The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

William Green chats with David Epstein about his groundbreaking new book, Inside the Box. In this conversation, David shares practical strategies & research-based insights to help you flourish professionally & personally. In a world of infinite choices & complexity, this episode directs your focus to what matters most.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:05 - What David Epstein learned from a brilliant Nobel Prize-winning economist
00:04:14 - Why it’s smart to aim for “good enough”
00:05:59 - How a brutal injury led David to life-changing breakthroughs
00:20:14 - What he does to preserve his attention
00:25:58 - How Isabel Allende illustrates the powerful benefits of silence & structure
00:35:59 - How to identify bottlenecks & tackle limiting factors
00:50:42 - Why one of the world’s hottest start-up companies flamed out
00:54:51 - How a structured system made Pixar a creative & financial trailblazer
01:03:01 - How to balance a grand vision with practical steps along the way
01:07:16 - What a dead blues guitar hero can teach you about focused learning
01:12:14 - Why limitless autonomy may not make you as happy as you expect
01:16:46 - How to identify values that give meaning & coherence to your life
01:22:35 - What David learned from his most inspiring role models

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Inquire about William Green’s ⁠⁠⁠⁠⁠⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠⁠⁠⁠⁠⁠.

David Epstein’s books: Inside the Box, Range, The Sports Gene.

William’s book, Richer, Wiser, Happier.

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Daniel Mahncke and Shawn O'Malley take a deep dive into Microsoft — the $3 trillion incumbent whose entire investment thesis now hinges on two of the most contested questions in technology: whether AI will reinforce or quietly dismantle the software franchises that built the company, and whether the OpenAI partnership is the strategic masterstroke it appeared to be in 2023, or a relationship that is slowly turning from asset into liability.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:27 - About all major business units
00:12:05 - How LinkedIn’s business works
00:18:24 - How the cloud business keeps growing
00:21:17 - What the future plans for gaming are
00:24:49 - Why the Office products might be in danger
00:50:52 - How AI is challenging Microsoft’s software
00:55:10 - Who captures the most value from AI
01:22:46 - Whether Shawn and Daniel add MSFT to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Microsoft ⁠⁠Investor Relations⁠⁠.

World Economic Forum ⁠⁠Interview with CEO⁠⁠.

Follow Daniel on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠.

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On today’s show, Stig Brodersen talks with legendary value investor Mohnish Pabrai. Since its inception in 1999, one dollar invested in the flagship fund would have grown to $17.29, compared with $6.29 for the S&P 500. In the special interview, you can join Mohnish and Stig’s discussion on Berkshire Hathaway, investing mistakes, and the importance of letting winners run.

Disclaimer: Stig Brodersen is an investor in Pabrai Funds, which creates a potential conflict of interest, as he may benefit if the funds perform well. He will not be compensated for this interview

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:53 - Whether Greg Abel’s compensation is fair
00:05:21 - Why most investments fail, and why that’s okay (the “4% rule”)
00:11:40 - Whether to own Berkshire Hathaway or the S&P500 over the next century
00:28:23 - Why Stig thinks that Mohnish diversifies too much
00:31:04 - Why good asset managers should eventually have 95% of their portfolio in one stock
00:36:21 - How Mohnish met Michael Burry
01:04:50 - What Mohnish learned from his best friend Guy Spier

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Mohnish Pabrai’s website.

Learn more about Mohnish Pabrai’s Dakshana Foundation.

Our interviews with Mohnish Pabrai about Investing and Life Lessons.

Our interviews with Mohnish Pabrai about The Inner Scorecard.

Our interviews with Mohnish Pabrai about Masterclass Investing. 

Our interviews with Mohnish Pabrai about investing in stocks.

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Kyle Grieve and Shawn O’Malley analyze OTC Markets Group, a hidden infrastructure company that collects tolls on over 12,000 securities while operating with fewer than 130 employees. They explore why OTCM is the only viable option for small companies and international firms seeking access to the US market. Find out whether the current stock price offers an attractive entry point for value investors.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:24 - Why OTC Markets operates as a hidden monopoly, most investors have never heard of
00:03:08 - The three business segments generating recurring revenue from market infrastructure
00:09:09 - How OTCM's pricing power compares to other monopolistic businesses
00:14:54 - Why 130 employees can manage the infrastructure for over 12,000 securities
00:19:41 - What keeps customers so loyal
00:27:02 - How regulatory relationships create barriers to entry
00:50:22 - The surprising reason declining subscriber counts might not be concerning
00:59:00 - The exceptional unit economics that make Corporate Services so profitable
01:02:29 - Why management's capital allocation approach is so different from that of typical CEOs
01:19:54 - Whether this hidden infrastructure gem deserves a spot in your portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Stig has invited legendary investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a compounded annual growth rate of 12.4% on equities since its fund's inception on 2/28/1999, compared to 8.5% for the S&P 500.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:04:25 - What the intrinsic value of Berkshire Hathaway is, and what type of return you can get going forward
00:21:39 - Chris’s opinion on Greg Abel’s first letter to shareholders
00:38:39 - How should Berkshire management be compensated?
01:05:36 - How to think about valuing OpenAI
01:12:42 - Why S&P 500 share buybacks don’t benefit investors
01:22:53 - Thinking about investing risk from sudden loss vs. the slow decline of an asset manager
01:29:03 - Why Buffett reads Chris’s annual letter

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Stig’s  2025 interview with Chris Bloomstran about Berkshire Hathaway. 

Stig’s  2024 interview with Chris Bloomstran about Berkshire Hathaway. 

Stig’s  2023 interview with Chris Bloomstran about Berkshire Hathaway. 

Chris Bloomstran’s website. 

Read Chris Bloomstran’s annual letters.

Buffett resource on CNBC. 

Alex Morris’ book, Buffett and Munger Unscripted.

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