My guest today is Cristina Espinal. She was born in Venezuela, lived in the US and Asia, made the UK her home, and joined me from Madrid today.

After a successful first career, she decided to pivot, follow, and trust her curiosity.

She helps ambitious mid-career professionals gain the clarity and confidence to secure bigger, more aligned roles and turn their uniqueness into a side business. Her Play Big newsletter is a fascinating read—all links are in the notes below.

She has a great passion for the work she does and shares many inspiring stories. I learned a lot and enjoyed this discussion very much—I trust you will, too.

My dear friend Matt Zeigler had something to do with connecting us—thank you, Matt. You are one of Talking Billions' patron saints, but you know it already. If you are not following Matt, you should—look up his Cultish Creative blog, Just Press Record, and the Intentional Investor Podcast—both are phenomenal, and I’m not just saying that—I read, watch, and listen to all three.

Please help me welcome Cristina Espinal!

Takeaways:

Self-reflection and understanding our stories and beliefs are crucial for personal growth. There are multiple paths to making a difference, and it's important to define success on your own terms. Playing big means uncovering who you are and challenging the default path. Expanders, people who inspire, challenge, support, and are vulnerable, can help us grow and achieve our goals. Stress addiction is a societal issue that keeps individuals in a constant state of chronic stress. Defining success based on personal values and having an inner scorecard leads to fulfillment. Rejection can be seen as a redirection towards a more aligned path. Rejection can lead to new opportunities and a more aligned path. Confidence is a skill that can be developed through taking small steps outside of one's comfort zone. Trust is built through vulnerability and the willingness to make oneself important to someone else. Asking better questions involves being present, leading with curiosity and compassion, and considering the context. Infinite games are those that bring joy and fulfillment, and they should be prioritized in life.

https://playbig.beehiiv.com/

https://www.linkedin.com/in/cristinaespinal/

https://www.linkedin.com/posts/cristinaespinal_in-june-2020-my-career-hit-a-wall-i-was-activity-7171852818574745600-RqCG

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.

A fascinating, wide-ranging discussion.

John Candeto is the Founder and Managing Partner of the Phronesis Fund. Co-Founder of JoinWDA (Workforce Data Alliance).

Tom Morgan connected us. We met at Markel’s meeting in Richmond earlier this year. I’ve been looking forward to this conversation, and you will see in a moment why.

John applies the study of Complexity to investing, and he is open to discussing it with others, please feel free to reach out to him.

Takeaways:

• Survival is a crucial aspect of investing.

• Exposing oneself to power law outcomes is essential for wise wealth growth.

• Volatility is not the same as risk; risk involves the potential for permanent loss of capital.

• Traditional statistics and averages have limitations in understanding complex systems and long-term investing.

• Taking a long-term view in investing allows for a different perspective and reduces the focus on short-term fluctuations.

• Power laws are prevalent in various aspects of life, such as economic output and company size.

• Living by a set of values helps prioritize and make intentional choices.

• Learning in public and engaging in feedback loops accelerates personal growth and understanding.

• Asking the right questions is essential in navigating complex issues and finding valuable insights.

• Writing family stories can help reflect on values and create a sense of gratitude.

• Balancing structure and serendipity is important for productivity and creativity.

Here are some resources that could help with your prep:

JohnCandeto.com (links to everything)

HowWeWantToLive.com (family values and journey)

Partnership Letters

Power Laws Rule the World

Partnership Summary

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.

RP Stevens is the author of The Sloth Investor book, the host of a podcast, and a YouTube channel with the same name. He is a personal finance author & YouTuber. He is committed to educating people about how to invest their money in a common-sense, ‘sloth-like’ manner.

RP firmly believes that the slow-moving, inactive sloth is THE best animal to characterize successful investing.

After we stopped recording, he shared with me how he received a personal note from his proofreader who read the book — instead of a harsh feedback that he feared, he learned the she never thought investing is for her, and now she wants to become an investor herself — to me it’s the best testament to what this book can do for many listeners curious to embrace investing as a lifelong pursuit.

It was a late night recording for RP, early morning for me, we kept talking long after I hit stop — I greatly enjoyed this conversation, and I hope you do, too.

https://slothinvestor.co.uk/

Takeaways

• Investing requires a long-term mindset and patience.

• Minimizing regrets is a key factor in investment decisions.

• Investing should be viewed as business ownership.

• The 'Sloth Investor' philosophy promotes a less is more approach.

• Financial literacy is essential for overcoming psychological barriers to investing.

• Time in the market is more important than timing the market.

• Investing should continue even after retirement.

• The idea of 'forgotten money' emphasizes long-term investment strategies. The stock market's returns can vary significantly year to year.

• Volatility can create both discomfort and buying opportunities.

• Investing consistently is crucial, regardless of market conditions.

• Loss aversion can impact how investors perceive their portfolios.

• Success is defined by how we treat others and stay true to ourselves.

• The importance of lifelong learning and curiosity in investing.

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.

My guest today is Christopher Begg. Chris is a successful long term patient value investor who seeks high quality, he is also a professor and teaches the Ben Graham’s Security Analysis Course at Columbia University in New York. He also loves the ocean and water sports, especially surfing, which, from what I can tell, makes him an even better investor.

Christopher Begg is President/Chief Investment Officer/Co-Founder at East Coast Asset Management, Inc. & Adjunct Professor at Columbia Business School in New York City.

https://www.linkedin.com/in/christopherbegg/

We talked about:

• The Evolution of Investing Philosophy

• Patience in Investing

• Understanding Value 3.0

• Teaching Ben Graham's Principles

• The Infinite Game in Investing

• The Role of Freedom in Success

• The Importance of Questions Quality in Investing

• The Influence of Nature on Investment Philosophy

• The Search for Truth in History

• The Art of Learning and Memory

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.

My guest today is Dan Solin — he practiced law in New York City, he represented investors harmed by the misconduct of brokers, he worked as a registered investment advisor, he is a New York Times bestselling author of the Smartest series of books, including the Smartest Money Book You’ll Ever Read — today, we talk about his book Ask: How to Relate to Anyone — I absolutely loved the book, I greatly enjoyed this discussion, and I immediately called it a masterclass in the art of conversation with a focus on investment advisors becoming better at what we do.

Dan Solin is the New York Times bestselling author of the Smartest series of books, which include The Smartest Investment Book You’ll Ever Read, The Smartest 401(k) Book You’ll Ever Read, The Smartest Retirement Book You’ll Ever Read, The Smartest Portfolio You’ll Ever Own, The Smartest Sales Book You’ll Ever Read and The Smartest Money Book You’ll Ever Read. He is also the author of Ask: How to Relate to Anyone and Does Your Broker Owe You Money?

In 2005, he testified as an investor advocate before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services in the U.S. House of Representatives.

His latest book is Wealthier: The Investing Field Guide for Millennials. The website for Wealthier is

https://wealthierbook.com

.

Dan is a regular blogger for Advisor Perspectives.

Dan graduated from Johns Hopkins University and the University of Pennsylvania Law School.

He practiced law in New York City for many years before retiring. As an attorney, he represented many investors harmed by the misconduct of brokers.

He was formerly a registered investment advisor with several prominent advisory firms.

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.

It’s a Fireside Chat today. Jeremy Deal, a good friend and fellow investor, asks me about my investment practice, my philosophy, my experience managing multi-generational family fortunes with an infinite investment horizon, and more.

Blue Infinitas Capital, LLC

Jeremy Deal is the founder of JDP Capital Management. JDP is a private partnership that makes investments in public stocks where the quality and durability of future earnings power is not reflected in the price. The fund's goal is to buy and hold a handful of businesses that can survive and thrive over long periods of time.

www.jdpcap.com

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.

My guest today is Meir Statman, he is a professor of finance, author, expert in behavioral finance. We talk about his newest book: **A Wealth of Well-Being: A Holistic Approach to Behavioral Finance —** I learned a lot, and I trust that you will too.

Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance. He describes people as “normal,” neither computer-like “rational,” nor bumbling “irrational,” and attempts to understand and explain how normal people make choices and how these choices affect their well-being. Meir's research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the CFA Institute Research Foundation, and the Investment and Wealth Institute (IWI).

Meir is a member of the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management, the Journal of Retirement, the Journal of Investment Consulting, and the Journal of Behavioral and Experimental Finance; an Associate Editor of the Journal of Behavioral Finance and the Journal of Investment Management; and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, two Bernstein Fabozzi/Jacobs Levy Awards, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards.

Meir was named as one of the 25 most influential people by Investment Advisor magazine. He consults with many investment companies and presents his work to academics and professionals in many forums in the United States and abroad. Meir received his Ph.D. from Columbia University, and his B.A. and M.B.A. from the Hebrew University of Jerusalem.

Takeaways

Balancing saving and spending is important for financial well-being.

Life well-being is achieved through living a satisfying life full of meaning and purpose.

Money plays a role in various domains of life, including financial, social, cultural, and personal.

Envy and other emotions related to social status can impact happiness.

Knowing your comparison group and focusing on your own achievements can lead to greater contentment.

Self-control is essential when saving for the future, and it's important not to dip into capital except when necessary.

Finding a balance between saving and spending is crucial, as some people become so focused on saving that they forget to enjoy their wealth.

Involving the next generation in financial planning is important for creating a multi-generational wealth strategy.

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.

A life-changing book and conversation

My guest today is Peter Atwater; he is a Wall Street veteran and the author of a wonderful book, The Confidence Map. We are talking about everything from investing and navigating the financial crisis to what it takes to be a successful money manager. We are learning from airplane pilots, pandemic-era doctors, and more. Peter proposes an eye-opening framework, a map that has already helped me in my professional life in many ways, and I think it could guide you in your endeavors as well. Please help me welcome, Peter Atwater.

When Peter Atwater turned 45, his son said, “Dad you are halfway to ninety.” Three months later he left a very successful career in financial services to do something different. After helping several hedge funds successfully navigate the 2008 banking crisis, that “something different” turned out to be studying confidence.

Tossing aside his academic training in economics and his experience on Wall Street, Atwater turned to social psychology and discovered that not only do we act as we feel, but we do so consistently, too. To paraphrase Mark Twain, history rhymes for a reason.

Today, Atwater is a recognized expert on the impact of confidence on individual and group decision-making. He teaches classes on the topic at his alma mater, William & Mary. And when he isn’t in the classroom, you can find him leading corporate retreats, speaking on stage, and offering his insights on current events on CNBC and Bloomberg Television and in the Financial Times, the Wall Street Journal and Time Magazine.

In his book, The Confidence Map, Atwater shares the tools and framework he uses in his work with business leaders, investors, coaches, and public policymakers.

Website:peteratwater.com

Twitter: @peter_atwater

Book: https://www.amazon.com/Confidence-Map-Charting-Chaos-Clarity/dp/0593539559

Takeaways:

• Confidence is a key factor that underpins the important choices we make.

• The confidence map consists of four quadrants: comfort zone, stress center, passenger seat, and launch pad.

• Understanding our emotions and stories can help determine our position on the confidence map.

• Trust is essential in both personal and professional relationships, and it is earned through consistent actions and experiences.

• Having clear principles and a philosophy in investing provides a solid foundation, while allowing for flexibility in individual actions.

• In times of crisis, shared processes and procedures are crucial for effective decision-making and reducing improvisation.

• Creating slack and choosing what to focus on can help navigate uncertainty and maintain a sense of control.

• Success is not solely about personal achievements, but also about helping others succeed and leaving a positive impact.

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.