What Are We Missing...
I've decided to further complicate my life...
Dear Fellow Traveler…
In early April, I reached out to a friend and colleague. I was planning to do a podcast that centered on the Top 50 names in Substack.
He took mercy on me…
He encouraged me to think about what is missing in the world of podcasting… and to not just interview the same podcast circuit names in finance. In addition, he said that if I can’t figure out what is missing… that I spend more time thinking about it…
It’s been six weeks…
What Are We Missing…
Two things have happened since that conversation.
First, Pablo Torre won the Pulitzer Prize… a podcast that centered on sports journalism, “Pablo Torre Finds Out” cracked a story about the Los Angeles Clippers and bizarre accounting that allegedly used an environmental startup to channel money to Kawhi Leonard. That action circumvented the NBA salary cap…
He did a series of investigations into the subject, culminating with the shock that a sports journalist walked away with that coveted honor.
I’m not one for prizes and honors… although I do like an open bar at an awards ceremony. But what I took from Torre’s conversations after the award was that he had done what he wanted to do. He was having fun, and he was doing what he wanted in a manner that somehow made people care about a financial scandal…
Second, the idea that I had was actually done by someone else, and quite well. I think the whole thing was lateral, and we both saw the same opportunity. So, I conceded that concept, and I will continue to root for that broadcaster, who is doing a great job at bringing new voices across this platform into orbit…
What… Are… We… Missing…
I thought about what this world was missing… and I concluded that it was investigative, and structured. But it had to be something that I wanted to do… and something that helped me reach a place where I got the thing that motivates me.
Information motivates me.
So, I wanted to take the very framework of the world that I have… Liquidity - Momentum - Insider Buying - and Policy… and challenge it… or optimize it…
I wanted to take all of my views for years in energy and agriculture… and understand something different…
I wanted to talk to people - as we assess AI and Chokepoints - and try to understand the holes in the thesis… or where there might be a better idea.
And so… it turns out that I took the idea of “What is missing in the podcast world” and just decided to take “What is missing” from the worldview… the standard narrative… and not try to have a 180-degree flip in my thesis or views… but just that one- or two-degree shift in thinking that is enough…
The thought that every risk manager should have… “So… what are we missing…”
And what is missing in the podcast world, I anticipate that we’ll discover together…
I took the advice on “What was missing” way too literally…
And I won’t have it any other way…
Here’s a raw video version of my intro…
Those who get the reference will understand where we’re going here…
Recall… I am always entertaining myself… so getting to reference one of my favorite films while telling the story of the world… that’s good enough for me…
My First Guest
My first guest is a person who sits on the other side of the world from me - both in terms of how investing works but also that he is located in Belgium.
I interviewed Pieter Slegers today from Compounding Quality… and the interview will run on Saturday. Pieter is a wunderkind quality/value investor who just traveled to the annual Berkshire Hathaway conference and casually explained why he doesn’t care if the stocks he owns go down for a little while… so long as the underlying value in the business compounds.
Our worldviews didn’t clash… they found an intersection…
My takeaway… the thing that I was missing…
I can focus on all these selloffs and downturns that align with the plumbing in the markets…
But when it comes time to buy… my attention must turn elsewhere.
Instead of trying to trade the SPY or the high beta names that go crazy out of rebound, but instead think about INVESTING in the long-term on the compounding names that are on sale… and may never be ever again.
What are we missing?
I answer that at the end of each show.
In the first episode, I applied it in ways that you can use and think differently about opportunities as they emerge… The key takeaway really surprised me and moved the dial enough to start a narrative that can go on for a very long time.
Look for a link on Saturday… as it will come out right around the time that we release our weekly Chart Party.
My discussion with Pieter starts a series of episodes that start to drill down into the subject of quality, value, and compounding… all while we explore other threads that allow me to finally put this damn journalism degree back to work…
I look forward to your thoughts…
As always…
Stay positive,
Garrett Baldwin
LOVE that video, Garrett. The great part is you entertain us on the ride. going back to finish the article now, just wanted to tell you how cool that video is!
I am looking forward to the long-term investing and compound ideas…… I don’t have any anything else to add, because I’m just a newbie out here learning and being entertained along the way! Thanks for all you do. I truly do learn so much, and it’s fun! Plus, since I live in Florida, I do feel sorry for you. Living up there in Maryland just kidding. My family is from that area.