TIP685: Top Takeaways From 2024 w/ Kyle Grieve & Clay Finck

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 22 December 2024

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today's episode, Kyle Grieve is joined by co-host Clay Finck to summarize key learnings from 2024. We chat about the importance of focus and avoiding confusing noise, data that shows how difficult individual stock picks are to succeed in, why you should welcome disconfirming evidence, the impermanence of seemingly impenetrable businesses, how to close feedback loops to ensure investments are on the right track, the importance of being trustworthy and reliable, and much more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:11 - Why investors need to focus on the things that matter and how to avoid spending time on noise. 09:19 - Why investors should be aware of the base rates of success of investing in individual stocks (hint, making money is a lot harder than you think). 25:42 - How you can utilize and search out disconfirming evidence to improve your thinking processes. 29:46 - The impermanence of business success and the importance of updating your thinking when new information becomes available. 33:00 - The three sources of investing returns that drive the performance of a stock. 42:53 - How to use punctuated equilibrium to be active at the correct times and inactive at the proper times. 50:52 - Critical lessons on how to close feedback loops for long-term investors. 1:00:29 - How to utilize the "cone of uncertainty" to signal conviction in great ideas. 1:02:49 - Why a great business can still have times of high uncertainty. 1:07:00 - The importance of being trustworthy and reliable. 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. Listen to Clay’s interview with Chris Mayer here | YouTube Video. Listen to Clay’s interview with Hendrick Bessimbinder here | YouTube Video. Listen to William Greens’ interview with Bryan Lawrence here | YouTube Video. Listen to Clay’s interview with Morgan Housel here | YouTube Video. Listen to Clay’s interview with John Huber here | YouTube Video. Listen to Kyle’s review of What I Learned About Investing From Darwin here | YouTube Video. Listen to Kyle’s interview with Annie Duke here | YouTube Video. Listen to Kyle’s review of the Nomad Partnership Letters here | YouTube Video. Listen to Stig’s interview with Mohnish Pabrai here | YouTube Video. 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 7-Eleven Connect Invest Bluehost The Bitcoin Way ReMarkable SimpleMining American Express Public Fundrise Toyota Onramp Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! 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.
0:03.0	2024 offered significant insights from several of our guests and some of the most impactful
0:07.3	books that we read.
0:08.6	It was actually really hard to distill all my learning into only one episode, as I could
0:12.1	have easily made this multiple hours long.
0:14.4	But I wanted to bring Clay on today to help dive into some of the core concepts that we
0:18.5	addressed this year and which we thought were the most impactful, both for our listeners and for ourselves. This episode has a little bit for anyone
0:25.1	who invest in stocks. Chris Mayer will help you understand the importance of focus and a few simple
0:29.9	ways to avoid being caught up in large amounts of noise that we're constantly bombarded with on a daily
0:34.6	basis. We'll learn how hard it is to pick stock successfully and just how few stocks can beat even
0:41.0	lowly bond yields.
0:43.7	Then we'll touch on the importance of actively seeking, disconfirming evidence and
0:47.7	how that can help shave away some of the problems that we all have in our decision making.
0:53.3	And speaking of decision making, we'll look at
0:54.8	how you can utilize Nick Sleep and Kay Sakaria's cone of uncertainty to help you improve your
1:00.3	ability to do destination analysis. We'll loop that idea into Annie Duke's thoughts on how long-term
1:05.4	decision makers can close feedback loops to make quitting easier. One of my favorite mental models I learned this year was from Poulac Prasad, in his
1:13.2	instant classic what I learned about investing from Darwin.
1:16.7	His idea of punctuated equilibrium is an idea that we should be taking very, very seriously.
1:22.1	It helps investors in multiple ways.
1:23.9	I'll review how this principle can help you maintain conviction in your best ideas and help you
1:28.6	avoid making poor decisions when the market corrects.
	...

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