The Art of Patient Investing

In this episode, William Green chats with Bryan Lawrence, a highly successful hedge fund manager who runs an investment firm called Oakcliff Capital. Bryan almost never gives interviews, so this is a rare opportunity to hear him speak in depth about the advantages of a concentrated value strategy, how he finds new investments, what 6 questions he asks when analyzing any stock, what he’s learned from Buffett & Munger, & how to build a happy life.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

05:42 - What Bryan Lawrence learned from his hugely successful father.

16:30 - What Charlie Munger taught Bryan. 

33:07 - How Shelby Cullom Davis turned $200,000 into $800 million.

39:14 - How Bryan has consciously built an investing edge.

43:25 - What he learned from meeting Warren Buffett.

47:15 - Why Bryan looks for three specific characteristics in any business.

59:18 - How to beat the market by making infrequent bets. 

1:08:19 - Why he’s obsessed with identifying where he’s wrong.

1:10:17 - How he searches for new investment ideas.

1:14:32 - How he structures his day.

1:44:20 - How to think rationally about fossil fuels & climate change.

1:49:1 - How to build a happy life & great relationships.

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

BOOKS AND RESOURCES

• Bryan Lawrence’s investment firm, Oakcliff Capital.
• Check out Poor Charlie’s Almanack.
• Dean Ornish & Anne Ornish's book Undo It.
• Robert Cialdini's book Influence.
• Alain de Boton's book The Consolations of Philosophy.
• Douglas Stone, Bruce Patton, & Sheila Heen's book Difficult Conversations.
• John Rothchild's book The Davis Dynasty.
• Vaclav Smil's book How the World Really Works.
• David Mackay's book Sustainable Energy Without the Hot Air.
• Gillian Zoe Segal's book Getting There.
• William Green’s podcast interview with Chris Davis | YouTube Video
• 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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