We Study Billionaires - The Investor’s Podcast Network

TIP510: Money and Happiness w/ Stig Brodersen and William Green

31 snips

Jan 1, 2023

Discover how integrity and authenticity play a crucial role in living a fulfilling life. The hosts explore the idea of being 'poor rich,' emphasizing independence over financial wealth. They discuss embracing flaws with kindness and the importance of genuine connections, moving away from superficial social engagements. Touching on navigating the balance between money and personal fulfillment, the conversation highlights that true happiness often exists outside of material pursuits and emphasizes the value of nurturing deep relationships.

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ADVICE

Live with Integrity

Strive for kindness and decency as guiding principles.
Embrace imperfections, both in yourself and others.

ANECDOTE

Truth's Simplicity

Stig Brodersen recounts learning that truthfulness simplifies life.
It eliminates the need to remember lies, reducing stress.

ANECDOTE

Ajit Jain's Honesty

William Green shares a story of Ajit Jain's honesty.
Jain highlighted Geico's underperformance, demonstrating Berkshire's culture of transparency.

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The First Billion Is the Hardest

How Believing It's Still Early in the Game Can Lead to Life's Greatest Comebacks

T. Boone Pickens

In *The First Billion Is the Hardest*, T. Boone Pickens shares his remarkable journey from facing bankruptcy and clinical depression to making a comeback as a leading figure in the energy sector. The book offers insights into his business strategies, including his aggressive acquisition tactics and his vision for America's energy future. Pickens discusses his advocacy for natural gas and renewable energy, aiming to reduce U.S. dependence on foreign oil.

The education of a value investor

Guy Spier

In this book, Guy Spier narrates his early career struggles in investment banking on Wall Street and his transformation into a value investor. The book covers his experiences working at D.H. Blair, his education at Oxford and Harvard Business School, and the significant influences of Warren Buffett and Charlie Munger on his investment philosophy. It also emphasizes the importance of authenticity, continuous learning, and ethical considerations in investing. The book has been translated into several languages and has sold over 175,000 copies in English.

The Great Minds of Investing

William Green

The art of learning

An Inner Journey to Optimal Performance

Josh Waitzkin

The Art of Learning takes readers through Josh Waitzkin’s unique journey to excellence in both chess and Tai Chi Chuan. The book explains how a well-thought-out, principled approach to learning separates success from failure. Waitzkin discusses how achievement is a function of a lifestyle that fuels a creative, resilient growth process. He shares his methods for systematically triggering intuitive breakthroughs, honing techniques, and mastering performance psychology. The book also emphasizes the importance of embracing defeat, making mistakes work for you, and turning weaknesses into strengths. It is divided into sections that cover his rise in chess, his transition to Tai Chi, and the similarities in preparation and execution between the two disciplines.

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[2][3][5].

Principles for Dealing with the Changing World Order

Why Nations Succeed and Fail

Ray Dalio

In this book, Ray Dalio analyzes the most turbulent economic and political periods in history to identify repeating patterns and cause/effect relationships that drive changes in wealth and power. He studies the rise and fall of major empires, including the Dutch, British, American, Chinese, Soviet, and Japanese empires, highlighting the 'Big Cycle' that has driven their successes and failures. Dalio uses these historical insights to offer practical principles for understanding the current world order and preparing for the future. The book is organized into 14 chapters, each focusing on a different aspect of the changing world order, and it weaves together history and economics using real-world examples.

Power Vs. Force

The Hidden Determinants of Human Behavior

David R. Hawkins

In 'Power vs. Force,' David R. Hawkins explores the nature of true power and force, arguing that power is whole, positive, and wholesome, while force is partial, selfish, and negative. The book introduces a hierarchical scale of consciousness, ranging from 1 to 1000, where levels below 200 are considered negative and those above 200 are positive. Hawkins uses concepts from particle physics, nonlinear dynamics, and chaos theory, as well as Applied Kinesiology, to support his research. The book is divided into three parts, discussing the process of achieving one’s ultimate potential, the distinction between power and force in various aspects of life, and the evolution of human consciousness. It emphasizes the importance of integrity, understanding, and compassion in enhancing one’s level of consciousness and leading a more fulfilling life[1][3][4].

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.