TIP597: Darwin's Investing Lessons w/ Kyle Grieve

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 2 January 2024

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Kyle shares the lessons he learned from reading What I Learned About Investing From Darwin by Pulak Prasad. The book is authored by Pulak Prasad, an investor out of India who helps run Nalanda Capital. From 2007 to 2022, they compounded their capital at 19% per annum turning 1 rupee into 13.8 rupees during that time sample!! But more important than their track record is the unique ways they run their fund. The book illuminates 3 key principles that Nalanda uses for its investing framework: 1. Avoid big risks. 2. Buy high-quality at a fair price. 3. Don’t be lazy – be very lazy. To help readers understand why he invests this way he dives deep into many of Darwin’s principles to help you understand their potential power in investing. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 20:26 - What a cheetah can teach you about risk 24:33 - Why you should be more focused on risk than returns 25:40 - How things in nature and investing mostly stay the same 27:42 - Some interesting data on why great companies remain great, and poor companies remain mediocre 28:29 - What a Russian scientist can teach us about the power of focusing on one investing metric to help identify wonderful businesses 34:58 - The importance of robustness in nature, and why you should search for the same attribute in business 37:00 - How to identify businesses that can evolve in a fast-changing world and remain on top 43:01 - What guppies can teach us about honest and dishonest signaling 46:06 - Why we should prioritize the past over making bold predictions 48:11 - How to invest without ever doing a discounted cash flow ever again 51:05 - What bear teeth and finches can teach us about the importance of avoiding noise 55:20 - How to use the presence of noise as an opportunity to outperform 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, Kyle, and the other community members. Check out What I Learned About Investing From Darwin. Learn more about the Berkshire Summit by clicking here or emailing Clay at [email protected]. Follow Kyle on Twitter and LinkedIn. Check out the books mentioned in the podcast here. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. 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 Glengoyne Whisky NetSuite Shopify Toyota Babbel Salesforce Fundrise Fidelity Vacasa 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

Transcript

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0:00.0	You're listening to TIP. In today's episode I welcome a new host here on the
0:05.1	master's podcast. His name is Carl Grieve. Starting today Carl will be
0:09.7	hosting an episode every other week on the We Study billionaire show. As you will soon see,
0:14.6	Kyle is as smart as they come. If you're a value investor to its core, you have been safe hands with
0:19.9	him. This episode will be published on January 1st and Chalamanger would have celebrated his
0:25.4	hundredth birthday today.
0:27.8	William Green already made a tribute to Charlie and Clay will publish another tribute later
0:32.2	this week. Still, Kyle and I wanted tribute later this week.
0:33.0	Still, Kyle and I wanted to take this opportunity to talk about what Childmonger meant for us.
0:38.0	And Kyle Will later on this episode present his favorite book of 2023.
0:42.0	The name of the book is what I learned from
0:44.7	Darwin about investing which is not accidentally one of Chalemonger's biggest
0:48.8	heroes along Titan such as Mein Franklin. If you love Charlie Munger and Investing, you will love this episode.
1:00.0	You are listening to the Investors Podcast.
1:03.0	Since 2014, we studied the financial markets and read the books that influenced self-made billionaires the most.
1:09.0	We keep you informed and prepared for the unexpected.
1:12.0	Now for your hosts, State Broder. informed and
1:15.0	Kyle Grieve. Steve Broderson and Kyle Grieve. Welcome to the investors podcast. I'm your host Dave Rotasen and today I'm joined by
1:31.0	my new co-host Kyle Grieve.
1:33.6	Kyle, I couldn't be more excited here today.
1:36.4	I mean having a new host joined the show
1:38.0	is that's always something very special.
	...

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