For more content, find me on Substack: https://bogumilbaranowski.substack.com/

P.V. Ramanathan is a Dubai-based entrepreneur, chartered accountant, and fund-of-funds manager who led a successful leveraged buyout in 2003, founded Neeti Fund, and hosts the prestigious ValueX Middle East conference annually.

3:00 - Ram's middle-class Indian upbringing and early exposure to family finances through banking errands with his father, sparking entrepreneurial drive

6:00 - Career journey from Ernst & Young Dubai to Schlumberger, learning business operations by spending weekends on oil rigs in coveralls

9:30 - "Money has always been an enabler for me" - philosophy shaped by helping replenish father's education investment

13:00 - Transition from CFO role to leading a management buyout of corrosion services business, discovering value investing simultaneously

18:00 - Building Corrosion Technology Services (CTS) without leverage: "We are bottom feeders. Anyone who works for us six years is potential competitor"

25:00 - Investment philosophy: Four-bucket approach (value, growth, ballast funds) targeting steady single-digit returns with downside protection

32:00 - Contrarian belief: "Don't fixate on short-term results" - explains why quarterly obsession drives counterproductive business behavior

41:00 - Business survival principles: Zero leverage, conservative revenue recognition, maintaining cash reserves through all cycles

50:00 - Global investment opportunities: Highlighting undervalued Korean market and biotech sector despite volatility

57:00 - ValueX Middle East origins and Toastmasters impact: "All of us are better than some of us" - community building philosophy

63:00 - Definition of success: "Making positive difference in every endeavor I undertake" - touching lives through business, investing, and relationships

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.

If you downloaded the episode before Wednesday, please remove it and download it again. Thank you!

Find me on Substack: https://bogumilbaranowski.substack.com/

GUEST PROFILE: Nancy Burger is a leading workplace communication strategist, executive coach, and founder of the Fear Finding Project who helps leaders overcome fear-based thinking after leaving her own Wall Street career to transform her expertise in human psychology into practical strategies for building emotionally healthy, high-performing cultures.

EPISODE NOTES:

3:00 - Nancy shares her stable suburban upbringing but reveals the hidden family dynamics that shaped her fear-based thinking patterns and career trajectory

6:00 - The courage to leave Wall Street: Nancy discusses conquering multi-layered fears to end a 27-year marriage and completely rebuild her life in her 50s

9:00 - Key insight: Fear as information tool - "Fear can become a tool. Notice this without judging it...use it as information instead of recoiling and avoiding the thing because it's scary"

12:00 - Brain science of fear: Understanding limbic system vs prefrontal cortex responses and why we need both pathways for survival and growth

15:00 - Imposter syndrome focus: Nancy's passion project - helping leaders understand "that is something they're making a choice about and they can change it"

18:00 - The power of words in building confidence: How feedback can either destroy or empower, drawing parallels to pilot training methodologies

24:00 - Difficult conversations strategy: Using "I statements" to avoid defensiveness - "I'm noticing" vs "You did this"

35:00 - Career evolution: From finance to writing to music to keynote speaking - "an iterative process...like the inner workings of a massive clock"

42:00 - Communication failure story: Learning to consider your audience's experience rather than just your own emotional state

55:00 - AI as tool, not threat: "Learn about it and understand that it is a tool...don't let machines help you interact with loved ones"

60:00 - Success definition: Impact over achievement - "Did I touch the people in my sphere of influence in a way that left an impact that's positive?"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 recording of my most recent, most-viewed Substack essay, along with a brief update from me. And don't forget to share it with everyone in your life who would also enjoy it.

Find it here (see below) with so much more public, free content: https://bogumilbaranowski.substack.com/p/the-sports-car-paradox

Summary for busy readers: One weekend this summer, I was surprised when a sports car I’d been following for hours emerged from a gas station right beside me at journey’s end—despite its speed advantage, we arrived together.

This moment crystallized a key investment truth: aggressive, high-volatility strategies (sports car investing) and steady, consistent approaches (family car investing) can reach similar destinations, but the journey experience differs dramatically.

While sports car investors endure stomach-churning 50%+ drawdowns for potentially higher returns, family car investors prioritize peace of mind and sustainable progress. The best strategy isn’t necessarily the fastest—it’s the one you can stick with through all market conditions.

Disclosure:

Blue Infinitas Capital, LLC is a registered investment adviser. The 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. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Find me on Substack: https://bogumilbaranowski.substack.com/

Kevin Koharki is an MBA, PhD, founder of CAE Consulting, and associate professor who has spent 20 years analyzing hundreds of firms and uniquely advocates that every employee—not just executives—should understand how their daily decisions impact capital allocation and long-term value creation.

3:00 - Childhood influence: Depression-era grandmother shaped Kevin's views on hard work, discipline, and saving money through close relationship and shared activities

6:00 - Career origin story: 1999 discovery of "Rich Dad, Poor Dad" led to Peter Lynch's "One Up on Wall Street" - describes it as "getting hit by lightning," sparking lifelong investing passion

9:00 - Teaching philosophy: Drops real 10Ks on students' desks, believes in learning by doing rather than textbooks - "if you want to learn how to hit a curveball, you have to step in the batter's box"

12:00 - Personal finance reality check: Most people don't budget despite it being "second, third grade math" - grandmother's "got cable?" test for true money problems

15:00 - Capital allocation breakthrough: 2022 Vegas flight rereading Buffett letters when everything "clicked" - realized employees need training on how their roles impact CEO decisions

18:00 - Fortune 100 company story: 71 years of collective family experience, never understood job's true financial impact until Kevin's training

21:00 - Common misconception: Analysts focus only on dividends, debt paydown, buybacks - "it doesn't start there, it starts with revenue"

25:00 - Concentration philosophy: Charlie Munger's "three investments in your lifetime" - finding businesses that can reinvest at high rates indefinitely

30:00 - Financial statement analysis: Shocking number of investors not making proper adjustments for leases, pensions, stock-based compensation

35:00 - Stock-based compensation deep dive: Spent three years figuring out what Buffett/Munger meant by "true cost" - most CFOs don't understand until receiving it themselves

40:00 - Double-hit problem: Stock-based comp hits earnings twice (expense + dilution) while actual cash impact appears in financing, not operations

45:00 - Tech sector impact: Free cash flow can be 30-40% lower than reported due to improper stock-based comp accounting

50:00 - Cultural change requirement: Capital allocation mindset shifts take years, require constant reinforcement like diet changes

55:00 - Employee education gap: HR can't explain stock plans due to licensing restrictions, employees receive lawyer-written documents they can't understand

60:00 - Success definition: Making people better investors or employees who understand their financial impact - "help them understand the why"

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.

Three years' worth of interviews with Chris Mayer, which Bogumil and Matt recorded, condensed into a one-hour BONUS episode.

The episode originally aired on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!In this special episode, Matt Zeigler and Bogumil Baranowski take you on a deep-dive mixtape journey through the best moments from their past three years of conversations with author and investor Chris Mayer. From the brutal patience required to ride out dead money periods to why the lack of a catalyst might be a feature, not a bug—this episode is packed with timeless investing wisdom. Whether you're chasing a hundred bagger or trying to hold through volatility, Mayer’s philosophy will challenge and inspire you.
🔑 Topics Covered:
* Why “dead money” is often harder than drawdowns
* The real challenge of holding long-term winners
* The myth of catalysts and the power of compounding
* How great businesses reveal their edge over time
* The emotional toll of patience—and how to cultivate it
* Aligning capital with the right investor mindset
* What Buffett’s evolution teaches us about reinvestment risk
* Why most investors can’t handle uncertainty—and how that creates opportunity
* How great investors and great CEOs think in decades, not quarters
⏱️ Timestamps:
00:00 Intro + Episode Setup
02:07 Dead Money vs. Drawdowns
10:00 Waiting Without a Catalyst
18:15 The Real Test of Holding
25:00 Aligning with Long-Term Capital
35:00 Buffett and Value Investing 2.0
44:00 Management and Short-Term Thinking
50:00 The True Meaning of Patience
54:18 Outro + Closing Thoughts

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/]

Whit Huguley is the founder and portfolio manager of River Oaks Capital, a concentrated microcap investment fund who applies rigorous private equity-style due diligence to overlooked public companies by personally visiting management teams across America.

EPISODE NOTES

3:00 - Whit's background: From LSU graduate to startup employee to MBA at Tulane, discovering value investing through Ben Graham's "The Intelligent Investor"

6:00 - Career pivot: Five years in the entrepreneurial world, then private equity at AGR buying 30-49% stakes in family businesses

9:00 - Key insight: First company visit revelation - "$100 million market cap company, no investors had visited in 5-10 years"

12:00 - The Buffett parallel: Early investing approach of traveling to meet management, waiting in lobbies, attending sparsely attended annual meetings

15:00 - A+ CEO discovery: Meeting Dayton Judd changed everything - "spoke to me business owner to business owner"

18:00 - Level 5 leadership quote: "Personal humility and professional will, prioritizing company needs over personal gain"

21:00 - Why companies stay public: Most went public pre-2008, now costs $1-2M annually to maintain public status

24:00 - Microcap definition: Portfolio ranges from $30M to $600M market cap, average $250M

29:00 - "Remote island" strategy: Not traditional moats, but obscure markets too small for Amazon to bother conquering

36:00 - Suggestivist approach: "Your company trades at 5x earnings while you're buying acquisitions at 10x - why not buy your own stock?"

42:00 - Three-rule selling framework: Misjudged management, hard left turn in strategy, or extreme overvaluation

49:00 - Capacity constraints: Fund growth helps with influence but hurts at scale - "protecting Thanksgiving dinner investors"

53:00 - Uplisting catalyst: Moving from over-the-counter to NASDAQ opens institutional investor access, FitLife up 50% post-uplisting

58:00 - Counterintuitive lessons: Price drops often mean higher future returns, A+ CEOs are worth premium compensation

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.

After writing, reading, and answering 1,000 emails this summer, I'm sharing what I learned about our Talking Billions community. From curious beginners to seasoned investors, you've trusted me with your stories, questions, and insights. In this solo episode, I reflect on three years of conversations, reveal a surprising pattern that emerged from all those emails, and extend a personal invitation to join me on Substack where I'm building a deeper, more connected community experience.

Plus: Why I'm committing to write personal emails to 100 new subscribers every month, and how your messages directly shape the conversations we have with guests.

https://bogumilbaranowski.substack.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.

[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/]

John Rotonti is a portfolio manager at Bastion Fiduciary managing the Industrial and Infrastructure Strategy, former Motley Fool senior analyst and head of investor training, and author of J.Rowe's Notes newsletter who brings nine years of institutional stock-picking experience to generational wealth building.

3:00 - John's transition to Bastion Fiduciary: launched Industrial & Infrastructure Strategy in January, managing client capital with generational timeframe and complete autonomy over investment decisions

6:00 - Motley Fool learning: Buck Hartzell's advice shifted John from pure deep value to also considering upside scenarios - "spend time trying to figure out what could go right"

9:30 - Portfolio construction mistake: launched with 32 stocks vs preferred 20-25, course-correcting by trimming to achieve better concentration

14:30 - Universe discipline: whittled 300 stocks down to just 60 companies, eliminating noise and forcing focus on highest conviction ideas

18:00 - Letting winners run: discusses anchoring bias and low cost basis pride, admits difficulty adding to winners despite mathematical advantage

23:00 - Long-term communication strategy: 22% of client presentation focused on "what I don't do" and "who shouldn't invest" to set proper expectations

28:00 - Controversial approach: didn't contact clients during February-April selloff because "volatility is the friend of the long-term investor"

32:00 - Performance philosophy: refuses to benchmark against indices, focuses on generational wealth building over short-term comparisons

40:00 - Uncompromising quality: maintains 60-stock universe of only highest quality businesses, describes it as "quality only" not just "quality first"

45:00 - Research process: deep dive questions focus on stress-testing businesses through adversity, inspired by longevity science concepts

55:00 - AI adoption: embracing finance-focused AI platforms for productivity while maintaining preference for deliberate, thoughtful research pace

EPISODE NOTES

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.