Successful investing combines rational analysis with intuitive understanding of human behavior.
Principles that work in investing can have a positive impact on relationships, personal growth, and decision-making in all areas of life.
Balancing rationality with a sense of certainty beyond logic allows for a broader perspective and deeper insight into investing and life.
Deep dives
The Power of Rationality and Intuition
Investing requires a balance between rationality and intuition. While rationality helps in overcoming biases, deep truths often defy logical reasoning and are better understood intuitively. Rationality alone is incomplete, as it fails to capture the paradoxical and impressionistic nature of investing. Investors like Howard Marks demonstrate that successful investing combines rational analysis with intuitive understanding of human behavior. The ability to embrace both rationality and intuition allows for a more holistic approach to decision-making in the complex world of investing.
Finding Truths Across Different Areas of Life
Ideas and principles that work in investing often apply to other areas of life as well. Principles such as deferring gratification, being kind, and focusing on what you can control are applicable beyond the realm of investing. Understanding that these principles can have a positive impact on relationships, personal growth, and decision-making allows individuals to lead more fulfilling lives. Just as investors draw insights from various disciplines, such as philosophy and spirituality, integrating these principles into daily life can lead to greater clarity, compassion, and overall well-being.
Certainty Beyond Logic
Certainty beyond logic allows individuals to transcend the rational mind and embrace higher truths. It entails understanding that certainty can extend beyond logical reasoning and intuition. To achieve a state of certainty beyond logic, one must let go of ego and recognize that being a channel for something greater is a powerful approach. Embracing humility and acknowledging one's limitations opens the door to perceiving deep truths that are not strictly rational. Balancing rationality with a sense of certainty beyond logic allows for a broader perspective and deeper insight into investing and life.
Getting Out of Your Own Way
Getting out of your own way involves removing ego, self-doubt, and self-judgment from decision-making processes. It allows for a more intuitive, flow-like state of mind that enables open receptivity to circumstances. By reducing attachment to personal desires and expectations, individuals create space for clarity, creativity, and the emergence of new possibilities. Practicing self-compassion and beginning again after setbacks or failures promotes personal growth and a deeper understanding of oneself. Getting out of your own way is a powerful principle that applies not only to investing but also to personal development and achieving a state of flow in various areas of life.
Importance of Playing Games that Suit You
One of the main insights from the podcast is the significance of playing games that are right for you. The speaker emphasizes the importance of knowing your own strengths and weaknesses to avoid engaging in activities that bring out the worst in you. This idea is exemplified by the story of Joel Tillinghast, an investor who chooses not to invest in volatile startups that would make him anxious. The speaker argues that playing games that align with your interests and strengths is crucial for success and personal satisfaction.
Transformation of Desire to Share
Another key point discussed in the podcast is the concept of transforming the desire to receive for oneself alone to the desire to receive for the sake of sharing. The speaker cites the teachings of a notable teacher who believed that this transformation is a fundamental aspect of personal growth. The idea is to shift focus from personal gain to a broader purpose of giving pleasure to one's creator or contributing to the well-being of others. By recognizing and nurturing this transformation, individuals can build a more fulfilling and meaningful life.
William Green is a journalist and author of the book “RICHER, WISER, HAPPIER: How the World's Greatest Investors Win in Markets and Life.” — a book that draws on hundreds of hours of interviews with many of the world’s super-investors to demonstrate that key insights for building wealth apply to life as well. You can follow William on Twitter https://twitter.com/williamgreen72 and get his book at https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856 Show Notes:
From Journalism to Investing
Obsessiveness required to play and win a game
Behavioral biases
Role of patience in investing
Stoicism, and dealing with uncertainty
Reading authors like Henry James
Saying YES to serendipity
Being present in the moment
Delaying gratification
“When I fall, I shall rise”
Getting out of your own way
Staying away from the games that don't suit you
How body posture can affect you psychologically
Giving pleasure to your creator
Not knowing the truth
Books Mentioned:
Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and in Life; by William Green
Happy: Why More Or Less Everything is Absolutely Fine; by Derren Brown
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
