The Value of Facts in Rapid Decision Making

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, “The Warren Buffett Way,” 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 YOU’LL 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 Robert’s 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 it’s 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.

BOOKS AND RESOURCES

• Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠here⁠⁠⁠⁠.
• Join the exclusive ⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
• Robert Hagstrom’s 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 Green’s podcast interview with Bill Miller.
• William Green’s podcast interview with Bill Nygren.
• 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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