We Study Billionaires - The Investor’s Podcast Network

RWH027: High-Quality Investing w/ Christopher Begg

May 28, 2023

In this engaging discussion, Christopher Begg, CEO of East Coast Asset Management and a revered professor at Columbia Business School, shares insights on high-quality investing. He emphasizes the importance of patience and the legacy of value investing inspired by legends like Buffett. From identifying competitive advantages to navigating uncertainties in the market, his strategies offer a fresh perspective. Chris also explores the significance of kindness in building trust and how personal growth parallels investment philosophy. Plus, he reflects on the thrill of mastering foil surfing and its lessons for life.

02:07:59

Episode guests

Christopher Begg

AI Summary

Highlights

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Identifying high-quality businesses and focusing on a few great ones are key to successful investing.

Looking for undervalued stocks during times of uncertainty presents valuation opportunities.

Evaluating businesses based on eight layers of competitive advantage helps identify great investment opportunities.

Developing win-win relationships built on consistency and kindness is essential for long-term sustainability.

Multidisciplinary learning and self-expression are crucial for achieving success and fulfillment in life and investing.

Deep dives

The pursuit of quality in investing

Christopher Begg, co-founder and CIO of East Coast Asset Management, discusses his approach to investing and selecting exceptional businesses. He follows an ultra-selective stock-picking strategy, focusing on buying great businesses at attractive prices when they're out of favor due to temporary challenges. Begg emphasizes the importance of patience and waiting for the right moment to make investment decisions. He also highlights the significance of continuous learning and knowledge accumulation in his investment process. Begg's focus on quality extends beyond investing, as he prioritizes quality in his personal life through pursuits such as writing, drawing, and surfing.

The Eight Layers of Competitive Advantage (2)

01:31

Josh Waitzkin approaches sports like foiling with a relentless pursuit of improv…

01:45

The Importance of Investing in the Future

02:13

Compound interest isn't just about investing; it's a fundamental principle woven…

00:44

Intro

3min

Legacy of Value Investing at Columbia

15min

Navigating Investment Clouds

12min

Navigating Market Dynamics: Tech Stocks and AI Competition

6min

Investing in Entropy and Long-Term Thinking

19min

Embracing Dynamic Quality in Business

8min

The Importance of Margin of Safety in Sustainable Investing

5min

Building Trust Through Consistency and Kindness

6min

Cultivating Growth Through Environment and Learning

24min

10.

Riding the Waves of Mastery

10min

11.

Crafting Your Unique Investment Philosophy

7min

12.

The Legacy of Andrew Carnegie: Mastery and Philanthropy

16min

13.

Reflecting on Insights: A Gratitude-Filled Conclusion

2min

In this episode, William Green chats with hedge fund manager Christopher Begg, who is the CEO, Chief Investment Officer, & co-founder of East Coast Asset Management. Chris is also a revered professor at Columbia Business School, where he teaches the Security Analysis class that was originally taught by Warren Buffett’s mentor, Ben Graham. Here, Chris shares powerful lessons on how to identify high-quality businesses & build a life that’s defined by a commitment to quality.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:54- How Chris Begg came to teach an investing class originally taught by Ben Graham.

10:29 - What Chris learned from his ten fireside chats with Berkshire Hathaway’s Todd Combs.

13:17 - What Buffett & Munger taught Chris about focusing on a few great businesses.

17:58 - How he finds undervalued stocks by asking, “Where are the clouds today?”

26:55 - Why he’s bullish on Meta & Google, despite an array of perceived threats.

36:09 - How he identifies great businesses by seeking 8 layers of competitive advantage.

47:13 - How to succeed through “persistent incremental progress eternally repeated.”

1:00:01 - Why investors can’t afford to ignore a company’s impact on the environment.

1:06:40 - Why consistent kindness is a potent ingredient of success, helping to build trust.

1:15:22 - How Chris gains an edge by continuously compounding his interdisciplinary knowledge.

1:32:17 - What he’s learned about the pursuit of excellence from surfing with Josh Waitzkin.

1:40:48 - Why Chris structures his workday to include meditation & contemplation.

1:50:46 - What studying Andrew Carnegie—once the world’s richest person—has taught him.

1:53:40 - Why Chris believes that the world is headed in a better direction.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Chris Begg’s investment firm, East Coast Asset Management.
One from Many by Dee Hock.
Nick Sleep’s list of long-term vs short-term characteristics.
Robert Pirsig’s Zen & the Art of Motorcyle Maintenance, Lila, & On Quality.
Finite & Infinite Games by James Carse.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
William Green’s Twitter.

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We Study Billionaires - The Investor’s Podcast Network

RWH027: High-Quality Investing w/ Christopher Begg

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The pursuit of quality in investing

The enduring legacy of Ben Graham's class on security analysis

The mindset of waiting for the right investment opportunities

Understanding the layers of competitive advantage

The Essence of Win-Win Relationships

The Power of Consistency and Kindness

Multidisciplinary Learning and Unobstructed Self-Expression

Embracing the Concept of Infinite Games

Learning from Josh Waitzkin and Pursuing Excellence

The Eight Layers of Competitive Advantage (2)

Josh Waitzkin approaches sports like foiling with a relentless pursuit of improv…

The Importance of Investing in the Future

Compound interest isn't just about investing; it's a fundamental principle woven…

Remember Everything You Learn from Podcasts