TIP685: Top Takeaways From 2024 w/ Kyle Grieve & Clay Finck
12/22/24 • 89 min
2 Listeners
In today's episode, Kyle Grieve is joined by co-host Clay Finck to summarize key learnings from 2024. We chat about the importance of focus and avoiding confusing noise, data that shows how difficult individual stock picks are to succeed in, why you should welcome disconfirming evidence, the impermanence of seemingly impenetrable businesses, how to close feedback loops to ensure investments are on the right track, the importance of being trustworthy and reliable, and much more!
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:11 - Why investors need to focus on the things that matter and how to avoid spending time on noise.
09:19 - Why investors should be aware of the base rates of success of investing in individual stocks (hint, making money is a lot harder than you think).
25:42 - How you can utilize and search out disconfirming evidence to improve your thinking processes.
29:46 - The impermanence of business success and the importance of updating your thinking when new information becomes available.
33:00 - The three sources of investing returns that drive the performance of a stock.
42:53 - How to use punctuated equilibrium to be active at the correct times and inactive at the proper times.
50:52 - Critical lessons on how to close feedback loops for long-term investors.
1:00:29 - How to utilize the "cone of uncertainty" to signal conviction in great ideas.
1:02:49 - Why a great business can still have times of high uncertainty.
1:07:00 - The importance of being trustworthy and reliable.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Listen to Clay’s interview with Chris Mayer here | YouTube Video.
- Listen to Clay’s interview with Hendrick Bessimbinder here | YouTube Video.
- Listen to William Greens’ interview with Bryan Lawrence here | YouTube Video.
- Listen to Clay’s interview with Morgan Housel here | YouTube Video.
- Listen to Clay’s interview with John Huber here | YouTube Video.
- Listen to Kyle’s review of What I Learned About Investing From Darwin here | YouTube Video.
- Listen to Kyle’s interview with Annie Duke here | YouTube Video.
- Listen to Kyle’s review of the Nomad Partnership Letters here | YouTube Video.
- Listen to Stig’s interview with Mohnish Pabrai here | YouTube Video.
- Follow Kyle on Twitter and LinkedIn.
- Check out all the books mentioned and discussed in our podcast episodes <...
In today's episode, Kyle Grieve is joined by co-host Clay Finck to summarize key learnings from 2024. We chat about the importance of focus and avoiding confusing noise, data that shows how difficult individual stock picks are to succeed in, why you should welcome disconfirming evidence, the impermanence of seemingly impenetrable businesses, how to close feedback loops to ensure investments are on the right track, the importance of being trustworthy and reliable, and much more!
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:11 - Why investors need to focus on the things that matter and how to avoid spending time on noise.
09:19 - Why investors should be aware of the base rates of success of investing in individual stocks (hint, making money is a lot harder than you think).
25:42 - How you can utilize and search out disconfirming evidence to improve your thinking processes.
29:46 - The impermanence of business success and the importance of updating your thinking when new information becomes available.
33:00 - The three sources of investing returns that drive the performance of a stock.
42:53 - How to use punctuated equilibrium to be active at the correct times and inactive at the proper times.
50:52 - Critical lessons on how to close feedback loops for long-term investors.
1:00:29 - How to utilize the "cone of uncertainty" to signal conviction in great ideas.
1:02:49 - Why a great business can still have times of high uncertainty.
1:07:00 - The importance of being trustworthy and reliable.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Listen to Clay’s interview with Chris Mayer here | YouTube Video.
- Listen to Clay’s interview with Hendrick Bessimbinder here | YouTube Video.
- Listen to William Greens’ interview with Bryan Lawrence here | YouTube Video.
- Listen to Clay’s interview with Morgan Housel here | YouTube Video.
- Listen to Clay’s interview with John Huber here | YouTube Video.
- Listen to Kyle’s review of What I Learned About Investing From Darwin here | YouTube Video.
- Listen to Kyle’s interview with Annie Duke here | YouTube Video.
- Listen to Kyle’s review of the Nomad Partnership Letters here | YouTube Video.
- Listen to Stig’s interview with Mohnish Pabrai here | YouTube Video.
- Follow Kyle on Twitter and LinkedIn.
- Check out all the books mentioned and discussed in our podcast episodes <...
Previous Episode
TIP684: Current Market Conditions & Poor Charlie's Almanack w/ Stig Brodersen & Clay Finck
On today’s episode, Clay Finck invites Stig Brodersen to discuss current market conditions and one of Stig’s favorite books — Poor Charlie’s Almanack.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:23 - How Stig and Clay think about today’s market.
08:02 - Why we expect the stock market to continue to hit new all-time highs.
08:02 - How Stig is protecting himself against potential inflation going forward.
39:49 - Why Stig re-reads Poor Charlie’s Almanack each year.
49:55 - The psychological biases we need to be mindful of.
01:02:14 - How the endowment effect can be detrimental to our portfolio’s returns.
01:11:45 - How we can apply Munger’s principle of inversion to our lives and our portfolios.
01:27:00 - How you can attend the live events TIP is hosting in Omaha during the Berkshire weekend.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Book discussed: Poor Charlie's Almanack.
- Check out Stig’s portfolio here.
- Email Shawn at [email protected] to attend our free events in Omaha or visit this page.
- Follow Clay on Twitter.
- Check out all the books mentioned and discussed in our podcast episodes here.
- Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
- Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
- Check out our We Study Billionaires Starter Packs.
- Browse through all our episodes (complete with transcripts) here.
- Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
- Enjoy exclusive perks from our favorite Apps and Services.
- Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
- Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
Next Episode
BTC214: Sam Callahan Bitcoin Current Events Rollup (Bitcoin Podcast)
In this episode, Sam Callahan and the host explore key developments in the Bitcoin ecosystem, including BlackRock’s statement on allocation, Marathon Digital’s impressive Bitcoin strategy, and Bitcoin’s positioning as digital gold. The conversation also touches on geopolitical impacts with BRICS, U.S. policies, and Michael Saylor’s vision for Bitcoin's corporate adoption. Additionally, Sam shares insights on health and fitness for a balanced lifestyle.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:25 - Why BlackRock considers a 2% Bitcoin allocation reasonable.
06:14 - How Marathon Digital leads the Bitcoin mining space with 6% of the hashing network.
17:14 - Jerome Powell’s statement on Bitcoin as a competitor to gold.
19:36 - The geopolitical implications of Bitcoin in the context of BRICS and U.S. trade policies.
26:35 - Trump administration's stance on cryptocurrency, with Scott Bessent as Treasury Secretary.
31:30 - The paradox of meme coins like DOGE in the crypto space.
41:16 - Insights from Michael Saylor’s presentation to Microsoft’s board about Bitcoin adoption.
48:32 - Why diet is the key to fitness success, with minimal cardio requirements.
50:20 - The importance of resistance training and viewing carbs as sugar for effective nutrition.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Sam Callahan on X.
- Sam’s and Natalie Brunell’s Newsletter.
- Check out all the books mentioned and discussed in our podcast episodes here.
- Enjoy ad-free episodes when you subscribe to our Premium Feed.
NEW TO THE SHOW?
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok.
- Check out our Bitcoin Fundamentals Starter Packs.
- Browse through all our episodes (complete with transcripts) here.
- Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
- Enjoy exclusive perks from our favorite Apps and Services.
- Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
- Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
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