[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

Jamie Yuenger is the founder and CEO of StoryKeep, a pioneering company that helps affluent families preserve their legacies through documentary filmmaking and storytelling, transforming how multi-generational wealthy families connect with their heritage and values.

EPISODE NOTES

3:00 - Jamie's childhood revelation: Learning at age 9 that her father wasn't her biological dad, creating a lifelong fascination with family identity and secrets

6:00 - The basement moment: Meeting her biological grandmother at 18 and seeing ancestral artifacts from Scandinavia, sparking her understanding of generational connection

9:00 - Career pivot: From WNYC producer to family storytelling after being hired to interview a friend's father-in-law, discovering her life's calling

12:00 - Wealthy family education: Reading "Strangers in Paradise" and attending conferences to understand multi-generational family dynamics

15:00 - The real work: Stories as emotional infrastructure for family resilience, not just nostalgia or keepsakes

18:00 - Japanese internment example: How families initially resist difficult stories but ultimately embrace them as cornerstones of resilience

21:00 - Immigration's universal impact: Personal experience moving to Netherlands illuminating the hero's journey embedded in client stories

24:00 - Beyond founder stories: Importance of documenting multiple generations, especially women's contributions often left out

27:00 - Discovery process: 4-6 week phase determining real goals before production begins

30:00 - The screening moment: 80+ family members in a real theater experiencing their story together

35:00 - 100-year perspective: How one family dinner can contain living memory spanning centuries

38:00 - Personal prejudice confrontation: Overcoming working-class assumptions about wealthy people through actual relationships

45:00 - Trust building: The power of listening well and holding space rather than talking

50:00 - Global families: Using media to connect dispersed families across continents

55:00 - Legacy as ambassador: Etymology reveals legacy originally meant envoy to the future

59:00 - Success redefined: Focusing on a good life rather than traditional success metrics

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Matt Zeigler and Bogumil Baranowski join Robert Hagstrom for a very special hour-long discussion. The episode originally appeared on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!

Legendary investor and author Robert Hagstrom joins Excess Returns to explore timeless investing principles—and how they’ve evolved in today’s market. In this wide-ranging conversation, Robert shares stories from working with Bill Miller, insights on Warren Buffett’s approach, and the philosophical foundations of long-term investing. He also issues a stark warning about the rising popularity of private equity for retail investors.
Whether you’re a Buffett disciple, a fan of focused investing, or just curious about how great investors think, this is a conversation packed with insight.
🔍 Topics Covered:
• How Robert accidentally became a money manager
• What Buffett’s 1983 letter taught him about investing
• Lessons from 14 years working with Bill Miller
• Why absolutes in investing can be dangerous
• How Robert learned to truly read later in life
• Buffett vs. Modern Portfolio Theory: The real debate
• Why investors misjudge tech stocks and “value”
• Hagstrom’s framework for judging long-term compounders
• The real reason most active managers fail
• Why private equity returns are misleading investors
• The emotional difficulty of running a concentrated portfolio
• What Buffett’s surprise CEO handoff really means
⏱️ Timestamps:
00:00 Intro: "Drawdowns don't matter"
01:35 Falling into money management by accident
04:55 The Berkshire letter that changed everything
07:00 Lessons from Bill Miller and pragmatic investing
09:50 Why rigid value investing missed a decade of returns
12:10 Learning how to read and consume information deeply
14:55 Charlie Munger's feedback on Robert’s books
18:00 Buffett’s surprise retirement as CEO
21:00 The legacy Warren still brings in a crisis
24:00 Why Buffett’s consistency stems from deep reading
25:25 Why focus investing works—but is hard to live through
27:45 Performance vs. volatility: Slugging % vs. batting average
33:45 Why active management fails—and how to fix it
36:50 The false promise of private equity for retail
44:55 Why public markets offer better opportunities
50:30 The hardest lesson Hagstrom had to learn
53:00 Why competitive advantage duration is mispriced
55:00 Why investing is Darwinian—and selection still matters

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

Barry Ritholtz is the founder and Chief Investment Officer of Ritholtz Wealth Management, overseeing billions in client assets and helping investors avoid costly mistakes while building lasting wealth. He’s the acclaimed author of “How Not to Invest,” sharing hard-won lessons from decades in the trenches. Barry is also the creator and host of Bloomberg Radio’s “Masters in Business,” one of the most influential business podcasts in the world, where he interviews top minds in investing and economics. Today, we’re thrilled to welcome his unique perspective to the conversation.

3:00 - Barry's unconventional approach to budgeting: "my attitude was, gee, if you want to do this, that and the other, you want to have the freedom...then you better make some more money"

5:30 - The Instagram culture problem: Only seeing assets, not liabilities. Story about Instagram influencer working all day on vacation selfies

8:00 - Why successful people buy new cars and lattes if they can afford them - safety features matter more than saving pennies

11:00 - Kawhi Leonard's $103 million contract vs 25-year-old car example illustrates financial recklessness of extreme cheapness

14:00 - Money as tool vs wealth distinction: Dollar's job is medium of exchange, not century-long store of value

17:00 - Two WWI soldiers story: $1,000 buried vs invested becomes $40 vs $32 million after 100 years

20:00 - Why US geographic advantages created investment success: two oceans, natural resources, innovation hubs

24:00 - Politics and investing make terrible bedfellows - both Democrats and Republicans miss gains when their party loses

28:00 - Compounding interruption is what matters, not who's in White House

32:00 - Why experts can't predict: Beatles, blockbusters, Tom Brady all missed by professionals who knew the industries

38:00 - Stock market vs economy during pandemic: market cap weighted toward tech giants, not local businesses

42:00 - Belfer family trifecta: lost $2 billion in Enron, Madoff, FTX - lessons about single stock risk and staying wealthy

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: Dede Eyesan - Founder of Jenga Investment Partners and author of "Global Outperformer"

Dede Eyesan, the visionary founder of Jenga Investment Partners and author of Global Outperformers, who shares insights on identifying high-growth companies and navigating global markets with a unique blend of fundamental analysis and entrepreneurial spirit.

Key Idea: The counterintuitive nature of finding investment winners globally and the extreme patience required to hold them

Key Timestamps & Ideas

3:00 - Early Investment LessonsMade first investment at age 10 in Nigerian stocks (Nestle Nigeria, 7up Bottling, First Bank). Two investments went up 4-5x, bank stock fell by half. Introduction to Warren Buffett and fundamental analysis.

6:00 - Boarding School EconomicsLearned about delayed gratification and scarcity through food trading. Traded chicken (perishable) for chips (storable) - time arbitrage concept. "It's ironic that what taught me about money had nothing to do with money."

9:00 - Investment Philosophy FormationInfluenced by Warren Buffett, Alan Gray (African value investor), and Carlos Slim. Peter Lynch's books: "One Up on Wall Street" and "Beating the Street". Understanding that environment impacts investment approach.

16:00 - Global Outperformance ResearchFound 446 companies (not 200 expected) that were 10-baggers in 10 years. Less than 20% were in the US; more multibaggers in Europe than US. Japan was third-best performing country (surprising finding). Only 5-6% were multibaggers in consecutive decades.

22:00 - Two Types of Winning BusinessesCyclical businesses with technical barriers to entry (salmon industry example) and large market opportunities with strong unit economics (BYD in China).

29:00 - The Challenge of HoldingMSCI case study: stock flat for 9 years while earnings grew 15% annually. Many multibaggers were flat or down 40-50% in the three years before takeoff. Importance of returning to original investment thesis.

35:00 - Quantitative vs. Qualitative AnalysisCannot screen for outperformers quantitatively alone. Developed 60-question checklist across 10 categories. Focus on depth over breadth in investment analysis.

42:00 - Role of IntuitionIntuition is earned through experience (15-20 years). Overconfidence led to mistakes when abandoning systematic approach. Returning to detailed checklist process.

47:00 - Definition of SuccessThree pillars: Individual happiness, family relationships, and client satisfaction. "I want to be in a place where the kids of my investors in 40 years time can look back and be like, yeah, my dad or my mom made a very good decision."

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

This episode aired on Excess Returns; full credit goes to Matt Zeigler and Jack Forehand, and all of the guests listed below -- it's reposted here with Matt and Jack's permission.

In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Merz, this is both a tribute and a thoughtful discussion on culture, succession, and enduring business values.
Topics Covered:
The emotional weight and historic nature of Buffett’s resignation
Firsthand reactions from inside the room at the Berkshire meeting
Why Buffett’s delivery was masterful—and why it mattered
Reflections on the unique culture of Berkshire and its shareholder community
The Buffett “shield” and what it means for Greg Abel and Berkshire's future
Why more companies don’t emulate the Berkshire approach
The role of tradition in building enduring businesses
Personal stories of shareholders whose lives were changed by long-term compounding
Timestamps:
00:00 – Opening reflections from Matt and Bogumil
01:06 – Why the Berkshire Hathaway meeting is so special
04:00 – John Candeto on the moment Buffett made the announcement
11:15 – Ted Merz shares what it felt like live in the room
21:00 – Eric Markowitz hears about the announcement over lunch
25:45 – Buffett’s dramatic timing and media coverage
30:04 – Adam Mead on witnessing the announcement live
34:25 – The deep love and loyalty felt in the arena
37:00 – John Candeto on the future of Berkshire and Greg Abel
45:00 – Adam Mead on the careful succession plan
51:12 – Ted Merz: Why don’t other companies do what Berkshire does?
58:00 – Eric Markowitz on culture, craftsmanship, and long-term thinking
1:03:00 – Bogumil’s personal reflection on Buffett’s final five minutes
1:08:58 – Why Buffett’s final message—“I’m not selling a single share”—mattered
1:09:28 – Wrap-up and thanksPodcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: Ruschelle Khanna - Family business consultant, psychotherapist, and author of "Inherited Trauma and Family Wealth"

Key Timestamps & Ideas

3:00-5:30 - Growing Up in Coal Country Despite feeling abundant as a child, underlying financial anxiety from this environment shaped her early money scripts and relationship with wealth.

5:30-8:00 - The Origins of Inherited Trauma WorkThree catalysts led to her book: inheriting a traumatic memory from her mother, experiencing Lyme disease, and 20 years of NYC client work.

8:00-12:00 - The Prison MetaphorBoth poverty and wealth can create psychological prisons.

12:00-15:30 - Practical Healing StrategiesFamily governance serves as therapeutic tool, along with genealogy research and getting families talking.

15:30-20:00 - Transparency vs. SecrecyShe advocates transparency about family wealth with next generation, explaining how secrecy robs children of pride in family legacy.

20:00-25:00 - Multi-Generational DynamicsLonger lifespans create more generations alive simultaneously. Value differences between generations are natural. Documenting family legacy helps members understand the "unique collection of coincidences" that created family wealth.

25:00-30:00 - The Five Liabilities of Family TeamsFamilies fall into cycles of chaos, conflict avoidance, people pleasing, procrastination, and abandonment. Conflict in wealthy families isn't "about the money" but about belonging and unspoken pain, with underlying trauma as the root cause.

30:00-35:00 - Money as Intimate EnergyMoney sits at our "root chakra" with sexuality and intimacy. The pudendal nerve means "the place to be ashamed of" in Latin, explaining why people discuss trauma but avoid talking about money in therapy.

35:00-40:00 - Success vs. Failure in Wealth TransitionSuccess requires strong relational, financial, and operational systems. Even "abandonment" can resolve energetically over generations, though blended families face increased emotional complexity and trust issues.

40:00-45:00 - Self-Worth and Sibling DisparitiesThe pillar metaphor describes never feeling "less than" by cultivating both inherent worth ("you're lovable because you exist") and earned worth. Wealth disparities between siblings can destroy family relationships.

45:00-50:00 - Addressing Compulsive BehaviorsCompulsive spending functions as addiction: "what is the pain you're running from?" Imposter syndrome and Dunning-Kruger effect represent two sides of worth issues, while "inversion of trust" means feeling safer with strangers than family.

50:00-55:00 - Individual Change Creates Systemic HealingWorking on inherited trauma individually heals entire family systems. Using the "fascia" metaphor, removing one knot improves the whole system. Success means creating lasting change while learning personally.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: Chris Waller

Founder of Plural Investing, a seasoned investor known for his disciplined approach to small cap value investing. Chris identifies hidden gems through meticulous research with a keen focus on governance and management integrity.

Chris defines success as becoming an expert in the small cap space, building a comprehensive knowledge database of companies, and having the freedom to direct his attention where he chooses.

Key Discussion Points:Early Background and Investing Journey (03:17)Columbia Business School and Joel Greenblatt's Influence (06:08)"Sleuth Investing" Approach (11:37)Hidden Gems Investing (17:08)TerraVest Case Study (21:32)Corporate Governance and Management Integrity (28:06)Portfolio Management and Risk (33:49)Small Cap Misconceptions (38:40)Luxury Goods and Value Investing (44:31)Closing Thoughts

Guest: Caleb Breakey, Founder of Renown Publishing

Caleb Breakey leads Renown Publishing, guiding high-impact leaders and ultra-high networth families through 18-month transformational storytelling journeys to preserve legacies and inspire human flourishing.

Key Moments:

3:00 - Caleb explains how his upbringing in a high-control community shaped his curiosity about humanity and different perspectives

3:27 - Discussion about how diverse life experiences help you see the world differently, with Bogumil sharing his early life in communist Poland

3:56 - Caleb shares his personal "why" - watching his once-close extended family fall apart after his grandparents passed away, revealing the importance of preserving family stories and values

6:10 - The distinction between capturing history versus telling stories: "History informs, story transforms"

7:53 - Why people often undervalue their own stories and Caleb's mission to help them see the inherent value in their unique experiences

10:43 - The universal elements of the hero's journey present in everyone's life story

11:52 - Example of a client getting emotional when connecting his business values to family history that traced back to the Civil War

14:12 - Powerful story about integrity shown through actions rather than words - a client who paid back a million dollars of debt over seven years despite advice to declare bankruptcy

18:54 - The cinematic approach to storytelling - identifying key moments and creating a narrative that resonates deeply

21:00 - How to handle difficult family stories with honesty while recognizing their transformative power

25:43 - Discussion about connecting with future generations through universal human emotions despite different life circumstances

29:08 - Exploration of the "outrunning the wolves" metaphor - how past struggles drive future success

31:29 - Insights about how we assume our childhood experiences are universal until we discover otherwise

34:54 - Caleb shares the dramatic story of being mistaken for bank robbers on his honeymoon

39:21 - The importance of capturing stories when they're fresh - "if you don't capture it, you will lose it"

44:28 - Vulnerability as a gift - how sharing our own struggles can be someone else's lifeline

47:25 - How the digital age has changed legacy preservation and Renown's approach to creating tangible, meaningful legacy boxes

52:48 - Unexpected outcomes of the legacy preservation process - clients discovering the therapeutic value of being deeply seen and heard

56:51 - Caleb's personal definition of success: "I will be wealthy when I have an abundance of what I value"

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.