Alex Morris - Buffettology

Few things are more ironic than releasing a China focused episode on Liberation Day. Nevertheless, here we go!In this episode of The Business Brew, host Bill Brewster interviews Jingshu Zhang, a persistent listener who recommended looking into China's investment opportunities. Zhang shares his journey from studying in the United States to becoming a successful investor with a unique focus on Chinese assets. They discuss Zhang's experience navigating the Chinese market, the impact of geopolitical tensions, the advantages of holding Chinese state-owned enterprises (SOEs), and specific investment opportunities like Pinduoduo and Tencent. Zhu offers insights into managing risk, the macroeconomic environment, and the regulatory landscape in China. Disclaimer: All content is for entertainment purposes only and not financial advice.  00:00 Introduction and Guest Background 01:15 Investment Opportunities in China 04:04 Challenges and Sentiments Towards Chinese Investments 08:15 Competitive Landscape and Market Dynamics 15:50 Case Study: TK Group and Industrial Sector Insights 22:55 Pinduoduo's Growth and Strategy 34:37 Exploring Global Investment Opportunities 35:19 US Market Insights and Mid Cap Focus 36:08 Tech Giants and Valuation Comparisons 36:13 Tencent: The Super App of China 43:32 State-Owned Enterprises and Investment Safety 53:20 Environmental Regulations and Investment Opportunities 56:59 Delisting Fears and Investment Strategies 01:04:09 Short Selling Challenges and Lessons Learned 01:07:49 Final Thoughts and Contact Information 

Welcome to The Business Brew! Host Bill Brewster is joined by repeat guest Evan Tindell to delve into pressing investment topics for 2024. Evan is the founder and portfolio manager of Bireme Capital.  You can find his first episode here: https://creators.spotify.com/pod/show/william-brewster1/episodes/Evan-Tindell---Where-Poker-and-The-Market-Collide-e1nrbum (Spotify) or https://podcasts.apple.com/si/podcast/evan-tindell-where-poker-and-the-market-collide/id1540847053?i=1000579552480 (Apple).   Together, they explore international valuation disparities, the pitfalls of shorting meme stocks, and the dynamics behind recent market movements. Evan shares his unique approach to investing and the lessons learned from challenging investment phases, including a critical analysis of MicroStrategy, GameStop, and meme stocks.   They also discuss Japan's corporate governance reforms and the implications for global investors. Lastly, Evan and Bill touch on utilizing modern AI tools in investment processes, the future of software, and personal stories from Evan's adventurous journey to Zambia.   As a reminder, nothing discussed constitutes investment advice and is for entertainment purposes only. Enjoy the engaging conversation!  00:00 Welcome to The Business Brew 01:20 Introducing Evan Tindell 02:01 Discussing 2024 Performance 03:09 Challenges of Shorting Meme Stocks 05:14 Bitcoin Yield and MicroStrategy 17:55 Market Inefficiencies and Opportunities 30:59 Investing in Japan 42:09 Investment Strategies and Market Insights 43:17 Diverse Business Models in Japan 44:58 Meeting the Emperor and Personal Anecdotes 45:35 The Role of LLMs in Investment 51:48 AI Tools and Their Impact on Daily Life 56:10 Future of Software and Business Models 01:07:12 Tobacco Industry Analysis 01:15:12 Adventures in Zambia 01:20:36 Conclusion and Farewell 

In this episode, the host welcomes back Devin Anderson, co-founder of an investment advisory firm and competitive shotgun shooter. They delve into the psychology and skills required for high performance in sports like shooting, golf, and tennis. Devin shares insights from his own experience and coaching on the importance of building skills consciously, then executing them unconsciously under pressure. He highlights the nuances of practice, routine, and dealing with pressure to achieve peak performance. The discussion also touches on the parallels between competitive sports and high-stakes business environments, emphasizing structured planning and routine for consistent success.  00:00 Introduction and Guest Background 00:35 Competitive Shotgun Shooting Explained 01:32 The Mental Game: Conscious vs. Unconscious Execution 03:52 Why We Play: The Allure of Sports 07:17 Coping with Pressure in Sports 14:01 Skill Building and Confidence 17:06 The Role of Vision in Performance 26:16 Routine and Unconscious Performance 42:11 Overcoming Evaluation Paralysis 42:49 The Four Stages of Execution 44:04 The Importance of Practice Routines 44:58 Building Confidence Under Pressure 49:09 Handling Fear and Careful vs. Careless Misses 50:42 Trust and Performance Under Pressure 55:52 The Role of Routine in Performance 01:09:25 The Fun and Pressure of Competition 

Join host Bill Brewster as he converses with the intriguing and often humorous anonymous guest, Le Shrub, in this episode of 'The Business Brew'. Le Shrub's writings can be found at https://www.shrubstack.com/ He can also be followed on Twitter/X at https://x.com/agnostoxxxWith a unique approach to investing, Le Shrub shares his thoughts on market trends, stock picks, and the rationale behind them. From discussing the importance of avoiding investment stupidity, analyzing specific stocks like Archer Aviation and Alibaba, to speculating on the economic impacts of a potential Ukraine ceasefire, this episode is packed with insightful observations and strategic thinking. Be prepared for an engaging mix of entertainment, education, and parody, underlined with Le Shrub's distinct charm. Disclaimer: This is all for entertainment purposes and not financial advice.  Recorded 2/14/25 00:00 Introduction to the Business Brew 00:54 Meet Les Shrub: The Anonymous Guest 01:24 Investment Philosophy: Don't Be Stupid 03:35 The Spinny Ponzi: A Deep Dive into Archer 17:15 Biotech Investments: Blood in the Tweets 21:00 The Future of Cancer Vaccines 22:55 ClearPoint and Gene Therapy 30:02 The Power of Community in Investing 33:19 Navigating the Risks of Small Cap Stocks 34:07 Options Trading Strategies 35:36 The Risks of Investing in Alibaba 36:13 Reasons for Investing in Alibaba 36:38 China's Economic Strategies and Stimulus 37:27 Alibaba's AI and Cloud Ventures 39:00 Apple's Partnership with Alibaba 40:31 The Impact of U.S. CapEx on AI 41:19 Investing in Energy and Natural Gas 44:38 The Barbell Portfolio Strategy 45:17 Emerging Markets and Currency Devaluation 52:53 The Potential Ceasefire in Ukraine 59:15 Valuation and Investment Strategies 01:04:19 Avoiding Shorts on Meme Stocks 01:06:50 Recommended Reading: Capital Returns 01:07:50 Conclusion and Final Thoughts 

In this episode of 'The Business Brew,' host Bill Brewster is joined by Larry Holzenthaler, a portfolio manager at First Eagle Alternative Credit (FEAC). The discussion focuses on the complexities and nuances of private credit. Recorded on February 3rd, the episode delves into the differences between traditional equity value investing and private credit, as well as the strategic transitions First Eagle has made in response to market changes. Larry explains First Eagle's cautious approach to investment, emphasizing measured risk, recurring revenue, and sponsor-backed deals. He discusses the evolution and growth of private credit markets, challenges and opportunities, and the impact of banking regulations on credit availability. The conversation includes detailed insights into various investment structures like interval funds and BDCs, and the importance of reading fine print in credit agreements. Throughout, Larry offers a compelling argument for the attractiveness of private credit as an investment, particularly in current economic conditions.  00:00 Welcome to the Business Brew 00:54 Introducing Larry Hosenthaler and First Eagle 02:13 The Evolution of Private Credit 08:34 The Impact of COVID on Private Credit 12:22 Private Equity and Risk Management 18:41 The Role of Banks in Private Credit 31:37 Fee Structures and Market Dynamics 36:40 Understanding Interval Funds 37:11 The Redemption Process Explained 39:55 Comparing Interval Funds and BDCs 43:17 Risk Management in Private Credit 44:38 The Role of Recurring Revenue 45:24 Leverage and Deal Flow 56:59 Active vs Passive Management in Credit Markets 01:03:27 Why Invest in Private Credit Now? 01:08:46 Conclusion and Final Thoughts 

In this episode of The Business Brew, host Bill Brewster engages in a comprehensive discussion with George Livadas about the complexities and current state of the market. Livadas, known for his candid tweets and insightful views, covers topics ranging from market fluctuations in 2024, reminiscent of the 2021 SPAC bubble, to challenges and opportunities in European stocks and the S&P 500's relentless performance. They delve into George’s investment philosophy, focusing on both large and small cap stocks, the impact of global flows on stock valuations, and the nuanced approach required in shorting and hedging. Additionally, they discuss the operational aspects of running a fund, including transitioning from separate accounts to a unified fund structure, and reflect on the broader implications of AI in investment research.    00:00 Welcome to the Business Brew  00:03 Introducing George Livadas  01:06 Market Reflections and SPAC Bubble  06:56 European Market Insights  18:20 Shorting Strategies and Market Sentiment  21:42 Challenges in the Staples Sector  24:57 Running the Firm: Changes and Challenges  27:14 Navigating Market Ups and Downs  27:40 Client Expectations and Realities  28:39 Challenges in Fundraising and Fee Structures  29:44 The Fund of Funds Debate  31:51 AI in Financial Research  35:15 Investment Strategies and Market Trends  39:48 Reflections on COVID and Market Resilience  43:38 Portfolio Management Insights  46:05 Closing Thoughts and Personal Reflections 

Buffett and Munger Unscripted: A Conversation with Alex Morris  Alex Morris, friend of the show (and IRL), author of TSOH Investment Research stops by to discuss his new book "Buffett and Munger Unscripted." The book offers three decades of insights from Berkshire Hathaway shareholder meetings, grouped by topic area to provide a coherent understanding of Warren Buffett and Charlie Munger's investment wisdom. Alex shares his experience writing the book, including the extensive work involved and his communication with Berkshire. They also discuss various investment philosophies, the importance of transparency in investment research, and the challenges faced by consumer brands in today's market. Further, they reflect on the impact and potential risks of long-term investments in businesses like Dollar Tree and the complexities of analyzing brands like Jack Daniels.    00:00 Welcome to the Business Brew  00:06 Introducing Alex Morris and His New Book  02:02 Personal Anecdotes and Family Stories  05:15 The Journey of Writing the Book  12:23 Insights on Buffett and Munger's Investment Strategies  28:53 Discussion on Dollar Stores and Retail Landscape  34:19 Analyzing Dollar Tree's Market Position  36:06 The Value Proposition of Dollar Stores  38:08 Comparing Retail Strategies  39:23 Brand Value and Pricing Power  41:14 Consumer Brands and Retail Dynamics  44:27 Investment Strategies and Portfolio Management  49:11 The Philosophy of Investing  55:01 The Business of Writing and Publishing  01:00:44 Reflections and Future Plans 

In this unconventional episode of 'The Business Brew,' host Bill Brewster sits down with Tom Morgan for a deep dive into topics that blur the line between science and spirituality. From exploring the existence of non-human intelligence and its implications, to discussing personal transformative experiences facilitated by psychedelics, this episode is a fascinating journey through the unknown. Tom shares insights from his years of research and personal struggles, including a near-psychotic breakdown and a mystical experience that reshaped his life. Whether you're interested in the metaphysical implications of alien encounters or the therapeutic potential of psychedelics, this conversation offers a thought-provoking look at the complexities of human consciousness. Tune in for a compelling discussion that challenges conventional thinking and invites you to ponder the nature of reality.   

John Maxfield from "Maxfield on Banks" stops by the show. John is a wealth of knowledge and has an entertaining personality. Bill and John cover a lot of ground. John discusses the history and dynamics of banking, including the unique supply and demand of credit, traits of successful bankers, and the impact of historical tragedies on banker psychology. The episode also covers stories of notable bankers and failures, the free banking era, liquidity surges, and banking crises. John also delves into modern banking dynamics, including the rise of private credit, and shares insights from his extensive research and personal experiences with top bankers. Additionally, John talks about his elite banking symposium and unique forms of networking and learning in the banking sector.    You can find John's past symposiums here: ⁠https://www.thebankingsymposium.com/⁠ And his archive on ⁠https://www.maxfieldonbanks.com/⁠ Show Notes: 00:00 Welcome to the Business Brew  01:23 Introducing John Maxfield  01:54 The Art of Banking  02:28 The Common Traits of Great Bankers  16:22 Historical Perspectives on Banking  20:16 The Free Banking Era  25:03 Modern Banking Challenges and Innovations  41:04 The Beale Model and Banking Risks  41:45 Factoring Company Acquisition   43:14 Blockchain in Trucking Industry  44:03 Building a Competitive Network  50:51 Banking Failures and Historical Insights  56:08 The Role of AI in Banking Research  01:00:48 Personal Stories and Networking  01:05:45 Citigroup's Complexities and Global Role  01:10:55 Elite Banking Symposium  01:15:51 Final Thoughts and Farewell 

Ryan Dobratz, from Third Avenue Funds, stops by The Business Brew to discuss Third Ave’s real estate strategy.  Ryan discusses the benefits of focusing on real estate operating companies over REITs, the potential of investments like CBRE, challenges in the office market, and the outlook for residential real estate. They also discuss investment strategies in the residential market, opportunities in Fannie Mae and Freddie Mac, and Dobratz's personal career journey.    00:00 Welcome to the Business Brew  00:03 Introducing Ryan Dobratz and Third Avenue Funds  00:39 Disclaimer and Financial Advice Warning  01:44 Starting the Conversation with Ryan Dobratz  02:46 Ryan's Career Journey and Early Influences  05:51 Joining Third Avenue and Moving to New York  08:24 Strategic Move to Austin and Real Estate Insights  09:38 Challenges and Opportunities in the Office Sector  13:10 Investing in Real Estate Services Companies  15:02 Philosophy on NAV and Investment Strategies  23:55 Preference for C Corps Over REITs  28:11 Prologis and Industrial Real Estate  35:21 Public vs. Private Real Estate Investments  39:46 Incentives and Behavioral Finance in Private Markets  40:18 Active vs Passive Investing in Real Estate  42:57 Third Avenue's Real Estate Strategy  46:27 Residential Real Estate Investments  59:46 Fannie Mae and Freddie Mac: A Deep Dive  01:18:01 Challenges and Opportunities in Tower REITs  01:22:06 Conclusion and Final Thoughts