They say wealth doesn't last beyond three generations. Chris Davis is living proof that sometimes, it does - and then some. Coming from a family where each generation has built their own fortune, Davis has not only achieved remarkable success as Chairman of Davis Selected Advisers but also as a Director of Coca-Cola.
What are the secrets behind this multi-generational success in the world of finance? In this conversation, we uncover the principles and strategies that have allowed Chris Davis to not only build a multi-billion dollar portfolio, but to also carry on a legacy of astute investing.
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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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.
