We Study Billionaires - The Investor’s Podcast Network

In this episode, Stig Brodersen speaks with David Fagan, a successful entrepreneur and investor, about the powerful overlap between building businesses and investing in public markets. They explore why business owners often think differently about diversification, dividends, and risk—and how habits, friendships, and clarity of purpose shape long-term success in both business and life. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:35 – Why some business owners often become better investors through firsthand experience with risk, volatility, and capital allocation.

14:57 – The blind spots business owners have when they enter the world of investing.

23:09 – Why you might shif...

On today's episode, Clay is joined by Shawn O'Malley to discuss his work on The Intrinsic Value Podcast and two key holdings from The Intrinsic Value Portfolio.

Shawn recently launched The Intrinsic Value Podcast alongside co-host Daniel Mahncke, where they conduct weekly deep dives into companies while building their own concentrated portfolio of 20 holdings. 

In this conversation, they explore Reddit's transformation from an unprofitable tech IPO to a rapidly growing, cash flow positive business, and examine Uber's dominant market position and diversified revenue streams.

IN THIS EPISODE YOU’LL LEARN: 00:00 - I...

Andrew and Jesse join Preston to discuss Smarter Web’s transformation into a major Bitcoin Treasury firm, UK market dynamics, valuation strategies, and future growth plans, including preferred shares.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

14:02 - What is MNAV and why is it a crucial metric for valuing Bitcoin Treasury firms?

35:20 - How does Smarter Web plan to maintain its lead in the UK Bitcoin market amid rising competition?

49:52 - What are the benefits and risks of investing in a Bitcoin Treasury company versus Bitc...

On today’s episode, Kyle Grieve discusses the power of mental models, how they sharpen our thinking, and how they improve our decision-making in investing and everyday life. He explores various key concepts in general thinking, including the circle of competence, inversion, first-principles thinking, probabilistic thinking, and more.

IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:01 - What exactly are mental models? 04:37 - The three failures people have with interacting with reality. 08:43 - A simple 6-step framework for making mentals into a habit. 17:45 - How to utilize what you already know to gain an edge...

On today’s episode, Kyle Grieve discusses Charlie Munger’s legendary speech, The Psychology of Human Misjudgment, and unpacks all 25 of his cognitive biases that often lead even the most intelligent people to make poor decisions. Drawing from Poor Charlie’s Almanack, Kyle explores how these psychological tendencies—like incentive-caused bias, social proof, and inconsistency avoidance—can distort our thinking in business, investing, and everyday life. He blends Munger’s timeless wisdom with real-world investing examples, personal experiences, and practical strategies to help listeners make better, more rational decisions.

IN THIS EPISODE YOU’LL LEARN: 00:00...

Bitcoin market insights, Treasury trends, stablecoin regulation, and bold predictions for Bitcoin's future.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:21 - How global liquidity and leverage affect Bitcoin's market performance

08:56 - The evolving role and risks of Bitcoin Treasury companies

17:26 - Why stablecoin regulations are reshaping digital finance

18:35 - What the Genius Act means for bank and non-bank stablecoin issuers

21:03 - How Tether and JPM are responding with gold tokens and Layer 2 solutions

24:50 - Why the Base network's centralization ra...

In this unusually personal and candid episode, William Green answers a wide range of probing questions posed by listeners to his podcast and readers of his book, “Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets & Life.” Here, William discusses the key qualities, principles, and practices he’s observed in the best investors; how they handle adversity; what he’s learned from his own setbacks, failures, and mistakes; and how he’d invest if he were starting over.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro 01:19 - What were the three best...

In this episode, Clay dives deep into the remarkable story of Heico — a quiet compounder that’s delivered over 22% annual returns for more than three decades. While aerospace may seem like a commoditized or slow-moving industry, Heico flips that assumption on its head. 

Clay breaks down how the Mendelson family transformed a struggling parts supplier into a $38 billion industry leader through exceptional capital allocation, a culture of ownership, and a nearly unbreakable moat built on regulatory mastery and being a partner that customers can trust. Whether you're an investor, entrepreneur, or business strategist, this episode offers timeless lesso...

Jim Chanos and Pierre Rochard face off on Bitcoin-native corporates, debating governance, valuation models, capital structure, and whether BTC on the balance sheet adds value or risk.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro 

02:27 - Why Jim Chanos is short BTC companies but long Bitcoin itself

05:44 - Pierre Rochard's view on using corporate debt/equity to acquire BTC

13:03 - Capital structure tools best suited for BTC-native companies

14:12 - Whether BTC treasuries offer more than just bull-market beta

19:23 - The risks of NAV...

On today’s episode, Kyle Grieve discusses the principles of value investing, including how to distinguish between speculation and true investing, the dangers of Wall Street's incentive structures, and the importance of prioritizing downside protection over upside potential. We’ll also delve into discipline for value investing, how to develop a margin of safety mindset, and how to build a risk-averse strategy and portfolio.

IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:04 - Why most investors speculate rather than invest—and how to tell the difference

11:01 - Why fund managers have structural weakness...

In this episode, Clay reviews Lee Freeman-Shor's book — The Art of Execution. Freeman-Shor studied 45 of the world's top investors over seven years, revealing why investment success depends far more on execution than stock picking. Through analysis of nearly 1,000 investments, he discovered that even the best investors are wrong half the time, but their success comes from how they handle both winners and losers. 

This episode provides essential lessons on the execution strategies that determine long-term investment success.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro 06:07 - The three types of inves...

Preston Pysh welcomes back NVK, renowned Bitcoin expert and founder of Coinkite, for an in-depth conversation on the future of Bitcoin, the evolving dynamics of its core development, and the promising rise of decentralized platforms like Nostr.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro 

02:01 - How Bitcoin's increasing price may sustain mining incentives post-halving

09:37 - The evolution from Satoshi’s original code to the current Bitcoin Core

14:15 - Insights into Bitcoin Knots and the separation of wallet and consensus code

19:41 - Critiques of Bitco...

In this episode, Stig Brodersen speaks with Guy Spier who has outperformed the S&P 500 since 1997, with a 9.6% vs. 8.8% CAGR. They explore why Guy invested in The Economist, and how friendships, service, and living by an inner scorecard guide his life and investment philosophy.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:27 - Why Guy Spier decided to invest in The Economist.

13:16 - How Guy is living by his inner scorecard.

55:16 - Why friendships are there for a reason, a season, or a lifetime.

55:16 - How does Gu...

In this episode, Clay shares the key principles behind his personal investment approach. His approach has been shaped by over a decade of experience and lessons from great investors like Charlie Munger, Nick Sleep, and Chris Mayer. He explains how he builds a portfolio focused on high-quality businesses and long-term compounding. It’s a candid look at how he filters out the noise and plays the game on his own terms.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:19 - How Clay defines and pursues financial independence through investing.

05:22 - The less...

James and Preston dissect the evolving cryptocurrency landscape—from market structure transitions and on-chain data missteps to Bitcoin mining incentives and the cutting-edge strategies behind Bitcoin Treasury companies.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro 

02:47 - Lessons learned from the 2020-2021 crypto cycle

04:59 - Why the crypto market is shifting from spot to leverage-driven models

05:54 - The role of futures and ETFs in today’s low-activity network

10:42 - How mining subsidies influence innovation and decentralization

14:08 - Why fees are crucial for protect...

On today’s episode, Kyle Grieve discusses how Warren Buffett evolved from a young entrepreneur with an intense fascination for numbers into one of history’s most disciplined and independent investors. The episode explores the key influences, early lessons, and defining choices that shaped his unique approach to business and capital allocation.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:04 - How Buffett showed business instincts as a young boy

03:44 - How Buffett used scuttlebutt early in his career

04:26 - The influence Buffett’s father had on his m...

On today’s episode, Kyle Grieve chats with Ian Cassel about what separates good, great, and goat investors by breaking down the five core skills of stock picking. We'll also explore how elite investors evolve, avoid common traps, and develop underappreciated edges that compound into long-term outperformance.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:30 - What sparked Ian’s obsession with investor greatness.

07:41 - The two metrics that reveal actual investing skill.

13:07 - Why radical self-honesty drives long-term improvement.

16:41 - The track records that define good, great...

In this episode, Preston sits down with Chris and Joe to explore how Bitcoin is changing the way we think about corporate treasuries, asset valuation, and investment risk.

They dive into the STRIVE report, debate traditional financial models, and propose new frameworks for evaluating assets in a Bitcoin-denominated world.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:58 - How Bitcoin reshapes asset valuation and opportunity cost analysis

10:23 - Why Internal Rate of Return (IRR) is crucial for comparing investments in a Bitcoin world

13:05 - Th...

In this episode, William Green chats with investing legend Bill Nygren, who oversees about $25 billion at Harris Associates. Bill is the firm’s Chief Investment Officer for US Equities & co-manages two flagship mutual funds: Oakmark Select & Oakmark Fund. Here, he discusses the processes, principles, habits & mindset that have enabled him to beat the market over three decades.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

05:32 - How Bill Nygren became a contrarian bargain hunter.

18:05 - Why sports gambling companies often refuse to take his bets.

47:56 - What...

On today’s episode, Clay is joined by Joseph Shaposhnik to discuss the launch of his new ETF, Rainwater Equity. The Rainwater Equity ETF just launched on June 18th, 2025, under the ticker RW, and its objective is to compound capital at an above-average rate by investing in publicly listed recurring revenue businesses.

The fund Joseph managed at his previous firm compounded at 16.7% since 2015, versus the S&P 500’s 13.1% over that same time period. It was also the top-performing fund out of 343 in its US Large Cap Core Equity category by Nasdaq eVestment.

IN THIS EPIS...

Seb and Preston explore the hidden emotional and societal costs of fiat currency, how Bitcoin changes our perception of value, and why money is more than just economics—it's identity.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:28 - The emotional toll of living within a fiat monetary system

10:04 - How Bitcoin changes the way we express values through money

12:55 - The real-life shifts that occur when someone adopts low time preference

15:37 - How hard money can enable authentic altruism and creativity

19:11 - Ho...

On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” In their quest for meaningful relationships and being the best version of themselves, they discuss what has made them Richer, Wiser, or Happier in the past quarter. You’re invited to join them on their journey. IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

00:07:45 - Why you will waste years if you can’t waste hours

00:08:04 - The power of (not) structuring your day

00:13:53 - What you can clone from an optimal life design

00:59...

In this episode, Clay explores the core ideas behind Capital Returns by Edward Chancellor and Marathon Asset Management. Based on decades of investing experience, the book uncovers the capital cycle framework, which reveals how capital flows, supply dynamics, and managerial incentives drive long-term investment outcomes. Whether you're a value investor, a portfolio manager, or simply curious about market cycles, this episode offers guidance for understanding the boom and bust nature of cyclical industries.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:31 - How the capital cycle explains boom and bust industry dynamics.

...

Michael and Preston explore Bitcoin's foundational principles, covering digital scarcity, mining incentives, node infrastructure, and the importance of self-custody versus third-party management.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

12:13 - How Bitcoin prevents government-led currency debasement

19:14 - Why block reorganizations occur and how they're resolved

23:11 - The mechanics of block creation and transaction verification

28:55 - What makes Bitcoin a secure and decentralized timekeeper

31:13 - The economic incentives behind Bitcoin mining

33:54- The role of transaction fees as...

In today's episode, Stig Brodersen is talking stocks with Tobias Carlisle and Hari Ramachandra. Stig’s pick is Microsoft, the world’s biggest market cap company for good reason. Tobias is pitching Devon Energy, an oil and gas producer with a big upside if you’re right about the timing. Hari’s stocks of choice are Adyen and Block, two fast-growing companies with stronger moats that meet the eye.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:51 - Why Hari is bullish on Block and Adyen (Ticker on NYSE: XYZ and on Euronext: ADYEN).

In this episode, Clay explores Hamilton Helmer’s 7 Powers framework, breaking down each of the seven sources of enduring competitive advantage. While companies all over the world offer benefits and value to society at large, few have barriers in place that prevent competitors from easily replicating those advantages. Whether you’re an investor or business operator, this episode is an essential listen to understand the critical ingredients for long-term success in business.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:34 - What it means for a company to have Power.

...

Garrett Johnston shares why Bitcoin—not crypto—should be the foundation for insurance innovation. We explore regulatory friction, risk evolution, and strategic adoption for carriers and corporates.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:57 - How digital asset risk profiles evolve as companies scale

16:09 - The case for Bitcoin in insurance company treasuries

16:15 - Why Bitcoin enhances risk-adjusted returns in institutional portfolios

21:39 - Why current regulatory frameworks hinder BTC adoption

21:54 - How NAIC rules classify BTC as a non-admitted asset

22:0...

On today’s episode, Kyle Grieve chats with Jon Cukierwar about his unique global investing approach focused on undiscovered companies. They delve into Jon’s high-conviction strategy, his in-depth on-the-ground research process, and how he uncovers overlooked opportunities by combining valuation, quality, and growth.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:02 - Lessons Jon learned working for legend Bob Robotti

07:19 - Why Jon favours high-quality, growing businesses

17:26 - How Jon counters bias when meeting charismatic CEOs

25:50 - Why local investor networks unlock global insights

36:23 - Why...

On today’s episode, Clay is joined by Tim Koller to discuss all things valuation.

Tim is the lead author of Valuation: Measuring and Managing the Value of Companies which is the #1 best-selling guide to business valuation. This book—now in its eighth edition—has sold more than one million copies, and is used as a textbook at top business schools such as Wharton School, University of Chicago, MIT, INSEAD, Tuck School of Business, and Northwestern University.

As a Partner at McKinsey & Company, Tim combines broad cross-sector experience with decades of service to clients in value...

Preston and Matthew discuss the upcoming Bitcoin Policy Summit, explore strategic financial maneuvers involving Bitcoin, dissect stablecoin impacts, and examine shifting global crypto dynamics.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:20 - Challenges facing the Federal Reserve’s independence

13:21 - Insights into Elon's policy influence and federal restructuring

17:46 - The U.S. trade deficit's impact on Bitcoin and equity markets

19:59 - The Genius Act’s implications for stablecoin regulation

24:21 - How stablecoins are disrupting traditional banking

32:30 - How the Strate...

On today’s episode, Kyle Grieve chats about one of the most iconic businesses in history—Coca-Cola—and explores its enduring competitive advantages, its remarkable turnaround under CEO Roberto Goizueta, and what Warren Buffett saw that made it one of Berkshire Hathaway’s most legendary investments. Kyle unpacks why Coke’s brand power, global distribution, and intelligent capital allocation have helped it dominate for over a century and why understanding this story can help you spot other life-changing investments.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:03 - What gives Coca-Cola fo...

On today’s episode, Kyle Grieve chats with James and Abigail Zimmerman about the strength of growing and sustainable cash flowing businesses; the importance of strong balance sheets; how they navigate their circle of competence, and the steps they take to expand it; why simplicity is so important in an age of complexity, how they use cash as a boost, and not a drag on returns, and much more.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:28 - How communities—public and private—can spark better investment ideas.

07:06 - Why fr...

Explore the launch of Twenty One Capital, its strategic ties with Tether, SoftBank, and Cantor Fitzgerald, and how it compares to MicroStrategy or ETFs. Plus, Strike’s bold leap into secure Bitcoin lending.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro 15:29 - How Twenty One Capital was formed and why now is the right time for a Bitcoin-native public company 17:16 - What SoftBank contributes beyond funding, including possible global Bitcoin adoption strategies 19:05 - How Twenty One differentiates itself from MicroStrategy and ETFs as a Bitcoin investment vehicle 19:55 - Why “Bitcoin Per Share” is used...

In this special celebratory episode, William Green spotlights some of the most important lessons from the greatest investor of all time: Warren Buffett. In honor of Buffett’s historic decision to retire after 60 years as Berkshire Hathaway’s CEO, William offers his thoughts on Buffett’s legacy & Berkshire’s future; he also shares powerful highlights from his conversations about Buffett with Joel Greenblatt, Nick Sleep, Thomas Russo, Chris Davis, Chuck Akre & Christopher Bloomstran.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:20 - What makes Berkshire Hathaway’s annual meeting a joyous exper...

On today’s episode, Clay and Kyle give an overview of their best quality stock idea for Q2 2025. This quarter, they discuss Booking Holdings.

To our surprise, Booking Holdings is the world’s largest travel company. We explore how the company built a dominant position in Europe through its network effect, asset-light business model, and sound capital allocation decisions. We also cover Booking’s competitive advantages, financial performance, and key risks facing the business. 

Clay finds Bookings Holdings to be a compelling long-term compounder, which led him to initiate a position in the company earlier this ye...

Andy Edstrom unpacks whether Bitcoin is truly the last asymmetric bet for companies, diving into MicroStrategy's model, capital structure risks, and Bitcoin's rising institutional role.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:40 - Why Michael Saylor calls Bitcoin a lifeline for “zombie companies”

05:20 - How Bitcoin’s returns compare to traditional assets over the last decade

07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations

12:00 - MicroStrategy’s premium-to-NAV strategy and its replicability

15:40 - Risks and rewards of BTC-backed leverage and conver...

In this episode, Clay and Kyle reflect on their weekend at the Berkshire Hathaway annual shareholders meeting in Omaha and play a few of their favorite clips from the Q&A session with Warren Buffett, Greg Abel, and Ajit Jain.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:16 - Our thoughts on Buffett’s announced retirement of CEO at Berkshire Hathaway.

07:07 - How Warren Buffett and Greg Abel’s management style might differ as CEO.

20:03 - Why Buffett seeks to surround himself with wonderful people.

35:03 - How Buffet...

On today’s episode, Kyle Grieve breaks down the contrarian investing philosophy of Anthony Bolton, revealing how he consistently outperformed the market by combining sentiment analysis, in-depth fundamental research, and a flexible yet disciplined portfolio strategy.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:27 - The traits Bolton observed in the best fund managers.

04:55 - Why incomplete knowledge can be a strength.

06:56 - A simple method for conviction-based portfolio reviews.

11:48 - What to do when your investments aren't working.

16:05 - The role of s...

This episode explores Bitcoin’s emerging role as a global economic force, from its convergence as money to grid integration, payment tech, and strategic policy shifts.

Preston and Parker also spotlight Zaprite's innovations for Bitcoin payments and the broader implications of CBDCs and regulatory changes.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:12 - Key developments in Texas: grid reliability, strategic reserves, and Bitcoin Park

07:12 - How Bitcoin mining can support energy grid reliability and cost efficiency

09:47 - Economic pros and cons of a U.S...

On today’s show, Stig Brodersen talks with legend value investor Mohnish Pabrai. Since its inception in 1999, one dollar invested in the flagship fund would have turned into $13.63 vs. $6.19 for the S&P 500. In the special interview, you can join Mohnish and Stig’s metaphorical restaurant and together taste new wonderful dishes in investing and life.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:36 - How stock investors can truly think like the owners of the business

10:09 - Which advice would Mohnish give to himself at ages 40 and 50

20:48 - Why yo...