RWH060: WHAT BUFFETT, MUNGER & BILL MILLER TAUGHT ME

W/ ROBERT HAGSTROM

RWH060: WHAT BUFFETT, MUNGER & BILL MILLER TAUGHT ME W/ ROBERT HAGSTROM

16 August 2025

In this episode, William Green chats with Robert Hagstrom, Chief Investment Officer & Senior Portfolio Manager at Equity Compass. Robert is the author of a classic book, “The Warren Buffett Way,” which lays out the principles that made Buffett the greatest investor of all. Here, Robert shares life-changing lessons he learned from Buffett & two other icons: Charlie Munger & Bill Miller. He also explains why a focused, low-turnover portfolio is a brilliant but difficult strategy.

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IN THIS EPISODE, YOU’LL LEARN:

  • How Robert Hagstrom became a multidisciplinary thinker.
  • How to think better & invest better by tuning out the noise.
  • Why AI falls short when it comes to investment decisions.
  • What mistake Warren Buffett made most frequently.
  • Why Nvidia is Robert’s biggest holding.
  • What insights led Bill Miller to make billions in Amazon & Bitcoin.
  • How Miller endured & recovered from a devastating mistake.
  • Why Robert views Modern Portfolio Theory with disdain.
  • Why it’s smart but really hard to own a concentrated portfolio.
  • What advice Robert received from investing giant Bill Ruane.
  • Why you should be deeply wary of investing in private equity.
  • What life lesson Robert has learned from Buffett.

 

 

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] William Green: Hi there. It’s great to be back with you on the Richer, Wiser, Happier podcast. Our guest today is Robert Hagstrom, who’s one of the most thoughtful writers and thinkers in the world of investing. Robert is the Chief Investment Officer at Equity Compass, where he manages a concentrated portfolio of dominant global stocks like Nvidia, Amazon, Microsoft, ASML, Meta and Rishma, but he’s best known as the author of an iconic bestseller, The Warren Buffett Way, which laid out with tremendous clarity the principles that have made Buffett the most successful investor of our time.

[00:00:34] William Green: We also discuss another of Robert’s most famous role models, Bill Miller, who is the leading mutual fund manager of his generation. Robert offers unique insight into Bill, having worked alongside him for many years, as you’ll hear, he witnessed up close what led Bill to make incredibly bold and prescient bets, like buying a 15% stake in Amazon at a time when nobody else understood its competitive advantages, and most of Bill’s peers frankly expected it to go bankrupt.

[00:01:03] William Green: This is a subject close to my heart as Bill is one of my absolute favorite people in the investment world, and I’ve interviewed him at great length over the last 25 years or so. But before we get started, I also wanted to mention very briefly a new venture that I’m extremely excited about. Applications are now open for the second intake of the Richer, Wiser, Happier Masterclass.

[00:01:27] William Green: This is a rare chance to study with me directly over the course of a year in an exceptionally small, intimate group of just 10 to 20 people study in November. We’ll meet once a month on Zoom for two hours per session, and we’ll also gather in person at two unique events. The masterclass is designed for serious investors and passionate learners who want to explore in depth how to build a truly Richer, Wiser, Happier life.

[00:01:55] William Green: To give you a flavor of the experience, the first intake brought together 20 extraordinarily accomplished people from seven different countries, including several highly successful hedge fund and mutual fund managers, asset allocators, wealth advisors, managers of single family offices, CEOs, entrepreneurs management consultant renowned physicists, turned quantum investor.

[00:02:19] William Green: Not to mention a friend of mine who’s a very successful professional gambler don’t tell anyone, but I, I often feel like I’m the least intelligent person in the room. In any case, if you are intrigued by the idea of a life enriching experience with a small, carefully selected group of unusually talented, but also really soulful people, please email my partner and fellow podcast host Kyle Grieve at Kyle, which is spelled kyle@theinvestorspodcast.com.

[00:02:49] William Green: Kyle will be happy to send you details about the dates, the price, the call structure, and how to join the waiting list. And now, as our friend Stig Brodersen would say, back to the show.

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