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RWH035: Learning from Warren Buffett & Charlie Munger w/ Chris Davis

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Oct 29, 2023

Guest

Chris Davis

In this engaging discussion, Chris Davis, a renowned investor and board member at Berkshire Hathaway, shares invaluable insights from his mentors, Warren Buffett and Charlie Munger. He emphasizes the superpower of trust in both business and personal life. Chris reflects on the importance of learning from mistakes and the challenges of building strong relationships among successful investors. He also highlights how embracing vulnerability can lead to personal growth and resilience, making for an inspiring conversation about navigating life and investment challenges.

02:16:48

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ANECDOTE

Communication Styles

Warren Buffett uses Dale Carnegie's principles for skillful communication.
Charlie Munger's bluntness wouldn't suit some roles.

insights

INSIGHT

Self-Improvement

Dale Carnegie's techniques are valuable for personal growth.
Modern cynicism undervalues self-improvement efforts.

insights

INSIGHT

Inequality vs. Poverty

The current focus on inequality overshadows the real issue of poverty.
Capitalism's success shouldn't be vilified.

Get the Snipd Podcast app to discover more snips from this episode

Harnessing Wisdom: Life and Investment Lessons from Great Investors

02:14 • 2min

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Life in 30,000 Days: Phases of Growth

03:45 • 22min

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Navigating Value Investing and Market Challenges

25:27 • 4min

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Trust and Transformation in Professional Environments

29:41 • 35min

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The Celebration of Talent and the Reality of Inequality

01:05:00 • 5min

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Shifting Perspectives: Celebrating Role Models in Success

01:10:11 • 4min

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The Culture of Principled Capitalism at Berkshire Hathaway

01:14:26 • 30min

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Cultivating Creativity in Finance

01:44:55 • 14min

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The True Essence of a Gentleman: Insights from Cardinal Newman

01:58:54 • 3min

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The Interplay of Personal Growth and Relationships

02:02:10 • 20min

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#82

• Mentioned in 188 episodes

Principles

Ray Dalio

In 'Principles: Life and Work', Ray Dalio shares the principles he has developed over his career that have helped him achieve success. The book is divided into three sections: the first section explains how Dalio's principles were formed from his personal and professional experiences; the second section outlines life principles, such as embracing reality, being radically open-minded, and understanding the importance of pain and reflection in personal growth; and the third section focuses on work principles, including the use of radical truth and radical transparency to transform an organization. Dalio advocates for systematizing decision-making into algorithms, learning from failures, and building a culture where it is okay to make mistakes but unacceptable not to learn from them.

#183

• Mentioned in 113 episodes

Richer, Wiser, Happier

How the World's Greatest Investors Win in Markets and Life

William Green

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.

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The Autobiography of Benjamin Franklin

Benjamin Franklin

The Autobiography of Benjamin Franklin is a classic and influential work that covers various periods of Franklin's life. It is divided into four parts, written at different times, and includes his childhood, apprenticeship to his brother James, his early methodical plans for 'arriving at moral perfection,' his experiments with electricity, and his political career. The autobiography provides an intimate and honest account of Franklin's life, reflecting his determination, work ethic, and practical wisdom. Despite its tortuous publication history, it remains one of the most famous autobiographies ever written.

#318

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Titan

The Life of John D. Rockefeller, Sr.

Ron Chernow

This biography by Ron Chernow provides an in-depth look at John D. Rockefeller, Sr., the founder of Standard Oil and one of the most influential figures in American history. Drawing on unprecedented access to Rockefeller’s private papers, Chernow reconstructs Rockefeller’s troubled origins, his single-minded pursuit of wealth, and his profound religiosity. The book also delves into Rockefeller’s philanthropic efforts, including his generous donations to the Rockefeller Foundation, the University of Chicago, and Rockefeller University. Chernow’s narrative synthesizes Rockefeller’s public and private lives, revealing a complex and multifaceted individual who was both a ruthless businessman and a devoted philanthropist. The book captures a pivotal moment in American history, documenting the post-Civil War shift from small businesses to giant corporations and featuring cameos by notable figures such as Ida Tarbell, Andrew Carnegie, and J.P. Morgan.

#848

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How to Stop Worrying and Start Living

Dale Carnegie

In 'How to Stop Worrying and Start Living', Dale Carnegie provides a set of practical formulas and techniques to help readers overcome their worry habits. The book, first published in 1948, has been updated and remains highly relevant today. It offers advice on how to eliminate business and financial worries, avoid fatigue, improve sleep, and cultivate a mental attitude that brings peace and happiness. Carnegie's approach includes rules such as living in 'day-tight compartments', accepting the worst-case scenario, and keeping busy to crowd out worry. The book is filled with inspiring examples and stories of people who have successfully applied these principles to achieve a more enjoyable and fulfilling life.

#17

• Mentioned in 386 episodes

How to Win Friends and Influence People

Dale Carnegie

First published in 1936, 'How to Win Friends and Influence People' by Dale Carnegie is a timeless guide to improving interpersonal skills. The book is divided into four main sections: Six Ways to Make People Like You, Twelve Ways to Win People to Your Way of Thinking, and Nine Ways to Change People Without Giving Offense or Arousing Resentment. Carnegie's principles emphasize the importance of genuine interest in others, active listening, and avoiding criticism and argument. The book offers practical advice on how to build strong relationships, communicate effectively, and influence others by aligning their self-interest with yours. It has been a cornerstone of personal development and business success for generations.

In this episode, William Green talks with Chris Davis, a renowned investor at Davis Advisors who also serves on Berkshire Hathaway’s board of directors. Here, Chris shares powerful lessons he’s learned from his mentors—Warren Buffett & Charlie Munger—about building financial resilience, learning from our mistakes, avoiding our weaknesses, harnessing trust, & flourishing as we age.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

10:09 - What Chris Davis has learned from Buffett & Munger about aging well.

18:27 - Why trust is a superpower in business & life.

30:04 - Why many successful investors fail to build good relationships.

38:31 - How Buffett & Munger consciously avoid their weaknesses.

40:38 - What Buffett learned from Dale Carnegie.

1:00:26 - Why Chris views Jeff Bezos as “the LeBron James of capitalism.”

1:18:24 - What it’s like to hear Buffett talk at Berkshire’s board meetings.

1:21:37 - How Buffett thinks about risk & resilience.

1:26:44 - How Munger inspired Chris to be radically open about his mistakes.

1:38:59 - How to run an organization that breeds excellence.

1:52:10 - What Chris learned from Cardinal John Newman.

2:00:25 - What Buffett teaches about friendship, generosity, & kindness.

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 Davis’s investment firm, Davis Advisors.
Dale Carnegie’s book, How to Win Friends & Influence People.
Dale Carnegie’s book, How to Stop Worrying & Start Living.
Titan, Ron Chernow’s biography of John D. Rockefeller.
Autobiography of Benjamin Franklin.
Listen to William Green’s podcast interview with Ray Dalio or watch the video.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green on X (AKA Twitter).

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