“People worry about too much money supply, what’s happened, the price of oil, who’s the president, who’s being nominated to the supreme court, it’s the ozone layer, there’s nothing to do.” - Peter Lynch

The current headlines are maddening. The pundits on the finance networks are bickering. Peter Lynch’s words perfectly crystallize what’s currently on everyone’s minds. But there’s a catch…

You have to laugh at how history always finds a way to repeat itself.

Like clockwork, people wrap themselves in their preferred narratives and gyrate to the siren songs of perma-bulls and perma-bears alike. Extrapolation. Flows. Reflexivity. Reversion. Every cycle begins and ends with a new cover of the same old tune.

There are always things to worry about, just as there are always things to look forward to. The movements may look crazy. And it gets noisy.

But that’s what makes a market.

The above is the welcoming post of Invariant, initially written nearly 15 months ago. It is a notion that has always been true and is likely to forever remain so. But a question is raised:

With that in mind, I’m thrilled to announce the Preferred Shares Podcast.

I, alongside two good friends, Douglas Ott, founder and Chief Investment Officer at Andvari Associates, a registered investment advisor, and Lawrence Hamtil, co-founder and principal at Fortune Financial Advisors, also a registered advisor, will be going down the rabbit holes of current and bygone topics. We’ll talk about individual companies, product wars, famous founders, forgotten failures, and anything else that strikes our fancy.

Curious?

Episode 1 is now available on Substack and across all major podcast platforms, including Apple Podcasts and Spotify. This inaugural episode covers the first automated vending machine, the mafia, coin shortages, a stock bubble, and everything else you don't know about the history of vending machines.

If you enjoy the episode as much as we enjoyed researching and producing it, you should subscribe to the Preferred Shares Podcast on Substack, where there are show notes, a full transcript, a comment section, and a long list of resources for additional reading. Plus, you’ll get future episodes delivered directly to your inbox. We have so many fascinating topics lined up in the coming months that it’s hard for me to contain my enthusiasm—get ready!

I am also happy to assure you that the Preferred Shares Podcast in no way distracts me from Invariant—actually, the contrary. I’ve written a number of times on risk, endurance, inspiration, process, expectations, and avoiding the day-to-day noise of the world. This new project will help me further explore those concepts, sharpen my research skills, form fresh connections, and ultimately share more valuable insights.

Thank you. Your interest and support mean a great deal to me. You have helped make Invariant what it is today. And it’s going to get even better.