Fundamentals Unfiltered

Matt DePaola
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Fundamentals Unfiltered is where investing, business, and the week's financial news get broken down without the hype. Join Matt & Louie each week for straightforward conversations about fundamental investing, understanding businesses, financial statements, valuation, and the ideas that matter to long-term investors. They’ll also dig into the latest business and market headlines—not just what happened, but what it means and why investors should care. Whether you're learning to invest, building your financial knowledge, or simply want to better understand the businesses behind the stocks you own, Fundamentals Unfiltered helps you look beyond market noise and focus on what really matters. New episodes weekly from Fundamental Investing Institute.

  1. 3d ago

    Think Like an Owner

    What does it actually mean to think like a business owner—and why should investors learn to do the same? In the first episode of Fundamentals Unfiltered, Matt and Louie dig into the mindset behind successful business ownership, using Warren Buffett’s approach to management as a starting point. They explore the gap between owning a business and truly thinking like an owner, why incentives matter, lessons they’ve learned from their own business experience, and why a business that doesn’t work on paper probably won’t work in the real world. Then, they turn to the Federal Reserve and Kevin Warsh’s changing approach to Fed communication. Matt breaks down what the Fed actually controls, the role of interest rates and inflation expectations, why the 10-year Treasury matters so much to consumers and businesses, and what changes at the Fed could mean for investors and credit markets. In this episode: What Warren Buffett means by “thinking like an owner” Why managers and owners can have very different incentives Lessons from real-world small business ownership Why cost structure matters—especially in cyclical businesses What the Federal Reserve actually does The difference between short-term Fed policy and longer-term interest rates Why the 10-year Treasury matters for mortgages and borrowing Kevin Warsh’s approach to Fed communication What investors and business owners should understand about interest rates Fundamentals Unfiltered is a weekly podcast from Fundamental Investing Institute, hosted by Matt and Louie. Learn more and explore Fundamental Investing Foundations at fiilearn.com under courses. For educational purposes only. Nothing discussed in this podcast should be considered individualized investment, financial, tax, or legal advice.

    Think Like an Owner

  2. Jan 28

    Ep. 25: Why Gold and Silver Absorb Macroeconomic Risk

    This week’s episode is a shorter, focused macro explainer on why gold and silver often absorb market uncertainty. Gold and silver have been reaching record highs — but what’s really driving the move? In this episode of Fundamentals Unfiltered, Matt breaks down why precious metals often act as “macroeconomic risk absorbers” during times of uncertainty, inflation concerns, geopolitical stress, and shifting confidence in fiat currencies. We explore the two major forces behind rising gold prices — fundamental risk signals and momentum-driven investor behavior — and why higher prices may eventually bring new supply online. This episode is a fundamentals-based look at what gold and silver may be revealing about today’s market environment. More essays and research at: FundamentalInvestingInstitute.com As always, focus on the fundamentals.

    Ep. 25: Why Gold and Silver Absorb Macroeconomic Risk

  3. Jan 21

    Ep. 24: Federal Reserve Independence — Why It Matters for Inflation and Interest Rates

    What actually anchors inflation expectations in a world without the gold standard? In this episode of Fundamentals Unfiltered, Matt examines why Federal Reserve independence is central to economic stability, and why political pressure on monetary policy has repeatedly led to inflation, market instability, and loss of credibility. Using historical examples—from the gold standard and the Great Depression to the 1970s inflation crisis and the Volcker era—the episode explains how today’s monetary system relies on credibility as its nominal anchor, and why that credibility is fragile. This episode also serves as a foundation for a longer companion blog post exploring these themes in depth.

    Ep. 24: Federal Reserve Independence — Why It Matters for Inflation and Interest Rates

  4. Jan 14

    Ep. 23: Warren Buffett – The Berkshire Hathaway Years

    Warren Buffett didn’t become Warren Buffett by accident. In Episode 23 of Fundamentals Unfiltered, Matt continues his series on Warren Buffett by focusing on the moment he became the Warren Buffett — when he took control of Berkshire Hathaway and built it into a long-term investment platform. Topics include: Buffett’s early deep value roots and the Berkshire textile acquisition The National Indemnity purchase and the importance of insurance float Why Buffett closed his partnership in 1969 The shift toward higher-quality businesses and economic moats The influence of Charlie Munger Why Berkshire’s structure gave Buffett a lasting edge Long-term compounding, tax efficiency, and capital allocation Time Stamps: 00:00 — Berkshire Hathaway: Buffett’s Turning Point 03:35 — The Berkshire Textile Business & the Stanton Dispute 05:05 — National Indemnity & Insurance Float 06:17 — Why Buffett Closed the Partnership (1969) 07:24 — From Deep Value to Economic Moats 09:49 — Charlie Munger’s Influence on Buffett 12:37 — Permanent Capital & Structural Advantage 13:30 — Lessons for Investors and Business Owners This episode is part of an ongoing Buffett-focused series, with companion blog posts available at fundamentalinvestinginstitute.com.

    Ep. 23: Warren Buffett – The Berkshire Hathaway Years

  5. Jan 7

    Ep. 22: Warren Buffett - Reflections on His Career

    Warren Buffett officially stepped down as CEO of Berkshire Hathaway on January 1, 2026. In this episode of Fundamentals Unfiltered, Matt begins a two-part reflection on Buffett’s remarkable career by focusing on his early life, education, and partnership years. We explore: · Buffett’s early entrepreneurial instincts in Omaha · His intellectual transformation under Benjamin Graham and David Dodd · The foundations of value investing and margin of safety · Buffett’s partnership years (1956–1969) and extraordinary compounding record · The three investment “buckets” Buffett used before Berkshire Hathaway This episode is less about headlines and more about how great investors are formed—through reading, discipline, patience, and rigorous thinking.

    Ep. 22: Warren Buffett - Reflections on His Career

  6. 12/31/2025

    Ep. 21: Year-End Reflections: Gold, Private Markets, the Fed, and Valuation Discipline

    In this year-end episode of Fundamentals Unfiltered, Matt reflects on the major market themes of 2025 — without relying on forecasts or year-ahead predictions. The discussion covers the rally in gold and silver, private market liquidity challenges, the risks of opening private funds to retail investors, Federal Reserve independence, and how to think about valuation discipline amid continued enthusiasm for artificial intelligence. Rather than focusing on short-term outcomes, the episode emphasizes structure, incentives, and long-term fundamentals — the core ideas that guide thoughtful investing. People Discussed I reference the work of Andrew Ross Sorkin and Charlie Munger during the discussion. For those interested in going deeper: Too Big to Fail — Andrew Ross Sorkin https://amzn.to/4n9wgOB Poor Charlie’s Almanack — Charlie Munger https://amzn.to/4pmBpV2 Affiliate disclosure: We may earn a commission from qualifying purchases at no additional cost to you. Companies & Assets Mentioned · Nvidia · Google · Oracle · OpenAI · Gold, Silver, Bitcoin Topics · Commodity momentum and sentiment · Private equity liquidity and valuation · Retail investor risk in private markets · Federal Reserve credibility · Bond yields and inflation expectations · AI valuations vs. late-1990s comparisons Timestamps 00:00 — Why year-ahead predictions miss the point 01:18 — Lessons from 2008 and 2020 02:49 — Gold and silver in 2025 05:23 — Momentum risk and sentiment 05:49 — Bitcoin as a store of value 07:20 — Private markets and retail investor access 11:29 — The Fed, independence, and bond yields 15:24 — AI valuations vs. bubble narratives 20:48 — Venture capital incentives and risk transfer 23:44 — FII plans and learning projects

    Ep. 21: Year-End Reflections: Gold, Private Markets, the Fed, and Valuation Discipline

  7. 12/17/2025

    Ep. 20: Rate Cuts, Fed Politics, and Inflation Expectations

    In Episode 20 of Fundamentals Unfiltered, Matt analyzes the Federal Reserve’s recent 25 basis point rate cut, dissent within the FOMC, and why bond markets are signaling skepticism toward further easing. The episode explores Fed Chair succession, market concerns around Kevin Hassett, renewed attention on Kevin Warsh, and the historical precedent for Fed independence. Matt also recommends The Great Inflation and Its Aftermath by Robert Samuelson and explains why inflation expectations remain central to modern monetary policy. 00:00 – Intro 00:25 – Fed rate cut explained (25bp) 01:15 – Bond yields & FOMC 04:01 – Who’s the next pick? 06:54 – Politicized Yields 10:31 – Fed Treasury Accord 11:50 – Will he stay? 13:24 – Why Fed Independence is important 15:35 – Book recommendation 18:47 – What to watch heading into 2026

    Ep. 20: Rate Cuts, Fed Politics, and Inflation Expectations

  8. 12/10/2025

    Ep. 19: Takeover Drama & Berkshire Surprises

    This week on Fundamentals Unfiltered, Matt breaks down two major stories shaping markets: - The escalating takeover battle for Warner Brothers Discovery Netflix’s $72B cash-and-stock bid sets off an unexpected contest with Paramount/Skydance’s hostile $30-per-share tender offer. Matt breaks down: Why the deal structure matters (cash vs. stock vs. equity stub) Antitrust risks for Netflix Political angles involving the Ellison family and Jared Kushner Why this drama echoes RJR Nabisco and the book Barbarians at the Gate (Bryan Burrough) - Major leadership shifts at Berkshire Hathaway Berkshire announces several top-level changes, including: Todd Combs leaving for JPMorgan Questions about how Greg Abel will oversee capital allocation CFO Marc Hamburg retiring Michael O’Sullivan named general counsel Nancy Pierce stepping in as GEICO CEO Matt also shares a recommendation of Shut Up and Keep Talking by Bob Pisani, reflecting on floor-trading history and the transition to electronic markets. Check out the link here: https://amzn.to/3YbekZT (As a Amazon affiliate I can earn from qualifying purchases)

    Ep. 19: Takeover Drama & Berkshire Surprises
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About

Fundamentals Unfiltered is where investing, business, and the week's financial news get broken down without the hype. Join Matt & Louie each week for straightforward conversations about fundamental investing, understanding businesses, financial statements, valuation, and the ideas that matter to long-term investors. They’ll also dig into the latest business and market headlines—not just what happened, but what it means and why investors should care. Whether you're learning to invest, building your financial knowledge, or simply want to better understand the businesses behind the stocks you own, Fundamentals Unfiltered helps you look beyond market noise and focus on what really matters. New episodes weekly from Fundamental Investing Institute.

Information

  • Creator
    Matt DePaola
  • Years Active
    2025 - 2026
  • Episodes
    26
  • Rating
    Clean
  • Copyright
    © Fundamental Investing Institute
  • Show Website
    Fundamentals Unfiltered