54 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
    • 4.5 • 13 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.

    David Gardner - An Investing Fool

    David Gardner - An Investing Fool

    The one and only David Gardner stops by The Business Brew for an interview Bill has been looking forward to for over a year.  David is a Co-Founder of The Motley Fool.  He is best known for his Rule Breaker investing strategy but Bill knows him as a person that forced Bill to contemplate how he looks at investing.   
    You can find David’s Rule Breaker podcast at https://www.fool.com/podcasts/rule-breaker-investing/, follow him on Twitter at @DavidGFool, and sign up for The Motley Fool at https://www.fool.com/.   See also his podcasts with Invest Like The Best https://podcasts.apple.com/dk/podcast/david-gardner-finding-companies-that-break-the-rules/id1154105909?i=1000392148108 or https://open.spotify.com/episode/4bwyONARX4WeVcsPYosiuR?si=H8lR4qlwTgS92N5u6IQ2mA and Wealth Track https://wealthtrack.com/category/guests/david-gardner/

    We hope you enjoy the discussion.  Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.

    Please leave us a rating in your favorite app store.

    This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process.  Stream has developed an extensive library of expert interviews that cover a variety of industries.  StreamRG.com features over 300 expert interviews.  70% of Stream's experts are found exclusively on StreamRG.com.  Visit StreamRG.com today for a 14 day trial.  Tell them The Business Brew sent you!

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

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

    Audio/YouTube

    5:24  – David’s minimum investment time horizon 

    8:30 - What running a business did for David’s investments

    14:30 - Rule Breaking for the long term

    19:30 – David’s thoughts on investing vs. trading  
     
    27:40 - Interest rates and how they impacted Rule Breaker returns 
     
    33:56 - Remarkable CEOs that can scale public companies 
     
    40:40 - The importance of teams in investments 
     
    42:50 - The Snap Test
     
    48:50 – How Paul Gardner helped the Motley Fool get started
     
    53:00 – David points out that he picks a lot of losing stocks too!
     
    55:00 – The importance of the willingness to hold
     
    62:50 – Spiffy pops
     
    66:45 – What is an New and Important Industry?
     
    71:21 – Adding to winners
     
    77:44 – Being comfortable with concentration
     
    83:00 – Chasin’ Teenies (this is a stock term)
     
    86:45 – Winner math
     
    91:17 – Live backwards and pick stocks today
     
    94:34 – The risk that private equity and venture capital capture returns that used to be available to public market investors.
     
    96:30 – What is next for David Gardner?
     
    105:00 – The difficulty of internet advertising

    • 1 hr 50 min
    Jonathan Boyar - Intrinsic Value Opportunities

    Jonathan Boyar - Intrinsic Value Opportunities

    Jonathan Boyar stops by The Business Brew to discuss his investing philosophy.  Jonathan is the President of Boyar's Intrinsic Value Research LLC., an independent research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of Boyar Asset Management, which has been managing money utilizing a value oriented strategy since 1983.

    He has been interviewed by Barron’s, Welling on Wall Street and GuruFocus. He spoke at the 2017 London Value Investor Conference, the 2017 GuruFocus Value Conference and the 2017 International Value Investing Conference. He is also a contributor to the latest edition of Harriman’s Book of Investing Rules: The Do’s & Don’ts of the World’s Best Investors. He is a senior contributor to Forbes as well as the host of The World According to Boyar podcast.

    We hope you enjoy the discussion.  Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.

    Please leave us a rating in your favorite app store.

    This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process.  Stream has developed an extensive library of expert interviews that cover a variety of industries.  StreamRG.com features over 300 expert interviews.  70% of Stream's experts are found exclusively on StreamRG.com.  Visit StreamRG.com today for a 14 day trial.  Tell them The Business Brew sent you!

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

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

    Youtube:

    05:00 - What makes The Berkshire Weekend so great

    10:00 - Finding value in non traditional companies/stocks

    13:30 - Why there is an opportunity in microcaps sometimes

    18:00 - Value + a catalyst vs. value traps

    20:00 - Dead money as a mistake

    22:30 - Holding on to winners

    27:00 - Boyar’s idea generation process and The Forgotten 40

    31:00 - Scott’s Miracle Gro

    34:00 - Discussion about dogs then Seinfeld

    41:30 - Discovery and how they are going to compete

    46:52...Trinity Place Holdings

    52:00 - How does Jonathan think about cash shells and being a minority shareholder
    in that instance

    53:20 - What makes MSG a unique asset

    58:00 - Assets creating nontraditional value

    63:00 - Meme stocks and FOMO

    66:00 - What is margin of safety

    71:00 - How Jonathan’s father taught him about investing

    • 1 hr 18 min
    David Fauchier - Market Neutral Crypto

    David Fauchier - Market Neutral Crypto

    David Fauchier stops by The Business Brew to discuss crypto and market neutral strategies in crypto assets.  David works at Nickel Digital Asset Management, an investment manager connecting traditional finance with the digital assets market. The firm deploys highly sophisticated low-latency algorithmic trading, pursuing a range of arbitrage strategies in both spot and derivative markets, as well as a range of directional buy-and-hold products. All funds are designed with institutional clients in mind, but we hope the discussion is broadly applicable.


    You can reach David at @dfauchier on Twitter.


    We hope you enjoy the discussion.  Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.


    Please leave us a rating in your favorite app store.


    This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process.  Stream has developed an extensive library of expert interviews that cover a variety of industries.  StreamRG.com features over 300 expert interviews.  70% of Stream's experts are found exclusively on StreamRG.com.  Visit StreamRG.com today for a 14 day trial.  Tell them The Business Brew sent you!


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


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


    Youtube:
    4:19 - What David does - market neutral strategies in crypto
     
    6:04 - How to look at market neutral strategies when there is not "value" in a coin
     
    8:48 - David's take on crypto and monetary regimes
     
    14:39 - How decentralized networks validate change, and therefore confirm "truth" in the chain
     
    13:44 - BitCoin as a substitute for gold and as a network architecture
     
    16:49 - Why David was comfortable moving into crypto professionally
     
    20:24 - The role of Etherium in crypto and why Etherium was a big change
     
    24:49 - What is Ethereum?
     
    29:44 - How to find the good assets in a sea of bad ideas
     
    34:58 - Zero Knowledge Proofs and how they help crypto scale
     
    43:39 - How do the big cloud players fit into the landscape in the future?
     
    47:04 - How blockchain/Web 3 will potentially give users power over their data
     
    51:04 - What could be enabled in the Web 3 world?
     
    56:34 - Digital scarcity and what that may mean in the future
     
    59:34 - When something that's stupid and crazy gets more stupid and crazy then it probably isn't stupid and crazy.
     
    1:04:04 - Obligatory Metaverse discussion
     
    1:07:34 - NFTs and fraud
     
    1:10:44 - How David thinks of counterparty risk
     
    1:23:04 - Whether crypto markets will continue trading the volume they do
     
    1:27:04 - Coinbase as a business

    • 1 hr 23 min
    Alexandra Blumenfeld - Red Rover Founder

    Alexandra Blumenfeld - Red Rover Founder

    Alexandra Blumenfeld stops by The Business Brew to discuss her business, Red Rover.  Alex is a Junior at Vanderbuilt University and founded Red Rover, an expert network.  Bill, Josh Tarasoff, Trey Kuppin, and Elliot Turner have all used Alex's service and all recommend the service.  This conversation will highlight the value Alex provides.  See show notes below for details of the conversation.
    Red Rover Website: redrovernetwork.com
    Red Rover Twitter Page: https://twitter.com/RedRoverNetwork

     
    If you'd like to order a poll please see the website and click on "order polls" or contact Alex at alex@redrovernetwork.com. 
     
    NOTE:  The timestamps should be accurate for those listening to the podcast on a dedicated podcast player.  YouTube's timing is different because of how we edit the podcast audio.  

    In this show you will hear about:

    3:33 - 15:33 - Alex's path to entreprenuership

    16:25 - The type of data Alex's business provides

    18:21 - Whether there is geographical bias in Red Rover sampling
    21:50 - How Alex is thinking about expanding Red Rover's capabilities

    22:50 - Examples of surveys Red Rover has run

    23:45 - Alcohol consumption among college students

    25:45 - Video streaming services

    30:00 - Insights on Spotify vs. audio streaming

    35:20 - Discussion about podcasts

    35:15 - How Gen Z ranks social media

    37:15 - Gen Z is comfortable with a lack of privacy

    39:50 - What Red Rover is doing to monitor levels of engagement

    43:10 - Cultivating an Instagram account to make sure people don't say no to friendship

    45:30 - How much time does video get with Gen Z?

    48:10 - Body image and Instagram

    50:30 - Metaverse (note: this was recorded before Facebook's announcement)

    52:40 - Growing up with the internet and whether that is tough on the mind

    58:50 - Subscription billing practices

    60:00 - How Alex thinks about building a culture that will last.

    • 1 hr 7 min
    Kyler Hasson - Playing His Game

    Kyler Hasson - Playing His Game

    Kyler Hasson (Kyler@hassoninvestments.com) stops by The Business Brew to discuss how he has morphed as an investor and as a Registered Investment Advisor.  Kyler is one of Bill's good friends and they've chatted about investments for a number of years now.  Kyler is an investor that has gravitated to high quality businesses.  He has also gravitated towards a less concentrated portfolio in order to fulfill client objectives.  We hope you enjoy listening to the two of them sharing lessons they've learned.


    We hope you enjoy the discussion.  Detailed show notes below the Koyfin sponsor and thank yous.


    Please leave us a rating in your favorite app store.


    This episode is brought to you by Koyfin, one of the fastest-growing platforms for financial data and analytics to research stocks and understand market trends. Check out Koyfin.com to see what a Bloomberg-lite, with tons of high-quality fundamental data and a powerful graph engine looks like.


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


    Thank you to Mathew Passy for the podcast production.  You can find Mathew at @MathewPassy on Twitter or at thepodcastconsultant.com


    In this episode you will learn how Kyler and Bill think about:


    1:35 - How Kyler started his investing career


    4:22 - How Kyler views being an RIA (Registered Investment Advisor)


    7:17 - Tax drag and how that can hurt investment performance


    11:04 - Why finding a great business that can compound returns over time may be a better strategy


    15:00 - Mean reversion and risk

     
    18:49 - Moving towards a more diversified portfolio and avoiding overconfidence bias


    24:49 - Whether investors *really* want to be like Charlie Munger.

     
    26:02 - A very cool class Kyler took in college

     
    30:32 - Why certain tribe of investors talk past each other

     
    34:12 - Being aware of behavioral biases

     
    36:00 - Lessons from an energy investment

     
    40:36 - Lessons from Altice and why demanding execution might have been a better idea

     
    42:19 - Looking for high quality companies that sell off for non core reasons


    48:00 - Culture compounding as a competitive advantage


    52:54 - The individual investor's greatest advantage


    56:40 - Buying a new position or adding to an existing position


    58:00 - Whether buying "cheap" is harder than owning fairly priced quality companies


    1:05:00 - The need to keep evolving and learning


    1:08:00 - Eliminating some stupidity


    1:12:00 - Assessing opportunity costs and getting paid for the risks you are taking


    1:16:00 - Some Constellation Software discussion


    1:25:14 - Assessing how whether acquirers use debt or equity for acquisitions

    • 1 hr 34 min
    Chris Bloomstran - Taking Principled Stances

    Chris Bloomstran - Taking Principled Stances

    This week Chris Bloomstran stops by The Business Brew to catch up.  Part of this conversation are a bit scary.  Parts you may disagree with.  Regardless, it's very apparent that Chris thinks A LOT about what he is investing in.


    Chris is the President and Chief Investment Officer of Semper Augustus Investments Group. He is best known for his annual letters; most of which have an incredibly detailed analysis of Berkshire Hathaway. See https://www.semperaugustus.com/clientletter


    We hope you enjoy the discussion.  Detailed show notes below the Koyfin sponsor and thank yous.


    Please leave us a rating in your favorite app store.

     

    This episode is brought to you by Koyfin, one of the fastest-growing platforms for financial data and analytics to research stocks and understand market trends. Check out Koyfin.com to see what a Bloomberg-lite, with tons of high-quality fundamental data and a powerful graph engine looks like.


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


    Thank you to Mathew Passy for the podcast production.  You can find Mathew at @MathewPassy on Twitter or at thepodcastconsultant.com


    In this episode Chris and Bill discuss:

    0:34 - Chris' wine hobby

    7:34 - Chris setting weight lifting records in high school

    11:33 - Playing football against Barry Sanders

    17:04 - Pivot to investing

    17:47 - What about today rhymes with the late 90s

    25:00 - Chris' warning about Twitter, Shopify, and Tesla

    28:00 - What rhymes between ARK and Janus

    30:54 - How Chris thinks about today's multiples

    38:25 - Why Chris has positions in energy companies

    43:00 - Chris' use of Twitter and his Twitter threads

    50:31 - Chris' love for teaching

    53:03 - Bill and Chris discuss Berkshire

    60:45 - Berkshire Hathaway Energy and how it fits within the renewable energy landscape

    1:04:45 - Discussion about opportunity cost and value traps

    1:08:45 - Why Chris is lukewarm on Big Tech

    1:10:00 - Chris' take on the idea of never selling a great business

    1:16:10 - Chris discusses Costco vs. Amazon and concludes the opportunity cost discussion at 1:18:52

    1:22:00 - More energy (in the context of opportunity cost)

    1:26:53 - Commodities, capital cycle theory, and the "max pain" trade

    1:30:57 - How to treat the expensing of R&D and depreciation

    1:41:13 - Thinking about terminal economics of a business

    1:47:13 - Ex-FAAMNG the S&P components are priced as high as they have been

    1:51:40 - Why the market might be right on Apple, Nike, and other quality companies

    1:57:02 - Government debt loads

    2:00:06 - What should Berkshire do with its cash
     

    • 2 hrs 11 min

Customer Reviews

4.5 out of 5
13 Ratings

13 Ratings

Jon DeKam ,

Love the Brew

Found this podcast from a Brian Feroldi tweet thread and have been listening for a couple of weeks. Love the conversations with guests that cover a wide range of topics and are very free flowing. He comes across as very genuine and knowledgeable about the topics. I am adding this to my regular podcast rotation. Keep up the good work!

miketrumpetuk ,

Epic listen for a new investor

Loved every minute of that huge conversation with Elliot Turner. Honesty tone and insight. Cheers.

Vimtopig45 ,

The Best 3 Hour Long Interviews Ever

Nothing brews like the business brew 👍🏼

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