The Value-Investing Expert: The Life and Money Lessons I Learned Working with Charlie Munger

Рет қаралды 45,944

Күн бұрын

Most families who obtain immense wealth squander it by the third generation. But Chris Davis comes from a family whose grandfather and father all become independently wealthy of each other, and Davis has done the same. How does that keep happening? In this conversation, we find out.
Christopher Davis has been a Director of The Coca-Cola Company since April 2018. Davis is Chairman of Davis Selected Advisers-NY, Inc., an independent investment management firm founded in 1969. Davis joined Davis Selected Advisers-NY, Inc. in 1989 as a financial analyst and in 1995, he became a portfolio manager of the firm’s flagship funds. Prior to joining Davis Selected Advisers-NY, Inc., he served as a research analyst at Tanaka Capital Management and as an accountant at State Street Bank and Trust Co.
00:00 - Intro
00:20 - Lessons Davis learned from his father and grandfather
22:34 - The importance of writing things no one reads
33:05 - Davis' experiences through financial crises
48:41 - Why Davis loves managing a mutual fund
51:59 - Why Berkshire Hathaway operates with margin
57:15 - What is risk?
01:00:12 - On low-interest rates and their future impact
01:10:56 - The mismatched timelines between CEOs, companies, investors, and policy
01:18:29 - How Davis and Munger met
01:26:30 - Lessons learned from Munger
01:37:39 - Why avoiding weaknesses is the ultimate recipe for success
01:51:56 - How to raise non-entitled kids and avoid lifestyle creep
01:12:20 - On happiness
02:23:10 - Good vs. bad board meetings
02:27:44 - Three generations of wealth
02:33:25 - On success
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ABOUT THE KNOWLEDGE PROJECT
Like the mentor you’ve always dreamed of having, The Knowledge Project shares timely yet timeless lessons for work and life. Past guests include Naval Ravikant, Daniel Kahneman, Jim Collins, Angela Duckworth, Seth Godin, Melanie Mitchell, & Esther Perel.

Пікірлер: 43

@Sarah-ui3vd Ай бұрын

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024

@Joseph-zw3sb Ай бұрын

Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

@Thomas-mh6ib Ай бұрын

I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

@Joseph-zw3sb Ай бұрын

“Angela Lynn Shilling’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@Thomas-mh6ib Ай бұрын

I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you

@Dmlck 3 ай бұрын

This was excellent. One of the best Knowledge Project episodes of all time in my opinion. Such wide ranging, down to earth wisdom (no surprise given the Berkshire ties).

@sungkeum1286 3 ай бұрын

Educative episode! Thank you.

@tonyg.3696 3 ай бұрын

Chris has wisdom, experience and family mentors. So glad he is transparent & willing to educate us.

@FoodForestBrad 3 ай бұрын

Chris Davis is cut from the same cloth as Todd Combs and Ted Weschler… could listen to him all day!

@sheanathan3566 3 ай бұрын

Brad, I agree but must also add I could listen to you all day as well. Please do more investing videos. I go back and watch your all the time Hope you are well

@cnapoliabella 3 ай бұрын

fabulous episode- I’ve already listened repeatedly to him.

@athreyathandeswaran7510 3 ай бұрын

What a wonderful insightful personal conversation......One of your best podcasts man......

@justinbeghly1435 3 ай бұрын

Wonderful

@Bard2HOfficial 3 ай бұрын

Education epidemic! Thank❤

@DavidD-xb6yn 3 ай бұрын

I like this guy. Down to earth, real. Good outlook. Good wisdom. Good interview.

@jasonquentin7 3 ай бұрын

On personal growth, investing, and navigating relationships in one insightful conversation

@malforo 3 ай бұрын

Great interview, Chris is a brilliant and genuine person with some great ideas. Thanks to the interviewer for let him talk and the insightful questions

@JamesonSharp 3 ай бұрын

Excellent Episode! 👏👏👏

@arloc24 3 ай бұрын

Thanks! Your video calms me down everyday I watch it when the market is pumping! I'm going with your insights. It makes the most sense with where we are at in the cycle. The only thing that would make me think this cycle could be slightly different is the overall increased adoption of crypto since 2019 and all the hype with the BTC/ETH ETF speculation. Could the market stay held up this cycle by the anticipation of ETFs and the overall awareness that a bull run is coming? The surge is speculated to possibly be the beginning of a massive new uptrend, making it a crucial time for investors to pay attention, I've personally benefited from following Laura A Keady trading tactics, amassing 23.9 bitcoins in a short four weeks period, which speaks volumes about his expertise....

@arloc24 3 ай бұрын

Laurakeady•online

@arloc24 3 ай бұрын

Use her name to quickly conduct an internet search.

@arloc24 3 ай бұрын

She often talks on Telegrams, using the user-

@arloc24 3 ай бұрын

@Laurakeady

@jeffbox1torres 3 ай бұрын

Thanks for keeping it light and real at the same time. hodlers like us really need her in times like these

@ChristianSoschner 3 ай бұрын

Excellent points

@SanjayPl 3 ай бұрын

To me Chris sounds exactly like Warren Buffett !

@annasillanpaa1111 Ай бұрын

Awesome interview.

@joshbirger6010 2 ай бұрын

@tkppodcast, was it ever determined what the short story about the Boat narrowly missing a collision was titled or the author?

@Maddyy876 3 ай бұрын

this is the most amazing podcast I've ever heard from me. ❤ Recently, I read your book "clear thinking" was phenomenal book 📚 Que: Your favourite guest??

@Investor33 13 күн бұрын

this was like therapy for chris lmao he is awesome

@Mri881 3 ай бұрын

❤

@davidwilson9976 3 ай бұрын

Interesting how different people interpret the same thing. I would have thought that not talking to a Steve Jobs hippie because he was wearing sandals and missing out on investing in the early days of Apple would have led to the conclusion of not judging a book by its cover.

@BarsonlineOrg2013 3 ай бұрын

It depends on whether you mesure a person like a book....but he was a human being....and we all know that kind of life ha has been living...and whether this is a good way to live life e.g. for your kids....I would say no, because it really didn't bring happiness to his life....success in life is something else, then pure marketing.....or even business success

@rj-xg3du 3 ай бұрын

Interesting individual- he has a very mediocre investing record but very eloquent story teller! Helps to work at his grandfather’s shop! Has underperformed for almost 2 decades in every product that the firm runs

@tonyg.3696 2 ай бұрын

Well, he’s on the board of BRK

@doddkittsley7664 Ай бұрын

Please check your sources- you are 100% incorrect. How insensitive and rash.

@somchai9033 Ай бұрын

No he is correct. His funds have underperformed for two decades and were downgraded (SLASX) by Morningstar. He’s a bright guy and a great storyteller as the above pointed out. He was on CNBC in June 2008 touting Merrill Lynch at $52. I was in a ML office that day picking up my gf for lunch. It was pretty clear ML was finished. It was later bought by BAC at $17

@somchai9033 Ай бұрын

Just checked Morningstar. ‘Decreased confidence”. Downgrade to 1 star. Take it for what it’s worth but after buying SLASX in the 1990s it underperformed the S&P.