Always leave yourself options

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Consistently getting better results often comes from mastering circumstances and having good options at all times, ensuring that almost any choice made is a net positive. Avoid being in situations where circumstances force decisions with limited sets of options, leading to negative outcomes. To design for optionality to the upside and minimize downside, prioritize avoiding limited options by making daily decisions that maintain flexibility and avoiding high leverage which can lead to difficult decisions with few alternatives.

Tom Gayner, CEO of Markel Group, reveals the lessons he’s learned from Charlie Munger and Berkshire Hathaway, how he invests, and the specific way he thinks about opportunity cost.

Gayner shares the difference between good debt and bad debt, where he disagrees with Munger, and why he focuses on the basics.

This intimate conversation offers a level of insight and honesty that Tom hasn’t offered anywhere else.

Gayner is currently the CEO of Markel Group and the Director of The Coca‑Cola Company. He also serves as chairman of the Davis Series Mutual Funds board and on the boards of Graham Holdings and Markel.

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