiesThe pillar metaphor describes never feeling "less than" by cultivating both inherent worth ("you're lovable because you exist") and earned worth. Wealth disparities between siblings can destroy family relationships.

45:00-50:00 - Addressing Compulsive BehaviorsCompulsive spending functions as addiction: "what is the pain you're running from?" Imposter syndrome and Dunning-Kruger effect represent two sides of worth issues, while "inversion of trust" means feeling safer with strangers than family.

50:00-55:00 - Individual Change Creates Systemic HealingWorking on inherited trauma individually heals entire family systems. Using the "fascia" metaphor, removing one knot improves the whole system. Success means creating lasting change while learning personally.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: Chris Waller

Founder of Plural Investing, a seasoned investor known for his disciplined approach to small cap value investing. Chris identifies hidden gems through meticulous research with a keen focus on governance and management integrity.

Chris defines success as becoming an expert in the small cap space, building a comprehensive knowledge database of companies, and having the freedom to direct his attention where he chooses.

Key Discussion Points:Early Background and Investing Journey (03:17)Columbia Business School and Joel Greenblatt's Influence (06:08)"Sleuth Investing" Approach (11:37)Hidden Gems Investing (17:08)TerraVest Case Study (21:32)Corporate Governance and Management Integrity (28:06)Portfolio Management and Risk (33:49)Small Cap Misconceptions (38:40)Luxury Goods and Value Investing (44:31)Closing Thoughts

Guest: Caleb Breakey, Founder of Renown Publishing

Caleb Breakey leads Renown Publishing, guiding high-impact leaders and ultra-high networth families through 18-month transformational storytelling journeys to preserve legacies and inspire human flourishing.

Key Moments:

3:00 - Caleb explains how his upbringing in a high-control community shaped his curiosity about humanity and different perspectives

3:27 - Discussion about how diverse life experiences help you see the world differently, with Bogumil sharing his early life in communist Poland

3:56 - Caleb shares his personal "why" - watching his once-close extended family fall apart after his grandparents passed away, revealing the importance of preserving family stories and values

6:10 - The distinction between capturing history versus telling stories: "History informs, story transforms"

7:53 - Why people often undervalue their own stories and Caleb's mission to help them see the inherent value in their unique experiences

10:43 - The universal elements of the hero's journey present in everyone's life story

11:52 - Example of a client getting emotional when connecting his business values to family history that traced back to the Civil War

14:12 - Powerful story about integrity shown through actions rather than words - a client who paid back a million dollars of debt over seven years despite advice to declare bankruptcy

18:54 - The cinematic approach to storytelling - identifying key moments and creating a narrative that resonates deeply

21:00 - How to handle difficult family stories with honesty while recognizing their transformative power

25:43 - Discussion about connecting with future generations through universal human emotions despite different life circumstances

29:08 - Exploration of the "outrunning the wolves" metaphor - how past struggles drive future success

31:29 - Insights about how we assume our childhood experiences are universal until we discover otherwise

34:54 - Caleb shares the dramatic story of being mistaken for bank robbers on his honeymoon

39:21 - The importance of capturing stories when they're fresh - "if you don't capture it, you will lose it"

44:28 - Vulnerability as a gift - how sharing our own struggles can be someone else's lifeline

47:25 - How the digital age has changed legacy preservation and Renown's approach to creating tangible, meaningful legacy boxes

52:48 - Unexpected outcomes of the legacy preservation process - clients discovering the therapeutic value of being deeply seen and heard

56:51 - Caleb's personal definition of success: "I will be wealthy when I have an abundance of what I value"

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: Ardal Loh-Gronager - Founder and Managing Partner of Loh-Gronager Partners Investment Partnership

Background: Over 10 years of financial industry experience at Goldman Sachs, Morgan Stanley, and Credit Suisse. Half Danish, born in UK with a global upbringing across Europe, Asia, and Australia.

Key Moments:

[3:00] Ardal discusses how his childhood shaped him - living in 11 different homes and attending 8 schools in 6 countries before turning 18, with entrepreneurial parents.

[4:30] Shares a powerful childhood memory of his parents being unable to pay school fees, teaching him about financial independence.

[5:10] Critical insights on business reality versus financial models.

[7:30] Discusses how investing is the broadest intellectual pursuit, encompassing everything around us.

[10:45] Recounts winning Guy Spear's charity auction lunch, modeled after Buffett's charity lunches.

[12:20] The spirit of giving back and learning from those who came before you: "All success is built on the shoulders of giants."

[14:00] Explores the concept of teaching as a way to deepen understanding.

[15:30] Shares how writing his book helped him clarify his own investment philosophy.

[19:00] Explains the inspiration behind his book's title "The Perceptive Investor" through Magritte's painting La Clairvoyance.

[21:10] The distinction between art and science in investing: qualitative versus quantitative analysis.

[24:00] Uses Amazon as a case study of perception in investing.

[28:00] Discusses circle of competence and margin of safety.

[36:15] Reveals his 250-question investment checklist, including the unique "centering exercise" to check emotional state before making decisions.

[42:00] Parallels between investing and piloting aircraft - the importance of checklists.

[46:25] The willingness to be lonely as a contrarian investor: "You cannot outperform the market unless you're a contrarian."

[48:50] The stock market paradox: "The stock market is the only market in the world that when it goes on sale, everyone runs away."

[52:30] Investment as an infinite game - focusing on process rather than outcomes.

[55:45] Discusses ergodicity - making decisions that keep you in the game.

[1:01:45] The misconception of risk: "High quality assets can be risky and low quality assets can be safe. What matters is the price you pay."

[1:04:30] Distinguishing between risk and uncertainty: "We define risk as the probability of permanent loss of capital, distinct from price volatility."

[1:07:20] The importance of patience..

[1:13:30] Understanding business moats.

[1:15:30] Culture as a key component of business longevity.

[1:18:30] Lessons from Ben Graham's investment journey.

[1:24:15] The paradox of "best ideas" portfolios - often the investments we have least conviction in outperform our highest conviction picks.

[1:33:00] Ardal defines success.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

How a 30-year ETF veteran learned to prioritize human flourishing over profit maximization

Guest: Dave Nadig - 30-year veteran of the ETF industry, financial blogger, and advocate for pro-flourishing capitalism

Key Moments:

[03:13] Dave shares how his childhood on a farm shaped his financial mindset, developing a scarcity mentality from growing up poor that led him to finance and money management.

[04:38] Dave explains his "Black Hat vs. White Hat" concept in finance - distinguishing between those who prioritize human flourishing (White Hats) versus those focused primarily on profit maximization (Black Hats).

[07:01] Discussion of the Mad Magazine "Spy vs. Spy" cartoons as inspiration for his Black Hat/White Hat framework.

[09:53] Dave emphasizes that people in the "Black Hat" business aren't necessarily evil, but have made different choices about their priorities.

[15:50] Conversation about passive investing and its evolution from the 1980s through today, with Dave sharing his personal journey working at Wells Fargo on the first target date funds.

[19:19] Dave reflects on becoming "a hard convert back to passive investing" after failing as an active fund manager.

[20:14] Discussion of passive investing's impact on market dynamics, particularly how fund flows affect top equities and bond markets.

[26:22] Examination of how capital formation now happens primarily in private markets, not public ones.

[32:23] Dave shares his fascination with consciousness and the brain, discussing Dr. Ian McGillchrist's work on left brain/right brain dynamics.

[34:47] Dave explores how meditation helps investors develop metacognitive awareness and recognize when their perception differs from reality.

[38:39] Discussion of Dave's experiences at Zen Mountain Monastery and how meditation creates space to explore one's own thought processes.

[44:52] Dave's emotional connection to flying, from childhood fascination to earning his pilot's license, and the devastating impact of losing it due to epilepsy.

[53:49] Reflection on how most investors focus too much on narrow details while neglecting broader context and asset allocation decisions.

[55:54] Dave shares how he uses AI tools like Perplexity to streamline research and Claude to assist with data analysis and coding tasks.

[01:01:04] Discussion of how AI will continue to evolve, with the current state being "the worst it's ever going to be."

[01:05:15] Dave's definition of success: having control over his own time rather than financial wealth.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: David Werdiger, Director of Nathanson Pearson and bestselling author of "Transition: How to Prepare Your Family and Business for the Greatest Wealth Transfer in History"

Key Discussion Points:

[03:00] David discusses joining the family business - how being the youngest of five children with a significant age gap influenced his decision not to immediately join the family textile manufacturing business.

[04:47] Origins of the family business - David's cousins came to Australia in the 1920s, while his father (a Holocaust survivor) arrived in the late 1940s/early 1950s. They built a textile manufacturing business that eventually transitioned to property investment.

[08:14] Pattern recognition in wealthy immigrant families - David notices how immigrant entrepreneurs often transition from business to real estate investments, seeing property as a way to establish roots in their new country.

[09:18] The great wealth transfer - David explains how the baby boomer generation created unprecedented wealth that is now being passed down, complicated by longer lifespans.

[13:07] Will vs. Family Charter - The increasing importance of family governance as wealth transfers require more sophisticated planning with multiple generations alive simultaneously.

[15:49] Power dynamics - David explores the critical role of power transfer between generations and the challenge of teaching responsible ownership.

[19:05] Family governance - The transition from single decision-maker to multiple decision-makers and the governance structures needed to make this work.

[24:02] Power and responsibility - How families must teach the next generation that "with great power comes great responsibility" when inheriting wealth.

[26:36] Sibling dynamics - Why shared genetic material doesn't guarantee harmony, and how birth order and family circumstances affect each child's experience.

[33:52] The four-generation reality - With increasing lifespans, families now face the challenge of having four generations alive at once, creating a "sandwich generation" caught between aging parents and capable adult children.

[38:44] The business as identity - How founders view their businesses as children, creating emotional challenges when transitioning ownership.

[49:54] Stories as the cultural bridge - The vital importance of family stories in transmitting values, especially when the original business is gone.

[54:30] Living your own dream - The tension between individual aspirations and family legacy, and finding the balance between collective identity and personal fulfillment.

[57:42] Definition of success - David defines success as getting up excited every day, having a healthy family who share each other's joys and sorrows, and helping other families achieve the same.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Thank YOU! For all excellent questions!

[00:00] Episode Highlights

[03:00] Introduction and Milestone Celebration

[06:00] Setting the Stage[08:00] Investment Philosophy and Starting a Career[10:00] Business Valuation Approaches[12:00] Essential Investment Skills[13:00] Portfolio Structure and Management[15:00] Position Sizing and Client Alignment[17:00] Investment Preferences and Strategy[21:00] Performance Lessons and the "No Zero Policy"[24:00] Holding Periods and Acquisition Experiences[27:00] Market Scenarios and Economic Context[32:00] Investment Strategy Evolution[35:00] Central Banking and Political Context[38:00] Personal Insights and Time Management[40:00] Daily Structure and Deep Work[42:00] Podcast Logistics and Guest Selection[44:00] Client Relationships During Volatile Times[46:00] Personal Perspectives on Optimism and Caution[48:00] Unlearning and Media Consumption[50:00] Book Recommendations[57:00] Life Lessons and Closing Thoughts[59:00] Outro

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

TWO articles, ONE episode, less than 15 minutes. I'm sharing my thoughts from ahead of the Berkshire Hathaway 2025 meeting, and right after. Still fresh memories and thoughts from a historic meeting. Save it, share it, listen at your convenience, and find the text versions on Substack.

I'm curious to hear your reactions after the event. Please find my email on the Talking Billions website! I reply to all emails.

https://bogumilbaranowski.substack.com/

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser, and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Wisdom from the Berkshire Chronicles: Insights from Buffett and Munger Experts [See text version on my Substack]

8 previous Talking Billions conversations recorded over three years in one 15-minute episode!

This episode features a collection of profound insights and key ideas shared by experts on Berkshire Hathaway, Warren Buffett, and Charlie Munger. It includes historical perspectives on the company, pivotal investment philosophies, unique management practices, and significant business decisions. Highlighting stories from past Berkshire meetings, the importance of capital allocation, and lessons learned from Buffett's mistakes, this episode serves as a compact guide to understanding the principles behind one of the world's most successful businesses.

What you'll find inside:

00:00 Introduction: Wisdom from the Berkshire Chronicles01:12 The Pre-Buffett Era: From Whaling to Textiles02:23 Memories of Early Berkshire Meetings04:03 Buffett's Accidental Empire05:15 The Importance of Capital Allocation and Management Quality06:08 The Evolution of Value Investing06:59 The Insurance Float: Berkshire's Secret Weapon08:20 Concentration: Bet Big When You're Right09:44 The Portfolio Approach to Managing Businesses12:18 Learning from Mistakes and Taking the Long View13:47 Conclusion: The Compounding of Wisdom

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Did we get it all wrong, and we are actually negotiating a deeper globalization? A Thoughtful Tariff Talk and more

Guest: Rick Carew - Former Wall Street Journal journalist covering Asia's financial markets, current investor and educator teaching value investing at Fordham University's Gabelli School.

Key Topics: Value investing, journalism skills in investing, China-US business relations, AI in education, personal success philosophy

Timestamps and Key Ideas:

3:38 - Rick shares his upbringing in Richmond, Virginia, where his family owned a wine store that gave him entrepreneurial experience and an early understanding of business operations.

5:21 - Discussion about Rick's language journey learning Chinese and Japanese, which taught him discipline and a growth mindset applicable to investing.

8:06 - How learning languages provides cultural insights beyond words themselves, with Rick explaining how the Chinese character for "good" combines the characters for "mother" and "child."

11:49 - Rick discusses teaching value investing at Fordham University and the importance of mastering concepts before teaching them to others.

15:15 - Conversation about the core principles of value investing and how the framework needs to adapt to incorporate growth investing.

18:25 - Rick explains how students at Fordham manage a real $2.3 million investment fund, teaching them asset allocation and emotional management during market volatility.

22:30 - Rick shares how his journalism background provides valuable research skills for investing, including the willingness to pick up the phone for direct information.

28:12 - Two powerful questions for management interviews: "What question did I forget to ask?" and "If you had to invest in a competitor, which would you choose and why?"

32:22 - Discussion about how executives actually want feedback from thoughtful investors, especially as passive investing grows.

34:15 - Rick explains the complex relationship between Chinese government, Communist Party, and businesses - highlighting cycles of crackdowns and regulations.

40:04 - Insights on China's tech ecosystem as a "learning machine" studying and adapting Silicon Valley innovations.

45:12 - Discussion about globalization, US-China relations, and whether recent trade tensions are temporary or signal a longer-term shift.

53:03 - Rick's perspective on AI in education: embracing it as a tool while still requiring students to understand fundamentals and verify information.

1:00:39 - Rick shares his three-part framework for success: enjoying your work, giving back to society, and maintaining curiosity throughout life.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

This is an episode of the Excess Returns Podcast with Matt Zeigler and me. We go over the highlights from our two interviews with Professor Aswath Damodaran.

Lots of wisdom in one full hour, enjoy!

Join Matt Zeigler and Bogumil Baranowski as they play our favorite clips from both the Excess Returns and Talking Billions podcast interviews with Aswath Damodaran. This conversation unpacks Damodaran’s timeless insights on navigating uncertainty, embracing the process of investing, and finding comfort in a volatile market. From the ritualistic allure of the Berkshire Hathaway meeting to the pitfalls of factor investing,
Main Topics Covered:
The dangers of rigid, ritualistic value investing and the Berkshire Hathaway meeting’s cult-like atmosphere, contrasted with its networking value.
Embracing uncertainty as a feature of investing, not a bug, and avoiding unhealthy coping mechanisms like denial or outsourcing.
The limitations of factor investing, emphasizing the need to bring unique value to the table to achieve excess returns.
The stock market as a reflection of real-world business value, not a place where money is made, and the futility of fighting market dynamics.
The importance of loving the investing process over obsessing about beating the market, with diversification as a safeguard against hubris.
Balancing comfort investments with high-risk, high-reward opportunities to build a resilient portfolio.
The rise of passive investing and its potential to create opportunities for active investors as fewer people seek market mistakes.
The "sleep test" for investors—framing choices with gratitude and perspective to maintain peace of mind.
00:00:00 – Introduction and Damodaran’s view on contempt in investing
00:01:00 – Matt and Bogumil introduce the episode and their admiration for Damodaran
00:03:00 – Why the Berkshire Hathaway meeting terrifies Damodaran
00:11:42 – Uncertainty as a feature, not a bug, in investing
00:21:02 – The shortcomings of factor investing and the need to bring value
00:31:01 – The market as the boss and the importance of staying detached
00:38:22 – Loving the investing process over beating the market
00:44:05 – Comfort investments vs. edge opportunities in portfolio construction
00:52:50 – Active investing as bad plumbing and the rise of passive investing
01:01:12 – The sleep test: Framing investments for peace of mind
01:06:48 – Closing remarks and where to find more from Bogumil and MattPodcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

This is the audio version of my this week's article.

Find all the articles, summaries, and book reviews on Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.If you want to reach out, I'd love to hear from you here is my email bogumil AT talkingbillions.co (not com)] Thank you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find all the articles, summaries, and book reviews on Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.If you want to reach out, I'd love to hear from you here is my email bogumil AT talkingbillions.co (not com)] Thank you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: Nuala Walsh - Mind Equity CEO, Professor of Behavioral Science at Trinity College Dublin, non-executive director, award-winning author, TEDx speaker, and London School of Economics fellow. Recognized among the 100 most influential women in finance with a 30-year investment career spanning BlackRock, Merrill Lynch, Standard Life, and Aberdeen. Author of "Tune In, How to Make Smarter Decisions in a Noisy World."

Key Moments

3:10 - Information access vs. action: Walsh discusses how in investing, everyone has access to the same public information, but having information and acting on it are different things.

3:50 - The donkey story: Walsh shares the parable of a donkey that died from indecision.

5:26 - Elvis and decision context: Walsh explains how she visited Graceland while writing her book and observed how Elvis made bad decisions despite his success, surrounded by sycophants and trapped in his own "bubble of beliefs."

9:21 - The danger of isolation: Discussion about investment professionals making decisions from isolated environments without firsthand experience of what they're investing in.

10:51 - Four factors shaping judgment: Walsh outlines how our decision-making is affected by high-speed environments, data overload, visual dominance, and polarized thinking.

15:28 - Long-term thinking: Baranowski shares how wealthy families with "infinite time horizons" can rise above market noise by looking far ahead.

16:46 - Beyond blind spots: Walsh introduces "deaf spots" (inability to hear accurately) and "dumb spots" (inability to speak wisely) as crucial concepts beyond traditional blind spots.

22:09 - Perimeter judgment traps: Walsh explains her framework of 10 traps.

28:47 - Inaction as decision: Discussion of how procrastination and inability to decide is itself a decision with consequences.

32:28 - Breaking big decisions into smaller ones: Walsh describes "chunking" as a strategy to make overwhelming decisions more manageable.

35:10 - Risk and reward balance: Using the 1996 Mount Everest disaster as an example of how reward-seeking distorts rational judgment.

42:12 - Identity traps: Conversation about how people get labeled in their careers (like "value investor") and how difficult but possible it is to reinvent oneself.

47:21 - Hearing what others don't: Walsh discusses cognitive discipline and tuning in to signals others miss, especially for high-consequence decisions.

52:21 - Slowing down: The importance of creating "decision friction" or "speed bumps for the mind" to interrupt automatic thinking, especially for important choices.

55:45 - Personal definition of success: Walsh shares how her definition has evolved from external achievements to "peace of mind and freedom to do what you want."

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

This is my appearance on The Art of Quality in Investing Podcast with John Candeto and Paul Higgins. Enjoy!

The Art of Quality Podcast --- This podcast explores the lived experience of those with a deep familiarity with the stories and patterns of quality across business, entrepreneurship, investing and the arts. We have learned like the stoics, stories carry most of the wisdom.

Bogumil Baranowski is the founder of Blue Infinitas Capital, author of three investing books, including Money, Life, and Family, and host of the globally followed Talking Billions podcast.

Trained in the Buffett-Munger school of thought, he brings 20 years of investment experience. Born in Poland, educated across Europe, and professionally shaped in New York City, he has served as a portfolio manager, fund manager, partner, and founding partner at leading investment firms.

At Blue Infinitas Capital, he advises affluent families on both sides of the Atlantic, managing wealth across generations and navigating market cycles.

Bogumil is also a TEDx speaker, a regular at VALUEx Klosters and MOI Global, and a longtime attendee of the Berkshire Hathaway Annual Meeting.

What We Discussed

• Trust is the cornerstone of long-term wealth management.
• Investing is an infinite game, focused on long-term survival, not short-term wins.
• Effective wealth preservation spans generations and requires engaging the entire family.
• Crises test the strength of client-advisor relationships and highlight the value of trust.
• Wealth is deeply emotional, shaping family dynamics and requiring compassion and understanding.
• Compounding wealth is a nonlinear force—difficult to grasp but thriving with patience and a long-term mindset.
• Navigating volatility demands emotional intelligence and strong relationships.
• Honest conversations are crucial for successful wealth transfer.
• Lessons from nature inspire resilience and sustainable investment practices.
• Choosing the right clients ensures a more fulfilling and effective advisory practice.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!

Here you will find the audio version of my this week's articles, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!

Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

FULL BONUS EPISODE: This is the Excess Returns Podcast episode -- please look up all their wonderful content, and listen to it here in case you missed it. It's with Chris Mayer, Matt Zeigler, and me. It's been one of the highlights of my recording year. Tune in and enjoy!

In this episode of Excess Returns, Matt Zeigler is joined by special co-host Bogumil Baranowski to sit down with Chris Mayer. As the author of the acclaimed book 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, former editor of influential newsletters, and co-founder of Woodlock House Family Capital, Chris brings a wealth of experience and a unique perspective to the table. In this conversation, we dive deep into the world of long-term investing, exploring timeless principles, the impact of AI on future opportunities, and the mindset required to identify and hold onto extraordinary businesses. Whether you're a seasoned investor or just starting out, this episode is packed with wisdom to help you navigate the markets with patience and purpose.

Main Topics Covered:

The potential for 100-bagger stocks in emerging industries like AI and how time reveals the winners.

The "twin engines" of growth and multiples, and why great businesses often trade at high valuations.

The merits and challenges of concentrated investing in a market dominated by giants like the "Mag Seven."

Strategies for dealing with drawdowns and maintaining conviction in great companies through volatility.

The importance of aligning investment strategies with the right type of capital, especially for family wealth.

How experiences as a banker, newsletter editor, and board member shape a business-owner mindset.

The role of boards in capital allocation and setting incentives that drive long-term value.

Insights from general semantics as a tool for critical thinking and avoiding investment pitfalls.

The power of journaling to track evolving thoughts and foster humility in investing.

Why patience is the ultimate lesson for investors and how to tune out market noise.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

A stormy week is behind us; here are some calm and wise words that you might appreciate this weekend.

I distilled my 3 long podcast interviews with Chris Mayer (100-baggers) and 3 of his books into this 10-minute recap. Enjoy!

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!

FIND the full article covering the same idea on my Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!

Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you have 5 minutes this week, listen to this recap of my conversation with Alex Morris. My email is below.

FULL EPISODE & FULL ARTICLE: https://bogumilbaranowski.substack.com/

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you have 5 minutes this week, listen to this recap of my conversation with Emily Bouchard with a BONUS look behind the scenes and my thoughts about what I learned.

FULL EPISODE about the episode: https://bogumilbaranowski.substack.com/p/emily-bouchard-money-marriage-and

FULL ARTICLE: https://bogumilbaranowski.substack.com/p/5-powerful-insights-from-emily-bouchard

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

An insightful conversation with Samantha McLemore, founder and CIO of Patient Capital Management, who spent over two decades investing alongside famed value investor Bill Miller before founding her own firm in 2020.

Key Topics & Timestamps

Early Influences & Career Path (03:46 - 10:45)

• Sam's humble beginnings and early relationship with money
• Working from age 12 and saving money through college
• First investing experience with college funds in Dell Computer during the late 90s
• Meeting Bill Miller at college and winning the "job lottery"

Investment Philosophy (10:45 - 25:45)

• The power of long-term compounding
• Thinking about stocks as ownership of real businesses
• Lessons learned from Bill Miller: "The big money's made in the big moves"
• Value investing that includes growth companies at reasonable prices
• Looking beyond traditional financial statements

The Amazon Story & Jeff Bezos (25:45 - 39:45)

• Meetings with Jeff Bezos and his insights
• The brilliance of Bezos' long-term thinking
• Bezos' focus on what won't change rather than what will
• The benefit of public markets - participating in others' success

Investment Strategy & Client Relationships (39:45 - 48:45)

• "Volatility is the price you pay for returns"
• The ideal client profile for Patient Capital's approach
• Maximizing long-term capital growth versus capital preservation
• The importance of having clients who understand drawdowns are part of the process

Navigating Market Volatility (48:45 - 57:45)

• The futility of trying to time the market
• The importance of time in the market versus timing the market
• Managing stress during market downturns
• Daily meditation, exercise, and journaling as stress management tools

Women in Investing (57:45 - 61:45)

• Advocating for more women in investing
• The power of role models
• Natural advantages women may have as investors

Active vs. Passive Investing (61:45 - 68:45)

• Thoughts on the rise of passive investing
• The concentration of the S&P 500 in top names
• How passive could change in a prolonged sideways market
• The importance of maintaining confidence during market downturns

Definition of Success (68:45 - end)

• Success as happiness, fulfillment, and being proud of contributions
• Beyond financial metrics to personal satisfaction

Memorable Quotes

• "Compounding is so powerful. It should be taught so much earlier to everyone."
• "Volatility is the price you pay for returns."
• "The big money's made in the big moves."
• "Loss and pain is part of the process of growth and compounding. It is what you're paid for."
• "If you want something, go for it. There's always a shot."
• "The most powerful force in markets is compounding and the long-term time horizon."
• "If you are happy, fulfilled, content, and proud of your contributions, that's success."Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!

Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: Alex Morris - Founder of TSOH Investment Research and author of "Buffett and Munger Unscripted"

Episode Focus: Buffett and Munger's investment philosophy, value investing principles, and business ownership mindset

Key Topics:

Alex's journey into investing and discovery of Buffett/Munger's teachings

Value investing fundamentals - "getting a lot for the expectable future cash flows"

The importance of quality management and proper incentives

How interest rates and inflation impact investments

Time horizons, volatility vs. risk, and Mr. Market psychology

The right way to run an insurance business (National Indemnity case study)

Finding purpose and meaning in investing beyond financial returns

Notable Quotes:

"Warren says, 'Charlie and I think there is no other kind of investment than a value investment. We don't know how anybody would invest in a non-value investment.'"

"Interest rates basically are the value of assets, what gravity is to matter."

"The room full of lawyers will not save you if you're dealing with the wrong people."

"I look at someone like Satya Nadella at Microsoft... I have a sense for who he is. I'm very comfortable that... he has a broader vision and interest in the business."

"If you come here just for the money, you might not stick around long enough to see the results of what this pursuit can do for you."Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Understanding the interplay between allocation, evolution, and cognitive investment

Audio version of my this week's article, find it on Substack.

https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you have 5 minutes this week, listen to this recap of my conversation with Sean DeLaney with a BONUS look behind the scenes and my thoughts about what I learned.

FULL ARTICLE about the episode: https://bogumilbaranowski.substack.com/p/when-life-begins-to-whisper-insights

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Transforming Financial Conversations from Sources of Tension to Opportunities for Connection

Guest Introduction

Emily Bouchard is a specialist in family dynamics around wealth, with over 20 years of experience working with families navigating complex financial relationships. She's the founder of Blended Families Flourishing and Bouchard Bespoke Consulting, focusing on stepfamily dynamics, multigenerational family meetings, rising generation leadership, family governance, and family business succession.

Key Topics Discussed

Personal Journey

Emily shares how her mother's sudden death at age 44 (when Emily was 14) profoundly shaped her path

Her volunteering experience with teenage cancer patients at age 18 taught her about resilience

Her personal experience becoming a stepdaughter, step-granddaughter, and later a stepmother influenced her career focus

Why Money Conversations Are Difficult

Different people develop different archetypal patterns related to money based on their upbringing and experiences

Understanding the underlying motivations, values, concerns, and beliefs makes money conversations more productive

People avoid money conversations because they've rarely experienced them going well

Couple Finances and Prenups

Financial infidelity (making significant financial decisions without including your spouse) is a leading cause of divorce

Important early conversations for couples include sharing earliest money memories and identifying core values around money

Prenups should be viewed as strengthening a marriage by developing the muscle of having healthy money conversations

A prenup is an opportunity to decide what happens at the end of a marriage rather than leaving it to lawmakers who don't know you

Blended Family Finances

The concept of "fair versus equal" is crucial when discussing inheritance in blended families

One of the biggest mistakes in estate planning is not checking and updating beneficiaries

Communication about estate plans with family members can prevent misunderstandings and litigation

Teaching Children About Money

Start money conversations as early as age five, focusing on philanthropy and understanding value

Use share/save/spend models to help children develop healthy money habits

Be open about family wealth status to prepare children for when they might encounter this information from peers

Multi-generational Wealth

Wealth holders should articulate the stories and values that led to wealth creation

Beneficiaries need education about their roles and responsibilities

Money amplifies existing family dynamics rather than creating entirely new problems

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Audio version my this week's article, find it on Substack.

https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you have 5 minutes this week, listen to this recap of my conversation with Vitaliy with a BONUS look behind the scenes and my thoughts about what I learned.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you! Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

In this thought-provoking conversation, executive coach and author Sean Delaney returns to discuss his latest book, "When Life Begins to Whisper: A Journey Beyond the Answers." Building on our conversation from last year, Sean delves deeper into the subtle internal signals that guide our authentic paths and how we can develop a healthier relationship with pain, uncertainty, and freedom.

### Key Highlights:

- **The Meaning Behind the Title**: Sean explains how "whispers" represent those subtle internal nudges we often ignore until life forces us to confront them, and why the most profound questions in life don't have definitive answers.

- **Reframing Our Relationship with Pain**: "Pain doesn't come to break you, it comes to open you." Sean discusses how our greatest insights often emerge from our most painful experiences when we learn to use them rather than avoid them.

- **Beyond the Search for Certainty**: Why certainty is "too small for a soul like yours" and how embracing uncertainty opens the door to greater possibilities.

- **Recognizing and Rewriting Your Stories**: Sean shares practical approaches to identifying the invisible scripts that govern our lives and finding the courage to reshape them.

- **Finding Freedom Through Letting Go**: Freedom isn't something we chase but something we allow by releasing internal barriers and constraints.

- **The Connection to Investing**: Throughout the conversation, we explore parallels between personal growth and investment philosophy - from viewing empty portfolios as canvases of opportunity to developing the capacity to make clear decisions by stilling our "internal waters."

- **Living Your Truth**: The importance of aligning with your authentic self rather than following someone else's script, as Sean explains: "The real prison is living a life that doesn't belong to you."

Sean shares insights from his work with high achievers across various fields, including CEOs, professional athletes, and finance professionals, revealing common patterns and transformative practices that lead to more meaningful, purposeful lives.

This episode offers both philosophical depth and practical guidance for anyone seeking to live more authentically and navigate life's challenges with greater wisdom and resilience.

### About Sean Delaney

Sean Delaney is an executive coach and author who helps high achievers uncover deeper purpose and navigate the challenges of leadership, resilience, and self-mastery. With nearly 15 years of experience guiding CEOs, executives, and professional athletes, he blends profound insights with practical strategies to inspire meaningful, lasting change. His latest book is "When Life Begins to Whisper: A Journey Beyond the Answers."

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Here is another recording of my article. Enjoy! They've been such a hit that I decided to read to you again.

If you want to drop me a line, share your thoughts, or connect over Zoom, here is my email bogumil AT talkingbillions.co (not com).

I read and answer all my emails; just give me a day or two! Thank you! Bogumil

Find the text of the article on my Substack:

https://bogumilbaranowski.substack.com/p/the-psychology-of-portfolio-fluctuations

I mention Byron Tully in the episode, and I recommend his appearances on Talking Billions. He talks about Old Money Habits.

Disclosure:

Blue Infinitas Capital, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

This is a very timely post (only 3 minutes). If you haven't read it yet, enjoy it here. And I hope my calming voice will help you as you are navigating the markets in the last few weeks.

If you want to drop me a line, share your thoughts, or connect over Zoom, here is my email bogumil AT talkingbillions.co (not com).

I read and answer all my emails; just give me a day or two! Thank you! Bogumil

Find the text of the article on my Substack:

https://bogumilbaranowski.substack.com/p/storm-in-a-glass-or-broken-glass

Disclosure:

Blue Infinitas Capital, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

[Limited 1 on 1 Zoom calls with the host: email me at bogumil@talkingbillions.co, no com]

Episode Overview

In this illuminating conversation, Vitaliy Katsenelson shares his remarkable journey from Soviet Russia to becoming a respected value investor in the United States. Through personal anecdotes and philosophical reflections, Vitaliy explores the delicate interplay between life's most precious currencies: time, money, and purpose.

Key Themes

From Scarcity to Abundance

• Vitaliy's formative years in Soviet Russia shaped his unique perspective on scarcity and abundance
• The stark contrast between socialist principles and capitalist realities informed his investment philosophy
• Cultural transitions between European and American work ethics revealed deeper truths about value creation

Finding Alignment: The Soul in the Game

• The concept of 'Soul in the Game' emerges as a north star for meaningful living
• Authentic writing requires vulnerability and self-confidence—a mirror to authentic investing
• Personal alignment between values and vocation creates fulfillment beyond financial metrics
• The courage to pursue alignment often means embracing discomfort and uncertainty

The Philosophy of Time and Money

• Time stands as our most irreplaceable asset—money should ultimately purchase time, not things
• Wealth without purpose becomes an empty pursuit
• Material detachment liberates decision-making in both life and investing
• Stoicism provides a framework for focusing on what we can control amid market volatility

The Human Element in Business

• People remain the crucial factor in business success—relationships over transactions
• Hiring decisions should evaluate character alongside competence
• Management analysis deserves equal attention to financial analysis
• Subtle cues often reveal more about company culture than formal presentations

Navigating Complexity and Change

• Investing requires continuous learning and intellectual curiosity
• Disruption demands adaptability in investment strategies
• Value investing must evolve to consider future growth opportunities
• The nonlinear nature of investing mirrors the nonlinear journey of life itself

Redefining Success

• Success transcends financial metrics to encompass relationships and independence
• Parenthood brings both profound joy and inevitable pain—similar to market cycles
• Quality of work matters more than quantity—depth over breadth
• Creative pursuits like music enhance problem-solving and pattern recognition

Reflections for Listeners

How might you find greater alignment between your values and your work?

Where are you trading time for money when you could be doing the opposite?

What attachments might be limiting your freedom and decision-making?

How can you incorporate more reflection and creative thinking into your professional life?

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Happy Weekend! Since so many of you asked, here is the audio version of my this week's article with some bonus content, and announcement, take a listen -- you'll hear details in the episode, but here is my email bogumil AT talkingbillions.co (not com), if you are interested in a 1 on 1 Zoom call with me or joining an intimate virtual meet & greet let know or if you just feel compelled to write to me, please do! I read and answer all my email, just give me a day or two! Thank you! Bogumil

Find the text of the article on my Substack: https://bogumilbaranowski.substack.com/p/my-annual-valuex-journey-the-magical

My guest today is Brendan Hughes, he is an investor, an analyst, and an author.

Brendan has more than a decade of industry experience in investments and public finance. For the last several years, Brendan has worked for Lafayette Investments, where he manages a portion of the $800 million in assets under management, primarily for high-net-worth individuals.

Brendan is the author of two books: Markets in Chaos: A History of Market Crises Around the World and The Wandering Investor.

Brendan is a Chartered Financial Analyst (CFA) charterholder. He has served on various boards and committees including the James Madison University College of Business Board of Advisors (former Associate Board Member), Cystic Fibrosis Foundation’s Maryland Chapter (Board Member), CanEducate (Board Member for a charitable organization that helps schools in developing countries such as Haiti), ZERV Inc. (former Board Member for a Canadian technology start-up that was acquired) and the Member Engagement Committee for CFA Society Washington D.C. (former Committee Member). Brendan is a two-time winner of the Tomorrow’s Leader Award for his contributions to the Cystic Fibrosis Foundation.

Summary

In this conversation, Brendan Hughes discusses the complexities of government debt, the impact of demographics, and the historical context of economic crises. He draws parallels between current economic conditions and past events, particularly the 1970s and the situations in Japan and China. The discussion also covers the success of the U.S. economy and the implications of passive investing on market dynamics.

In this conversation, Bogumil Baranowski and Brendan Hughes delve into the complexities of investing, focusing on the dynamics of passive investing, the nature of risk, and the importance of cash flow in evaluating corporate earnings. They discuss the evolving landscape of consumer staples and technology companies, strategies for effective saving, and the impact of political and economic factors on investment decisions. The conversation also highlights the significance of travel as a means of learning and understanding different cultures and markets.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

It's a BONUS episode for you, my dear listeners, enjoy! I'm looking forward to hearing from you -- my email is on the Talking Billions website. Take a moment this holiday season and share this show with your loved ones, who would also like it. THANK YOU!!