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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Connect with Kip on LinkedIn
https://www.linkedin.com/in/kipknippel/

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