Laurence Endersen is an investment professional with over 30 years of experience and author of three books, including The Compounder’s Element, who champions patient wealth building through understanding one’s natural investing temperament and staying disciplined within it.
Episode Sponsor: Fiscal AI is a modern data terminal—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/EPISODE NOTES
3:00 - Laurence shares formative experiences: working in his father’s TV repair shop taught him the real difficulty of earning money, while losing his mother at 13 accelerated his maturity and independence. His father’s entrepreneurial spirit and inventor grandfather sparked curiosity about how money works beyond academic theory.
8:00 - Introduction to markets came through Australian state privatizations in Sydney—experiencing “day one pops” felt like magic compared to traditional work, though he admits being “curious and clueless” initially. The addiction to stock market gains revealed the difference between “power by the hour” versus “share of value” business models.
13:00 - Evolution of investing philosophy: “Most of my learning has been in the last five years of those 30.” Key revelation: understanding what game you’re actually playing matters more than technical prowess. Patient compounding over long horizons (the “n” in the formula) reduces pressure on achieving exceptional returns.
22:00 - The “elements” framework: investors have natural temperaments—Lar identifies as a “Compounder” focused on long-term wealth building. Mismatch between element and strategy causes problems. “If you’re always improving, your best days are always ahead.”
38:00 - On competitive advantages: companies with pricing power, network effects, and multi-decade runways compound extraordinary value. “The delta between a good business and a great business is seismic over time.”
52:00 - AI’s impact on investing: tools democratize analysis but won’t eliminate competitive advantages. “With these tools you’re more likely to go up to the third or fourth question—but so will everybody else.” The real edge remains knowing when you have enough information to act.
68:00 - Definition of success from Stephen Covey: “Live, love, learn, and leave a legacy.” Acknowledges having “a billion heartbeats” behind him with an “indeterminable number” ahead—emphasizes time as ultimate constraint.
Podcast Program – Disclosure StatementBlue 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.
Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.
Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did.
Available now on Excess Returns Podcast and Talking Billions. 🎧
I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.
This episode of The 100 Year Thinkers brings together Robert Hagstrom, Chris Mayer, and Bogumil Baranowski for a deep conversation on what makes a great business, why long-term investing is so hard, and how the world’s best investors think about mistakes, management, conviction, and the durability of competitive advantages. We explore perfect businesses, the pain of missed opportunities, the behavioral traps that derail long-term compounding, and how to navigate rapid technological change while keeping your investment process grounded.
Topics covered:
• What defines a perfect business and why so few qualify
• The role of capital efficiency, returns on capital, and cash generation
• Why omissions are often investors’ most painful mistakes
• How to build conviction to hold great companies through drawdowns
• The behavioral edge of true long-term investing
• Management quality, insider ownership, incentives, and red flags
• Why owner earnings and free cash flow matter more than GAAP earnings
• The challenge of evaluating fast-changing industries and staying within your circle of competence
• How AI, networks, and scale economics reshape competitive moats
• Portfolio management lessons, starter positions, and letting winners run
Timestamps:
00:00 Perfect businesses and long-term economics
01:49 Defining the perfect stock
03:27 Holding long term through volatility
07:30 Behavioral inefficiencies and market structure
09:15 Humanizing mistakes and decision making
14:28 Errors of omission and painful missed opportunities
19:00 What to look for in management
24:27 Signals from financial disclosures and actions
26:00 Key quantitative metrics for long-term compounders
34:04 Owner earnings vs GAAP earnings
37:00 Intangible investment and modern cash flow analysis
38:50 Circle of competence and fast-changing industries
42:00 Large language models, networks, and moats
43:52 AI use cases and productivity
45:00 Closing thoughts and where to find the guests
46:25 Episode recap and takeaways
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 Host: Dave Specht, senior fellow at the Drucker School of Management, two-time author, and creator of the Generational Wealth Masterclass with Jay Hughes, turns the tables to interview Bogumil using audience-submitted questions.
Key Ideas:
It’s Not About the Money - Despite the focus on investing and wealth management, Bogumil emphasizes that money is merely a language or gesture representing deeper human values and connections. The true value lies in human relationships, creation, and purpose.
Investing as a Lifelong Pursuit - Successful investing requires consistency, patience, and a long-term perspective. Many people identify good investments but fail because they don’t hold them long enough to benefit from compounding.
Quality Compounds - Great businesses continually improve their quality and service. This compounding of quality—from leadership through every level of organization—creates lasting value that investors can benefit from.
Value and Price Understanding - Value investing principles are timeless because they reflect basic human decision-making. Everyone intuitively understands the relationship between value received and price paid, whether at a farmer’s market or in stock investments.
Invisible Wealth Requires Communication - Modern wealth is often invisible, creating challenges for families. Not communicating about wealth with the next generation can be dangerous; gradual education and preparation are essential.
The Power of Inaction - “The inaction in the world that’s demanding action might be the hardest thing to do, but the biggest value added.” Sometimes the best investment decision is to simply hold onto quality investments.
AI as a Tool Not a Replacement - AI helps investors by allowing them to “zoom out” to see broad patterns and “zoom in” on specific details, but human judgment remains essential for investment decisions.
Seek Businesses You’d Own and Forget - Bogumil looks for businesses with good management and prospects that he can “own and forget about,” often waiting for price breaks to acquire them at attractive valuations.
Control Your Time - True success isn’t measured by titles or money but by having the freedom to control your time and pursue what brings you meaning and curiosity.
The Value of Having an Advisor - Having someone who understands both the technical aspects of wealth management and the human emotional side creates tremendous value, especially during market turbulence.
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.
Robert Karas is a Partner and Chief Investment Officer at Bank Gutmann in Vienna, Austria's oldest private bank, where he oversees investment strategies for ultra-high-net-worth clients. Robert is a seasoned investor on a lifelong journey known for his thoughtful investment philosophy and engaging market insights.
3:00 - Robert describes the 1960s "paperwork crisis" when Wall Street trading volumes exploded and people physically schlepped suitcases of stock certificates along Wall Street, requiring the establishment of the Depository Trust Company in 1973.
5:20 - Bogumil shares his vivid memory of holding physical account statements from decades ago, witnessing the literal doubling of family fortunes—"two turning into four, four turning into eight"—and how the tangible nature of old statements helped him grasp the true power of long-term compounding.
6:45 - Discussion of Buffett's revolutionary fee structure: zero management fees, profit sharing only above hurdles, and the forgotten detail—unlimited personal liability for losses. "Talking about aligned interests... we all talk about it, but normally we do not share in the downside directly."
14:30 - Robert explains why Buffett dissolved his partnerships in 1969: "He didn't want to manage other people's emotions anymore." The shift from managing external capital to managing Berkshire allowed him to focus purely on business building without quarterly redemption pressures.
25:00 - The power of Buffett's language: simple, clear, authentic communication that builds trust. Robert notes how Buffett writes letters "as if he's sitting in your living room explaining things to you."
38:15 - Discussion of Berkshire as more than just an investment—it becomes part of people's identities, something they want to pass to their children, transforming from a stock into a legacy vehicle.
56:30 - Bogumil's insight about Omaha during the annual meeting: "There's no other place on earth that for a few days, I have more friends per square mile than anywhere else."
59:00 - Final reflection on trust and doing the right thing even when nobody's watching—the essence of working with families and the true lesson from Buffett and Munger.
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.
Please enjoy my recent appearance on Value: After Hours with Tobias Carlisle and Jake Taylor. One of my favorite interviews this season. A real weekend treat if you missed it!
Guest: Bogumil Baranowski, founder of Blue Infinitas Capital, LLC, host of Talking Billions podcast, author of "Money, Life, Family," and investment professional with 20 years of experience managing multi-generational family wealth.
This episode was originally aired on Value: After Hours on 11/4/2025; it's reposted here with the kind permission of the hosts.
Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle and Jake Taylor. See their latest episodes at https://acquirersmultiple.com/podcast
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.
Rupert Mitchell is a capital markets veteran with 30 years of institutional experience across three continents who now runs Blind Squirrel Macro, combining mythology, storytelling, and contrarian thinking to help investors understand why narrative often matters more than numbers in macro investing.
Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/
3:00 - Rupert discusses the British education philosophy: learning to learn rather than narrow vocational training, creating adaptable generalists who aren't limited by having "an amazing hammer where everything has to look like a nail"
6:00 - Bearings collapse story: Fresh graduate Rupert spent his entire £400 bonus on a briefcase (still uses it 30 years later) hours before the 250-year-old merchant bank collapsed overnight due to Nick Leeson's derivatives trades
11:00 - Key lesson from Bearings: "Things are never as bad as you fear or as good as you would hope" - the "we're so back, it's so over" cycle teaches moderation in expectations and avoiding extrapolation extremes
16:00 - The mythology connection: Rupert's father, a military history writer, taught him that "most people don't really have a sense of history beyond about five or 10 years" - understanding cyclical patterns creates edge
21:00 - Chinese EV revolution firsthand: Witnessing Mercedes lose luxury market dominance to BYD in China taught Rupert that establishment brands can fall faster than anyone expects when technology shifts
33:00 - The generalist advantage: "I'm never baffled or scared of a new product, topic, market or theme" - breadth beats depth when markets constantly evolve and surprises come from unexpected directions
45:00 - AI investment paradox: Despite machine learning being used in biotech for years, healthcare hasn't announced breakthrough cycles - this "monkey on my back" makes Rupert question AI hype narratives
54:00 - On success: "Success has to be being proud of what you've done, right? And that's not a number. Some of the most miserable people I know are wealthier than God"
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.
The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter stock analysis. Code BILLIONS gets you an extended trial + 10% off.
Daniel Rupp is the founder and chief investment officer of Parkway Capital based in Hong Kong, bringing nearly two decades of Asian value investing expertise developed during his 17-year tenure at a leading Asia-focused funds, Overlook Investments, where he honed his contrarian "farm approach" for identifying undervalued compounders across 11 Asian markets. He counts founder Richard Lawrence and longtime CIO James Squire as mentors and supporters.
3:00 - Dan shares his unconventional background growing up in Boone, North Carolina, son of an English professor father and real estate agent mother.
6:00 - The Blue Ridge Parkway origin story.
9:30 - Core philosophy revealed.
12:00 - April 2025 crisis moment.
15:30 - Value with growth framework,
21:00 - Asia's shocking statistic.
24:00 - The farm approach.
30:00 - Buyback obsession.
36:00 - Portfolio composition.
42:00 - China contrarian stance.
45:00 - Dollar weakness as catalyst.
54:00 - Three reasons to sell.
57:00 - Marathon mindset.
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.
Scott Britton is an award-winning entrepreneur who sold his startup Troops to Salesforce, discovered fulfillment's limitations through external success, and now leads Conscious Talent while hosting Evolution FM and authoring Conscious Accomplishment.
3:00 - Scott discusses childhood patterns of competitive achievement through sports and school, revealing early drives toward external validation and success metrics that would later define his entrepreneurial journey.
5:30 - Deep dive into repatterning work: Scott shares discovering a kindergarten bullying incident created a "worthless" core belief that unconsciously drove decades of achievement-seeking behavior he never consciously remembered.
9:00 - The Salesforce acquisition revelation: Despite selling his company and achieving financial success, Scott experienced the same emotional triggers and personal problems, proving external achievement has fundamental limitations on well-being.
12:00 - Introduction to the "outside-in paradigm" - the cultural conditioning that external achievements (relationships, money, status) will solve internal dissatisfaction, versus the "inside-out" approach of consciousness work.
17:00 - Challenging the Eastern/Western spiritual dichotomy: Scott explains the "householder" concept - someone devoted to spiritual evolution while maintaining career, family, and financial responsibilities, not retreating to monasteries.
22:00 - Key Quote: "We have a subjective experience that which we are conscious of, but there's also things that inform that subjective experience...there's a whole lot of things beyond what we can see, smell, taste, touch and hear that are creating our subjective experience."
28:00 - Introduction to the Freedom Log: Scott's practical tool of documenting triggering moments (subway delays, unanswered texts, long coffee lines) to identify subconscious patterns governing automatic reactions.
32:00 - Inspired Actions framework: Distinguishing between "means-to-end" actions driven by conditioning versus natural pulls toward activities that create genuine joy and curiosity, even without obvious outcomes.
40:00 - The I-AWARE repatterning sequence walkthrough: Identify, Access, Welcome, Accept, Replace, Embrace - a systematic method for transforming limiting subconscious patterns through conscious intervention.
47:00 - Transformational conflict: How consciousness evolution creates tension when you're changing internally but external circumstances (job, relationships, city) remain static, requiring navigation.
51:00 - New success metrics beyond financial returns: evaluating life through subjective experience quality, alignment, fulfillment, and understanding rather than measurable external achievements.
55:00 - Scott's definition of success: "Fulfillment, alignment and understanding...you know what they feel like."
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.
I had the pleasure of co-hosting another episode of Excess Returns with Matt Zeigler. We sat down with the one and only Tobias Carlisle — investor, author, podcast host, and all-around fascinating mind whose writing and ideas have influenced my thinking at various times.
He discusses his new book, which made me see Buffett’s investment approach in an entirely new light — and you’re about to discover why. I highly recommend both this episode and Toby’s book.
In this episode of Excess Returns, we sit down with Tobias Carlisle, founder and portfolio manager at the Acquirers Fund and author of the new book “Soldier of Fortune: Warren Buffett’s Sun Tzu and the Ancient Art of Risk Taking.”
Tobias joins Matt Zeigler and Bogumil Baranowski to explore how timeless strategic principles from The Art of War apply to investing and how Warren Buffett embodies many of those ideas—from invincibility and victory without conflict to the disciplined avoidance of ruin. The conversation connects Buffett’s real-world decisions—from Apple to General Re to Japan’s trading houses—to broader lessons on temperament, risk, and wisdom in markets.
Available now on Excess Returns Podcast and Talking Billions. 🎧
I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.
Main Topics Covered
• The three key ideas from The Art of War that define Buffett’s approach: invincibility, victory without conflict, and unassailable strength
• Why Buffett’s General Re acquisition was a misunderstood masterstroke in defensive investing
• How Buffett achieved “victory without conflict” through his massive Apple investment
• The principle of via negativa — succeeding by avoiding mistakes and ruin
• Temperament vs. intellect and the psychology of avoiding self-defeat
• Circle of competence and why simplicity often beats complexity
• Sins of omission vs. sins of commission in investing decisions
• How Buffett applies wu wei (effortless action) through patience and alignment with natural forces
• Lessons from Buffett’s Japanese trading house investments and moral law in business
• The role of reputation, intuition (coup d’œil), and character in long-term investing
• Charlie Munger’s blueprint and the strategic architecture of Berkshire Hathaway
https://excessreturnspod.com/
https://cultishcreative.com/
— everything Matt Zeigler.
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 me on Substack: https://bogumilbaranowski.substack.com/
Ritavan is a bestselling author of "Data Impact," former CTO, and data transformation expert with a decade of operating experience across sectors including banking (Société Générale), energy trading, consulting, and real estate technology, who advocates for treating digital initiatives like value investments rather than following technology trends.
EPISODE NOTES
3:00 - Ritavan shares the fascinating story behind having only one name—his grandfather's generation dropped last names as part of a social reform movement to combat caste-based discrimination in India, as colonial systems had turned last names into markers of social hierarchy.
7:30 - Early career journey spans math research in Paris at École Normale Supérieure, market risk at Société Générale during the 2008 financial crisis obsession, and energy trading where he cleared his trading exam within six weeks despite not knowing what a megawatt was.
13:45 - The core thesis emerges: following technology trends destroys business value. Ritavan argues that constantly chasing AI, cloud, or the latest tech is like an investor jumping between market fads—you're not playing the long game or building real competitive advantage.
20:30 - Revolutionary perspective on value creation paradigms throughout history: hunter-gatherers relied 40-60% on traps (automation), agriculture depended on land, industrial age on machinery and raw materials, while the digital paradigm offers zero replication costs and near-zero personalization costs.
27:00 - Introduces the SLASOG framework: Save (capital preservation, avoid groupthink), Leverage (find asymmetric opportunities), Align (commander's intent), Simplify (remove clutter), Optimize (maximize returns), Compound (play the long game), Keep (retain gains).
36:30 - Roger Federer insight: He won only 54% of points but 80% of games due to tennis's nonlinear scoring system—a powerful metaphor for business success requiring asymmetric opportunities, not perfection.
41:00 - Teaching the first LLM-native college students: Traditional assessment is obsolete when AI can summarize and synthesize better than humans. The solution? Open-ended problems with no single answer, forcing genuine creativity and collaboration.
48:30 - Napoleon's battlefield genius: treating each battle from first principles, understanding the system, finding nonlinear advantages, and pioneering "commander's intent"—ensuring even illiterate foot soldiers understood strategic goals, not just tactical orders.
54:45 - The North Star metric concept: Legacy businesses obsess over EBIT (backward-looking), but digital-age companies need forward-looking metrics that quantify customer value delivery to enable rapid adaptation and compounding gains.
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.
Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.
Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did.
I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.
https://cultishcreative.com/ — everyting Matt Zeigler.
In a world that moves tick by tick and quarter by quarter, The 100-Year Thinkers zooms out to explore what it really means to invest with patience, discipline, and perspective. In this premiere episode, join Matt Zeigler, Bogumil Baranowski, Chris Mayer, and Robert Hagstrom as they discuss market concentration, the dominance of mega-cap stocks, and how investors can think in decades—not days.
Together, they explore the evolution of active management, the role of the S&P 500, the challenge of private equity, and how to build portfolios that last.
Topics covered
Concentration and the rise of mega-cap dominance
Equal-weight vs. market-cap-weighted indexes
The role of the S&P 500 and how it shapes investor behavior
Why the Magnificent Seven may not repeat past winners’ mistakes
The differences between today’s tech leaders and the 1999 bubble
The changing nature of private equity and illiquidity premiums
How to define success as an investor beyond beating the index
The importance of focusing on business economics over stock prices
Lessons from Buffett, Bill Miller, and other long-term thinkers
Timestamps
00:00 Concentration and portfolio construction
04:00 Market-cap dominance and equal vs. cap weighting
10:30 Active management, benchmarks, and the S&P 500
17:00 Economic realities of the top 10 stocks
23:00 Government policy and market intervention
26:00 Comparing 2024 to 1999 and lessons from past cycles
32:00 Innovation, Russell 2000, and private company growth
40:00 Active management and how the S&P wins
41:45 The private equity boom and its challenges
49:00 Redefining performance and investor goals
55:00 The importance of focusing on business economics
57:00 Closing thoughts and where to find the guests
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.
Long-Term Stewardship, the Lindy Effect, and Why Alignment Matters More Than Valuation
Find me on Substack: https://bogumilbaranowski.substack.com/
Michael Gielkens is a partner and co-founder of Tresor Capital, a Netherlands-based independent investment boutique specializing in actively managing wealth through family holding companies and serial acquirers, with deep expertise in capital allocation and owner-operator alignment.
EPISODE NOTES
3:00 - Discussion of Omaha Berkshire meeting as unique phenomenon bringing global investors together; Michael’s Dutch-American background and financial upbringing with CFO father teaching value of money
6:00 - Netherlands as birthplace of shareholder concept and securities trading; connection between Dutch Republic’s innovation and modern capital markets; family ownership enabling multi-generational wealth preservation
12:00 - Core investment philosophy: skin in the game as non-negotiable prerequisite; alignment of interests at every level including portfolio managers investing alongside clients
15:00 - Family holding companies explained: listed family offices with long-term orientation, no quarterly guidance pressure, avoiding short-term thinking that plagues typical public companies
21:00 - Serial acquirers as superior capital allocators; decentralized decision-making allowing continuous reinvestment at high returns; Swedish companies as breeding ground for this model
28:00 - Return on incremental invested capital as key metric; Munger principle that long-term returns match business returns on capital; importance of reinvestment runway
34:00 - Quality over value traps: companies at small discounts with proven track records versus deep discounts hiding mismanagement; French holding company cautionary tale of nepotism and value destruction
42:00 - Learning from mistakes: avoiding cheap stocks requiring constant attention; importance of doing your own homework rather than blindly cloning positions
46:00 - Market volatility response: having valuations ready, buying quality companies at 45-50% discounts during external shocks when they normally trade at 20% discount
51:00 - Success defined by relationships and fulfillment, not financial metrics; open collaboration and transparency building compounding relationships; Munger’s funeral test
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.
My appearance on Excess Returns with Matt Zeigler as the host.
I recently had the pleasure of joining my good friend Matt Zeigler on the Excess Returns podcast. Jack Forehand, the creative force behind the show, did an exceptional job editing and producing the episode. Jack has been instrumental in many improvements to Talking Billions over the years, and I’m grateful to both him and Matt for this opportunity.
We dove deep into my recent article, “Expensive Truth about Cheap Investments,” which caught the attention of major publications like the WSJ and sparked considerable discussion among readers and listeners. The piece clearly touched a nerve and opened up a conversation worth having.
What started as a discussion about the article evolved into something more. Thanks to Matt’s skillful hosting, we explored new territory—sharing stories, anecdotes, and recent insights I haven’t discussed publicly before. The hour-long conversation captures not just the core ideas of the article, but the deeper implications and real-world applications that make this topic so compelling.
I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it!
In this episode of Excess Returns, Matt Zeigler sits down with investor and author Bogumil Baranowski to discuss one of investing’s most important mindset shifts: moving beyond cheap stocks to paying up for quality and exceptional opportunities. Drawing on lessons from Warren Buffett, Ben Graham, and his own journey, Bogumil explains how value investing evolves across three key phases—buying cheap, buying good, and learning to pay up. The conversation explores patience, conviction, dead money periods, family wealth stewardship, and how to think about value versus price in a noisy world.
Timestamps:
00:00 Introduction – The cheapest dentist analogy
03:00 Why investors love cheap stocks
07:00 The evolution from bargain hunter to quality investor
09:00 Examples from Ben Graham, Buffett, and Facebook
15:30 Conviction, drawdowns, and dead money
19:00 Judging success by business progress, not stock price
27:00 Lessons from grandma on value and frugality
31:00 How Buffett evolved from cheap to quality
45:00 Investing for future generations
49:00 Invisible wealth and stewardship
52:00 The value investor dilemma
58:00 Equal-weight vs market-cap indexes
59:00 Lessons for the average investor
1:02:00 How much research you really need
1:04:30 How his WSJ essay came to life and final takeaways
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 me on Substack: https://bogumilbaranowski.substack.com/
Daniel Peris is a historian-turned-portfolio manager at Federated who uniquely combines PhD-level expertise in Russian history with two decades of investment experience to challenge modern finance's dismissal of dividend investing through rigorous historical analysis.
3:00 - Peris shares his unconventional path from Cold War studies and Russian history PhD to Wall Street, explaining how his historical training shapes his contrarian approach to investment challenges by questioning where current financial rules originated and whether they remain fit for purpose.
8:00 - Historical perspective on financial innovation: Peris argues most "new" financial mechanisms have ancient antecedents.
10:00 - The humility principle: Peris critiques University of Chicago's equilibrium economics and rational actor theory for not comporting with actual human behavior, advocating learning from 5,000 years of financial mistakes rather than assuming modern superiority.
14:00 - The great dividend disappearance: Four key reasons dividends vanished - 40 years of declining interest rates, NASDAQ's productivity boom, the rise of buybacks incentivizing Wall Street, and global neoliberalism's focus on financial over cash returns.
18:00 - The turning point thesis: All conditions enabling the "unnatural state" of dividend-free investing have stopped, reversed, or matured, setting stage for return of the cash nexus.
23:00 - Business outcomes vs market outcomes: Peris distinguishes tangible dividend payments (business outcomes you control) from speculative capital gains (market outcomes dependent on share price volatility).
30:00 - The tax avoidance extreme: Peris critiques products designed to avoid taxes on S&P 500's meager 1.2% yield, calling it philosophical gymnastics to dodge taxes on essentially no income.
38:00 - Risk redefined: Permanent loss of capital constitutes real risk, not price volatility, challenging academic definitions that dominate MBA curricula.
42:00 - The buyback controversy: A trillion dollars in free cash flow goes to buybacks benefiting Wall Street and executives rather than shareholders, with Peris emphasizing buybacks provide liquidity to share sellers, not cash to shareholders.
52:00 - PE expansion and gravity: While acknowledging modern infrastructure justifies higher valuations than historical 10x earnings, Peris questions whether 25x multiples make sense, especially in inflationary environments.
57:00 - Global perspective: Anti-dividend phenomenon is distinctly American.
1:04:00 - Success philosophy: Peris defines success as "knowing when you have enough" (citing Joseph Heller), sleeping well at night, and making 50.05% of decisions correctly under uncertainty.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.
One of my favorite interviews I gave lately, take a moment and check it out. Julia is a very gifted, thoughtful host, and it's a very personal, intimate conversation. I have a feeling you'll like it. Enjoy!
https://peopleareeverything.co.uk/
The Episode originally aired on People are Everything with Julia Duthie -- Full credit to Julia and her team for a wonderful conversation, find her podcast and follow for some incredible content, and here is the episode with me, your host, answering questions for a change (instead of asking them). Reposted here with her permission and blessing.
The original episode notes:
S03E04 - Bogumil Baranowski
How does an investor keep money human? In this intimate birthday-day conversation, Bogumil Baranowski (investment advisor, author, pilot) shares the 5 most influential people who shaped his life, philosophy, and approach to long-term, purpose-driven investing. We explore family stories, stewardship across 100-year horizons, the difference between price and value, and why confidence (in cockpits and careers) is everything.
What you’ll learn
People mentioned
His Grandmother (accountant & community builder) • James “Jay” Hughes (family wealth lawyer) • Tom Fisher (flight instructor) • Eric Rock (Toastmasters mentor) • Charlie Munger (with nods to Warren Buffett, Ben Graham, Monsoon Pabrai, Mohnish Pabrai, and the Dakshana Foundation)
Listen for candid stories: Polish hyperinflation, pennies you can’t throw away, ATC angels in your headset, and a 1917 oak tree that still teaches legacy.
If you enjoyed this, hit like/subscribe, share with someone who’s navigating money, legacy, or leadership, and tell us which moment landed most 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.
Find me on Substack: https://bogumilbaranowski.substack.com/
Matthew Peterson is the visionary founder and managing partner of Peterson Capital Management who leverages over 25 years of global financial experience, including a decade at Goldman Sachs, Morgan Stanley, and Merrill Lynch, to pioneer "structured value investing" - a sophisticated approach that combines classic value principles with options strategies to achieve superior returns while managing risk.
EPISODE NOTES
3:00 - Matthew shares his Minnesota upbringing and early financial curiosity, shuffling bank CDs for extra returns in the 1980s before understanding compounding
5:30 - Wall Street experience at Goldman Sachs: "everybody was aligned, marching to the same beat" with 104-hour work weeks becoming "second family"
8:15 - Introduction to structured value investing: using options as tools, not speculation, to buy stocks at better prices than traditional investors
10:40 - Core strategy revealed: selling put contracts instead of market orders - "we say, I will commit to buying it for a hundred over the next year, but you have to pay us fifteen dollars"
12:20 - Benefits explained: buying 20% cheaper creates massive IRR advantage over decades of compounding
15:45 - Psychology advantage: options help value investors be more patient during early entry periods
24:15 - Portfolio composition: seven core "infinite compounder" holdings including Berkshire Hathaway, designed to hold forever
41:50 - 13F analysis strategy: monitoring 100+ value investors reduces 6,500 companies to just 400 prospects
54:15 - Introduction to Alpha One AI platform providing comprehensive company analysis in 20 minutes
1:02:25 - Structured dividend capture strategy for cash management
1:11:15 - Success definition: "having the people that you want to love you, love you" - citing Warren Buffett's 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.
The episode originally aired on Excess Returns Podcast, and it is reposted here with permission. Thank you, Jack Forehand & Matt Zeigler.
Matt and I sat down with Joseph Shaposhnik, and what an hour it was, enjoy!
In this episode of Excess Returns, we sit down with Joseph Shaposhnik, founder of Rainwater Equity and former star portfolio manager at TCW. Joseph shares the investment philosophy that drove his track record of outperformance, why he focuses on recurring revenue businesses, and how he evaluates management quality and capital allocation. We also explore lessons from great investors like Warren Buffett, Bill Miller, and Peter Lynch, along with insights on valuation, portfolio concentration, and the role of passive investing in today’s markets.
Main topics covered:
* How Joseph achieved long-term outperformance at TCW and what drove his results
* Why recurring revenue and predictable cash flows are central to his approach
* The importance of management quality and identifying “fanatics” vs. mercenaries
* Lessons investors should and should not take from Warren Buffett
* Bill Miller’s influence and backing of Rainwater Equity
* Characteristics Joseph looks for in great businesses and red flags in management teams
* Portfolio concentration, position sizing, and risk management
* Why you don’t need to have an opinion on every sector
* Selling discipline and knowing when it’s time to move on
* How valuation fits into his framework and how he thinks about paying up for quality
* The impact of passive investing and why active managers must take a long-term view
* Stories and lessons from Peter Lynch, including his enduring influence
Timestamps:
0:00 If a stock has doubled, you haven’t missed it
1:00 Introduction and Joseph’s track record at TCW
2:00 Keys to long-term outperformance
8:00 Lessons from Warren Buffett’s wins and mistakes
11:30 Bill Miller’s influence and support for Rainwater Equity
14:00 What defines a high-quality business
20:00 Free cash flow compounding and moats
24:00 Red flags in management teams
31:00 Why active management is broken and Joseph’s solution
35:00 Portfolio concentration and risk management
42:00 Sectors to avoid and why
47:00 Joseph’s selling discipline
53:00 Exceptional leaders and the role of management quality
58:00 Valuation, future value, and the changing economy
1:04:00 Passive investing and market distortions
1:09:00 Lessons and stories from Peter Lynch
1:14:00 Closing questions and key investing lessons
1:20:00 Where to learn more about Joseph and Rainwater EquityPodcast 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 me on Substack: https://bogumilbaranowski.substack.com/
Oliver Mueller is Chief Investment Officer at Acresco Investment Management in Mauritius, a seasoned value investor with 25+ years at JP Morgan, Merrill Lynch, and Deutsche Bank who uniquely combines traditional value investing principles with sustainable investing practices.
3:00 - Oliver's German Mittelstand upbringing shaped his relationship with money; parents bought house, rising interest rates created financial strain, taught him value of careful planning
6:00 - First jobs at 15: wastewater treatment plant to buy Hi-Fi system, construction work for interrail trip through Europe - learned physical value of earning money
9:00 - Deutsche Bank apprenticeship sparked passion for investing; mandatory social service with elderly taught him "wealth is not just about money, but dignity, time, empathy"
12:00 - Move to Mauritius in 2014 driven by work-life balance: "When I left house she was sleeping, when I came home she was sleeping" - needed presence as father
18:00 - Key influences: Hungarian investor Kostolani's encouragement, Aswath Damodaran's valuation course, Paul Polman's stakeholder capitalism vision
25:00 - Sustainable value investing philosophy: Start with quality financials, add responsibility filter, then seek margin of safety - "responsibility as source of returns, not constraint"
35:00 - Crisis lessons from dot-com, 2008, COVID: "When narrative drifts from fundamentals, gravity always wins" - reinforced belief in simplicity over financial engineering
50:00 - Tai Chi principles mirror investing: true power comes from stillness and patience, explosive "Fajin" moments when opportunity appears
If this post resonated with you, take a moment, and please share it with anyone in your network who might find it valuable too—this Substack grows entirely through word of mouth from readers like you. Thank you so much!
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.
EPISODE NOTESPodcast Program – Disclosure Statement
For more content, find me on Substack: https://bogumilbaranowski.substack.com/
P.V. Ramanathan is a Dubai-based entrepreneur, chartered accountant, and fund-of-funds manager who led a successful leveraged buyout in 2003, founded Neeti Fund, and hosts the prestigious ValueX Middle East conference annually.
3:00 - Ram's middle-class Indian upbringing and early exposure to family finances through banking errands with his father, sparking entrepreneurial drive
6:00 - Career journey from Ernst & Young Dubai to Schlumberger, learning business operations by spending weekends on oil rigs in coveralls
9:30 - "Money has always been an enabler for me" - philosophy shaped by helping replenish father's education investment
13:00 - Transition from CFO role to leading a management buyout of corrosion services business, discovering value investing simultaneously
18:00 - Building Corrosion Technology Services (CTS) without leverage: "We are bottom feeders. Anyone who works for us six years is potential competitor"
25:00 - Investment philosophy: Four-bucket approach (value, growth, ballast funds) targeting steady single-digit returns with downside protection
32:00 - Contrarian belief: "Don't fixate on short-term results" - explains why quarterly obsession drives counterproductive business behavior
41:00 - Business survival principles: Zero leverage, conservative revenue recognition, maintaining cash reserves through all cycles
50:00 - Global investment opportunities: Highlighting undervalued Korean market and biotech sector despite volatility
57:00 - ValueX Middle East origins and Toastmasters impact: "All of us are better than some of us" - community building philosophy
63:00 - Definition of success: "Making positive difference in every endeavor I undertake" - touching lives through business, investing, and relationships
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 downloaded the episode before Wednesday, please remove it and download it again. Thank you!
Find me on Substack: https://bogumilbaranowski.substack.com/
GUEST PROFILE: Nancy Burger is a leading workplace communication strategist, executive coach, and founder of the Fear Finding Project who helps leaders overcome fear-based thinking after leaving her own Wall Street career to transform her expertise in human psychology into practical strategies for building emotionally healthy, high-performing cultures.
EPISODE NOTES:
3:00 - Nancy shares her stable suburban upbringing but reveals the hidden family dynamics that shaped her fear-based thinking patterns and career trajectory
6:00 - The courage to leave Wall Street: Nancy discusses conquering multi-layered fears to end a 27-year marriage and completely rebuild her life in her 50s
9:00 - Key insight: Fear as information tool - "Fear can become a tool. Notice this without judging it...use it as information instead of recoiling and avoiding the thing because it's scary"
12:00 - Brain science of fear: Understanding limbic system vs prefrontal cortex responses and why we need both pathways for survival and growth
15:00 - Imposter syndrome focus: Nancy's passion project - helping leaders understand "that is something they're making a choice about and they can change it"
18:00 - The power of words in building confidence: How feedback can either destroy or empower, drawing parallels to pilot training methodologies
24:00 - Difficult conversations strategy: Using "I statements" to avoid defensiveness - "I'm noticing" vs "You did this"
35:00 - Career evolution: From finance to writing to music to keynote speaking - "an iterative process...like the inner workings of a massive clock"
42:00 - Communication failure story: Learning to consider your audience's experience rather than just your own emotional state
55:00 - AI as tool, not threat: "Learn about it and understand that it is a tool...don't let machines help you interact with loved ones"
60:00 - Success definition: Impact over achievement - "Did I touch the people in my sphere of influence in a way that left an impact that's positive?"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.