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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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