Richer, Wiser, Happier Q1 2023 | What We Learned From Ray Dalio & Charlie Munger (TIP538)

Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” They discuss what has made them Richer, Wiser, or Happier in the past quarter

▶️ RELATED EPISODES:

IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:02:14 - How to think about investing with an asset manager that yields a lower return and has good values, or an asset manager with a higher return and bad values
00:25:59 - The role of money vs. happiness for billionaires 
00:50:17 - What Stig and William learned from Ray Dalio
00:56:25 - Why pain + reflection = progress
01:25:15 - What Stig and William learned from Charlie Munger
01:38:28 - Why William bought Alibaba and Seritage Growth Properties 
01:57:09 - Which investing books made it to the top 5 for Stig and William for Q1 2023, and why

📖 BOOKS MENTIONED:

Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀

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ABOUT OUR SHOW 🎙 
On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market.

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❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.

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[rod]

Fantastic. I don't think people realize how valuable Williams's work is. As someone who has managed money professionally for 28 years I often struggle to convey to people how important it is to live a life that matches your investing style. I can also tell you that your investing style should match the type of people you want as your friends, in the case of value investing I always feel at ease and comfortable but in the case of high frequency traders I can't run fast enough to exit the room. Thank you again William.

[pkozanov]

What a great start to a fantastic series! Thank you, Stig and William!

[WaTeMwandi]

This is remarkable content. Thank God for William Green.

[Snippets-of-Mendi]

LOVED so many parts of this discussion. Some very valuable nuggets and lessons here. Thank you for providing such quality content! ❤

[sheming]

Thank you so much, really enjoyed listening to the both of you

[KamilMauel]

Healthy and practical at the same time. “I know my inborn weaknesses. I am working on them. However, they still be there is some form so I am surrounded with complementary people “.

[anttijarvenpaa]

Thanks for doing these extremely insightful contents.

[Dr.Dumpnpump]

Man… William, you basically described me… sounds like we also may have the same crosses to bare (disorganized, scattered, forgetful, poor memory) I also realized after listing to this I too have no system to my stock picking. It’s my natural instinct to rebel against a system, let alone create one. I have to work on this… thank you for the insight!

[Kornheiser]

Interesting you reference Danny Kahneman when referencing Ray Dalio, because he is an example of Survivor and other biases when you look to him for insight. Maybey see what Rick Guerin (Munger & Buffet's original 3rd wheel) or other similar investors that collapsed but weren't able to come back...and see what was really some skill, and what rebound success is really due to luck and probabilities.
Foold By Randomness?

[alexoolau]

my portfolio were about 20% for past five years. only 4% stock pickers outperform market index. you can pat yourself on the shoulder.

[Kornheiser]

William is always so enlightening, however (as he admits) there is a significant amout of naivete when discussing the guaranteed returns because it is very much where you are in security and life because to William and other older Millionaires, 2% to add to wealth you're never going to use is different than the 40 year old person that has $750k in a retirement account. 2% over 25 years until 65 is very important to that investor upon retirement. Can't live off a good guy when trying to pay for healthcare or a 50th anniversary trip.
We may study billionaires, but we're not billionaires.

[petez]

I can’t watch more investing content without the primary object to achieve a stable, and my version of a happy life - that’s the point.

[bibbidi_bobbidi_boob]

2/5 yr rule lol wow- Do a couple day trader interviews :-) - appreciate your work!

[alexoolau]

People often are disingenuous about wealth and beauty. They need mental opium to protect their pains. For the poor, they have to say money not important for life. For ugly people, they have to say love more important. No wonder someone saying: love is invented for the poor. You do not need to poke their faith for the sake of truth.