Navigating Financial Fragility

This chapter examines the vulnerability of the global financial landscape, emphasizing the need for protective measures like gold and Bitcoin amid rising authoritarianism and inequality. It also reflects on personal financial experiences, especially during crises like 2008, to stress the importance of maintaining cash reserves and avoiding debt. The discussion advocates for prudent financial habits and value investing to prepare for economic uncertainties and societal divides.

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Episode notes

In this episode, William Green speaks with Barron’s Roundtable member Bill Priest, who is Vice Chairman of TD Wealth and founder, Chairman, and Co-Chief Investment Officer of TD Epoch. Bill is the co-author of several books, including “Winning at Active Management.” Having prospered for six decades in the financial markets, Bill has seen it all. Here, he talks about his core investing principles & why he believes investors are too complacent in the face of mounting risk & fragility.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

06:50 - How Bill Priest fell in love with the stock market.

40:30 - Why he focuses relentlessly on free cash flow & cost of capital.

41:11 - How he goes about analyzing a business.

48:41 - Why growth stocks may start to struggle.

50:47 - Why he’s worried about the threat of stagflation.

59:16 - How investors can protect themselves from an unknowable future.

1:03:36 - Why AI is unstoppable, not just another bubble.

1:07:35 - Why he’d be “very careful” about investing in China.

1:15:38 - Why you should keep ample cash to ride out difficult times.

1:17:20 - Why his exposure to equities is much lower than usual.

1:21:16 - How to be a successful leader.

1:57:16 - What he’s learned from his daughter about happiness.

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

BOOKS AND RESOURCES

Bill Priest’s investment firm, Epoch Investment Partners.
Bill Priest’s book, “Free Cash Flow & Shareholder Yield.”
Bill Priest’s book, “Winning at Active Management.”
Anne Applebaum’s book “Autocracy, Inc.”
Ruchir Sharma’s book, “What Went Wrong with Capitalism.”
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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