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We Study Billionaires - The Investor’s Podcast Network

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

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.63.6K Ratings

🗓️ 29 October 2023

⏱️ 141 minutes

🧾️ Download transcript

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.


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Transcript

Click on a timestamp to play from that location

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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