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The Rabbit Hole
#94 The Playing Field by Graham Duncan
Jan 8, 2024
This podcast discusses the book 'Playing Field' by Graham Duncan and the importance of viewing investing as a game. It explores the dynamics and challenges faced by investors, the mindset and strategies of successful investors using David Tepper as an example, the impact of identity on investing, and Warren Buffett's influence on the financial system.
23:10
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Quick takeaways
- Finding a mentor is crucial for efficient learning and shaping one's perspective on how markets work in the investment industry.
- Level three investors shed imitation, consolidate multiple influences, and develop unique strategies to identify quality companies undergoing short-term difficulties.
Deep dives
Level one: Apprentice learning the game
In the first level, new college graduates enter the investment industry, seeking mentorship to learn the initial craft of investing. Finding a mentor is crucial for efficient learning, as it shapes their perspective on how markets work. These individuals are like blank slates, armed with basic training in accounting and valuation. Their goal is to understand how to model and value companies, conduct due diligence, and identify key drivers of a company or stock.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode