My guest today is Dan Solin — he practiced law in New York City, he represented investors harmed by the misconduct of brokers, he worked as a registered investment advisor, he is a New York Times bestselling author of the Smartest series of books, including the Smartest Money Book You’ll Ever Read — today, we talk about his book Ask: How to Relate to Anyone — I absolutely loved the book, I greatly enjoyed this discussion, and I immediately called it a masterclass in the art of conversation with a focus on investment advisors becoming better at what we do.

Dan Solin is the New York Times bestselling author of the Smartest series of books, which include The Smartest Investment Book You’ll Ever Read, The Smartest 401(k) Book You’ll Ever Read, The Smartest Retirement Book You’ll Ever Read, The Smartest Portfolio You’ll Ever Own, The Smartest Sales Book You’ll Ever Read and The Smartest Money Book You’ll Ever Read. He is also the author of Ask: How to Relate to Anyone and Does Your Broker Owe You Money?

In 2005, he testified as an investor advocate before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services in the U.S. House of Representatives.

His latest book is Wealthier: The Investing Field Guide for Millennials. The website for Wealthier is

https://wealthierbook.com

.

Dan is a regular blogger for Advisor Perspectives.

Dan graduated from Johns Hopkins University and the University of Pennsylvania Law School.

He practiced law in New York City for many years before retiring. As an attorney, he represented many investors harmed by the misconduct of brokers.

He was formerly a registered investment advisor with several prominent advisory firms.

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.

It’s a Fireside Chat today. Jeremy Deal, a good friend and fellow investor, asks me about my investment practice, my philosophy, my experience managing multi-generational family fortunes with an infinite investment horizon, and more.

Blue Infinitas Capital, LLC

Jeremy Deal is the founder of JDP Capital Management. JDP is a private partnership that makes investments in public stocks where the quality and durability of future earnings power is not reflected in the price. The fund's goal is to buy and hold a handful of businesses that can survive and thrive over long periods of time.

www.jdpcap.com

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.

My guest today is Meir Statman, he is a professor of finance, author, expert in behavioral finance. We talk about his newest book: **A Wealth of Well-Being: A Holistic Approach to Behavioral Finance —** I learned a lot, and I trust that you will too.

Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance. He describes people as “normal,” neither computer-like “rational,” nor bumbling “irrational,” and attempts to understand and explain how normal people make choices and how these choices affect their well-being. Meir's research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the CFA Institute Research Foundation, and the Investment and Wealth Institute (IWI).

Meir is a member of the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management, the Journal of Retirement, the Journal of Investment Consulting, and the Journal of Behavioral and Experimental Finance; an Associate Editor of the Journal of Behavioral Finance and the Journal of Investment Management; and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, two Bernstein Fabozzi/Jacobs Levy Awards, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards.

Meir was named as one of the 25 most influential people by Investment Advisor magazine. He consults with many investment companies and presents his work to academics and professionals in many forums in the United States and abroad. Meir received his Ph.D. from Columbia University, and his B.A. and M.B.A. from the Hebrew University of Jerusalem.

Takeaways

Balancing saving and spending is important for financial well-being.

Life well-being is achieved through living a satisfying life full of meaning and purpose.

Money plays a role in various domains of life, including financial, social, cultural, and personal.

Envy and other emotions related to social status can impact happiness.

Knowing your comparison group and focusing on your own achievements can lead to greater contentment.

Self-control is essential when saving for the future, and it's important not to dip into capital except when necessary.

Finding a balance between saving and spending is crucial, as some people become so focused on saving that they forget to enjoy their wealth.

Involving the next generation in financial planning is important for creating a multi-generational wealth strategy.

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.

A life-changing book and conversation

My guest today is Peter Atwater; he is a Wall Street veteran and the author of a wonderful book, The Confidence Map. We are talking about everything from investing and navigating the financial crisis to what it takes to be a successful money manager. We are learning from airplane pilots, pandemic-era doctors, and more. Peter proposes an eye-opening framework, a map that has already helped me in my professional life in many ways, and I think it could guide you in your endeavors as well. Please help me welcome, Peter Atwater.

When Peter Atwater turned 45, his son said, “Dad you are halfway to ninety.” Three months later he left a very successful career in financial services to do something different. After helping several hedge funds successfully navigate the 2008 banking crisis, that “something different” turned out to be studying confidence.

Tossing aside his academic training in economics and his experience on Wall Street, Atwater turned to social psychology and discovered that not only do we act as we feel, but we do so consistently, too. To paraphrase Mark Twain, history rhymes for a reason.

Today, Atwater is a recognized expert on the impact of confidence on individual and group decision-making. He teaches classes on the topic at his alma mater, William & Mary. And when he isn’t in the classroom, you can find him leading corporate retreats, speaking on stage, and offering his insights on current events on CNBC and Bloomberg Television and in the Financial Times, the Wall Street Journal and Time Magazine.

In his book, The Confidence Map, Atwater shares the tools and framework he uses in his work with business leaders, investors, coaches, and public policymakers.

Website:peteratwater.com

Twitter: @peter_atwater

Book: https://www.amazon.com/Confidence-Map-Charting-Chaos-Clarity/dp/0593539559

Takeaways:

• Confidence is a key factor that underpins the important choices we make.

• The confidence map consists of four quadrants: comfort zone, stress center, passenger seat, and launch pad.

• Understanding our emotions and stories can help determine our position on the confidence map.

• Trust is essential in both personal and professional relationships, and it is earned through consistent actions and experiences.

• Having clear principles and a philosophy in investing provides a solid foundation, while allowing for flexibility in individual actions.

• In times of crisis, shared processes and procedures are crucial for effective decision-making and reducing improvisation.

• Creating slack and choosing what to focus on can help navigate uncertainty and maintain a sense of control.

• Success is not solely about personal achievements, but also about helping others succeed and leaving a positive impact.

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.

Today, I answer your questions!

Welcome to the 100th Episode of Talking Billions. I am answering your questions about money, life, family, wealth, investing, and even my coffee-drinking habits. At the end of the episode, I reveal two big announcements: 1) an exciting project I’m working on, 2) a secret search that one of my fans embarked on — tune in, listen till the end, and maybe you can help with the latter!

As always, if you like the show, and this episode in particular, please share it with a friend or a family member who would enjoy it, too! I appreciate it.

In the episode, I mention:

An Infinite Conversation with Bogumil Baranowski: https://pkkozanov.substack.com/p/an-infinite-conversation-with-bogumil⁠

The Three Escape Velocities of Money

https://bogumilbaranowski.substack.com/p/the-three-escape-velocities-of-money

The 100 Year Question at the Berkshire Hathaway Annual Meeting https://www.youtube.com/watch?v=we72dWa86Ok&list=PLT3hkIb1kzgMb-FHzLhmx_mDu8fnDzK94

James Carse on Sean Delaney’s Podcast What Got You There https://youtu.be/IjeS4RKIJ2o?si=roGGAgrG4IL1ihCV

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.

(I’ll be posting two episodes per week for a little bit to catch up with all the summer recordings. Enjoy!)

My guest today is Michael McCloskey, who founded and manages Greenskeeper, a value investing firm. Michael and I met at Guy Spier’s VALUEx Conference. We snowshoed together in the Swiss Alps at some point and shared many conversations both in Switzerland and at Buffett’s Berkshire Meeting in Omaha. Today, we talk about thoughtful, disciplined stockpicking, and the passion for a particular kind of investing, and lessons from running an investment firm.

Michael graduated with a dual J.D./M.B.A. degree after completing his undergraduate degree in Mathematics. He is an Ironman finisher, an avid golfer and cyclist, and a voracious reader. He and his wife have two daughters and live in the suburbs of Toronto.

Takeways:

• Childhood experiences and upbringing can shape an individual's curiosity and interests in the world of investing.

• Being different and embracing one's unique perspective is important in standing out as an investor.

• A background in law can provide valuable skills and knowledge that can be applied to investing, such as understanding contracts, property rights, and securities law.

• Investing is a continuous learning process, and investors evolve and improve over time.

• Mistakes are opportunities for learning and growth, and it is important to be honest with oneself about them. Learning from mistakes and being self-aware are crucial in investing.

• Investing alongside clients creates alignment of incentives.

• Long-term thinking and low portfolio turnover can lead to success.

• The ValueX community provides support and knowledge-sharing.

• Success is maximizing opportunities, being content, and having the freedom to choose.

Website:

www.greenskeeper.ca

Sign up for our free quarterly newsletter - The Scorecard:

https://www.greenskeeper.ca/scorecard-newsletter/

Social Media:

LinkedIn:

https://www.linkedin.com/company/greenskeeper-am/

Twitter/X: @GreensKeeperAM

YouTube:

http://www.youtube.com/@greenskeeperassetmanagemen6259

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.

My guest today is Steven Gorelik, in the spirit of keeping these intros short, find all about Steve in the notes. In two sentences — Steve was born in Belarus during the Cold War, moved to the States, fell in love with investing, and has a lot to share both about the US market and the Eastern European markets.

In my mind, both experiences build on top of each other and complete a much deeper, broader perspective that can be very helpful in long-term investing. If you want to hear more about how investing in two very different regions can make you a better investor, tune in, and listen to our conversation.In addition to being Head of Research at Firebird Management, Steve Gorelik is the Lead Fund Manager of Firebird U.S. Value Fund as well as portfolio manager of Firebird’s Eastern Europe and Russia Funds. He joined Firebird in 2005 from Columbia University Graduate School of Business while completing education from a highly selective Value Investing Program. Prior to business school, Steve was an operational strategy consultant at Deloitte working with companies in various industries including banking, healthcare, and retail. He holds a BS degree from Carnegie Mellon University as well as a CFA (chartered financial analyst) charter and a membership in Beta Gamma Sigma honor society. Steve serves on the number of supervisory boards of listed and private companies in the Baltics. He speaks Russian, English and his native Belarussian.www.fbird.com

Takeaways

Understanding the economic environment and incentives is crucial for successful investing in different regions.Family ownership in Eastern European businesses often leads to long-term decision-making and alignment with investment approaches.Corrupt democracies pose challenges for investment decisions, while non-corrupt democracies provide more stability.Investing in the best financial institutions in growing economies can lead to significant returns. Local knowledge and understanding of the local market is crucial for successful investing.Banks play a crucial role in the economy and can benefit from long-term growth trends.Being a minority shareholder requires careful consideration of the company's treatment of minority shareholders.Having conviction in investment decisions is important, but it's also necessary to admit when you're wrong and make necessary adjustments.Investing in companies with shrinking addressable markets can be risky and may lead to poor returns.The concentration of market performance in a few companies raises questions about the long-term sustainability of their success.Active management can provide opportunities to outperform benchmark indexes.

Podcast Program – Disclosure StatementBlue 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.

Today’s guest is Matt Zeigler. He’s been on Talking Billions before, and he was also the guest host when we turned the tables. Matt asked me questions in Talking Billions’ very first Fireside chat with the host. He is back, and we have lots to discuss.

Matt is a Managing Director and Private Wealth Advisor at Sunpointe Investments. He helps clients create, align, and manage their financial plans and investment strategies.

Matt’s talent-turned-skill is engaging people on their level. In his words, "Finance may be complex, but it doesn’t have to be complicated”

Outside of work, Matt has a long-standing interest in all things creativity and culture related. He was born and raised in Pennsylvania and received his undergraduate degree in music from The University of Hartford. You can find him with his eyes on a book, his ears in some music, his nose over the stove, his feet on a trail, and his mind on the markets and the markets on his mind.

I’ve been greatly enjoying his Cultish Creative blog posts, which I highly recommend. Matt has his podcasts — the Intentional Investor and Just Press Record. He also does incredibly insightful reviews of books.

https://cultishcreative.com/

Matt has been generous enough to introduce me to quite a few of his podcast guests, whom I had the pleasure of hosting on Talking Billions. I also did my best to send him a number of fascinating earlier Talking Billions guests.

Matt is one of those souls who leaves every place and everyone better after his visit or appearance, and I’ve been enjoying his positive karmic path in my pursuit of knowledge, wisdom, and understanding.

Today, we discuss a variety of topics. We start with the power of stories and bridges between generations. Matt reminds us of the importance of listening and giving time and attention to others. We take on the topic of nostalgia and a whole variety of experiences around it. We learn about business, money, and economics from the punk rock music scene. Matt shares what it means to be independently happy. Stay tuned until the end, where, right about the moment when we are about to turn off the microphone, Matt tells a very emotional story of one particular painting that has great importance to him, a story that beautifully frames the entire conversation we’ve had.

All right, please help me welcome Matt Zeigler.

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.