RWH051: Master of Change w/ Brad Stulberg
We Study Billionaires - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 10 November 2024
⏱️ 88 minutes
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| 0:00.0 | You're listening to TIP. |
| 0:02.8 | Hi folks, it's great to be back with you here on the richer, wiser, happier podcast. |
| 0:07.6 | As you and I both know, we've been going through a period of extreme change and uncertainty in the world. |
| 0:13.6 | Wherever you look, it seems like everything's getting shaken up, politically, economically, socially, technologically. Just look at the tumultuous, polarized, |
| 0:24.2 | and highly charged political situation here in the United States, or look at the geopolitical |
| 0:29.9 | crises in the Middle East and Ukraine. At the same time, we're experiencing the destabilizing |
| 0:36.2 | forces of increasingly extreme weather events, |
| 0:38.8 | and technological advances are transforming the way we live and work at a speed that almost |
| 0:44.9 | takes your breath away. Given the rise of artificial intelligence, it seems certain that the |
| 0:50.3 | pace of change that we're already experiencing is only going to accelerate. Faced with this |
| 0:55.6 | maelstrom of change and uncertainty, how can you and I maintain our emotional equilibrium |
| 1:01.4 | and our mental clarity so that it's possible to think and act wisely? How can we be calm and |
| 1:08.5 | balanced so that we can not only make smart decisions in markets and in life, |
| 1:13.3 | but can also provide a measure of stability and reassurance and sanity to the people who depend on us. |
| 1:20.2 | In chapter three of my book, Richer Wiser Happier, I focus in some depth on this fundamental problem that everything changes and that the future is |
| 1:29.4 | unknowable, and yet we still need to make decisions that we'll hopefully position as well for the future. |
| 1:35.2 | As you may recall, the main character in that chapter is Howard Marks, who oversees more than |
| 1:40.8 | $200 billion at Oak Tree Capital. Howard told me, it's clear that the world is |
| 1:46.0 | changing all the time, unpredictably, at incredible speed. Nothing is the same anymore, he said, |
| 1:52.6 | and for people whose approach to life is based on sameness, that must be very upsetting. As Howard |
| 1:59.2 | explained to me, it's crucially important to recognize that |
| 2:02.7 | change is inevitable and that we can't expect to control our environment. Instead, he says, |
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