On today’s episode, Clay Finck reviews Gautam Baid’s book, The Joys of Compounding. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU’LL LEARN:0:00 - Intro05:54 - Why we should commit to lifelong learning.14:49 - How mental models can help us make more rational and effective decisions.16:53 - How understanding first principles can help us better understand the world around us.18:06 - What the Feynman Technique is and how you can use it to learn anything well.30:49 - What Warren Buffett and Bill Gates consider their most critical factor to their success.31:51 - Why the best investors are those with a behavioral edge.38:13 - Why the world’s most successful people choose the right role models to learn from.42:16 - Why successful investing requires extreme humility.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. Check out The Joys of Compounding. Check out our recent episode covering Mark Leonard’s Letter’s and Constellation Software. Watch the video here. Don’t miss our review of Joel Tillinghast’s book – Big Money Thinks Small. Watch the video here. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORSSupport our free podcast by supporting our sponsors: River Toyota Sun Life The Bitcoin Way Meyka Sound Advisory Industrious Range Rover iFlex Stretch Studios Briggs & Riley Public American Express USPS Shopify HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Gautam Baid, co-founder of Stellar Wealth Partners India Fund, discusses his new book, value investing, journaling, judging market sentiment, the importance of a behavioral edge, and identifying signs of a bear market. He highlights the power of compounding, the benefits of letting portfolio winners run, and the value of liquidity. The podcast also covers strategies for investing during a bear market, understanding biases, and the significance of passion and love for investing.

Clay Finck chats with best-selling author, Gautam Baid. We cover the passionate pursuit of lifelong learning, how he achieved his dream of being a professional portfolio manager, why he puts the majority of his focus on high quality businesses, why India’s time has arrived, and much more.Gautam Baid, CFA is the Managing Partner of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. Gautam is also the Equity Advisor of Complete Circle Stellar Wealth PMS, a portfolio management service which is available to Indian citizens and NRIs globally. Both funds are modeled after the Buffett Partnership fee structure and invest in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro03:38 - Where Gautam’s passion for value investing and lifelong learning originated from.07:07 - The realization that Gautam had to pursue his dream of managing money and investing in the stock market.10:52 - The story of Gautam applying to over 1,300 jobs in the investment industry before landing one as a portfolio manager.14:38 - How Gautam’s book got published by Columbia Business School and became an international best seller in seven countries.18:43 - Gautam’s definition of a high quality business.24:32 - Why Gautam allocates the majority of his portfolio to high quality businesses despite their richer valuations.30:00 - The characteristics of a business that indicate it has high staying power.31:06 - How Gautam identifies businesses that can earn super-normal profits.34:04 - Gautam’s framework for selling stocks in his portfolio.35:35 - The four stages of a company’s growth cycle.37:14 - Why Gautam looks for opportunities in all areas of the stock market, including cyclicals, spin-offs, and special situations.49:54 - Why it’s so important to think probabilistically instead of deterministically.52:45 - Why forecasting the economy, the Fed, and interest rates is a fool’s errand for stock investors.55:09 - Why humility is required to be a successful long-term investor.59:17 - Why US-based investors should consider investing in Indian equities.61:01 - Why Gautam believes that, “India’s time has arrived.”64:51 - Long-term structural trends currently happening in India.69:02 - Why Gautam believes that the incentives in the overall investment industry are broken. 72:40 - The differences Gautam has found between managing a fund and managing his personal portfolio.75: 47 - Why lifelong learning is paramount to being a successful value investor.76: 28 - How to create an environment that promotes learning.78: 38 - Three investing and non-investing books Gautam recommends to our listeners.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. Check out our newly released TIP Mastermind Community. Learn more about Gautam’s Fund – Stellar Wealth Partners. Learn more about Complete Circle Wealth. Check out The Joys of Compounding. Check out Clay’s review of The Joys of Compounding or watch the video here. Joel Greenblatt’s book, You Can Be a Stock Market Genius. Ed Chancellor’s book, Capital Returns. Fred Schwed’s book, Where are the Customers’ Yachts?. Terry Smith’s book, Investing for Growth. Charlie Munger ’s book, Poor Charlie’s Almanack. Peter Bevelin’s book, Seeking Wisdom. Michael Mauboussin’s book, More Than You Know. Check out our recent episode covering the Microcap Investing with Ian Cassel,  or watch the video here. Follow Gautam on Twitter. Follow Clay on Twitter. SPONSORS River Toyota Wise NetSuite Fidelity CI Financial TurboTax Linkedin Marketing Solutions Fundrise NDTCO Vacasa NerdWallet Babbel Shopify Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today’s episode, Clay Finck continues his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 4 of our review of this incredible book.Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.05:51 - What the holy grail of long-term value investing is.07:55 - Why Gautam prefers to invest in high quality businesses.10:26 - Why a company’s longevity of growth is much more important than its rate of growth.15:44 - Why Gautam is bullish on India.37:26 - Ways in which we can capitalize on inefficiencies in the markets.45:38 - How Gautam thinks about portfolio management and position sizing.54:20 - Why it’s so important we emphasize the preservation of our capital and avoiding ruin.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. Check out the book, The Joys of Compounding. Tune into our previous episodes covering The Joys of Compounding: Part 1, Part 2 & Part 3. Watch the videos here, here and here. Check out our recent episode covering Mark Leonard’s Letter’s and Constellation Software. Watch the video here. Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software here. Follow Clay on Twitter. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORSSupport our free podcast by supporting our sponsors: River Toyota Sun Life The Bitcoin Way Range Rover Sound Advisory BAM Capital Fidelity SimpleMining Briggs & Riley Public Shopify Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

On today’s episode, Clay Finck continues his review of Gautam Baid’s book, The Joys of Compounding. Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro02:11 - The virtues of philanthropy and good karma.06:24 - How we can simplify both our investments and our life.14:45 - The importance of achieving financial independence.21:42 - How Charlie Munger achieved financial independence.26:28 - Why the key to success is delayed gratification.29:20 - How we can properly assess a management team.56:03 - The importance of using an investment checklist to avoid common mistakes.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. Check out the book, The Joys of Compounding. Tune into our previous episode covering The Joys of Compounding. Watch the video here. Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORSSupport our free podcast by supporting our sponsors: River Toyota Range Rover Fundrise AT&T The Bitcoin Way USPS American Express Onramp SimpleMining Public Vacasa Shopify HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm