An Investor's Guide to Clear Thinking w/ Chris Mayer (TIP569)

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Күн бұрын

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Back by popular demand, we bring back Chris Mayer to chat about his book, How Do You Know - A Guide to Clear Thinking About Wall Street, Investing, and Life. This book is one that really made us think as it is not your conventional investing book and questions much of traditional thinking in the world of finance. If you’re interested in becoming a better thinker as an investor, then this episode is a must-listen.
Chris is the author of 100 Baggers and How Do You Know? and the co-founder and portfolio manager of Woodlock House Family Capital.
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IN THIS EPISODE, YOU’LL LEARN:
0:00:00 - Intro
0:00:39 - How being a learning machine has impacted Chris as an investor.
0:03:48 - Chris’s goal as a long-term investor in public equities.
0:07:44 - What general semantics is and how it relates to investing.
0:10:56 - Finance terms that investors use that muddy the waters of how people think about stocks.
0:11:43 - How either/or thinking doesn’t align with how the real world typically operates.
0:14:59 - Why we can do without broad terms as investors such as: “GDP,” “the economy,” “value investors,” growth investors,” etc.
0:16:37 - Why we shouldn’t always take labels and names at face value.
0:21:06 - What companies Chris owns are in what many would call “unattractive industries.”
0:23:31 - Chris’s opinion on what drives long-term shareholder returns.
0:27:11 - What Sosnoff’s Law is.
0:30:37 - How meeting management teams play into Chris’s investment process.
0:38:36 - Why Chris believes that “This Time is Always Different” and that reversion to the mean is a flawed concept.
0:43:32 - How Chris thinks about judging what numbers actually mean rather than judging the numbers themselves.
0:46:42 - Why we shouldn’t take accounting earnings at face value.
0:48:08 - Why Chris encourages investors to develop a “delayed reaction.”
0:50:22 - How Chris developed the ability to not take himself too seriously.
0:57:013 - Chris’s book recommendations.
🎧 Listen to our episodes here: link.chtbl.com/TIP-WSB
🖊️ Access the transcript and learn more about the guest here: www.theinvestorspodcast.com/e...
📖 BOOKS MENTIONED:
- How Do You Know? by Chris Mayer: amzn.to/3qs5lGv
- 100 Baggers by Chris Mayer: amzn.to/3OuMK4G
- The Creative Act by Rick Rubin: amzn.to/3YnZZZC
- Philosophy as Poetry by Richard Rorty: amzn.to/3OWX2w9
- 100 to 1 in the Stock Market by Thomas Phelps: amzn.to/3DKt5sy
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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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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Пікірлер: 31

@WeStudyBillionaires 10 ай бұрын

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@mohlini1 10 ай бұрын

Thanks for inviting Chris. I. LOVE. THAT. GUY. I've learned so much from his book 100 baggers . Looking forward to this book

@clayfinck 10 ай бұрын

This book is amazing as well! So underrated in my opinion. I really enjoyed it and learned a lot from it.

@racerx6 10 ай бұрын

I am addicted to this channel and the great interviews. I am learning so much. Thank you for providing this content.

@clayfinck 10 ай бұрын

Thank you for listening!

@thorsten8123 10 ай бұрын

(1) Listened spellbound to the podcast (2) headed to online shop starting with A... and bought the e-edition (3) finished the book in one go (4) left the 5 stars there and some praise (5) going to the get the hardcover now, because with GREAT books I need to have the one on my bookshelf. Gentlemen, so many thanks for that fantastic inspiration! I am smarter now!

@clayfinck 10 ай бұрын

Wow! Glad you enjoyed the episode! 🙌🏻 This book really made an impact on me, & I’m happy Chris took the time to chat about it.

@frankle246 4 ай бұрын

Wonderful talk. Thank you, both, very much for sharing these practical investing concepts.

@WeStudyBillionaires 4 ай бұрын

Our pleasure! 💯

@stephenframpton4616 4 ай бұрын

"The map is not the territory" and "the menu is not the meal" reminded me of how romance languages have two words for "know,. One for knowing about something (facts, the map, the menu), and one for experiential knowing (the smells, tastes, territory, meal). eg Savoir/Saber and Connaitre/conocer. Probably easier for native speakers to conceptualize this idea of "how do you know?"

@KamilMauel 10 ай бұрын

Agree. They apply mean reversion to everything and then observe 3 standard dev away for a couple months :).

@WeStudyBillionaires 10 ай бұрын

Thank you so much for watching!

@nickhornsey5719 10 ай бұрын

Great chat. Thank you.

@WeStudyBillionaires 10 ай бұрын

Our pleasure!

@clayfinck 10 ай бұрын

Thank you, Nick! Glad you enjoyed it.

@cricbuzz1123 10 ай бұрын

Both of you sold me one book written by one of you :-). 100 baggers is a classic and just builds on top of 100 to 1 in the stock market. I hope - how do you know is also a good read. Thanks both.

@clayfinck 10 ай бұрын

If you enjoyed this episode, I think you’ll also enjoy the book. 👍🏼 Thanks for listening!

@JustInvestToday 10 ай бұрын

Wealth of knowledge, thanks!

@clayfinck 10 ай бұрын

Glad you enjoyed it!

@sebfox2194 4 ай бұрын

Knowledge of wealth!

@QuantCompounder 10 ай бұрын

Great watch!

@WeStudyBillionaires 10 ай бұрын

Glad you enjoyed the episode!

@pranavgupta1416 10 ай бұрын

I always track stocks based on MC/CFO but it always puzzles me whether I should include the effects of working capital or not. My brain just tell me that I shouldn't worry so much about the working capital and should leave that to the management. Please ask this to your next guest Clay. Thanks

@clayfinck 10 ай бұрын

Hi there, I would recommend looking into Buffett’s definition of what he calls “owners earnings.” You may find this helpful. Thanks for watching!

@alexlimion2624 10 ай бұрын

thanks for the interview Clay, i am impressed with Chris's way of thinking, appreciate his reading suggestions and just bought a copy of How Do You Know? Looks I should also watch the Become a Better Thinker video

@clayfinck 10 ай бұрын

Thanks for watching! I’m glad Chris joined us again. He’s brilliant.

@RolfStumpfRailMedia 10 ай бұрын

This was a fantastic show, it kept me wide awake on my night drive home... Talking about unattractive businesses, Dino is my 2nd largest postition by the way. CRH and Limbach are similarly unsexy 😂

@WeStudyBillionaires 10 ай бұрын

So happy to hear you enjoyed the episode!

@clayfinck 10 ай бұрын

Thanks for tuning in, Rolf! Dino is a great business from what I've seen!

@RolfStumpfRailMedia 10 ай бұрын

@@clayfinck The only major risk factor is the proximity to the Ukraine. But if Poland is drawn into the conflict we in central Europe are doomed anyways.