TIP581: Richer, Wiser, Happier Q3, 2023 w/ Stig Brodersen & William Green
Oct 8, 2023
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Arnold Van den Berg, an inspiring investor and Holocaust survivor, shares his remarkable journey from adversity to success. The hosts dive into the importance of emotional intelligence, offering strategies to manage negative emotions and cultivate kindness. They discuss the power of humility and a truth-seeking mindset in investing and life. Personal anecdotes highlight how small acts of kindness can create significant change and foster deeper connections, showcasing the transformative influence of compassion in our lives.
Approach the search for truth with humility, challenging our own beliefs and seeking disconfirming evidence.
Recognize and embrace the limitations of our knowledge to navigate uncertainty with caution.
Develop self-awareness to recognize biases, seek diverse perspectives, and prioritize self-care for clearer thinking.
Leveraging specific expertise in a focused area can provide a competitive edge in identifying investment opportunities.
Deep dives
The Importance of Humility and Seeking Disconfirming Evidence
When seeking the truth, it is important to approach the subject with humility and recognize our own limitations. Being aware of our biases and prejudices allows us to have a beginner's mind when analyzing information. Seeking disconfirming evidence and actively challenging our own beliefs is crucial. Surrounding ourselves with people who can challenge us and diversifying our investments can help protect against our own blindness and limited perspective.
The Complexity of Truth and Objective Analysis
Defining truth can be challenging, as it is influenced by personal biases and perceptions. Being aware of our own limitations, prejudices, and the murky nature of the world is key. Rather than assuming an objective perspective, it is important to continuously challenge our own beliefs and actively seek disconfirming evidence. Approaching situations with a beginner's mind and diversifying our perspectives helps us to deepen our understanding and avoid falling into echo chambers.
The Value of Embracing the Unknown
Recognizing the limitations of our knowledge and the unpredictability of the future allows us to approach situations with greater humility and caution. Seeking disconfirming evidence, surrounding ourselves with diverse perspectives, and hedging against our own blindness are practical strategies for navigating uncertainty. Having small enough positions and diversifying our investments can help mitigate potential risks and consequences of being wrong.
The Power of Self-Awareness in Truth-Seeking
Self-awareness is vital in recognizing our own biases and limitations. Acknowledging our own history of being wrong helps us approach situations with more humility and open-mindedness. Triangulating information from multiple sources and being conscious of our own blind spots allows us to develop a more comprehensive understanding of the truth. Being aware of our emotional state and ensuring self-care through good nutrition, sleep, exercise, and meditation can also contribute to clearer thinking and decision-making.
The Power of Specific Expertise
The podcast episode highlights the importance of having specific expertise in a particular field. It discusses a real estate business within BlackRock that has specialists in different countries, each focusing on properties that align with specific investment themes. The episode emphasizes the competitive edge gained by having knowledgeable professionals who can identify investment opportunities in their specific areas of expertise.
Playing Games You're Equipped to Win
The episode stresses the significance of playing games you have the skills and knowledge to excel at. It shares a story about a conference where BlackRock employees discussed their expertise in different countries and investment themes. The podcast emphasizes the importance of understanding one's circle of competence and sticking with investments that align with that expertise, rather than attempting to invest in areas outside of one's knowledge.
Kindness and the Power of Transformative Acts
The podcast episode explores the transformative power of kindness. It shares the deeply impactful story of Arnold Vandenberg, a Holocaust survivor, who experienced an act of kindness during his teenage years. This act of kindness from a stranger changed his perspective and opened his eyes to the possibility of compassion from people outside of his own community. The episode highlights the power of simple acts of kindness and how they can positively impact both the recipient and the giver.
On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” With a strong focus on kindness, they discuss what has made them Richer, Wiser, or Happier in the past quarter
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
06:27 - How not to let negative emotions run
21:15 - How to stay humble in your search for your approach
32:36 - How to set up a process for validating the truth
58:35 - How to play games you are equipped to win
1:07:13 - How to understand the emotions of the best investors
1:16:42 - How a job selling flowers can change your life
1:30:21 - How to think about intentions when you want to help your fellow man
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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