Kyle Grieve and co-host Clay Finck summarize key learnings from 2024, discussing the importance of focus, data on stock picking challenges, the value of disconfirming evidence, the impermanence of strong businesses, closing feedback loops for investment assurance, and the need for trustworthiness.
IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:00:52 - Why investors need to focus on the things that matter and how to avoid spending time on noise
00:07:02 - Why investors should be aware of the base rates of success of investing in individual stocks (hint, making money is a lot harder than you think)
00:17:13 - How you can utilize and search out disconfirming evidence to improve your thinking processes
00:24:04 - The impermanence of business success and the importance of updating your thinking when new information becomes available
00:31:50 - The three sources of investing returns that drive the performance of a stock
00:45:49 - How to use punctuated equilibrium to be active at the correct times and inactive at the proper times
00:53:56 - Critical lessons on how to close feedback loops for long-term investors
01:04:24 - How to utilize the "cone of uncertainty" to signal conviction in great ideas and Why a great business can still have times of high uncertainty
01:11:08 - The importance of being trustworthy and reliable
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▶️ EPISODES DISCUSSED:
- Long-Term Compounding w/ Chris Mayer | Constellation Software, Topicus, & Lumine: [ Ссылка ]
- Why Most Stocks Will Lose You Money w/ Professor Hendrik Bessembinder: [ Ссылка ]
- How to Win the Investment Game w/ Bryan Lawrence: [ Ссылка ]
- Timeless Lessons on What Never Changes in Markets | Same as Ever w/ Morgan Housel: [ Ссылка ]
- Value Investing Fundamentals & Current Market Conditions w/ John Huber: [ Ссылка ]
- Investing Lessons From Darwin | What I Learned About Investing From Darwin: [ Ссылка ]
- Making Smarter Decisions & Why Great Investors Are Great Quitters w/ Annie Duke: [ Ссылка ]
- Nomad Investment Partnership's Inactive Strategy for Market-Beating Returns!: [ Ссылка ]
- Mohnish Pabrai's Inner Scorecard: [ Ссылка ]
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🖊️ Access the transcript and learn more about the guest here: [ Ссылка ]
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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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