RWH021: Investing Amid Uncertainty w/ Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon
We Study Billionaires - The Investor’s Podcast Network
Resilience and Self-Compassion in Investing
This chapter explores the significance of resilience and self-compassion in both investing and personal growth. It highlights the inevitability of mistakes, offering strategies for financial stability while promoting a balanced mindset.
William Green showcases some of the most valuable insights from four investing superstars who have recently appeared on the Richer, Wiser, Happier podcast: Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon. Here, these famed investors share practical lessons on how to deal with uncertainty & handle the emotional challenges of investing in turbulent times. William adds his own observations, drawing on his conversations with these great investors & with legends like Sir John Templeton, Peter Lynch, & Charlie Munger.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:34 - How a disastrous investment taught Joel Greenblatt that anything can happen.
10:34 - What Fidelity legend Peter Lynch learned from a shocking setback early in his career.
12:06 - How to protect ourselves from uncertainty, bad luck, & our own analytical mistakes.
12:49 - Why Howard Marks warns that you shouldn’t push the limits if you want to avoid ruin.
14:48 - How Joel Greenblatt deals with mistakes by learning from them, then moving forward.
28:08 - How Joel handles the “kick in the stomach” when an investment goes wrong.
35:02 - How to succeed by taking advantage of the wild emotional mood swings of the crowd.
38:30 - Why stock pickers must learn to value businesses, buy at a discount, & then wait.
40:17 - How Bill Miller handles the discomfort of brutal losses during the most turbulent times.
43:00 - What Bill advises regular investors to do so they can endure the pain of market mayhem.
44:33 - Why Howard Marks says we need to be honest about our tolerance for risk & loss.
46:06 - How the best investors diversify or concentrate in ways that suit their temperament.
50:07 - Why Howard believes that “emotion is the greatest enemy of superior investing.”
52:35 - How Sir John Templeton thrived by hunting for bargains in the most-hated markets.
1:00:41 - Why Howard Marks thinks he was wrong to be a “knee-jerk skeptic” about Bitcoin.
1:03:30 - How to safeguard against our own biases, hubris, & overconfidence.
1:08:58 - Why François Rochon is convinced that it’s rational to be optimistic about the future.
1:10:51 - What history shows about mankind’s extraordinary ability to find solutions to its problems.
1:21:31 - Why Warren Buffett says that bad news is an investor’s best friend.
1:23:23 - Why Buffett regards babies being born in America today as “the luckiest crop in history.”
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 William's interview with Ray Dalio, The Changing World Order - TIP410, or watch the video.
- Listen to William’s interview with Joel Greenblatt, How to Win the Investing Game - RWH003, or watch the video.
- Listen to William’s interview with Bill Miller, Investing Legend Bill Miller on Amazon, Bitcoin, & Buffett - RWH007, or watch the video.
- Listen to William’s interview with Howard Marks, Investing Wisely In An Uncertain World - RWH002, or watch the video.
- Listen to William’s interview with François Rochon, The Best of the Best - RWH016, or watch the video.
- Berkshire Hathaway’s 2015 annual report, featuring Buffett’s optimistic view of the future.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- Follow William Green on Twitter.
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