In Richer, Wiser, Happier, William Green draws on interviews conducted over twenty-five years with many of the world’s greatest investors. The book highlights that the most successful investors are mavericks and iconoclasts who question conventional wisdom and think rationally, rigorously, and objectively. They maximize their odds of long-term success in markets and life by drawing insights from diverse fields such as neuroscience, economic history, psychology, philosophy, and more. Green explains how these investors can teach us not only how to become rich but also how to improve our thinking, decision-making, risk assessment, and resilience, and how to turn uncertainty to our advantage.
This book compiles the semiannual letters Warren Buffett wrote to his partners during his management of Buffett Partnership Limited from 1956 to 1970. These letters provide a rare look into Buffett's mind, highlighting his contrarian diversification strategy, his celebration of compounding interest, his preference for conservative decision-making, and his tactics for achieving market-beating results. The book demonstrates Buffett's intellectual rigor and his application and improvement of the quantitative contributions made by his teacher, Benjamin Graham. It offers accessible lessons in control and discipline that are effective in various market conditions and are the foundation of Buffett's success.
On today’s episode, Kyle Grieve discusses the investing philosophy and concepts from the Nomad Investment Partnership, how they created their fund structure to align themselves with partners, why they settled on inactivity, the powerful effects of businesses that share profits with customers rather than shareholder, how they ended up focusing on the scale economies shared business model, how they dealt with commitment bias, and a whole lot more!
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:17 - How Nomad Investment Partnership created their ground rules to succeed in the long term
05:37 - The rare and unconventional way that Nomad wanted to be evaluated by their partners
09:13 - Why inactivity only works with certain businesses, and NOT all businesses
13:48 - The extraordinary returns of Costco, Amazon, and Berkshire Hathaway since the depths of the GFC, and a great insight into what Nomad said about that particular time
15:26 - Why Nomad focused on the scaled economics shared business model
20:29 - How Nomad utilized the concept of a "cone of uncertainty" to better understand risk and help with position sizing
29:12 - Why a deep understanding of a business earlier than the market is so beneficial and allows you to have outsized position sizes that can continue growing at market-beating returns
31:46 - Why your next best investing opportunity might already be in your portfolio
40:41 - Specific questions to ask to help you utilize destination analysis for long-term holdings
43:03 - The four most powerful mistakes that Nick and Zak observed
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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