RWH021: Investing Amid Uncertainty w/ Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon

We Study Billionaires - The Investor’s Podcast Network

William Green showcases some of the most valuable insights from four investing superstars who have recently appeared on the Richer, Wiser, Happier podcast: Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon. Here, these famed investors share practical lessons on how to deal with uncertainty & handle the emotional challenges of investing in turbulent times. William adds his own observations, drawing on his conversations with these great investors & with legends like Sir John Templeton, Peter Lynch, & Charlie Munger.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:34 - How a disastrous investment taught Joel Greenblatt that anything can happen.

10:34 - What Fidelity legend Peter Lynch learned from a shocking setback early in his career.

12:06 - How to protect ourselves from uncertainty, bad luck, & our own analytical mistakes.

12:49 - Why Howard Marks warns that you shouldn’t push the limits if you want to avoid ruin.

14:48 - How Joel Greenblatt deals with mistakes by learning from them, then moving forward.

28:08 - How Joel handles the “kick in the stomach” when an investment goes wrong.

35:02 - How to succeed by taking advantage of the wild emotional mood swings of the crowd.

38:30 - Why stock pickers must learn to value businesses, buy at a discount, & then wait.

40:17 - How Bill Miller handles the discomfort of brutal losses during the most turbulent times.

43:00 - What Bill advises regular investors to do so they can endure the pain of market mayhem.

44:33 - Why Howard Marks says we need to be honest about our tolerance for risk & loss.

46:06 - How the best investors diversify or concentrate in ways that suit their temperament.

50:07 - Why Howard believes that “emotion is the greatest enemy of superior investing.”

52:35 - How Sir John Templeton thrived by hunting for bargains in the most-hated markets.

1:00:41 - Why Howard Marks thinks he was wrong to be a “knee-jerk skeptic” about Bitcoin.

1:03:30 - How to safeguard against our own biases, hubris, & overconfidence.

1:08:58 - Why François Rochon is convinced that it’s rational to be optimistic about the future.

1:10:51 - What history shows about mankind’s extraordinary ability to find solutions to its problems.

1:21:31 - Why Warren Buffett says that bad news is an investor’s best friend.

1:23:23 - Why Buffett regards babies being born in America today as “the luckiest crop in history.”

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, and the other community members.
• Listen to William's interview with Ray Dalio, The Changing World Order - TIP410, or watch the video.
• Listen to William’s interview with Joel Greenblatt, How to Win the Investing Game - RWH003, or watch the video.
• Listen to William’s interview with Bill Miller, Investing Legend Bill Miller on Amazon, Bitcoin, & Buffett - RWH007, or watch the video.
• Listen to William’s interview with Howard Marks, Investing Wisely In An Uncertain World - RWH002, or watch the video.
• Listen to William’s interview with François Rochon, The Best of the Best - RWH016, or watch the video.
• Berkshire Hathaway’s 2015 annual report, featuring Buffett’s optimistic view of the future.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• Follow William Green on Twitter.

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