2025 | August | Wisdom Beyond WordsThe importance of intuition and the limits of rationalismWelcome to The Nightcrawler — a weekly newsletter from Eric Markowitz covering tech, innovation, and long-term thinking.bigthink.com2025 | July | Where Do We Compress Complexity? The art of mentorship and long-term thinkingWelcome to The Nightcrawler — a weekly newsletter from Eric Markowitz covering tech, innovation, and long-term thinking.bigthink.com2025 | June | Power Laws Rule The WorldThe end of extraction and the rise of abundanceWelcome to The Nightcrawler — a weekly newsletter from Eric Markowitz covering tech, innovation, and long-term thinking.bigthink.com2025 | June | 20,000 Watched in Silence. Then Buffett Dropped the Bombshell.20,000 Watched in Silence. Then Buffett Dropped the Bombshell. | What It Means for BerkshireIn this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Merz, this is both a tribute and a thoughtful discussion on culture, succession, and enduring business values. Topics Covered: The emotional weight and historic nature of Buffett’s resignation Firsthand reactions from inside the room at the Berkshire meeting Why Buffett’s delivery was masterful—and why it mattered Reflections on the unique culture of Berkshire and its shareholder community The Buffett “shield” and what it means for Greg Abel and Berkshire's future Why more companies don’t emulate the Berkshire approach The role of tradition in building enduring businesses Personal stories of shareholders whose lives were changed by long-term compounding Timestamps: 00:00 – Opening reflections from Matt and Bogumil 01:06 – Why the Berkshire Hathaway meeting is so special 04:00 – John Candeto on the moment Buffett made the announcement 11:15 – Ted Merz shares what it felt like live in the room 21:00 – Eric Markowitz hears about the announcement over lunch 25:45 – Buffett’s dramatic timing and media coverage 30:04 – Adam Mead on witnessing the announcement live 34:25 – The deep love and loyalty felt in the arena 37:00 – John Candeto on the future of Berkshire and Greg Abel 45:00 – Adam Mead on the careful succession plan 51:12 – Ted Merz: Why don’t other companies do what Berkshire does? 58:00 – Eric Markowitz on culture, craftsmanship, and long-term thinking 1:03:00 – Bogumil’s personal reflection on Buffett’s final five minutes 1:08:58 – Why Buffett’s final message—“I’m not selling a single share”—mattered 1:09:28 – Wrap-up and thankswww.youtube.com2025 | May | Time is the ONLY Asset You Can’t Get More OfTime is the ONLY Asset You Can't Get More Of | John Candeto on Wealth & ValueIn this captivating episode of Just Press Record, Matt welcomes back John Candeto, Phronesis Fund founder and host of the Art of Quality podcast (@TheArtofQuality-AoQ ). They dive into profound discussions about time as our scarcest asset, the power of "spiky people," and how snapshots versus full stories shape our understanding of truth. From Berkshire Hathaway wisdom to epistemological musings on how we know what we know, this conversation offers valuable insights for investors, creators, and anyone seeking deeper meaning in our fast-paced world. Main Topics Covered: The economy of time and why it's our scarcest asset The value of "spiky people" - those who excel extraordinarily in specific areas How snapshots vs. complete stories affect our perception of truth The humility needed when making judgments based on limited information Connections between art, truth, and how we experience both over time Reflections on Warren Buffett, Berkshire Hathaway, and sustainable value creation Timestamps: [00:00:00] Intro: Matt teases key topics and previews conversation [00:00:42] Clips from previous guests Ted Merz and Meghaan Lurtz [00:01:27] Matt's creative introduction of John Candeto [00:03:22] Discussion about economy of time as the scarcest asset [00:06:57] Ted Merz clip about journalism, corroboration, and flattened stories [00:10:01] John introduces the concept of "spiky people" [00:12:34] Reference to Nassim Taleb's ideas about specialists [00:14:16] Discussion about Buffett and Munger's partnership [00:16:22] Exploring snapshots vs. complete stories in understanding truth [00:19:55] Where to find John online [00:20:25] Final thoughts on epistemology and seeking truth [00:24:08] Closing remarks and disclaimeryoutu.be2025 | April | Understanding GenAI's Impact on the WorkforceUnderstanding GenAI's Impact on the WorkforceCognixia's Ian Lee and WDA's John Candeto talk through how GenAI and the workforce are evolving together, the unknowns about future GenAI advancements, and how to assess your workforce for GenAI readiness.youtu.be2025 | March | Bedtime Stories to Power Laws: Wisdom Across GenerationsBedtime Stories to Power Laws: Wisdom Across Generations | Matt Reustle and John CandetoJoin host Matt Zeigler on Just Press Record from Cultish Creative as he brings together two fascinating guests for the first(ish) time: Matt Reustle, CEO of Colossus and host of the Business Breakdowns podcast (@joincolossus), meets John Candeto, founder of Phronesis Fund and host of The Art of Quality podcast @TheArtofQuality-AoQ) on this episode! In this captivating conversation. Matt and John explore the intersections of storytelling, wisdom, and the human experience—from bedtime stories to multi-generational travel adventures. With a blend of personal anecdotes, philosophical insights, and reflections on time as a filter for truth, this episode is a treasure trove of ideas for anyone curious about how we shape our lives and legacies. Don’t miss this dynamic discussion that bridges business, creativity, and the pursuit of meaning. Main Topics Covered: Bedtime Stories and Classics: Matt and John share their approaches to storytelling for their kids, emphasizing the enduring value of classics and the role of imagination in creating memorable narratives. Travel as a Transformative Experience: From Patagonia to Ireland’s Torr Head Road, the trio recounts awe-inspiring travel moments that reshape perspectives and connect generations. The Power of Senses in Storytelling: A deep dive into how sensory experiences—like smell and sound—tie into memories and enhance the stories we tell ourselves and others. Time as a Filter for Truth: John’s concept of time as a powerful filter sparks a discussion on durability, legacy, and what lasts across generations, from leather goods to music. Nuance vs. Polarization: Matt Reustle reflects on the death of nuance in a polarized world, while John ties it to the pursuit of wisdom and understanding complex systems. AI and Human Creativity: The group debates whether AI can replicate human inspiration, using examples like The Beatles’ “Yesterday” to explore the limits of technology. Career Evolution and Aspirations: Matt and John recount their childhood dreams and how their professional paths evolved, connecting personal passions to their current work. Periods and Pyramids: Inspired by Chris Abdelmessih, they discuss balancing short-term projects (periods) with long-term legacies (pyramids) in life and work. 00:00:00 - Intro 00:04:00 - Bedtime stories: Classics and imagination for kids 00:15:00 - Travel tales: Patagonia, Ireland, and generational wonders 00:31:00 - Senses and stories: Smell, sound, and memory 00:38:00 - Time as a filter: What endures over generations 00:38:10 - Nuance vs. polarization: Complexity in a simple world 01:23:35 - AI vs. creativity: Can robots match human inspiration? 01:34:26 - Career dreams: From childhood to now 01:38:20 - Periods and pyramids: Short-term vs. lasting legacieswww.youtube.com2025 | January | The Price of AttentionInvesting in the next generation of AIWelcome to The Nightcrawler — a weekly newsletter from Eric Markowitz covering tech, innovation, and long-term thinking.bigthink.com2024 | October | Survival and Power Law PotentialThe new ethos permeating the investment worldWelcome to The Nightcrawler — a weekly newsletter from Eric Markowitz covering tech, innovation, and long-term thinking.bigthink.com2024 | September | The Importance of Survival, Power Laws, and Complexity in InvestingJohn Candeto: The Importance of Survival, The Power Laws, The Study of Complexity in InvestingJohn Candeto is the Founder and Managing Partner of the Phronesis Fund. Co-Founder of JoinWDA (Workforce Data Alliance). Tom Morgan connected us. We met at Markel’s meeting in Richmond earlier this year. I’ve been looking forward to this conversation, and you will see in a moment why. John applies the study of Complexity to investing, and he is open to discussing it with others, please feel free to reach out to him. Takeaways: Survival is a crucial aspect of investing. Exposing oneself to power law outcomes is essential for wise wealth growth. Volatility is not the same as risk; risk involves the potential for permanent loss of capital. Traditional statistics and averages have limitations in understanding complex systems and long-term investing. Taking a long-term view in investing allows for a different perspective and reduces the focus on short-term fluctuations. Power laws are prevalent in various aspects of life, such as economic output and company size. Living by a set of values helps prioritize and make intentional choices. Learning in public and engaging in feedback loops accelerates personal growth and understanding. Asking the right questions is essential in navigating complex issues and finding valuable insights. Writing family stories can help reflect on values and create a sense of gratitude. Balancing structure and serendipity is important for productivity and creativity. Here are some resources that could help with your prep: JohnCandeto.com (links to everything) HowWeWantToLive.com (family values and journey) Partnership Letters Power Laws Rule the World Partnership Summary Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.www.youtube.com2024 | March | Applying Practical Wisdom in Investment PartnershipApplying Practical Wisdom in Investment Partnership with John CandetoEpisode Summary Episode 014: In this episode of Alternative Universe, Steve Zuschin is joined by John Candeto, Founder and Managing Partner of Phronesis Fund. John shares his journey from operator to investor and explains how his background in building businesses has shaped his investing approach. He discusses his investment philosophy and the importance of practical wisdom in long-term investing. John also shares his insights on risk management, the power of curiosity and capability, and the power law in investing. Show Notes Episode 014: Built on the bedrock of practical wisdom and a long-term perspective, Phronesis Fund believes in forging genuine partnerships rather than chasing fads. This commitment allows them to do more than invest. It's about building a foundation for shared success, thoughtful partnerships, flexible investment strategies, and a financial future as unique and enduring as the client. In this episode of Alternative Universe, Steve is joined by John Candeto, Founder and Managing Partner of Phronesis Fund. John shares his journey from operator to investor and explains how his background in building businesses has shaped his investing approach. He discusses his investment philosophy and the importance of practical wisdom in long-term investing. John also shares his insights on risk management, the power of curiosity and capability, and the power law in investing. Join us as we discuss: [01:42] - How Phronesis Fund got its name. [02:23] - What investment partnership means to John. [05:27] - How Phronesis Fund finds the best partners. [07:44] - The flexibility to invest in public and private companies. [11:20] - How John qualifies potential partners. [13:36] - The economy of time. [18:00] - How curiosity relates to your ability to serve others. [19:51] - The power law in venture capital. Key Takeaways Phronesis Fund is built on the principles of practical wisdom and long-term thinking. It focuses on serving partners rather than trying to be all things to all people. Phronesis Fund's structure allows for flexibility and concentration in investments, with a higher bar for private investments due to the operational intensity involved. Time is the only asset we cannot get more of. Balancing work and personal life to maximize fulfillment and serve others effectively is important. Quotes "We're not trying to be all things, all people. We're trying to be things where we can apply practical wisdom in a very long, biased, long duration, slow-moving, thoughtful partnership." ~ John Candeto "Whatever your job is, it's to serve your clients, serve your customers, and serve your partners. If you believe that, what those you serve really need from you is the intersection of what you're curious about and capable of." ~ John Candeto "The only asset you can't get more of is time. We don't even know how much of it we have. It can't be a game of 'spend all my time on this thing so that later I can do that thing.' It's got to be much more of a game of trade-offs and balance." ~ John Candeto Disclosure All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.www.youtube.com2022 | July | Seeking TruthJohn Candeto on Seeking TruthI've gotten to know John quite well this past year and have found him incredibly thoughtful across a range of areas, from family to investing to thinking about thinking. In this talk, we'll dig into how to pursue what is *really* true as opposed to what you wish to be true. It'll be a wide-ranging conversation and one that I'm really looking forward to Please check out and subscribe to John's substack and you can find more info on him below: The Phronesis Fund (https://phronesisfund.substack.com/) is a long-biased investment partnership that applies practical wisdom and first principles reasoning to patiently compound capital. Additional information about the managing partner can be found at JohnCandeto.com and at HowWeWantToLive.com Feel free to also connect with John on Twitter (https://twitter.com/johncandeto)www.youtube.com
