In this episode, William Green chats with Tom Gayner, one of the great long-term investors of our time. Tom is the CEO of the Markel Corporation, a global financial holding company, where he oversees about 20,000 employees. Here, he shares his time-tested advice on how to achieve enduring success in business & investing while also building a happy & fulfilling personal life.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:38 - How Tom Gayner made a fortune by setting up a retirement account at age 14.
10:59 - What he learned from his grandmother about the glory of long-term compounding.
16:29 - How to succeed through steady, persistent progress over long periods of time.
30:00 - Why humor, fun, & joyfulness are central aspects of Tom’s approach to work.
35:15 - Why it’s so helpful to set down your thoughts, principles, & values in writing.
38:33 - Why we should bet on companies that do things “for” their customers, not “to” them.
41:17 - What Charlie Munger teaches about the secret of success.
47:52 - How to flourish in business & life by compounding relationships built on trust & love.
1:00:46 - How Berkshire Hathaway embodies everything Tom looks for in a business.
1:09:08 - What we can learn about investing from the comedian Jerry Seinfeld.
1:12:17 - How Tom approaches the challenge of appraising a person’s talent & integrity.
1:13:23 - Why he prefers to aim for satisfaction, not optimization.
1:26:39 - Why you should never check your luggage when you travel.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Tom Gayner’s company, the Markel Corporation.
- Tom Gayner’s 2022 letter to shareholders.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- William Green’s Twitter.
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