Investment Strategies and Management Insights

In this episode, Clay shares the key principles behind his personal investment approach. His approach has been shaped by over a decade of experience and lessons from great investors like Charlie Munger, Nick Sleep, and Chris Mayer. He explains how he builds a portfolio focused on high-quality businesses and long-term compounding. It’s a candid look at how he filters out the noise and plays the game on his own terms.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:19 - How Clay defines and pursues financial independence through investing.

05:22 - The lessons Clay learned from Charlie Munger, Nick Sleep, and Chris Mayer.

08:35 - How Clay constructs and thinks about his personal portfolio.

16:22 - Why great businesses often beat cheap stocks over the long run.

27:05 - What “sidecar investing” means and how to apply it.

58:08 - The importance of simplicity and ignoring market noise.

01:04:26 - Why patience may be the biggest edge in investing.

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.
• Richard Zechhauser’s paper: Investing in the Unknown and Unknowable.
• Related Episode: TIP598: A Tribute to Charlie Munger.
• Related Episode: TIP492: The Best Investor You've Never Heard Of (Nick Sleep).
• Related Episode: TIP677: Why Most Stocks Will Lose You Money w/ Hendrik Bessembinder.
• Related Episode: TIP713: Why Serial Acquirers Outperform w/ Niklas Savas.
• Clay’s podcast episode on Constellation Software.
• Clay’s podcast episode on Topicus.
• Clay’s podcast episode on Dino Polska.
• Clay’s podcast episode on Booking Holdings.
• Clay’s video on Lumine.
• Follow Clay on X and LinkedIn.
• Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.
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