In this unusually personal and candid episode, William Green answers a wide range of probing questions posed by listeners to his podcast and readers of his book, “Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets & Life.” Here, William discusses the key qualities, principles, and practices he’s observed in the best investors; how they handle adversity; what he’s learned from his own setbacks, failures, and mistakes; and how he’d invest if he were starting over.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:19 - What were the three best decisions William Green ever made?
17:04 - What Charlie Munger and Bill Miller can teach us about handling adversity.
23:40 - Why he views indomitable perseverance as the key to success.
34:52 - What drives investing stars like Bill Ackman, Will Danoff, and Mario Gabelli.
48:19 - Why the best investors focus on reducing complexity.
01:03:58 - How to succeed while constructing a calmer, more spacious life.
01:12:50 - How William approaches the art of interviewing.
01:38:22 - What he learned when his career (and profession) went up in smoke.
01:48:39 - What his worst investment mistakes taught him about building wealth.
01:53:28 - How investors can prosper mightily by getting the big things right.
01:55:23 - How he’d invest if he were starting over again.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
William Green’s podcast interview with Annie Duke.
William Green’s podcast interview with Samantha McLemore.
William Green’s podcast interview with Tsoknyi Rinpoche & Daniel Goleman.
William Green’s podcast interview with Bill Nygren.
William Green’s podcast interview with Brad Stulberg.
Guy Spier's The Education of a Value Investor.
Marcus Aurelius' Meditations.
Jim Stockdale's Thoughts of a Philosophical Fighter Pilot.
Daniel Goleman & Richard Davison's Altered Traits.
Daniel Goleman & Tsoknyi Rinpoche's Why We Meditate.
William Green’s TEDx Talk.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green on X.
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?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Check out our We Study Billionaires Starter Packs.
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
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.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
Hardblock
AnchorWatch
Onramp
Human Rights Foundation
Unchained
Intuit
Vanta
reMarkable
Shopify
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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2:04:55
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2:04:55
TIP738: Heico: The Quiet Aerospace Compounder
In this episode, Clay dives deep into the remarkable story of Heico — a quiet compounder that’s delivered over 22% annual returns for more than three decades. While aerospace may seem like a commoditized or slow-moving industry, Heico flips that assumption on its head.
Clay breaks down how the Mendelson family transformed a struggling parts supplier into a $38 billion industry leader through exceptional capital allocation, a culture of ownership, and a nearly unbreakable moat built on regulatory mastery and being a partner that customers can trust. Whether you're an investor, entrepreneur, or business strategist, this episode offers timeless lessons on how to build and sustain a truly durable business.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:27 - The story of how the Mendelsons took a tiny parts supplier and turned it into a $38B aerospace powerhouse.
06:47 - How Heico turned strict FAA regulations into its biggest competitive advantage.
10:10 - Why airlines prefer Heico parts over the OEM alternatives.
17:50 - What makes Heico’s acquisition playbook similar to Berkshire Hathaway.
27:58 - Why Heico’s products and services are extremely sticky and provide predictable, recurring revenue streams.
37:25 - Why economic downturns benefit Heico, creating a countercyclical business model.
47:19 - How Heico’s culture is unique and has created hundreds of millionaire factory workers.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Interview with Eric Mendelson.
50x Podcast with Nick Howley.
Book mentioned: Lessons from the Titans.
Related Episode: TIP731: Owning Best-In-Class Businesses w/ Joseph Shaposhnik.
Related Episode: TIP709: The Art of Long-Term Investing w/ Francois Rochon.
Follow Clay on X and LinkedIn.
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?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Check out our We Study Billionaires Starter Packs.
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
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.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
Hardblock
AnchorWatch
Onramp
Human Rights Foundation
Unchained
Intuit
Vanta
reMarkable
Shopify
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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1:10:21
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1:10:21
BTC243: Jim Chanos Vs Pierre Rochard MSTR mNAV debate (Bitcoin Podcast)
Jim Chanos and Pierre Rochard face off on Bitcoin-native corporates, debating governance, valuation models, capital structure, and whether BTC on the balance sheet adds value or risk.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:27 - Why Jim Chanos is short BTC companies but long Bitcoin itself
05:44 - Pierre Rochard's view on using corporate debt/equity to acquire BTC
13:03 - Capital structure tools best suited for BTC-native companies
14:12 - Whether BTC treasuries offer more than just bull-market beta
19:23 - The risks of NAV premiums and misaligned management incentives
20:16 - Debate over proper valuation frameworks: NAV vs. cash flow
24:30 - Could BTC treasuries evolve into financial infrastructure—or stay niche?
26:25 - The systemic implications of too many firms holding BTC on balance sheets
36:22 - 2030 predictions: spot BTC vs. BTC-native equities vs. ETFs
40:17 - What a “responsible” BTC treasury strategy could look like
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Jim’s X Account.
Pierre’s X Account.
Related Episode: Bitcoin Energy Survey and the Speculative Attack w/ Pierre Rochard.
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.
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
Hardblock
AnchorWatch
Onramp
Human Rights Foundation
Unchained
Intuit
Vanta
reMarkable
Shopify
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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58:15
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58:15
TIP737: Margin Of Safety by Seth Klarman w/ Kyle Grieve
On today’s episode, Kyle Grieve discusses the principles of value investing, including how to distinguish between speculation and true investing, the dangers of Wall Street's incentive structures, and the importance of prioritizing downside protection over upside potential. We’ll also delve into discipline for value investing, how to develop a margin of safety mindset, and how to build a risk-averse strategy and portfolio.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
05:04 - Why most investors speculate rather than invest—and how to tell the difference
11:01 - Why fund managers have structural weaknesses that require them to prioritize the wrong things
13:26 - Why EBITDA can mislead—and how it hides a business’s actual condition
16:46 - Why value investors focus more on downside protection than upside potential
18:47 - How to think about margin of safety when constructing a portfolio
31:51 - The three temperamental traits most critical to successful value investing
36:38 - Why value investors hold cash and how they use it as a strategic weapon
44:00 - A detailed breakdown of how Klarman values businesses
20:06 - The major types of value opportunities—and where to find them
1:02:49 - Klarman’s perspective on diversification and intelligent position sizing
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Buy a copy of Margin of Safety here.
Follow Kyle on Twitter and LinkedIn.
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?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Check out our We Study Billionaires Starter Packs.
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
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.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
Hardblock
AnchorWatch
Onramp
Human Rights Foundation
Unchained
Intuit
Vanta
reMarkable
Shopify
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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1:19:43
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1:19:43
TIP736: How the Best Investors Execute w/ Clay Finck
In this episode, Clay reviews Lee Freeman-Shor's book — The Art of Execution. Freeman-Shor studied 45 of the world's top investors over seven years, revealing why investment success depends far more on execution than stock picking. Through analysis of nearly 1,000 investments, he discovered that even the best investors are wrong half the time, but their success comes from how they handle both winners and losers.
This episode provides essential lessons on the execution strategies that determine long-term investment success.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
06:07 - The three types of investor behaviors when facing losing positions and their outcomes.
08:37 - The psychological biases that trap investors in losing positions for years.
11:48 - Why even the world's best investors are wrong 51% of the time.
38:17 - Why selling winners early is more damaging than holding losers too long.
56:25 - How concentration beats diversification for generating superior long-term returns.
58:42 - Why execution matters more than stock picking for investment success.
01:00:36 - The five-point winner's checklist for executing investment strategies like top performers.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Lee Freeman-Shor’s book: The Art of Execution.
Michael Lewis’ book: Moneyball.
The Intrinsic Value Podcast.
Shawn and Daniel’s episode on Reddit.
Related Episode: TIP709: The Art of Long-Term Investing w/ Francois Rochon.
Follow Clay on X and LinkedIn.
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?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
Check out our We Study Billionaires Starter Packs.
Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
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.
Learn how to better start, manage, and grow your business with the best business podcasts.
SPONSORS
Support our free podcast by supporting our sponsors:
SimpleMining
Hardblock
AnchorWatch
Onramp
Human Rights Foundation
Unchained
Intuit
Vanta
reMarkable
Shopify
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Over We Study Billionaires - The Investor’s Podcast Network
We interview and study famous financial billionaires, including Warren Buffett, Ray Dalio, and Howard Marks, and teach you what we learn and how you can apply their investment strategies in the stock market.
We Study Billionaires is the largest stock investing podcast show in the world with 180,000,000+ downloads and is hosted by Stig Brodersen, Preston Pysh, William Green, Clay Finck, and Kyle Grieve.
This podcast also includes the Richer Wiser Happier series hosted by best-selling author William Green. William regularly interviews legendary investors such as Mohnish Pabrai and Guy Spier, exploring what they can teach us about how to succeed in markets and life.
And finally, our Bitcoin Fundamentals series is hosted by Preston Pysh, where he interviews prominent figures in the Bitcoin and macroeconomic space. To learn more about TIP, you can visit theinvestorspodcast.com or subscribe to our free daily newsletter here.
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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