We Study Billionaires - The Investor’s Podcast Network Podcast

Michael and Preston explore Bitcoin's foundational principles, covering digital scarcity, mining incentives, node infrastructure, and the importance of self-custody versus third-party management.



IN THIS EPISODE YOULL LEARN:



00:00 - Intro

12:13 - How Bitcoin prevents government-led currency debasement

19:14 - Why block reorganizations occur and how they're resolved

23:11 - The mechanics of block creation and transaction verification

28:55 - What makes Bitcoin a secure and decentralized timekeeper

31:13 - The economic incentives behind Bitcoin mining

33:54- The role of transaction fees as block subsidies decline

37:01 - How Bitcoin's security model addresses hack concerns

41:05 - How self-custody empowers users and mitigates risks

50:02 - Differences between running a node and mining

1:00:04 - Innovations in node infrastructure from the 256 Foundation



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES

Michaels X Account.

Website: Nakamoto Heating Solutions.

Website: 256 foundation.

Check out all the books mentioned and discussed in our podcast episodes here.

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NEW TO THE SHOW?

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Follow our official social media accounts:X (Twitter)|LinkedIn|Instagram|Facebook|TikTok.

Check out our Bitcoin Fundamentals Starter Packs.

Browse through all our episodes (complete with transcripts)here.

Try our tool for picking stock winners and managing our portfolios:TIP Finance Tool.

Enjoy exclusive perks from ourfavorite Apps and Services.

Get smarter about valuing businesses in just a few minutes each week through our newsletter,The Intrinsic Value Newsletter.

Learn how to better start, manage, and grow your business with thebest business podcasts.





SPONSORS

Support our free podcast by supporting oursponsors:

SimpleMining

Hardblock

AnchorWatch

Unchained

Vanta

Human Rights Foundation

Fundrise

reMarkable

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Netsuite

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In today's episode, Stig Brodersen is talking stocks with Tobias Carlisle and Hari Ramachandra. Stig’s pick is Microsoft, the world’s biggest market cap company for good reason. Tobias is pitching Devon Energy, an oil and gas producer with a big upside if you’re right about the timing. Hari’s stocks of choice are Adyen and Block, two fast-growing companies with stronger moats that meet the eye.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:51 - Why Hari is bullish on Block and Adyen (Ticker on NYSE: XYZ and on Euronext: ADYEN).

12:48 - The bear case for Block and Adyen, including valuation and disruption.

24:22 - Stig’s bull case is for Microsoft (Ticker on NASDAQ: MSFT).

44:55 - The bear case for Microsoft, including the rich valuation.

56:56 - Why Toby is bullish on Devon Energy (Ticker on NYSE: DVN).

01:05:31 - The bear case of Devon Energy, including the debt level and share issuance.

01:27:06 - What the TIP Mastermind Community is and how we’re forming meaningful relationships.



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠here⁠⁠⁠.

Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Stig Brodersen’s Portfolio and Track record. 

Listen to Mastermind Discussion Q1, 2025 or watch the video.  

Listen to Mastermind Discussion Q4, 2024 or watch the video.  

Listen to Mastermind Discussion Q3, 2024 or watch the video.

Listen to Mastermind Discussion Q2, 2024 or watch the video.

Tune in to the Mastermind Discussion Q1, 2024 or watch the video.

Listen to Mastermind Discussion Q4, 2023 or watch the video.

Tune in to the Mastermind Discussion Q3, 2023 or watch the video.

Listen to Mastermind Discussion Q2, 2023 or watch the video.

Bill Gates’ autobiography, Source Code – read reviews of this book.

Stig and Preston book review of Paul Allen’s book, Idea Man. 

Tobias Carlisle's podcast, The Acquirers Podcast.

Tobias Carlisle's ETF, ZIG.

Tobias Carlisle's ETF, Deep.

Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this book.

Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com

Tweet directly to Tobias Carlisle: @Greenbackd.

Tweet directly to Hari Ramachandra: @harirama.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠here⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠Premium Feed⁠⁠⁠.



NEW TO THE SHOW?

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠.

Check out our ⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠.

Follow our official social media accounts: ⁠⁠⁠X (Twitter)⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠ | ⁠⁠⁠TikTok⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠here⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠TIP Finance Tool⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠favorite Apps and Services⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠best business podcasts⁠⁠⁠.



SPONSORS

Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠:

SimpleMining⁠⁠

⁠⁠Hardblock⁠⁠

⁠⁠AnchorWatch⁠⁠

⁠⁠Unchained⁠⁠

⁠⁠Human Rights Foundation⁠⁠

⁠⁠Onramp⁠⁠

⁠⁠Fundrise⁠⁠

⁠⁠Vanta⁠⁠

⁠⁠Netsuite⁠⁠

⁠⁠Shopify

HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠rating and review⁠⁠⁠ on ⁠⁠⁠Spotify⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!



Support our show by becoming a premium member!

https://premium.theinvestorspodcast.com/



Support our show by becoming a premium member! ⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In this episode, Clay explores Hamilton Helmer’s 7 Powers framework, breaking down each of the seven sources of enduring competitive advantage. While companies all over the world offer benefits and value to society at large, few have barriers in place that prevent competitors from easily replicating those advantages. Whether you’re an investor or business operator, this episode is an essential listen to understand the critical ingredients for long-term success in business.



IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:34 - What it means for a company to have Power.

07:04 - The power of scale economies.

12:12 - Why network effects are one of the best competitive advantages a business can have.

18:05 - Why counter-positioning is Hamilton Helmer’s favorite Power.

30:19 - The types of switching costs that can keep customers locked in for years.

38:24 - Why customers are willing to consistently pay up for a great brand name.

51:24 - How companies can capture a cornered resource that even well-funded competitors are unable to replicate.

56:46 - Why process power is the rarest of the all the powers.

01:03:00 - A case study on Netflix and how they built multiple Powers outlined in the book.

And so much more!



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Hamilton Helmer’s book: 7 Powers.

Mentioned Episode: TIP600: Business Durability and Strategy Masterclass w/ Hamilton Helmer.

Follow Clay on ⁠LinkedIn⁠ & ⁠X⁠.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠.



NEW TO THE SHOW?

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠.

Check out our ⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠.

Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠.



SPONSORS

Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠:

SimpleMining

Hardblock

AnchorWatch

Unchained

Vanta

Human Rights Foundation

Fundrise

reMarkable

Onramp

Netsuite

Shopify

HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!



Support our show by becoming a premium member!

https://premium.theinvestorspodcast.com/

Support our show by becoming a premium member! ⁠⁠⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠⁠ Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Garrett Johnston shares why Bitcoin—not crypto—should be the foundation for insurance innovation. We explore regulatory friction, risk evolution, and strategic adoption for carriers and corporates.



IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:57 - How digital asset risk profiles evolve as companies scale

16:09 - The case for Bitcoin in insurance company treasuries

16:15 - Why Bitcoin enhances risk-adjusted returns in institutional portfolios

21:39 - Why current regulatory frameworks hinder BTC adoption

21:54 - How NAIC rules classify BTC as a non-admitted asset

22:07 - The importance of state-by-state education and reform

30:28 - Gaps in current insurance coverage for Bitcoin-native businesses

45:03 -Why “Bitcoin not crypto” is critical in traditional insurance circles

47:12 - ESG misconceptions about Bitcoin in insurance contexts

48:26 - Game theory behind state-level regulatory adoption (e.g., NH SBR)

49:39 - AI’s emerging role in insurance and supply chain risk analysis



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES

Garrett's ⁠X Account⁠.

Check out all the books mentioned and discussed in our podcast episodes⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.



NEW TO THE SHOW?

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠.

Check out our ⁠⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠.

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠.





SPONSORS

Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠:

SimpleMining

Hardblock

AnchorWatch

Unchained

Vanta

Human Rights Foundation

Fundrise

reMarkable

Onramp

Netsuite

Shopify

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today’s episode, Kyle Grieve chats with Jon Cukierwar about his unique global investing approach focused on undiscovered companies. They delve into Jon’s high-conviction strategy, his in-depth on-the-ground research process, and how he uncovers overlooked opportunities by combining valuation, quality, and growth.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:02 - Lessons Jon learned working for legend Bob Robotti

07:19 - Why Jon favours high-quality, growing businesses

17:26 - How Jon counters bias when meeting charismatic CEOs

25:50 - Why local investor networks unlock global insights

36:23 - Why Jon prioritizes owners’ earnings over net income

37:41 - The three essential traits Jon demands in investment and what makes an investment a “no-brainer” for Jon

39:47 - Why holding winners is harder than it seems

53:57 - Why Jon leans toward “boring” low-tech businesses

1:00:30 - What traits Jon values most in company leadership



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Read Jon’s shareholder letters here.

Read Jon’s research here.

Follow Kyle on Twitter and LinkedIn.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠.



NEW TO THE SHOW?

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠.

Check out our ⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠.

Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠.



SPONSORS

Support our free podcast by supporting our sponsors:

• SimpleMining

• Hardblock

• AnchorWatch

• DeleteMe

• Fundrise

• Vanta

• The Bitcoin Way

• Unchained

• CFI Education

• Onramp

• Shopify



HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!



Support our show by becoming a premium member! ⁠⁠⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm