The Business Brew

By: Bill Brewster
  • Summary

  • Welcome to The Business Brew This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business. Bill is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast. While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world. We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.” Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification. Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation. This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.
    Bill Brewster
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Episodes
  • Dylan Marrello - Raging Bull
    Sep 11 2024

    Dylan is a former attorney turned private investor focused on small/microcap stocks and overlooked pockets of the market. He publishes a free newsletter on Substack called Raging Bull Investments, which provides deep-dive investment write-ups and occasional market commentary, and is active on Twitter as raging bull cap/Jake LaMotta.

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    1 hr and 41 mins
  • Richard Cook - Traversing For Value
    Aug 22 2024

    Richard Cook, Co-Founder of Cook and Bynum, stops by The Business Brew to discuss his approach to global investing. Richard discusses his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value.

    Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning. The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics.

    With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversation offers invaluable insights into global investment strategies and the essential qualities of successful business leaders.

    Tune in to gain expert knowledge on navigating global investments and building a successful investment firm.

    00:00 Welcome to The Business Brew


    00:07 Introducing Richard Cook


    00:45 Investment Philosophy and Strategy


    01:09 Shoutout to the Editing Team


    02:30 Starting the Interview with Richard Cook


    03:02 Emerging Markets and Government Influence


    04:15 Investment Holdings and Long-Term Strategy


    07:47 The Power of Buybacks and Controlling

    Shareholders


    14:44 Avoiding Bias in Investment Decisions


    19:08 Lessons from Past Investments


    24:54 Navigating Market Cycles


    34:18 Insights on Bottling Businesses


    46:58 Premiumization in the Beverage Industry


    48:15 Global Consumption Patterns


    49:53 Investment Strategies and Intrinsic Value


    51:29 Challenges in Forecasting Business Durability


    53:32 Insights on Company Valuation


    55:15 Case Study: Kraft and Mondelez


    59:01 AB InBev and Craft Beer Market


    01:09:59 Investment in Jumbo During Greek Crisis


    01:20:39 Evaluating Emerging Markets


    01:25:55 Building an Investment Firm


    01:28:34 Conclusion and Final Thoughts

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    1 hr and 29 mins
  • Bruce Berkowitz - Avoiding Disaster And Generating Returns While Doing So
    Aug 8 2024

    In this episode of the Business Brew, host Bill Brewster sits down with the esteemed investor Bruce Berkowitz. They delve deep into Berkowitz's illustrious career, from his strategies during the financial crisis to his current outlook on various investment opportunities, including midstream energy and Florida real estate.

    Berkowitz shares anecdotes, personal reflections, and valuable lessons learned over decades in finance. Additionally, Berkowitz emphasizes the importance of due diligence and remaining rational amidst market fluctuations.

    Don't miss this enlightening conversation that offers unique insights into the minds of one of the most successful investors in the industry.


    00:00 Welcome to The Business Brew


    00:07 Introducing Bruce Berkowitz


    01:12 Disclaimer and Due Diligence


    02:01 Shoutout to the Editing Team


    *Dope music*


    03:23 Starting the Interview with Bruce Berkowitz


    04:19 Bruce's Investment Philosophy


    05:06 Insights on Wells Fargo


    09:01 The Importance of Management and Culture


    10:11 Challenges in the Banking Sector


    12:46 Bruce's Focus on U.S. Investments


    14:25 Research and Concentration in Investments


    20:28 Fairholme's Unique Approach


    27:01 Reflections on Sears and Real Estate


    30:43 Lessons from St. Joe


    32:38 Discussion on St. Joe's Elevated Properties


    33:27 Hurricane Resilience and Modern Building Codes


    35:07 Investment Strategies and Market Perspectives


    35:54 Interest Rates and Duration Risk


    39:14 Corporate Spreads and Reinvestment Risk


    41:43 Societal Changes and Financial Perspectives


    46:17 Enterprise Products and Midstream Energy


    48:30 Energy Logistics and Environmental Impact


    57:17 Technological Evolution in Energy


    01:00:40 Mutual Funds vs. ETFs


    01:02:04 Concluding Thoughts and Media Engagement

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    1 hr and 4 mins

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Best Warren Buffett Style Investing Podcast

Great knowledge and experience from real people in the trenches that are value investing. If you’re looking to do the work and learn how to invest like the best value investors then this is a must listen podcast.

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