Embark on a journey with William Green as he distills wisdom from over 40 interviews with the world's greatest investors. Discover the strategies, insights, and lessons that have shaped their investment philosophies and can potentially transform your financial future.
Investing for Beginners podcast: Richer, Wiser, and Happier
A step-by-step premium investing guide for beginners from renowned journalist William Green, who has written for Forbes, the New Yorker, and the New York Times
- Monish Pabrai, an Indian-American journalist and author, recently came out with a fantastic book about some of the world’s greatest investors and how they win in life and the markets
- He came from a very poor background in India and ended up with a $6 million dollar house in Mumbai, India
- One of his favorite quotes was when he read about Warren Buffet, who had been compounding money at 31% a year for 45 years, and he realized that Buffet doubled his money 18 times already and was well on his way to becoming the richest man in the world
- So he decided to reverse engineer what people who are smarter, wiser, more experienced have already figured out, and then he’s replicating it with, really, for Monish
- Attention to detail
Andrew (00:55:48):… You can’t have one without the other. And it’s, I think it, it really contributes to why a book like this is so valuable.
William has been reading investing books since 2012, but after a while you start to read a lot of the same ideas. This is a book that not only was extremely valuable to him and had all these fresh insights, but also someone who is looking at this as their day, one book to get exposed to investing.
Wrap up conversation with William Guilfoyle
Thanks for taking the time to talk to us, and have a great week. Go out there and invest with a margin of safety emphasis on safety.
- Grab his book, “Running with a Margin of Safety,” and enjoy it.
Seven steps to understanding the stock market
William Green on Living a Life with Simplicity, Avoiding Complexity, and Eliminating Stupidity
- The Market Set to Explode with Green Energy
- Clever, Simple, Fun Money Lessons for Kids
- How using flashcards is a great… The Lessons and Blessings from the GameStop Short Squeeze
William (00:47:25):. It doesn’t necessarily require you to be vastly rich. It requires you to have a little bit of self-awareness and to be fairly disciplined about what you reject.
You have to be willing to forgo millions of dollars in fees, just not to have to deal with stuff that you don’t like.
What are your thoughts on that?
It’s not about the numbers, it’s about the personalities and the people behind them.
- I think exploring that idea of coning and, and exploring how that could make us better by learning by other people is something that William has always done naturally as a writer. He studied English literature at Oxford, and then became a writer when he was about 21.
Financial Freedom
If you live in alignment with who you are, you are more likely to become successful.
- You have the personality and your goals and how you define those, and they all kind of feed together
- Financial freedom is defined by the decisions you make and the strategies you choose
- The world changes constantly, and we know nothing about the future really, and yet we have to make decisions and bets about it
- Investing personal finance is a form of worldly wisdom
William Green:
He has a website, William Green Writes.com, which has news and events, and a newsletter coming out soon
- Connect with him on LinkedIn, Twitter, email, and keep in touch via email
- The book is written from the perspective of a fellow traveler who is trying to figure out how to invest wisely and think better
The biggest takeaway from Charlie Munger:
It’s actually really difficult to be smart, but it’s really pretty easy not to be stupid.
- Munger tries to reduce what he calls absurdities and inane. He collects examples of times when people have been inane and dumb and then he says, what, what caused the disaster? What made them do this really dumb thing? What was the source of this company blowing up?
There’s, there’s a really wide spectrum of people who love the game and will play it until they drop
Some people are true to themselves and continue to play the game even when it’s not working
- Others realize that there are other things that are more important than money
- One example of this is ed Thorpe, the greatest game player in the history of investing
- He closed up his hedge fund at a certain point having not had a losing quarter in 20 years
- The most important thing in your life is who you spend your time with
- It’s not about your money, but about your relationships
