We Study Billionaires - The Investor’s Podcast Network - TIP481: Our Finances w/ Stig Brodersen and Clay Finck (Part 2)

Starting point is 00:00:00 You're listening to TIP. Welcome to the second and last part of episode 481, which we decided to call our finances. I hope you had the chance to listen to the first part that was published yesterday. We'll continue where we left off but telling you the story of how William and Trey joined our team. Later, we'll take you behind the scenes of our finances here in the Ammasters Podcast Network. You will learn about our business bundle and how we got approached by potential buyers last year, the evaluation, and why Prest and I said no to selling our company. In the eight years since we founded our company, we never talked about our finances because

Starting point is 00:00:33 we wanted this show to be for the audience, by the audience. Today, we're making an exception and have created this episode for our most avid listeners who might have been with us since the very first episode, 2014, and those listeners who are just curious about our business. You will hear the details about how much money we're currently making and how we're making money, and more importantly, why the Investors Podcast Network is not about profits, but about creating the best possible workplace for our team. And even if our approach is not the most profitable approach, we would argue here on the team that is the right way to conduct business

Starting point is 00:01:07 and live your life. I'm joined by Clay Fink, who is the new host of We Study Billionaires. You'll get to know him by the end of this episode. Here we'll also talk about the upcoming Berksdale event in May 2023. All right, let's jump right into the second part of this episode. You are listening to The Investors Podcast, where we study the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected. How about you talk a little bit about some of the other hosts and how they came about to be a part of the team, specifically Trey and then William. Each of the stories of the hosts are different. There is different follow-up.

Starting point is 00:01:58 For example, when we were looking for Trey's position, it was not originally as the host of Weistair billionaires. He applied to set up a show in a new feed called Intrinsic Value. Never happened in case you were like, I never heard about that. It never happened. And so it was really in the middle of the process where I thought to myself that it would make more sense to have more episodes in the Wested Billion's feed instead of setting up a brand new feed. And the way that we were looking for the right hire was just mentioning on the show. We might have sent out an email to an email list saying, hey, if you're interested in being host here on the network, draw us an application. And I got a ton of applications for that position.

Starting point is 00:02:36 And I did what felt like countless job interviews. And I remember one of the job interviews I had betrayed, and I grilled him on the balance sheet. And I remember during that, one of those jobs used, like, he was looking like he was about to die. I wasn't looking for the person with the best technical skills. That can always be trained. I was looking for the person with the right personality and attitude. And I also want to say in Trey's defense, like it wasn't specifically tired. at trade. I always doing my job juice, I want to ask questions that I know that

Starting point is 00:03:08 the candidate cannot answer. And I'm not doing it to be rude or anything like that, but it's because I want to see how they react. How do they react to a situation in a stressful situation that don't know how to answer? It was a similar mindset whenever I gave you that pushback on your performance, oh, you know, five or ten. Part of it was because I meant it, but it was also because I want to test how you would react. Yeah, that reminds me of when you invited me to visit you in Denmark, I was there for a week. And I remember a couple specific questions. You were asking me about the balance sheets, similar to what you did with Trey. And one specific question, I believe you asked me, was about the Shaw

Starting point is 00:03:49 256 in the Bitcoin Protocol. It's like, I'm no software engineer. I'm an investor. It's kind of my answer to you. And then Sean, when he was onboarded onto the team, he was asking me, oh, what sort of things that Stig asked you? He wanted to be prepared. I'm just like, I'm not sure if you can be totally prepared for this, for what Stig's about to throw at you, but be mentally prepared to be challenged is all I'm going to say. And good luck. Yeah, and, you know, again, I just want to stress. I'm not doing it any kind of way to be rude or anything like that. I do it because I want to see how the candidate react. Because some candidates become aggressive or dismissive or just starts like BS. And I mean, you just don't want

Starting point is 00:04:36 to work with those people. You want to work with people who are, who have a humble approach and who are very upfront about what they know and don't know because you also want to work with people who are straight shooters and say, you know, I don't know the answer to that question, but could you please tell me or tell me how I can figure it out for myself? Like those are the people you want to attract to your team, like those with the right values. You don't want people. people with those big egos we talked about before who were just straight up lie to you or your BS through. Those are probably not the people you want to work with.

Starting point is 00:05:08 And so specifically for Trey, he had this perfect combination of being humble and transparent about what he didn't know. But you still have that feeling, you know, I got this, which is very important whenever you are forced to improvise as you sometimes are with a guest. And Trey has this likable personality and really wanted to represent the brand. And that trade can't really be trained, whereas a lot of the technical stuff, like, let's say, you know, I ask you some stuff about owner's earnings. And, you know, I remember, like, I asked you a bunch of that stuff whenever you're visiting me in Denmark, like, bunch of that can be trained or all of it can be trained. Whenever you're sort of like put on display in front of thousands of people listening to your content, like, you will quickly be on a steep learning curve and learn a bunch of stuff. And so you're not looking for the technical skills. That would come. You're looking for the right attitude. Back then, I decided to hire Trey for 12 episodes as a test. And after that, you just saw how great he was.

Starting point is 00:06:03 We quickly agreed that he would continue hosting Wizard Billioness. And you can just feel from speaking with Trey that he was a true fan. It was quite important because, you know, I think I mentioned this before, like, if the host is not a believer, how can you expect the listener to be? And you can just tell how important it was for him to get this opportunity to be a host. and you want to work with fellow fans of the show, and Trey was a fan boy for sure. It was important for TAP at the time. And it was also today that to say that Trey wasn't offered the job.

Starting point is 00:06:37 The way that we see things is that, and just using Trey's example, I could say same for you or someone else on the team, but he applied for the job alongside many other fans, and he got the privilege of represent the brand for 12 months at the time. and then he's evaluated by the support team, if they still want to continue working with him, and they're also evaluated by the audience because we track performance of those episodes. And so even with William, who has a different story, and perhaps we can come to some of that later, it's still that humble mindset we're looking for in the hosts. Like, they're there for the audience and they're there for the team, and it's not the other way around.

Starting point is 00:07:17 And, you know, Preston was very particular about this whenever we started, what it was called The Investors Podcast back then. I guess it still does, even though we interchangeable call it the investors podcast that we studied billionaires. Preston had this thesis that most podcasters create their show to massage their own ego and not to empower others. And I learned from Preston how important it was to keep your own ego in check and be there for the team, for the audience and not feel they're there for you. And it's really the same approach. I hope that the host on network have whenever they go to work. And so perhaps that's also why it took us eight years to do this episode.

Starting point is 00:07:54 You know, we have this humble approach that perhaps the audience are not interested at all about our business and not interested about the hosts. And they just want to learn about the financial markets and how to come up their wealth. I mean, the last thing the world needs is yet another podcast about the host telling week after week, how successful he or she is and from that ivory tower. Like, we just, we don't want that. So, hey, it might take us another ADS. Who knows?

Starting point is 00:08:23 Before we do another episode like this. And, you know, because it might be interesting for some of our hot call listeners, but for a bunch who are subscribed to the show, they're like, tell me how to make more money, dude. And that's okay. I mean, because we're there for the audience. They're not there for us. You know, I've probably talked up TIP quite a bit up to this point, but really, your ability

Starting point is 00:08:47 and what you've done in terms of bringing the right people on the team is really incredible. I can look just down the line of the hosts you've hired, for example, and just the combination of humility, capability, you know, work ethic, all these traits. And just when I thought TIP couldn't get any better, you bring William Green onto the team. I actually didn't know who William was prior to him joining, but I had the chance to visit him to help him get his equipment set up up by New York City. And, you know, just the content he puts out is like, it fits so well within the TIP brand, in my opinion.

Starting point is 00:09:29 And it's such a privilege and honor to have him a part of the team as well. So maybe you can talk about the story behind why and how he joined TIP. Thank you for the kind words about the culture on the team. And to your point about William, I mean, he really sets an example. I feel like with the way his ethics and just the quality of everything he does, he's just a high quality human being. To the point about how we got to work with William, I've read this book by Hans Rosling called Factfulness,

Starting point is 00:10:01 which is a wonderful book in itself. I recommend everyone to read that. But one of the takeaways from the book was how we got to know Melinda Gates. Because to me, that backstory was just quite interesting. And so she and her, well, sadly now former husband, Bill, they were quite fascinated with his work. And he's a doctor and he's now the late Hans Rosling, but did a lot of wonderful work, specifically in Africa. And so they invited him for a dinner one day to pick his brain. And to me, that was just really inspiring. The whole thing about just inviting really interesting people, not just like on a podcast, which we have the privilege to do here, but just invite them to your home and like connect a bit more with them and not make it like a business transaction, be just more like, please come and

Starting point is 00:10:46 join me in my home and can I please learn from you? Like that approach was just, I've never heard about anything like that before. And so I was like, I want to try that with William. I want to try that William because he was a guest back in 2015. where he wrote this wonderful book, The Great Minds of Investing. And you know this clay from having interviewed a ton of people. There are some guests where you're like, finally, I'm done.

Starting point is 00:11:12 Let's not invite this guest back on ever. But you also have guessed where you don't even notice that time is just flying by. And that was just how it was with William. Back then, Preston and I was still hosting together. And we did a double episode with him, which we typically didn't do, are not doing with guests. We've probably done that, I don't know, five times or whatever over the past eight years. We don't really do that.

Starting point is 00:11:34 But he just, we did that really because he was just, we just kept on wanting to talk with him. And even whenever we probably talk, I don't know, two, three hours, we talked for a long time. And still after that, it was like, please, can we talk even more with you? Because he was just like, everything was just high quality about him. And so I sent William an email and said, hey, do you want to spend a few days with me in Denmark? and can I please learn stuff from you, just ask you questions. And so as it happened, William sent an email back and you thank me for the invitation. And he was like, I'm considering setting up my own podcast.

Starting point is 00:12:08 Do you have any thoughts on that? And sort of like the discussion went from there. And we originally settled on a miniseries. I think we talked about having two miniseries of six episodes each. But after a few episodes with William, he sent me a message and said, you know, this could be interesting to do on a recurring basis. And I mean, wow, what a message to get. You know, it just makes you humble, right? And it was just about saying yes and letting William do his magic. I talked about those scoreboards before. Unsurprisingly, William is the very top of a scoreboard mission downloads.

Starting point is 00:12:42 And just like a wonderful host and setting an example for everyone on the team and in his quality and ethics. What can I say? William is as smart as peace kind. transitioning again, when I tell someone about my role with TIP, oftentimes the very first question I get almost immediately, or maybe the question that comes to their mind, is how in the world can someone make a living from a podcast or being a podcast host? Once that's asked, I'm often reminded of how privileged I am to be in this position where I get to read about investing in finance and talk with these great people, all is my full-time job. So please tell us, What is the business model of the investors' podcast?

Starting point is 00:13:26 You know, Clay, my parents asked me the same thing. I remember because I was like, you're doing a what now and you can make a living in the how now? But to answer you a question, so the business model is pretty simple. We want to have as many downloads as possible. The more downloads we have, the more money we can make from advertising. We recently branched out to doing a daily newsletter. We also relaunched our YouTube channel.

Starting point is 00:13:50 But the principle is really the same whenever you're talking about viewers, readers, or listeners. You are playing a volume game and creating wonderful content. And the more eyeballs you have, the more money you make. If we specifically look at podcast advertising, advertisers generally pay, call it $25-ish per thousand times someone is listening to the ads. We can have multiple advertisers in the same episodes, which I'm sure the audience now have realized. And we've decided to say, you know, typically six ads per episode. And again, I can give a soft sell. Like if you really don't like the ads, we do have like the opportunity to subscribe

Starting point is 00:14:27 to that free version. I think it's three or five bucks or something like that per month. But most of the money we make comes from the main show, the show we listen to right now. And we're closing in on 100 million downloads, probably going to achieve that sometime in November this year. And aside for the main feed, we also have millennial investing. Let's say that the monthly volume is called it one-tenth-ish of the main show. show or We State Billioness, which was the feed that Robert Wittman set up. And so in rough

Starting point is 00:14:53 numbers, I would say that probably 90% of our revenue comes from advertising. And then the remaining 10% comes from, you know, web application software, TP finance, core sales, we're doing to book sales, a bit of affiliate marketing, stuff like that. And so yeah, that's a short answer of a business model. I don't mean to be intrusive in any way, stay, given that many people We'll be tuning into this, but would you mind sharing how much money TIP is making? Let me try to see if I can size it, but still answer your question. I think it's a big no-no in the States to talk about stuff like that and being born and raised here in Denmark.

Starting point is 00:15:31 I think we were a bit more confrontational than I guess other companies are. I don't know if confrontation is the right term, but be quite transparent about it. I kind of feel it's in everyone's interest to be very transparent. and perhaps some people are even curious. So I think I briefly talked about some revenue numbers. Generally, I don't think too much about revenue. I'm more thinking about the free cash flow. And so including all this, which is the latest numbers we have,

Starting point is 00:16:01 so for the first eight months, we're at $1.74 million in free cash flow. So probably expect to land well above $2 million this year. And we've seen a decent growth. I want to say in 2021, it was just above 1.1 million, and then 2020 was 650-ish. And so it's a quite scalable business model, because if we get twice as many downloads, we don't get twice the number of expenses. It just doesn't work like that. And so most of the new revenue falls down on the bottom line as profit before tax.

Starting point is 00:16:36 Of course, there is also an element of growth capics back into the numbers you're hearing. For example, right now, we're spending, called a quarter, of a million annually on our YouTube project, and we probably only recouping, called 10% of that revenue right now. To think about this, it's just, it's more like a long-term project, and it's also a very scalable model, just similar to podcasting. So if we 10x the viewers, we don't get 10x the expenses. We more or less just, that falls down to the bottom line.

Starting point is 00:17:04 And so if we make another 10x from that, that's really whenever we start making money. Again, this is, of course, theoretical at this point in time, but it's really just taking like a pace from the playbook of We State Billioness. I don't know if it's like, if it's being too transparent or how the audience would feel about it. But, you know, I guess most of the audience are business people and they might be curious and who knows? They might not care at all.

Starting point is 00:17:29 Yeah, if someone asked me, what are the biggest cultural differences between the United States and Denmark? The most shocking to me is the level of transparency. And like you said, confrontational. I would say confrontational as well. for the Danish to the Americans. Like you mentioned earlier, you're quite transparent about what your thoughts are on what I'm doing well on, what I'm not doing well on. And honestly, as an American,

Starting point is 00:17:55 that's not something I'm used to at all. And that's one of the unique things of working with people from different cultures, whether it be from the Philippines or from Denmark, Poland, Canada. You know, people just see the world differently. And what one person considers normal, another person considers really uncomfortable. So that's something that's just really interesting and something I've encountered working with you. And that was really shown when I visited Denmark and you were asking me all of these really difficult questions. And again, like I mentioned earlier, definitely an adjustment coming from your typical corporate background. I think you're right. Danes are probably generally more like in your face in many ways. That being said, I also think it's something that I've learned

Starting point is 00:18:41 from Redalio, like, if you want to scale a company and you want your team to take more responsibility and you want to empower your team to take decisions, you also owe them full information. Like, there are very, very little information you should not be able to share with your team. And I agree with that. And so you, Clay, like, as you continue to progress in your career with TFP, you'll be taking on more and more responsibility. And how can you make the right decisions if you don't have the right information. You know, I would much rather be upfront with, you know, we definitely had, we definitely struggled earlier this year with like the rising interest rate and we got a bunch

Starting point is 00:19:20 of cancellations and, you know, I was very transparent about this is how much money we lose every single month. Like these are the expenses for the team. These are how many hundreds of thousands of cancellations we've gotten with advertisers. Because I don't want the team to worry. And I know it might sound odd whenever I say I don't want the team to worry about telling them bad news, but they know that I'm going to tell them the bad news, so they don't have to worry whenever they don't hear bad news. Let's take a quick break and hear from today's sponsors. All right.

Starting point is 00:19:50 I want you guys to imagine spending three days in Oslo at the height of the summer. You've got long days of daylight, incredible food, floating saunas on the Oslo Fjord, and every conversation you have is with people who are actually shaping the future. That's what the Oslo Freedom Forum is. From June 1st through the 3rd, 2026, the Oslo Freedom Forum is entering its 18th year, bringing together activists, technologists, journalists, investors, and builders from all over the world, many of them operating on the front lines of history. This is where you hear firsthand stories from people using Bitcoin to survive currency collapse, using AI to expose human rights abuses, and building technology under censorship and authoritarian pressures. These aren't abstract ideas.

Starting point is 00:20:35 These are tools real people. are using right now. You'll be in the room with about 2,000 extraordinary individuals, dissidents, founders, philanthropists, policymakers, the kind of people you don't just listen to but end up having dinner with. Over three days, you'll experience powerful mainstage talks, hands-on workshops on freedom tech, and financial sovereignty, immersive art installations, and conversations that continue long after the sessions end. And it's all happening in Oslo in June. If this sounds like your kind of room, well, you're in luck because you can attend in person. Standard and patron passes are available at Osloof Freedom Forum.com with patron passes

Starting point is 00:21:15 offering deep access, private events, and small group time with the speakers. The Oslo Freedom Forum isn't just a conference. It's a place where ideas meet reality and where the future is being built by people living it. If you run a business, you've probably had the same thought lately. How do we make AI useful in the real world? Because the upside is huge, but guessing your way into it is a risky move. With NetSuite by Oracle, you can put AI to work today. NetSuite is the number one AI cloud ERP, trusted by over 43,000 businesses. It pulls your financials, inventory, commerce, HR, and CRM into one unified system. And that connected data is what makes your AI smarter. It can automate routine work, surface actionable insights, and help you cut costs

Starting point is 00:22:03 while making fast AI-powered decisions with confidence. And now with the Netsuite AI connector, you can use the AI of your choice to connect directly to your real business data. This isn't some add-on, it's AI built into the system that runs your business. And whether your company does millions or even hundreds of millions, Netsuite helps you stay ahead. If your revenues are at least in the seven figures, get their free business guide demystifying AI at netsuite.com slash study. The guide is free to you at net suite.com slash study. NetSuite.com slash study. When I started my own side business, it suddenly felt like I had to become 10 different people overnight wearing many different hats. Starting something from scratch can feel exciting,

Starting point is 00:22:49 but also incredibly overwhelming and lonely. That's why having the right tools matters. For millions of businesses, that tool is Shopify. Shopify is the commerce platform behind millions of businesses around the world and 10% of all e-commerce in the U.S. from brands just getting started to household names. It gives you everything you need in one place, from inventory to payments to analytics. So you're not juggling a bunch of different platforms. You can build a beautiful online store with hundreds of ready-to-use templates, and Shopify is packed with helpful AI tools that write product descriptions,

Starting point is 00:23:24 and even enhance her product photography. Plus, if you ever get stuck, they've got award-winning 24-7 customer support. Start your business today with the industry's best business partner, Shopify, and start hearing... Sign up for your $1 per month trial today at Shopify.com slash WSB. Go to Shopify.com slash WSB. That's Shopify.com slash WSB.

Starting point is 00:23:55 All right. Back to the show. I mentioned my trip to Denmark again. One of the somewhat challenging questions you presented to me was, how much is TIP worth? It could be challenging for me. I was a new employee. What if I say a number that's way lower than what he believes the value is worth?

Starting point is 00:24:15 I didn't figure you'd get upset if that happened, but just a thought that kind of crosses your mind. And you mentioned the free cash flows. That's sort of where I start with is one method would be to just put some multiple on the free cash flows. Some people might be, you know, more liberal, say a 20x multiple. Some people might say a 10x multiple. But you mentioned a $1.7 million free cash flow so far, eight months into this year, which is definitely trending in the right direction, which is very good from a value investor's perspective. I wanted to ask you if you've ever

Starting point is 00:24:49 thought about selling the company at any point. Yes and no. There was a very, it was a very short answer. So we were sort of forced to think about that last year because we got approached a few times. And I would say that it was never like really serious. It was just more like, where do you, how do you see valuation? What's the right timing? Could you see yourself? It was a bit of like being on a lot of first dates for the lack of better words. And I wasn't seriously considering it in the sense that I was more just curious and wanted to like get a quote and I was like, what is it worth? And so being value investors, Preston and I always knew that if we were to sell TIP would

Starting point is 00:25:34 be the top of the business cycle. And we were quite sure that last year we were close to the top of the business cycle. Like it's difficult to time. You can't. I didn't know whatever the bubble would pop if you would have done it in 2020 and 21 or if it would last a few months. But it was pretty clear with the evaluations you saw last year that last year could be the right. time to sell. I think that the average EBIDDA at the very peak was around 15 on Wall Street.

Starting point is 00:26:00 And so it was just quite interesting to like hear how they would value a small private business. Let me give you an example. I had a call with a major media company among others. And they said, I spoke with the CEO and he said, you know, 10 to 12 times Iridah, perhaps a bit more depending on how they saw growth. And historically, that multiple is quite decent. You might say with all the money printing, it wasn't super high last year. But historically, if you looked at other cycles, it was quite good. But to me, and also seeing that we were doubling every year, I was like, if you want a two-year earnout and if we're doubling, like, then that EBDAB 10 to 12 was, like, extremely low. My best guess is that if you really wanted to sell last year, again, depending on

Starting point is 00:26:44 the earn out and all that stuff, we could probably have sold it for like 25, 30. Again, it was never relevant. We did have a request for a minority stake of a valuation closer to 50 million, but I really wasn't interested in that because I always felt that I would just want it to leave whenever we sold. Preston and I had some conversation about it. And I guess if you ask me today, I would say that from a financial perspective, we could likely drive our profit before tax to something like $4 to $5 million with the current side of the team. And we would probably need to add a few hundred thousand dollars more in annual capax, something like that, plus time for the initiatives to grow. And if we did that, 25 to 30 million or perhaps even 50 million,

Starting point is 00:27:28 but I would argue it would be on the low end. I'm super biased, as everyone could probably, would probably know. But you know, it's, then we go back to the whole discussion about what type of life do you want to have. And I don't think I would enjoy running TIP if we had 100 people on the team. I just feel that would be really bad for the culture we have. And so what would I do for money I don't need? Anyways, that's sort of like a part of a longer discussion. But I think more importantly than the price is just I'm not ready to sell TEP. And I can't speak for Preston, but if I should relate it to that, you know, we did put it into our original contract that we could only sell to each other unless we agreed to sell to a third party. And so I kind of

Starting point is 00:28:08 feel that was really nice and I'm really happy that Preston had that foresight to put that in. Because of situations like this, so one wouldn't have to deal with a shareholder and who might have different goals. But you know, I've said to my wife that I would be ready to look into selling TIP once I stopped being excited about it. And it just hasn't happened yet. You know, earlier this week, I was speaking with him. It was probably like 9, 10 p.m. so it was long after I was done with work. And I told her that I was a bit worried that I couldn't sleep because I was so excited about what I should do the following day. and you might be thinking, what would you be doing that day? Why, why you're so excited? So I was going to

Starting point is 00:28:44 work on the offline for this episode. That was one part. And the other thing was I had some projects with some team members had to follow up on. So for all intents of purposes, it was like normal work. And what I realized from that happening was just like, this is just the best job for me. I could ever have anyone who knows my wife knows she's much smarter than me. Whenever I got approached by those potential buys last year, she repeatedly said that I shouldn't sell regardless of the price because it's about happiness. It's not about money. And I also said to her that I've never had this feeling about a job and certainly not 80 years. And I never even had a job for the eight years straight before. So I would not consider it before I stop having that feeling. Again, I think that's

Starting point is 00:29:28 what Ron Buffett called tap dancing to work. I only have 15 feet from a bed to my desk. So I don't know if that's the best example, but I kind of feel I'm even more excited about working with TAP today than whenever I started. And the other thing is that, you know, I know a lot of wonderful people have started one company after the other, and don't get the wrong. I'm not saying there's anything wrong with that, but it's just never been the case for me. I just never thought about it like that. I mean, I don't want TIP to be another faceless corporation. And living the, that's called the TIP way of life, it's just where you're surrounded by great people, we just talked about Trey, we talked about William, and I could mention you as well, Clay.

Starting point is 00:30:06 Like, it's just wonderful. Why not continue doing that? You know, another reason why I don't want to sell TAP is that I'm just worried that the new owner is going to see TIP as a profit making business and see our team as employees and not as wonderful individuals. And I mean, I'm probably naive because that's, I guess, how 99.99, whatever, see business. But I just don't want that to happen to the team. So we've really dove into the weeds on your thought process, on business and how you think about operating TIP. And I naturally kind of compare it to Warren Buffett because that's who TIP was originally

Starting point is 00:30:49 founded on studying. And Warren is someone who is the master capital allocator. He's looking for where can he put his money in a place where it's going to earn him the highest return with a high degree of certainty. And it's interesting how you're not really thinking about that when you're running TIP. You're not thinking about how can I make the most money possible, which, you know, that's just something I find really interesting and really butt's heads with Buffett's approach and how he thinks about business. Related to selling TIP, is there any price you'd ever consider selling it? Or is there a price where you say, yeah, it makes sense to walk away?

Starting point is 00:31:28 It's a difficult question to answer because I don't want to be the type of person who would not be authentic. And I guess it would be very different if you had an offer in front of you. And it was not just theoretic. But I mean, I probably wouldn't say no to something like a billion dollars or something like that. I mean, that would just be irresponsible to do that. But it's not realistic because it's nowhere near worth billion dollars. And so what would be offered for TIP right now? It wouldn't make a difference.

Starting point is 00:31:59 It wouldn't make a difference if it was 10 million more or 20 million more. Because like you said, Warren Buffett has his approach to do different things. And I have another. And it's just a question of how you want to live your life. I think there are many ways of looking at this. I mean, please do not get me wrong. I like nice things as much as the next guy. But I'm also careful not to be on any type of hedonic treadmill.

Starting point is 00:32:23 And I'm not saying that I'm doing a wonderful job of that. but it might be surprising to learn to some of the listeners that I never owned a car in my life, which is a cost saver. And it probably sounds crazy. There's probably also something about it. Well, you visit me in office. The landscape is just different. But even so, obviously, there's a lot of Danes having cars.

Starting point is 00:32:49 I just, I haven't. What I would say to the American audience is that it's pretty likely if Stig lived in the U.S. he would in fact own a car. I know what it's like over there where, you know, there's all these crazy taxes on buying a car and people over there really incentivize you not to own one. So I will throw that in there too. That's true. We have a tax of 180%. And so if you think of a car that's $10,000, you know, it's $28,000 here. So that and the gas, like, whenever you hear about gas prices in the States, things are like, why are they giving gas away for free? Like $5 for a gallon? Like,

Starting point is 00:33:25 Oh, my, if only it was $5 a gallon here, we would do nothing but drive. So it's just a very different thing. But, you know, yeah, so a car, that's one thing. You know, you've seen how I live. You know, we were at, I don't know, a little less than 900 square feet, something like that. It's not like the biggest home. You know, I don't have fancy watches.

Starting point is 00:33:45 I still wear my $100 and change watch I got from my wife whenever we were dating in college. And, you know, it's, again, like, I'm not saying there's anything wrong by having nice things. Again, I like nice things too. But I would say it's probably not, or I would not say probably, it's definitely not the driver, especially not what we are right now, where we are in a more comfortable place financially. It's just, we are just optimized very different things. And especially right now compared to whenever, you know, we're making no money and we're like, let's see if we can make money to pay rent and stuff. Now that what you're over that hump, it's just different the way we think about that capital allocation. And I,

Starting point is 00:34:25 I would also say that I don't think TIP is a great investment case for 99% of buyers. I mean, again, we got approached by a few potential buyers last year. And so I called up Preston. I was telling him about it. And like me, he said, I just want to walk out whenever it's sold. I don't want the whole 18 months, 24 months, earn out. Not any of that. And that's typically what happens whenever you do sell a company.

Starting point is 00:34:50 And I agree. It's like, no, I would rather take a lower price. and just walk out. I don't want to work two years, and then I have to report to someone who wants to change the culture, and it would just kill me. That in itself would probably make it challenging. We did have a buyer who said it was completely fine if we both walked away. He actually said it would be even more appealing, which I don't know it was a big hug, or not just like, oh, if you leave, it's so much better. But anyways, and the other thing is that, you know, that person, he was very adamant about, yeah, you and Preston can leave, but we need to

Starting point is 00:35:24 to keep like the main players there, like XYC, and it doesn't matter specifically what it was. But for me, it was like it's a non-starter for me not to work with Bianca, like our first team member. We have big plans for our next project. And I would assume that I just said earlier in this episode that how amazing she is and she's wonderful. And I would imagine if I were to acquire she AP, I'd be like, yeah, I definitely want her the next 10 years to run the company.

Starting point is 00:35:50 And for me, that would be a non-starter. And so it's not a great investment case. Like, yeah, the founders will leave and, and, you know, the CEO would also leave and we don't want to do an earn out, we just want to walk out. Like, it's not an interesting case, really. I might think very differently about this than most others because if we were to sell TAP, I would give most of that money away anyway. It makes a lot of sense, of course, to ask for the highest possible amount because then you can give more money away. but in a way it also doesn't make sense because you're not going to keep the money anyway. And so it's just a very different way of thinking about it.

Starting point is 00:36:29 I just don't want it to come off as like I am super altruistic, anything like that. And I think I also said that previously in this episode, I'm definitely not. It's just I have very selfish reasons to want to give that money away. I've always been very fascinated about accumulating wealth, but I'm equally fascinated about giving it all the way. because capitalism is such a great system because it gives you instant feedback. I mean, if we produced a terrible podcast, no one would listen to us and we would go out of business soon. So if you compare that to giving money away, you don't have the same feedback system.

Starting point is 00:37:03 If you give away a million dollars, you give away a million dollars. And so in many ways, it's just much more challenging. But ultimately, I would like to focus on that if the day would eventually come with it's no longer fun running the investors podcast network. Another perhaps more likely scenario is that because of the talent we have on the team and because of the culture is just so important for both Preston and me, we have so much wonderful talent. And perhaps the right thing would be for Preston and me to step back and someone would take all the operations. And Preston and I will continue owning it and just do some boardwork or whatever people in suits call that. I don't know. Like we can probably come up with many different structures if we eventually wanted to spend less time.

Starting point is 00:37:47 this. And I know that Preston and his wife, DeMe, they're also very passionate about philanthropy and have their own projects they want to pursue. You know, I could easily see us eventually go that route. Both my wife and I, we're both teachers. Bianca mentioned before, she loves kids. And so I guess if you ask me today now that you're giving me opportunity to talk about it, is that the plan is ultimately to build schools. And we're very passionate about leveling the playing field. I would say that especially in developing countries, some live under like brutal regimes. And so I think that's something that's inspiring for us. I guess I should disclaim this and say, it should not sound like I'm up the door anytime soon. Quite the contrary,

Starting point is 00:38:30 I never worked as many hours as it do right now on BMS's podcast network. But this whole philanthropy route and building schools for women in developing countries is something that I think the focus will eventually shift to whenever we have a chapter that's not operations of TIP. All right. So it doesn't sound like the company will be changing hands anytime soon in terms of ownership. And you've scaled quite dramatically, as we mentioned, the last couple of years, too. Many people in the audience might be wondering, what's in store for TIP for the years to come if you're not going to be selling it? I would love to say something super inspirational Clay, I probably won't. I would say more of the same. More the same in the sense that we want to

Starting point is 00:39:17 give our host this canvas where we can attract and hopefully retain wonderful and talented people like you to educate the audience about finance. I would also say that the market might tell us we can do better, but at the same time, it's also important that we have an inner scorecard that tells us that we're helping our audience and it's okay if we make a lot. less money than we do today. It's probably not super motivational if I say that, but it's okay. Let me put it like this. It's very tempting to follow different growth strategies and start fearmongering on TikTok or something like that. At the end of the day, I don't feel it's the right thing to do. And I know this sounds spoiled. And I know that it's also because we are in a

Starting point is 00:40:04 previous financial position, but I would rather default by delivering a great product to the audience than thriving financially by creating bad content. For example, GIF Bezos, he has talked about how it's only a Christian of time before Amazon would go bankrupt because that's just how brutal capitalism is. And the best thing that we can do, or that they can do at Amazon, is that they need to be customer obsessed until they eventually go bankrupt. And to me, that's quite inspirational. Not the sense of being customer obsessed, because I think I've made it quite clear that

Starting point is 00:40:34 I'm not. But I think it's inspirational what TIP is. should do while we are quote unquote waiting to go bankrupt. And for TEP, I would say that it's making a difference to our team and creating a wonderful workplace. And as a result of that, team focused approach, create wonderful content for audience. And so again, I would say that this answer very much goes to understanding why we set up the business the way we have and monetize through advertising, this inner scorecard. Because whenever you ask what's in store, I look at the team right now, and I know we have a few more hires planned out for the next few months,

Starting point is 00:41:14 and I'm not saying that we won't change, but I think generally it seems like we are in a spot where it's good to be, and perhaps we don't want to grow too much. I mean, if we zoom out, we have two podcast feeds, we have a daily newsletter, we have a YouTube channels, and so the plan right now is to double down on those. We don't have any projects setting up new business units, for example. Many people listening now are probably loyal listeners at this point if they're listening this far into the episode. And like I was for many years, many of these people might be wondering, I've gotten so

Starting point is 00:41:52 much value from all these TIP podcasts, interviewed these amazing people, these billionaires, Ray Dalia, you name it. A lot of listeners might not have ever spent a dime for all the great content they've got, which is like a beautiful thing with the internet and the way the world works today, they might want to support TIP, besides just being a listener to the show, support in some way. So for those that are loyal listeners that would like to support TIP in some form or fashion, what would you recommend they do? Well, Clay, thank you for saying so. Again, if we have been helpful in your journey into finance, wonderful, I think the best way to help or to

Starting point is 00:42:34 reciprocate would be to perhaps leave a review or tell us what you like and tell a friend about our content. And I'll also add that if, you know, the we study billionaire stuff, if you feel like it almost goes over your head or you feel like that, you feel like you're missing something or you're not understanding fully, maybe how business valuation works. One website, I would highly recommend people check out just for to learn about value investing in general would be the Buffett's book site. And if you'd like to spend money, we also have courses on our website, theinvestorspodcast.com. There are free resources as well, but there's also paid courses there too. So if you're interested in learning more outside of the podcast feeds and you want to dive into a specific subject,

Starting point is 00:43:19 then that's the place to go. Let's take a quick break and hear from today's sponsors. No, it's not your imagination. Risk and regulation are ramping up. and customers now expect proof of security just to do business. That's why VANTA is a game changer. VANTA automates your compliance process and brings compliance, risk, and customer trust together on one AI-powered platform. So whether you're prepping for a SOC 2 or running an enterprise GRC program, VANTA keeps you secure and keeps your deals moving.

Starting point is 00:43:50 Instead of chasing spreadsheets and screenshots, VANTA gives you continuous automation across more than 35 security and privacy frameworks. Companies like Ramp and Writers spend 82% less time on audits with Vanta. That's not just faster compliance, it's more time for growth. If I were running a startup or scaling a team today, this is exactly the type of platform I'd want in place. Get started at Vanta.com slash billionaires. That's Vanta.com slash billionaires. Ever wanted to explore the world of online trading, but haven't dared try? The futures market is more active now than ever before, and Plus 500 futures is the perfect place to start. Plus 500 gives you access to a wide range of instruments, the S&P 500, Nasdaq, Bitcoin,

Starting point is 00:44:40 gas, and much more. Explore equity indices, energy, metals, 4X, crypto, and beyond. With a simple and intuitive platform, you can trade from anywhere, right from your phone. Deposit with a minimum of $100 and experience the fast, accessible futures trading you've been waiting for. See a trading opportunity, you'll be able to trade it in just two clicks once your account is open. Not sure if you're ready, not a problem. Plus 500 gives you an unlimited, risk-free demo account with charts and analytic tools for you to practice on. With over 20 years of experience, Plus 500 is your gateway to the markets. Visit plus 500.com to learn more. Trading in futures involves risk of loss and is not suitable for everyone. Not all applicants will qualify. Plus 500, it's trading with a plus.

Starting point is 00:45:33 Billion dollar investors don't typically park their cash in high-yield savings accounts. Instead, they often use one of the premier passive income strategies for institutional investors, private credit. Now, the same passive income strategy is available to investors of all sizes thanks to the Fundrise income fund, which has more than $600 million invested in a 7.97% distribution rate. With traditional savings yields falling, it's no wonder private credit has grown to be a trillion dollar asset class in the last few years. Visit fundrise.com slash WSB to invest in the Fundrise income fund in just minutes. The fund's total return in 2025 was 8%, and the average annual total return since inception

Starting point is 00:46:19 is 7.8%. Past performance does not guarantee future results, current distribution rate as of 1231, 2025. Carefully consider the investment material before investing, including objectives, risks, charges, and expenses. This and other information can be found in the income funds prospectus at fundrise.com slash income. This is a paid advertisement. All right. Back to the show. Well, Clay, let's talk about you. You are transitioning into a new role on We Stay Billioness, but perhaps before we get into that, could you talk a bit more about yourself, perhaps also talk to our audience about how you get to work with us here in the Amherstas Podcast Network?

Starting point is 00:47:00 Yeah, so as I mentioned earlier, I grew up in the Midwest. I was someone that was always super interested in math and pretty good at it in school, at least relative to a lot of other subjects. So I actually went to school to be an actuary. I went to the University in Nebraska. They had a really good program for it. And I worked in the insurance field post-graduation 2017 for four years. And for those not familiar, an actuary is essentially the business mind of an insurance company. That's the simplest way I can put it. It's finance-related. but also not finance related at the same time. It's actually a profession that Buffett thought about getting into, in fact,

Starting point is 00:47:45 is something Alice Schroeder mentioned in The Snowball. Buffett's obviously someone that really likes numbers as well. So throughout college and after college, I passed a number of exams. Within that profession, they were very math-intensive, finance-intensive. So in a way, it did help me learn as an investor, just think about the theory of interest and interest rates and discount rates and valuing something. Actuaries need to learn how to value insurance policies

Starting point is 00:48:12 is how that kind of ties together. So I got credentialed as an actuary, and along the way, I was a really loyal listener of TIP. I was actually going to go to one of your guys' meetups. I believe it was 2017, but I'm from Nebraska, and I knew some people going, and that year I happened to attend with a family member, so I wasn't actually able to meet up with you guys that year.

Starting point is 00:48:35 But it's interesting how TIP and Warren Buffett go hand in hand in that. You get attracted to them because of the brilliant investing knowledge that could be gained. But what really keeps you around is the principles on how to live a good life. And I think a lot of the listeners would agree with me in that regard. Zooming out when I was working my job, in the back of my mind, I knew I didn't want to work and insurance my whole life. But at the same time, I was making pretty good money. I didn't really feel the need to change that as I was really enjoying the process of building out my investment portfolio, building wealth. And that all changed when I received an email from Robert and TIP since I was on their mailing list. And it said that they were hiring a new host for millennial investing. I was actually on vacation at the time. And it kind of, you know, it was kind of sitting in the back of my mind.

Starting point is 00:49:29 And one of my good buddies that listens to TIP is like, hey, you should apply to that position. and honestly, just never saw myself as a podcast host at all. And it's probably similar to you Stig when you first started, but I ended up applying anyways because I thought, what the heck, I'm a risk reward type investor, whatever. There's no downside to applying at least. Worst case scenario, I might get to have a conversation with Robert or Stig,

Starting point is 00:49:52 and that would be very cool. So fast forward a month or so. From that point, it was fall of 2021. Had a few rounds of projects and interviews, and I got an email from Robert saying that I had been selected as the new host. So turn my notice into my employer and transitioned careers to work for TIP. Some people in my life probably thought I was pretty crazy. And honestly, it's been one of the best decisions in my life.

Starting point is 00:50:18 Again, I did not imagine myself being a podcast host, especially working with the people that had taught me so much over the years. But finance was my passion. I love listening to podcasts. and I really enjoy learning. So I couldn't help but take up the opportunity. Going back to that worst case scenario, it's like the pain of regret would hurt much more

Starting point is 00:50:40 than taking the opportunity and maybe it doesn't work out. You just never know. So we've talked a lot about Warren Buffett today and I wanted to bring in a quote from him that I feel had a big impact on me in making that decision. And it goes, do what you love and work for whom you admire.

Starting point is 00:50:59 and you've given yourself the best chance you can. And thankfully, I ended up following that advice, and I'm really glad I took the jump. So meanwhile, over the past year, I've hosted the millennial investing feed with Robert Leonard. And it's just been so fun getting to chat with all these great investors and entrepreneurs and also learning from everyone on the team, including you stag. Yeah, and I can definitely say, Clay, that,

Starting point is 00:51:24 well, I think I mentioned before, like, just let it slide out that you're the most popular host here we have internally on the team. The team absolutely loves working with you. So thank you for joining our team. Clay, one question I liked, and I probably put too much emphasis on this, and this probably comes from my value investing background, but I like to hear what people have invested in. I kind of feel it tells them, it tells me something about who are there are as people. Who knows? It might not be the right way of looking at it, but especially for all audience, perhaps if you can talk a bit more about your investment strategy and sort of like through that, they can get to know you?

Starting point is 00:52:01 Of course, since I loved numbers, I just loved learning about investing. Even with that love and passion, I've made about as many mistakes as anyone over the years. Happened to buy my first stock when I was 18 years old through the recommendation of a friend, knew nothing about investing at that point. And long story short, it was just a total utter failure. And although it wasn't a substantial amount of money for someone that age, it sure felt like a lot at the time. And thankfully, my investment journey didn't stop there. I had learned eventually I learned it's very difficult to beat the market through stock picking.

Starting point is 00:52:38 So, you know, as someone that young, I started investing in index funds, but also scratched my stock picking it. Luckily, I picked Apple as one of my individual investments, just sheer luck, I'll say. and I also added Starbucks, Netflix, and a couple others that probably weren't that great. I can't remember exactly how I discovered TIP in college, but since I lived off campus, did a good amount of driving, and I took Preston's advice and turned my car into a learning machine with podcasts and audiobooks. And I'm almost certain I discovered TIP by just Google searching top investment podcasts, and TIP was one I found and just more.

Starting point is 00:53:21 what I stuck with and listened to consistently. And I was highly influenced by Preston in particular. Like I said earlier, he's just a very likable person and easy to listen to, just a great host. And in 2020, he was just going on and on about Bitcoin, as we all know. I somewhat followed his lead. And by the end of 2020, most of my portfolio consisted mainly of index funds in Bitcoin. And then 2021, still more mistakes to come. I started allocating a small amount of my portfolio to growth companies. These were going through the roof at the time. You know, the theory was that they're growing at, let's say, 100% per year.

Starting point is 00:54:02 The Fed's printing money like crazy. What could go wrong? Companies like Shopify, Redfin, Square, those types of companies that weren't yet producing profits. You know, they're in growth mode. And I made the mistake of believing that valuation doesn't matter. as long as you're buying a quality company. And, you know, that is true to some extent, but you better be ready to hold on through intense volatility when the inevitable drawdown does come. And since joining TIP and studying behavioral biases, I realized that I've really let

Starting point is 00:54:35 my emotions get the best of me during that period and thinking that I was a genius in a bull market. So that was a really humbling experience for me. And since then, I have been influenced by your approach, Stig, and Ray Dalio's what he calls the holy grail of investing, which, you know, it's this approach of diversifying into a number of different assets that are, they're what we call uncorrelated. So when one asset does really well, one asset might not do quite as well, so it all balances out in the end. Just to give an example, we don't really know what the economy is going to do over the next 10 or 20 years. And there's investment cases for all these different types of assets. And let's look back at, say, the 1970s.

Starting point is 00:55:19 It was a very inflationary time period. We went off the gold standard in 71. And during the 1970s, the stock market was actually flat, which is pretty crazy to think about over a 10-year period, high inflation, stocks were flat. And meanwhile, over that decade, gold went up by nearly 18 times. And I think that would blow a lot of people's minds because everyone just says gold, it underperforms everything. It doesn't produce anything. It's just a hunkle metal that sits there. Well, then why in the heck did it go up by 18 times during the 1970s? I don't think a lot of people

Starting point is 00:55:54 know the answer to that. And that's something I'm still studying myself to this point. And I'm not saying we'll see something similar this decade at all. It's not what I'm saying at all. But I want to be prepared if something like that happens again. And to add to that, I want to look for things where the holy grail investing just wants to find something where if your investment thesis is wrong, you only lose a little bit. But if your investment thesis is right, then you might make multiples on what you invest. Just in the case of gold in the 70s, you would have made 18 times your money, whereas your stock portfolio would have been flat. So you're not going all in on one asset or asset class. So my portfolio today is still primarily the index fund.

Starting point is 00:56:40 in Bitcoin. However, I've also started positions in physical gold and silver, although they're still fairly small. Some individual stocks I really like are Berkshire Hathaway, Google, Amazon, and then I have a small position in Airbnb as well. And then additionally, I've allocated towards a couple of uranium funds, you know, kind of an inflation commodity type play, and then small cap value and an international fund as well. So kind of getting spread out gradually over time. So I guess I also add the caveat that these philosophies are ever changing. I could sell these positions at some point in the future. I might, you know, double down on some of them. So I'm still learning myself. Years down the road, this portfolio might look entirely different. That's kind of the beauty of

Starting point is 00:57:26 the investment journey as you're always learning and always sort of evolving. It makes me think of a quote of China Mongo where he says, as simple as it sounds, but he says, you have a huge advantage if you continue learning. And it seems so obvious whenever you hear that. And still, you're surprised how many people who invest are not continuing to learn. Clay, I wanted to talk about you because starting October 10th, your episodes here on the We Study Billioness Feed will be published every Monday. What would the episodes typically be about? Yeah, so generally I'll be coming from a value investing focus. Many value investors know you're trying to find something that's trading at a price that's less

Starting point is 00:58:10 than it's worth or trying to figure out the intrinsic value of something. So similar to how TIP originally started, it all originates back to Warren Buffett as he's known as the greatest value investor of our time. So my first few episodes will be talking about Buffett, how he became who he is today, what his strategy is, how we can apply that strategy to some companies today. then I'll probably talk about some other billionaire strategies in investing. You know, I mentioned Ray Dalio. I'll probably talk about him a bit. And you can just really expect me to dive into these strategies of all these prominent

Starting point is 00:58:49 investors. There's just so many of them to learn from. And it's really cool how TIP started with that value investing framework of looking at Buffett. And then you dive into Dahlio's work and it kind of flips your whole worldview upside down. So, you know, it's kind of like a take it and we'll see where it goes. But, you know, I'm really excited to dive into all these value investing type strategies and I'll likely talk about some other assets outside of stocks as well as potentially touch on some financial history to help inform us what,

Starting point is 00:59:22 you know, the future might hold for us as investors. And speaking of Warren Buffett, Clay and I already starting to plan the Berkshire meeting for May 2023. And we don't have a fixed schedule just yet. We hope to have events from Thursday to Sunday night, but we're not really sure where it should be and which hotel to stay at and all that stuff. And so Clay and I will be working on that over the next few weeks. Hopefully we'll have somewhat of a schedule we can send out to you, call it late October, start November, something like that. And like this and the previous years, we're going to have a WhatsApp group for our community. Clay, you'll be the point of contact for a Berkshire event. How can the audience contact you and get access to the group?

Starting point is 01:00:06 And could you talk about why it might be advantageous already now or call it late October when we have schedule ready? Why it might be advantageous to be a part of the group? We will be sending an email out most likely in late October with our plans for the Berkshire meeting. If you'd like to get signed up for our newsletter to stay updated, you can go to theinvestorspodcast.com slash newsletter. We'll also. Also, be sure to link in the show notes a link to all the information on our website about the meeting. There, you'll be able to access the WhatsApp link once we get that website updated later this month in October. If you'd like to get connected with me as we approach the meeting, you can email me at

Starting point is 01:00:47 Clay at the Investorspodcast.com. Also, many of you follow me on Twitter. I'm at Clay underscore Fink, F-N-C-K. As far as why the WhatsApp group is so important if you're attending the meeting and want to meet up with us at the Omaha weekend, this is just a great place to coordinate with me and make sure you have everything you need for the meeting. I'll mention a few reasons that it might be helpful to join. Many people come to Omaha actually on their own. And a lot of people are from outside the United States to my surprise. So having the group is a great way for those traveling. alone to connect with other members of the audience and meet up potentially outside of the TIP events that we end up having. So that's one great advantage. Just know that many people are traveling on their own. That was what I saw in my experience. This is so people don't feel like they're just simply going alone. It makes it more of a community event, which I think a lot

Starting point is 01:01:49 of people will appreciate. A lot of people were actually coordinating together outside of the TIP event. this year. And, you know, just to give an example, on Friday night, we met up. Tray, Robert, and I met up for dinner. And we actually ran into an audience member from Barcelona. He recognized us from the chat. And it was great meeting him and getting to chat with him. And, you know, just essentially learn from some of the listeners in the audience. And then during the meeting, I actually sat with a person from Germany. So it's just a really cool experience to meet these people from all over the world that are actually listeners of the same show you are and likely have a lot are the same investing principles, which is really cool. The second reason I'd give is this is where

Starting point is 01:02:29 I will send messages if plans happen to change. For example, this year's event, we planned on doing a bar crawl downtown Omaha on Saturday night. Well, we ran into an issue. Trey and I showed up to the first bar on the schedule and it was just totally packed because, well, it's Berkshire weekend and there's like thousands of people in Omaha more than usual. And a lot of people were downtown, so it's helpful to be in the group just to see where everyone is meeting up if plans change because thanks can change instantly. A lot of these bars honestly aren't huge. They aren't meant for a Berkshire weekend every weekend. So it's just a lot of local small bars. So we're going to try and plan ahead for that and try and be prepared. But it's great to be in the chat just to see

Starting point is 01:03:12 when things change or even just have a way to message some of the others that are a part of the TIP community. The third reason is it's a great place just for question. regarding the weekend, such as what hotels people are staying in, what are the credentials you need to get into the meeting. Again, if you're interested in attending the meeting and meeting up with the TIP community, keep an eye out on the newsletter or use the link that we'll provide in the show notes to the page on our website. And we'll be getting that updated here soon. If I can just add one thing to the thing with credentials, because they can't be difficult to get because you might buy them through the broker and they get super confused whenever you say, I actually want to attend one of the

Starting point is 01:03:53 annual meetings of one of the companies I invested in. And the support is like, I've never heard about that before. And so what has happened at least to me, and I heard it from quite a few other people attending is that they can't really get the hands on them or they have to go on eBay and buy them. And it's just like, it's this weird thing where with some brokers is very easy to get to and they will send you four. And with other brokers, they're like, I just don't know what you're telling me. And so I've never experienced that we didn't have a ton of credentials because, again, most people go alone and they might get, you know, might bring all four. And so what I would just say is that if you don't have any credentials, just asking the WhatsApp

Starting point is 01:04:28 group, we usually always end up with, I don't know, 100 plus extra or something like that. And I know it might sound crazy if I say, oh, just flying from Germany and we'll just hook you up. I'm not going to give you, make any promises at all. I would say I would be highly surprised if we did not have enough credentials whenever we actually get to it. Clay, we covered a lot of ground in this double episode. Do you have anything you wanted to mention here before we round off the show? I think we're good.

Starting point is 01:04:55 Wonderful. Clay, on behalf of the We Study Billioners audience, thank you so much for now being a host on We Study Billioners' feed. We are really excited to start listening to your episodes. Thank you, Stig. I'm super excited to start diving into all these fantastic books and research and all the papers that are great investors put out and help share that with the audience. Fantastic. So stay tuned for Clay's episodes. They're going to come out every Monday following this

Starting point is 01:05:22 episode. So already October 10th. Clay, thank you for your time today. It was wonderful to have this conversation with you. Thank you, Steg. It was a ton of fun. Thank you for listening to TIP. Make sure to subscribe to Millennial Investing by the Investors Podcast Network and learn how to achieve financial independence. access our show notes, transcripts or courses, go to theinvestorspodcast.com. This show is for entertainment purposes only, before making any decision consult a professional. This show is copyrighted by the Investors Podcast Network. Written permission must be granted before syndication or rebroadcasting.

We Study Billionaires - The Investor’s Podcast Network - TIP481: Our Finances w/ Stig Brodersen and Clay Finck (Part 2)

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.