We Study Billionaires - The Investor’s Podcast Network

TIP356: Investing Mastermind Q2 2021

Jun 27, 2021

Guest

Wes Gray

Tobias Carlisle, founder of Acquirer's Fund, discusses the dynamics of value investing cycles. Jake Taylor from Farnam Street Investments shares his approach to crafting a free MBA curriculum and navigating market downturns. Dr. Wes Gray, founder of Alpha Architect, emphasizes the tax advantages of ETF investing. They also touch on the undervaluation of Franklin Covey and the psychological aspects of investing, providing insights into maintaining discipline in volatile markets while managing risk effectively.

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INSIGHT

Value Investing Cycles

Value investing has seen a resurgence since September 2020, but it's recently plateaued.
Within value investing, there's a cycle from asset-intensive to higher-quality companies.

ADVICE

Free MBA Curriculum

Younger investors should study Warren Buffett's essays and Adam Mead's book on Berkshire Hathaway.
Combine this with watching/listening to Berkshire Hathaway annual meetings from 1994 onwards.

ADVICE

Control Your Inputs

Control your environment and information intake to avoid emotional investing.
Limit exposure to market fluctuations and focus on long-term strategies.

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The Complete Financial History of Berkshire Hathaway

A Chronological Analysis of Warren Buffett and Charlie Munger’s Conglomerate Masterpiece

Adam Mead

This book provides a detailed chronological analysis of Berkshire Hathaway's financial history, from its origins in the textile industry to its transformation into a diversified conglomerate under Warren Buffett and Charlie Munger. It explores key acquisitions, investments, and strategic decisions that shaped the company's success. The book is structured decade by decade, highlighting themes and lessons from Berkshire's growth and challenges.

The Psychology of Money

Timeless Lessons on Wealth, Greed, and Happiness

Morgan Housel

In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge[2][3][4].

The essays of Warren Buffett

Lessons for Corporate America

Warren Buffett

This book is a comprehensive collection of Warren Buffett's annual letters to Berkshire Hathaway shareholders, edited by Lawrence A. Cunningham. It provides valuable insights into Buffett's investment philosophy, corporate management, and business strategies. The letters are organized into thematic chapters, making it easier for readers to understand Buffett's views on various topics such as value investing, executive compensation, and market fluctuations. The book is praised for its clarity, wisdom, and practical advice, making it a definitive source for understanding Buffett's approach to business and investing.

The 7 Habits of Highly Effective People

Stephen R Covey

This book, first published in 1989, outlines seven habits that are designed to help individuals become more effective in their personal and professional lives. The habits are grouped into three categories: Private Victory (habits 1-3), Public Victory (habits 4-6), and Renewal (habit 7). The habits include being proactive, beginning with the end in mind, putting first things first, thinking win-win, seeking first to understand and then to be understood, synergizing, and sharpening the saw. Covey emphasizes the importance of personal integrity, effective time management, empathetic communication, and continuous self-improvement[2][5][4].

Value Investing FM

Paco Lodeiro