Legendary Investor Tom Gayner: If You Want to Be Happy, Avoid These Situations!
Tom Gayner is the CEO of Markel Group. In this conversation, Tom discusses investing, optimizing for comfort, the difference between good and bad debt, making decisions, and opportunity cost. Through stories and anecdotes, he reveals how we can use some of his hard-earned lessons to invest better and design a life to avoid our weaknesses.
Topics:
00:00 - Intro
03:22 - Lessons learned from Charlie Munger
06:35 - Quaker roots
09:07 - Win-win business
12:55 - Early career
26:27 - Opportunity cost
32:37 - Process vs. outcome
35:12 - The dot-com tech bubble
41:18 - The 2008 financial crisis
44:37 - Dealing with Emotions during high-stakes situations (selling and buying)
46:05 - Lessons from the financial crisis
48:03 - Debt and low-interest rates
58:44 - Thinking long-term in a short-term world
01:10:33 - How COVID impacted Markel
01:19:06 - Thoughts on Risk
01:22:20 - Compensation at Markel
01:24:27 - Qualitative mistakes Gayner makes with decisions
01:29:18 - Favorite biographies
01:33:10 - Simplicity and decision-making
01:41:00 - Interest rates and stock option counting
01:50:25 - Historical cost vs. present cost and EBITDA
01:58:29 - Why don't you ever sell?
02:03:50 - What is success?
Listen on:
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Spotify: open.spotify.com/show/1VyK52N...
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I love the wisdom sharing in here....keep it going Shane
Great interview!
Great interview! Tom is great! Long live Markel!
Outstanding convo. Thanks, Shane!
❤nice sorry to hear Charlie munger passed though
Do someone a favor I did a favor for an intern at a fortune 500 company who's master's thesis depended on the health of a cheap 8k computer. Fixed it on my own time with two popsicle sticks (connecting a warped computer board). Everyone else laughed at him. Years later down on luck and forced to move met the same person who was hired by the same company and was a rising star. He asked How ya doing and responded with stating the crappy situation and immediately offered a remote position (this was 1999). Remote work was rarely heard of. Saved my career and was able to continue to get my pension. Worked remote except Mil reserves ever since.
Nice interview dude sounds like a professional shiester 😂 hey whatever tho!