I had the pleasure of co-hosting another episode of Excess Returns with Matt Zeigler. We sat down with the one and only Tobias Carlisle — investor, author, podcast host, and all-around fascinating mind whose writing and ideas have influenced my thinking at various times.

He discusses his new book, which made me see Buffett’s investment approach in an entirely new light — and you’re about to discover why. I highly recommend both this episode and Toby’s book.

In this episode of Excess Returns, we sit down with Tobias Carlisle, founder and portfolio manager at the Acquirers Fund and author of the new book “Soldier of Fortune: Warren Buffett’s Sun Tzu and the Ancient Art of Risk Taking.”

Tobias joins Matt Zeigler and Bogumil Baranowski to explore how timeless strategic principles from The Art of War apply to investing and how Warren Buffett embodies many of those ideas—from invincibility and victory without conflict to the disciplined avoidance of ruin. The conversation connects Buffett’s real-world decisions—from Apple to General Re to Japan’s trading houses—to broader lessons on temperament, risk, and wisdom in markets.

Available now on Excess Returns Podcast and Talking Billions. 🎧

I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.

Main Topics Covered

• The three key ideas from The Art of War that define Buffett’s approach: invincibility, victory without conflict, and unassailable strength

• Why Buffett’s General Re acquisition was a misunderstood masterstroke in defensive investing

• How Buffett achieved “victory without conflict” through his massive Apple investment

• The principle of via negativa — succeeding by avoiding mistakes and ruin

• Temperament vs. intellect and the psychology of avoiding self-defeat

• Circle of competence and why simplicity often beats complexity

• Sins of omission vs. sins of commission in investing decisions

• How Buffett applies wu wei (effortless action) through patience and alignment with natural forces

• Lessons from Buffett’s Japanese trading house investments and moral law in business

• The role of reputation, intuition (coup d’œil), and character in long-term investing

• Charlie Munger’s blueprint and the strategic architecture of Berkshire Hathaway

https://excessreturnspod.com/

https://cultishcreative.com/

— everything 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.

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

Ritavan is a bestselling author of "Data Impact," former CTO, and data transformation expert with a decade of operating experience across sectors including banking (Société Générale), energy trading, consulting, and real estate technology, who advocates for treating digital initiatives like value investments rather than following technology trends.

EPISODE NOTES

3:00 - Ritavan shares the fascinating story behind having only one name—his grandfather's generation dropped last names as part of a social reform movement to combat caste-based discrimination in India, as colonial systems had turned last names into markers of social hierarchy.

7:30 - Early career journey spans math research in Paris at École Normale Supérieure, market risk at Société Générale during the 2008 financial crisis obsession, and energy trading where he cleared his trading exam within six weeks despite not knowing what a megawatt was.

13:45 - The core thesis emerges: following technology trends destroys business value. Ritavan argues that constantly chasing AI, cloud, or the latest tech is like an investor jumping between market fads—you're not playing the long game or building real competitive advantage.

20:30 - Revolutionary perspective on value creation paradigms throughout history: hunter-gatherers relied 40-60% on traps (automation), agriculture depended on land, industrial age on machinery and raw materials, while the digital paradigm offers zero replication costs and near-zero personalization costs.

27:00 - Introduces the SLASOG framework: Save (capital preservation, avoid groupthink), Leverage (find asymmetric opportunities), Align (commander's intent), Simplify (remove clutter), Optimize (maximize returns), Compound (play the long game), Keep (retain gains).

36:30 - Roger Federer insight: He won only 54% of points but 80% of games due to tennis's nonlinear scoring system—a powerful metaphor for business success requiring asymmetric opportunities, not perfection.

41:00 - Teaching the first LLM-native college students: Traditional assessment is obsolete when AI can summarize and synthesize better than humans. The solution? Open-ended problems with no single answer, forcing genuine creativity and collaboration.

48:30 - Napoleon's battlefield genius: treating each battle from first principles, understanding the system, finding nonlinear advantages, and pioneering "commander's intent"—ensuring even illiterate foot soldiers understood strategic goals, not just tactical orders.

54:45 - The North Star metric concept: Legacy businesses obsess over EBIT (backward-looking), but digital-age companies need forward-looking metrics that quantify customer value delivery to enable rapid adaptation and compounding gains.

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.

Long-Term Stewardship, the Lindy Effect, and Why Alignment Matters More Than Valuation

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

Michael Gielkens is a partner and co-founder of Tresor Capital, a Netherlands-based independent investment boutique specializing in actively managing wealth through family holding companies and serial acquirers, with deep expertise in capital allocation and owner-operator alignment.

EPISODE NOTES

3:00 - Discussion of Omaha Berkshire meeting as unique phenomenon bringing global investors together; Michael’s Dutch-American background and financial upbringing with CFO father teaching value of money

6:00 - Netherlands as birthplace of shareholder concept and securities trading; connection between Dutch Republic’s innovation and modern capital markets; family ownership enabling multi-generational wealth preservation

12:00 - Core investment philosophy: skin in the game as non-negotiable prerequisite; alignment of interests at every level including portfolio managers investing alongside clients

15:00 - Family holding companies explained: listed family offices with long-term orientation, no quarterly guidance pressure, avoiding short-term thinking that plagues typical public companies

21:00 - Serial acquirers as superior capital allocators; decentralized decision-making allowing continuous reinvestment at high returns; Swedish companies as breeding ground for this model

28:00 - Return on incremental invested capital as key metric; Munger principle that long-term returns match business returns on capital; importance of reinvestment runway

34:00 - Quality over value traps: companies at small discounts with proven track records versus deep discounts hiding mismanagement; French holding company cautionary tale of nepotism and value destruction

42:00 - Learning from mistakes: avoiding cheap stocks requiring constant attention; importance of doing your own homework rather than blindly cloning positions

46:00 - Market volatility response: having valuations ready, buying quality companies at 45-50% discounts during external shocks when they normally trade at 20% discount

51:00 - Success defined by relationships and fulfillment, not financial metrics; open collaboration and transparency building compounding relationships; Munger’s funeral test

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 appearance on Excess Returns with Matt Zeigler as the host.

I recently had the pleasure of joining my good friend Matt Zeigler on the Excess Returns podcast. Jack Forehand, the creative force behind the show, did an exceptional job editing and producing the episode. Jack has been instrumental in many improvements to Talking Billions over the years, and I’m grateful to both him and Matt for this opportunity.

We dove deep into my recent article, “Expensive Truth about Cheap Investments,” which caught the attention of major publications like the WSJ and sparked considerable discussion among readers and listeners. The piece clearly touched a nerve and opened up a conversation worth having.

What started as a discussion about the article evolved into something more. Thanks to Matt’s skillful hosting, we explored new territory—sharing stories, anecdotes, and recent insights I haven’t discussed publicly before. The hour-long conversation captures not just the core ideas of the article, but the deeper implications and real-world applications that make this topic so compelling.

I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it!

In this episode of Excess Returns, Matt Zeigler sits down with investor and author Bogumil Baranowski to discuss one of investing’s most important mindset shifts: moving beyond cheap stocks to paying up for quality and exceptional opportunities. Drawing on lessons from Warren Buffett, Ben Graham, and his own journey, Bogumil explains how value investing evolves across three key phases—buying cheap, buying good, and learning to pay up. The conversation explores patience, conviction, dead money periods, family wealth stewardship, and how to think about value versus price in a noisy world.
Timestamps:

00:00 Introduction – The cheapest dentist analogy
03:00 Why investors love cheap stocks
07:00 The evolution from bargain hunter to quality investor
09:00 Examples from Ben Graham, Buffett, and Facebook
15:30 Conviction, drawdowns, and dead money
19:00 Judging success by business progress, not stock price
27:00 Lessons from grandma on value and frugality
31:00 How Buffett evolved from cheap to quality
45:00 Investing for future generations
49:00 Invisible wealth and stewardship
52:00 The value investor dilemma
58:00 Equal-weight vs market-cap indexes
59:00 Lessons for the average investor
1:02:00 How much research you really need
1:04:30 How his WSJ essay came to life and final takeaways

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.

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

Daniel Peris is a historian-turned-portfolio manager at Federated who uniquely combines PhD-level expertise in Russian history with two decades of investment experience to challenge modern finance's dismissal of dividend investing through rigorous historical analysis.

3:00 - Peris shares his unconventional path from Cold War studies and Russian history PhD to Wall Street, explaining how his historical training shapes his contrarian approach to investment challenges by questioning where current financial rules originated and whether they remain fit for purpose.

8:00 - Historical perspective on financial innovation: Peris argues most "new" financial mechanisms have ancient antecedents.

10:00 - The humility principle: Peris critiques University of Chicago's equilibrium economics and rational actor theory for not comporting with actual human behavior, advocating learning from 5,000 years of financial mistakes rather than assuming modern superiority.

14:00 - The great dividend disappearance: Four key reasons dividends vanished - 40 years of declining interest rates, NASDAQ's productivity boom, the rise of buybacks incentivizing Wall Street, and global neoliberalism's focus on financial over cash returns.

18:00 - The turning point thesis: All conditions enabling the "unnatural state" of dividend-free investing have stopped, reversed, or matured, setting stage for return of the cash nexus.

23:00 - Business outcomes vs market outcomes: Peris distinguishes tangible dividend payments (business outcomes you control) from speculative capital gains (market outcomes dependent on share price volatility).

30:00 - The tax avoidance extreme: Peris critiques products designed to avoid taxes on S&P 500's meager 1.2% yield, calling it philosophical gymnastics to dodge taxes on essentially no income.

38:00 - Risk redefined: Permanent loss of capital constitutes real risk, not price volatility, challenging academic definitions that dominate MBA curricula.

42:00 - The buyback controversy: A trillion dollars in free cash flow goes to buybacks benefiting Wall Street and executives rather than shareholders, with Peris emphasizing buybacks provide liquidity to share sellers, not cash to shareholders.

52:00 - PE expansion and gravity: While acknowledging modern infrastructure justifies higher valuations than historical 10x earnings, Peris questions whether 25x multiples make sense, especially in inflationary environments.

57:00 - Global perspective: Anti-dividend phenomenon is distinctly American.

1:04:00 - Success philosophy: Peris defines success as "knowing when you have enough" (citing Joseph Heller), sleeping well at night, and making 50.05% of decisions correctly under uncertainty.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.

One of my favorite interviews I gave lately, take a moment and check it out. Julia is a very gifted, thoughtful host, and it's a very personal, intimate conversation. I have a feeling you'll like it. Enjoy!

https://peopleareeverything.co.uk/

The Episode originally aired on People are Everything with Julia Duthie -- Full credit to Julia and her team for a wonderful conversation, find her podcast and follow for some incredible content, and here is the episode with me, your host, answering questions for a change (instead of asking them). Reposted here with her permission and blessing.

The original episode notes:

S03E04 - Bogumil Baranowski

How does an investor keep money human? In this intimate birthday-day conversation, Bogumil Baranowski (investment advisor, author, pilot) shares the 5 most influential people who shaped his life, philosophy, and approach to long-term, purpose-driven investing. We explore family stories, stewardship across 100-year horizons, the difference between price and value, and why confidence (in cockpits and careers) is everything.

What you’ll learn

• Why money is a human experience—not just P&L
• The grandmother who taught value over price and built a seniors’ home from scratch
• Jay Hughes’ “five capitals” and gifting wealth with warm hands
• A flight instructor’s rule: never undermine a pilot’s confidence (and how to ask for help)
• Toastmasters craft: structure, delivery, and authenticity on stage
• Charlie Munger’s “web of deserved trust” & “planting trees” for future generations
• Dakshana Foundation and the compounding impact of small, well-aimed help

People mentioned

His Grandmother (accountant & community builder) • James “Jay” Hughes (family wealth lawyer) • Tom Fisher (flight instructor) • Eric Rock (Toastmasters mentor) • Charlie Munger (with nods to Warren Buffett, Ben Graham, Monsoon Pabrai, Mohnish Pabrai, and the Dakshana Foundation)

Listen for candid stories: Polish hyperinflation, pennies you can’t throw away, ATC angels in your headset, and a 1917 oak tree that still teaches legacy.

If you enjoyed this, hit like/subscribe, share with someone who’s navigating money, legacy, or leadership, and tell us which moment landed most for you.

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.

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

Matthew Peterson is the visionary founder and managing partner of Peterson Capital Management who leverages over 25 years of global financial experience, including a decade at Goldman Sachs, Morgan Stanley, and Merrill Lynch, to pioneer "structured value investing" - a sophisticated approach that combines classic value principles with options strategies to achieve superior returns while managing risk.

EPISODE NOTES

3:00 - Matthew shares his Minnesota upbringing and early financial curiosity, shuffling bank CDs for extra returns in the 1980s before understanding compounding

5:30 - Wall Street experience at Goldman Sachs: "everybody was aligned, marching to the same beat" with 104-hour work weeks becoming "second family"

8:15 - Introduction to structured value investing: using options as tools, not speculation, to buy stocks at better prices than traditional investors

10:40 - Core strategy revealed: selling put contracts instead of market orders - "we say, I will commit to buying it for a hundred over the next year, but you have to pay us fifteen dollars"

12:20 - Benefits explained: buying 20% cheaper creates massive IRR advantage over decades of compounding

15:45 - Psychology advantage: options help value investors be more patient during early entry periods

24:15 - Portfolio composition: seven core "infinite compounder" holdings including Berkshire Hathaway, designed to hold forever

41:50 - 13F analysis strategy: monitoring 100+ value investors reduces 6,500 companies to just 400 prospects

54:15 - Introduction to Alpha One AI platform providing comprehensive company analysis in 20 minutes

1:02:25 - Structured dividend capture strategy for cash management

1:11:15 - Success definition: "having the people that you want to love you, love you" - citing Warren Buffett's wisdom

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.