Francisco Oliver and Alex Morris – The Squad

Hosted by
Bill Brewster

Bill Brewster is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.

While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.

This episode features Francisco Olivera (@FrancoOlivera on Twitter) and Alex Morris (@TSOH_Investing on Twitter). Francisco and Alex are Bill’s “mastermind” group. The three of them talk daily and discuss ideas. Scroll down to see topics and time stamps. This episode was recorded in early May. The AT&T and Discovery deal changes some of the discussion. Nevertheless, the thought process is what’s more important than the event outcome. Alex and Francisco will return in Season 2 to discuss more media. We are certain of that.

Please also note that Alex sold Qurate Retail Group after this episode was recorded. 

Unfortunately, Bill’s mic is a little distorted in this episode, but the conversation was so good that Bill didn’t want to scrap it. The three gentlemen hope you all enjoy the conversation.

Sign up for Alex’s Substack here.

Check out Francisco’s most recent “pitch” for Roblox here and you can see him on Andrew Walker’s podcast here.

Time stamps as follows:

~2:00 – starting a Substack and thinking through the frequency of client communication

~8:00 – Francisco’s research process and why he’s Bill’s Abominable NO-man.

~12:00 – Position sizing

~17:00 – Buffett on Verizon 

~19:00 – Takes on Berkshire annual meeting

~35:00 – What a “bull market” may do to how we all frame investments (note Alex’s YOLO hedge idea at ~39 minutes)

~44:00 – How we think about cash/macro; leads into big tech talk

~50:00 – How our investing philosophy has changed.

~53:00 – Comcast discussion

~58:00 – AT&T discussion (changed with deal)

~1:03:00 – Disney discussion

~1:09:00 – Alex presents a counter to some of the Never Sell narrative and points out that great companies go through tough periods

~1:14:00 – Microsoft talk 

~1:19:00 – Difference between multiples and market caps

~1:21:00 – Back to position sizing

~1:30:00 – GEICO vs Progressive

~1:35:00 – Back to Substack, then Alex describes his Substack offering at ~1:39:00

~1:48:00 – Qurate Retail Group

~1:50:00 – Alex and Francisco’s bet for Apple to buy Disney

~1:55:00 – Twitter talk

~2:00:00 – Podcast strategy

~2:20:00 – State of Pay TV

Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.

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