John Maxfield from "Maxfield on Banks" stops by the show. John is a wealth of knowledge and has an entertaining personality. Bill and John cover a lot of ground. John discusses the history and dynamics of banking, including the unique supply and demand of credit, traits of successful bankers, and the impact of historical tragedies on banker psychology. The episode also covers stories of notable bankers and failures, the free banking era, liquidity surges, and banking crises. John also delves into modern banking dynamics, including the rise of private credit, and shares insights from his extensive research and personal experiences with top bankers.

Additionally, John talks about his elite banking symposium and unique forms of networking and learning in the banking sector. You can find John's past symposiums here: ⁠https://www.thebankingsymposium.com/⁠ And his archive on ⁠https://www.maxfieldonbanks.com/⁠ Show Notes: 00:00 Welcome to the Business Brew

01:23 Introducing John Maxfield

01:54 The Art of Banking

02:28 The Common Traits of Great Bankers

16:22 Historical Perspectives on Banking

20:16 The Free Banking Era

25:03 Modern Banking Challenges and Innovations

41:04 The Beale Model and Banking Risks

41:45 Factoring Company Acquisition

43:14 Blockchain in Trucking Industry

44:03 Building a Competitive Network

50:51 Banking Failures and Historical Insights

56:08 The Role of AI in Banking Research

01:00:48 Personal Stories and Networking

01:05:45 Citigroup's Complexities and Global Role

01:10:55 Elite Banking Symposium

01:15:51 Final Thoughts and Farewell

Ryan Dobratz, from Third Avenue Funds, stops by The Business Brew to discuss Third Ave’s real estate strategy. Ryan discusses the benefits of focusing on real estate operating companies over REITs, the potential of investments like CBRE, challenges in the office market, and the outlook for residential real estate. They also discuss investment strategies in the residential market, opportunities in Fannie Mae and Freddie Mac, and Dobratz's personal career journey.

00:00 Welcome to the Business Brew

00:03 Introducing Ryan Dobratz and Third Avenue Funds

00:39 Disclaimer and Financial Advice Warning

01:44 Starting the Conversation with Ryan Dobratz

02:46 Ryan's Career Journey and Early Influences

05:51 Joining Third Avenue and Moving to New York

08:24 Strategic Move to Austin and Real Estate Insights

09:38 Challenges and Opportunities in the Office Sector

13:10 Investing in Real Estate Services Companies

15:02 Philosophy on NAV and Investment Strategies

23:55 Preference for C Corps Over REITs

28:11 Prologis and Industrial Real Estate

35:21 Public vs. Private Real Estate Investments

39:46 Incentives and Behavioral Finance in Private Markets

40:18 Active vs Passive Investing in Real Estate

42:57 Third Avenue's Real Estate Strategy

46:27 Residential Real Estate Investments

59:46 Fannie Mae and Freddie Mac: A Deep Dive

01:18:01 Challenges and Opportunities in Tower REITs

01:22:06 Conclusion and Final Thoughts

Shoutout to SpeechDocs (@speechdocs on X) for the show notes below.

🎙️ Welcome to The Business Brew! 🎙️

In this special solo episode, host Bill Brewster opens up about life, markets, and the future of The Business Brew. From surviving Hurricane Milton and its aftermath to contemplating a rebrand of the show, Bill shares raw and unfiltered thoughts on resilience, growth, and change.

📌 What You’ll Learn in This Episode:

• The surprising truth about ETF tax loopholes 🤔

• Reflections on Florida real estate and climate challenges 🌴

• How personal challenges shape perspective and growth 💡

• A candid take on rebranding The Business Brew for a fresh start 🚀

• Insights on parenting, relationships, and navigating life’s toughest moments 👨‍👩‍👧

💭 Key Quote:
"The Business Brew has to die for me to live."

Whether you’re here for market insights, personal reflections, or a behind-the-scenes look at the podcast’s evolution, this episode is packed with value. Hit play, and let’s brew up something new together. ☕

🛠️ Stay Connected: ✅ Subscribe for more unfiltered insights and updates on the show’s rebranding journey.
✅ Like and share this episode if it resonates with you.
✅ Drop a comment below—what do you think about the future of The Business Brew?

#TheBusinessBrew #PodcastRebrand #MarketInsights #PersonalGrowth #HurricaneMilton #Resilience

In this episode of The Business Brew, host Bill Brewster interviews John Buckingham, editor of the Prudent Speculator newsletter. John shares his investing expertise, strategies for managing a diversified portfolio, and provides data-driven insights on how stock markets perform under different tax regimes, political administrations, and election cycles.

They discuss how to stay disciplined and focused on long-term investment objectives amidst market noise and uncertainty. John's commentary is complemented with historical data, illustrating that despite economic and political turbulence, sticking to a disciplined investment strategy can be rewarding.

00:00 Welcome to the Business Brew

01:52 Introducing John Buckingham

04:01 Navigating Market Uncertainty

06:32 The Value of Value Investing

11:11 The Origin of the Prudent Speculator

24:13 The Importance of Dividends

35:56 Navigating Market Volatility

36:12 Apple's Investment Strategy

37:43 The Role of Volatility in Investing

38:18 Market Reactions and Investor Behavior

39:39 Historical Market Trends and Predictions

46:39 Investment Strategies and Stock Selection

51:28 Tax Rates and Market Performance

57:00 Election Impact on Markets

01:04:04 Long-Term Investment Philosophy

01:07:31 Concluding Thoughts

Mike Alkin of Sachem Cove Partners stops by The Business Brew to share his journey in uncovering the uranium investment thesis. Bill found out about Mike when he began listening to Mike's podcast in 2018/19. At that time, Mike was telling everyone that would listen about how asymmetric the opportunity was. Mike interviewed industry insiders, other investors, and laid out his thesis in public. Bill found it inspiring.

This conversation dives deep into the complexities of the uranium market. The discussion includes a detailed analysis of nuclear power, supply-demand dynamics, and the industry’s challenges. Mike also provides valuable advice for young analysts and highlights the significance of contrarian investing. Additionally, they explore recent advancements in nuclear energy and the evolving markets of EVs, wind, and solar energy.

As always, this episode is for educational and entertainment purposes only, not financial advice.

Michael (Mike) Alkin is a principal of Sachem Cove Partners, LLC, the general partner of Sachem Cove Special Opportunities Fund, LP. He is also the Chief Investment Officer of Public Equities of Lloyd Harbor Capital Management, LLC, the investment manager of the Fund, and in that role is responsible for the Fund’s investment process. He has nearly 30 years of hedge fund experience with extensive investing experience across many cyclical industries. Prior to Sachem Cove and Lloyd Harbor, he was an analyst and partner for 7 years at Knott Partners. Prior to Knott, amongst the firms where held similar roles were Walker Smith Capital, Zweig-DiMenna, and Windsor Partners. Detailed Show Notes

00:00 Welcome to the Business Brew

00:08 Introducing Mike Alkin and the Uranium Thesis

00:48 The Inspiration Behind the Podcast

01:21 Disclaimer and Acknowledgements

02:32 Deep Dive into the Uranium Market

05:26 Challenges and Insights in the Uranium Industry

09:13 Understanding Market Dynamics and Investor Behavior

12:50 The Journey to Conviction in Uranium Investment

17:40 The Role of Nuclear Power in the Energy Market

42:39 The Impact of Geopolitical Risks on Uranium Supply

44:32 The Fuel Cycle and U.S. Fuel Buyers

45:23 Challenges with Industry Forecasts

46:11 Presenting at the NEI Conference

47:09 Confrontations and Convictions

48:56 Expert Networks and Market Misconceptions

52:10 Global Nuclear Power Dynamics

01:01:24 Kazakhstan's Uranium Production

01:10:42 The Future of Nuclear and Renewables

01:18:01 Investment Strategies and Advice

01:22:26 Conclusion and Final Thoughts

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.

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

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