Tom Gayner, a leader in investment strategies and friend and disciple of Charlie Munger, shares important life lessons from Munger, the value of evaluating opportunity costs, and the importance of playing a long-term game. They discuss debt philosophy, disagree on reading fiction, and the superiority of simplicity in management. They also touch on biographies that impacted their lives. Gayner is CEO of Markel Group and Director of The Coca‑Cola Company.

In this podcast, renowned investors Mohnish Pabrai, Tom Gayner, Joel Greenblatt, and Chris Davis share valuable lessons and personal experiences about investing legend Charlie Munger. Topics include Charlie's reading habits, his friendship with Warren Buffett, the importance of trust, learning from mistakes, structuring life to avoid weaknesses, and differences between Charlie and Warren. Hear fascinating insights about investing, business, and life from this inspiring and idiosyncratic character.

In this special episode, William Green shares several fundamental, life-changing lessons that he’s learned from his conversations with Charlie Munger, Mohnish Pabrai, Tom Gayner, & John Spears. The focus here is on powerful insights that can guide & enrich you both in business & life.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro02:37 - Why Charlie Munger thinks being ethical is a huge competitive advantage17:16 - Why Munger urges you to get “toxic people” out of your life, & do it fast.24:52 - How Mohnish Pabrai forges strong relationships based on trust & fairness and how Mohnish’s success is built on David Hawkins’ insights in “Power vs Force.”36:09 - What William Green learned from Hawkins’ books that changed his life.46:36 - Why Munger won’t indulge in destructive emotions like anger & envy.57:32 - How Markel CEO Tom Gayner infuses his business dealings with timeless values.1:06:33 - How Tom operates by initiating trust & then assessing whether it’s deserved.1:16:23 - What Tom looks for when appraising a person’s integrity.1:25:18 - What John Spears learned from Quakerism that guided him in business & life.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. Tune in to William Green’s full interview with Mohnish Pabrai or watch the video. Listen to William Green’s full interview with Tom Gayner or watch the video. Tune in to William Green’s full interview with John Spears or watch the video. Listen to William Green’s interview with Daniel Goleman & Tsoknyi Rinpoche or watch the video. “Power vs Force” by David Hawkins. “Letting Go” by David Hawkins. “Transcending the Levels of Consciousness” by David Hawkins. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. William Green’s Twitter. 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 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.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

In this episode, William Green chats with Tom Gayner, one of the great long-term investors of our time. Tom is the CEO of the Markel Corporation, a global financial holding company, where he oversees about 20,000 employees. Here, he shares his time-tested advice on how to achieve enduring success in business & investing while also building a happy & fulfilling personal life.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro03:38 - How Tom Gayner made a fortune by setting up a retirement account at age 14.10:59 - What he learned from his grandmother about the glory of long-term compounding.16:29 - How to succeed through steady, persistent progress over long periods of time.30:00 - Why humor, fun, & joyfulness are central aspects of Tom’s approach to work.35:15 - Why it’s so helpful to set down your thoughts, principles, & values in writing.38:33 - Why we should bet on companies that do things “for” their customers, not “to” them.41:17 - What Charlie Munger teaches about the secret of success.47:52 - How to flourish in business & life by compounding relationships built on trust & love. 1:00:46 - How Berkshire Hathaway embodies everything Tom looks for in a business.1:09:08 - What we can learn about investing from the comedian Jerry Seinfeld.1:12:17 - How Tom approaches the challenge of appraising a person’s talent & integrity.1:13:23 - Why he prefers to aim for satisfaction, not optimization.1:26:39 - Why you should never check your luggage when you travel.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. Tom Gayner’s company, the Markel Corporation. Tom Gayner’s 2022 letter to shareholders. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. William Green’s Twitter. SPONSORSSupport our free podcast by supporting our sponsors: River Toyota Range Rover Briggs & Riley American Express The Bitcoin Way Public Onramp USPS SimpleMining Sound Advisory Shopify AT&T BAM Capital 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.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

Tom Gayner, CEO of Markel Group and director at Coca-Cola, shares insights from his remarkable journey in the insurance industry. He discusses the strengths of co-management versus sole leadership, highlighting the importance of collaboration and company culture in decision-making. The conversation also explores the impact of narratives on financial understanding, using Markel’s approach as a case study. Gayner emphasizes probabilistic thinking for effective investment strategies and reflects on the lessons of 'The Godfather', merging cinema with decision-making wisdom.