Talking Billions with Bogumil Baranowski

• Jamie Yuenger: Why Rich Families Need Their Stories More Than Ever - Legacy as Emotional Infrastructure for Wealth

  Remove and re-download for an enhanced audio file.[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/]Jamie Yuenger is the founder and CEO of StoryKeep, a pioneering company that helps affluent families preserve their legacies through documentary filmmaking and storytelling, transforming how multi-generational wealthy families connect with their heritage and values.EPISODE NOTES 3:00 - Jamie's childhood revelation: Learning at age 9 that her father wasn't her biological dad, creating a lifelong fascination with family identity and secrets6:00 - The basement moment: Meeting her biological grandmother at 18 and seeing ancestral artifacts from Scandinavia, sparking her understanding of generational connection9:00 - Career pivot: From WNYC producer to family storytelling after being hired to interview a friend's father-in-law, discovering her life's calling12:00 - Wealthy family education: Reading "Strangers in Paradise" and attending conferences to understand multi-generational family dynamics15:00 - The real work: Stories as emotional infrastructure for family resilience, not just nostalgia or keepsakes18:00 - Japanese internment example: How families initially resist difficult stories but ultimately embrace them as cornerstones of resilience21:00 - Immigration's universal impact: Personal experience moving to Netherlands illuminating the hero's journey embedded in client stories24:00 - Beyond founder stories: Importance of documenting multiple generations, especially women's contributions often left out27:00 - Discovery process: 4-6 week phase determining real goals before production begins30:00 - The screening moment: 80+ family members in a real theater experiencing their story together35:00 - 100-year perspective: How one family dinner can contain living memory spanning centuries38:00 - Personal prejudice confrontation: Overcoming working-class assumptions about wealthy people through actual relationships45:00 - Trust building: The power of listening well and holding space rather than talking50:00 - Global families: Using media to connect dispersed families across continents55:00 - Legacy as ambassador: Etymology reveals legacy originally meant envoy to the future59:00 - Success redefined: Focusing on a good life rather than traditional success metricsPodcast 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.

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• Buffett Does It. Most Value Investors Don’t | Robert Hagstrom on the Real Key to Compounding [Excess Returns Podcast]

  Matt Zeigler and Bogumil Baranowski join Robert Hagstrom for a very special hour-long discussion. The episode originally appeared on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!Legendary investor and author Robert Hagstrom joins Excess Returns to explore timeless investing principles—and how they’ve evolved in today’s market. In this wide-ranging conversation, Robert shares stories from working with Bill Miller, insights on Warren Buffett’s approach, and the philosophical foundations of long-term investing. He also issues a stark warning about the rising popularity of private equity for retail investors.Whether you’re a Buffett disciple, a fan of focused investing, or just curious about how great investors think, this is a conversation packed with insight.🔍 Topics Covered:• How Robert accidentally became a money manager• What Buffett’s 1983 letter taught him about investing• Lessons from 14 years working with Bill Miller• Why absolutes in investing can be dangerous• How Robert learned to truly read later in life• Buffett vs. Modern Portfolio Theory: The real debate• Why investors misjudge tech stocks and “value”• Hagstrom’s framework for judging long-term compounders• The real reason most active managers fail• Why private equity returns are misleading investors• The emotional difficulty of running a concentrated portfolio• What Buffett’s surprise CEO handoff really means⏱️ Timestamps:00:00 Intro: "Drawdowns don't matter"01:35 Falling into money management by accident04:55 The Berkshire letter that changed everything07:00 Lessons from Bill Miller and pragmatic investing09:50 Why rigid value investing missed a decade of returns12:10 Learning how to read and consume information deeply14:55 Charlie Munger's feedback on Robert’s books18:00 Buffett’s surprise retirement as CEO21:00 The legacy Warren still brings in a crisis24:00 Why Buffett’s consistency stems from deep reading25:25 Why focus investing works—but is hard to live through27:45 Performance vs. volatility: Slugging % vs. batting average33:45 Why active management fails—and how to fix it36:50 The false promise of private equity for retail44:55 Why public markets offer better opportunities50:30 The hardest lesson Hagstrom had to learn53:00 Why competitive advantage duration is mispriced55:00 Why investing is Darwinian—and selection still mattersPodcast 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.

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• Barry Ritholtz: How Not to Invest — Why Billionaires Driving Old Cars Are Financially Reckless & More

  [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/]Barry Ritholtz is the founder and Chief Investment Officer of Ritholtz Wealth Management, overseeing billions in client assets and helping investors avoid costly mistakes while building lasting wealth. He’s the acclaimed author of “How Not to Invest,” sharing hard-won lessons from decades in the trenches. Barry is also the creator and host of Bloomberg Radio’s “Masters in Business,” one of the most influential business podcasts in the world, where he interviews top minds in investing and economics. Today, we’re thrilled to welcome his unique perspective to the conversation.3:00 - Barry's unconventional approach to budgeting: "my attitude was, gee, if you want to do this, that and the other, you want to have the freedom...then you better make some more money"5:30 - The Instagram culture problem: Only seeing assets, not liabilities. Story about Instagram influencer working all day on vacation selfies8:00 - Why successful people buy new cars and lattes if they can afford them - safety features matter more than saving pennies11:00 - Kawhi Leonard's $103 million contract vs 25-year-old car example illustrates financial recklessness of extreme cheapness14:00 - Money as tool vs wealth distinction: Dollar's job is medium of exchange, not century-long store of value17:00 - Two WWI soldiers story: $1,000 buried vs invested becomes $40 vs $32 million after 100 years20:00 - Why US geographic advantages created investment success: two oceans, natural resources, innovation hubs24:00 - Politics and investing make terrible bedfellows - both Democrats and Republicans miss gains when their party loses28:00 - Compounding interruption is what matters, not who's in White House32:00 - Why experts can't predict: Beatles, blockbusters, Tom Brady all missed by professionals who knew the industries38:00 - Stock market vs economy during pandemic: market cap weighted toward tech giants, not local businesses42:00 - Belfer family trifecta: lost $2 billion in Enron, Madoff, FTX - lessons about single stock risk and staying wealthyPodcast 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.

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• Dede Eyesan: The Global Multi-Bagger Hunt: How 446 Companies Became 10-Baggers While Most Investors Weren't Looking

  Guest: Dede Eyesan - Founder of Jenga Investment Partners and author of "Global Outperformer"Dede Eyesan, the visionary founder of Jenga Investment Partners and author of Global Outperformers, who shares insights on identifying high-growth companies and navigating global markets with a unique blend of fundamental analysis and entrepreneurial spirit.Key Idea: The counterintuitive nature of finding investment winners globally and the extreme patience required to hold themKey Timestamps & Ideas3:00 - Early Investment LessonsMade first investment at age 10 in Nigerian stocks (Nestle Nigeria, 7up Bottling, First Bank). Two investments went up 4-5x, bank stock fell by half. Introduction to Warren Buffett and fundamental analysis.6:00 - Boarding School EconomicsLearned about delayed gratification and scarcity through food trading. Traded chicken (perishable) for chips (storable) - time arbitrage concept. "It's ironic that what taught me about money had nothing to do with money."9:00 - Investment Philosophy FormationInfluenced by Warren Buffett, Alan Gray (African value investor), and Carlos Slim. Peter Lynch's books: "One Up on Wall Street" and "Beating the Street". Understanding that environment impacts investment approach.16:00 - Global Outperformance ResearchFound 446 companies (not 200 expected) that were 10-baggers in 10 years. Less than 20% were in the US; more multibaggers in Europe than US. Japan was third-best performing country (surprising finding). Only 5-6% were multibaggers in consecutive decades.22:00 - Two Types of Winning BusinessesCyclical businesses with technical barriers to entry (salmon industry example) and large market opportunities with strong unit economics (BYD in China).29:00 - The Challenge of HoldingMSCI case study: stock flat for 9 years while earnings grew 15% annually. Many multibaggers were flat or down 40-50% in the three years before takeoff. Importance of returning to original investment thesis.35:00 - Quantitative vs. Qualitative AnalysisCannot screen for outperformers quantitatively alone. Developed 60-question checklist across 10 categories. Focus on depth over breadth in investment analysis.42:00 - Role of IntuitionIntuition is earned through experience (15-20 years). Overconfidence led to mistakes when abandoning systematic approach. Returning to detailed checklist process.47:00 - Definition of SuccessThree pillars: Individual happiness, family relationships, and client satisfaction. "I want to be in a place where the kids of my investors in 40 years time can look back and be like, yeah, my dad or my mom made a very good decision."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.

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• 20,000 Watched in Silence. Then Buffett Dropped the Bombshell. | What It Means for Berkshire - Excess Returns Episode with Matt Zeigler and Bogumil Baranowski

  This episode aired on Excess Returns; full credit goes to Matt Zeigler and Jack Forehand, and all of the guests listed below -- it's reposted here with Matt and Jack's permission. In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Merz, this is both a tribute and a thoughtful discussion on culture, succession, and enduring business values.Topics Covered:The emotional weight and historic nature of Buffett’s resignationFirsthand reactions from inside the room at the Berkshire meetingWhy Buffett’s delivery was masterful—and why it matteredReflections on the unique culture of Berkshire and its shareholder communityThe Buffett “shield” and what it means for Greg Abel and Berkshire's futureWhy more companies don’t emulate the Berkshire approachThe role of tradition in building enduring businessesPersonal stories of shareholders whose lives were changed by long-term compoundingTimestamps:00:00 – Opening reflections from Matt and Bogumil01:06 – Why the Berkshire Hathaway meeting is so special04:00 – John Candeto on the moment Buffett made the announcement11:15 – Ted Merz shares what it felt like live in the room21:00 – Eric Markowitz hears about the announcement over lunch25:45 – Buffett’s dramatic timing and media coverage30:04 – Adam Mead on witnessing the announcement live34:25 – The deep love and loyalty felt in the arena37:00 – John Candeto on the future of Berkshire and Greg Abel45:00 – Adam Mead on the careful succession plan51:12 – Ted Merz: Why don’t other companies do what Berkshire does?58:00 – Eric Markowitz on culture, craftsmanship, and long-term thinking1:03:00 – Bogumil’s personal reflection on Buffett’s final five minutes1:08:58 – Why Buffett’s final message—“I’m not selling a single share”—mattered1:09:28 – Wrap-up and thanksPodcast 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.

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