We interview and study famous financial billionaires, including Warren Buffett, Ray Dalio, and Howard Marks, and teach you what we learn and how you can apply their investment strategies in the stock market. We Study Billionaires is the largest stock investing podcast show in the world with 150,000,000+ downloads and is hosted by Stig Brodersen, Preston Pysh, William Green, Clay Finck, and Kyle Grieve. This podcast also includes the Richer Wiser Happier series hosted by best-selling author William Green. William regularly interviews legendary investors such as Mohnish Pabrai and Guy Spier, exploring what they can teach us about how to succeed in markets and life. And finally, our Bitcoin Fundamentals series is hosted by Preston Pysh, where he interviews prominent figures in the Bitcoin and macroeconomic space. To learn more about TIP, you can visit theinvestorspodcast.com or subscribe to our free daily newsletter here. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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episode 792: TIP582: Quality & Defensive Investing w/ Christian Billinger
Clay Finck is joined by Christian Billinger to discuss his quality investing philosophy.
Christian is chairman of Billinger Förvaltnings AB, which invests in publicly listed equities. The firm seeks to generate attractive long-term total returns in real terms without employing financial leverage. Christian previously covered European equities for Cheyne Capital, Gartmore, and GAM in London.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:39 - What quality investing is and why it works.
04:20 - How Christian assesses the reinvestment rate for a business and a company’s runway.
10:27 - Why soul in the game is more important than skin in the game.
12:58 - Qualities to look for to find operating managers with soul in the game.
19:16 - Why Christian prefers investing in family-owned public equities.
21:59 - Why he highly prioritizes removing the risk of losing money.
25:48 - What differentiates Christian’s current holdings from companies on his watchlist.
31:44 - What Christian learned from working with institutional investors.
41:36 - What stands out to Christian about Markel.
46:37 - Why Tom Gayner is an investor and business manager worth studying.
47:46 - How the investment outlook between Berkshire and Markel differ.
49:42 - Why Christian’s fund is heavily invested in the spirits industry, and what has led to the recent underperformance in 2023.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Check out our newly released TIP Mastermind Community.
- Christian’s investment firm.
- Related Episode: WSB566: The Passionate Pursuit of Lifelong Learning w/ Gautam Baid or watch the video here.
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