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The Motley Fool

Business, Investing

4.3 • 3.1K Ratings

🗓️ 22 October 2023

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

When you have about $150 billion in cash on hand, you’re never out of position for making a decision. Shane Parrish is the founder of Farnam Street, the host of “The Knowledge Project” podcast, and the author of “Clear Thinking: Turning Ordinary Moments Into Extraordinary Results.” Mary Long caught up with Parrish to discuss: - Decision making lessons from Warren Buffett, Charlie Munger, and Daniel Kahneman. - How to create rules to become a more disciplined investor. - Tips for writing an investment thesis. Tickers discussed: BRK.A, BRK.B Host: Mary Long Guest: Shane Parrish Producer: Ricky Mulvey Engineer: Tim Sparks Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	How does somebody like Charlie Munger and Warren Buffett and Peter Kaufman and all these
0:04.9	people, why is it they never seem to make bad decisions?
0:07.8	Well, they're never in a position where the circumstance is thinking for them.
0:11.2	They're always in a position of strength, and if you look at sort of Berkshire Hathaway
0:14.5	today, they have what, $150 billion on the balance sheet.
0:17.7	Well, if the stock market goes up, they win.
0:19.7	The stock market stays the same, they win.
0:21.7	The stock market tanks, they win.
0:23.5	All these scenarios are good for them.
0:25.2	They win no matter what.
0:30.0	I'm Mary Long, and that's Shane Parish, the founder of Farnham Street, an author of
0:34.4	the new book, Clear Thinking, turning ordinary moments into extraordinary results.
0:38.9	I caught up with Shane to discuss why Warren Buffett and Charlie Munger are never caught
0:43.0	on their back heels, avoiding the Ebenezer Scrooge problem and how to check your intuition
0:47.1	when making investment decisions.
0:52.0	You are a self-proclaimed wisdom seeker.
0:54.6	Your first book, Clear Thinking, hit shelves earlier this month, but you've been writing
0:58.6	Farnham Street since 2009.
1:00.9	You've hosted the Knowledge Project for eight years, and through that, you've interviewed
1:04.1	experts from Apollo Ono to Michael Malvison.
1:07.2	What's been the biggest shift in your thinking between when you began this pursuit and now?
1:11.3	I think the biggest shift has sort of been, I don't have to come up with any original
	...

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