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The Brutal Lessons That Every Investor Needs to Learn - Tom Gayner

The Knowledge Project Podcast
311K subscribers
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24K views 1 year ago The Knowledge Project | Full Episodes
Tom Gayner is the CEO of Markel Group. He discusses investing, optimizing for comfort, the difference between good and bad debt, decision-making, and opportunity cost. 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 EBI …...more
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Intro

0:00

Lessons learned from Charlie Munger

3:22

Quaker roots

6:35

Win-win business

9:07

Early career

12:55

Opportunity cost

26:27

Process vs. outcome

32:37

The dot-com tech bubble

35:12

The 2008 financial crisis

41:18

Dealing with Emotions during high-stakes situations (selling and buying)

44:37

Lessons from the financial crisis

46:05

Debt and low-interest rates

48:03

Thinking long-term in a short-term world

58:44

How COVID impacted Markel

1:10:33

Thoughts on Risk

1:19:06

Compensation at Markel

1:22:20

Qualitative mistakes Gayner makes with decisions

1:24:27

Favorite biographies

1:29:18

Simplicity and decision-making

1:33:10

Interest rates and stock option counting

1:41:00

Historical cost vs. present cost and EBITDA

1:50:25

Why don't you ever sell?

1:58:29

What is success?

2:03:50
The Brutal Lessons That Every Investor Needs to Learn - Tom Gayner
383Likes
24,667Views
2024Jan 23
Tom Gayner is the CEO of Markel Group. He discusses investing, optimizing for comfort, the difference between good and bad debt, decision-making, and opportunity cost. 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: Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/1VyK52N... Follow: Twitter:   / shaneaparrish   Instagram:   / farnamstreet   LinkedIn:   / shane-parrish-050a2183   Get the newsletter: https://fs.blog/newsletter/
The Knowledge Project | Full Episodes
The Knowledge Project Podcast

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The Knowledge Project Podcast

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