82 episodes

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 heavily 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.

We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.”

Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.

The Business Brew Bill Brewster

    • Business
    • 4.6 • 29 Ratings

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 heavily 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.

We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.”

Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.

    Tom Morgan - The Most Interesting Man in Finance

    Tom Morgan - The Most Interesting Man in Finance

    Tom Morgan stops by The Business Brew for a wide-ranging conversation.  Tom is the Director of Content and Communications at The KCP Group.  His writings can be found at https://thekcpgroup.com/insights.  Tom describes himself as a curious sherpa.  He's always looking to find interesting people and ideas.  You can find Tom at @tom_morganKCP on Twitter.

    No detailed show notes on this one.  Just listen.

    This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below.

    Please leave us a rating in your favorite podcast player.

    Album art photo taken by Mike Ando. Please see www.mikeando.com.

    Thank you to @mathewpassy (on Twitter) for the show production.

    Please leave us a rating in your favorite podcast player!

    This episode is brought to you by Bastiat Partners, a new breed of investment and merchant bank that specializes in primaries, secondaries, and co-investment opportunities in the private markets.  Bastiat caters to a unique coverage universe of 250+ family offices, VCs, and crossover hedge funds. While sector generalists, the Firm specializes in fast-growing technology and technology-enabled businesses, advising companies on primary capital raises and creating liquidity events for founders and early investors via secondary transactions. The Firm also advises fundless sponsors and GPs on co-investment opportunities. Bastiat Partners was founded nearly a decade ago by Nader Afshar, a former senior investment banker at J.P. Morgan, and is headquartered in Los Angeles.

    Securities offered by Hollister Associates, LLC, Member FINRA/SIPC.  Bastiat Partners and Hollister Associates, LLC are not affiliated companies.

    See https://bastiatpartners.com/.

    • 1 hr 35 min
    William Green - The Man Behind The Books

    William Green - The Man Behind The Books

    William Green, best-selling author and podcast host extraordinaire, comes back to The Business Brew to have a very real conversation about life.  William's first appearance was part of the launch of Richer, Wiser, Happier, which you can find at https://www.amazon.com/s?k=richer+wiser+happier+william+green&i=audible&sprefix=richer%2Caudible%2C84&ref=nb_sb_ss_ts-doa-p_1_6.  This conversation is more focused on William's career and lessons he has learned.



    This was a conversation that really put a smile on Bill's face and it is one The Business Brew is very proud to feature.  Hopefully this conversation shows a unique side to William Green; the side Bill got to see when they first met.



    We hope you enjoy the conversation as much as Bill enjoyed recording it.

    This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below.



    Album art photo taken by Mike Ando. Please see www.mikeando.com.



    Thank you to @mathewpassy (on Twitter) for the show production.



    Please leave us a rating in your favorite podcast player!



    Detailed Show Notes:



    Beginning – Where William and Bill “are” right now



    9:30 – Structuring a portfolio to support your personality and advice from Peter Lynch



    13:40 – What can come from the sense of being lost



    17:40 – The difference between how investing is covered and reality for most people



    22:10 – Bill and William talking about identity



    24:20 – William’s career background



    32:10 – The gifts from hard times



    34:10 – Try to flood the body with good emotions



    40:25 – Dealing with the feeling of unworthiness



    48:10 – Accepting your beautiful monsters



    53:40 – Munger’s insight about Richer, Wiser, Happier



    1:03:40 – The power of looking to help others



    1:09:40 – One of William’s takeaways from the Berkshire meeting



    1:15:40 – Going strong vs. going weak



    1:20:40 – Internal vs. external scorecards



    1:22:30 – William’s experience with audio interviews



    1:26:10 – Picking up on body language



    1:30:40 – How Richer, Wiser, Happier is doing



    Books mentioned:

    Richer, Wiser, Happier (BUY IT!) https://www.amazon.com/s?k=richer+wiser+happier+william+green&i=audible&sprefix=richer%2Caudible%2C84&ref=nb_sb_ss_ts-doa-p_1_6



    Power vs. Force https://www.amazon.com/Power-vs-Force-Dr-David-R-Hawkins-audiobook/dp/B000KZRMCO/ref=sr_1_1?gclid=CjwKCAjw-8qVBhANEiwAfjXLrrQaA5rWgk4cxmKB0DXcwEZ7Pzzm2qwPAXcEfK93MJdhuzhebTDEtxoCxzsQAvD_BwE&hvadid=548152874877&hvdev=c&hvlocphy=90

    • 1 hr 38 min
    Jordan Noone - Rockets and Venture Capital!

    Jordan Noone - Rockets and Venture Capital!

    Jordan Noone stops by The Business Brew to discuss his experience founding Embedded Ventures and Relativity Space.  At the age of just 22 years old Jordan co-founded Relativity Space, which 3D prints rockets!  Yes, rockets.  See https://www.relativityspace.com/.

    Following his time at Relativity Space, Jordan co-founded Embedded Ventures, a venture capital firm. Embedded has an interesting goal of using "clean capital" to enhance the security of the US while generating investor returns.  See below for the official bios on both of Jordan's companies.

    We hope you enjoy the conversation!

    ABOUT EMBEDDED VENTURES - See https://www.embedded.ventures/ -  Launched in 2020, Embedded Ventures is a next generation venture capital firm investing in dual-use space startups beyond launch. Best described as “the skunkworks of Venture Capital” because of their unique investment approach and backgrounds, Embedded has a first-of-its-kind partnership with the United States Space Force. Co-Founders Jenna Bryant and Jordan Noone both have atypical industry experiences and strong passions for the communities they represent. The firm invests in the pre-seed and seed stage startups focused on space operations, digital engineering, and advanced manufacturing. To date, Embedded Ventures has announced investments in Chromatic 3D Materials, Inversion, KittyCAD, Slingshot Aerospace and Skyryse.

    ABOUT JORDAN NOONE Jordan Noone is the Co-Founder, CTO, and General Partner at Embedded Ventures, the skunkworks of deep tech venture capital. Launched with his Co-Founder Jenna Bryant.

    Jordan is Relativity’s Co-Founder and founding CTO - as of 2020, Relativity is the world’s second most valuable private space company. As Relativity's CTO, Jordan focused on technical direction and engineering design, including: developing printing technology, launch vehicle design, propulsion design, software development, infrastructure development, and government affairs. Jordan also led many Relativity initiatives including: expansion of Relativity’s Stargate Factory into the rest of aerospace manufacturing, Relativity’s strategy for expanding printing technology off-planet; and the ability of Relativity’s factory flexibly scale to a wide range of rocket sizes.

    Jordan has had a lifelong interest in aerospace, including the design and build of spaceflight hardware at the age of 18 while at the University of Southern California, and becoming the first student and youngest individual in the world to get Federal Aviation Administration clearance to fly a rocket to space (150 kilometer altitude) while leading USC’s Rocket Propulsion Lab. In 2015 he started Relativity when 22 years old. He has been chosen for “30 Under 30” by Forbes, Business Insider, and Inc. Magazine.

    He received a BS in Aerospace Engineering, and dropped out of a BS in Biophysics, both from University of Southern California. Outside of Relativity, Jordan is active in promoting STEM education worldwide with the US Department of State.

    This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below.

    Album art photo taken by Mike Ando. Please see www.mikeando.com.

    Thank you to @mathewpassy (on Twitter) for the show production.

    Please leave us a rating in your favorite podcast player!

    Detailed Show Notes:

    Open – Jordan’s background

    7:25 – What down rounds do to everyone

    9:20 - What it was like to start Relativity at 22 years old

    17:00 - How to prove students can launch rockets without killing anyone

    24:00 - The benefits of 3D printing for manufacturing

    30:30 - How VCs, specifically Mark Cuban, helped Relativity

    33:00 - What Embedded Ventures is doing, and why

    • 1 hr 17 min
    BONUS: Cem Karsan - Derivatives Are The Underlying

    BONUS: Cem Karsan - Derivatives Are The Underlying

    Cem Karsan stops by The Business Brew to discuss the lens he views markets through.  Cem's viewpoint is unique compared to many guests on this program because he looks at how options dealers are positioned and considers what flows may result from that positioning.  Many guests on this show view equity valuation as the present value of the discounted cash flows available to equity.  While Cem would likely agree with that, he argues in this episode that an equity's valuation is really an output derived from the options market (which expresses probabilistic views of discounted cash flows).   We hope this episode gives you something to think about!

    Cem Karsan formed Kai Volatility Advisors after two decades of experience building industry-leading derivatives businesses.  From 1999 to 2002, he worked as a volatility trader as part of RBC Dominion Securities/ Derivatives Arbitrage Group.  From 2002 to 2005, he worked under renowned Wall St. investor John Mulheren at Bear Wagner Specialists, where Cem helped expand the firm's fledgling derivatives arbitrage business into a competitive force within the industry.  In 2005, Cem took a select group from the firm's proprietary trading arm and founded Precision Capital Management, specializing in equity index volatility arbitrage.  The firm became a significant SPX market maker reaching, at its peak, a high of ~13% of daily trading volume.*  In 2010, Cem divested his stake in Precision and fouded AEGEA Capital, the precursor to Kai Volatility Advisors. *Past performance may not be indicative of future results.

    Follow Cem on Twitter https://twitter.com/jam_croissant

    Learn more about Kai: https://www.kaivolatility.com/contact  

    This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below.

    Album art photo taken by Mike Ando. Please see www.mikeando.com.

    Thank you to @mathewpassy (on Twitter) for the show production.

    Please leave us a rating in your favorite podcast player!

    Detailed Show Notes:

    Open – Cem’s background

    7:25 – How Cem thinks about what matters to capital markets

    13:10 – Valuations have no predictive value, short term

    14:10 – What happened in 2017 and why did the market seem to go up every day?

    21:40 – The counterintuitive conclusion of buying and selling volatility

    23:10 – Why equities are derivatives of “derivatives”

    27:10 – Why options are potentially better instruments for expressing a view

    32:45 – Gamma squeezes explained

    38:25 – Cem’s thoughts on where we are from a macro perspective

    46:10 – The wealth gap and why

    49:40 – Why we may be in a fundamentally inflationary environment

    54:50 – The impacts of monetary policy and which generations have been hurt and helped by policy

    1:00:40 – Why some medicine today may end up better in the long run

    1:02:10 – The tension between utopia and the current (efficient) system

    1:06:40 – Evolution and iteration will hopefully lead to better incomes

    1:10:55 – The coming risks may come from exported inflation to emerging markets

    1:13:10 – The winners of tomorrow used easy money to plant seeds over the past years

    1:15:10 – More background on Cem

    • 1 hr 22 min
    Amanda Agati - Cautiously Optimistic

    Amanda Agati - Cautiously Optimistic

    Amanda Agati stops by The Business Brew to discuss her investment outlook going forward.

    Amanda is Managing Director and Chief Investment Strategist for the PNC Financial Services Group. In this role, she oversees all investment strategy-related activities for the Institutional Asset Management, Wealth Management, and Hawthorn (ultra-high-net-worth) businesses. In addition, she leads the team that establishes overall strategic and tactical asset allocation guidance of client portfolios, manages the evolution of investment processes, provides thought leadership on key investment issues, and is the author of numerous publications. She also performs research and analytics that help drive the overall investment recommendations of the firm while also managing the firm’s asset allocation models.

    Amanda is a self described optimist.  Her opinions are nuanced and thoughtful.  This conversation touches on a number of topics and is quite balanced.  There is even some stuff in here for dog lovers.  We hope you enjoy!

    Follow Amanda on Twitter: https://twitter.com/AmandaAgatiPNC

    Find out more about Amanda's views at: https://www.pnc.com/insights/authors/amanda-e-agati.html

    This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below.

    Album art photo taken by Mike Ando. Please see www.mikeando.com.

    Thank you to @mathewpassy (on Twitter) for the show production.

    Please leave us a rating in your favorite podcast player!

    Detailed Show Notes:

    Opening - General discussion

    12:40 - Thoughts on the economy

    14:55 - Stagflation?

    16:40 - Importance of diversification

    22:10 - Energy discussion

    26:05 - Career path

    29:30 - Quality growth for the long term

    34:10 - Thinking opportunistically in this market

    41:30 - Impact of supply shortages

    44:25 - Investor whiplash

    51:40 - The need for supply chain diversification

    55:40 - Does an illiquidity premium make sense?

    58:10 - Crypto winter (for now)

    1:07:10 - What Amanda attributes her success to

    • 1 hr 11 min
    Sean Stannard Stockton - Managing In a Volatile Environment

    Sean Stannard Stockton - Managing In a Volatile Environment

    Description -  Sean Stannard Stockton, President and CIO of Ensemble Capital Management, stops by The Business Brew for a repeat appearance. Sean discussed his process on his first appearance (see Season 1). In this episode he discusses how he is sticking to his process and managing a portfolio in an uncertain world.

    Please forgive the lack of time stamps in the show notes. We will follow up and update. In the meantime, enjoy the entire episode. It’s a good one.

    This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below.

    Please leave us a rating in your favorite podcast player.

    Album art photo taken by Mike Ando. Please see www.mikeando.com.

    Thank you to @mathewpassy (on Twitter) for the show production.

    Please leave us a rating in your favorite podcast player!

    This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below.

    Please leave us a rating in your favorite podcast player.

    Album art photo taken by Mike Ando. Please see www.mikeando.com.

    Thank you to @mathewpassy (on Twitter) for the show production.

    Please leave us a rating in your favorite podcast player!

    • 1 hr 16 min

Customer Reviews

4.6 out of 5
29 Ratings

29 Ratings

REIexpert101 ,

Incredible Podcast!

First time listener and it did not disappoint! I was completely blown away from the wealth of knowledge Bill’s podcast has to offer. I would highly recommend it! 10/10

Dudman123 ,

Special thumbs up to Alex Blumfeld episode

Love this podcast in general and all the conversations. Special shout out to the Alex Blumfeld episode. Completely surprised and delighted by this young entrepreneur and all the places this conversation went. Keep up the great work Bill!

GeFed ,

Business brew is must listen

Wonderful wonderful blend of important life lessons as well as excellent financial/markets information. Highly recommended

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