TIP640: Investing: The Last Liberal Art w/ Clay Finck & Kyle Grieve

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 28 June 2024

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay and Kyle dive into Robert Hagstrom’s book — Investing: The Last Liberal Art. Charlie Munger is famous for popularizing the use of mental models and pulling key ideas from related fields and implementing them to the world of investing. In today’s episode, that’s exactly what we do, starting with the fields of physics, biology, sociology, and psychology. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:27 - How learning new mental models can help us be better investors. 10:49 - Concepts in physics that we can carry over to investing. 25:35 - Lessons we can learn from evolution and complex adaptive systems. 42:00 - What leads to a stock oscillating above and below the intrinsic value. 54:15 - The primary psychological biases as lead to investment mistakes. 01:05:43 - Why Lumine’s incentive structure is a structure worth studying. And so much more! 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. Buy Investing: The Last Liberal Art here. Read Seeking Winners blog here. Buy What I Learned about Investing from Darwin here. Buy The Uncertainty Solution here. Learn more about Charlie Munger’s speech here. Learn more about Mental Models here. Read Li Lu’s write-up on value investing in China here. Buy Poor Charlie’s Almanck here. Follow Clay on Twitter and LinkedIn. Follow Kyle on Twitter and LinkedIn. 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. 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 Toyota Sun Life The Bitcoin Way Meyka Sound Advisory Industrious Range Rover iFlex Stretch Studios Briggs & Riley Public American Express USPS 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	On today's episode, Kyle and I dive into Robert Hackstrom's book Investing the Last Liberal Art.
0:08.0	Charlie Munger is famous for popularizing the use of mental models and pulling these key ideas from various fields
0:15.6	and implementing them into the world of investing. In today's episode that's exactly what
0:20.6	Kyle and I do. Starting with the fields of physics, biology, sociology, and psychology.
0:27.0	We'll discuss many concepts including equilibrium, complex adaptive systems, human behavior, the diversity of markets, loss aversion, the
0:36.0	equity risk premium, the brilliant incentive structure at Lumen Group and much more.
0:41.4	This episode is part one chatting about Hackstrom's book and Kyle and I will be part one chatting about Hackstrom's book and Kyle and I will be releasing part
0:45.8	two of this series which will be released on this Saturday.
0:49.7	With that I bring you part one covering Robert Hackstrom's book Investing The Last Liberal Art. and more than 150 million downloads. You are listening to the Investors Podcast Network.
1:06.0	Since 2014 we studied the financial markets and read the books that influence
1:10.7	self-made billionaires the most.
1:13.0	We keep you informed and prepared for the unexpected.
1:16.0	Now for your hosts, Clay Fink and Kyle Grieve. Grieve.
1:30.0	Welcome to the Investors Podcast. Welcome to the Investors Podcast.
1:32.0	I'm your host Clay Fink and on today's episode
1:34.5	Kyle and I are going to be diving into Robert Hagstrom's book, Investing
1:39.4	The Last Liberal Art. As I've gotten to know Kyle over the past year or so, I discovered that he is
1:46.4	just obsessed with mental models. So we decided to cover this book on the show which goes in depth
1:52.3	on how Charlie Munger uses mental models to become a better investor and develop a better understanding of how the world works.
1:59.0	So before we get to the book, Kyle, how about you talk a little bit with us about how you developed this
2:04.0	deep interest in mental models? I've always found learning about other topics to be
	...

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