On today’s episode, Clay chats with Scott Patterson about his new book - The Chaos Kings. The Chaos Kings tells the story of the hedge fund that achieved average annual returns of over 105% from 2008 through 2019, and how Bill Ackman had a $27 million dollar bet that turned into over $2.6 billion. IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.02:35 - Who the Chaos Kings are.05:38 - The story of Nassim Taleb and Mark Spitznagel setting up a hedge fund that delivered average returns of 105% annually.06:12 - How these hedge funds profit tremendously during times of calamity.16:14 - What led Nassim Taleb to get interested in the markets.24:55 - Why we should be mindful of just how uncertain the world and our global economy is today.complexity theory - What complexity theory is.28:51 - How investors can protect themselves from a black swan event.45:02 - How Taleb and Spitznagel viewed the world differently than conventional wisdom.53:12 -How predictable Black Swan events are.57:41 - Looming Black Swans that Taleb sees in today’s world.60:49 - What the precautionary principle is.63:23 - Taleb and Spitznagels take on the systemic risks in the financial system today.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out our newly released TIP Mastermind Community.Scott’s new book - The Chaos Kings.Scott’s website.Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Send, spend, and receive money around the world easily with Wise.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Having physical gold physical gold can help if you have an IRA or 401(k)! Call Augusta Precious Metals today to get their free “Ultimate Guide to Gold IRAs" at 855-222-4979.Join over 5k investors in the data security revolution with Atakama.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh talks to Bitcoin layer two Lightning expert Jesse Shrader on the show about all the fascinating stuff they have going on with their Amboss website. Amboss is a website that analyzes all the Bitcoin full nodes and immediately settling channels that are open between the nodes on the network.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:43 - How did Jesse get into Layer 2 Lightning Bitcoin?03:07 - How Jesse's background in class action lawsuits against big banks impacted the way he views Bitcoin.05:10 - How Jesse and his founder initially designed Amboss.05:10 - What were they trying to optimize for when they built Amboss?05:10 - What was Lightning like in the early days when opening channels?11:59 - How has the business plan changed for Amboss?14:43 - Is inbound liquidity an issue for Lighting adoption?24:37 - Comparison between the legacy financial system and Lightning.30:44 - What is Magma's liquidity market?32:55 - How could Bitcoin even have a "risk free" rate?34:19 - What is the LINER (Lightning Network Rate)?34:19 - How could the LINER impact risk free rates?BOOKS AND RESOURCESJesse Shrader's Twitter.The Amboss Website.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Send, spend, and receive money around the world easily with Wise.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Having physical gold physical gold can help if you have an IRA or 401(k)! Call Augusta Precious Metals today to get their free “Ultimate Guide to Gold IRAs" at 855-222-4979.Join over 5k investors in the data security revolution with Atakama.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In today's episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra. Stig only owns five individual stocks, and in this episode, he outlines why he added Teqnion as the newest addition to his portfolio. Hari’s pick, Palantir, has recently traded at a 52-week high after a preceding 80% drop, and Tobias pitches Virtu Financial, a value stock with strong cash flows in uncertain times. IN THIS EPISODE YOU’LL LEARN:00:00 - Intro01:35 - The group’s takeaways from the Berkshire Hathaway shareholder’s meeting06:00 - Why Hari is bullish on Palantir (Ticker: PLTR)24:46 - Why Toby is bull on Virtual Financial (Ticker: VIRT) as a trade but not as a “buy-and-hold.” 41:37 - Why Stig has invested in Teqnion (Ticker: TEQ) as one of the five stocks he owns58:21 - Which questions to ask management if you get the opportunity01:17:07 - What the TIP Mastermind Community is and our plans to meet up in NYC in OctoberDisclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESJoin the waiting list for the TIP Mastermind Community. Stig Brodersen’s interview with Daniel Zhang, the Chief Acquisition Officer of TeqnionDaniel Zhang’s book, An investment thinking toolbox – read reviews of the book.Listen to Mastermind Discussion Q1 2023 - TIP528 or watch the video.Listen to Mastermind Discussion Q1 2022 - TIP418 or watch the video.Listen to Mastermind Discussion Q2 2022 - TIP450 or watch the video.  Listen to Mastermind Discussion Q3 2022 - TIP475 or watch the video.Listen to Mastermind Discussion Q4 2022 - TIP496 or watch the video.Tune in to Stig Brodersen’s interview with Mohnish Pabrai about the Turkish stock market or watch the video.Tune in to Clay Finck’s interview with Chris Mayer about Constellation Software and 100-baggers or watch the video.Teqnion’s investor relationsOur FREE stock analysis resource, Intrinsic Value Index.Subscribe to our FREE Intrinsic Value Assessments.Tobias Carlisle's podcast, The Acquires Podcast.Tobias Carlisle's ETF, ZIG.Tobias Carlisle's ETF, Deep.Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this bookTobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com.Tweet directly to Tobias Carlisle. Hari's Blog: BitsBusiness.comTweet directly to Hari Ramachandra.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today! SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay reviews Thomas Phelps’s book - 100 to 1 in the Stock Market, and also highlights writings put out by Akre Capital Management.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.02:30 - Common characteristics of companies that increased their share price by 100x.11:11 - Why most investors aren’t able to hang onto their winners as Phelps suggests.14:05 - Why good stock selection is much more important than good stock market timing.31:36 - Mental models Phelps uses to figure out the odds when investing.42:47 - Why we should invest with companies that align with our own values.45:29 - When to look for potential 100 Baggers.47:39 - The four categories of companies that were 100 Baggers in Phelps’s study.52:53 - Who is best equipped to be individual stock pickers.56:57 - Chuck Akre’s three-legged stool approach.60:15 - Takeaways from two of Akre Capital’s brilliant articles - ‘Why Compounding is so Difficult’ and ‘The Art of (Not) Selling’.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESThomas Phelps’s book - 100 to 1 in the Stock Market.Akre Capital Managements writings: Why Compounding is so Difficult and The Art of (Not) Selling.Check out our newly released TIP Mastermind Community.Check out our recent episode covering the The Outsiders by William Thorndike, or watch the video.Follow Clay on Twitter. NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Anil Patel talks about his new book, The Bitcoin Handbook. There are many different fields of study Bitcoin touches that it can be difficult for people to grasp all the complexity in harmonizing concepts that are happening on this protocol. In this interview, Anil went on an intellectual journey simplifying and stitching it all together.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:15 - What was Anil trying to accomplish with the book?06:59 - Of all the mental models and paradoxes mentioned in the book, what does Anil find the most profound?12:22 - What is Jevon's Paradox?23:39 - Network Effects.29:52 - Reflexivity and how it applies to Bitcoin.32:56 - Why are the laws of Thermodynamics important?38:25 - Gall's Law.43:44 - What is the intransigent minority and why is it important53:31 - What is something the Bitcoin community could do better?57:50 - Anil's favorite books.01:00:09 - Why is it hard to be a Bitcoiner?BOOKS AND RESOURCESAnil's Twitter.Anil's book, The Bitcoin Handbook.How Innovation Works by Matt Ridley.Energy and Civilization: A History by Vaclav Smil.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.