I’m thrilled to share some exciting insights from the latest episode of Capitalist Culture. This time, I had the pleasure of chatting with Seth Cogswell, the founding and managing partner of Running Oak Capital. Seth’s journey and philosophy on markets, risk, and investment are nothing short of fascinating. Here are some key takeaways that I think you’ll find intriguing:

Key Lessons and Ideas:
• Decision-Making Sciences: Seth’s background in decision-making sciences and operations research has profoundly shaped his analytical approach to markets and risk. It’s a blend of math, statistics, and computer science that’s both rigorous and insightful.

• Early Trading Lessons: Seth’s first foray into trading was a rollercoaster. From losing his initial investment on a bad stock tip to becoming obsessed with market dynamics, his journey is a testament to learning from mistakes and persevering.

• Market Cycles and Humility: Navigating through the 2008 financial crisis and the COVID-19 market turmoil taught Seth invaluable lessons about humility and adaptability. His experiences highlight the importance of staying grounded and flexible in the face of market unpredictability.

• Drawdowns vs. Returns: Seth emphasizes that understanding and managing drawdowns is crucial for long-term success. It’s not just about chasing returns but ensuring that your investment strategy can withstand market downturns.

• Founding Running Oak Capital: Seth’s mission with Running Oak Capital is to simplify clients’ lives through disciplined risk management and transparency. He’s passionate about providing real value and ensuring clients can invest with peace of mind.

Curiosities and Insights:
• Investment Industry Shortcomings: Seth critiques the traditional investment industry for its high fees and average returns. He advocates for more transparent and client-focused approaches, like those at Running Oak Capital.

• Passive Investing Pitfalls: While passive investing has its merits, Seth warns against its potential risks, such as ignoring valuation and risk factors. He believes in a more thoughtful, disciplined approach to investing.

• AI and the Future: Seth is cautiously optimistic about AI’s potential to revolutionize various industries. However, he stresses the importance of maintaining a disciplined approach to valuations, even amidst the AI hype.

• Capitalism and Ethics: Seth offers a nuanced view of capitalism, acknowledging its role in prosperity while critiquing its potential for sociopathic behavior. He believes in balancing profit with genuine value creation for customers and employees.

Personal Reflections:
• Integrity and Impact: Seth’s personal definition of success revolves around integrity and having a positive impact on as many people as possible. He’s committed to honesty, transparency, and preparing the next generation for future challenges.

• Navigating Challenging Times: Seth is deeply concerned about the current socio-political climate and the division it creates. He advocates for focusing on shared values and common ground to navigate these turbulent times.

I hope these insights spark your curiosity and entice you to listen to the full episode. Seth’s journey and philosophy offer a wealth of knowledge and inspiration for anyone interested in markets, risk, and the broader implications of capitalism.

Stay curious and keep learning!

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I’m thrilled to share some golden nuggets from my latest podcast episode with the incredible Ramon Ray. If you’re an entrepreneur, small business owner, or just someone who loves a good dose of positivity and practical advice, this episode is a must-listen. Here’s a sneak peek into our conversation:

Key Takeaways:

• Unapologetic Positivity: Ramon’s mantra is to stay positive no matter what. He believes in being a thermostat, not a thermometer—setting the tone rather than just reacting to the environment. This mindset has been a game-changer in his entrepreneurial journey.

• Risk and Resilience: Ramon has built and sold multiple companies. His biggest lesson? Take calculated risks but don’t jeopardize your family or home. Risk is necessary for growth, but it must be measured.

• Money Management: One of the toughest challenges Ramon faced was managing finances. He learned the hard way about the dangers of overleveraging and the importance of being conservative with money.

• Community and Support: Entrepreneurs often make the mistake of not asking for help soon enough. Ramon emphasizes the importance of recognizing when you’re stuck and seeking support to navigate tough times.

• Fame vs. Influence: Fame is about being widely known, but influence is about making a real impact. Ramon advises entrepreneurs to strive for influence within their communities rather than chasing fame.

• Authentic Personal Branding: Ramon’s “Celebrity CEO” framework encourages entrepreneurs to become well-known in their industries by consistently creating content and engaging with their communities. Authenticity is key—be yourself and let your unique personality shine through.

• Optimism as a Competitive Advantage: Staying positive helps entrepreneurs navigate the inevitable challenges of business. Focus your mental energy on positive thoughts and block out negativity to maintain a productive mindset.

• Leadership and Empowerment: Trust and empower your team. Ramon’s leadership style involves delegating responsibilities and trusting his team to execute, which fosters a culture of accountability and growth.

• Capitalism and Risk-Taking: Ramon uses a vivid analogy to explain why risk-takers deserve greater rewards. Entrepreneurs who take risks and innovate should reap the benefits, as they are the ones driving growth and creating jobs.

• Future Trends: Ramon is excited about the rise of AI but believes that genuine human connection will become even more valuable. He plans to focus on offering in-person experiences that can’t be replicated by technology.

Personal Insights:

• Legacy and Impact: Ramon hopes to leave a legacy of humor and lightness in the entrepreneurial journey. He wants to be remembered for making entrepreneurs think about the lighter side of building a business.

• Defining Success: For Ramon, success means achieving financial stability, creating extraordinary experiences for his family, and giving back to the community. These three pillars form his personal definition of success.

Final Thoughts:

Ramon’s energy and insights are truly inspiring. Whether you’re just starting out or looking to take your business to the next level, his advice on positivity, risk-taking, and authentic branding is invaluable. Tune in to the full episode to dive deeper into these topics and more.

Stay positive, take risks, and keep building your dreams!

P.S. Don’t forget to connect with Ramon

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I’m thrilled to share some incredible insights from my latest podcast episode with Andy Weiner, the founder and president of Rock Step Capital. Andy’s journey in the real estate investment world is nothing short of inspiring, and I can’t wait for you to dive into our conversation. Here are some of the key takeaways and intriguing points we discussed:

🏢 From Family Retail to Real Estate Mogul
• Retail Roots: Andy’s early career in his family’s retail business taught him invaluable lessons about markets, people, and risk.
• Survival Lessons: The downfall of his family’s business due to competition and inventory mismanagement provided Andy with critical insights into disciplined investing and operational excellence.

📜 The Rock Steps: A Blueprint for Success
• Behavioral Rules: Andy created 26 detailed behavioral rules, known as the Rock Steps, which guide Rock Step Capital’s culture and operations.
• Weekly Rituals: Every Monday, the entire company discusses the “Rock Step of the Week,” fostering a deep understanding and commitment to these principles.

🏘️ Investing in Hometown America
• Community-Centric Strategy: Rock Step Capital focuses on shopping centers in hometown markets with populations under a million but above 100,000, ensuring a great quality of life and growth potential.
• Positive Leverage: Andy explains how retail investments offer higher cap rates compared to debt interest rates, creating favorable cash flow dynamics.

💡 Navigating Challenges
• COVID-19 Resilience: The pandemic posed significant challenges, but Rock Step Capital’s disciplined approach and strong corporate culture helped them navigate through it.
• Adapting to Market Shifts: The rise of e-commerce and the impact of Amazon have reshaped the retail landscape, but Andy’s strategic investments in resilient retail properties have paid off.

🌟 Building High-Performance Teams
• Hiring for Fit: Potential hires at Rock Step Capital must review the Rock Steps and discuss their favorite and most challenging ones during the interview process.
• Continuous Improvement: The company emphasizes ongoing training, process analysis, and the integration of AI to enhance productivity and maintain an A+ performance mindset.

📈 The Future of Real Estate Investment
• Educational Initiatives: Rock Step Capital is committed to becoming a leading educator in shopping center investment, offering a wealth of resources on their website and through their YouTube channel, “The Shopping Center Channel.”
• Strategic Growth: With a focus on fund-driven growth, Rock Step Capital is poised to capitalize on distressed mall opportunities and continue their community-centric investment strategy.

I hope these highlights spark your curiosity and entice you to listen to the full episode. Andy’s insights on disciplined investing, building lasting communities, and maintaining a strong corporate culture are truly invaluable.

🎧 Listen to the full episode here and join us on this journey of learning and growth.

P.S. Don’t forget to check out the Rock Steps and see how they can inspire your own business practices. Let’s rock step our way to success together!

Stay curious and keep thriving!

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I’m thrilled to share the latest episode of our podcast with you. This time, I had the pleasure of sitting down with Nick Ehret, the Managing Partner and CFO of Hill Capital Corporation. Nick’s journey from a small town in Minnesota to launching a breakout growth fund is nothing short of inspiring. Here are some of the key takeaways and intriguing insights from our conversation:

🌱 Nick’s Humble Beginnings

• Small-Town Roots: Nick grew up in Lisle, Minnesota, a town of just 550 people, where he developed a strong work ethic working on farms.
• Education: He attended Saint John’s University, majoring in accounting, and fondly recalls the supportive community and professors.

💼 Career Path

• From CPA to Entrepreneur: Nick started his career at KPMG but soon realized his passion lay in private investing and working with entrepreneurs.
• Hill Capital’s Mission: Launched in 2018, Hill Capital bridges the gap between traditional bank loans and venture capital, targeting companies in the middle of the risk and return spectrum.

💡 Unique Investment Approach

• The “Hill Note”: Hill Capital uses a unique investment structure that blends aspects of venture equity and bank debt, focusing on businesses with $1 to $5 million in revenue.
• First Investment Success: Their first investment in Cachet Software exemplifies their mission, providing non-dilutive capital that allowed the founder to retain ownership and grow the business.

🤝 Beyond Capital

• Community and Support: Hill Capital offers more than just funding. They host “Empire Builders” events and the Hill Capital Summit to foster peer learning and connections among entrepreneurs.
• Hands-On Approach: Regular monthly meetings with portfolio companies ensure ongoing support and strategic guidance.

🔍 What Hill Capital Looks For

• Founder’s Character: Resilience and grit are paramount. They seek founders who can persevere through challenges and have a sustainable, scalable business model.
• Financial Discipline: Understanding cash flow management is crucial for long-term success.

🏆 Leadership and Legacy

• Delegation: Successful founders can delegate effectively, allowing them to focus on growth.
• Positive Impact: Nick’s definition of success revolves around building lasting relationships and having a positive influence on people’s lives.

📈 Emerging Trends

• Longer Timelines to Liquidity: The trend of companies delaying going public is reshaping the venture capital landscape, extending the typical timeline for exits.

Nick’s journey and insights offer a wealth of knowledge for entrepreneurs and investors alike. I hope you find this episode as enlightening and inspiring as I did. Tune in to hear the full conversation and dive deeper into the unique world of Hill Capital Corporation.

P.S. Don’t forget to check out the show notes for more details on Nick and Hill Capital Corporation. Happy listening! 🎧

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I’m thrilled to share some incredible insights from my latest podcast episode with the legendary Brian Dunn. Brian’s journey from a frontline associate to CEO of Best Buy is nothing short of inspiring. Here are some key takeaways that I believe will spark your curiosity and encourage you to tune in:

1. The Power of Listening and Mentorship
• Early Lessons: Brian’s first job in a grocery store taught him the value of listening and caring about what people think. His mentor, Kenny, showed him that great leadership starts with a genuine human connection.
• Mentorship Impact: Brian emphasizes the importance of mentors who help you see your strengths and build on them. He believes that everyone should find mentors to open new opportunities and overcome imposter syndrome.

2. Navigating Transformations and Challenges
• Leadership During Change: Brian shared his experience leading Best Buy through massive shifts, including moving from commission-based sales to non-commission. He highlights the importance of resilience and holding paradoxical thoughts without going insane.
• Scaling with People in Mind: As Best Buy grew from 8 to 441 stores, Brian kept the focus on people, ensuring that human connection remained central to the company’s culture.

3. Embracing AI and Technology
• AI’s Role in Leadership: Brian sees AI as a tool to open up new capacities and opportunities, not just a means to cut costs. He believes AI will make human skills like empathy and judgment even more crucial.
• Future of Work: AI will allow us to do things faster and better, but it will never replace the need for leaders to care about their employees and manage crises with heart.

4. Culture, Trust, and Values
• Human Connection: Brian insists that as organizations grow, leaders must fight the drift away from the human side. He believes that trust, judgment, empathy, and values are profoundly human responsibilities that technology cannot replace.
• Core Values as a Compass: For Brian, family, faith, and friendships are central. He stresses that if a situation requires violating core values, it’s a sign to leave that situation.

5. Bold Leadership and Risk-Taking
• Brave Fish Metaphor: Brian uses the metaphor of brave fish taking risks wisely to describe the competitive business environment. He warns against complacency and emphasizes the need for leaders to keep pushing forward.
• Strategic Thinking: Boards should look for leaders who are bold, willing to take calculated risks, and surround themselves with diverse perspectives to sharpen strategies.

6. Personal Legacy and Success
• Defining Success: For Brian, success is about the positive impact he leaves on the world and the people he interacts with. He cherishes his role as a father and values the time and freedom to engage meaningfully with his family.
• The Most Important Podcast Ever: Brian’s podcast highlights ordinary people doing extraordinary things, emphasizing the importance of human stories in leadership and culture.

7. Advice for Aspiring Entrepreneurs
• Just Do It: Brian encourages young entrepreneurs to take action without hesitation. He believes the only real barrier to success is oneself and stresses the importance of moving quickly, showing up, listening, and learning.

I hope these insights have piqued your interest! Brian’s journey and wisdom are truly inspiring, and I’m excited for you to hear the full conversation. Tune in to the latest epis

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I’m thrilled to share some exciting insights from our latest podcast episode, where I had the pleasure of interviewing Sam Gibson, the visionary founder and CEO of Hadron Energy. Sam’s pioneering work in developing 10-megawatt micro reactors is set to revolutionize the energy landscape, particularly for data centers, industrial applications, and national security. Here’s a sneak peek into our conversation:

Key Takeaways from the Episode:

• Sam’s Journey into Nuclear Energy:
  • Inspired by his father’s work and a childhood fascination with Iron Man 2, Sam’s passion for mechanical engineering and clean energy led him to nuclear power.
  • Despite being one of the youngest executives in the field, Sam’s fresh perspective is driving innovation in an industry traditionally dominated by older generations.
• The Vision for Micro Reactors:
  • Hadron Energy is bridging a significant market gap by developing scalable, factory-fabricated 10-megawatt light water micro reactors.
  • These reactors are designed to be efficient, safe, and commercially viable, leveraging proven technology used in existing U.S. reactors.
• Overcoming Challenges:
  • Sam’s journey wasn’t easy—starting solo, he traveled cross-country to pitch his concept, facing skepticism and regulatory hurdles.
  • Persistence paid off, and now Hadron Energy is gaining traction with strong interest from data centers, industrial operators, and government entities.
• Technology and Market Differentiation:
  • Hadron’s micro reactors offer a modular, scalable solution, reducing risks and costs associated with traditional large nuclear plants.
  • This approach is particularly attractive to data centers and industrial operators needing reliable, carbon-free baseload power.
• Demand Drivers:
  • The growing energy needs of data centers, driven by AI infrastructure, and the push for decarbonization in various sectors are fueling demand for Hadron’s reactors.
  • National security considerations also underscore the strategic importance of reliable baseload power.
• Policy and National Security:
  • Favorable policies, like the ADVANCE Act, aim to triple U.S. nuclear capacity by 2050, aligning government incentives with industry goals.
  • Initiatives like Project Janus highlight the critical role of micro reactors in national security.
• Leadership and Company Culture:
  • Sam’s leadership style focuses on servant leadership, fostering a collaborative environment where the best ideas win.
  • Hadron’s culture prioritizes safety, technical excellence, and an engineering-first approach, essential for their deep tech focus.
• Advice for Founders and Investors:
  • Sam advises aspiring founders to identify a unique value proposition and commit to navigating complex regulatory landscapes.
  • For investors, understanding the technical and regulatory nuances of nuclear technology is crucial for long-term, predictable investments.
• Looking Ahead:
  • Sam envisions Hadron Energy operating a manufacturing facility producing mass-manufactured micro reactors, with licenses for deployment in the U.S. and internationally.
  • The company aims to significantly contribute to a larger nuclear industry, meeting the growing demand for clean, reliable energy.

Why You Should Listen

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I'm thrilled to share the latest episode of our podcast, featuring an inspiring conversation with Peyton Smith, the Founder and CEO of Black Kanyon, a private equity firm based in South Dakota. Peyton's journey from farm life to leading a successful business is packed with valuable lessons and insights that you won't want to miss. Here are some of the key takeaways from our chat:

🚜 From Farm to Firm: Peyton's Roots
• Work Ethic & Leadership: Growing up on a farm taught Peyton the value of hard work, direct feedback, and figuring things out on the fly.
• Action Over Analysis: His farm upbringing instilled a belief that action beats analysis and that the impossible is possible.

🏢 Building Black Kanyon: The Entrepreneurial Journey
• Persistence Pays Off: From real estate deals with frozen pipes to complex due diligence, Peyton learned that creativity and persistence can solve almost any problem.
• Nine Principles for Exceptionalism: Radical candor, extreme ownership, and "be a buffalo" are just a few of the principles guiding Black Kanyon.

🚚 Challenges in Business Operations
• Trucking Troubles: Running a small trucking company taught Peyton the importance of hiring the right people and the principle of "hire slow, fire fast."
• Cultural Fit in Acquisitions: Evaluating potential acquisitions focuses on relationships and understanding the founder's goals rather than immediate cultural fit.

🌟 Creating Life-Changing Opportunities
• Employee Fulfillment: Black Kanyon aims to create workplaces where employees feel fulfilled and know when they are winning through clear operating systems and measurable goals.
• Team Performance: Peyton emphasizes that CEOs must be obsessed with team performance, dedicating significant time to culture and team dynamics.

🏞️ The Outdoor Industry & Future Plans
• Kanyon Outdoor: Black Kanyon is building a holding company for outdoor brands, modernizing older companies, and creating sales and marketing synergies.
• Opportunities with Retiring Boomers: Peyton sees a wave of potential acquisitions as many baby boomers look to sell their businesses.

🧠 Leadership & Personal Growth
• Continuous Learning: Leadership is a continuous learning process requiring adaptability and clear communication.
• Empowering Decisions: Encouraging employees to take ownership and make decisions independently fosters growth and accountability.

🤝 Trust Over Strategy
• Building Trust: Trust is foundational in business relationships. Peyton believes that trust outperforms strategy and is essential for successful deals and team dynamics.

🎯 Defining Success
• Enjoying the Journey: For Peyton, success means enjoying what you do every day and finding fulfillment in the journey and the work itself.

This episode is packed with actionable insights and inspiring stories that will resonate with anyone interested in leadership, entrepreneurship, and building meaningful businesses. Tune in to hear the full conversation and get inspired by Peyton's journey and the philosophy behind Black Kanyon.

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I’m thrilled to share the latest episode of our podcast, featuring an inspiring conversation with Scott Jagodzinski , the founder of Argent Alpha and author of the bestselling book Harder to Kill. Scott’s mission is to help men over 50 rebuild their physical, mental, and emotional performance, making the second half of their lives their strongest yet.

Here are some key takeaways and intriguing insights from our chat:

Scott’s Personal Health Journey

• Overcoming Knee Issues: Scott shares his battle with severe knee problems and how he avoided surgery through regenerative therapies and lifestyle changes.
• Creating Argent Alpha: His journey led to the creation of Argent Alpha, a community focused on men’s health and performance after 50.

Core Principles of Argent Alpha
• Truth-Telling: The importance of honest self-assessment in recognizing and addressing the invisible decline many men face as they age.
• Future Self Vision: Creating a compelling vision of who you want to become as a powerful motivator for change.

The Five Key Drivers

1. Mindset: Adopting a growth mindset and lifelong learning.
2. Sleep: Prioritizing quality sleep as a critical recovery tool.
3. Nutrition: Focusing on protein-centric meals and reducing processed foods.
4. Fitness: Emphasizing strength training, mobility work, and cardio.
5. Hydration: Ensuring proper hydration as a vital component of health.

Standards, Measurement, and Accountability
• Setting High Standards: Defining and measuring standards in all five key areas.
• Accountability: The role of community and accountability partnerships in achieving sustainable health improvements.

Advanced Health Protocols
• Innovative Therapies: Scott’s use of supplements and peptides to support recovery and health.
• Proactive Health Management: Encouraging men to become the "CEO of their health" and explore integrative or functional medicine.

Leadership and Legacy
• Leading from the Front: Scott’s philosophy of leading by example and continuous learning.
• Redefining Success: Shifting focus from traditional markers to the impact on family, friends, and community.

Practical Tips and Motivational Insights

• Daily Habits: Simple yet powerful guidelines like "break a sweat every day."
• Community Support: The value of brotherhood and camaraderie in the journey to better health.

Scott’s message is clear: men over 50 are not destined for decline. With the right mindset, standards, and support system, they can redefine aging, achieve remarkable health and performance, and leave a meaningful legacy.

I hope these insights spark your curiosity and inspire you to listen to the full episode. Let’s continue to challenge limiting beliefs about aging and strive for a vibrant, fulfilling second half of life.

Stay curious and keep thriving!

P.S. Don’t forget to check out Scott’s book Harder to Kill and explore the Argent Alpha community for more resources and support.

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