IN THIS EPISODE, YOU’LL LEARN:

• How investing legend Howard Marks views the euphoria over AI
• What potential mistakes he warns against in this environment
• What essential lessons William Green has learned from Howard
• How Howard keeps an even keel amid extreme uncertainty
• Why investing early & not “tampering” is the key to success
• Why Howard, like Einstein, doesn’t think much about the future
• How Nima Shayegh looks beyond numbers to find great stocks
• How to harness intuition & emotion in the investment process
• How products from Tesla & Amazon inspire “blown-awayness”
• What Nima learned from his famed mentor, Lou Simpson
• How Lou’s success was built on humility
• How Lou & Nima inspire William’s yearning for a spacious life
• How to handle suffering with help from Bill Miller & Epictetus

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Intro: You are listening to the Richer, Wiser, Happier podcast where your host, William Green, interviews the world’s greatest investors and explores how to win in markets and life. This show is not investment advice. It is intended for informational and entertainment purposes only. All opinions expressed by hosts and guests are solely their own, and they may have investments in the securities discussed. Now for your host, William Green.

[00:00:34] William Green: Hi there. I am very happy to be back with you on the Richer, Wiser, Happier podcast. Today I have something a little different planned for you. Usually, as you know, I tend to do long in-depth interviews with great investors. But occasionally I like to pause and look back at some of the most valuable lessons from interviews that I’ve done over the last few months or year.

[00:00:56] William Green: And I think there’s an important reason for this. There’s so much noise coming at us from every side that it’s often really, actually very difficult to distinguish the signal from the noise. And I think probably like you, I’m constantly listening to things and reading more and learning more, which is all great, but at a certain point, I think you have to stop and ask yourself what’s the point of it all?

[00:01:20] William Green: What really matters? What essential lessons do you actually want to remember and internalize so you can actually live by them? It’s one reason really why I read the same books over and over again. And it’s also why when I was writing my book, Richer, Wiser, Happier, when I was so overwhelmed with material from many years of reporting and interviews, I would ask myself over and over again in my head, what’s the eye of the eye of the bullseye?

[00:01:45] William Green: I was always trying to think what’s the absolute center of the target here, the thing that I really want to convey about this investor, or the thing that I really want to learn about what this thinker has to teach me. So that’s what we’re going to do today. We’re, we’re going to focus on the eye of the eye of the bullseye.

[00:02:01] William Green: We’re going to focus on, on the essential truths from two of the most extraordinary subjects I’ve had on the podcast over the last few months. One of whom is someone who all of you know, which is Howard Marks, who’s obviously a, a legend in the world of investing. And the other is someone named Nima Shayegh, who has flown pretty much entirely under the radar as an investor.

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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.
• Inquire about William Green’s ⁠⁠Richer, Wiser, Happier Masterclass⁠⁠.
• Howard Marks’ Memos: ⁠The Complete Collection⁠.
• Edward Chancellor’s ⁠Devil Take the Hindmost⁠.
• Allen Benello, Michael van Biema, Tobias Carlisle’s ⁠⁠Concentrated Investing.⁠⁠
• William Green’s ⁠podcast interview⁠ with Howard Marks.
• William Green’s ⁠podcast interview⁠ with Nima Shayegh.
• Check out William Green’s book, ⁠Richer, Wiser, Happier⁠.
• Related books mentioned in the podcast.
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