RWH021: Investing Amid Uncertainty w/ Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Business, Education, Investing

4.6 • 3.6K Ratings

🗓️ 5 February 2023

⏱️ 84 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

William Green showcases some of the most valuable insights from four investing superstars who have recently appeared on the Richer, Wiser, Happier podcast: Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon. Here, these famed investors share practical lessons on how to deal with uncertainty & handle the emotional challenges of investing in turbulent times. William adds his own observations, drawing on his conversations with these great investors & with legends like Sir John Templeton, Peter Lynch, & Charlie Munger. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:34 - How a disastrous investment taught Joel Greenblatt that anything can happen. 10:34 - What Fidelity legend Peter Lynch learned from a shocking setback early in his career. 12:06 - How to protect ourselves from uncertainty, bad luck, & our own analytical mistakes. 12:49 - Why Howard Marks warns that you shouldn’t push the limits if you want to avoid ruin. 14:48 - How Joel Greenblatt deals with mistakes by learning from them, then moving forward. 28:08 - How Joel handles the “kick in the stomach” when an investment goes wrong. 35:02 - How to succeed by taking advantage of the wild emotional mood swings of the crowd. 38:30 - Why stock pickers must learn to value businesses, buy at a discount, & then wait. 40:17 - How Bill Miller handles the discomfort of brutal losses during the most turbulent times. 43:00 - What Bill advises regular investors to do so they can endure the pain of market mayhem. 44:33 - Why Howard Marks says we need to be honest about our tolerance for risk & loss. 46:06 - How the best investors diversify or concentrate in ways that suit their temperament. 50:07 - Why Howard believes that “emotion is the greatest enemy of superior investing.” 52:35 - How Sir John Templeton thrived by hunting for bargains in the most-hated markets. 1:00:41 - Why Howard Marks thinks he was wrong to be a “knee-jerk skeptic” about Bitcoin. 1:03:30 - How to safeguard against our own biases, hubris, & overconfidence. 1:08:58 - Why François Rochon is convinced that it’s rational to be optimistic about the future. 1:10:51 - What history shows about mankind’s extraordinary ability to find solutions to its problems. 1:21:31 - Why Warren Buffett says that bad news is an investor’s best friend. 1:23:23 - Why Buffett regards babies being born in America today as “the luckiest crop in history.” 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. Listen to William's interview with Ray Dalio, The Changing World Order - TIP410, or watch the video. Listen to William’s interview with Joel Greenblatt, How to Win the Investing Game - RWH003, or watch the video. Listen to William’s interview with Bill Miller, Investing Legend Bill Miller on Amazon, Bitcoin, & Buffett - RWH007, or watch the video. Listen to William’s interview with Howard Marks, Investing Wisely In An Uncertain World - RWH002, or watch the video. Listen to William’s interview with François Rochon, The Best of the Best - RWH016, or watch the video. Berkshire Hathaway’s 2015 annual report, featuring Buffett’s optimistic view of the future. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on Twitter. SPONSORS Support our free podcast by supporting our sponsors: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

Click on a timestamp to play from that location

0:00.0	You're listening to TI-P.
0:03.0	Hi folks, it's lovely to be here with you again.
0:06.0	Today's episode of the podcast is a little different from my usual episodes.
0:10.0	As you know, I typically like to do long in-depth interviews with great investors.
0:15.0	But today, I want to look back at several of the most important interviews I've done over the last year
0:21.0	so that I can highlight a handful of lessons that I think are particularly valuable.
0:26.0	Why do this?
0:28.0	I don't know about you, but I tend to feel overwhelmed by the amount of information I consume these days
0:34.0	from books and newspapers and magazines, podcasts, TV, blogs, social media.
0:41.0	I personally subscribe to the New York Times and the Wall Street Journal and the Financial Times and Bloomberg News and Barons and the New Yorker and the Economist.
0:50.0	And I'm also an obsessive reader of books and listener to podcasts, so I'm just bombarded with information.
0:58.0	And at a certain point, I find that there's just too much noise and it's easy to lose sight of what actually matters.
1:05.0	So today, I want to stop and take stock.
1:09.0	I want to look back and focus on a few really key insights that have stood out from my conversations with lots of great investors
1:18.0	over the last year of this podcast.
1:20.0	In particular, I'm going to focus on insights from four great investors, Howard Marx, Bill Miller, Francois Roshan and Joe Greenblatt.
1:29.0	I want to talk about why I think these insights matter, why they're so important that I personally need to internalize them and never forget them.
1:40.0	And obviously, I hope you'll find them equally helpful in your own investing and life.
1:45.0	The overarching topic that we're going to explore together is this, how can you and I invest in a successful and truly resilient way in such an uncertain risky and unpredictable world?
2:00.0	For me, this question of how to deal with uncertainty and make good decisions when the future is unknowable is one of the great questions not only in investing, but in life.
2:12.0	And it feels particularly timely right now.
2:15.0	At a time when so many of us have been rattled by economic and political turmoil and geopolitical turmoil with the war in Ukraine and the energy crisis and climate change, extreme weather events and also obviously lots of market volatility over the last year.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Stig Brodersen, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Stig Brodersen and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.