Investing Podcasts
PiggyBack's selection of podcast Recommendations. Some well-known, some less so. Most are about investing. (Recommendations)
“Most of the successful people I've known are the ones who do more listening than talking.”
— Bernard Baruch (1870–1965), U.S. speculator and statesman
Active listening to inspiring stories, idea sharing, and interactive, thoughtful discussions. With smart, original, and curious thinkers. For many of us, a selective podcast diet is time well-spent learning and widening our perspective on almost any specialized topic. Sometimes these “niche” podcasts touch on big life questions as well.
This article features some of PiggyBack’s Podcast Recommendations. Just as with our Newsletter Recommendations, we try to highlight complementary perspectives and adjacent topic areas. But as a value-investing publication, most are investing-oriented.
Last update of Recommendations: July 18, 2022
Please note: (1) The categorizations are highly subjective. (2) The order is not a ranking. (3) Recommendations refer to content (not endorsing podcast publishers or sponsors). (4) Just click the podcast name headers for links across a selection of different players.
5 Value-Investing Podcasts
The Memo by Howard Marks
Why? Easy to follow investing lessons from a distressed credit investor legend.
What? An audio-book format where Howard Marks reads, reflects on, and expands his written “memo” insights. Market theory is linked to real-world market observations.
For who? Novice-level value investors (and up). While an advanced specialist practitioner, Mr. Marks is also a good communicator of the basic fundamental drivers.
Geography / Asset Class: Western markets / Corporate securities (bonds and stocks)
Host(s) / Twitter:
Howard Marks, Co-Chairman Oaktree Capital / @HowardMarksBook
Focused Compounding
Why? To-the-point, easy-to-follow walkthroughs of current value-investing cases.
What? Mr. Kuhn frames the discussion with curious questions and structure. Mr. Gannon drives it forward with insights. A typical episode is fast-paced and practical.
For who? Novice-level value investors (and up). Mr. Gannon and Mr. Kuhn are good at communicating cases in easy-to-understand terms using a step-by-step approach.
Geography / Asset Class: U.S. / Stocks
Host(s) / Twitter:
Andrew Kuhn & Geoff Gannon, Focused Compounding / @FocusedCompound
Value Investing with Legends
Why? Understand the playbooks and key lessons of value investing “legends”.
What? Well-structured, nuanced conversations. International value-investing “legends” share their investment approaches and reflect on their careers.
For who? Intermediate value investing background. While Mr. Santos, Mr. Mabuoussin, and the guests are clear, some material goes into great detail.
Geography / Asset Class: International / Stocks (mainly)
Host(s) / Twitter: @Columbia_Biz
Tano Santos, the David L. and Elsie M. Dodd Professor of Finance and faculty director of the Heilbrunn Center at Columbia Business School
Michael Mauboussin, Head of Consilient Research on Counterpoint Global at Morgan Stanley Investment Management and adjunct faculty member at Columbia Business School / @mjmauboussin
Value: After Hours
Why? An enjoyable weekly talk show between three strong U.S. value investing personalities who complement each other well.
What? One of few “talky” podcasts on this list. The trio of Mr. Brewster, Mr. Carlisle, and Mr. Taylor have a dynamic, loosely structured weekly conversion on the state of the markets and various investing topics. A typical episode features (1) quirky, outside-world analogies or concepts (“veggies”) applied to investing (Mr. Taylor), (2) more or less personal investing reflections (Mr. Brewster), and (3) quantitative observations plus keeping it all together (Mr. Carlisle). Interesting, fast, and not boring.
For who? Intermediate-level value investing background. Concepts, terminology, and references are often implicit or thrown around at quite a high pace.
Geography/Asset Class: U.S. / Stocks (mainly)
Host(s) / Twitter:
Tobias Carlisle, founder The Acquirer’s Multiple and Acquirers Funds / @Greenbackd
Bill Brewster, founder The Business Brew podcast (see below) / @BillBrewsterTBB
Jake Taylor, CEO of Farnam Street / @farnamjake1
Grant’s Current Yield Podcast
Why? Value-investing meets Austrian Economics in a dry and witty format.
What? Mr. Grant (financial publishing legend) and Mr. Lorenz discuss longer-term market observations between themselves and with guests. Often highlighting more or less absurd contrasts between practical market outcomes versus mainstream business media or academic narratives. Always with wit and irony. Sometimes even with jazz.
For who? Intermediate value-investing practitioners (and up). Some basic economics knowledge and/or practical markets background is helpful.
Geography/Asset Class: U.S. mainly / Corporate (bonds & stocks), macro
Host(s) / Twitter: @GrantsPub
Jim Grant & Evan Lorenz, Grant’s Interest Rate Observer / @evan_lorenz
6 Investing Podcasts
We Study Billionaires - The Investor’s Podcast Network
Why? High-quality, well-structured interviews with top investors and financial thinkers.
What? We Study Billionaires is the flagship show of one of the world’s larger stock investing podcast outlets.
For who? Novice investors (and up). Most discussion revolves around the life stories of the guests or big-picture concepts. The hosts are good at framing technical context.
Geography/Asset Class: International / Multi-asset
Host(s) / Twitter:
Stig Brodersen, investor & author / @stig_brodersen (We Study Billionaires)
Trey Lockerbie, investor & entrepreneur / @TreyLockerbie (We Study Billionaires)
William Green, author / @williamgreen72 (hosts high-profile investor interviews under the Richer, Wiser, Happier brand)
Investing by the Books
Why? Thoughtful learning conversations around investing-related books.
What? The two avid readers and financial analysts Mr. Palmgren and Mr. Sävås (of Nordic Tech/Life Science Growth boutique Redye) conduct interviews around investing-related books. We get respectful, well-researched discussions with authors and investing professionals. Plus high-level takeaways on how the concepts and mental models learned can guide our journeys as investors. An international-quality investing podcast (in our opinion) from PiggyBack’s Nordic home region.
For who? Novice investors (and up). Some investing described would be difficult to execute. But the focus on books and the hosts’ structure makes the ideas accessible.
Geography/Asset Class: Global / Stocks (mostly)
Host(s) / Twitter: @IB_Redeye / @Investbythebook
Eddie Palmgren & Niklas Sävås , Redeye / @edisonpalmgren & @NiklasSavas
The Meb Faber Show
Why? Quantitative strategies and common-sense investing insights. Plus some curious deep dives into alternative and venture investing land.
What? Meb Faber’s podcast is mainly about practitioner-led investment strategy research. That means a lot of interesting empirical whitepapers and quantitative investment strategy backtests. Presentation, explanations, and discussion. Both by Mr. Faber and his guests. Mr. Faber's podcast also highlights venture-stage startups and fast-developing areas of “alternative” finance.
For who? Intermediate-level investing background. While good at emphasizing takeaways and explaining, some topics and guests get quite technical/niche.
Geography/Asset Class: Global / Multi-asset
Host(s) / Twitter:
Meb Faber, co-founder & CIO of Cambria Investment Management / @MebFaber
The Macro Trading Floor
Why? A cross-asset invitational trading floor. Hosts and guests explain the macro world by making shorter-term trading calls.
What? Die-hard equity value investors tend not to dabble in mainstream macro strategist’s short-term calls. For those of us with an open mind and no need to act on every macro bet, here we get two non-mainstream strategists. Mr. Peccatiello and Mr. Steno seldom agree on anything. But they do boil down the near-term big-picture risk environment well in their banter with each other and specialist guests.
For who? Intermediate investing practitioners (and up). Assumes some economics or markets background (or interest at least). The hosts are good at simplifying quite technical trade setups (but don’t try this at home).
Geography/Asset Class: Western markets mainly / Cross-asset, macro
Host(s) / Twitter: @TheMacroMarket
Alfonso Peccatiello, writes The Macro Compass (below) / @MacroAlf
Andreas Steno, Director Heimstaden, writes Stenos Signals (below) / @andreassteno
Related Substacks: The Macro Compass & Stenos Signals
CFA Society Chicago
Why? Specialist insights from around the investment industry.
What? Recurring industry insider specialist interviews on technical investment topics.
For who? Advanced investing practitioners. The discussion covers specialized finance.
Geography/Asset Class: Global / Cross-asset
Host(s) / Twitter: Hosted by members of CFA Society Chicago / @CFA_Chicago
Richard Excell, Finance Professor & market veteran / @ExcellRichard, is one of the member hosts, mainly under the podcast label Investment Exchange Forum
Related Substack: Stay Vigilant
For more advanced practitioners and students of the markets, PiggyBack also Recommends Mr. Excell’s cross-asset strategy Substack newsletter Stay Vigilant:
Alpha Exchange
Why? Focused discussion on option-market fundamentals and technicals.
What? Mr. Curnutt interviews experts in volatility trading (options traders) and related areas. Topics include strategies, risk management, and top-down macro analysis.
For who? Advanced investing practitioners with background knowledge of options. This pod is technical and the strategies discussed are not advisable for beginners.
Geography/Asset Class: Global / Cross-asset, macro
Host(s) / Twitter: Dean Curnutt, CEO Macro Risk Advisors / @Dcurnutt
Related Substack: Alpha Exchange
Alpha Exchange recently became a Substack newsletter publisher. For those enjoying the podcast or have an interest in options, Piggyback Recommends this as well:
5 Business & Curiosity Podcasts
Odd Lots
Why? Witty, open-minded curiosity about the economic machine’s inner workings.
What? Armed with specialist interviews, Ms. Alloway and Mr. Weisenthal are on a crusade to ask all the questions needed. In doing so they quickly map out whatever financial, economic, or business events that currently leave mainstream media wild-guessing (at best). Refreshing and unpretentious educational journalism from one of the industry’s most powerful legacy financial information players (Bloomberg).
For who? Novice investors (and up). These pros make sure to get clarity on the basics. Especially when the mainstream media, the talking heads, and most of us are clueless.
Geography/Asset Class: Global / Cross-asset, macro
Host(s) / Twitter:
Joe Weisenthal & Tracy Alloway, Bloomberg / @TheStalwart & @tracyalloway
The Business Brew
Why? Investor and business interviews that do not shy away from the personal.
What? Mr. Brewster holds interviews where guests get to talk long enough to open up and expand on their ideas and life. The result feels more like a genuine conversation compared to news-driven podcasts.
For who? Intermediate investors (and up). General big picture concepts and life experiences of guests are very accessible. More technical/specialist guest episodes come with some implicit background knowledge assumptions.
Geography/Asset Class: U.S.-focused / Multi-asset, Business/Ventures
Host(s) / Twitter:
Bill Brewster, founder The Business Brew (also co-host of Value: After Hours above) / @BillBrewsterTBB
Masters in Business
Why? Top-level conversations in business, economics, and finance.
What? Mr. Ritholtz has teamed up with Bloomberg to line up high-profile guests. Guests that most podcasts can only dream of. Mr. Ritholtz seems quite cool about it.
For who? Novice investors (and up). The discussions tend to stay on an overview level above the more technical weeds.
Geography/Asset Class: Global / Cross-asset
Host(s) / Twitter:
Barry Ritholtz, Chair/CIO of Ritholtz Wealth Management / @ritholtz
Infinite Loops
Why? A curiosity that takes us far beyond investing.
What? Mr. O' Shaughnessy (doing most of the talking) and Mr. Catherwood are on a quest to seek multi-faceted knowledge. The method is guest interviews in the center of the investing community and far outside. The mixed diet of arts, culture, history, science, and technology relates to investing. By design, we learn beyond investing.
For who? Novice investors (and up) and generally curious people.
Geography/Asset Class: Global / Cross-asset
Host(s) / Twitter:
Jamie Catherwood & Jim O'Shaughnessy, OSAM /
@InvestorAmnesia & @jposhaughnessy
Related Substack: Infinite Loops
PiggyBack highly Recommends Infinite Loops as a podcast. The podcast’s Substack is currently a quote machine so let’s hope for more content in the future:
Vonheim
Why? Curious interviews about businesses of the seas.
What? This Norwegian business podcast is interesting. With great curiosity, Mr. Vonheim explores and educates by interviewing a mix of decision-makers and specialists in maritime industries. Plus some international investing and start-ups. Also one of PiggyBack's few Recommendations for international, quality investing-related podcasts based in the Nordics.
For who? Novice-level investors (and up). If not curious about some of the more niche maritime or Nordics-focused episodes, just check out the archive.
Geography/Asset Class: Maritime sector focus with a clear tilt to Norway / Multi-asset
Host(s) / Twitter:
Christopher Vonheim, entrepreneur / @ChrisVonheim
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