Oliver Hughes – The Secret FinTech Giant – [Founder’s Field Guide, EP.16]
Play • 58 min

My guest today is Oliver Hughes, the CEO of Tinkoff, the leading online commercial bank based in Russia. I found this conversation fascinating and think it will be essential for anyone who wants to understand online financial services or the next generation of fintech. Our conversation touches on how Tinkoff used direct mail campaigns to become the largest online banking provider in Russia, their last-mile delivery platform that combines couriers with door-to-door salesmen, and how they build profitability into every aspect of the business. I hope you enjoy my conversation with Oliver Hughes.


For the full show notes, transcript, and links to mentioned content check out https://www.joincolossus.com/episodes/72486324/hughes-the-secret-fintech-giant


This episode of Founder's Field Guide is sponsored by Klaviyo.  Klaviyo is the ultimate marketing platform for ecommerce.

With targeted segmentation, email automation, SMS marketing, and more, Klaviyo helps you create your ideal customer experience. See why Klaviyo's trusted by more than 50,000 brands, like Living Proof, Solo Stove, and Nomad to help them grow their business.

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This episode is also sponsored by Vanta.  Vanta has built software that makes it easier to both get and maintain your SOC 2 report, at a fraction of the normal cost. Founders Field Guide listeners can redeem a $1k off coupon at vanta.com/patrick


Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide go to https://www.joincolossus.com/episodes.   

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week.  Sign up here - https://www.joincolossus.com/newsletter.


Follow Patrick on Twitter at @patrick_oshag

Follow Colossus on Twitter at @JoinColossus


Show Notes

[00:02:44] – [First question] – The origins of Tinkoff

[00:06:18] – How they started and stayed profitable, and lessons learned

[00:08:18] – Bringing Visa to Russia and what he took with him to Tinkoff

[00:10:02] – Overall Credit card and Tinkoff's specifically business model

[00:12:35] – Running an effective direct mail acquisition campaign

[00:15:45] – Branching off from the original core credit card business into other spaces

[00:18:45] – How he thinks about when to make competing investments

[00:21:00] – Embedding into new businesses and how it goes wrong

[00:24:50] – How they became a large door-to-door business in Russia

[00:27:55] – Why that door-to-door business makes it hard to compete with them

[00:29:38] – Challenges in the payments business

[00:32:25] – Using content to help them grow their business

[00:35:29] – Competitive frontiers for Tinkoff and how often they shift

[00:38:45] – What the future of Tinkoff might look like and the Russian business environment

[00:41:55] – State of the market in Russia today

[00:45:27] – Recruiting talent and building culture

[00:47:55] – What he enjoys most about his job

[00:49:14] – Failures and lessons from them

[00:52:00] – Kindest thing anyone has done for him



Capital Allocators
Capital Allocators
Ted Seides
Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
Rostin Behnam is the Acting Chairman of the Commodities Futures Trading Commission. He was nominated and approved by the prior administration in 2017 to serve as one of five Commissioners of the CFTC and in January, accepted the role as Acting Chairman. The CFTC has a mission to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets, working towards effective price discovery and risk management in fair and transparent markets. As a part of his role, Russ sponsors the CFTC’s Market Risk Advisory Committee. Our conversation covers the history, function and process of the CFTC and the Acting Chair’s path to the seat. We then discuss his perspective on crypto assets and dive into an exhaustive policy piece published last fall by his Market Risk Advisory Committee entitled “Managing Climate Risk in the Financial System.” The document is positioned to become the leading regulatory policy manual on financial climate risk for the new administration. Our conversation took place shortly before Russ rose to Acting Chairman and before the wild market volatility in recent weeks. We touched base about his perspective, but the situation is too fluid for a public response. Acting Chairman Behnam released brief statement about the silver markets that said, “The CFTC is closely monitoring recent activity in the silver markets. The Commission is communicating with fellow regulators, the exchanges, and stakeholders to address any potential threats to the integrity of the derivatives markets for silver, and remains vigilant in surveilling these markets for fraud and manipulation.” Stay tuned, as the subject may well be fodder for another conversation down the road. _Learn More_ Subscribe: _Apple_ | _Spotify_ | _Google _ Follow Ted on twitter at _@tseides_ or _LinkedIn_ Subscribe _Monthly Mailing List _ Read the _Transcript _
1 hr 6 min
InvestED: The Rule #1 Investing Podcast
InvestED: The Rule #1 Investing Podcast
Phil Town & Danielle Town
305- The Role of Shorting in the Market
“There’s nothing evil, per se, about selling things short. Short sellers—the situations in which there have been huge short interests very often—very often have been later revealed to be frauds or semi-frauds.” — Warren Buffett Short selling, or shorting, plays an important role in public markets as it improves prices, rational capital allocation, prevents bubbles, and shines a light on fraud.   If investors think a stock's price is dropping, they can short the stock. They borrow shares and sell them with hopes of buying them back at lower prices. However, stocks can theoretically keep rising, which could cause losses. So the investors that short the stock will either have to put more money up to secure their position or close their positions.   Essentially, short selling exposes which companies' stock prices are too high. In their search for overvalued firms, short-sellers can discover inconsistencies or other questionable practices before the entire market does. Short sellers can almost be regarded as the “watchdogs” of the market.   A recent example of this is the Gamestop event which caused many investors to either gain or lose money, as shorting isn’t ideal for all investors. This is why it’s important to invest with your values—so you can invest with confidence and reduce your risk of making bad investing decisions.    When looking for companies to purchase, always consider the Four Ms: meaning, moat, management, and margin of safety. This is the first step you need to take when building your watchlist of companies you are interested in.   In today’s podcast, Phil and Danielle discuss the important role short sellers play in our market and why it’s important to invest with your values.   Learn about the Four Ms and how they can help you invest in the right businesses at the right time with this FREE guide I've created for you: http://bit.ly/3btAqhM Learn more about your ad choices. Visit megaphone.fm/adchoices
47 min
The Acquirers Podcast
The Acquirers Podcast
Tobias Carlisle
Value: After Hours S03 E7 HELA cells, Energy, Inflation and Morality in Investing
Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, Bill Brewster and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/  Jake's offer: http://farnam-street.com/vah Donate to the FinTwit Value vs Growth War here (it's for a good cause--The American Foundation for Suicide Prevention): https://www.gofundme.com/f/fintwit-war-value-vs-growth About Jake: Jake is a partner at Farnam Street. Jake's website: http://farnam-street.com/vah Jake's podcast: https://twitter.com/5_GQs Jake's Twitter: https://twitter.com/farnamjake1 Jake's book: The Rebel Allocator https://amzn.to/2sgip3l About Bill: Bill runs Sullimar Capital Group, a family investment firm. Bill's website: https://sullimarcapital.group/ Bill's Twitter: @BillBrewsterSCG ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam.
1 hr 3 min
Money For the Rest of Us
Money For the Rest of Us
J. David Stein
What Is Tail Risk and Are You Taking Too Much Of It?
When should you protect against rare, but extreme events? When should you self-insure? Under what circumstance should you sell tail risk protection to others? Topics covered include: * How tail events differ from tail risk * Why volatility is not the best measure of risk for individuals * What does it cost to protect against large stock market losses * Why younger investors can take more risk due to their human capital * How does the profit wheel options strategy work * How the catastrophic power outage in Texas exemplifies tail risk * Why individuals need to build more reserves because the economic system is too efficient and vulnerable to breakdowns Thanks to SmartAsset and Babbel for sponsoring the episode. Use code DAVID for Babbel to get three months free. For more information on this episode click here. Show Notes Average Weather in San Antonio Texas, United States—Weather Spark Update on the CBOE BuyWrite and PutWrite Option Indexes, October 2018—Asset Consulting Group The Texas Freeze: Why the Power Grid Failed Katherine Blunt and Russell Gold—The Wall Street Journal His Lights Stayed on During Texas’ Storm. Now He Owes $16,752 by Giulia McDonnell Nieto del Rio, Nicholas Bogel-Burroughs, and Ivan Penn—The New York Times When More Is Not Better: Overcoming America’s Obsession with Economic Efficiency by Roger L. Martin Related Episodes 250: Investing Rule One—Avoid Ruin 283: Why You Should Care About Carry Trades 321: How to Analyze Complex Investments 323: The Economy Is Not A Machine
27 min
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
Harry Stebbings
20VC: The Snapchat Memo: Lightspeed's Jeremy Liew on The 4 Key Elements To Consider When Evaluating A Consumer Social Product, What is Good/Great/World Class For Retention, Usage and Downloads in Consumer Social Today & The Core Insight Development of Eva
Jeremy Liew is a Partner @ Lightspeed Venture Partners, one of the leading firms of the last decade with a portfolio including the likes of Affirm, Snapchat (Snap), Mulesoft, Epic Games, Carta and more amazing companies. As for Jeremy, in the past he has led deals and sat on the boards of Snap, Affirm, Blockchain.com and The Honest Company to name a few. Before Lightspeed, Jeremy was with AOL, first as SVP of corporate development and chief of staff to the CEO, and then as general manager of Netscape. Due to his incredible investing success, Jeremy has been featured on the Forbes Midas List multiple times. In Today’s Episode We Dissect The Snapchat Memo: I. How Jeremey first learned of Snapchat How Jeremy Liew first heard about Evan Spiegel and Snapchat? "It's actually kind of a roundabout story. We first heard about Snapchat, because one of my partners Barry Eggers is a very involved dad. And he noticed that his daughter had started taking weird selfies" What was the process to first get in touch with Evan? "The challenge was, the website only had info at Snapchat email address was the only info The only contact info available. So I emailed them, and I never heard back. Why was it such a challenge? "I then looked up Snapchat on LinkedIn, and I couldn't find any contact information. And I was in a little bit of a loss, I wasn't getting any responses from the email, there was nothing listed on LinkedIn. So I ended up doing a who is look-up to try to find out who had registered the Snapchat URL, and I got an info@ snapgrouplimited email. So I emailed that. And then as again, I didn't get any response. What was the breakthrough in the end? "....Finally, what I decided to do was since Evan was a student at Stanford, and since I graduated from Stanford for business school, at that time, Facebook allowed you to message people who were in the same network, and Stanford constituted that. So I messaged him through Facebook, and I finally got a response. But this time, I got a response within five minutes." II. The Analysis Of Snapchat's Early Market What are the 4 things Jeremy looks for when making an investment in consumer? * Can this become part of pop culture? * Does this create new habits? * Is there a scalable way to grow? * Does the founder have a unique insight that explains the success? Why does Jeremy believe that usage with young females is the biggest predictor of future consumer social success? "Generalising, Women build their relationships through, you know, conversations, and they build those relationships through sharing information with each other. And obviously, that sort of conversation or relationship is a fantastic conduit for word of mouth for anything that people really appreciate." In what ways does Jeremy like to see consumer social companies become part of pop culture? "Today, if you think about whether it be social networking, apps, messaging, e commerce, streaming media, it's all part of pop culture. And so as much as movies or television or music or dance, and so if you ask yourself who are the early adopters of pop culture" What are examples of this? "Social networking, apps, messaging, e commerce, streaming media, it's all part of pop culture." Did the market evolve the way that Jeremy thought it would? "And one of the things that surprised us a little bit was that this was very strong in Southern California, Northern California, and Georgia, when we first invested and parts of the South" What was a surprise to Jeremy Liew in terms of market evolution? "In Norway, which had actually transcended, that sort of high school and college-age population, in fact, become the number three most downloaded app, most popular app, in Norway at that time. So ahead of Instagram, ahead of Facebook, and so forth. And so that's what I think gave us that early indication that the app was going to be able to break out beyond its high school, college student, initial starting point, not just in the US, but everywhere" III. Reflections on Snapchat's Early Traction What did the Snap user to install count look like at the time? "In, you know, March, April of 2012, they had about 90,000, daily active users off of the base of 180,000 installs." How does this compare with many others in the consumer social space? "That's a very, very high ratio." What were Snap's retention numbers at the time? "50% retention after 90 days, which again, suggests high engagement, high retention, high growth that speaks to upside volatility" How did Snap's frequency of usage on an individual basis look like at the time? "So people were opening the app six times per day, they were opening at least once every second day." Across, retention, usage and user to install, what are the benchmarks for great, good and average? " I would say as a rule of thumb, in messaging and social networks, you would want to see at least a DAU to MAU ratio of north of 50%. And you would want to see at least a D 30 of say 30 to 40%, for your for something to really be working to be sort of at that outlier level." IV. The Truth About The Snapchat Founding Team What unique insight does Jeremy believe that Evan always held for the company and the product? "One of the things that was so special about Evan, and that I think, has continued to contribute to the success of the company has been that he's always been able to do that to look at something with fresh eyes, and not iterate over what the current state of the art is that, you know, just from first principles basis" How has Jeremy seen Evan change and evolve as a leader? "I think his maturity as a business leader, as a leader of people, as a manager, you know, as a strategist, although he always had very good strategic instincts, but they've just continued to grow and evolve and blossom." What were some of the big inflection points in his development? "So you know, the feed has always been up until this point, in reverse chronological order, I think largely because that's what friendster do choose to do. And then Evan comes along. He says, How do you tell stories beginning, middle, end. Now go to social media? How do they tell stories in reverse chronological order means and middle beginning? Well, that doesn't make any sense. And so he said, we're going to create a whole new feed of stories, and they're going to be told in chronological order beginning middle end." Who are some unsung heroes from the Snap journey that were transformational? "Bobby doesn't get enough credit. From the very beginning from I think maybe a couple of months in was thinking about the breakthroughs that had been happening computer vision and the implications for what that could build....Imran Khan, he really helps take a lot of the load off of Evan allowed me to focus on product engineering, he took over sales and monetization Ops, he did a lot of the financing work in the time when Snapchat raised a lot of capital."
40 min
Ben Gilbert and David Rosenthal
The New York Times Company
For the entire 20th Century, you’d be hard pressed to find a better business than an American newspaper — Warren Buffett famously described them as “franchises” — and no American newspaper stood taller than the New York Times. Controlled by a single family bound by a legal oath “to maintain the editorial independence and integrity of The New York Times and to continue it as an independent newspaper, entirely fearless, free of ulterior influence and unselfishly devoted to the public welfare”, the Times served as the paper of record for generations of Americans and people around the world. But no good thing lasts forever, and the dawn of the 21st Century saw both the Times and this once-mighty industry devastated by the dual disruptive forces of the internet and the 2008 financial crisis. And yet by 2021, The Times, essentially alone of its former peers, has reemerged from the American newspaper wreckage and transformed itself into a thriving digital business with an order of magnitude more subscribers than its print heyday. Curious how it all happened? We dive into 170 years of history to find out! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: * Thanks to Tiny for being our presenting sponsor for all of Acquired Season 8. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://bit.ly/acquiredtiny * Thank you as well to Vouch and to Capchase. You can learn more about them at: * https://bit.ly/acquired-vouch * http://bit.ly/acquiredcapchase The New York Times Company Playbook: (also available on our website at https://www.acquired.fm/episodes/the-new-york-times-company ) 1. When you find yourself sitting in front of a big approaching demand wave... ride it!! * The New York (Daily) Times was founded during the newspaper boom of the 1850s, and similarly Adolph Ochs took over the local Chattanooga paper at the start of that city’s mining boom. * The NYT made huge investments in its reporting during the two World Wars as the public’s appetite for news exploded, while its rivals missed the ball worrying over preserving advertising space. Likewise NYT launched The Daily (which would become the biggest podcast in the world) immediately following Trump’s inauguration in early 2017. * Arguably NYT’s biggest business mistake was missing the cable wave -- which Rupert Murdoch leveraged brilliantly to build Fox News into the most valuable news media franchise in the world. 2. Where there’s an entrepreneurial will, there’s an entrepreneurial way. * Adolph Ochs bought the Chattanooga Times with $250 and sellers’ notes, and then acquired The New York Times out of bankruptcy with no personal money down and $100k of real estate debt. And turned them both into successes on a level no one (even himself at times) believed possible. 3. Recurring Acquired theme: the media business is still the second-best business of all time, behind technology. * Media’s ability to generate dual revenue streams (advertising and subscription) from the same content product generates enormous leverage on investment, AND most of those costs are fixed vs. variable (especially in a digital environment). 4. This is why “content is king” has always been true in the media industry. * NYT’s version of this strategy has always been to invest more in high-quality journalism than any of its peers. It was true in 1896 when Ochs took over, true during the World Wars and the Pentagon Papers, and perhaps has never been more true than today when NYT employs 1,700 journalists around the world and pays them an average of >2x the rest of the industry. 5. That said, distribution is critical as well. To build a world-class media organization you must be great at both content AND distribution. * In the old media landscape, NYT built great distribution through its printing and delivery operations, as well as savvy investments like the Index which led to libraries and researchers across the country relying on the Times as the “paper of record”. * However in today’s media landscape, the task of building great distribution falls on the newsroom and journalists themselves. The job is no longer finished once you hit publish -- reporters and editors must own the responsibility of getting their work in front of readers via social media and shareable story elements. Links: * The 2014 NYT Innovation Report: https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up * Mine Safety Disclosures’ NYT presentation: https://minesafetydisclosures.com/blog/newyorktimes Carve Outs: Ben: * Titan by Ron Chernow: https://www.amazon.com/Titan-Life-John-Rockefeller-Sr-ebook/dp/B000XUDGHG * Iteratively: https://iterative.ly David: * Sabaa Tahir’s Ember in the Ashes series: https://www.amazon.com/Ember-Ashes-3-Book/dp/B074VDZB17 Episode Sources: * http://www.internethistorypodcast.com/2015/10/martin-nisenholtz-on-bringing-the-new-york-times-online/ * https://archive.nytimes.com/www.nytimes.com/books/99/09/19/daily/092299tifft-book-review.html?module=inline * https://archive.nytimes.com/www.nytimes.com/learning/general/onthisday/bday/0312.html * https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up * https://archives.cjr.org/cover_story/sulzberger_at_the_barricades.php * https://en.wikipedia.org/wiki/Adolph_Ochs * https://en.wikipedia.org/wiki/Arthur_Hays_Sulzberger * https://en.wikipedia.org/wiki/Battle_of_Fort_Sumter * https://en.wikipedia.org/wiki/Daniel_Ellsberg * https://en.wikipedia.org/wiki/Dotdash * https://en.wikipedia.org/wiki/Edwin_D._Morgan * https://en.wikipedia.org/wiki/George_Jones_(publisher) * https://en.wikipedia.org/wiki/Henry_Jarvis_Raymond * https://en.wikipedia.org/wiki/Iphigene_Ochs_Sulzberger * https://en.wikipedia.org/wiki/List_of_assets_owned_by_The_New_York_Times_Company#Television_stations * https://en.wikipedia.org/wiki/List_of_The_New_York_Times_employees * https://en.wikipedia.org/wiki/Martin_Nisenholtz * https://en.wikipedia.org/wiki/The_New_York_Times * https://en.wikipedia.org/wiki/The_New_York_Times_Building * https://en.wikipedia.org/wiki/The_New_York_Times_Company * https://en.wikipedia.org/wiki/Yellow_journalism * https://fintel.io/so/us/nyt * https://media.foxcorporation.com/wp-content/uploads/prod/2019/09/18223214/Fox-Annual-Report-2019_Mid.pdf * https://minesafetydisclosures.com/blog/newyorktimes * https://nymag.com/intelligencer/2015/08/new-york-times-heirs.html * https://nymag.com/news/features/40647/index4.html * https://nymag.com/news/media/51015/ * https://nytco-assets.nytimes.com/2021/02/Press-Release-12.27.2020-Final-for-posting.pdf * https://stratechery.com/2020/an-interview-with-buzzfeed-ceo-jonah-peretti/?utm_source=Memberful&utm_campaign=f14650dd37-daily_update_2020_11_24&utm_medium=email&utm_term=0_d4c7fece27-f14650dd37-110888309 * https://www.amazon.com/dp/B0058Z4NOQ/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 * https://www.amazon.com/gp/product/0316836311/ref=ppx_yo_dt_b_asin_title_o04_s00?ie=UTF8&psc=1 * https://www.arcgis.com/apps/Cascade/index.html?appid=86354f1b322a4ec2a548e58ac3e83d49 * https://www.bostonglobe.com/business/2012/05/11/new-york-times-sells-its-remaining-stake-boston-red-sox/ey4kwU4m6Xn2PYfcblrMcL/story.html * https://www.enwoven.com/collections/view/1277/timeline * https://www.fool.com/earnings/call-transcript…
3 hr 5 min
The 7investing Podcast
The 7investing Podcast
7investing Team Podcast: Mission Statements and "Bullish or Bearish"
Many businesses exist not just to create profits, but to serve a higher-level purpose. A company's mission statement lays out the ambitions it ultimately wants to achieve. It typically describes a desired improvement to the status quo: whether that be making life easier for customers, innovating with new technologies, or even seeking a bigger-picture societal impact. The mission statement can also influence how the business itself operates. It often serves as the conscience that steers acquisition or capital allocation decisions. It can set a unified company culture that impacts hiring, and can and even can be a guide for specific projects. Examples of famous mission statements include Alphabet's quest "to organize the world's information and to make it universally accessible and useful" or Chipotle's goal "to provide food with integrity." We recently put some deeper thought into what role these mission statements should play in our objective investing research. Are there specific things within them -- either good or bad -- that we should pay closer attention to when searching for stock market opportunities? In this month's 7investing Team Podcast, our advisors describe how mission statements influence their investing research. We also provide a few companies whose mission statements are particularly compelling. And in the second segment of our podcast, we play a game of "Bullish or Bearish". Each advisor shares their thoughts about recent developments in an investing space they closely follow. --- Send in a voice message: https://anchor.fm/7investing/message
29 min
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