RWH050: The Intelligent Investor w/ Jason Zweig
20 October 2024 - 1 hour 56 minsIn today’s episode, William Green chats with Jason Zweig about his updated & revised edition of Benjamin Graham’s The Intelligent Investor, which Warren Buffett describes as “by far the best book on investing ever written.” Jason, who also writes the Wall Street Journal’s Intelligent Investor column, explains why Graham’s classic book still holds vitally important lessons for today’s investors. He also shares what he’s learned from interviewing Buffett & Charlie Munger.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:33 - How Jason Zweig tackled the “honor & burden” of revising The Intelligent Investor.
11:06 - How Ben Graham’s 4 core principles can help you to invest intelligently.
25:2...
Series Episodes
RWH067: Prudent Investing In Perilous Times w/ Matthew Mclennan
In this episode, William Green talks with Matthew McLennan, who oversees about $130 billion at First Eagle Investments. Matt is head of the firm’s Global Value team & a portfolio manager of its Global Value, Global Equity, International Value, International Equity & US Value strategies. Here, he explores how to build resilient wealth by patiently holding a “non-uniform” portfolio of scarce assets that should endure & prosper even in difficult conditions. This episode provides a time-tested survival strategy for investors looking to navigate this period of extreme uncertainty. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro00:02:14 - Why Matthew McLennan thinks investors should prepare for turmoil.00:17:43 - How to construct a resilient portfolio by thinking like a gardener.00:19:38 - Why Matt loves businesses with scarce assets in mundane industries.00:23:02 - Why survival is the key to investment success.00:23:33 - How cash & gold provide a ballast in the event of unexpected storms.00:26:28 - Why he’s wary of a highly concentrated investment strategy.00:51:07 - How patience has become a powerful edge in a hyperactive world.00:57:17 - How to build long-term success by focusing on process, not rewards.01:05:28 - How to think better by harnessing our right-brain capabilities.01:23:05 - Why “what’s hot today” is likely to produce terrible investment returns.01:25:10 - How studying wine & playing backgammon help him as an investor.01:29:04 - Why he favors a team-based approach, instead of being a lone wolf. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Learn how to join us in Omaha for the Berkshire meeting here. Inquire about William Green’s Richer, Wiser, Happier Masterclass. Thucydides’ book, History of the Peloponnesian War. Daniel Yergin’s book, The Prize. John Cochrane’s book, The Fiscal Theory of the Price Level. Peter Matthiessen’s book, The Snow Leopard. Iain McGilchrist’s book, The Matter with Things. David Galenson’s book, Old Masters and Young Geniuses. Charles de Montesquieu’s book, The Spirit of the Laws. Stephen Wolfram’s book, A New Kind of Science. Winston Churchill’s book, My Early Life. William Green’s book, Richer, Wiser, Happier. Follow William Green on X. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Plus500 Shopify Netsuite Vanta References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 37 mins
12 April Finished
TIP806: Wise PLC w/ Kyle Grieve and Daniel Mahncke
Kyle Grieve is joined by co-host Daniel Mahncke to discuss Wise PLC, a London-listed FinTech company that enables cheap and fast cross-border payments by matching local flows rather than moving money internationally through costly SWIFT networks. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:04:45 - The clever mechanism Wise uses to move money without actually crossing borders 00:09:14 - Why two Estonians at a London party ended up disrupting global banking 00:13:44 - How Wise earns revenue from four streams 00:21:44 - Which of Wise's three competitor industries is the most threatening and why 00:26:04 - How fast payments have become at Wise 00:42:12 - Why deliberately lowering your own prices can be a sign of business strength 01:08:12 - The flywheel that makes Wise harder to beat, the larger it grows 01:10:35 - What to make of the CEO controversy 01:23:51 - How Wise's capital allocation stacks up against Buffett's ultimate litmus test 01:30:26 - What the numbers suggest investors could earn holding Wise Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Learn how to join us in Omaha for the Berkshire meeting here. Kyle and Daniel use Fiscal.ai for every company they research — use their referral link to get started with a 15% discount! Read about cross-border payments 101. Read more on Wise, featured in Wall Street’s Blind Spots. Listen to a conversation with Wise’s CEO, Kristo Käärmann. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Plus500 Shopify Netsuite Vanta References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 32 mins
10 April Finished
TIP805: Stock Market Maestros w/ Kyle Grieve
Kyle discusses Stock Market Maestros, revealing that elite fund managers succeed not by picking winners the majority of the time, but by making dramatically more on their wins than they lose on their losses. Through profiling world-class fund managers, the book proves that disciplined execution, such as how you size, hold, and exit positions, ultimately matters more than stock selection itself. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:03:43 - The five investor archetypes and why behavior determines investing success 00:06:37 - How three key metrics identify truly skilled investors from lucky ones 00:09:36 - Why a 49% hit rate can still massively outperform the market 00:10:01 - How the best investors make 1.87x more on winners than losers 00:11:06 - Why riding winners longer matters more than finding the next great idea 00:12:59 - How different selling strategies suit different investing styles and timeframes 00:18:20 - Why losers consume disproportionate mental energy relative to portfolio weight 00:32:28 - How small position sizes allow larger losses without destroying overall returns 00:53:04 - Why changing your thesis to fit reality is a major red flag 01:07:40 - Why execution and position sizing matter as much as stock selection Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Learn how to join us in Omaha for the Berkshire meeting here. Buy Stock Market Maestros. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Vanta Plus500 Netsuite Shopify References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 4 mins
5 April Finished
TIP804: Kinsale Capital Stock Deep Dive w/ Clay Finck & Daniel Mahncke
On today's episode, Clay is joined by Daniel Mahncke to break down Kinsale Capital. Kinsale is a specialty insurer that has quietly become one of the most exceptional businesses in the financial sector by dominating the Excess & Surplus insurance market. Clay and Daniel break down the DNA of this wonderful business, and if the recent drawdown in the stock is a compelling opportunity for value investors. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:03:32 - An overview of the insurance industry and how Kinsale fits into the bigger picture 00:17:32 - The durable competitive advantages that Kinsale has built 00:20:19 - The advantages of keeping underwriting in-house in the Excess & Surplus market 00:35:04 - What is driving Kinsale’s incredibly low combined ratio 00:39:29 - Why it’s focus on the E&S market and smaller accounts is a moat in itself 01:07:25 - Kinsale’s valuation and primary risks to monitor for investors Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Learn how to join us in Omaha for the Berkshire meeting here. Check out The Intrinsic Value Podcast. Check out The Intrinsic Value Newsletter. Check out The Intrinsic Value Community. Related Episode: TIP780: Top Stocks for 2026 w/ Shawn O'Malley, Daniel Mahncke, & Clay Finck. Follow Clay on LinkedIn & X. Follow Shawn on LinkedIn & X. Follow Daniel on LinkedIn & X. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Vanta Plus500 Netsuite Shopify References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 14 mins
3 April Finished
TIP803: How Economics and Art Shape Better Investors w/ Kyle Grieve
Kyle Grieve discusses key mental models from economics and art and how they apply to investing and decision-making. He explores economic concepts such as scarcity, supply and demand, optimization, specialization, efficiency, competition, and bubbles, illustrating them with real-world business examples. Then he shifts gears to art, examining things such as audience, contrast, framing, and narrative, emphasizing how they shape investor behaviour and decision-making. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:03:22 - How scarcity drives value and luxury brands engineer demand 00:07:40 - Why Costco wins by reducing scarcity and leveraging scale 00:09:03 - How supply and demand influence stock prices and volatility 00:10:53 - Why economic cycles impact nearly all businesses over time 00:12:38 - How COVID reshaped demand across industries and markets 00:14:19 - The risks of cyclical investing and the benefits of steady compounders 00:15:34 - How optimization can backfire in business and biology 00:19:49 - Why specialization has trade-offs and why investing legends often stay generalists 00:29:58 - The tension between competition, monopolies, and market structure 00:35:14 - How bubbles form through demand surges and investor psychology 00:38:45 - Why great management teams leverage audience building to build the right type of shareholder base 00:43:34 - How contrast framing and narrative shape investor decisions Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Learn how to join us in Omaha for the Berkshire meeting here. Buy The Great Mental Models Vol. 4 here. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Vanta Plus500 Netsuite Shopify References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 5 mins
29 March Finished
TIP802: When Genius Was Just Luck: The Go-Go Years w/ Kyle Grieve
In today’s episode, Kyle Grieve discusses the speculative boom of the 1960s “Go-Go Years” as presented in John Brooks’ book, highlighting the dangers of euphoria, leverage, and financial engineering. He explores case studies like Ross Perot, Edward Gilbert, Atlantic Acceptance, and Gerry Tsai to reveal how incentives, momentum, and fraud can distort markets. The episode ultimately emphasizes timeless investing lessons around valuation discipline, skepticism, and aligning incentives with long-term outcomes. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:02:02 - About the Nifty Fifty’s rise and the dangers of extreme valuation multiples 00:03:34 - Why great businesses can still be poor investments at high prices 00:05:07 - About Ross Perot’s EDS and the psychology of ignoring market volatility 00:09:45 - The dangers of leverage through Edward Gilbert’s collapse 00:16:13 - Why sharing stock ideas can create unintended consequences 00:19:32 - How fraud fueled Atlantic Acceptance’s explosive growth 00:29:17 - Why rapid growth without explanation signals potential risk 00:33:28 - Gerry Tsai’s momentum strategy and performance-chasing cycles 00:42:07 - How conglomerates used financial engineering to create illusory value Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Learn how to join us in Omaha for the Berkshire meeting here. Buy The Go-Go Years. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: HardBlock Human Rights Foundation Vanta Plus500 Netsuite Shopify References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 4 mins
27 March Finished
