RWH060: What Buffett, Munger & Bill Miller Taught Me w/ Robert Hagstrom
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In this episode, William Green chats with Robert Hagstrom, Chief Investment Officer & Senior Portfolio Manager at Equity Compass. Robert is the author of a classic book, âThe Warren Buffett Way,â which lays out the principles that made Buffett the greatest investor of all. Here, Robert shares life-changing lessons he learned from Buffett & two other icons: Charlie Munger & Bill Miller. He also explains why a focused, low-turnover portfolio is a brilliant but difficult strategy.
IN THIS EPISODE YOUâLL LEARN:
00:00 - Intro 04:39 - How Robert Hagstrom became a multidisciplinary thinker. 08:09 - How to think better & invest better by tuning out the noise. 26:01 - What mistake Warren Buffett made most frequently. 35:30 - Why AI falls short when it comes to investment decisions. 35:30 - Why Nvidia is Robertâs biggest holding. 01:04:49 - How Miller endured & recovered from a devastating mistake. 01:14:43 - What insights led Bill Miller to make billions in Amazon & Bitcoin. 01:32:04 - Why itâs smart but really hard to own a concentrated portfolio. 01:34:29 - Why Robert views Modern Portfolio Theory with disdain. 01:42:23 - What advice Robert received from investing giant Bill Ruane. 01:48:06 - Why you should be deeply wary of investing in private equity. 02:04:04 - What life lesson Robert has learned from Buffett.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
ï»żBOOKS AND RESOURCES
- Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more â â â â hereâ â â â .
- Join the exclusive â â â â TIP Mastermind Communityâ â â â to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Robert Hagstromâs investment firm, Equity Compass Investment Management.
- Robert Hagstrom's books: The Warren Buffett Way, The Warren Buffett Portfolio, Investing: The Last Liberal Art.
- Mortimer Adler's How to Read a Book.
- Louis Menand's The Metaphysical Club.
- William Greenâs podcast interview with Bill Miller.
- William Greenâs podcast interview with Bill Nygren.
- William Greenâs book, âRicher, Wiser, Happierâ â â â read the reviews of this bookâ â .
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- Check out all the books mentioned and discussed in our podcast episodes â â â â hereâ â â â .
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