The Legacy of Ben Graham: Balancing Risks and Rewards

This chapter explores the life and impact of Ben Graham, a pivotal figure in investing, and his unique philosophy that combines intellect with integrity. It highlights how his tumultuous early experiences shaped his investment strategies and the ongoing relevance of his teachings for modern investors. The discussion emphasizes the delicate balance between optimism and pessimism in investing, advocating for a cautious yet growth-oriented approach in the face of uncertainty.

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IN THIS EPISODE, YOU’LL LEARN:

00:02:27 - What Jason Zweig learned from his father, the wisest person he’s ever known.
00:20:31 - Why investors shouldn’t trust what brokers and financial advisers are selling them.
00:36:34 - How success is shaped by weird moments of random chance as well as skill.
00:38:54 - What Warren Buffett said when Jason asked him, “Do you think you’re a genius?”
00:59:41 - Why Benjamin Graham was obsessed with the overwhelming importance of survival.
01:15:13 - Why investors need rules, policies, and procedures to drive their decision-making.
01:25:59 - Why investing is, above all, a head game in which the secret of success is self-control.
01:28:57 - What Jason learned while working with Nobel Prize-winning genius Daniel Kahneman.
01:37:26 - Why investors should be optimistic, humble, and intensely wary of overconfidence.
01:43:18 - How Jason thinks about the perils and promise of disruptive technologies like Bitcoin.
01:52:49 - How money can (and cannot) buy you happiness.
01:57:58 - Why he’s inspired by the simple motto “I did the best I could.”

*Disclaimer: Slight timestamp discrepancies 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.
Benjamin Graham’s The Intelligent Investor, revised and updated by Jason Zweig.
Jason Zweig’s book on neuroeconomics, Your Money and Your Brain.
Jason Zweig’s satirical survival guide to Wall Street, The Devil’s Financial Dictionary.
Jason Zweig’s website.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book
William Green interviews Joel Greenblatt on RWH003: How to Win The Investing Game.
William Green interviews Howard Marks on RWH002: Investing Wisely In An Uncertain World.
William Green interviews Tony Robbins on RWH001: The Life Force Revolution.
William Green interviews Ray Dalio on WSB410: The Changing World Order.

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