Episode notes
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
10:14 - What Fred Martin discovered about mitigating risk as a Navy officer in the Vietnam War.
14:22 - How he handles the pain & discomfort of difficult periods in the stock market.
31:52 - Why he thinks Tesla’s stock is overvalued & what he thinks it’s really worth.
35:20 - Why it’s critical for investors to be skeptics who never let down their guard.
43:56 - What insights he drew from studying Benjamin Graham & writing a book about him.
51:44 - How Fred applies a consistent three-step process to every business he analyzes.
54:34 - How to win as an investor by waiting for intrinsic value & the stock price to “true up.”
01:02:25 - Why he regards a legendary free soloist climber as the world’s greatest risk manager.
01:11:43 - How flying planes has helped Fred to refine his understanding of the margin of safety.
01:16:02 - Why he’s given three younger colleagues the authority to veto his stock picks.
01:24:26 - Why he “seals the exits” before buying a stock, assuming that he’ll own it forever.
01:34:29 - Why fund managers should sacrifice their own interests for the sake of their clients.
01:37:56 - What advice he’d give to people who are looking to hire an investment adviser.
01:42:09 - Why he believes that relationships & purpose are the two most important things in life.
01:45:48 - What he’s done to build good health, so that he’s still going strong at age 76.
01:47:24 - How his religious faith has made him a better investor & a better steward of assets.
01:50:10 - What he’s learned about how to endure sorrow & tragedy.
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, and the other community members.
- Fred Martin’s investment firm, Disciplined Growth Investors.
- Fred Martin’s mutual fund, the Disciplined Growth Investors Fund.
Benjamin Graham and the Power of Growth Stocks, co-authored by Fred Martin
The Psychology of Money: An Investment Manager’s Guide to Beating the Market by Jim Ware
Free Solo, an Oscar-winning documentary about legendary climber Alex Honnold.- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- William Green’s Twitter.
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