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- Видео 148
- Просмотров 217 483
The Business Brew
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Добавлен 9 мар 2021
Welcome to The Business Brew
This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business.
Bill is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.
While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.
This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business.
Bill is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.
While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.
Richard Cook - Traversing For Value
Join Bill Brewster on The Business Brew as he delves into global investing with Richard Cook of Cook Bynum.
Richard reveals his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value. Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning.
The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics. With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversatio...
Richard reveals his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value. Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning.
The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics. With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversatio...
Просмотров: 570
Видео
Bruce Berkowitz - Avoiding Disaster and Generating Returns While Doing So
Просмотров 2,6 тыс.Месяц назад
In this episode of the Business Brew, host Bill Brewster sits down with the esteemed investor Bruce Berkowitz. They delve deep into Berkowitz's illustrious career, from his strategies during the financial crisis to his current outlook on various investment opportunities, including midstream energy and Florida real estate. Berkowitz shares anecdotes, personal reflections, and valuable lessons le...
Blake Haxton - Industrials and High Yield
Просмотров 302Месяц назад
Blake Haxton, analyst at Brandywine Global Asset Management's High Yield and Corporate Strategies Group, joins the Business Brew. This discussion focuses on the companies Blake covers as well as his views on markets generally. Blake tends to focus on "old economy" industries so prepare yourself for plenty of energy discussion. Bill and Blake also discuss industrials and homebuilders. The conver...
Unlocking REIT Potential with Bill Chen: Navigating Multifamily and Office Market Dynamics
Просмотров 393Месяц назад
Bill Chen returns to The Business Brew to explore the current landscape of Real Estate Investment Trusts (REITs). Delve into Chen's comprehensive due diligence process, investment strategies, and the future of multifamily and office REITs. Discover key insights on market conditions, cap rates, capital allocation, and the impact of interest rates on investment returns. The discussion also highli...
Al Goldstein
Просмотров 2132 месяца назад
Al Goldstein, Co-Founder, CEO, and Chairman of Stoic Lane stops by The Business Brew to discuss what his firm is doing in the private markets. Stoic lane is focused on acquiring controlling positions primarily in short term rental management and back office solutions for entrepreneurs. The entity is structured as a corporation with shares rather than as a partnership. As of now, Al's long term ...
Update
Просмотров 1582 месяца назад
This update was supposed to be released on June 15th but got stuck in processing. Apologies.
Charles Lemonides - ValueWorks
Просмотров 2462 месяца назад
First and foremost, apologies for the delayed release. RUclips had this, and the next video, in processing and never released it. Sincerest apologies to the RUclips fans! Charles Lemonides, founder and CIO of ValueWorks LLC, stops by The Business Brew to discuss his investment philosophy. Charles started his career as a high yield bond analyst. Over time, he gravitated towards equity. In this e...
Consuelo Mack - Host of WealthTrack
Просмотров 1,1 тыс.3 месяца назад
Consuelo Mack stops by The Business Brew to discuss her career in financial media. Consuelo hosts the show WealthTrack, a show Bill has watched and/or listened to for years. This conversation will help Consuelo's fans understand more about her early career and how she developed WealthTrack. Bill was very happy Consuelo said yes to coming on the show. His only regret is messing up Ed Hyman and E...
Hunter Hopcroft - In Defense of REITS (and Marty Whitman!)
Просмотров 3293 месяца назад
Hunter Hopcroft, Managing Director, Portfolio Solutions at Armada ETF Advisors, stops by The Business Brew to primarily discuss REITs. Hunter is quite a thinker and the conversation veers into other parts of markets such as AI, how the economy is changing and more. Bill pinged Hunter after someone (on the Twitter machine, so you know it's factual) made a comment that REITs are inherently bad in...
Elliot Turner Returns
Просмотров 4813 месяца назад
Elliot Turner, Managing Partner and CIO of RGIA Investment Advisors, returns to The Business Brew for a great conversation. To start, Bill and Elliot discuss what Elliot learned from the period of 2021 to now. They then discuss some specific stock ideas, thoughts on portfolio management, and much more. We hope you enjoy. Note: This episode was recorded on April 3, 2024. Bill owns a small positi...
Will Thomson On Lithium, Copper, And More
Просмотров 3096 месяцев назад
Will Thomson of Massif Capital returns for his annual appearance. In this episode he teaches about the lithium and copper markets. The end of the episode is more general and worth hanging around for. You can find Massif Cap's letters at www.massifcap.com/. The Q4 letter discusses lithium on Page 7. Whole letter is worth a read. Sponsor Info: Daloopa is founded by a former hedge f...
Wes Gray - Tax Efficient Cash Mangement with BOXX, creating an ETF, and more
Просмотров 1,1 тыс.6 месяцев назад
Wes Gray, the Alpha Architect himself, stops by the Business Brew to discuss how he (a) created the ETF $BOXX, (b) helps people start their own ETFs, (c) why value and momentum work as factors, and much more. This episode is a quick release after Corey Hoffstein's. It may or may not be the only episode we release for the next 13 days or so. The release cadence is influenced by the amount of pre...
Corey Hoffstein - Get Stacked! With Return Stacking
Просмотров 9226 месяцев назад
Corey Hoffstein, Founder and CEO of Returned Stacked Portfolio Solutions, stops by to discuss how he uses ETFs to leverage his investing assets. Corey and Bill discuss a concept that is not novel to institutional investors, but may benefit individuals today because of ETF innovations. Bill wanted to discuss how Corey came up with his idea, how he executes his idea, and what risks his strategy m...
Devin Martin - Finding Your Drive
Просмотров 3017 месяцев назад
Devin Martin, recommended by the one and only Tom Morgan, stops by the show to discuss how he helps high performing individuals hone in on what they truly want out of life. Devin primarily works with successful people who want to achieve something more/different. In this episode we discuss his methodology. There is some discussion of ayahuasca and psychedelics so be prepared (shout out to one o...
Todd Schwartz - Expanding Credit Access
Просмотров 2438 месяцев назад
Todd Schwartz, Founder, CEO and Executive Chairman of OppFi, stops by The Business Brew to discuss how he expands credit access. OppFi was featured on this program when it was going public via SPAC. The company did not perform to expectations once it was public and Todd reengaged in order to right the ship. This episode is about OppFi and Todd, but it is also about usury laws and policy. It is ...
Ben Jenkins - On Mentorship, Being a Professional, and Allocating Capital
Просмотров 1,1 тыс.9 месяцев назад
Ben Jenkins - On Mentorship, Being a Professional, and Allocating Capital
Bill Chen - The Opportunity in Public REITs
Просмотров 5829 месяцев назад
Bill Chen - The Opportunity in Public REITs
Keith Smith - Looking At Unique Ideas
Просмотров 1,4 тыс.10 месяцев назад
Keith Smith - Looking At Unique Ideas
Aaron Edelheit and Stuart Loren - Never Again
Просмотров 39210 месяцев назад
Aaron Edelheit and Stuart Loren - Never Again
Peter Mantas - The Potential Opportunity in Life Sciences
Просмотров 32010 месяцев назад
Peter Mantas - The Potential Opportunity in Life Sciences
Andrew Walker - Yet Another Value Discussion!
Просмотров 1,3 тыс.Год назад
Andrew Walker - Yet Another Value Discussion!
Charles Frischer and Asheef Lalani - Fairfax Is A "Fat Pitch"
Просмотров 1,9 тыс.Год назад
Charles Frischer and Asheef Lalani - Fairfax Is A "Fat Pitch"
Business Brew - A Discussion About The Sustainable Energy Transition
Просмотров 875Год назад
Business Brew - A Discussion About The Sustainable Energy Transition
Derek Pilecki - A Financials Specialist
Просмотров 902Год назад
Derek Pilecki - A Financials Specialist
Value Stock Geek - Geeking out On Value and Investing
Просмотров 1,1 тыс.Год назад
Value Stock Geek - Geeking out On Value and Investing
Ian Bezek - Emerging Market Investing - Investing in Latin America
Просмотров 897Год назад
Ian Bezek - Emerging Market Investing - Investing in Latin America
Tom is a great mentor
Yay
California gets a lot of seaweed on their beaches from which oil can be extracted to make diesel or turned to natural gas via gasification. Non recyclable packaging such pizza boxes can be compressed into biomass pellets that can also be turned into natural gas via gasification. Seaweed from which oil has been extracted can also be compressed into biomass pellets that can be turned into biochar to be used in coal plants or the biomass pellets can be used as cattle feed to reduce land use to raise cattle. This would save shipping costs from buying coal from somewhere else. Fossil energy can no longer compete with solar and wind on a cost basis.
Interesting !
EPD is screaming BUY
Thank you for this interview. As Buffett once said "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something." I would like to apply this to all your interviews. The questions you ask during your interviews always broadens my perspective. Thank you, Bill!
That's very kind. Thank you.
The value you get from listening to an intelligent interview like this over something on cnbc is like comparing Sees Candy to dimestore gum.
Ha. Thank you!
excellent
🥳 Yay Bill Brewster🥳🥳
Great for those with carryforward losses - tax free withdrawals from BOXX.
What is this gentleman's investment track record?
Contact him and ask him
Love this pod - always learn something new, something benefical to my investing learning journey. Many Thanks!
Great interview, love Bill
The tax reason is why I'm watching this video. BOXX is interesting to stash cash in between my moves.
❤🔥this episode really resonated with me. maybe the single best investing podcast episode I've ever heard. 🔥 plus the fact that this dude looks like a character from the old testament is pretty cool.
Stay strong, you are amazing! Vitamin D and C may help for Corona.
Covid again, pls take care Bill.. keep yourself hydrated. Stay safe and healthy
Consulate Mack is the alltime GOAT for me for the last 14 years!
Consuelo
He is GOLD!
I am really excited with BOXX but I am wondering what happens if too many people decide to cash out of the ETF too quickly or if there's sharp fluctuations on the risk free rate. Wouldn't we have problems with the spreads? Who pays for it? The ones cashing out or the ones holding the fund after an exodus? Any provision to protect investors that might prefer to hold the ETF until those options expire, therefore giving us the same risk profile as if we placed those option trades manually, or are we exposing ourselves to a risk of the fund losing money from a liquidity problem?
The mechanism of box spreads is that exchange setlemwnt risk premium is slightly higher than treasury risk premium. In other words the exchange can crash because APEX crashes and there will be no settlement on options versus the US treasury crashing
A great honor, when the all-time-greats come on your podcasts, because its quality.
Cmon man! More than a week after you upload on Spotify. I've been a listener since day 1, son. I watch exclusively on youtube.
My apologies. Sincerely.
great job
Oh wow! Conseulo Mack the goat.
so she went to the Shark Tank and got crushed? sucks for her hahahah
Great stuff. Thanks
Thank you so much! This is a brilliant presentation of how return stacking works how to estimate long-term returns on these ETFs and how to think about various combinations of these portfolios. For example the 60% RSST 40% are SBT example Corrie gave that is 60% stocks 40% bonds and 100% managed futures has long-term 9.6% expected returns. That's 1.6% better than a 60/40. However, since June of 2019 as far back as I can back test this strategy, it delivered 9.8% annual returns while a 60/40 8.1%. The annual volatility on the 60/40 was the historical 12.7% but the volatility on the return stacked portfolio was 8% with a peak decline of 6.75%! The 60/40s peaked declined was 21% and the S&ps was 28%. In other words if you want something superior to a 60/40 with rock bottom volatility to make Ray Dalio envious 😉 that is a really good combo.
My apologies The sock gen trend index does much better than the CTA index that DBMF tracks and was what I thought return stacking uses. The expected long-term return on a 60% RSST 40% RSSB portfolio is 8%, 6040 + 4.4% historical excess return on the trend index minus 1% expense ratio. 11.4%. That's even more impressive because that beats the S&P historical return by 1.4%. The annual returns on this combination so far historically it's 10.2%. with 6.9% annual volatility. And a 6.8% peak decline as sortino ratio of 2.17 three times that of a 60/40! That's excess total returns divided by - volatility three times better than a 60/40! Is a beta on this return stack 6040 is just 0.22 1/3 that of a 60/40. The annual Alpha is 6.43% compared to -2.5% on a 6040 The traynor ratio is 36. In other words the excess total return per unit of beta is 36 compared to 9.8 on the 640 and 14.3 on the S&P. The conditional value at risk how bad of a decline in a month usually occurs in a bear market 10% on the S&P 7.8% on a 60/40 and just 3.2% on the return stack 60/40. The 6040 captured 72% of the markets downside with 59% of the upside The return stacked portfolio 12% of the downside with 31% of the upside. A safe perpetual withdrawal rate of 5.5% compared to 3.7% for a 60/40. And the M2 metric which says what is the returns if the volatility were the same as the S&P 500 10.5% for 60/40 22.3% for return stack 60/40. Kudos to Corey hofstein on a truly remarkable strategy and products.
The drawdown profile on this return stack 60/40 is absolutely incredible. The peak decline of 6.75% came in March of 2023 when managed futures were in a correction. In the October 2022 trough when a 60/40 was down 21%. This portfolio was up. In the pandemic it fell 6.1% half as much as a 60/40. In the last 5 years it has suffered just nine declines ranging from 0.32% to 6.75%. it has yet to suffer a 10% correction and is only suffered to pullbacks greater than 5%. It is only suffered three pullbacks greater than 2.5%. with double digit annual returns. The lowest cost hedge fund is HFND and it charges 2%. This runs circles around any hedge fund and it cost 1% per year.
Just like Corey I am setting up my family to be able to put my net worth into three ETFs. I call it my shadow Zeus portfolio. 33% managed futures 33% deep value 33% large cap growth. 13% to 14% long-term returns similar to what RSST is designed to do. With a similar volatility profile. For now stock picking is worth my time as I am one of the top 0.2% of analysts in the country. Over 2,000 recommendations on 560 companies over 8 years with an average 12 month total return in the first year of 17%. But if I want to retire in 10 years I will have a three ETF solution. And if RSST proves itself I'll be able to offer my family should I get hit by a bus that single ticker solution. Of course within 10 years AI should be able to run any investment strategy no matter how complicated🤣
it was already uploaded on spotify, not sure why it's delayed uploads for youtube by weeks sometimes
That was my bad. Today's episode is synced. The real reason is the RUclips engagement is so poor that sometimes it slips. But that is not an acceptable reason. And I feel badly for the few that like to watch here.
Spoiler Alert: This was great.
Liked the discussion on derivatives. Half the people I talk to never want to just own a stock or an index fund anymore.
What a valuable conversation! This is a perspective most individual participants don't get access to
6:20 no surprise he correctly describes the box as two synthetic shares/futures spreads and not two vertical spreads!
I believe I caught mention of this conversation being in first 4 weeks of the year? This chat is definitely interesting, the environment has completely changed post Nvidia Q1 earnings. Market's hot, gold pushing records.
Thank you for the talk!
Nice one Bill, thank you!
I agree with what Wes said about the entrepreneur lifestyle being too risky. I don’t regret it because life turned out great but it definitely took some years off of my life. 😂
First time listener. I'm working toward having investments again, at a more mature age, so this is great information. (Your show reminds me of Consuelo Mack, host of WealthTrack on PBS, weekends. She's phenomenal too.) Thank you.
Great interview, many thanks
Double digit % drop today!
Great interview. It's a pleasure to listen to and learn from Mr. Gayner with his attentiveness, wit and experience. The final part regarding his marriage was really touching.
What happens when Prem dies or retires? I am leery about investing in companies that depend too much on the unique skills of their founders. I have the same concerns about Berkshire (Buffet) and Tesla (Musk).
He’s still pretty young at 74. His son will take over as Chairman and they have a strong bench which will be featured on conference calls going forward.
Great interview, thank you Bill and Todd
Cem, ill buy you a new mic bro
Wonderful episode and very thoughtful work. My thanks to all those involved and I’ll be sharing this. Now an intentional dumb joke from me: Uber owns no cars, Digital Bridge owns no bridges, Mr. Brewster owns no breweries? This is the new economy/we live in a society?😅
What do people see in cable companies? Leverage and stability = instability.
Australian superannuation is actually up to 11% of our wages. Must see massive flows to the big banks here
What have his returns been?
He is the greatest living investor today in all of southeast toledo, Ohio on white street
@@imtryinghere1 could you expand on this?
Approximately 513.84% per annum
Brilliant interview.
Keith is awesome!