An Investor's Guide to Clear Thinking w/ Chris Mayer (TIP569)
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- Опубліковано 12 чер 2024
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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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Thanks for inviting Chris. I. LOVE. THAT. GUY. I've learned so much from his book 100 baggers . Looking forward to this book
This book is amazing as well! So underrated in my opinion. I really enjoyed it and learned a lot from it.
I am addicted to this channel and the great interviews. I am learning so much. Thank you for providing this content.
Thank you for listening!
(1) Listened spellbound to the podcast
(2) headed to online shop starting with A... and bought the e-edition
(3) finished the book in one go
(4) left the 5 stars there and some praise
(5) going to the get the hardcover now, because with GREAT books I need to have the one on my bookshelf.
Gentlemen, so many thanks for that fantastic inspiration! I am smarter now!
Wow! Glad you enjoyed the episode! 🙌🏻
This book really made an impact on me, & I’m happy Chris took the time to chat about it.
Wonderful talk. Thank you, both, very much for sharing these practical investing concepts.
Our pleasure! 💯
Great chat. Thank you.
Our pleasure!
Thank you, Nick! Glad you enjoyed it.
"The map is not the territory" and "the menu is not the meal" reminded me of how romance languages have two words for "know,. One for knowing about something (facts, the map, the menu), and one for experiential knowing (the smells, tastes, territory, meal). eg Savoir/Saber and Connaitre/conocer. Probably easier for native speakers to conceptualize this idea of "how do you know?"
Agree. They apply mean reversion to everything and then observe 3 standard dev away for a couple months :).
Thank you so much for watching!
Great watch!
Glad you enjoyed the episode!
Wealth of knowledge, thanks!
Glad you enjoyed it!
Knowledge of wealth!
Both of you sold me one book written by one of you :-). 100 baggers is a classic and just builds on top of 100 to 1 in the stock market. I hope - how do you know is also a good read. Thanks both.
If you enjoyed this episode, I think you’ll also enjoy the book. 👍🏼
Thanks for listening!
I always track stocks based on MC/CFO but it always puzzles me whether I should include the effects of working capital or not.
My brain just tell me that I shouldn't worry so much about the working capital and should leave that to the management.
Please ask this to your next guest Clay. Thanks
Hi there, I would recommend looking into Buffett’s definition of what he calls “owners earnings.” You may find this helpful. Thanks for watching!
This was a fantastic show, it kept me wide awake on my night drive home... Talking about unattractive businesses, Dino is my 2nd largest postition by the way. CRH and Limbach are similarly unsexy 😂
So happy to hear you enjoyed the episode!
Thanks for tuning in, Rolf! Dino is a great business from what I've seen!
@@clayfinck The only major risk factor is the proximity to the Ukraine. But if Poland is drawn into the conflict we in central Europe are doomed anyways.
thanks for the interview Clay, i am impressed with Chris's way of thinking, appreciate his reading suggestions and just bought a copy of How Do You Know? Looks I should also watch the Become a Better Thinker video
Thanks for watching! I’m glad Chris joined us again. He’s brilliant.
❤