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Prime Talks
Ep. 43 Robert Hagstrom | How the World’s Best Investors Make Decisions
Oct 5, 2023
Robert Hagstrom, renowned investor, discusses the psychology of long-term investing and his relationships with industry leaders. Topics include influences on stockbrokers, analyzing the macro picture, fundamental changes in the economy, the structure of the market, concentrated investing, and interdisciplinary thinking.
58:08
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Quick takeaways
- Concentrated investing can be successful for investors with deep understanding of businesses and strong temperament.
- Economic changes have led to a lower-for-longer environment and increased role of technology companies.
Deep dives
The Power of Concentrated Investing
Concentrated investing, where a portfolio is focused on a small number of stocks, can be a successful strategy for investors who have a deep understanding of the businesses they invest in. It requires a no-something investor with a strong temperament who can withstand market fluctuations. This approach is advocated by Warren Buffett, who believes that if you're a no-nothing investor, you should stick to index funds, but if you understand the economics and can make concentrated bets, then diversification may not make sense for you. It's important to note that this strategy is not suitable for everyone, and many investors may be better off with index funds.
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Discover
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