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.
Jeremy Raper - Credit Focused Equity
Jeremy Raper stopped by The Business Brew to discuss his unique way of viewing equity markets.
Jeremy is a global investor that looks for value in obscure places. He views the world through a credit lens, which is fun for Bill since that’s Bill’s background.
This episode covers position sizing, illiquid microcap positioning, global investing, and more. Thank you to Jeremy for joining!
Jared Kaplan - CEO Interview - OppFi
First and foremost, Bill owns stock in OppFi. This episode is not an invitation or solicitation to buy or sell shares in FGNA, the entity that OppFi is merging with in a SPAC transaction. Second, The Business Brew and Bill encourage listeners to do their own due diligence and talk to their financial advisor before purchasing or selling shares in any security.
With that said, Bill wanted to interview Jared because OppFi sits at the intersection of many Business Brew episodes. To begin, FGNA is taking the company public via SPAC (See Andrew Walker's episode for a discussion on SPACs). Next, Mike Mitchell, our first guest, introduced Bill to Kyle Cerminara, a recent guest, who is part of the group taking OppFi public. Finally, OppFi would have never passed Bill's "smell test" if it wasn't for Tyrone V. Ross' episode where Tyrone talked about the need for serving the underbanked.
In the interest of complete transparency, Bill does not have a significant portion of his net worth allocated to OppFi. Instead, OppFi is part of a "basket bet" Bill made on Kyle Cerminara. Within that bet, Bill finds the incentives of all the people involved compelling. That said, Bill has not done enough work, nor is he convinced enough on OppFi's prospects, to make OppFi a significant weighting in the portfolio.
For the avoidance of doubt, this podcast interview is biased and is part of an open source due diligence project. Bill may change his mind at any time and does not commit to letting people know when he does so.
We hope you enjoy the episode.
William Green - Author Interview - Richer, Wiser, Happier
William Green is the author of RICHER, WISER, HAPPIER: How the World’s Greatest Investors Win in Markets and Life (April 20, 2021; Scribner). Green has written for many leading publications in the US and Europe, including The New Yorker, Time, Fortune, Forbes, Barron’s, Fast Company, Money, Worth, Bloomberg Markets, The Los Angeles Times, The Boston Globe Magazine, The New York Observer, The (London) Spectator, The (London) Independent Magazine, and The Economist. He has reported in places as diverse as China, India, Japan, the Philippines, Bangladesh, Saudi Arabia, South Africa, the US, Mexico, England, France, Monaco, Poland, Italy, and Russia. He has interviewed presidents and prime ministers, inventors, criminals, prize-winning authors, the CEOs of some of the world’s largest companies, and countless billionaires.
While living in London, Green edited the European, Middle Eastern, and African editions of Time. Before that, he lived in Hong Kong, where he edited the Asian edition of Time during a period in which it won many awards.
Green has collaborated on several books as a ghostwriter, co-author, or editor. One of them became a #1 New York Times and #1 Wall Street Journal bestseller in 2017. He also worked closely with a renowned hedge fund manager, Guy Spier, helping him to write his much-praised memoir, The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment. Green also wrote and edited The Great Minds of Investing, which features short profiles of 33 renowned investors, along with stunning portraits created by Michael O’Brien, one of America’s preeminent photographers.
Born and raised in London, Green was educated at Eton, studied English literature at Oxford, and received a Master’s degree from Columbia University’s Graduate School of Journalism. He lives in New York with his wife, Lauren, and their children, Henry and Madeleine.
Corey Hoffstein - More Than A Model; Idiot (Yes, that's a Zoolander Reference)
Corey Hoffstein, host of Flirting with Models, stopped by The Business Brew to have a wide ranging conversation about markets and his career. Corey is an amazing thinker. Rather than summarize his thoughts we would direct listeners to his website: https://blog.thinknewfound.com/author/choffstein/. You can find his podcast links at https://www.thinknewfound.com/podcast.
He's a great guy, incredibly smart, and this is one cool conversation. We hope you listen and enjoy!
Corey is the Co-Founder and Chief Investment Officer of Newfound Research, a quantitative investment manager. Corey received his BS in Computer Science from Cornell University and his MS in Computational Finance from Carnegie Mellon University.
Preston Pysh - From "Value" to Bitcoin
In this episode Preston Pysh joins The Business Brew. Preston needs no introduction in the financial podcast world. But just in case... Preston Pysh is an authority in business, investing, and leadership. His business podcast is globally ranked #1 on iTunes for stock investing and numerous other categories. On Amazon, Preston is globally ranked as a top 100 business author. His work has been translated into numerous languages and he writes about international finance and central banking. His podcast, We Study Billionaires, has been downloaded millions of times per year. Preston has interviewed billionaire NBA sports team owners, Hedge Fund Managers, and global authorities in finance. His work has been featured on shows like The Colbert Report on Comedy Central, The History Channel, and many others. Preston is the founder of the Pylon Holding Company and he is a graduate of West Point and Johns Hopkins University. He was an AH-64D Attack Helicopter pilot and Company Commander with the 101st Airborne Division During Operation Enduring Freedom and he was awarded the Bronze Star Medal."
Bill used to listen to Preston when Preston co-hosted the Saturday "show" on The Investor's Podcast Network; We Study Billionaires (see https://www.theinvestorspodcast.com/we-study-billionaires/). Bill has a habit of being late to ideas, so he was closed minded to Bitcoin while Preston made the case for Bitcoin. Fortunately for Bill, he does usually realize when he might be wrong/stupid. So, he invited Preston on The Business Brew to discuss Preston's transition from a "traditional value" investor to a Bitcoin bull.
Regardless of whether you, as a listener, agree with Preston's thesis, we hope you can learn a little about:
(a) how Preston thinks,
(b) what it took for him to make a macro/currency call, and
(c) the courage it took for him to make a call on something Buffett and Munger dismiss as silly.
We are grateful for him saying yes to coming on The Brew. Props on the BTC call Preston.
Aaron Edelheit - Mindset Mastery
Bill invited Aaron to stop by The Business Brew to have some fun and do a 4/20 episode. While the conversation does touch on cannabis, the more important parts of the conversation involve Aaron's philosophy of work life balance. Aaron is a strong advocate of the 24/6 workweek. He is a staunch advocate of observing a work sabbath weekly. We hope there is wisdom and entertainment in this episode.
Aaron's bio is as follows:
Aaron M. Edelheit is the CEO and Founder of Mindset Capital, a private investment firm. Aaron also was the Chief Strategy Officer of FLO Technologies, after being one of the first investors in the company, helping the company grow from a pre-revenue startup to raising $28 million and launching in over 500 Home Depot stores. FLO was acquired in January of 2020 by Fortune Brands.
In his previous role as CEO of The American Home, Aaron founded and grew a company from 16 rental homes to one that owned 2,500 single family rental homes and was sold in April 2015 to a publicly traded Real Estate Investment Trust. Aaron also founded and ran a successful money management firm, Sabre Value Management from 1998 to 2011. In 2018, IdeaPress published Aaron’s first book, The Hard Break: The Case for a 24/6 Lifestyle. The book makes the case for taking one day off from work, email and smartphones for a more productive, healthier and more creative life. Aaron has served on the boards of non-profits such as the Moishe House Foundation and Global Village Project. And he is also a member of Social Venture Partners in Santa Barbara, California. Aaron has also been featured and quoted in the Wall Street Journal, New York Times, Bloomberg, and CNBC among others and has given lectures on business and entrepreneurship in the U.S., Canada and South Africa.