The Art of Delayed Gratification

In this episode, William Green chats with Christopher Begg, an exceptional hedge fund manager who is the CEO & CIO of East Coast Asset Management. Chris has also taught for many years at Columbia Business School, where he teaches the prestigious Security Analysis course that Warren Buffett took with Ben Graham in 1951. Here, Chris discusses how to stay calm amid market turmoil; how he identifies great businesses; why Tesla could deliver extraordinary long-term returns; & how he builds a balanced life in 7 key areas.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:54 - How Christopher Begg handles extreme market turmoil.

04:07 - Why he loves volatility & how he exploits it. 

06:27 - What 3 qualities he seeks when identifying an exceptional business. 

18:19 - Why temperament is the key to investment success. 

28:06 - How Perimeter Solutions embodies what he looks for in a stock.

31:49 - How value investing has evolved to what he calls “Value 3.0.”

42:15 - Why Tesla could deliver “extraordinary” returns over many years. 

42:15 - What he thinks of Elon Musk. 

01:11:13 - Why the secret of success is “persistent incremental progress.”

01:13:48 - How a 66-day challenge helped Chris to nurture good habits.

01:26:06 - How Buffett & Munger won the investing game with “class & virtue.”

01:34:18 - How to design a balanced, joyful, & spacious life. 

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
• Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
• Chris Begg’s investment firm, East Coast Asset Management.
• Marcel Proust's In Search of Lost Time.
• Tanya Luhrmann's How God Becomes Real.
• Maurice Merleau-Ponty's Phenomenology of Perception.
• Douglas Adams' The Hitchhiker’s Guide to the Galaxy.
• Richard Bach's Jonathan Livingston Seagull.
• James Carse's Finite & Infinite Games.
• David Whyte's Consolations & Consolations II.
• Madeleine Green's song discussed by William & Chris.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• Follow William Green on X.
• Check out all the books mentioned and discussed in our podcast episodes here.
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