If you’re like me, you love podcasts with intelligent, thought-provoking conversations with some of the world’s greatest investors. They not only help me to see how other great minds think but also allow me to pick pieces from each person's methods that can be beneficial to my thought process. Not to mention, it gets the creative adrenaline going. One thing you should keep in mind though is everyone’s thought process is different. We can have similar mental models, but not everything that works for one great thinker will necessarily work for another. Also, like investments, make sure you cut your losses fast and let your winners run when listening to podcasts. Time is too precious of a resource to waste on content that isn’t providing some kind of benefit. Without further ado, here are my top ten investment podcast episodes of 2017.
(Order is alphabetical and in no way intends a ranking order)
Capital Allocators- Episode #16: Thomas Russo- Buy and Hold… and Then What
· If you don’t know who Tom Russo is, you’re going to want to listen to this episode. Tom specializes in buying globally-known consumer brands and holds them for a very long time. His investment strategy is crafted from early lessons of Warren Buffett, and he is a regular out in Omaha for Berkshire’s annual shareholder conference since his portfolio typically maintains a 10% holding of BRK.A shares.
Invest Like the Best- Episode #37: Michael Mauboussin – Man + Machine, Moats, and Power of the Outside View
· I’ll admit that I had no clue who Michael Mauboussin was until late 2016, but since then I have gone back through every podcast & recorded speech he has ever done. This year I’m working on reading all of his books and papers. In this episode Michael discusses what a base rate is, the Inside vs. Outside view, and how to calculate the shrinkage factor, which is how quickly in which regression to the mean happens, plus so much more.
Invest Like the Best- Episode #51: Pat Dorsey- Buying Companies With Economic Moats
· Pat Dorsey was a longtime director of equity research at Morningstar and instrumental in the development of the economic moat rating system they still use today. In this episode, he obviously tackles moats, but also the importance of how companies allocate capital. Pat Dorsey is a must read and listen if you truly wish to understand the construction of moats.
Masters in Business w/Barry Ritholtz: Scott Galloway Discusses Four World-Conquering Companies
· A three-time guest on MiB, Scott Galloway is a Professor of Marketing at the NYU Stern Business School and founder of L2. This podcast covers his new book The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google. Scott is a thought leader in brand strategy and digital marketing, and he always has unique views to share in his interviews and blog posts.
Super Investors- Episode #18: Roger McNamee on Being in the Right Place at the Right Time (and Making the Most of It)
· You’ve probably seen Roger McNamme on CNBC, but this podcast blew me away. It’s a long episode, but I promise you won’t be disappointed. Roger goes through his career from start to finish, and the journey he takes you on is fascinating and unreplicable, so don’t even try it. I don’t want to spoil this one—JUST LISTEN TO IT!
The Allstar Charts Podcast- Episode #1: Ralph Acampora The Godfather of Technical Analysis
· On the inaugural episode, the one and only Godfather of Technical Analysis, Ralph Acampora, is J.C. Parets first guest. It’s not often you get to hear Ralph talk about the markets for extended periods of time since segments on CNBC or Bloomberg are at best a few minutes long. Luckily for me, I have been able to meet Ralph at the Minnesota Chapter Events for the Chartered Market Technicians Association, but for the rest of you, this is a way to see how he looks at the markets and learn some history on technical analysis too.
The Knowledge Project- Episode #18: Naval Ravikant on Reading Happiness, Systems for Decision Making, Habits, Radical Honesty and More
· Another long podcast, but it’s more than worth it! The Knowledge Project comes from the creator of the Farnam Street blog, Shane Parrish. Shane puts out phenomenal content that helps individuals expand their knowledge base, make better decisions, and to improve the overall quality of one's life. His guest is Naval Ravikant the founder of AngelList, a Silicon Valley veteran, angel investor, and one of the best go-to sources on Twitter for cryptocurrency knowledge. Listening to these two great thinkers in a conversation of this length was priceless. I thought it was very interesting the Naval only reads 10% of the books he purchases, but that speaks to the art of cutting your losses quickly. I won’t reveal anything else, but this is a must listen in my opinion. You’ll also get a lot of great book ideas, principles to apply to your life, and more.
The Meb Faber Show- Episode #80: Claude Erb, “It Is Possible That We’re In The Middle Of A Period In Which Gold Becomes The New Frankincense”
· Claude Erb has an interesting background, having worked in equity, fixed income, and commodity markets. Also, he was the one employee who left to help form Doubleline that made his way back to TCW within days. If you haven’t read his co-authored paper “The Golden Dilemma” you should. In this episode, he discusses gold and whether it has ever been an effective hedge against inflation, and even a little take on Bitcoin.
The Tim Ferriss Show- Episode #244: The Quiet Master of Cryptocurrency — Nick Szabo
· I first discovered who Nick Szabo was when cryptocurrency peaked my interest as an investment vehicle. I wanted to figure out how it came about and who the early influencers were which brought me to his blog Unenumerated. As a bonus Naval Raviikant is essentially a co-host, which makes for a great conversation the dives at least into the shallow end of the pool of crypto. This podcast is the longest podcast on my list by far, but you can see a theme starting—the longer the podcast, the better it seems to be.
We Study Billionaires @ The Investors Podcast- Episode #168: Guy Spier – The Education of a Value Investor
· You might be wondering where you heard the name Guy Spier before if your not that into value investing. Well, Guy Spier and Mohnish Pabrai spent $650,100 to have lunch with Warren Buffet back in 2008. Guy runs his Aquamarine Fund, which is modeled more on Buffett’s initial partnership and Benjamin Graham’s principles, rather than the way Berkshire Hathaway allocates capital. In this podcast, he discusses daily habits, what he’s reading, value investing, and even Bitcoin.
(Podcast episodes you should listen to, but due to the plethora of great episodes in 2017 they just didn’t quite make-the-cut.)
Adventures in Finance- Episode #12: Bass and Burbank, A Masterclass
Bespokecast- Episode #18: George Livadas
Bespokecast- Episode #19: Eddy Elfenbein
Invest Like the Best- Episode #22: Brent Beshore Returns – Private Equity Venture Capital and the Future of Money Management
Invest Like the Best- Episode #50: Jason Zweig and Morgan Housel – Business vs. Investing
Invest Like the Best- Episode #36: Will Thorndike – How Skilled Capital Allocators Compound Capital
Odd Lots w/Joe Weisenthal & Tracy Alloway: The Biggest Lesson Investors Should Have Learned From the Crisis (Mark Dow)
Masters in Business w/Barry Ritholtz: Katie Stockton Started with Technicals in College
The Knowledge Project- Episode #23: Life Lessons from a Self-Made Billionaire: My Conversation with Ray Dalio
The Meb Faber Show-Episode #37: John Bollinger, “People Have This Time-Frame Confusion That I Think Does A Huge Amount Of Damage”
The Meb Faber Show- Episode #77: Tobias Carlisle, “In Order To Find Something Genuinely Undervalued…There’s Always Something That You Don’t Like”
The Meb Faber Show- Episode #84: Howard Lindzon, “I Think There’s So Many Ways The Markets Are Rigged That I Think It’s Best To Just Follow Along The Trends”