We Study Billionaires - The Investor’s Podcast Network

RWH050: The Intelligent Investor w/ Jason Zweig

Oct 20, 2024

In this engaging discussion, Jason Zweig, author of the revised edition of Benjamin Graham’s classic, dives into the timeless principles that make investing successful. He shares insights gleaned from interviews with Warren Buffett and the intricacies of revising a legendary text. Zweig explains how emotional restraint can lead to profits, and the vital importance of understanding your investment style—be it enterprising or defensive. With a focus on maintaining a 'margin of safety,' he emphasizes the benefits of index funds and the perils of market speculation.

01:56:40

Episode guests

Jason Zweig

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Episode notes

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Quick takeaways

Benjamin Graham's principles emphasize focusing on long-term value by viewing stocks as ownership in real businesses rather than mere assets.

Individual investors can gain a significant advantage by practicing discipline and a long-term strategy, resisting Wall Street's hyperactive trading culture.

The concept of a margin of safety is crucial for protecting investments, requiring thorough research and conservative assessment of asset values.

Deep dives

The Impact of Benjamin Graham

Benjamin Graham's investment principles have had a profound influence on investors, particularly Warren Buffett. Graham's book, The Intelligent Investor, is considered a cornerstone of investment philosophy, and Buffett described it as the best book on investing ever written. Its teachings emphasize the importance of understanding that stocks represent ownership in real businesses, rather than mere paper assets. This understanding encourages investors to focus on long-term value rather than short-term market fluctuations.

Intro

4min

The Art of Revising a Classic

12min

The Legacy of Benjamin Graham

6min

Investing vs. Speculating: A Mindful Approach

8min

Wisdom of Mr. Market: Navigating Investment Strategies

25min

Indexing vs. Outperformance: Navigating Investment Strategies

10min

The Complexities of Investing

17min

Investment Philosophy and Personal Growth

28min

Celebrating a Revitalized Classic and Future Engagement Opportunities

4min

In today’s episode, William Green chats with Jason Zweig about his updated & revised edition of Benjamin Graham’s The Intelligent Investor, which Warren Buffett describes as “by far the best book on investing ever written.” Jason, who also writes the Wall Street Journal’s Intelligent Investor column, explains why Graham’s classic book still holds vitally important lessons for today’s investors. He also shares what he’s learned from interviewing Buffett & Charlie Munger.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:33 - How Jason Zweig tackled the “honor & burden” of revising The Intelligent Investor.

11:06 - How Ben Graham’s 4 core principles can help you to invest intelligently.

25:24 - What a sudden plunge in Japanese stocks shows about the craziness of markets.

27:56 - What Jason views as the most important paragraph ever written about investing.

32:42 - How Warren Buffett & Bill Miller profit from being “inversely” emotional.

33:57 - How regular investors can win by tuning out Wall Street’s propaganda.

39:15 - Why you must decide if you’re an “enterprising” or “defensive” investor.

44:40 - Why maintaining a “margin of safety” matters more than anything.

48:40 - Why Jason believes index funds should form the base of your portfolio.

52:52 -Why it’s so hard to pick the tiny minority of “superstocks.”

1:00:21 - What dooms the vast majority of fund managers to underperform.

1:14:33 - How Graham’s most successful investment violated his own principles.

1:33:01 - What life lessons Jason learned from Graham, Buffett, & Charlie Munger.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Jason Zweig’s website.
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.
William Green’s previous podcast episode with Jason Zweig | YouTube Video.
William Green’s podcast episode with Christopher Begg | YouTube Video.
William Green’s podcast episode with Peter Keefe | YouTube Video.
William Green’s book, “Richer, Wiser, Happier” – read the reviews.
Follow William Green on X.
Check out all the books mentioned and discussed in our podcast episodes here.
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