Exploring Industry Dynamics and the Nature of Change

The chapter explores insights from Bruce Greenwald's 'Competition Demystified' regarding shifting industry barriers and the potential for company underperformance. It also highlights key takeaways from Charlie Munger and concludes with a recommendation for the documentary 'Free Solo,' emphasizing risk management and survival.

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On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” They discuss what has made them Richer, Wiser, or Happier in the past quarter.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:31 - How to think about investing with an asset manager that yields a lower return and has good values, or an asset manager with a higher return and bad values.

27:35 - The role of money vs. happiness for billionaires.

48:55 - What Stig and William learned from Ray Dalio.

54:51 - Why pain + reflection = progress.

1:25:16 - What Stig and William learned from Charlie Munger.

1:44:22 - Why William bought Alibaba and Seritage Growth Properties.

1:53:09 - Which investing books made it to the top 5 for Stig and William for Q1 2023, and why.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Listen to Stig Brodersen and William Green’s episode on Money and Happiness or watch the video.
Listen to William Green’s interview with Ray Dalio or watch the video.
Tune in to William Green’s interview with Fred Martin about being a disciplined growth investor or watch the video.
William Green’s book Richer, Wiser, Happier – read reviews of this book.
Fred Martin’s book, Benjamin Graham and the Power of Growth Stocks – read reviews of this book.
Bruce Greenwald’s book, Competition Demystified – read reviews of this book.
Joel Tillinghast’s book, Big Money Thinks Small – read reviews of this book.
Ray Dalio’s book, Your Guided Journal – read reviews of this book.
Aswath Damodaran’s book, The Little Book of Valuation – read reviews of this book.
Gautam Baid’s book, The Joys of Compounding – read reviews of this book.
Q&A with Charlie Munger from the DIJO meeting.
Watch the trailer for Free Solo.

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