Who You Can Trust? White Hat Capitalism: Dave Nadig on Finding Purpose in Finance
How a 30-year ETF veteran learned to prioritize human flourishing over profit maximizationGuest: Dave Nadig - 30-year veteran of the ETF industry, financial blogger, and advocate for pro-flourishing capitalismKey Moments:[03:13] Dave shares how his childhood on a farm shaped his financial mindset, developing a scarcity mentality from growing up poor that led him to finance and money management.[04:38] Dave explains his "Black Hat vs. White Hat" concept in finance - distinguishing between those who prioritize human flourishing (White Hats) versus those focused primarily on profit maximization (Black Hats).[07:01] Discussion of the Mad Magazine "Spy vs. Spy" cartoons as inspiration for his Black Hat/White Hat framework.[09:53] Dave emphasizes that people in the "Black Hat" business aren't necessarily evil, but have made different choices about their priorities.[15:50] Conversation about passive investing and its evolution from the 1980s through today, with Dave sharing his personal journey working at Wells Fargo on the first target date funds.[19:19] Dave reflects on becoming "a hard convert back to passive investing" after failing as an active fund manager.[20:14] Discussion of passive investing's impact on market dynamics, particularly how fund flows affect top equities and bond markets.[26:22] Examination of how capital formation now happens primarily in private markets, not public ones.[32:23] Dave shares his fascination with consciousness and the brain, discussing Dr. Ian McGillchrist's work on left brain/right brain dynamics.[34:47] Dave explores how meditation helps investors develop metacognitive awareness and recognize when their perception differs from reality.[38:39] Discussion of Dave's experiences at Zen Mountain Monastery and how meditation creates space to explore one's own thought processes.[44:52] Dave's emotional connection to flying, from childhood fascination to earning his pilot's license, and the devastating impact of losing it due to epilepsy.[53:49] Reflection on how most investors focus too much on narrow details while neglecting broader context and asset allocation decisions.[55:54] Dave shares how he uses AI tools like Perplexity to streamline research and Claude to assist with data analysis and coding tasks.[01:01:04] Discussion of how AI will continue to evolve, with the current state being "the worst it's ever going to be."[01:05:15] Dave's definition of success: having control over his own time rather than financial wealth.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.
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1:07:00
Transition - Navigating Family Wealth with David Werdiger
Guest: David Werdiger, Director of Nathanson Pearson and bestselling author of "Transition: How to Prepare Your Family and Business for the Greatest Wealth Transfer in History"Key Discussion Points:[03:00] David discusses joining the family business - how being the youngest of five children with a significant age gap influenced his decision not to immediately join the family textile manufacturing business.[04:47] Origins of the family business - David's cousins came to Australia in the 1920s, while his father (a Holocaust survivor) arrived in the late 1940s/early 1950s. They built a textile manufacturing business that eventually transitioned to property investment.[08:14] Pattern recognition in wealthy immigrant families - David notices how immigrant entrepreneurs often transition from business to real estate investments, seeing property as a way to establish roots in their new country.[09:18] The great wealth transfer - David explains how the baby boomer generation created unprecedented wealth that is now being passed down, complicated by longer lifespans.[13:07] Will vs. Family Charter - The increasing importance of family governance as wealth transfers require more sophisticated planning with multiple generations alive simultaneously.[15:49] Power dynamics - David explores the critical role of power transfer between generations and the challenge of teaching responsible ownership.[19:05] Family governance - The transition from single decision-maker to multiple decision-makers and the governance structures needed to make this work.[24:02] Power and responsibility - How families must teach the next generation that "with great power comes great responsibility" when inheriting wealth.[26:36] Sibling dynamics - Why shared genetic material doesn't guarantee harmony, and how birth order and family circumstances affect each child's experience.[33:52] The four-generation reality - With increasing lifespans, families now face the challenge of having four generations alive at once, creating a "sandwich generation" caught between aging parents and capable adult children.[38:44] The business as identity - How founders view their businesses as children, creating emotional challenges when transitioning ownership.[49:54] Stories as the cultural bridge - The vital importance of family stories in transmitting values, especially when the original business is gone.[54:30] Living your own dream - The tension between individual aspirations and family legacy, and finding the balance between collective identity and personal fulfillment.[57:42] Definition of success - David defines success as getting up excited every day, having a healthy family who share each other's joys and sorrows, and helping other families achieve the same.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.
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51:06
Talking Billions - The 150th Episode - Answering Your Questions :)
Thank YOU! For all excellent questions! [00:00] Episode Highlights[03:00] Introduction and Milestone Celebration[06:00] Setting the Stage[08:00] Investment Philosophy and Starting a Career[10:00] Business Valuation Approaches[12:00] Essential Investment Skills[13:00] Portfolio Structure and Management[15:00] Position Sizing and Client Alignment[17:00] Investment Preferences and Strategy[21:00] Performance Lessons and the "No Zero Policy"[24:00] Holding Periods and Acquisition Experiences[27:00] Market Scenarios and Economic Context[32:00] Investment Strategy Evolution[35:00] Central Banking and Political Context[38:00] Personal Insights and Time Management[40:00] Daily Structure and Deep Work[42:00] Podcast Logistics and Guest Selection[44:00] Client Relationships During Volatile Times[46:00] Personal Perspectives on Optimism and Caution[48:00] Unlearning and Media Consumption[50:00] Book Recommendations[57:00] Life Lessons and Closing Thoughts[59:00] OutroPodcast 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.
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Wisdom from Omaha: Timeless Lessons from Buffett's Farewell Address + The Berkshire Pilgrimage: Reflections on Principles that Endure
TWO articles, ONE episode, less than 15 minutes. I'm sharing my thoughts from ahead of the Berkshire Hathaway 2025 meeting, and right after. Still fresh memories and thoughts from a historic meeting. Save it, share it, listen at your convenience, and find the text versions on Substack.I'm curious to hear your reactions after the event. Please find my email on the Talking Billions website! I reply to all emails.https://bogumilbaranowski.substack.com/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.
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13:34
Guy Spier: The Irrecoverable Error | Risk, Ruin, and the Rules of Wealth | Practical Lessons
This episode originally aired on Excess Returns on 4/28/2025. Enjoy!In this episode, Matt Zeigler and Bogumil Baranowski dive deep into the timeless investing wisdom of Guy Spier. Drawing from Spier’s interviews on both Excess Returns and Talking Billions, they explore crucial ideas about investing, risk, decision-making, and living a meaningful life. From understanding why letting your winners run can enhance returns to redefining true success, this episode is packed with practical insights for both investors and anyone seeking a richer, more thoughtful life.Topics Covered:Why holding your winners can be essential to long-term successThe myth of the Fidelity “dead investor” study and what it teachesRisk, ruin, and why preserving capital matters more than getting richLessons from multi-generational wealth and building lasting fortunesUnderstanding the true cost of tinkering with a portfolioDefining your circle of competence — and updating it over timeHow to avoid catastrophic financial outcomesRethinking what success really means beyond moneyAligning your inner and outer self to find freedom and authenticityManaging other people’s money with care, respect, and humilityLearning from mistakes and the importance of reputationThe priceless value of community and true friendshipsTimestamps:00:00 - Introduction and Guy Spier on intervention costs and winners01:00 - Matt and Bogumil on meeting Guy Spier02:00 - Holding onto winners and the danger of tinkering07:00 - The "dead investors" Fidelity myth and narrative economics12:00 - Avoiding unrecoverable losses and the “stay rich” mentality18:00 - Circle of competence and cutting off catastrophic paths26:00 - Journaling and the need for constant self-reflection33:00 - Defining success beyond wealth and net worth40:00 - Aligning your inner and outer self for a lighter life45:00 - Managing family and client money with professional care53:00 - Learning from mistakes early and maintaining reputation58:00 - Final thoughts on life, kindness, and answering the callFull Talking Billions Interview https://www.youtube.com/watch?v=UPknZT0tVhEFull Excess Returns Interview https://youtu.be/yVdQVu0j_ggPodcast 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.
Acerca de Talking Billions with Bogumil Baranowski
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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