We Study Billionaires - The Investor’s Podcast Network

In today’s episode, Kyle Grieve discusses lessons from venture capital that long-term value investors can apply to improve decision-making. He explores concepts such as power laws, network effects, de-risking investments, and the importance of holding high-potential businesses.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:03:23 - How venture capital power laws shape investing returns and portfolio outcomes
00:06:19 - Why a tiny number of winners dominate most long-term investing results
00:08:41 - Why selling potential power-law winners early can severely damage portfolio performance
00:08:41 - How modest portfolio contributors can evolve into massive long-term winners
00:09:21 - Why accepting losses is the cost of capturing outsized investing returns
00:11:25 - How Moore’s Law and Metcalfe’s Law create powerful technology-driven investment opportunities
00:13:34 - Why investors should scale positions as businesses become progressively de-risked
00:25:41 - How unpopular or overlooked businesses can generate exceptional long-term investment returns
00:32:24 - Why averaging up in strong businesses can outperform traditional value strategies
00:57:06 - How long-horizon arbitrage allows investors to benefit from fundamental business improvement

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Buy The Power Law.

Follow Kyle on X and LinkedIn.

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On today's episode, Clay is joined by François Rochon to discuss his 2025 annual letter and the key themes shaping markets in 2025. He also digs into his top holdings, including Constellation Software, Alphabet, and Meta.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:02:18 - François's key takeaways and lessons from 2025
00:03:58- Why François views AI as a revolution on par with the early internet
00:07:04 - The circular investment dynamic in AI infrastructure and what it means for companies like Nvidia
00:11:46 - How Alphabet and Meta are using massive capex spending to both defend and grow their businesses
00:17:52 - Why François believes shares of Constellation Software are cheap despite the AI-driven sell-off in software stocks
00:30:03 - What made Mark Leonard one of François's favorite CEOs
00:42:09 - Why François sold CarMax after 18 years
01:11:29 - The three essential qualities every successful long-term investor must develop

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Rochon’s firm: Giverny Capital.

Rochon’s annual letters.

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Kyle Grieve discusses the remarkable story of the Davis Dynasty, a multi-generational investing family that compounded wealth through discipline, focus, and a deep understanding of insurance businesses. He explores the philosophies of Shelby Davis, his son Shelby Cullom Davis, and his grandson Chris Davis.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:02:44 - How and why Shelby Davis entered investing later in life
00:06:31 - Why frugality shaped Davis’s investing philosophy
00:11:57 - How insurance became Davis’s core compounding engine
00:14:54 - Why stocks beat bonds during inflationary decades
00:17:16 - How Davis utilized leverage
00:20:20 - What the “Davis Double Play” is and how to use it
00:34:58 - Why an early winning track record can be a dangerous thing
00:54:26 - How a few long-held businesses created the Davis dynasty’s wealth

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Read The Davis Dynasty.

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In this episode, Clay breaks down the fascinating history and business model of Nintendo, one of the most iconic entertainment companies in the world.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:58 - How Nintendo evolved from a playing card company into one of the world’s most influential gaming businesses
00:14:13 - How movies, theme parks, and mobile apps help extend Nintendo’s intellectual property
00:22:48 - The strategic shift from one-time console sales to recurring revenue
00:26:21 - Why the Switch 2 could expand Nintendo’s ecosystem
00:29:25 - How the Nintendo Switch transformed the company’s business model and profitability
00:47:00 - Why iconic franchises like Mario, Zelda, and Pokémon form the foundation of Nintendo’s competitive moat
00:52:51 - Whether Nintendo’s current valuation offers an attractive opportunity for long-term investors

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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The Intrinsic Value Podcast’s episode on Nintendo.

Crossroads Capital Shareholder Letters.

Follow Clay on ⁠X⁠ and ⁠LinkedIn⁠.

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Kyle Grieve discusses the life and career of legendary capital allocator John Malone and details the at times complex strategies that helped him compound capital over decades.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro

00:03:55 - How Malone uncovered fraud and took over Jerrold

00:06:20 - Why risk assessment shaped his “what if not” framework

00:09:21 - How he chose TCI over higher-paying offers

00:11:29 - Creative leverage strategies to survive heavy debt

00:13:23 - Why EBITDA helped reframe TCI’s cash economics

00:55:17 - How clustering acquisitions built regional cable dominance

00:18:51 - The Liberty Media spinoff and tax-efficient structuring

00:44:06 - Asymmetric bets that created massive upside for shareholders

00:34:34 - Lessons from disruption and Netflix’s streaming threat

00:48:54 - Malone’s thoughts on leadership, decentralization, and long-term capital allocation

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Buy Born To Be Wired here.

Listen to my episode on the Cable Cowboys here.

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