How to Win the Investment Game w/ Bryan Lawrence (RWH044)

Рет қаралды 28,305

Күн бұрын

William Green chats with Bryan Lawrence, a highly successful hedge fund manager who runs an investment firm called Oakcliff Capital. Bryan almost never gives interviews, so this is a rare opportunity to hear him speak in depth about the advantages of a concentrated value strategy, how he finds new investments, what 6 questions he asks when analyzing any stock, what he’s learned from Buffett & Munger, and how to build a happy life.
IN THIS EPISODE, YOU’LL LEARN
00:00:00 - Intro
00:03:22 - What Bryan Lawrence learned from his hugely successful father.
00:21:50 - What Charlie Munger taught Bryan.
00:33:31 - How Shelby Cullom Davis turned $200,000 into $800 million.
00:40:13 - How Bryan has consciously built an investing edge.
00:44:47 - What he learned from meeting Warren Buffett.
00:49:00 - Why Bryan looks for three specific characteristics in any business.
00:54:39 - How to beat the market by making infrequent bets.
01:02:45 - Why he’s obsessed with identifying where he’s wrong.
01:14:33 - How he searches for new investment ideas.
01:19:21 - How he structures his day.
01:27:38 - How to think rationally about fossil fuels & climate change.
01:57:32 - How to build a happy life & great relationships.
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▶️ RELATED EPISODES:
- Stock Investing Masterclass w/ Bryan Lawrence: • Stock Investing Master...
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📖 BOOKS MENTIONED:
- Poor Charlie’s Almanack by Charlie Munger: amzn.to/3Jx7YNf
- Undo It by Dean Ornish & Anne Ornish: amzn.to/3Qdhglp
- Influence by Robert Cialdini: amzn.to/3JtLHA5
- The Consolations of Philosophy by Alain De Botton: amzn.to/3QgpbOU
- Difficult Conversations by Douglas Stone, Bruce Patton, & Sheila Heen: amzn.to/3JDUC1D
- The Davis Dynasty by John Rothchild: amzn.to/3UaFKg9
- How the World Really Works by Vaclav Smil: amzn.to/3WcApaY
- Sustainable Energy Without the Hot Air by David Mackay: amzn.to/3Wciy3G
- Getting There by Gillian Zoe Segal: amzn.to/3W8euld
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ABOUT OUR SHOW 🎙
On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.
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Пікірлер: 60

@WeStudyBillionaires 2 ай бұрын

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@pkozanov 2 ай бұрын

William, revisiting Bryan Lawrence's captivating interview for the second time compelled me to leave a comment. The first time when I watched the video, I liked it very much. However, what added an extra layer of significance to the second viewing was my recent encounter with Mr. Lawrence's wife, Jillian Segal, during the VALUEx event in Omaha, graciously hosted by your friend Guy Spier. Engaging with Jillian was a delight. Her kindness and charm left a lasting impression. Meeting her in person was truly a privilege. I also had the pleasure of meeting you shortly after, and you graciously signed a copy of "Richer, Wiser, Happier" for my youngest child. Your kindness and the wealth of inspiration you continually share through your videos are sincerely appreciated. Thank you, William!

@WeStudyBillionaires 2 ай бұрын

Thank you for leaving such a sweet comment. Glad you enjoyed Omaha! ♥

@priteshpatel889 2 ай бұрын

Brilliant conversation. Very good exposition on the investing process and behaviour by Bryan. Thanks William Green.

@WeStudyBillionaires 2 ай бұрын

Much appreciated! 🙏

@christopherjackman5788 2 ай бұрын

Another amazing session William! I thoroughly enjoy listening to your thoughtful and insightful questions and of course their responses. I always look forward to your new posts and greatly appreciate your hard work! Thanks.

@WeStudyBillionaires 2 ай бұрын

Glad you enjoyed the episode! 🎉

@tarheel181 8 күн бұрын

Really enjoyed the interview. His point about studying companies ~ building a list is so important as when there is a crisis or drawdown; you often don't have as much time as you think. You also have to prepare now for that period. As a real estate guy who has equity tied up in deals, it is always a challenge to have a bigger pile of money at the "right" time!

@WeStudyBillionaires 7 күн бұрын

Glad you enjoyed it! 💯

@royjones59344 2 ай бұрын

Excellent interview. I manage my own investments but if I I ever decided to farm it out Mr. Lawrence would be on the short list.

@WeStudyBillionaires 2 ай бұрын

Thanks so much! 💯

@think-income3499 2 ай бұрын

Thank you for sharing this research and insight.

@WeStudyBillionaires 2 ай бұрын

Glad it was helpful! 🙌

@Kornheiser10 Ай бұрын

Paying my "kids" 22 & 24 has worked to get them to watch what I consider required movies, many of the 70's, 80's and 90's. It's been hit or miss, though they have been pretty responsive. Though they have little interest financial matters and investing, I did pay them to read Housel's "The Psychology of Money," which I consider the minimal financial knowledge to have as a 20 something.

@paul5622 2 ай бұрын

Great interview. Very insightful

@WeStudyBillionaires 2 ай бұрын

Thanks so much for tuning in! ♥

@claudiuvlad 2 ай бұрын

Beautiful discussion!

@WeStudyBillionaires 2 ай бұрын

Glad you enjoyed it! 💡

@easternhair Ай бұрын

Hi William, it;s a long video but love it sooo much, Time goes so quickly whilst you re pulling squizing out as much valuable info as possible from your Guest, another great video. Time flies so quickly. Thanks Much.

@WeStudyBillionaires Ай бұрын

Glad you enjoyed it! ❤

@faronskelton4085 2 ай бұрын

Another excellent interview

@WeStudyBillionaires 2 ай бұрын

Thank you so much for watching! 💡

@TheArtofValue 2 ай бұрын

Excellent interview and conversation, thank you.

@WeStudyBillionaires 2 ай бұрын

Glad you enjoyed it! ♥

@cupotkaable 2 ай бұрын

Amaizing, i need to listen couple of times

@WeStudyBillionaires 2 ай бұрын

Thank you so much! 🙏

@tixchicken 2 ай бұрын

i enjoyed this one thanks

@WeStudyBillionaires 2 ай бұрын

Happy to hear that! 💯

@riverat7558 2 ай бұрын

It's always about the work bro.

@tomcrane8324 2 ай бұрын

Very Good!

@WeStudyBillionaires 2 ай бұрын

Thank you! Cheers! 🎉

@KamilMauel 2 ай бұрын

Glad William is back. 2 weeks later than before 🙂. If the numbers in the fossil fuel section are correct it is mind boggling. Should be archived and used as a bible.

@WeStudyBillionaires 2 ай бұрын

Thanks for tuning in! 🙌

@ReflectionOcean 2 ай бұрын

Lawrence asks the following six questions when evaluating a business: 1. Is this a business we understand? 2. Is it a good business (e.g. a natural monopoly, rational duopoly, or low-cost operator)? 3. Is it run by a management team that thinks like shareholders and will treat us like partners? 4. Is it cheap, demonstrably relative to its expected cash flows? Is it trading at an attractive valuation with an attractive internal rate of return (IRR) owning it from here? 5. Why is it cheap? Can we identify the reason why we are right and the market is wrong (the variant perception)? 6. If we're wrong (which can be expected at least 30% of the time), how much money will we lose?

@WeStudyBillionaires 2 ай бұрын

Thanks so much for watching! 💡

@zzd7ry Ай бұрын

Excellent podcast on how to be a good investor and how to lead a meaningful life. I struggle getting my daughter to read books and these podcasts are god sent. Her favorite place for sourdough bread sandwiches is 60 miles away from home and so I queue up these videos and we all listen to it one way and on the return we discuss the same. It has been a good experience. Thank you William for the thoughtful questions and thank you Bryan for your candid answers!

@WeStudyBillionaires Ай бұрын

Amazing! Thank you for sharing the podcast to your family. ♥

@necimsanbaran4267 Ай бұрын

It is a great great conversation thank you very much to both of you for life lessons

@WeStudyBillionaires Ай бұрын

Much appreciated! 🙏

@sagarsawant7939 2 ай бұрын

Plz interview Pulak Prasaad

@Xyz19781i 2 ай бұрын

wow wb was buying bonds of amazon so early in its history

@vicentedecarolis7390 Ай бұрын

Something is different here in the way value investment is exposed. Brilliant

@WeStudyBillionaires Ай бұрын

Appreciate it! 🙏

@DN-dj4gi 2 ай бұрын

Tipical case of "where are the clients yachts?" this guy

@therighteous802 2 ай бұрын

People (and I mean regular people, be it rich or poor) would rather watch the world burn than take a hit on their level of comfort.

@azndreamerboy 2 ай бұрын

1:04:28

@airbourne2 Ай бұрын

I have not watched the video. Why do I have to beat the market if VOO has average +12.65% annual return over the last 10 years?

@jonnagap87 2 ай бұрын

The more deeply you think about individual stock investing, the more you realize how desirable index investing is. It’s unbelievable how good results you can get by being lazy and robotically investing in an index fund and tuning out panic about recessions and downturns

@WeStudyBillionaires 2 ай бұрын

Glad you found the episode valuable! 🌱

@johnnymartinARTIST 2 ай бұрын

Ask him if he knoows "fully baked" means high on weed...ha!

@HedgeFundOfOne 18 күн бұрын

Then the price on carbon will be borne by the same people who couldn't afford the $3k additional in the first place.

@riumudamc4686 2 ай бұрын

Buffett and Gates both investing in nuclear facilities, Buffett investing in Occidental. Maybe they don't like solar and wind either...

@blaquiere141 2 ай бұрын

For me, to worship an investor, the stocks in its portfolio must respect my severe investing criteria and his just don't... Only maybe TDG and GOOG but I don't allocate much to giants because they have a tiny to zero chance of making 100x in the future. Sorry ! Next ! (Chris Mayer is still the GOAT)