150. Ben Carlson Unscripted

This Month’s livestream was live from Omaha, as Jason, Jeff, and Tyler had just returned from the Berkshire Hathaway annual meeting. They discuss the future of Berkshire, especially after the announcement that Warren Buffett will be stepping down as CEO at the end of the year.00:17 Live from Omaha: Setting the Scene00:54 Big News: Warren Buffett's Retirement Announcement02:57 Reactions and Speculations on Buffett's Retirement06:52 Succession Planning and Future Challenges13:59 Stock Market Reactions and Predictions18:37 Berkshire Hathaway Annual Meeting Experience25:56 Tesla and Corporate Governance Discussion32:51 Bill Ackman's Pitch for Howard Hughes Holdings34:24 Challenges of Replicating Berkshire Hathaway37:57 Berkshire Hathaway's Unique Business Model41:13 Berkshire Hathaway and Brookfield's Future in Energy Infrastructure48:51 Reflections on the Berkshire Hathaway Annual Meeting52:13 Portfolio Contest and Market Observations*****************************************Subscribe to our portfolio on Savvy Trader *****************************************Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube******************************************2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

Before heading to Omaha for the Berkshire Hathaway Annual Meeting, Jason and Jeff speculated on the company’s future and made reckless predictions about what might happen at the meeting. Now, we get to see if they were right or wrong! 00:39 Preview of Berkshire Hathaway Annual Meeting01:59 Discussion on Berkshire's Investments and Predictions04:09 Understanding Berkshire's Business Structure14:07 Lessons from Buffett and Munger24:37 Favorite Berkshire Investments31:21 Favorite Berkshire Stocks: Amazon and Apple35:42 Berkshire's Portfolio and Cash Reserves39:40 Reckless Predictions: Buffett's Retirement47:38 The Future of Berkshire Hathaway50:56 Closing Thoughts Companies mentioned: AAPL, BATRK, BRK.A, BRK.B, SIRI*****************************************Subscribe to our portfolio on Savvy Trader *****************************************Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube*****************************************2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

Jeff and Jason dive into listeners' questions about investment time horizons, optimizing emergency funds, and classifying consumer staples. Key highlights include thoughts on speculative vs. strong conviction positions, the potential pitfalls of using a Roth IRA for emergency funds, and evaluating traditional 'defensive' consumer stocks in today's market.00:53 Mailbag Time: Answering Your Investing Questions02:31 Travel Plans and Upcoming Events03:16 First Listener Question: Investment Time Horizons06:36 Defining Long-Term Investments08:17 Speculative vs. Strong Conviction Positions18:33 Holding Winning Stocks19:42 Next Listener Question: Emergency Fund Strategies23:18 Understanding Required Minimum Distributions24:12 The Benefits of a Roth IRA24:55 Challenges of Contributing to a Roth IRA26:44 Flexibility of Roth IRAs vs. 403(b)27:38 The Purpose of an Emergency Fund28:22 Creative Yield Strategies for Savings29:31 Risks of Money Market Accounts30:43 Defensive Consumer Stocks in a Recession35:25 The Lipstick Effect and Brand Loyalty39:43 Evaluating Consumer Staples and Investment Goals42:38 Encouragement and Listener EngagementCompanies mentioned: BUD, COST, EL, ENPH, HSY, KO, RKLB, TSLA*****************************************Subscribe to our portfolio on Savvy Trader *****************************************Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube*****************************************2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

This week, Jason and Jeff are happy to present an episode of the Chit Chat Stocks Podcast, where Ryan Henderson and Brett Schaefer analyze their personal investment portfolios. They discuss their top holdings, investment strategies, position sizes, and watchlist picks. If you enjoy this episode, subscribe to the Chit Chat Stocks Podcast anywhere you enjoy podcasts.00:33 Crossover Episode Announcement02:12 Chitchat Stocks Podcast Introduction03:50 Brett's Portfolio Breakdown36:48 Ryan's Portfolio Breakdown37:31 Portfolio Overview and Market Thoughts38:39 Detailed Portfolio Breakdown39:39 Investment Strategies and Philosophies41:26 New Positions: British American Tobacco and Adobe42:59 Position Sizing and Portfolio Management46:30 Discussion on Specific Stocks01:06:18 Home Builders and Market Outlook01:09:31 Final Thoughts and Watchlist*****************************************Subscribe to our portfolio on Savvy Trader *****************************************Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube*****************************************2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

Jason and Tyler discuss the importance of sound corporate governance, particularly during economic uncertainty such as tariffs. They emphasize conservative investment underwriting and evaluating management incentives. Tyler highlights two professional services firms, FTI Consulting and EXL Services, which can excel in shifting environments. Jason shares recent investments in companies like First Solar, Live Oak Bank, and QXO, and these firms' long-term potential despite current market challenges.03:27 Impact of Tariffs on Businesses10:35 Characteristics of Successful Companies22:34 Investing Strategies and Management Incentives31:09 Current Investment Opportunities*****************************************Check out Tyler's Misfit Alpha at https://www.misfitalpha.com/unscripted Follow Tyler on BlueSky: https://bsky.app/profile/misfit-alpha.bsky.social Sign up for the Investing Unscripted newsletter at InvestingUnscripted.com Subscribe to our portfolio on Savvy Trader *****************************************Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube******************************************2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

Jason and Jeff welcome Ben Carlson from Ritholtz Wealth Management, author of A Wealth of Common Sense. The discussion delves into Ben's unique career journey in finance, key investing strategies, and the importance of asset allocation. They also touch on the pitfalls of market timing, the impact of macroeconomic factors, and the burgeoning influence of AI on markets. 00:48 Ben Carlson's Career Journey01:54 Investment Strategies and Asset Allocation02:51 Impact of the Great Financial Crisis09:22 The Role of a Wealth Manager11:55 DIY Investing vs. Professional Advice15:50 Navigating Market Noise and Historical Context22:31 The AI Boom and Investment Implications26:27 Market Predictions and Diversification28:03 Realistic Expectations in Wealth Management29:39 Personal Investment Strategies32:51 Avoiding Market Timing Pitfalls35:49 Automating Investments for Success42:51 Balancing Saving and SpendingCompanies mentioned: NVDAFind Ben’s work at: https://awealthofcommonsense.com/*****************************************Subscribe to our portfolio on Savvy Trader *****************************************Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube*Terms and Conditions apply.*****************************************2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

Jason and Jeff discuss the current market volatility amidst new tariff announcements by President Trump, providing real-time reaction to the whipsaw market behavior and share their strategies for navigating this uncertain period. Jason details his use of options to manage risk and build positions, while Jeff focuses on sticking to his established investing framework. They also explore the implications of a prolonged economic downturn and share their thoughts on balancing short-term concerns with long-term goals.02:13 Impact of Tariffs and Market Reactions04:17 Political Perspectives and Economic Implications06:54 Investment Strategies During Market Downturns10:07 Personal Investment Reflections and Strategies17:30 Options Strategies and Market Opportunities28:01 Sticking to a Covered Call Strategy28:56 Using Covered Calls and Puts for Income32:53 Concerns About Market Volatility34:27 Evaluating Investment Opportunities38:04 Strategies for Long-Term Investment49:26 Preparing for Financial Uncertainty54:29 Final Thoughts and Listener EngagementCompanies mentioned: COST, DAVA, SHOP, TOST*****************************************Subscribe to our portfolio on Savvy Trader *****************************************Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube*****************************************2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

It’s the April livestream, and Jason and Jeff talk about the ongoing tariffs' impact on the market, debating the short- and long-term implications for investors. They emphasize sticking to tried-and-true investment frameworks, especially amidst market volatility. They also dive into recent IPO CoreWeave and talk about the Q1 winner of the 2025 portfolio contest.01:28 Planning for the Berkshire Hathaway Annual Meeting09:21 Market Reactions and Investment Strategies13:35 Impact of Tariffs on Investments23:59 Evaluating Stock Valuations and Portfolio Management33:03 Setting Alerts for Stock Prices33:56 Managing a Diverse Portfolio36:43 Conviction in Stock Choices47:48 Impact of Tariffs on Investments50:31 Savvy Trader Portfolio Contest56:04 Core Weave IPO and AI InvestmentCompanies mentioned: AAPL, KNSL, LOB, UPST, WRBY*****************************************Subscribe to our portfolio on Savvy Trader *****************************************Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: ******************************************To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscripted******************************************Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube******************************************Investing Unscripted is brought to you by Public.com* Visit https://public.com/investingunscripted *All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6%+ yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 12/13/2024. A bond’s yield is a function of its market price, which can fluctuate; therefore, a bond’s YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule (https://public.com/disclosures/fee-schedule). Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more.Alpha is an AI research tool powered by GPT-4.  Alpha is experimental and may generate inaccurate responses.  Output from Alpha should not be construed as investment research or recommendations, and should not serve as the basis for any investment decision. Public makes no warranties about its accuracy, completeness, quality, or timeliness of any Alpha out. Please independently evaluate and verify any such output for your own use case.*Terms and Conditions apply.2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

Jason and Jeff answer listener questions about portfolio management, cost basis versus market value, and the importance of understanding one's investments fully. The conversation centers around determining when to add to existing winners versus investing in new opportunities, using QuantumScape as a practical case study. They also explore alternative investment strategies, such as the Calamus ETFs, comparing their potential benefits and drawbacks against more conventional options like CDs and money market accounts. 03:22 Understanding Cost Basis and Portfolio Management06:28 Deep Dive into Portfolio Strategies16:02 Sponsor Messages and Advertisements26:36 Portfolio Concentration and Small Positions28:23 Cash Management and Investment Strategy29:30 Challenges of Managing a Large Portfolio30:53 Conviction and Adding New Companies31:15 Understanding and Following Your Investments35:41 When to Bail on an Investment36:38 QuantumScape: A Case Study46:36 Calamus ETFs: An Alternative to CashCompanies mentioned: GOOG, QSSubscribe to our portfolio on Savvy Trader Email: [email protected]: @InvestingPodCheck out our YouTube channel for more content: To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscriptedListen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTubeInvesting Unscripted is brought to you by Public.com* Visit https://public.com/investingunscripted *All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6%+ yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 12/13/2024. A bond’s yield is a function of its market price, which can fluctuate; therefore, a bond’s YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule (https://public.com/disclosures/fee-schedule). Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more.Alpha is an AI research tool powered by GPT-4.  Alpha is experimental and may generate inaccurate responses.  Output from Alpha should not be construed as investment research or recommendations, and should not serve as the basis for any investment decision. Public makes no warranties about its accuracy, completeness, quality, or timeliness of any Alpha out. Please independently evaluate and verify any such output for your own use case.*Terms and Conditions apply.2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest

Jason and Jeff discuss The Trade Desk (TTD). They delve into the company's recent quarterly underperformance, the reasons behind its stock drop, and their approach to decision-making in turbulent times. 00:20 Savvy Trader Portfolio Overview01:15 Focus on The Trade Desk02:37 The Trade Desk's Recent Performance04:26 Understanding The Trade Desk's Business Model07:17 Challenges and Future Outlook09:33 Investment Strategies and Personal Insights12:13 Comparisons and Market Context19:12 Final Thoughts and Recommendations*****************************************Subscribe to our portfolio on Savvy Trader *****************************************************Email: ⁠[email protected]⁠Twitter: @InvestingPodBluesky: @investingpod.bsky.socialYouTube: ⁠https://www.youtube.com/@InvestingUnscripted⁠******************************************To get 15% off any paid plan at finchat.io, visit ⁠https://finchat.io/unscripted⁠