How to Win the Investment Game w/ Bryan Lawrence (RWH044)
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- Опубликовано: 24 май 2024
- 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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📖 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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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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Brilliant conversation. Very good exposition on the investing process and behaviour by Bryan. Thanks William Green.
Much appreciated! 🙏
Excellent interview and conversation, thank you.
Glad you enjoyed it! ♥
Great interview. Very insightful
Thanks so much for tuning in! ♥
Amaizing, i need to listen couple of times
Thank you so much! 🙏
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!
Thank you for leaving such a sweet comment. Glad you enjoyed Omaha! ♥
Thank you for sharing this research and insight.
Glad it was helpful! 🙌
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.
Glad you enjoyed the episode! 🎉
Another excellent interview
Thank you so much for watching! 💡
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.
Thanks so much! 💯
It's always about the work bro.
Beautiful discussion!
Glad you enjoyed it! 💡
i enjoyed this one thanks
Happy to hear that! 💯
Very Good!
Thank you! Cheers! 🎉
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.
Thanks for tuning in! 🙌
Plz interview Pulak Prasaad
Tipical case of "where are the clients yachts?" this guy
wow wb was buying bonds of amazon so early in its history
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?
Thanks so much for watching! 💡
1:04:28
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
Glad you found the episode valuable! 🌱
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.
Buffett and Gates both investing in nuclear facilities, Buffett investing in Occidental. Maybe they don't like solar and wind either...
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)
Ask him if he knoows "fully baked" means high on weed...ha!