In this chapter, the speaker discusses the significance of taking advantage of low-interest rates, exploring the decision of companies and the US government to issue short-term debt. They reflect on their own early prediction about interest rates and the concept of thinking long-term in a short-term world. The chapter also emphasizes the negative impact of limited options and the importance of positioning oneself to always have good choices.
Tom Gayner, CEO of Markel Group, reveals the lessons he’s learned from Charlie Munger and Berkshire Hathaway, how he invests, and the specific way he thinks about opportunity cost.
Gayner shares the difference between good debt and bad debt, where he disagrees with Munger, and why he focuses on the basics.
This intimate conversation offers a level of insight and honesty that Tom hasn’t offered anywhere else.
Gayner is currently the CEO of Markel Group and the Director of The Coca‑Cola Company. He also serves as chairman of the Davis Series Mutual Funds board and on the boards of Graham Holdings and Markel.
Listen and Learn.
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