On today’s episode, Clay Finck is joined by Daniel Pronk and Jake Ruth to share the fundamentals of stock investing. They dive into everything they wish they knew as a beginner, the books they would read, and the biggest mistakes they would have tried to avoid.Daniel Pronk and Jake Ruth are the founders of Stock Unlock, which is helping transform everyday people into successful investors. Daniel is also popular on YouTube, as he has over 200k subscribers on his channel. Daniel and Jake are the perfect guests for the show to help make stock investing much more approachable and easy to understand.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.02:24 - How Daniel and Jake first got into stock investing.05:39 - The key lessons they would teach their younger selves.08:57 - Why compounding is so critical to understand as investors.16:25 - Why the best investors aren’t those with the highest IQ but those with the best temperament.26:24 - Why growth isn’t always good for a business.33:14 - Why most investors should stick to only investing in profitable companies.36:33 - The most common mistakes newer investors make.36:37 - Daniel’s three criteria for investing in a business.49:31 - Why we should be wary of companies with high dividend yields.56:23 - How the listeners should know when they are ready to start investing.63:58 - Why most companies are doomed to have their moat disrupted.65:27 - What led Daniel and Jake to start Stock Unlock.01:13:50 - Unique tools that Stock Unlock provides.01:14:28 - What books Daniel & Jake would give to their 18-year-old selves. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out our newly released TIP Mastermind Community.Get 30% off Stock Unlock for 12 months with code WSB here.Stock Unlock’s YouTube channel.Daniel Pronk’s YouTube.Tune into our previous episode: WSB577: Valuation Masterclass w/ Aswath Damodaran or watch the video.Follow Clay on Twitter.Follow Jake on Twitter.Follow Daniel on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence. Get $5 in Bitcoin when you invest $100 with River.Learn how Principal Financial can help you find the right benefits and retirement plan for your team today.Reach the world’s largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!Invest in some of the top private, pre-IPO companies in the world with Fundrise.Take ownership of your Bitcoin with Foundation. Attain self-custody with Passport hardware wallet.Send, spend, and receive money around the world easily with Wise.Experience real language learning for real conversations with Babbel. Get 55% off your Babbel subscription today.Beat FOMO and move faster than the market with AlphaSense.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Be confident that you’ll be small businessing at your best with support designed to help you reach your goals. Book an appointment with a TD Small Business Specialist today.Start, run, and grow your business without the struggle. Be in control of every sales channel with Shopify. Sign up for a $1 per month trial period today.Get a customized solution for all of your KPIs in one efficient system with one source of truth. Download NetSuite’s popular KPI Checklist, designed to give you consistently excellent performance for free.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh and Guy Swann's conversation covers the fascinating attributes about AI, the counterintuitive nature of AI and how the need for specialized models will create a rich ecosystem of decentralizing forces around countless models and resourcing requests.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:24 - What is at the intersection of AI and Bitcoin?19:12 - How AI is able to synthesize enormous amounts of information.30:29 - Why AI models are actually going to be a decentralizing force.32:37 - What incentives will attract the most data?40:06 - Why training models from scratch isn't the most optimal path.52:52 - Guy's thoughts on Sam Altman's World Coin.01:03:58 - Why identity and AI are becoming a paired combo and how to avoid it.01:03:58 - Why immediate settlement is a necessity for AI.BOOKS AND RESOURCESGuy Swann's AI Podcast.Guy's Website with access to all his content and media.Related Episode: Listen to BTC051: Bitcoin & Why The Bond Market Is a Big Deal w/ Greg Foss & Guy Swann, or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence. Get $5 in Bitcoin when you invest $100 with River.Learn how Principal Financial can help you find the right benefits and retirement plan for your team today.Reach the world’s largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!Invest in some of the top private, pre-IPO companies in the world with Fundrise.Take ownership of your Bitcoin with Foundation. Attain self-custody with Passport hardware wallet.Send, spend, and receive money around the world easily with Wise.Experience real language learning for real conversations with Babbel. Get 55% off your Babbel subscription today.Beat FOMO and move faster than the market with AlphaSense.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Be confident that you’ll be small businessing at your best with support designed to help you reach your goals. Book an appointment with a TD Small Business Specialist today.Start, run, and grow your business without the struggle. Be in control of every sales channel with Shopify. Sign up for a $1 per month trial period today.Get a customized solution for all of your KPIs in one efficient system with one source of truth. Download NetSuite’s popular KPI Checklist, designed to give you consistently excellent performance for free.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, William Green speaks with Chris Bloomstran, President & Chief Investment Officer of Semper Augustus. This conversation has been divided into two episodes. Here, in Part 2, Chris discusses what we can learn from studying Berkshire Hathaway & Warren Buffett; weighs the risks of Berkshire’s huge Apple stake; discusses Berkshire’s valuation; & explains why the stock should beat the S&P 500. He also talks about avoiding charlatans and living with integrity.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro02:38 - Why Chris Bloomstran says it’s so valuable to study Berkshire Hathaway.05:04 - How Warren Buffett thinks about intelligent asset allocation.06:59 - How share buybacks are mishandled by many companies. 11:30 - How he values Berkshire, & why it should outperform the S&P 500.20:40 - Why most investors shouldn’t pick stocks for themselves.29:16 - How Chris manages his time.40:28 - How he’s risen above a painfully difficult childhood.43:42 - Why the key to investing success is a fierce work ethic.44:57 - What his football coaches taught him about integrity & kindness.54:10 - How Chris uses social media to criticize what he calls “charlatan promotion.”58:41 - What he thinks of Berkshire’s huge stake in Apple.1:08:15 - What a legendary golfer taught him about how to live.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESChris Bloomstran’s firm Semper Augustus Investments GroupChris Bloomstran’s 2022 Letter to Clients: “Crazy Train”William Green’s book, “Richer, Wiser, Happier” – read the reviews of this bookListen to Stig Brodersen’s April 2023 interview with Chris Bloomstran, or watch the video.Follow Chris Bloomstran on X (AKA Twitter)Follow William Green on X (AKA Twitter)NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Reach the world’s largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!Invest in some of the top private, pre-IPO companies in the world with Fundrise.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Be confident that you’ll be small businessing at your best with support designed to help you reach your goals. Book an appointment with a TD Small Business Specialist today.Start, run, and grow your business without the struggle. Be in control of every sales channel with Shopify. Sign up for a $1 per month trial period today.Send, spend, and receive money around the world easily with Wise.Experience real language learning for real conversations with Babbel. Get 55% off your Babbel subscription today.Learn how Principal Financial can help you find the right benefits and retirement plan for your team today.Beat FOMO and move faster than the market with AlphaSense.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Get a customized solution for all of your KPIs in one efficient system with one source of truth. Download NetSuite’s popular KPI Checklist, designed to give you consistently excellent performance for free.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, William Green chats with Chris Bloomstran, President & Chief Investment Officer of Semper Augustus. This conversation is so rich that it’s been divided into two episodes. Here, in Part 1, Chris explains how to achieve long-term success by seeking a “dual margin of safety” that comes from owning high-quality businesses at attractive prices. He also warns about the perennial dangers of irrational exuberance, which he now sees in hot stocks like Tesla & Nvidia.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro04:45 - What Chris Bloomstran learned from his brilliant mentor, Robert Smith.08:17 - How Chris & Robert skillfully sidestepped the dotcom bubble & crash.10:00 - What lessons Chris drew from an early investment that fell to zero.35:17 - Why Chris named his investment firm after a crazily overvalued tulip.44:53 - What Sir John Templeton saw as the best antidote to financial insanity. 55:38 - How to succeed in stocks by seeking a “dual margin of safety.”56:51 - How his definition of a quality business has evolved.1:07:01 - Why he’s skeptical about Cathie Wood’s ARK portfolio.1:09:02 - Why hot tech stocks like Nvidia are likely to disappoint for many years.1:11:32 - Why he’s wary of hype & “puffery” about Tesla’s glorious future.1:17:49 - Why he’s trimmed great but pricey holdings like Costco & Nike.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESChris Bloomstran’s firm Semper Augustus Investments Group“Extraordinary Popular Delusions & The Madness of Crowds” by Charles Mackay“The Rise & Fall of American Growth” by Robert GordonWilliam Green’s book, “Richer, Wiser, Happier” – read the reviews of this bookListen to Stig Brodersen’s April 2023 interview with Chris Bloomstran, or watch the video.Follow Chris Bloomstran on X (AKA Twitter)Follow William Green on X (AKA Twitter)NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Reach the world’s largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!Invest in some of the top private, pre-IPO companies in the world with Fundrise.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Be confident that you’ll be small businessing at your best with support designed to help you reach your goals. Book an appointment with a TD Small Business Specialist today.Start, run, and grow your business without the struggle. Be in control of every sales channel with Shopify. Sign up for a $1 per month trial period today.Send, spend, and receive money around the world easily with Wise.Experience real language learning for real conversations with Babbel. Get 55% off your Babbel subscription today.Learn how Principal Financial can help you find the right benefits and retirement plan for your team today.Beat FOMO and move faster than the market with AlphaSense.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Get a customized solution for all of your KPIs in one efficient system with one source of truth. Download NetSuite’s popular KPI Checklist, designed to give you consistently excellent performance for free.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck is joined by Aswath Damodaran who is widely referred to as the dean of valuation. Aswath Damodaran is a professor at NYU of corporate finance and valuation and has taught thousands of students how to value companies and pick stocks. He has written numerous books on valuation and has also made all of his university courses available online for free. Aswath is one of the clearest teachers of finance and investing in the industry.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro.01:42 - Whether recent technological advances should lead us to think about investing. differently than in years past.03:23 - The role intangible assets play into valuation.07:08 - How he determines which companies he wants to dive in and research.14:40 - How Aswath thinks about setting an appropriate discount rate in valuation.20:49 - His thoughts on whether investors should deem the US treasury rate as the risk free rate available to investors.24:10 - The future expected return of the S&P 500 implied by the market as of August 2023.27:29 - How Aswath thinks about the risks of investing in China.30:02 - Aswath’s updated views on the valuation of Nvidia & Meta.33:21 - The potential dangers of a buy and hold approach.47:31 - How to think about using adjusted EBITDA in stock analysis.49:44 - How Aswath thinks of the macro.57:16 - Why Aswath recommends a strong understanding of statistics to invest well.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out our newly released TIP Mastermind Community.Check out our recent episode RWH005: Meet the Master w/ Aswath Damodaran, or watch the video.Check out Aswath’s Website. Check out Aswath’s YouTube Channel.Follow Clay on Twitter.Follow Aswath on Twitter.Tune into our previous episode covering The Future of AI w/ Bob Muglia or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Reach the world’s largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!Invest in some of the top private, pre-IPO companies in the world with Fundrise.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Be confident that you’ll be small businessing at your best with support designed to help you reach your goals. Book an appointment with a TD Small Business Specialist today.Start, run, and grow your business without the struggle. Be in control of every sales channel with Shopify. Sign up for a $1 per month trial period today.Send, spend, and receive money around the world easily with Wise.Experience real language learning for real conversations with Babbel. Get 55% off your Babbel subscription today.Learn how Principal Financial can help you find the right benefits and retirement plan for your team today.Beat FOMO and move faster than the market with AlphaSense.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Get a customized solution for all of your KPIs in one efficient system with one source of truth. Download NetSuite’s popular KPI Checklist, designed to give you consistently excellent performance for free.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.