RWH035: Learning from Warren Buffett & Charlie Munger w/ Chris Davis

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

Stig Brodersen

Business, Education, Investing

4.6 • 3.6K Ratings

🗓️ 29 October 2023

⏱️ 141 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, William Green talks with Chris Davis, a renowned investor at Davis Advisors who also serves on Berkshire Hathaway’s board of directors. Here, Chris shares powerful lessons he’s learned from his mentors—Warren Buffett & Charlie Munger—about building financial resilience, learning from our mistakes, avoiding our weaknesses, harnessing trust, & flourishing as we age. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 10:09 - What Chris Davis has learned from Buffett & Munger about aging well. 18:27 - Why trust is a superpower in business & life. 30:04 - Why many successful investors fail to build good relationships. 38:31 - How Buffett & Munger consciously avoid their weaknesses. 40:38 - What Buffett learned from Dale Carnegie. 1:00:26 - Why Chris views Jeff Bezos as “the LeBron James of capitalism.” 1:18:24 - What it’s like to hear Buffett talk at Berkshire’s board meetings. 1:21:37 - How Buffett thinks about risk & resilience. 1:26:44 - How Munger inspired Chris to be radically open about his mistakes. 1:38:59 - How to run an organization that breeds excellence. 1:52:10 - What Chris learned from Cardinal John Newman. 2:00:25 - What Buffett teaches about friendship, generosity, & kindness. 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. Chris Davis’s investment firm, Davis Advisors. Dale Carnegie’s book, How to Win Friends & Influence People. Dale Carnegie’s book, How to Stop Worrying & Start Living. Titan, Ron Chernow’s biography of John D. Rockefeller. Autobiography of Benjamin Franklin. Listen to William Green’s podcast interview with Ray Dalio or watch the video. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X (AKA Twitter). SPONSORS Support our free podcast by supporting our sponsors: River Toyota Sun Life Range Rover AFR The Bitcoin Way Meyka CI Financial Industrious Fidelity Long Angle Briggs & Riley AFR Fundrise iFlex Stretch Studios Public NDTCO American Express Shopify 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 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 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

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0:00.0	Hi there, I'm thrilled to introduce Chris Davis, who's our special guest on today's episode
0:08.1	of The Rich O'Wise, a happier podcast.
0:10.8	Chris is a very well-known and extremely insightful investor who spent most of his career
0:15.8	at an investment firm called Davis Advisors.
0:18.8	One thing that's unusual about him is that he belongs to a multi-generational family
0:23.2	of exceptional investors.
0:25.6	His father was a legendary fund manager named Shelby Davis, and his grandfather was a
0:31.0	legendary private investor named Shelby Column Davis, who've famously turned an initial
0:36.4	investment of $100,000 into something like $800,000,000 by the end of his career.
0:43.0	So Chris is the third generation in this dynasty of elite investors who've built a series
0:49.2	of fortunes in the stock market going back to the late 1940s.
0:54.1	As you'll hear in this conversation, he's also an unusually charming and ebullient and
0:58.8	engaging conversationalist, so maybe it's no surprise that he's one of the best-like
1:03.6	and best-connected investors I know.
1:06.7	He's friends with an amazing array of financial icons, including Warren Buffett and Charlie
1:11.6	Munger, who've been invaluable mentors to him.
1:14.9	He's also very close to renowned investors like Tom Gainer, Mason Hawkins, Bill Miller,
1:21.2	and he was friends with the late Jack Bogle, who founded Vanguard.
1:25.4	Chris has also spent a good deal of time in the company of a lot of hugely successful CEOs,
1:30.1	including Jeff Bezos and Jamie Diamond.
1:32.8	So in many ways, I think of him as the ultimate insider observing up close, what it takes
1:38.6	to succeed at the very highest levels of business and markets.
	...

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