The Business Brew

Bill Brewster
The Business Brew

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.

  1. 2월 21일

    Bespoke Investing and Unconventional Wisdom with Le Shrub

    Join host Bill Brewster as he converses with the intriguing and often humorous anonymous guest, Le Shrub, in this episode of 'The Business Brew'. Le Shrub's writings can be found at https://www.shrubstack.com/ He can also be followed on Twitter/X at https://x.com/agnostoxxx With a unique approach to investing, Le Shrub shares his thoughts on market trends, stock picks, and the rationale behind them. From discussing the importance of avoiding investment stupidity, analyzing specific stocks like Archer Aviation and Alibaba, to speculating on the economic impacts of a potential Ukraine ceasefire, this episode is packed with insightful observations and strategic thinking. Be prepared for an engaging mix of entertainment, education, and parody, underlined with Le Shrub's distinct charm. Disclaimer: This is all for entertainment purposes and not financial advice.  Recorded 2/14/25   00:00 Introduction to the Business Brew  00:54 Meet Les Shrub: The Anonymous Guest  01:24 Investment Philosophy: Don't Be Stupid  03:35 The Spinny Ponzi: A Deep Dive into Archer  17:15 Biotech Investments: Blood in the Tweets  21:00 The Future of Cancer Vaccines  22:55 ClearPoint and Gene Therapy  30:02 The Power of Community in Investing  33:19 Navigating the Risks of Small Cap Stocks  34:07 Options Trading Strategies  35:36 The Risks of Investing in Alibaba  36:13 Reasons for Investing in Alibaba  36:38 China's Economic Strategies and Stimulus  37:27 Alibaba's AI and Cloud Ventures  39:00 Apple's Partnership with Alibaba  40:31 The Impact of U.S. CapEx on AI  41:19 Investing in Energy and Natural Gas  44:38 The Barbell Portfolio Strategy  45:17 Emerging Markets and Currency Devaluation  52:53 The Potential Ceasefire in Ukraine  59:15 Valuation and Investment Strategies  01:04:19 Avoiding Shorts on Meme Stocks  01:06:50 Recommended Reading: Capital Returns  01:07:50 Conclusion and Final Thoughts

    1시간 9분
  2. 2월 14일

    Larry Hozenthaler - Private Credit Risks and Opportunities

    In this episode of 'The Business Brew,' host Bill Brewster is joined by Larry Holzenthaler, a portfolio manager at First Eagle Alternative Credit (FEAC). The discussion focuses on the complexities and nuances of private credit. Recorded on February 3rd, the episode delves into the differences between traditional equity value investing and private credit, as well as the strategic transitions First Eagle has made in response to market changes. Larry explains First Eagle's cautious approach to investment, emphasizing measured risk, recurring revenue, and sponsor-backed deals. He discusses the evolution and growth of private credit markets, challenges and opportunities, and the impact of banking regulations on credit availability. The conversation includes detailed insights into various investment structures like interval funds and BDCs, and the importance of reading fine print in credit agreements. Throughout, Larry offers a compelling argument for the attractiveness of private credit as an investment, particularly in current economic conditions.    00:00 Welcome to the Business Brew  00:54 Introducing Larry Hosenthaler and First Eagle  02:13 The Evolution of Private Credit  08:34 The Impact of COVID on Private Credit  12:22 Private Equity and Risk Management  18:41 The Role of Banks in Private Credit  31:37 Fee Structures and Market Dynamics  36:40 Understanding Interval Funds  37:11 The Redemption Process Explained  39:55 Comparing Interval Funds and BDCs  43:17 Risk Management in Private Credit  44:38 The Role of Recurring Revenue  45:24 Leverage and Deal Flow  56:59 Active vs Passive Management in Credit Markets  01:03:27 Why Invest in Private Credit Now?  01:08:46 Conclusion and Final Thoughts

    1시간 10분
  3. 2월 3일

    George Livadas: Market Echoes, European Stocks, and Investment Strategy Insights

    In this episode of The Business Brew, host Bill Brewster engages in a comprehensive discussion with George Livadas about the complexities and current state of the market. Livadas, known for his candid tweets and insightful views, covers topics ranging from market fluctuations in 2024, reminiscent of the 2021 SPAC bubble, to challenges and opportunities in European stocks and the S&P 500's relentless performance. They delve into George’s investment philosophy, focusing on both large and small cap stocks, the impact of global flows on stock valuations, and the nuanced approach required in shorting and hedging. Additionally, they discuss the operational aspects of running a fund, including transitioning from separate accounts to a unified fund structure, and reflect on the broader implications of AI in investment research.    00:00 Welcome to the Business Brew  00:03 Introducing George Livadas  01:06 Market Reflections and SPAC Bubble  06:56 European Market Insights  18:20 Shorting Strategies and Market Sentiment  21:42 Challenges in the Staples Sector  24:57 Running the Firm: Changes and Challenges  27:14 Navigating Market Ups and Downs  27:40 Client Expectations and Realities  28:39 Challenges in Fundraising and Fee Structures  29:44 The Fund of Funds Debate  31:51 AI in Financial Research  35:15 Investment Strategies and Market Trends  39:48 Reflections on COVID and Market Resilience  43:38 Portfolio Management Insights  46:05 Closing Thoughts and Personal Reflections

    49분
  4. 1월 23일

    Alex Morris - Buffettology

    Buffett and Munger Unscripted: A Conversation with Alex Morris  Alex Morris, friend of the show (and IRL), author of TSOH Investment Research stops by to discuss his new book "Buffett and Munger Unscripted." The book offers three decades of insights from Berkshire Hathaway shareholder meetings, grouped by topic area to provide a coherent understanding of Warren Buffett and Charlie Munger's investment wisdom. Alex shares his experience writing the book, including the extensive work involved and his communication with Berkshire. They also discuss various investment philosophies, the importance of transparency in investment research, and the challenges faced by consumer brands in today's market. Further, they reflect on the impact and potential risks of long-term investments in businesses like Dollar Tree and the complexities of analyzing brands like Jack Daniels.    00:00 Welcome to the Business Brew  00:06 Introducing Alex Morris and His New Book  02:02 Personal Anecdotes and Family Stories  05:15 The Journey of Writing the Book  12:23 Insights on Buffett and Munger's Investment Strategies  28:53 Discussion on Dollar Stores and Retail Landscape  34:19 Analyzing Dollar Tree's Market Position  36:06 The Value Proposition of Dollar Stores  38:08 Comparing Retail Strategies  39:23 Brand Value and Pricing Power  41:14 Consumer Brands and Retail Dynamics  44:27 Investment Strategies and Portfolio Management  49:11 The Philosophy of Investing  55:01 The Business of Writing and Publishing  01:00:44 Reflections and Future Plans

    1시간 7분
  5. 2024. 12. 12.

    John Maxfield - Maxfield on Banks

    John Maxfield from "Maxfield on Banks" stops by the show. John is a wealth of knowledge and has an entertaining personality. Bill and John cover a lot of ground. John discusses the history and dynamics of banking, including the unique supply and demand of credit, traits of successful bankers, and the impact of historical tragedies on banker psychology. The episode also covers stories of notable bankers and failures, the free banking era, liquidity surges, and banking crises. John also delves into modern banking dynamics, including the rise of private credit, and shares insights from his extensive research and personal experiences with top bankers. Additionally, John talks about his elite banking symposium and unique forms of networking and learning in the banking sector.    You can find John's past symposiums here: ⁠https://www.thebankingsymposium.com/⁠ And his archive on ⁠https://www.maxfieldonbanks.com/⁠ Show Notes: 00:00 Welcome to the Business Brew  01:23 Introducing John Maxfield  01:54 The Art of Banking  02:28 The Common Traits of Great Bankers  16:22 Historical Perspectives on Banking  20:16 The Free Banking Era  25:03 Modern Banking Challenges and Innovations  41:04 The Beale Model and Banking Risks  41:45 Factoring Company Acquisition   43:14 Blockchain in Trucking Industry  44:03 Building a Competitive Network  50:51 Banking Failures and Historical Insights  56:08 The Role of AI in Banking Research  01:00:48 Personal Stories and Networking  01:05:45 Citigroup's Complexities and Global Role  01:10:55 Elite Banking Symposium  01:15:51 Final Thoughts and Farewell

    1시간 17분
  6. 2024. 11. 30.

    Ryan Dobratz - Real Opportunities

    Ryan Dobratz, from Third Avenue Funds, stops by The Business Brew to discuss Third Ave’s real estate strategy.  Ryan discusses the benefits of focusing on real estate operating companies over REITs, the potential of investments like CBRE, challenges in the office market, and the outlook for residential real estate. They also discuss investment strategies in the residential market, opportunities in Fannie Mae and Freddie Mac, and Dobratz's personal career journey.    00:00 Welcome to the Business Brew  00:03 Introducing Ryan Dobratz and Third Avenue Funds  00:39 Disclaimer and Financial Advice Warning  01:44 Starting the Conversation with Ryan Dobratz  02:46 Ryan's Career Journey and Early Influences  05:51 Joining Third Avenue and Moving to New York  08:24 Strategic Move to Austin and Real Estate Insights  09:38 Challenges and Opportunities in the Office Sector  13:10 Investing in Real Estate Services Companies  15:02 Philosophy on NAV and Investment Strategies  23:55 Preference for C Corps Over REITs  28:11 Prologis and Industrial Real Estate  35:21 Public vs. Private Real Estate Investments  39:46 Incentives and Behavioral Finance in Private Markets  40:18 Active vs Passive Investing in Real Estate  42:57 Third Avenue's Real Estate Strategy  46:27 Residential Real Estate Investments  59:46 Fannie Mae and Freddie Mac: A Deep Dive  01:18:01 Challenges and Opportunities in Tower REITs  01:22:06 Conclusion and Final Thoughts

    1시간 22분

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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.

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