[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

Whit Huguley is the founder and portfolio manager of River Oaks Capital, a concentrated microcap investment fund who applies rigorous private equity-style due diligence to overlooked public companies by personally visiting management teams across America.

EPISODE NOTES

3:00 - Whit's background: From LSU graduate to startup employee to MBA at Tulane, discovering value investing through Ben Graham's "The Intelligent Investor"

6:00 - Career pivot: Five years in the entrepreneurial world, then private equity at AGR buying 30-49% stakes in family businesses

9:00 - Key insight: First company visit revelation - "$100 million market cap company, no investors had visited in 5-10 years"

12:00 - The Buffett parallel: Early investing approach of traveling to meet management, waiting in lobbies, attending sparsely attended annual meetings

15:00 - A+ CEO discovery: Meeting Dayton Judd changed everything - "spoke to me business owner to business owner"

18:00 - Level 5 leadership quote: "Personal humility and professional will, prioritizing company needs over personal gain"

21:00 - Why companies stay public: Most went public pre-2008, now costs $1-2M annually to maintain public status

24:00 - Microcap definition: Portfolio ranges from $30M to $600M market cap, average $250M

29:00 - "Remote island" strategy: Not traditional moats, but obscure markets too small for Amazon to bother conquering

36:00 - Suggestivist approach: "Your company trades at 5x earnings while you're buying acquisitions at 10x - why not buy your own stock?"

42:00 - Three-rule selling framework: Misjudged management, hard left turn in strategy, or extreme overvaluation

49:00 - Capacity constraints: Fund growth helps with influence but hurts at scale - "protecting Thanksgiving dinner investors"

53:00 - Uplisting catalyst: Moving from over-the-counter to NASDAQ opens institutional investor access, FitLife up 50% post-uplisting

58:00 - Counterintuitive lessons: Price drops often mean higher future returns, A+ CEOs are worth premium compensation

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

After writing, reading, and answering 1,000 emails this summer, I'm sharing what I learned about our Talking Billions community. From curious beginners to seasoned investors, you've trusted me with your stories, questions, and insights. In this solo episode, I reflect on three years of conversations, reveal a surprising pattern that emerged from all those emails, and extend a personal invitation to join me on Substack where I'm building a deeper, more connected community experience.

Plus: Why I'm committing to write personal emails to 100 new subscribers every month, and how your messages directly shape the conversations we have with guests.

https://bogumilbaranowski.substack.com/

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

John Rotonti is a portfolio manager at Bastion Fiduciary managing the Industrial and Infrastructure Strategy, former Motley Fool senior analyst and head of investor training, and author of J.Rowe's Notes newsletter who brings nine years of institutional stock-picking experience to generational wealth building.

3:00 - John's transition to Bastion Fiduciary: launched Industrial & Infrastructure Strategy in January, managing client capital with generational timeframe and complete autonomy over investment decisions

6:00 - Motley Fool learning: Buck Hartzell's advice shifted John from pure deep value to also considering upside scenarios - "spend time trying to figure out what could go right"

9:30 - Portfolio construction mistake: launched with 32 stocks vs preferred 20-25, course-correcting by trimming to achieve better concentration

14:30 - Universe discipline: whittled 300 stocks down to just 60 companies, eliminating noise and forcing focus on highest conviction ideas

18:00 - Letting winners run: discusses anchoring bias and low cost basis pride, admits difficulty adding to winners despite mathematical advantage

23:00 - Long-term communication strategy: 22% of client presentation focused on "what I don't do" and "who shouldn't invest" to set proper expectations

28:00 - Controversial approach: didn't contact clients during February-April selloff because "volatility is the friend of the long-term investor"

32:00 - Performance philosophy: refuses to benchmark against indices, focuses on generational wealth building over short-term comparisons

40:00 - Uncompromising quality: maintains 60-stock universe of only highest quality businesses, describes it as "quality only" not just "quality first"

45:00 - Research process: deep dive questions focus on stress-testing businesses through adversity, inspired by longevity science concepts

55:00 - AI adoption: embracing finance-focused AI platforms for productivity while maintaining preference for deliberate, thoughtful research pace

EPISODE NOTES

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.