{"podcast":{"title":"Talking Billions with Bogumil Baranowski","slug":"talking-billions-with-bogumil-baranowski-5857987","podcast_index_feed_id":5857987,"rss_url":"https://anchor.fm/s/bc3d43f4/podcast/rss","website_url":"https://www.talkingbillions.co/","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/31481317/31481317-1669224125075-007cf26437884.jpg","author":"Bogumil Baranowski","episode_count":304,"summary":"EVERY MONDAY A NEW EPISODE. I READ ALL MY EMAILS - contact form on my website - www.bogumilbaranowski.com. TELL ME YOUR STORY. I’m Bogumil Baranowski, an author, a TEDx speaker, an investor, and an investment advisor to families and individuals. Intimate conversations about money, wealth, and living a rich and fulfilling life. We talk about big ideas, big inspirations, big topics. We take on the hardest subject of all – money: how to make it, save it, keep it, but our conversations lead us to an even bigger question — what it means to live a rich life beyond money. NOT INVESTMENT ADVICE.","last_synced_at":"2026-06-26T14:18:38.688899+00:00","page_url":"https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987"},"episode":{"title":"We Asked Chris Bloomstran Why He Won’t Own the S&P 500 At These Levels — And What He Does Instead","slug":"we-asked-chris-bloomstran-why-he-won-t-own-the-s-p-500-at-these-levels-and-what-he-does-instead","published_at":"2026-04-24T20:00:01+00:00","page_url":"https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987/we-asked-chris-bloomstran-why-he-won-t-own-the-s-p-500-at-these-levels-and-what-he-does-instead","show_page_url":"https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987","url":"https://podcasters.spotify.com/pod/show/talking-billions/episodes/We-Asked-Chris-Bloomstran-Why-He-Wont-Own-the-SP-500-At-These-Levels--And-What-He-Does-Instead-e3ie7nb","audio_url":"https://anchor.fm/s/bc3d43f4/podcast/play/119004331/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-3-24%2F422815893-44100-2-050d3f2ccfe43.mp3","summary":"I joined Justin Carbonneau for one more special episode of Excess Returns . We spoke with Chris Bloomstran soon after his famous annual letter release, and right before the Berkshire meeting in Omaha. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Justin and Jack. Don’t miss it! And follow their work, links below. This episode features Chris Bloomstran of Semper Augustus discussing market concentration, AI capital spending, Berkshire Hathaway, and the risks facing today’s equity investors. The conversation explores whether we are at a secular valuation plateau, how AI investment may reshape returns, and why passive investors may face more risk than they realize. Semper Augustus Investments https://www.semperaugustus.com Topics covered: Why extreme market concentration in the Mag 7 may create long-term risks The concept of a “secular plateau” vs a market peak How AI capex could become a classic capital cycle with poor returns Why hyperscaler spending may not translate into shareholder profits The hidden risks of leverage both on and off balance sheets Why buy-and-hold investing is harder than it seems in practice How valuation discipline drives long-term investment outcomes Berkshire Hathaway’s cash position and what it signals about opportunity Why capital allocation matters more than growth narratives Lessons from past bubbles including railroads, fiber, and the Nifty Fifty The fragility of life and how it shapes investing priorities The importance of independent thinking in the age of AI Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast g…","meta_description":"I joined Justin Carbonneau for one more special episode of Excess Returns . We spoke with Chris Bloomstran soon after his famous annual letter release, an…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4117,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/talking-billions-with-bogumil-baranowski-5857987/episodes/we-asked-chris-bloomstran-why-he-won-t-own-the-s-p-500-at-these-levels-and-what-he-does-instead/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987/we-asked-chris-bloomstran-why-he-won-t-own-the-s-p-500-at-these-levels-and-what-he-does-instead.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}