Talking Billions with Bogumil Baranowski

Bogumil Baranowski
  • 5.0 (24)
  • Investing
  • Updated Weekly

EVERY MONDAY A NEW EPISODE. I READ ALL MY EMAILS - contact form on my website - www.bogumilbaranowski.com. TELL ME YOUR STORY. I’m Bogumil Baranowski, an author, a TEDx speaker, an investor, and an investment advisor to families and individuals. Intimate conversations about money, wealth, and living a rich and fulfilling life. We talk about big ideas, big inspirations, big topics. We take on the hardest subject of all – money: how to make it, save it, keep it, but our conversations lead us to an even bigger question — what it means to live a rich life beyond money. NOT INVESTMENT ADVICE.

  1. 2d ago ·  Bonus

    Bob Robotti: We Asked a Value Legend Why the Real AI Trade Isn't AI — And Why Passive Helps Stock Pickers (Excess Returns Podcast)

    Bob Robotti, founder and CIO of Robotti & Company, joins Matt Zeigler and Bogumil Baranowski to explain why bottom-up value investing may be entering one of its best opportunity sets in decades. They discuss AI and reindustrialization, inflation and interest rates, passive investing, capital cycles, private equity, long-term ownership, and why today’s neglected industrial businesses may offer opportunities that the market is missing. I join Matt Zeigler for one more special episode of Excess Returns. I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work; links below. Bob Robotti on Xhttps://x.com/BobRobottiRobotti & Companyhttps://www.robotti.com Topics covered How Bob finds misunderstood businesses with latent earnings power Why his “grassroots macro” process starts with company-level supply and demand How AI spending is increasing demand for energy, copper, aluminum, cement and other physical assets Why North America’s natural gas advantage could support a long-term reindustrialization cycle Why persistent inflation could force higher interest rates and lower valuation multiples Why no competitive moat is permanent, even for today’s dominant technology companies How passive investing and shorter time horizons can create opportunities for fundamental stock pickers Why prolonged downturns can improve industry economics through consolidation and reduced capacity Why Bob views himself as an active owner rather than an activist investor Why he is skeptical of today’s private equity model and its expansion into retirement portfolios The NewMarket investment that taught him the cost of selling a great business too early Why he thinks individual company research can outperform indexing over the next decade Learn more about the Excess Returns podcast network: https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients. Podcast Program – Disclosure StatementBlue 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.

    Bob Robotti: We Asked a Value Legend Why the Real AI Trade Isn't AI — And Why Passive Helps Stock Pickers (Excess Returns Podcast)

  2. 4d ago

    Jan Petke: The Meteor Every Heir Sees Coming - On Inheritance, Integration, and Why Money is the Smallest Part of the Fortune

    My guest today is Jan Petke, a dynastic architect and strategic consigliere to sovereign and leading global entrepreneur families, who designs continuity architectures so that power, capital, and culture compound across generations — not just portfolios. 3:00 — Jan traces his path from a McKinsey-spinoff consultancy through private equity (Commonwealth Bank of Australia’s First State Investments) to advising “centi-millionaires” — first-gen tech entrepreneurs with liquidity events over €100 million. 5:25 — Jan rejects “advisor” and “wealth manager” as labels: “wealth has nothing to do with money” (6:14). 7:35 — The shift from “next generation” to “rising generation,” and from financial capital to human and intellectual capital. 11:04 — The “meteor” metaphor: inherited wealth arrives with a weight of responsibility most heirs are unprepared for (12:55). 20:43 — On the shirtsleeves proverb: “This proverb is real and serious, because that is physics” — though every family has “free will” over whether it repeats (21:45). 25:04 — Jan’s own 100 Year Family Project, built with his four children: “my mantra is I eat my own cooking.” 32:25 — Declining birth rates and families transforming into institutions. 38:53 — New “tribal” dynasties forming around purpose, not bloodline. 2,000–5,000 new dynasties expected within a decade — 40% female-led (41:19). 43:51 — Women as an “underestimated” force in the wealth transfer. 50:43 — Bringing elders into governance through an “elder council”: “you can’t Google wisdom” (54:12). 54:51 — The 1,000-year vision — inspired by Hong Kong’s Lee Kum Kee family and echoed across scripture. 58:42 — Why Jan avoids “legacy” in favor of “lineage impact.” 1:03:20 — On success: “if I can inspire someone to do better.” 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.

    Jan Petke: The Meteor Every Heir Sees Coming - On Inheritance, Integration, and Why Money is the Smallest Part of the Fortune

  3. Aug 17

    Thomas Chua: The Lunch Break Investor, How Busy People Can Build Wealth in One Hour a Day

    Thomas Chua is a friend, an investor, an investing educator, and the founder of Steady Compounding, where he shares lessons from great businesses and great investors with a global audience. He’s also the author of a brand-new book, The Lunch Break Investor, about how busy people can build wealth thoughtfully in roughly an hour a day. (03:00) Title story: his father pawned his mother’s wedding jewelry; Thomas vows “the lights will never go off again.”(06:00) Library autobiographies over role models; “failure in itself is nothing to be embarrassed about.”(08:00) Singapore’s 4-year bond funded university — career freedom traded for $30K to compound.(11:00) Trader-to-owner shift: prices checked every 15 min, until Buffett’s line on tickers landed.(15:00) “Forgotten money”: Guy Spier’s dislike of trading; Adam Mead forgetting his own login.(17:00) Core thesis: “invest to live and not the other way around” — one hour a day.(20:00) Lynch’s line: “nobody ever wished on their deathbed that they wish they spent more time in the office.”(24:00) Ronald Reid (janitor, $8M) and Anne Scheiber (IRS auditor, left $22M).(28:00) A moat as treasure inside a castle worth defending.(31:00) ROIC and Munger’s “gravity” — a moat’s trajectory beats its size.(33:00) AI capex wave: Meta’s ad growth vs. debt-heavy new cloud entrants.(38:00) Red flag: Peloton’s CFO denied a capital raise days before doing one.(41:00) The “wallet test” for management; Bezos’s “Ouch” letter.(43:00) Buying in three tranches, letting the business prove itself.(44:00) Selling as “an admission that I was wrong” — the Lululemon case.(48:00) One-hour checklist: “why does this business deserve to be bigger five years from now,” plus scanning your card statement for moat clues.(50:00) Writing Steady Compounding publicly sharpened his thinking, built his audience.(53:00) The Malacca trip with his grandmother that never happened; Munger’s tuna regret.(56:00) After 200+ episodes: permission to take the walk, take the trip — you’re safe now. 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.

    Thomas Chua: The Lunch Break Investor, How Busy People Can Build Wealth in One Hour a Day

  4. Aug 14 ·  Bonus

    The Things We Have to Do: Bogumil on Just Press Record with Matt Zeigler

    I’m reposting today an interview that Matt Zeigler kindly conducted with me recently. It just so happens that today is my birthday, which makes it feel like the right moment to share this deeply personal conversation about a chapter in my life and career when uncertainty was at its peak and the road ahead felt anything but clear. In this impromptu conversation, recorded one summer morning, I reflect on what happened during that time, what I learned from it, and how those experiences continue to shape me today. Along the way, you’ll hear stories and moments I’ve never shared publicly before. I also encourage you to read the thoughtful profile Matt wrote about me on his wonderful Cultish Creative blog, linked here. While you’re there, take some time to explore—and follow—his beautifully written, thoughtfully curated work. I’m grateful for the care and generosity he brings to every conversation and every story he tells. Bogumil Baranowski joins Matt Zeigler to explore why failure is feedback and how persistence can turn rejection, uncertainty, and personal obstacles into life-changing opportunities. Bogumil shares his journey from Poland to a career in New York investing, the green card rejection that nearly ended it, and the unlikely path that eventually led him to ask Warren Buffett and Charlie Munger a question at the Berkshire Hathaway annual meeting.Topics covered: Why failure should be treated as feedback rather than defeat What Joseph Moore’s struggle to publish How to Get Rich in American History teaches about resilience How personal conviction helps people continue when success appears statistically unlikely Why creating a podcast can preserve valuable conversations and connect overlooked ideas How podcast hosts cross-pollinate insights between investors, authors, and thinkers Bogumil’s decision to leave Europe and build an investing career in New York City The visa challenges and green card rejection that almost forced him to leave America How hope and persistence helped him restart the immigration process The unlikely story of asking Warren Buffett and Charlie Munger a question at Berkshire Hathaway Why obstacles can help people develop strengths that others do not possess How an outsider’s perspective can create an advantage in investing and creative work Why people should embrace the experiences that make them different Timestamps:00:00 Why some goals become things you have to do03:00 Joseph Moore and the history of getting rich06:04 Why location matters when building and preserving wealth08:20 Failure is feedback09:30 Why important ideas often face rejection13:03 Turning private conversations into a public podcast16:40 Learning through other people’s experiences18:08 Cross-pollinating ideas between great investors20:24 Bogumil’s decision to pursue investing in New York21:42 Visa problems and a rejected green card application24:00 Starting the immigration process again26:14 Why persistence matters more than the size of the goal27:46 Asking Warren Buffett and Charlie Munger a question31:42 Why failing is part of trying33:53 The unexpected connection to The King’s Speech35:29 Turning perceived weaknesses into strengths37:29 Where to find Bogumil’s writing and podcastsPodcast 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.

  5. Aug 10

    Lee Freeman-Shor: Why Being Right Less Than Half the Time Can Still Make You Rich, The Five Behavioral Tribes — and Why Stock Picking Matters Less Than What You Do Next

    Lee Freeman‑Shor is a former multi‑award‑winning fund manager turned bestselling author and researcher who has spent years inside the decision‑making of the world’s best investors to uncover how they get it wrong most of the time and still make millions in the markets. He gave 45 elite investors real money and studied 30,000 trades to decode execution. He shares what he learned in the process. Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/ Episode Notes 03:00 — Lee's working-class Nottinghamshire upbringing; didn't know what a stock was until university. 04:11 — Stumbled into fund management after a law degree, then built the "Best Ideas" fund range at Scander Investment Group. 07:07 — The spark: a manager with a 30% hit rate who still made a fortune for the fund. 09:51 — Analyzing 30,000 trades: hit rates cluster near 50% — "it's definitely not about the stock idea." 19:30 — Lee unveils his five investor tribes: rabbits, assassins, hunters, raiders, connoisseurs. 20:30 — Why investors freeze: "you don't want to be a rabbit." 22:42 — The biases behind it: "endowment bias, sunk cost bias... regret aversion bias." 24:15 — His gut-check question for holding a losing name: would you buy it today with fresh money? 25:43 — Averaging down done right — hunters start small so they can "lean into the name." 38:16 — Stock Market Maestros research: the "lumberjack" archetype (John Barr), tiny starting positions, decades-long 100-baggers. 44:54 — "Incrementalists" like Andrew Hall and James Hambro trim and add in small steps instead of exiting outright. 48:34 — Behavioral alpha score and payoff ratio — metrics that predict future manager skill. 53:15 — Takeaway: "when you're losing, do something... try and be an assassin." 58:43 — Lee's personal lesson: "expect to be wrong." 1:00:41 — Closing reflection on what success really means after stepping back from money management in 2018. 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.

    Lee Freeman-Shor: Why Being Right Less Than Half the Time Can Still Make You Rich, The Five Behavioral Tribes — and Why Stock Picking Matters Less Than What You Do Next

  6. Aug 7 ·  Bonus

    100 Year Thinkers: Warren Buffett Published His Whole Playbook | Robert Hagstrom on Why Only One Tenth of 1% Uses It

    Robert Hagstrom joins Matt Zeigler and Bogumil Baranowski to revisit the 25th anniversary edition of The Warren Buffett Portfolio and explain why volatility is not the same as investment risk. They discuss concentrated portfolios, active share, business valuation, behavioral finance, complex adaptive systems, and Warren Buffett’s warning that the market’s casino can overwhelm its cathedral. Matt Zeigler and I had the privilege of hosting Robert Hagstrom for a special 100-Year Thinkers Edition of the Excess Returns Podcast. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from the Excess Returns team. Don’t miss it! And follow their work, links below. The Warren Buffett Portfolio - 25th Anniversary Edition Robert Hagstrom on X Equity Compass Topics covered Why Markowitz’s definition of risk as variance shaped modern portfolio theory Why Buffett views permanent capital loss, not volatility, as the real investing risk What Hagstrom’s study of 3,000 portfolios revealed about concentration and market outperformance The difference between know-something investors and investors better served by indexing How benchmark awareness creates closet indexers and weakens active management What loss aversion and prospect theory explain about investor behavior Why Darwin, William James, and complex adaptive systems offer better models for markets Buffett’s cathedral and casino metaphor for business ownership versus speculation The El Farol problem, Jim Simons, and why successful market models stop working Why options trading, leveraged ETFs, and record single-stock dispersion may be strengthening the casino How to evaluate portfolios using cash flow, return on invested capital, and look-through earnings Why permanent capital and System 2 thinking are essential for focused investing Timestamps 00:00 Intro04:00 Why Markowitz defined risk as variance11:47 What 3,000 portfolios revealed about concentration17:17 Know-something versus know-nothing investors22:23 Kahneman, loss aversion, and modern portfolio theory26:58 Darwin, pragmatism, and adaptive markets32:28 Buffett’s cathedral and casino metaphor37:37 The El Farol problem and why markets resist prediction42:08 Why investors crave market forecasts46:16 Why investing is most intelligent when businesslike51:38 Record stock dispersion, options, and leveraged ETFs56:00 Measuring portfolio progress through business economics01:00:43 Why permanent capital enables focused investing01:04:43 How markets survive widespread investor mistakes Learn more about the Excess Returns podcast network: https://www.excessreturns.co/ Podcast Program – Disclosure StatementBlue 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.

    100 Year Thinkers: Warren Buffett Published His Whole Playbook | Robert Hagstrom on Why Only One Tenth of 1% Uses It

  7. Aug 3

    Alexander von der Vellen: Money Is Not Freedom — It's Pressure

    Alexander von der Vellen is a Cambridge-educated former British Army officer who left private banking at Barings and JPMorgan Chase to become an independent fiduciary advising over 100 entrepreneurial families, and author of a trilogy on trusteeship and stewardship. Spend more time with Alexander here, his own recorded podcast series of lectures with some precious advice for inheritors and their families. Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/ 3:00 — Alexander explains banking is the rare industry where age is a perceived advantage; he once asked his London barber to add gray hair for private banking credibility. 8:52 — Childhood: born in Spain to an Austrian father and English mother, raised in the Canary Islands speaking four languages, boarding school at age 7. 16:04 — The old Barings model: clients paid double the nearest competitor, and money itself was the one taboo topic at client events — “the money was the byproduct of the relationship.” 20:11 — The Lord Darby anecdote: a JP Morgan banker meets Fleming’s Lord Darby, learns he rides alone with the Queen in her carriage, and asks, verbatim, “why is she not a client?” — Alexander’s illustration of the shift from relationship-driven to transactional banking. 31:19 — Trusteeship as a human skill set: diligence, duty, loyalty, discretion — qualities that must be consciously developed, not assumed. 43:16 — The JP Morgan $30 million marker: past that point wealth “will outlast you,” triggering a different family conversation entirely — stewardship, not spending. 49:44 — Key quote: “money is not freedom, it’s pressure” — the more you buy, the more pressure it adds to your life. 58:33 — A boy-band client years later: “you do realize this is all because of you... you saved me from myself.” 1:01:02 — Quoting Patton: “good plan delivered with energy today is far better than an excellent plan delivered next week.” 1:04:30 — Success, defined: “it’s about continuity with meaning every time.” 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.

    Alexander von der Vellen: Money Is Not Freedom — It's Pressure

  8. Jul 27 ·  Bonus

    On Consistency, Ownership, and Unconditional Giving: Unfiltered Coffee Q&A, July 2026

    This month on Unfiltered Coffee, I share more about the machinery behind both the podcast and the investing practice — the 200-some episodes, the 2 decades of client relationships, the daily habits, and the things that simply take time and can't be rebuilt in a day, even if you wanted to. I share the idea of decision and choice fatigue: how templating the small stuff (the shoes, the shirt, the quarterly letter format) frees up mental capacity for the decisions that actually matter, and how consistency is the quiet, unglamorous compounding force behind almost everything worth building. I also talk about cultivating an ownership mindset with clients — wanting them to see their portfolio not as a list of tickers, but as part ownership in a handful of businesses worth understanding and holding. I also revisit a few books with fresh eyes: Scott Stillman's I Don't Want to Grow Up on the nonlinear relationship between money and lifestyle, David Schwartz's Thinking Big on belief as the foundation of getting help from the world, and John Kay's Obliquity on why profit, happiness, and most worthwhile goals are only ever reached indirectly. A paper from Steve Shaw and Gideon Nave on AI and "cognitive surrender" gets me thinking about the difference between reciting knowledge and actually understanding it — a distinction I trace back to a classmate from high school who could quote a textbook verbatim but didn't understand it. On the market side, I push back gently on the all-time-high headlines — you'll see why. I close with a personal story about an early client, and a round-up of recent conversations worth revisiting: Paul Johnson on Roger Murray and fundamental investing, Marion Fogli on the triple taboo of money, Robert Miles on 25 years of Berkshire CEO character studies, and a rebroadcast recommendation of the Jay Hughes episode on courage over knowledge. I end on an open question I'm still sitting with: can a gift ever really be unconditional? Listen, why the answer matters. Tune in to hear more.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.

    On Consistency, Ownership, and Unconditional Giving: Unfiltered Coffee Q&A, July 2026
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EVERY MONDAY A NEW EPISODE. I READ ALL MY EMAILS - contact form on my website - www.bogumilbaranowski.com. TELL ME YOUR STORY. I’m Bogumil Baranowski, an author, a TEDx speaker, an investor, and an investment advisor to families and individuals. Intimate conversations about money, wealth, and living a rich and fulfilling life. We talk about big ideas, big inspirations, big topics. We take on the hardest subject of all – money: how to make it, save it, keep it, but our conversations lead us to an even bigger question — what it means to live a rich life beyond money. NOT INVESTMENT ADVICE.

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