Laurence Endersen is an investment professional with over 30 years of experience and author of three books, including The Compounder’s Element, who champions patient wealth building through understanding one’s natural investing temperament and staying disciplined within it.

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3:00 - Laurence shares formative experiences: working in his father’s TV repair shop taught him the real difficulty of earning money, while losing his mother at 13 accelerated his maturity and independence. His father’s entrepreneurial spirit and inventor grandfather sparked curiosity about how money works beyond academic theory.

8:00 - Introduction to markets came through Australian state privatizations in Sydney—experiencing “day one pops” felt like magic compared to traditional work, though he admits being “curious and clueless” initially. The addiction to stock market gains revealed the difference between “power by the hour” versus “share of value” business models.

13:00 - Evolution of investing philosophy: “Most of my learning has been in the last five years of those 30.” Key revelation: understanding what game you’re actually playing matters more than technical prowess. Patient compounding over long horizons (the “n” in the formula) reduces pressure on achieving exceptional returns.

22:00 - The “elements” framework: investors have natural temperaments—Lar identifies as a “Compounder” focused on long-term wealth building. Mismatch between element and strategy causes problems. “If you’re always improving, your best days are always ahead.”

38:00 - On competitive advantages: companies with pricing power, network effects, and multi-decade runways compound extraordinary value. “The delta between a good business and a great business is seismic over time.”

52:00 - AI’s impact on investing: tools democratize analysis but won’t eliminate competitive advantages. “With these tools you’re more likely to go up to the third or fourth question—but so will everybody else.” The real edge remains knowing when you have enough information to act.

68:00 - Definition of success from Stephen Covey: “Live, love, learn, and leave a legacy.” Acknowledges having “a billion heartbeats” behind him with an “indeterminable number” ahead—emphasizes time as ultimate constraint.

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.

Guest Host: Dave Specht, senior fellow at the Drucker School of Management, two-time author, and creator of the Generational Wealth Masterclass with Jay Hughes, turns the tables to interview Bogumil using audience-submitted questions.

Key Ideas:

1. It’s Not About the Money - Despite the focus on investing and wealth management, Bogumil emphasizes that money is merely a language or gesture representing deeper human values and connections. The true value lies in human relationships, creation, and purpose.

2. Investing as a Lifelong Pursuit - Successful investing requires consistency, patience, and a long-term perspective. Many people identify good investments but fail because they don’t hold them long enough to benefit from compounding.

3. Quality Compounds - Great businesses continually improve their quality and service. This compounding of quality—from leadership through every level of organization—creates lasting value that investors can benefit from.

4. Value and Price Understanding - Value investing principles are timeless because they reflect basic human decision-making. Everyone intuitively understands the relationship between value received and price paid, whether at a farmer’s market or in stock investments.

5. Invisible Wealth Requires Communication - Modern wealth is often invisible, creating challenges for families. Not communicating about wealth with the next generation can be dangerous; gradual education and preparation are essential.

6. The Power of Inaction - “The inaction in the world that’s demanding action might be the hardest thing to do, but the biggest value added.” Sometimes the best investment decision is to simply hold onto quality investments.

7. AI as a Tool Not a Replacement - AI helps investors by allowing them to “zoom out” to see broad patterns and “zoom in” on specific details, but human judgment remains essential for investment decisions.

8. Seek Businesses You’d Own and Forget - Bogumil looks for businesses with good management and prospects that he can “own and forget about,” often waiting for price breaks to acquire them at attractive valuations.

9. Control Your Time - True success isn’t measured by titles or money but by having the freedom to control your time and pursue what brings you meaning and curiosity.

10. The Value of Having an Advisor - Having someone who understands both the technical aspects of wealth management and the human emotional side creates tremendous value, especially during market turbulence.

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.

Robert Karas is a Partner and Chief Investment Officer at Bank Gutmann in Vienna, Austria's oldest private bank, where he oversees investment strategies for ultra-high-net-worth clients. Robert is a seasoned investor on a lifelong journey known for his thoughtful investment philosophy and engaging market insights.

3:00 - Robert describes the 1960s "paperwork crisis" when Wall Street trading volumes exploded and people physically schlepped suitcases of stock certificates along Wall Street, requiring the establishment of the Depository Trust Company in 1973.

5:20 - Bogumil shares his vivid memory of holding physical account statements from decades ago, witnessing the literal doubling of family fortunes—"two turning into four, four turning into eight"—and how the tangible nature of old statements helped him grasp the true power of long-term compounding.

6:45 - Discussion of Buffett's revolutionary fee structure: zero management fees, profit sharing only above hurdles, and the forgotten detail—unlimited personal liability for losses. "Talking about aligned interests... we all talk about it, but normally we do not share in the downside directly."

14:30 - Robert explains why Buffett dissolved his partnerships in 1969: "He didn't want to manage other people's emotions anymore." The shift from managing external capital to managing Berkshire allowed him to focus purely on business building without quarterly redemption pressures.

25:00 - The power of Buffett's language: simple, clear, authentic communication that builds trust. Robert notes how Buffett writes letters "as if he's sitting in your living room explaining things to you."

38:15 - Discussion of Berkshire as more than just an investment—it becomes part of people's identities, something they want to pass to their children, transforming from a stock into a legacy vehicle.

56:30 - Bogumil's insight about Omaha during the annual meeting: "There's no other place on earth that for a few days, I have more friends per square mile than anywhere else."

59:00 - Final reflection on trust and doing the right thing even when nobody's watching—the essence of working with families and the true lesson from Buffett and Munger.

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.

Please enjoy my recent appearance on Value: After Hours with Tobias Carlisle and Jake Taylor. One of my favorite interviews this season. A real weekend treat if you missed it!

Guest: Bogumil Baranowski, founder of Blue Infinitas Capital, LLC, host of Talking Billions podcast, author of "Money, Life, Family," and investment professional with 20 years of experience managing multi-generational family wealth.

This episode was originally aired on Value: After Hours on 11/4/2025; it's reposted here with the kind permission of the hosts.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle and Jake Taylor. See their latest episodes at https://acquirersmultiple.com/podcast

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.

Rupert Mitchell is a capital markets veteran with 30 years of institutional experience across three continents who now runs Blind Squirrel Macro, combining mythology, storytelling, and contrarian thinking to help investors understand why narrative often matters more than numbers in macro investing.

Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/

3:00 - Rupert discusses the British education philosophy: learning to learn rather than narrow vocational training, creating adaptable generalists who aren't limited by having "an amazing hammer where everything has to look like a nail"

6:00 - Bearings collapse story: Fresh graduate Rupert spent his entire £400 bonus on a briefcase (still uses it 30 years later) hours before the 250-year-old merchant bank collapsed overnight due to Nick Leeson's derivatives trades

11:00 - Key lesson from Bearings: "Things are never as bad as you fear or as good as you would hope" - the "we're so back, it's so over" cycle teaches moderation in expectations and avoiding extrapolation extremes

16:00 - The mythology connection: Rupert's father, a military history writer, taught him that "most people don't really have a sense of history beyond about five or 10 years" - understanding cyclical patterns creates edge

21:00 - Chinese EV revolution firsthand: Witnessing Mercedes lose luxury market dominance to BYD in China taught Rupert that establishment brands can fall faster than anyone expects when technology shifts

33:00 - The generalist advantage: "I'm never baffled or scared of a new product, topic, market or theme" - breadth beats depth when markets constantly evolve and surprises come from unexpected directions

45:00 - AI investment paradox: Despite machine learning being used in biotech for years, healthcare hasn't announced breakthrough cycles - this "monkey on my back" makes Rupert question AI hype narratives

54:00 - On success: "Success has to be being proud of what you've done, right? And that's not a number. Some of the most miserable people I know are wealthier than God"

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.

The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter stock analysis. Code BILLIONS gets you an extended trial + 10% off.

Daniel Rupp is the founder and chief investment officer of Parkway Capital based in Hong Kong, bringing nearly two decades of Asian value investing expertise developed during his 17-year tenure at a leading Asia-focused funds, Overlook Investments, where he honed his contrarian "farm approach" for identifying undervalued compounders across 11 Asian markets. He counts founder Richard Lawrence and longtime CIO James Squire as mentors and supporters.

3:00 - Dan shares his unconventional background growing up in Boone, North Carolina, son of an English professor father and real estate agent mother.

6:00 - The Blue Ridge Parkway origin story.

9:30 - Core philosophy revealed.

12:00 - April 2025 crisis moment.

15:30 - Value with growth framework,

21:00 - Asia's shocking statistic.

24:00 - The farm approach.

30:00 - Buyback obsession.

36:00 - Portfolio composition.

42:00 - China contrarian stance.

45:00 - Dollar weakness as catalyst.

54:00 - Three reasons to sell.

57:00 - Marathon mindset.

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.

Scott Britton is an award-winning entrepreneur who sold his startup Troops to Salesforce, discovered fulfillment's limitations through external success, and now leads Conscious Talent while hosting Evolution FM and authoring Conscious Accomplishment.

3:00 - Scott discusses childhood patterns of competitive achievement through sports and school, revealing early drives toward external validation and success metrics that would later define his entrepreneurial journey.

5:30 - Deep dive into repatterning work: Scott shares discovering a kindergarten bullying incident created a "worthless" core belief that unconsciously drove decades of achievement-seeking behavior he never consciously remembered.

9:00 - The Salesforce acquisition revelation: Despite selling his company and achieving financial success, Scott experienced the same emotional triggers and personal problems, proving external achievement has fundamental limitations on well-being.

12:00 - Introduction to the "outside-in paradigm" - the cultural conditioning that external achievements (relationships, money, status) will solve internal dissatisfaction, versus the "inside-out" approach of consciousness work.

17:00 - Challenging the Eastern/Western spiritual dichotomy: Scott explains the "householder" concept - someone devoted to spiritual evolution while maintaining career, family, and financial responsibilities, not retreating to monasteries.

22:00 - Key Quote: "We have a subjective experience that which we are conscious of, but there's also things that inform that subjective experience...there's a whole lot of things beyond what we can see, smell, taste, touch and hear that are creating our subjective experience."

28:00 - Introduction to the Freedom Log: Scott's practical tool of documenting triggering moments (subway delays, unanswered texts, long coffee lines) to identify subconscious patterns governing automatic reactions.

32:00 - Inspired Actions framework: Distinguishing between "means-to-end" actions driven by conditioning versus natural pulls toward activities that create genuine joy and curiosity, even without obvious outcomes.

40:00 - The I-AWARE repatterning sequence walkthrough: Identify, Access, Welcome, Accept, Replace, Embrace - a systematic method for transforming limiting subconscious patterns through conscious intervention.

47:00 - Transformational conflict: How consciousness evolution creates tension when you're changing internally but external circumstances (job, relationships, city) remain static, requiring navigation.

51:00 - New success metrics beyond financial returns: evaluating life through subjective experience quality, alignment, fulfillment, and understanding rather than measurable external achievements.

55:00 - Scott's definition of success: "Fulfillment, alignment and understanding...you know what they feel like."

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.