The Importance of Being Successful | 2min snip from We Study Billionaires

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RWH024: Wealth, Wisdom, & Happiness w/ Tom Gayner

We Study Billionaires - The Investor’s Podcast Network

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The Importance of Being Successful

Adam Smith, the father of capitalism, approached the idea from a moral lens and thought it was a superior system./nSuccess is not limited to one arena, and it is something that you should strive f./nCharlie Munger, one of the richest men in the world, operated with the idea of trying to be someone who deserved the success he has earned.

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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 - Intro

03:38 - 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.

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