✔️Summary:

In this episode, Ryan Zabrowski shares insights into his investment philosophy, shaped by years of experience and a desire to create a timeless guide to financial success. His book, Time Ahead: An Investor’s Guide to Prosperity and Impact, focuses on achieving financial growth through sustainable strategies while making a lasting societal impact. Inspired by mentors like Warren Buffett and Charlie Munger, Ryan emphasizes value investing, competitive advantages, and avoiding industries hindered by technological disruption.

Ryan critiques traditional finance literature for rehashing old ideas, striving instead to present fresh perspectives. His approach combines analyzing operating environments, assessing risk beyond volatility, and leveraging opportunities in industries with strong growth potential, like technology and AI. He underscores the importance of understanding what not to own, noting that avoiding value traps can be as impactful as choosing the right investments.

AI and automation are pivotal themes for Ryan, who is optimistic about their potential to reduce work hours and increase productivity. He predicts societal shifts toward shorter workweeks and emphasizes the importance of avoiding industries negatively impacted by automation. Ryan highlights AI's transformative role in healthcare, longevity, and efficiency, with examples of AI-driven medical advancements and robotics reshaping daily life.

Ryan also discusses practical investment strategies, including tax-loss harvesting and aligning portfolios with one’s values. He advocates for combining active and passive approaches, leveraging algorithms to manage risk dynamically, and focusing on high-margin businesses with durable competitive advantages.

Lastly, Ryan reflects on the broader impacts of capitalism, urging investors to think critically about long-term trends. His philosophy is rooted in disciplined decision-making, continuous learning, and a forward-looking mindset to adapt to the ever-changing landscape of business and technology.

⭐️About Ryan:

Ryan Zabrowski is a seasoned investment professional with decades of experience, known for his disciplined strategies inspired by Warren Buffett, Benjamin Graham, and Nobel Laureates. Having read 1,000 books on investing, Ryan recently authored the 500-page Time Ahead to share his expertise. As a CERTIFIED FINANCIAL PLANNER® (CFP®) with advanced finance degrees, he has held roles at institutions like Washington University Endowment and Morgan Stanley. Outside his work with clients nationwide, Ryan values family life with his wife and daughters and supports impactful charities.

💜 Book Recommendations:

► Pioneering Portfolio Management by David F. Swensen

► Fooled by Randomness by Nassim Nicholas Taleb

► The Intelligent Investor by Benjamin Graham

► Berkshire Hathaway Inc. Shareholders Letters: https://www.berkshirehathaway.com/letters/letters.html

Summary:

In a recent CNBC interview, hedge fund manager Paul Tudor Jones emphasized that “All Roads Lead to Inflation,” predicting a prolonged inflationary period. Jones, known for accurately forecasting the 1987 market crash, highlighted that regardless of who ended up winning the U.S. presidency, significant fiscal changes—such as higher taxes and/or reduced spending—are inevitable. However, even these actions won't cover the extensive federal obligations, including debt interest, leading the Federal Reserve to print more money, further fueling inflation.

Jones argues that, to address this economic landscape, the Fed should keep nominal interest rates below inflation rates and ensure economic growth outpaces inflation. Lower interest rates make borrowing cheaper, reducing debt burdens and promoting investment. Concurrently, higher growth relative to inflation would increase overall wealth and help offset rising living costs.

For investors, Jones recommends assets that hedge against inflation, like gold, commodities, and Bitcoin. He notes that these assets retain value as currency purchasing power declines. Bitcoin, in particular, stands out due to its fixed supply (capped at 21 million coins) and decentralized nature, which protect it from governmental or institutional interference. Unlike gold, Bitcoin is portable and easily transferable, aligning with the needs of a digital generation.

Additionally, Bitcoin's growing institutional adoption, with companies like Tesla and Square adding it to their balance sheets, strengthens its long-term appeal. Despite the risks of market volatility and regulatory challenges, Bitcoin will serve as a solid inflation hedge in the long run. In a world where inflation seems unavoidable, Bitcoin presents a compelling alternative for protecting wealth.

References:

1. CNBC Interview of Paul Tudor Jones: https://youtu.be/49-2-NWoiLI?si=0I0KfbEv8ElIDSI8

2. Michael Saylor Interview on the Lex Friedman Podcast: https://www.youtube.com/watch?v=mC43pZkpTec

Summary:

In this episode, I debunk the myth of a popular motivational phrase - "You can do anything you set your mind to," which often leads to unrealistic expectations and frustration. While hard work is valuable, each person’s abilities are influenced by both natural talent and environmental factors, which can limit success in certain fields. For instance, achieving highly specialized accomplishments, like being a professional athlete or winning a Nobel Prize, often depends on innate skills and intelligence.

Notable figures like John F. Kennedy, Warren Buffett, and Elon Musk exhibited unique talents early in life that shaped their success. The common factor among these individuals was an early identification of their "life’s task"—a concept explored by author Robert Greene. Greene and other thinkers suggest that each individual has a unique purpose aligned with their skills, often rooted in early passions. However, society and education systems may prevent us from focusing on this purpose, pushing us instead to "strengthen weaknesses" rather than hone innate strengths.

Meaningful success, according to Greene, comes from identifying and dedicating oneself to this "life’s task," even if it requires resilience and overcoming societal pressures. Simplistic motivational phrases like “Believe in yourself” and “You can do anything” overlook these complexities and can mislead people.

Ultimately, the goal is to find a purpose that aligns with individual skills, allowing for true fulfillment rather than pursuing ambitions based solely on external motivational messages. Achieving this "life’s task" brings deeper meaning and satisfaction but is a unique journey each person must discover for themselves.

References:

1. Monish Pabrai on My First Million: https://www.youtube.com/watch?v=XikIr0kedY8

2. Robert Greene on The Huberman Lab Podcast: https://www.youtube.com/watch?v=50BZQRT1dAg&t=7860s

✔️Summary:

In this episode, I interviewed Marcia Dawood, an angel investor, who discusses her journey into the world of angel investing. She shares how she transitioned from a corporate job at Kaplan Education to becoming fascinated by innovative companies at a local angel investing meeting. Angel investing, she explains, differs from venture capital because angel investors use their own money, while venture capitalists invest using funds from other investors. Marcia emphasizes the accessibility of angel investing, highlighting how anyone can get involved with as little as $50 through equity crowdfunding, thanks to changes in SEC regulations in 2016.

Marcia mentions the importance of investing in groups for sharing expertise, especially in industries like healthcare, where she is passionate due to personal circumstances. She also addresses the significance of assessing a company’s team, scalability, and the problem-solving potential of their products. Evaluating the founder’s drive and compatibility with their team is key, as is understanding the broader market context.

She also discusses her involvement with angel groups like Golden Seeds, which focuses on women-led businesses, and Mindshift Capital, a global venture capital firm. Passion for certain causes, such as women's health, motivates Marcia's investment decisions, as well as the potential for both financial returns and societal impact. Finally, Marcia shares advice on how beginners can start angel investing, such as attending local startup events, conducting research, and considering investment platforms like equity crowdfunding sites.

⭐️About Marcia:

Marcia Dawood is on a mission to empower and educate everyone to realize their potential to invest in positive change. She is passionate about bridging the gap from early-stage inception to building thriving, profitable companies.

A proponent of diversity in startup leadership, which has proven to yield better outcomes, Marcia supports companies that are working on solutions to big problems in the world, like hunger, clean water, medical advances, and climate change.

Marcia is also an advisor to the Securities and Exchange Commission on the Small Business Capital Formation Committee.

Author of Do Good While Doing Well, TEDx speaker, and the host of The Angel Next Door Podcast, Marcia walks the talk and holds investments in over 50 early-stage companies and funds. She is committed to expanding support for diverse companies that overcome the world’s biggest problems and accelerate positive change.

She is a venture partner with Mindshift Capital and a member of Golden Seeds, one of the largest angel groups in the US. Both groups focus on investing in women-led companies.

She is Chair Emeritus of the Angel Capital Association (ACA), the global professional society for angel investors. She is a founding member and current chair of the ACA’s Growing Women’s Capital Group, which is building syndication and collaboration among US investment groups focused on women-led companies.

Previously, Marcia was the COO of Portfolia as well as a managing partner at BlueTree Capital Group, where she was responsible for investment strategy, diligence research, and member education.

Prior to that, Marcia won numerous awards as a top sales executive for Kaplan Education for ten consecutive years. She is also a co-author of the book You Can, You Will, which was an Amazon bestseller in 39 categories in four countries.

Marcia received an MBA from the University of North Carolina Kenan-Flagler Business School.

💜 Resources:

► Equity Crowdfunding Platforms: Republic.com, WeFunder, and StartEngine

► Book: "Do Good While Doing Well" by Marcia Gawood

► Marcia's podcast "The Angel Next Door": https://www.marciadawood.com/the-angel-next-door-podcast

► Marcia’s TEDx Talk: https://www.youtube.com/watch?v=yI4i4qb3E8E

In this episode, I analyze Nvidia stock from both qualitative and quantitative perspectives following its stock split in June 2024, with my analysis dated September 13, 2024.

On the qualitative side, there is significant support for the stock, both from external sources and the company's management.

However, the quantitative analysis tells a different story. None of the four valuation methods I used suggest a buy, though it's important to note that these assessments are based on very conservative assumptions typical of value investors. Therefore, it's unsurprising that they all indicate a "not buy" recommendation.

In conclusion, valuing a company with Nvidia's unique positioning and extraordinary growth potential is challenging, especially when it stands out as a once-in-a-lifetime opportunity.

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(Disclaimer: I am not a financial advisor. My podcast and YouTube channel are for educational purposes only and merely cite my own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary.)

In this podcast episode, I start with a Joe Rogan Experience episode featuring Peter Thiel, which touches on various controversial topics, including Bill Gates and his connections with Jeffrey Epstein. Listening to these "conspiracy theories" almost shatters my worldview, especially regarding the role of powerful individuals in capitalist societies. It makes me wonder - is capitalism evil?

I then go on to explain capitalism, socialism and communism. In reality, socialism and communism have historically failed due to lack of incentives, inefficiencies, and power abuses. In comparison, capitalism, which isn't perfect, has proven to work in many diverse geographic and cultural settings. Ultimately, I conclude that it’s not capitalism that is inherently evil but rather the actions of evil individuals, who can be present in any economic systems - capitalist, socialist or communist.

Despite the controversies surrounding Gates, I express hope that his intentions may be driven by a desire to leave behind a positive legacy, though he may be trying too hard in doing so.

References:

https://nypost.com/2024/08/06/us-news/bill-gates-is-desperate-for-what-he-cant-buy-a-nobel-prize/

https://www.newsweek.com/kim-jong-un-assembles-new-pleasure-squad-young-women-319030

In this podcast episode, I emphasize the importance of recognizing that personal finance is truly personal, and that popular advice from personal finance gurus often doesn’t fit everyone's unique circumstances. I share 5 pieces of prevalent personal finance advice that did NOT work for me at all, and I also share what would have worked with the 20/20 hindsight.

1. To become wealthy, you need to budget, be frugal, and save a large percentage of your income. Following this advice had made me feel deprived and I wasn't truly happy. Instead, now I realized that increasing earned income might have been more beneficial.

2. House hacking is a great way to save money, because housing is the largest expense category. This strategy was simply too difficult, if not possible at all, to implement in the area I live. I should have hacked child care instead.

3. Other people appear wealthy but they are actually poor, so don’t fall into the comparison trip. This is good advice if it's actually true. There can be a concentration of people who are indeed wealthy in the costal areas, which is where I live. Instead of denying this fact, I should have put aside my ego, and learned from these well-to-do individuals much sooner.

4. Retirement, better yet early retirement, is the holy grail. I challenge the notion of early retirement as a universal goal, advocating instead for finding passion in work.

5. Invest in index funds that mimic the market, such as the S&P 500 index. While index funds are popular, and it may well be the best advice for many people, learning to pick individual stocks can be more rewarding if done thoughtfully, and if it suits your aptitude and personality.

Ultimately, I conclude that personal finance should be customized to one's own life, values, and happiness.

Value investing is a time-tested approach to investing, but it’s often misunderstood. Here are five common myths about value investing, debunked:

Myth 1: Value investing is too hard.

Many believe that determining a stock's intrinsic value is difficult. However, intrinsic value is based on the future cash flows a company is expected to generate. While this requires some analysis, the principle is simple: invest when a company’s stock price is below its intrinsic value.

Myth 2: Value investing doesn’t work.

Skeptics argue that value investing can’t work because if it did, everyone would do it, and there would be more Warren Buffetts. However, the success of value investors like Buffett disproves the Efficient Market Theory, which suggests that market prices always reflect true value. The consistency of returns from value investing in Omaha, Nebraska, and elsewhere, shows it does work—just not for everyone.

Myth 3: Value investing is boring.

While it’s true that many value investors focus on established companies, the idea that value investing is inherently boring is wrong. The key is understanding companies within your “circle of competence.” Successful value investors have made significant gains in industries like gaming, social media, and tech, not just “boring” businesses.

Myth 4: Value investors avoid high-growth companies.

Contrary to popular belief, value investors have invested in high-growth companies like Amazon. Bill Miller, a well-known value investor, famously invested in Amazon when its stock was undervalued during the dot-com bust, proving that value investing can involve high-growth stocks.

Myth 5: Just follow what other value investors are buying.

Simply copying famous value investors is a mistake. Value investing requires buying stocks at a discount, which means doing your own research and understanding your circle of competence. What works for Warren Buffett may not work for you.

In conclusion, value investing isn’t as difficult or outdated as some might think. With the right application, it remains a powerful investment strategy.