RWH045: Real Success w/ Christopher Tsai

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 26 May 2024

⏱️ 147 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, William Green chats with Christopher Tsai, President & Chief Investment Officer of Tsai Capital. Christopher, who’s beaten the S&P 500 over the last 24 years, explains why Tesla is his biggest position; why investors routinely underestimate the impact of disruptive technologies; why it was so challenging to be the son of America’s first celebrity fund manager; what 3 habits help him most; & what he learned from his famed mentors, Peter Kaufman & Charlie Munger. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:15 - How Christopher Tsai’s family survived war & oppression in China. 18:02 - How his father became America’s first celebrity fund manager. 21:38 - What lessons Christopher drew from his father’s successes & failures. 39:51 - Why Tesla is Christopher’s biggest investment. 46:32 - Why we tend to underestimate the impact of disruptive technologies. 57:31 - Why the costliest mistake is to sell great compounders too early. 1:07:08 - What tailwinds he’s riding with Microsoft, Visa, & Mastercard. 1:14:21 - How his views on diversification have changed. 1:16:36 - What 3 habits help him to be focused, peaceful, & productive. 1:43:01 - How he became a money manager at 16. 1:57:07 - What Peter Kaufman taught him about the 7 steps to success. 2:06:48 - Why Christopher won’t invest in China. 2:10:41 - What Charlie Munger taught him. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Christopher Tsai’s investment firm, Tsai Capital. Christopher Tsai’s white paper on Investing in an Age of Disruption. Christopher Tsai’s white paper on The Power & Challenges of Compounding. Marcel Proust’s In Search of Lost Time. Adam Seesel’s Where the Money Is. Maxwell King’s The Good Neighbor. William Green’s podcast episode with Peter Keefe | YouTube Video. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota The Bitcoin Way Sun Life AT&T Industrious Meyka Range Rover Yahoo! Finance Fundrise iFlex Stretch Studios Briggs & Riley Public USPS American Express Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 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	You're listening to TIP.
0:02.0	Hi folks, I'm delighted be back with you here on the Richer Wiser Happier Podcast.
0:08.0	Our guest today is Christopher Sigh, who's the President and Chief Investment Officer of a firm in New York called Sigh. S.
0:13.0	The President and Chief Investment Officer of a firm in New York called Sai Capital.
0:16.0	Christopher has beaten the S&P 500 by a wide margin since he launched his firm
0:21.0	nearly 25 years ago.
0:23.6	How has he done it?
0:24.8	Well, he owns a pretty concentrated portfolio of about 21 stocks
0:30.0	that he typically holds for long periods of time.
0:33.0	He tends to invest in dominant high-quality companies like
0:36.9	Amazon and Apple and Microsoft and Mastercard and Visa and
0:41.9	Danahar and Markel and Costco, which he expects to outperform over the long run.
0:47.0	His biggest and most controversial holding is Tesla, which he started buying back in early 2020, when the stock was plummeting at a time
0:56.3	when the stock market was crashing because of fears about COVID. Since he bought it,
1:00.9	Tesla's stock has risen more than four times in four years.
1:05.2	In this conversation, Christopher explains in depth why he's still extremely bullish about Tesla,
1:11.6	despite all of the skepticism surrounding the company and it's deeply polarizing CEO
1:17.4	Elon Musk. Whatever your views about Elon and Tesla, it's very instructive
1:22.3	to hear Christopher analyzing the business and explaining
1:26.1	what he thinks other investors have misunderstood about it, and also why he believes that humans
1:31.8	repeatedly underestimate the impact of disruptive technologies,
1:36.1	whether it's the printing press or the internal combustion engine or electric vehicles.
	...

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