Episode
Ryan Bunn: Why the Best Investors Think Like Collectors, Not Traders, What a 99-Year-Old Investor Taught Warren Buffett & The Mindset That Builds Generational Wealth
- Published
- Mar 30, 2026
- Duration seconds
- 4741
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Summary
Ryan Bunn is the lead portfolio manager at Reference Equity in Denver, a Northwestern-trained engineer and Kellogg MBA with 15+ years of global equity experience who implements a first-principles quality-value philosophy focused on businesses in non-competitive situations. Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/ 3:00 — Ryan’s Midwestern upbringing outside Cincinnati; mother taught him investing in elementary school; family of savers focused on dividend yields and long-term wealth building. 5:00 — 30-year investing evolution: private equity consulting training revealed wide range of business quality; reading Graham and Buffett cemented value conviction; experimented with options, angel investing in India, due diligence in Moscow, NFTs. 7:00 — The NFT experiment: bought digital art in summer 2021, sold for 25x return in six weeks, watched it crash 95%+. Lesson: “It showed me that I’m not a growth investor… it was so stressful even as prices were going up.” 9:00 — First principles of quality investing: competition is capitalism’s first principle; sustainable high returns require non-competitive scenarios. Challenges the broad definition of “quality” in today’s market. 13:00 — Philip Carret’s legacy: founded Pioneer Fund in 1928, compounded ~13% annually over 60 years, wrote The Art of Speculation in 1930. Met Buffett in early 1950s — before Munger. Framework of “men, materials, and money” underlies all fundamental investing today. 19:00 — Intellectual heritage: ideas passed between generations compound like capital. Carret appeared at the 1995 Berkshir…