In this episode of Insight is Capital, Pierre welcomes Dr. Todd Finkle, esteemed Pigott Professor of Entrepreneurship at Gonzaga University and author of ‘Warren Buffett: Investor and Entrepreneur.’ Dr. Finkle draws on nearly two decades of research and personal experiences and notably, his connection to the Buffett family (he shares his memories of friendship and hanging around at school with Buffett’s son, Pete, and his friendship with both he and Susie), of taking students to meet Warren Buffett in Omaha, to explore Buffett’s investment philosophy, entrepreneurial spirit, and the lasting impact of Buffett’s childhood during the Great Depression. The discussion highlights the influence of key figures like Charlie Munger and Phil Fisher in Buffett’s life, the importance of critical thinking, and the value of surrounding oneself with supportive individuals. Dr. Finkle shares the challenges of writing his book and the invaluable lessons learned from Buffett’s mistakes while providing unique insights about the importance to Buffett and Munger of avoiding toxic people and embracing continual, lifelong learning.

Timestamped Highlights

00:00 Introduction to Dr. Todd Finkle and His Unique Insights on Warren Buffett

01:31 Dr. Finkle’s Personal Connection to Warren Buffett and family

02:49 Warren Buffett’s Philosophy and Influence

07:08 Buffett’s Humble and Positive Character

10:20 Family Ties and Early Life in Omaha

28:04 The Entrepreneurial Spirit of Young Warren Buffett

35:27 Dr. Finkle’s Journey to Writing the Book

38:05 Meeting Warren Buffett: A Professor’s Experience

41:33 Meeting Warren Buffett: A Life-Changing Experience

42:39 Exploring Omaha: The Heart of Buffett’s Investments

44:27 Buffett’s Investment Philosophy and Local Business Support

46:02 The Humble Life of Warren Buffett

56:40 Buffett’s Mistakes and Lessons Learned

01:10:09 The Entrepreneurial Spirit of Warren Buffett

01:17:31 The Future of Berkshire Hathaway

01:24:10 The Importance of Critical Thinking and Entrepreneurship

01:25:59 Final Thoughts and Best Advice

Bob Elliott, CEO, and CIO at NYC-based Unlimited Funds joined us on the show. We discuss his 13 years experience at Bridgewater Associates (10 years as head of Ray Dalio’s investment research team), and the lessons he learned from the Global Financial Crisis. We get into the more recent period of ecomomic upheaval, and today’s macroeconomic landscape. Bob shares his unique take on diversification, dissecting inflation, interest rates, as well as, for example, the impact deglobalization and reshoring may have on the U.S. economy. We explore Unlimited Funds’ innovative strategies of hedge fund-like replication that everyday investors can now access, at far lower cost than 2&20 strategies. Bob stresses the significance of balancing risk in portfolios. He also shares insights on managing portfolio volatility, behavioral economics, and disciplined trading practices, offering invaluable advice on market assumptions and investment management.

Timestamped Highlights

00:00 Introduction and Host Greetings

01:36 Guest Introduction: Bob Elliott

02:41 Bob’s Experience at Bridgewater

03:47 Lessons from the Global Financial Crisis

11:38 Current Macroeconomic Conditions

26:57 Impact of Interest Rates and Inflation

37:22 Gold as an Investment

41:16 Gold vs Bonds: A Comparative Analysis

42:14 Generational Perspectives on Gold

42:36 Understanding Economic Regimes

44:17 Strategic Portfolio Management

44:46 Challenges of Beating the Market

46:30 Accessing Top-Tier Asset Managers

47:33 The Role of Diversification

48:37 Replication and Manager Risk

51:19 Behavioral Aspects of Investing

01:03:09 Wealth Accumulation vs Wealth Management

01:04:59 Building a Robust Savings Portfolio

01:15:48 Final Thoughts and Best Advice

Uranium expert Justin Huhn, Founder & Publisher of Uranium Insider, joins Pierre Daillie and Mike Philbrick on the show to discuss the unfolding generational bull case for uranium and the entire uranium and nuclear power generation sector. We explore the cyclical nature of the uranium market, current supply and demand dynamics, and the impact of geopolitical tensions. Justin provides valuable insights on the increasing interest in nuclear energy as a clean power source, driven by rising global electricity demand and technological advancements. He sheds light on the potential for significant market developments by 2029-2030, the importance of long-term contracts, and the investment opportunities emerging from the ongoing and increasingly robust supply-demand imbalance.

Timestamped Highlights

00:00 Introduction and Greetings

00:16 Hurricane Experience and Weather Patterns

01:08 Introducing Guest: Justin Huhn

02:50 Justin Huhn’s Background and Entry into Uranium Market

04:57 Understanding the Uranium Market Dynamics

07:24 Impact of Fukushima and Market Recovery

20:16 Technological Advancements in Nuclear Energy

26:29 Growing Demand for Electricity and Nuclear Energy’s Role

35:18 Uranium Processing and Conversion

35:50 Enrichment and Fabrication

36:59 Global Market Dynamics

37:58 US Nuclear Industry Challenges

38:46 Geopolitical Impacts on Uranium Supply

48:32 Investment Opportunities in Uranium

54:51 Market Volatility and Investment Strategies

01:01:05 Future Outlook and Conclusion