Legacy of Resilience in Investment Banking

This chapter recounts the impactful legacy of an investment banker who aided New York City during its 1970s financial crisis, emphasizing the balance between personal conviction and corporate duty. It highlights lessons in risk management, the evolution of investment strategies, and personal anecdotes that shaped the speaker's investment philosophy. Furthermore, it presents the development of Oak Cliff as a model for concentrated value investing, drawing on historical insights and personal connections to illustrate enduring investment principles.

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Episode notes

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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