Podcast
The Business Brew
Hosted by Bill Brewster · EN
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.
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: This podcast is for informational and educational purposes only. Nothing in this podcast 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.
28episodes
Episodes
Newest firstAll episodes
Larry Hozenthaler - Private Credit Risks and Opportunities
Feb 14, 202501:09:33Tap to summarizeIn 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
Transcribe →George Livadas: Market Echoes, European Stocks, and Investment Strategy Insights
Feb 3, 202500:49:01Tap to summarizeIn 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
Transcribe →Alex Morris - Buffettology
Jan 23, 202501:07:05Tap to summarizeBuffett 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
Transcribe →Tom Morgan - Mysteries, Mystics, and Personal Transformation
Jan 16, 202501:23:08Tap to summarizeIn this unconventional episode of 'The Business Brew,' host Bill Brewster sits down with Tom Morgan for a deep dive into topics that blur the line between science and spirituality. From exploring the existence of non-human intelligence and its implications, to discussing personal transformative experiences facilitated by psychedelics, this episode is a fascinating journey through the unknown. Tom shares insights from his years of research and personal struggles, including a near-psychotic breakdown and a mystical experience that reshaped his life. Whether you're interested in the metaphysical implications of alien encounters or the therapeutic potential of psychedelics, this conversation offers a thought-provoking look at the complexities of human consciousness. Tune in for a compelling discussion that challenges conventional thinking and invites you to ponder the nature of reality.
Transcribe →Mathew Passy - THE Podcast Consultant
Apr 6, 2023Tap to summarizeNote - This podcast has some advice that may be able to help you think about marketing your firm and/or yourself. Should you need a host, reach out to Bill. Should you need an editor, reach out to Mathew. Mathew Passy (@mathewpassy on Twitter), founder/owner of The Podcast Consultant stops by The Business Brew to discuss his career, how he started his business and became the person behind your favorite finance podcasts, the podcast industry generally, tips for appearing on podcasts, the business of podcasting, and much more. As you should know by now, Mathew produces this show. The Business Brew, and the listening base, owes him a big thank you for how this podcast sounds. This episode is sponsored by Stratosphere.io. Stratosphere.io is a web based terminal that has financial data, KPIs, links to filings, hedge fund letters, etc. A key differentiator is Stratosphere.io’s segment data and KPIs, which are triple checked for accuracy. Stratosphere saves users time, enables easy comparisons between companies, and offers company specific metrics such as subscriber counts, numbers of locations, etc. Head over to Stratosphere.io for a free trial. Should you want to sign up for a paid offering please use the promo code BREW for 15% off. Detailed Show Notes - 3:52 - How Mathew became The Podcast Consultant 13:30 - Why did the Wall Street Journal kill its first podcast network 22:00 - Starting a business 27:50 - What was the podcast business like in 2019 31:45 - How is the podcasting ecosystem evolving? 39:50 - Different monetization strategies of podcasting 48:15 - How have Mathew's thoughts about podcasting changed? 50:30 - What makes successful podcasters? 54:30 - Some advice Bill thinks is worth thinking about 1:00:00 - Meta dicussion 1:05:00 - Some advice on how to start a podcast 1:11:00 - Podcasts as internal communication 1:13:00 - What do the different hosting services offer? 1:18:30 - Onboarding with The Podcast Consultant
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BONUS: Cem Karsan - Derivatives Are The Underlying
Jun 6, 2022Tap to summarizeCem Karsan stops by The Business Brew to discuss the lens he views markets through. Cem's viewpoint is unique compared to many guests on this program because he looks at how options dealers are positioned and considers what flows may result from that positioning. Many guests on this show view equity valuation as the present value of the discounted cash flows available to equity. While Cem would likely agree with that, he argues in this episode that an equity's valuation is really an output derived from the options market (which expresses probabilistic views of discounted cash flows). We hope this episode gives you something to think about! Cem Karsan formed Kai Volatility Advisors after two decades of experience building industry-leading derivatives businesses. From 1999 to 2002, he worked as a volatility trader as part of RBC Dominion Securities/ Derivatives Arbitrage Group. From 2002 to 2005, he worked under renowned Wall St. investor John Mulheren at Bear Wagner Specialists, where Cem helped expand the firm's fledgling derivatives arbitrage business into a competitive force within the industry. In 2005, Cem took a select group from the firm's proprietary trading arm and founded Precision Capital Management, specializing in equity index volatility arbitrage. The firm became a significant SPX market maker reaching, at its peak, a high of ~13% of daily trading volume.* In 2010, Cem divested his stake in Precision and fouded AEGEA Capital, the precursor to Kai Volatility Advisors. *Past performance may not be indicative of future results. Follow Cem on Twitter https://twitter.com/jam_croissant Learn more about Kai: https://www.kaivolatility.com/contact This episode is brought to you by Bastiat Partners, a boutique investment banking firm. See https://bastiatpartners.com/. Detailed show notes below. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: Open – Cem’s background 7:25 – How Cem thinks about what matters to capital markets 13:10 – Valuations have no predictive value, short term 14:10 – What happened in 2017 and why did the market seem to go up every day? 21:40 – The counterintuitive conclusion of buying and selling volatility 23:10 – Why equities are derivatives of “derivatives” 27:10 – Why options are potentially better instruments for expressing a view 32:45 – Gamma squeezes explained 38:25 – Cem’s thoughts on where we are from a macro perspective 46:10 – The wealth gap and why 49:40 – Why we may be in a fundamentally inflationary environment 54:50 – The impacts of monetary policy and which generations have been hurt and helped by policy 1:00:40 – Why some medicine today may end up better in the long run 1:02:10 – The tension between utopia and the current (efficient) system 1:06:40 – Evolution and iteration will hopefully lead to better incomes 1:10:55 – The coming risks may come from exported inflation to emerging markets 1:13:10 – The winners of tomorrow used easy money to plant seeds over the past years 1:15:10 – More background on Cem
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Michael Green - Macro Contrarian
Feb 10, 2022Tap to summarizeMichael Green stops by The Business Brew to discuss his inelastic market theory, the outlook for inflation, why the market might be too excited about rate normalization, and much more. Michael is a frequent contributor to Real Vision and has done some phenomenal interviews, which can be found on YouTube. He has been a student of markets and market structure, for nearly 30 years. His proprietary research into the shift from actively managed portfolios and investment funds to systematic passive investment strategies has been presented to the Federal Reserve, the BIS, the IMF and numerous other industry groups and associations. Michael joined Simplify in April 2021 after serving as Chief Strategist and Portfolio Manager for Logica Capital Advisers, LLC. Prior to Logica, Michael managed macro strategies at Thiel Macro, LLC, an investment firm that manages the personal capital of Peter Thiel. Prior to Thiel, Michael founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Fund Management. From 2006-2014, Michael founded and managed the New York office of Canyon Capital Advisors, a $23B multi-strategy hedge fund based in Los Angeles, CA, where he established their global macro strategies, managing in excess of $5B of exposure across equity, credit, FX, commodity and derivative markets. In addition to his work as a market theorist and portfolio manager, Michael has been noted for his work as a public speaker and financial media participant. He is a graduate of the Wharton School at the University of Pennsylvania and a CFA holder. Detailed show notes below the Stream by Mosiac sponsor copy and thank yous. Please leave us a rating in your favorite podcast player! This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process. Stream has developed an extensive library of expert interviews that cover a variety of industries. https://streamrg.co/BB features over 300 expert interviews per week. 70% of Stream's experts are found exclusively on https://streamrg.co/BB. Visit <a title= "Protected by Outlook: https://streamrg.co/BB. Click or tap to follow the link." href= "https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fstreamrg.co%2FBB&data=04%7C01%7C%7C70054cdcfd2f4abc720208d9f16d01a8%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637806272923604822%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=XCVa6Ex0yAKBR%2B4PAM8IeXWpf4ic5RwzvAB
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Jonathan Boyar - Intrinsic Value Opportunities
Nov 18, 2021Tap to summarizeJonathan Boyar stops by The Business Brew to discuss his investing philosophy. Jonathan is the President of Boyar's Intrinsic Value Research LLC., an independent research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of Boyar Asset Management, which has been managing money utilizing a value oriented strategy since 1983. He has been interviewed by Barron’s, Welling on Wall Street and GuruFocus. He spoke at the 2017 London Value Investor Conference, the 2017 GuruFocus Value Conference and the 2017 International Value Investing Conference. He is also a contributor to the latest edition of Harriman’s Book of Investing Rules: The Do’s & Don’ts of the World’s Best Investors. He is a senior contributor to Forbes as well as the host of The World According to Boyar podcast. We hope you enjoy the discussion. Detailed show notes below the Stream by Mosiac sponsor copy and thank yous. Please leave us a rating in your favorite app store. This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process. Stream has developed an extensive library of expert interviews that cover a variety of industries. https://streamrg.co/BB features over 300 expert interviews per week. 70% of Stream's experts are found exclusively on https://streamrg.co/BB. Visit https://streamrg.co/BB today for a 14 day trial. Album art photo taken by Mike Ando. Please see https://www.mikeando.com/ Thank you to @mathewpassy (on Twitter) for the show production. Youtube: 05:00 - What makes The Berkshire Weekend so great 10:00 -
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