Talking Billions with Bogumil Baranowski

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Gautam Baid, CFA, is the founder and managing partner of Stellar Wealth Partners India Fund and internationally bestselling author of The Joys of Compounding, who has dedicated over two decades to mastering patient, quality-focused value investing.
Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/
3:00 - Gautam introduces his six-pillar compounding framework beyond finance: positive thoughts, good health, good habits, wealth, knowledge, and goodwill, explaining how achieving financial independence in 2018 crystallized his understanding that "in life you get what you compound for on a daily basis."
8:00 - Deep dive into compounding positive thoughts through avoiding negative emotions and toxic people while associating with high-quality minds, celebrating small wins to create momentum toward long-term goals.
12:00 - Health habits discussion: consume less sugar and junk food, exercise 3-4 times weekly for one hour, sleep 7-8 hours daily—fundamentals that aren't sexy but "just work" when implemented consistently.
15:00 - Mathematical equation for wealth: addition (monthly savings) + subtraction (eliminate greed/biases) + division (asset allocation) + multiplication (time horizon) = exponential compounding power.
20:00 - Pattern recognition in investing develops through building a "large mental database of businesses and industries through years and decades" allowing identification of opportunities in any market condition.
25:00 - Compounding goodwill principle from Guy Spear and Moneesh Pabrai: being genuinely helpful without expectations creates competitive advantage, especially in money management where nice people are rare.
42:00 - India investment opportunity: demographic dividend with median age of 29, rising disposable incomes, strong domestic consumption, and companies expanding to overseas markets at 50-100% higher margins.
52:00 - Corporate governance revolution in India: promoters now realize good governance earns 25-30x P/E multiples versus 5-6x for poor governance—"it pays to be honest" creates 5x more wealth for insiders.
55:00 - Investment journal advice: $10 journal purchased in 2014 became "one of the best value investments" by documenting decisions, tracking mistakes, and archiving market panic commentary for pattern recognition during future corrections.
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.

I had the pleasure of co-hosting another episode of Excess Returns with Matt Zeigler.
In this episode of Excess Returns, we sit down with Gary Mishuris, Managing Partner and CIO of Silver Ring Value Partners, to explore how deep fundamental analysis, behavioral insight, and disciplined process come together in real-world investing. Gary shares formative lessons from his early career at Fidelity during the post-tech bubble period, including firsthand experiences learning from legends like Peter Lynch, and connects those lessons to how he evaluates value, quality, and mispricing today. The conversation spans a detailed case study on Warner Bros. Discovery, portfolio construction under uncertainty, selective use of options, and how artificial intelligence is reshaping the research process for long-term investors.
Available now on Excess Returns Podcast and Talking Billions. 🎧
I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.
https://excessreturnspod.com/
https://cultishcreative.com/
Topics covered in this episode
• Lessons from Peter Lynch and Fidelity on why “just cheap” does not work
• The Silver Ring origin story and how early life experiences shaped a value investing mindset
• Warner Bros. Discovery as a good business plus bad business mispricing case study
• How hated stocks, spin-offs, and catalysts can unlock hidden value
• Conviction, position sizing, and staying rational when the market disagrees
• When and why options can be used in a value investing framework
• Auctions, ego, and why prices can overshoot intrinsic value
• The role of mental models like reflexivity, activation energy, and lollapalooza effects
• How AI fits into an investment research process without replacing judgment
• What average investors should understand about incentives and simplicity
Timestamps
00:00 Introduction and why “just cheap” does not work
02:20 Early career at Fidelity and lessons from Peter Lynch
07:40 The Silver Ring story and learning what real value means
12:00 Warner Bros. Discovery and the good company bad company problem
18:30 Conviction, mispricing, and maintaining discipline in hated stocks
26:40 Using options selectively and managing portfolio-level risk
34:10 Auctions, ego, and when price can detach from intrinsic value
44:30 Entertainment, media disruption, and evergreen demand for content
49:50 How AI is changing equity research and idea generation
55:40 What AI can see that humans often miss
01:00:30 One lesson for the average investor
Podcast Program – Disclosure StatementBlue 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.

Gary Mishuris is a CFA and managing partner of Silver Ring Value Partners who combines MIT computer science training with behavioral discipline to practice intrinsic value investing while pioneering practical AI integration in fundamental research.
The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.
https://www.tenzingmemo.com/
And if you haven't yet, find me on Substack!
3:00 - Gary frames AI through personal experience: recalls Fidelity portfolio manager using legal pad instead of Excel 25 years ago—illustrates how refusing modern tools creates disadvantage, not discipline.
5:30 - The two extremes of AI: Luddite view (AI pollutes your process) vs. magic genie fallacy (ask AI for winning stocks). Reality: AI enables more efficient work, but you still do the hard work.
7:15 - “AI natives” concept: younger professionals naturally integrate AI like digital natives adopted technology. Gary warns against becoming dinosaurs by refusing to explore AI’s capabilities.
12:00 - Key insight: AI forces introspection about your investment process. Where do you add unique value and judgment? Where are repetitive tasks easily enhanced by machines? Must stay “on the loop” and verify outputs.
22:00 - Practical AI applications: earnings call analysis, pattern recognition across transcripts, competitor analysis, business model breakdowns. AI excels at synthesis and organization tasks.
35:00 - Critical limitation: AI hallucinates and makes mistakes. Never trust blindly. Use AI to generate drafts, frameworks, and organize information—then apply human judgment and verification.
45:00 - Discussion of behavioral traps: AI can create illusion of thoroughness through volume. Don’t confuse encyclopedic reports with quality analysis. Reference to Buffett’s one-page 1951 Geico analysis.
58:00 - Warning about endless research: Know when to stop turning rocks. AI makes it too easy to keep researching instead of making decisions. Investment case should fit on one page.
1:05:00 - Shorting discussion: timing challenges, asymmetric risk. Emphasis on finding your own process—what works for others may not work for you.
1:10:00 - Final wisdom: “Don’t equate length with quality. Quality is quality”—whether generated with AI assistance or not. Process matters more than tools.
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.

Starting in January 2026, I'll take a handful of questions from the audience each month and answer them here. Submit your questions, tune in, share, rate, and listen! Thank you for writing!
Office Hours Episode Notes
Your questions answered on investing, business, and long-term thinking.
Questions covered:
• Most surprising work habit? I rarely work at a desk—I think best while walking or reading on the floor.
• Management quality vs. business fundamentals? Two sides of one coin. You want both capable people and capable businesses.
• How long do you hold winners? As long as the quality remains intact. Valuation alone isn't reason enough to sell.
• When does quality investing become momentum? I don't buy stocks because prices are rising. I buy when they're down and out of favor—then hold as they strengthen.
• AI bull market—what's the endgame? Excited about productivity gains in existing businesses and entirely new businesses AI will enable by lowering creative barriers.
• Signs of long-term management thinking? Read earnings transcripts. Look beyond quarterly commentary to capital allocation decisions and customer/supplier relationships.
• Right time to invest? Investing is a lifelong pursuit, not a market-timing decision. The question isn't "when" but "how" to deploy capital thoughtfully.
• Career change into investing later in life? Never too late. Read extensively, connect with professionals, and find mentors organically.
• Most influential non-investment idea? The Infinite Game—viewing investing, relationships, and business as games you want to last forever, not win once.
Send your questions for next month's Office Hours.
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.

Nick Kapur is co-founder of Tenzing Memo, an AI-powered market intelligence platform, bringing extensive experience as a former equity analyst and product leader who specializes in building investment research technology for asset managers.
The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.
https://www.tenzingmemo.com/
3:00 - Nick shares his origin story: born to self-made bankers in Washington DC, his mother broke barriers working in banking in the 1970s, and his father came to the US on an athletic scholarship before joining the World Bank organization.
5:50 - A pivotal 2009 tragedy: Nick’s uncle, a successful retail banker, was killed in a terrorist attack. His uncle’s advice—”Lawyers can only scale to a limited extent. You might be better for business”—became a catalyst for Nick’s entrepreneurial journey from intrapreneurship to founding companies.
8:32 - The birth of Tenzing Memo: Co-founder Tom Saber-Agan identified a fundamental problem—the time-intensive process of gathering, collating, and printing research materials for multiple companies didn’t scale with his ambition to “turn over a lot of rocks” in his investment process.
10:15 - The research gap: Nick explains how sell-side coverage has become less expansive, leaving investors without consolidated qualitative looks at companies, especially in small and mid-cap spaces where coverage is thin or nonexistent.
19:15 - Michael Burry’s observation resonates: fewer people are doing in-depth research today due to passive investing’s rise, creating advantages for active researchers who use modern tools to go deeper.
25:30 - How Tenzing works: The platform synthesizes earnings calls, SEC filings, and other materials into digestible sections—briefing, story, bar case, bull case, bear case—providing “almost superhuman powers in research.”
43:00 - The amplification effect: Nick emphasizes AI doesn’t replace human judgment but amplifies it—”you still need to pick which companies to look at and make the final investment decision.”
57:47 - Future developments: International coverage coming within weeks, including first non-US major exchange; new features like estimates reconciliation, “five surprises” (underappreciated catalysts), and enhanced PDF export for mobile research.
1:01:40 - Core mission delivered: “Get up to speed faster”—not 10% faster but exponentially faster, enabling investors to look at more ideas with greater depth.
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.