Talking Billions with Bogumil Baranowski Bogumil Baranowski

Morgan is a singer-songwriter, an author, and the co-founder of Trailhead Planners, a financial planning and wealth management firm serving clients nationally. Morgan lives with his family in Minneapolis, Minnesota.
Morgan is the author of Money with Purpose: Receive the Dividends of an Undivided Financial Life and is an in-demand financial industry writer via his popular newsletter, The Value of Advice.
You can find more information about Morgan and follow his blog at morganranstrom.com
Our mutual good friend Matt Zeigler kindly introduced us, and I’m grateful we connected, and had an opportunity to record.
Today, we talk about money. Morgan emphasizes though that becoming a millionaire should not be the ultimate goal; instead, money should be a means to a more meaningful end.
My guest points out that money plays a role in overall well-being and should not be ignored or underestimated. Shifting from a victim mentality to one of ownership and gratitude is crucial for financial well-being.
Morgan also highlights that the act of creation, such as through music, it’s something that can bring personal fulfillment and leave a lasting legacy.
Money, he suggests, can be used to buy back time and create meaningful experiences.
Legacy and passing on wisdom to future generations is an important aspect of financial planning for him.
Morgan stresses that time is a valuable resource that should be prioritized and used intentionally. He noted that wisdom and experience are valuable assets in entrepreneurship, with many successful entrepreneurs being in their 40s and 50s.
He reminds us that life is long, providing ample time to pursue meaningful things and have meaningful experiences.
Morgan advises letting go of guilt and shame when enjoying life's pleasures and prioritizing self-care.
Stay tuned until the end, when we talk about investing for the future and caring for future generations while setting them up for success.



Chapters:
- 05:00 Introduction and Overlapping Interests
- 13:22 Money as a Means to a More Meaningful End
- 31:54 Shifting from Victim to Gratitude
- 40:21 Money Can Buy Time
- 51:57 Time: A Valuable Resource
- 01:00:25 Investing for Future Beings
- 01:14:04 Defining Success: Virtue, Family, and Creation

Podcast Program – Disclosure Statement


Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. 
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.




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“True wealth is the ability to underwrite a meaningful life.”
My guest today is Brian Portnoy, CFA, PhD — the Founder of Shaping Wealth.
Brian is one of the world’s leading experts on the psychology of money.  He has written multiple bestselling books, including The Geometry of Wealth, and has 20+ years of experience as an investor and educator in the hedge fund and mutual fund industries.  He is a CFA Charterholder and earned a PhD at the University of Chicago.
Brian Portnoy discusses the emotional and psychological aspects of money and the pursuit of a meaningful life. He emphasizes the importance of understanding the connection between money and happiness, and how money triggers and amplifies various emotions.
Portnoy introduces the concept of funded contentment, which is the ability to underwrite a meaningful life, and highlights the significance of adaptive simplicity in navigating the overwhelming amount of information and choices. He also explores the four Cs (connection, control, competence, and context) that form the nexus of money and meaning, and how they contribute to a sense of contentment and fulfillment.
The conversation explores the concept of funded contentment and its two-step process: determining what is meaningful and then figuring out how to afford it. It emphasizes that contentment can come from experiences and possessions, but experiences tend to have a longer-lasting impact.
The discussion also touches on the importance of playing your own game in terms of wealth and investing, rather than trying to beat the market. Time is highlighted as a valuable asset, and the need to set priorities that align with the life you want to live. The conversation concludes with the idea that success is a life that is meaningful and aligned with your own definition of success.
Chapters:
06:30 Introduction and Early Life10:42 The Emotional Aspect of Money17:46 Funded Contentment and Underwriting a Meaningful Life30:31 The Four Cs: Connection, Control, Competence, and Context37:04 The Two-Step Process of Funded Contentment43:20 Experiences vs Possessions: The Impact on Contentment49:18 Playing Your Own Game in Wealth and Investing57:50 Time and Money: Setting Priorities1:00:05 Defining Success: A Meaningful Life
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. 
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

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Investing continues to change -- we talk about Ben Graham's lessons from one particular investment, and where the money is in this new era for investors.

Any stocks mentioned today, as always, are no recommendations; they are case studies or illustrations — please do your own research and/or talk to an advisor, please.
My guest today is Adam Seessel. He is an author and professional investor with experience as an investigative reporter — which comes in handy in investing. He graduated summa cum laude from Dartmouth College and began his professional career as a newspaper reporter in North Carolina.
In 1995, Seessel took his research skills to Wall Street. He worked for Sanford C. Bernstein, Baron Capital, and Davis Selected Advisers before starting his own firm, Gravity Capital Management, which manages money for high-net-worth individuals and institutions.
In addition to running Gravity, Adam is a regular contributor for both Barron’s and Fortune magazines.
https://www.gravitypartners.com/
His book and this conversation made a big impact on me.
I like the idea of getting a bargain deal when I shop for everything from shoes to stocks and beyond.
Traditional value investing may be interpreted as static, the way Ben Graham bought cigar butt stocks, statistically cheap. Maybe we need a more dynamic view.
Adam does an incredible job explaining the evolution of value investing and proposes a new perspective regarding the future.
I know that Buffett changed and evolved as an investor; you’ll see how Adam has, too; I have to admit that I’m the first to challenge my assumptions and see how I can continuously learn and adapt to the ever-changing world.
Adam argues that money and investment opportunities might lie in the digital economy, and as long as investment principles remain the same, our methods might need to change.
Adam is joining me from Manhattan, so don’t be surprised if you hear some faint city sounds in the background, such as sirens and more. Please help me welcome Adam Seessel!


Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. 
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

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An hour-plus with a master storyteller, forensic accountant, investor, and a good friend.

Jeff is such a terrific guy. He has that voice and storytelling gift that keeps you hooked for hours because every minute, you feel like he is letting you in on the biggest secret, and he really is. I had to have him here on TB, and he kindly said yes. He is a fellow investor, VALUEx’er, forensic accountant, and good friend.
Jeff Gilbert, CPA is an Executive Director of Investigations where he specializes in forensic auditing. Drawing upon personal experience and using real-life case studies, he teaches at the Asper School of Business and with the Chartered Professional Accountants program. Jeff also mentors entrepreneurs and provides strategic advice to assist them in achieving their goals. He manages his own investment portfolio with a mix of public companies and private investments. A strong believer in lifelong learning, he is an avid reader and has numerous interests, including value investing and understanding various philosophies, strategies, and mental models.
In this conversation, we discuss Jeff's childhood upbringing and the influence of his grandfather's wisdom. Jeff shares his journey of discovering and developing his own investment style, emphasizing the importance of curiosity and continuous learning. We also highlight the role of accounting in investing and the need to understand financial shenanigans. Jeff emphasizes the significance of ethics in investing and the dangers of fraud.
Overall, the conversation explores the individual journey and personal approach to investing. We discuss the divide between honest and unethical individuals in the business world and explore the importance of trust in the stock market and the differences between private and public businesses.
The conversation delves into the mindset of an investor and the power of kindness and gratitude. We also highlight the value of being part of a like-minded community and define success as personal well-being, fulfilling work, strong relationships, and giving back.
Chapters:
05:00 Introduction and Childhood Upbringing
08:06 The Influence of Jeff's Grandfather
11:11 The Power of Curiosity
15:00 Jeff's Discovery of Investing
19:53 Developing a Personal Investment Style
27:58 The Role of Accounting in Investing
30:57 Understanding Financial Shenanigans
36:08 The Importance of Ethics in Investing
39:01 The Gray Area of Accounting and Fraud
40:39 The Divide: Honest vs. Unethical Individuals
44:07 The Importance of Trust in the Stock Market
48:20 Private vs. Public Businesses
51:46 The Mindset of an Investor
56:46 The Power of Kindness and Gratitude
1:00:38 The Value of a Like-Minded Community
1:08:22 Defining Success
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. 
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.

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A wide-ranging discussion about money, wealth, investing, inherited wealth, books, curiosity, ideas, and more! Full Credit to Matt Zeigler, his Intentional Investor on Epsilon Theory Podcast. Thank you, Matt!

In this episode of The Intentional Investor, host Matt Zeigler is joined by Bogumil Baranowski to discuss the power of investing with a multi-generational mindset. Baranowski shares his personal journey from growing up in communist Poland to discovering the transformative potential of free market economies and property rights. We also discuss the importance of viewing wealth as a tree that can be planted, nurtured, and enjoyed by future generations and explore the value of community, education, and personal experiences in shaping one’s perspective on investing and life.

DISCLOSURES
This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.
Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. 
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.


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We will learn about leadership from a global executive who taught 60,000 students around the world.
My guest today is Elizabeth Campbell Pagé. She is an entrepreneur, manager, and global executive in international organizations, including The World Bank, Inter-American Development Bank (IDB), and The Royal Society. Elizabeth teaches cross-sectoral teams in person and online.
She was also the founder, publisher, and editor of a global, peer-reviewed journal of economic and environmental sciences, Ecodecision, featuring Francophone and Commonwealth articles and distributed to over 100 countries.
https://ecppage.com/
Elizabeth C. Pagé shares her childhood influences, early adventures, and curiosity. She discusses the challenges and rewards of living in different places and straddling cultures. Elizabeth talks about her work in leadership development and the importance of leading remote and hybrid teams. She explores the redefinition of success and failure and the need for a broader perspective.
Elizabeth emphasizes the value of process and long-term thinking and the importance of intrinsic motivation in leadership. In this conversation, we discuss the redefinition of leadership in the face of disruption and the importance of creating more leaders. We explore the need for meaningful connections and creating environments where people can challenge ideas.
We also delve into the impact of AI on different professions and the need for re-skilling. The power of storytelling and trust in business is highlighted, along with the intrinsic value of stories and the human element. The conversation concludes with a reflection on the seismic shift in the definition of success.
Chapters:
05:00 Introduction and Childhood Influences
08:13 Early Adventures and Curiosity
11:02 Living in Different Places and Straddling Cultures
14:27 The Work of Elizabeth C. Pagé
18:38 Leading Remote and Hybrid Teams
19:29 Creating a Safe Space for Voices to Be Heard
27:26 The Importance of Process and Long-Term Thinking
33:12 The Nuances of Success and Failure
34:31 The Shift from Extrinsic to Intrinsic Motivation
41:36 Redefining Leadership and Creating More Leaders
44:07 The Shift in Leadership and the Need for Meaningful Connections 45:09 Creating an Environment for Challenging Ideas
47:20 Preparing for the Disruption of AI
49:18 The Impact of AI on Different Professions
53:45 Aligning Values and Investing for Generational Wealth
56:54 The Power of Storytelling and Trust in Business
01:01:01 The Intrinsic Value of Stories and the Human Element 01:04:31 Insight, Hindsight, and Foresight in Success
01:07:54 Leadership as Guiding and Empowering Others
01:14:06 The Seismic Shift in the Definition of Success

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. 
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.



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