[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/]

Jamie Yuenger is the founder and CEO of StoryKeep, a pioneering company that helps affluent families preserve their legacies through documentary filmmaking and storytelling, transforming how multi-generational wealthy families connect with their heritage and values.

EPISODE NOTES

3:00 - Jamie's childhood revelation: Learning at age 9 that her father wasn't her biological dad, creating a lifelong fascination with family identity and secrets

6:00 - The basement moment: Meeting her biological grandmother at 18 and seeing ancestral artifacts from Scandinavia, sparking her understanding of generational connection

9:00 - Career pivot: From WNYC producer to family storytelling after being hired to interview a friend's father-in-law, discovering her life's calling

12:00 - Wealthy family education: Reading "Strangers in Paradise" and attending conferences to understand multi-generational family dynamics

15:00 - The real work: Stories as emotional infrastructure for family resilience, not just nostalgia or keepsakes

18:00 - Japanese internment example: How families initially resist difficult stories but ultimately embrace them as cornerstones of resilience

21:00 - Immigration's universal impact: Personal experience moving to Netherlands illuminating the hero's journey embedded in client stories

24:00 - Beyond founder stories: Importance of documenting multiple generations, especially women's contributions often left out

27:00 - Discovery process: 4-6 week phase determining real goals before production begins

30:00 - The screening moment: 80+ family members in a real theater experiencing their story together

35:00 - 100-year perspective: How one family dinner can contain living memory spanning centuries

38:00 - Personal prejudice confrontation: Overcoming working-class assumptions about wealthy people through actual relationships

45:00 - Trust building: The power of listening well and holding space rather than talking

50:00 - Global families: Using media to connect dispersed families across continents

55:00 - Legacy as ambassador: Etymology reveals legacy originally meant envoy to the future

59:00 - Success redefined: Focusing on a good life rather than traditional success metrics

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.

Matt Zeigler and Bogumil Baranowski join Robert Hagstrom for a very special hour-long discussion. The episode originally appeared on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!

Legendary investor and author Robert Hagstrom joins Excess Returns to explore timeless investing principles—and how they’ve evolved in today’s market. In this wide-ranging conversation, Robert shares stories from working with Bill Miller, insights on Warren Buffett’s approach, and the philosophical foundations of long-term investing. He also issues a stark warning about the rising popularity of private equity for retail investors.
Whether you’re a Buffett disciple, a fan of focused investing, or just curious about how great investors think, this is a conversation packed with insight.
🔍 Topics Covered:
• How Robert accidentally became a money manager
• What Buffett’s 1983 letter taught him about investing
• Lessons from 14 years working with Bill Miller
• Why absolutes in investing can be dangerous
• How Robert learned to truly read later in life
• Buffett vs. Modern Portfolio Theory: The real debate
• Why investors misjudge tech stocks and “value”
• Hagstrom’s framework for judging long-term compounders
• The real reason most active managers fail
• Why private equity returns are misleading investors
• The emotional difficulty of running a concentrated portfolio
• What Buffett’s surprise CEO handoff really means
⏱️ Timestamps:
00:00 Intro: "Drawdowns don't matter"
01:35 Falling into money management by accident
04:55 The Berkshire letter that changed everything
07:00 Lessons from Bill Miller and pragmatic investing
09:50 Why rigid value investing missed a decade of returns
12:10 Learning how to read and consume information deeply
14:55 Charlie Munger's feedback on Robert’s books
18:00 Buffett’s surprise retirement as CEO
21:00 The legacy Warren still brings in a crisis
24:00 Why Buffett’s consistency stems from deep reading
25:25 Why focus investing works—but is hard to live through
27:45 Performance vs. volatility: Slugging % vs. batting average
33:45 Why active management fails—and how to fix it
36:50 The false promise of private equity for retail
44:55 Why public markets offer better opportunities
50:30 The hardest lesson Hagstrom had to learn
53:00 Why competitive advantage duration is mispriced
55:00 Why investing is Darwinian—and selection still matters

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/]

Barry Ritholtz is the founder and Chief Investment Officer of Ritholtz Wealth Management, overseeing billions in client assets and helping investors avoid costly mistakes while building lasting wealth. He’s the acclaimed author of “How Not to Invest,” sharing hard-won lessons from decades in the trenches. Barry is also the creator and host of Bloomberg Radio’s “Masters in Business,” one of the most influential business podcasts in the world, where he interviews top minds in investing and economics. Today, we’re thrilled to welcome his unique perspective to the conversation.

3:00 - Barry's unconventional approach to budgeting: "my attitude was, gee, if you want to do this, that and the other, you want to have the freedom...then you better make some more money"

5:30 - The Instagram culture problem: Only seeing assets, not liabilities. Story about Instagram influencer working all day on vacation selfies

8:00 - Why successful people buy new cars and lattes if they can afford them - safety features matter more than saving pennies

11:00 - Kawhi Leonard's $103 million contract vs 25-year-old car example illustrates financial recklessness of extreme cheapness

14:00 - Money as tool vs wealth distinction: Dollar's job is medium of exchange, not century-long store of value

17:00 - Two WWI soldiers story: $1,000 buried vs invested becomes $40 vs $32 million after 100 years

20:00 - Why US geographic advantages created investment success: two oceans, natural resources, innovation hubs

24:00 - Politics and investing make terrible bedfellows - both Democrats and Republicans miss gains when their party loses

28:00 - Compounding interruption is what matters, not who's in White House

32:00 - Why experts can't predict: Beatles, blockbusters, Tom Brady all missed by professionals who knew the industries

38:00 - Stock market vs economy during pandemic: market cap weighted toward tech giants, not local businesses

42:00 - Belfer family trifecta: lost $2 billion in Enron, Madoff, FTX - lessons about single stock risk and staying wealthy

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.