We Study Billionaires - The Investor’s Podcast Network RWH044: How To Beat The Market w/ Bryan Lawrence
Bryan Lawrence, the mastermind behind Oakcliff Capital and a rarely-interviewed hedge fund manager, shares invaluable insights. He discusses his concentrated value investing strategy, the six crucial questions he asks when evaluating stocks, and lessons learned from investment legends like Buffett and Munger. Bryan highlights the importance of patience in investing and offers unique perspectives on navigating energy investments amidst ideological versus practical challenges. He also emphasizes the significance of relationships and personal happiness in achieving success.
02:09:51
Buffett Meeting
- Brian Lawrence met Warren Buffett in 2004 and learned that stock prices fluctuate by 80% yearly.
- He initially doubted this but verified it using ValueLine data, discovering Buffett was right.
Volatility Creates Opportunity
- Volatility in stock prices presents opportunities for informed investors.
- Even well-known companies like Google experience significant price swings despite widespread understanding of their business.
TransDigm Investment
- TransDigm, an aircraft parts supplier, saw its stock plummet during the pandemic.
- Lawrence recognized its resilience and bought heavily, profiting from the subsequent rebound.
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Intro
00:00 • 2min
Lessons from Family and Community
02:28 • 14min
Transformative Reflections and Influential Reading
16:31 • 8min
Legacy of Resilience in Investment Banking
24:56 • 17min
Strategies for Long-Term Investing and Client Management
42:21 • 4min
The Art of Patient Investing
46:26 • 19min
Investment Strategies and Understanding Portfolio Performance
01:05:25 • 5min
Navigating the Investment Journey
01:09:55 • 14min
Navigating Information and Ideology in Daily Life
01:23:52 • 5min
Navigating Energy Investments: Ideals vs. Realities
01:28:27 • 29min
The Power of Personal Connections
01:57:32 • 16min
#7469
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How Proust Can Change Your Life
Alain de Botton
Alain de Botton's "How Proust Can Change Your Life" offers a unique approach to philosophy by exploring the relevance of Marcel Proust's work to contemporary life.
The book delves into Proust's insights on love, loss, memory, and the search for meaning, connecting them to everyday experiences.
De Botton uses Proust's ideas to address modern anxieties and challenges, making complex philosophical concepts accessible to a wider audience.
The book is structured around key themes from Proust's work, providing practical applications and reflections on how to live a more fulfilling life.
It's a blend of literary analysis, philosophical inquiry, and self-help advice, making it a compelling read for those interested in both literature and self-improvement.
#47079
Sustainable Energy - Without the Hot Air
David MacKay
This book addresses the energy crisis by providing a detailed, numerical analysis of energy consumption and production.
David MacKay examines various renewable energy sources such as solar, wind, and nuclear power, and presents five possible energy plans for Britain.
He uses simple calculations to compare different energy sources and their potential to meet energy demands, debunking common misconceptions and providing a clear, jargon-free guide for both individuals and policymakers.
The book emphasizes the importance of understanding the metrics of energy consumption and production to make informed decisions about sustainable energy strategies.
#4553
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How the World Really Works
A Scientist's Guide to Our Past, Present and Future
Vaclav Smil
In this book, Vaclav Smil explores seven fundamental areas that govern human survival and prosperity.
He delves into energy production, food production, the material world and its globalization, and the environmental and future risks we face.
Smil argues that our societies have increased their dependence on fossil fuels and that rapid decarbonization is unlikely due to the immense material requirements of modern civilization.
He provides a data-rich and revisionist view, highlighting the importance of understanding the facts before tackling problems effectively.
The book also addresses the challenges of climate change, the limitations of technological advancements, and the need for a realistic grasp of our past, present, and uncertain future.
#627
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Difficult Conversations
How to Discuss What Matters Most
Roger Drummer Fisher
Douglas Stone
Bruce Patton
Sheila Heen
This book provides a step-by-step approach to having tough conversations with less stress and more success.
It covers how to decipher the underlying structure of difficult conversations, raise tough issues without triggering defensiveness, manage strong emotions, and keep balance regardless of the other person's response.
The book is filled with examples from everyday life and addresses issues such as race, culture, gender, power, and communication via technology.
It is designed to help readers improve oral communication in personal, professional, and public life.
#6716
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Undo It!
How Simple Lifestyle Changes Can Reverse Most Chronic Diseases
Anne Ornish
Dean Ornish
In this landmark book, Dean Ornish, M.D.
, and Anne Ornish present a simple yet powerful new unifying theory explaining why lifestyle changes can reverse many different chronic diseases.
The book emphasizes four key areas: eating well with a whole foods, plant-based diet; moving more through moderate exercise like walking; stressing less through meditation and gentle yoga; and loving more by transforming loneliness into healing.
It includes seventy recipes, meal plans, exercise recommendations, stress-reduction advice, and inspiring patient stories.
Dr. Ornish's program has been shown to improve clinical outcomes, reduce costs, and is now covered by Medicare and many insurance companies.
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Getting there
A Book of Mentors
Gillian Zoe Segal
In 'Getting There: A Book of Mentors,' Gillian Zoe Segal gathers stories from 30 leaders across various fields, including Warren Buffett, Kathy Ireland, Frank Gehry, and many others.
These role models describe the obstacles they faced, the setbacks they endured, and the vital lessons they learned.
The book offers essential and practical career advice as well as priceless wisdom applicable to life in general.
It is designed for everyone, from students contemplating their futures to those facing challenges or seeking to reach their potential.
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Security Analysis
Benjamin Graham
David L. Dodd
First published in 1934, Security Analysis is a seminal work in the field of finance that lays the intellectual foundation for value investing.
The book, written by Benjamin Graham and David L. Dodd, distinguishes between investing and speculating, emphasizes the importance of thorough financial analysis, and introduces key concepts such as the 'margin of safety.
' The sixth edition includes commentary from leading Wall Street money managers and a foreword by Warren E. Buffett, who has praised the book for its enduring relevance in modern markets.
#34520
The Davis Dynasty
Fifty Years of Successful Investing on Wall Street
John Rothchild
This book tells the story of Shelby Collum Davis and his family, who are among the most successful investors in Wall Street history.
Starting with Shelby Davis's decision to invest $50,000 in 1947, which he multiplied 8,000 times by his death in 1994, the book details the family's investment discipline, their focus on value investing, and their ability to navigate various market conditions.
The narrative also includes the successes of his son, Shelby, and grandsons, Chris and Andrew, who continued the family's investment legacy.
The book provides a historical and literary perspective on Wall Street and the Davis family's enduring investment philosophy.
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The Psychology of Human Misjudgment
Charlie Munger
This work, originally delivered as a speech at Harvard University in 1995, outlines Charlie Munger's observations on the irrational patterns in human behavior.
Munger identifies 25 standard causes of human misjudgment, including tendencies such as Reward and Punishment Superresponse, Liking/Loving Tendency, Dislike/Hating Tendency, and others.
These insights are crucial for understanding how psychological biases affect decision-making and are particularly relevant in fields like behavioral economics and finance.
#1128
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The consolation of philosophy
Boethius
Boethius's 'Consolation of Philosophy' is a philosophical treatise written while he awaited execution.
The work explores themes of fortune, adversity, and the nature of good and evil.
Through a dialogue between Boethius and Lady Philosophy, the text examines the relationship between God and the world, grappling with questions of divine providence and human suffering.
It offers a blend of philosophical and theological perspectives, providing solace and insight into the challenges of life.
The book remains a significant work in the history of philosophy and theology.
#24
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Influence
The Psychology of Persuasion
Robert Cialdini
In this highly acclaimed book, Dr. Robert B. Cialdini explains the psychology behind why people say yes and how to apply these insights ethically.
The book outlines six universal principles of influence: Reciprocation, Commitment and Consistency, Social Proof, Liking, Authority, and Scarcity.
The new and expanded edition includes a seventh principle, Unity, along with new research, insights, and examples.
Cialdini uses memorable stories and relatable examples to make the subject accessible and easy to understand, helping readers become more skilled persuaders and defend themselves against unethical influence attempts.
In this episode, William Green chats with Bryan Lawrence, a highly successful hedge fund manager who runs an investment firm called Oakcliff Capital. Bryan almost never gives interviews, so this is a rare opportunity to hear him speak in depth about the advantages of a concentrated value strategy, how he finds new investments, what 6 questions he asks when analyzing any stock, what he’s learned from Buffett & Munger, & how to build a happy life.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
05:42 - What Bryan Lawrence learned from his hugely successful father.
16:30 - What Charlie Munger taught Bryan.
33:07 - How Shelby Cullom Davis turned $200,000 into $800 million.
39:14 - How Bryan has consciously built an investing edge.
43:25 - What he learned from meeting Warren Buffett.
47:15 - Why Bryan looks for three specific characteristics in any business.
59:18 - How to beat the market by making infrequent bets.
1:08:19 - Why he’s obsessed with identifying where he’s wrong.
1:10:17 - How he searches for new investment ideas.
1:14:32 - How he structures his day.
1:44:20 - How to think rationally about fossil fuels & climate change.
1:49:1 - How to build a happy life & great relationships.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Bryan Lawrence’s investment firm, Oakcliff Capital.
- Check out Poor Charlie’s Almanack.
- Dean Ornish & Anne Ornish's book Undo It.
- Robert Cialdini's book Influence.
- Alain de Boton's book The Consolations of Philosophy.
- Douglas Stone, Bruce Patton, & Sheila Heen's book Difficult Conversations.
- John Rothchild's book The Davis Dynasty.
- Vaclav Smil's book How the World Really Works.
- David Mackay's book Sustainable Energy Without the Hot Air.
- Gillian Zoe Segal's book Getting There.
- William Green’s podcast interview with Chris Davis | YouTube Video
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- Follow William Green on X.
- Check out all the books mentioned and discussed in our podcast episodes here.
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