2024-10-20
1 小时 56 分钟In today’s episode, William Green chats with Jason Zweig about his updated & revised edition of Benjamin Graham’s The Intelligent Investor, which Warren Buffett describes as “by far the best book on investing ever written.” Jason, who also writes the Wall Street Journal’s Intelligent Investor column, explains why Graham’s classic book still holds vitally important lessons for today’s investors. He also shares what he’s learned from interviewing Buffett & Charlie Munger. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:33 - How Jason Zweig tackled the “honor & burden” of revising The Intelligent Investor. 11:06 - How Ben Graham’s 4 core principles can help you to invest intelligently. 25:24 - What a sudden plunge in Japanese stocks shows about the craziness of markets. 27:56 - What Jason views as the most important paragraph ever written about investing. 32:42 - How Warren Buffett & Bill Miller profit from being “inversely” emotional. 33:57 - How regular investors can win by tuning out Wall Street’s propaganda. 39:15 - Why you must decide if you’re an “enterprising” or “defensive” investor. 44:40 - Why maintaining a “margin of safety” matters more than anything. 48:40 - Why Jason believes index funds should form the base of your portfolio. 52:52 -Why it’s so hard to pick the tiny minority of “superstocks.” 1:00:21 - What dooms the vast majority of fund managers to underperform. 1:14:33 - How Graham’s most successful investment violated his own principles. 1:33:01 - What life lessons Jason learned from Graham, Buffett, & Charlie Munger. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Jason Zweig’s website. Benjamin Graham’s The Intelligent Investor, revised and updated by Jason Zweig. Jason Zweig’s book on neuroeconomics, Your Money and Your Brain. Jason Zweig’s satirical survival guide to Wall Street, The Devil’s Financial Dictionary. William Green’s previous podcast episode with Jason Zweig | YouTube Video. William Green’s podcast episode with Christopher Begg | YouTube Video. William Green’s podcast episode with Peter Keefe | YouTube Video. William Green’s book, “Richer, Wiser, Happier” – read the reviews. 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? 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. 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: River 7-Eleven Toyota Connect Invest Bluehost TastyTrade The Bitcoin Way Public Fundrise American Express Onramp Miro Facet SimpleMining ReMarkable Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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 Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support
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Hi there.
It's great to be back with you on the Richer, Wiser, Happier podcast.
Our guest today is Jason Zweig, an eminent author and financial journalist who writes the Intelligent Investor column in the Wall Street Journal.
I've been friends with Jason for almost 30 years and regard him as one of the wisest and most thoughtful experts on how to build long term wealth in the stock market.
Equally important, he's also a brilliant observer of the many ways in which investors land themselves in trouble, either because they deceive themselves or because they're deceived by what he describes as Wall Street's propaganda.
So if you want to understand what works and doesn't work in investing, I don't think there's anybody better to learn from.
In today's conversation, we focus in depth on one of the landmark achievements of Jason's career.
He's about to release a 75th anniversary edition of Benjamin Graham's masterpiece, the Intelligent Investor.
As I'm sure you know, Graham's most famous student and disciple was Warren Buffett, who first read the intelligent investor in 1950 when he was 19 years old.
Buffett concluded then that it was by far the best book about investing ever written and he's never changed his mind.
Jason first revised and updated the Intelligent Investor back in 2003.
Now two decades later, he's created this new and improved edition which features his own extensive commentary on each chapter.
I recently read a pre publication copy and was blown away by his ability to breathe new life into Graham's book, making it extremely relevant to today's investors.
It's really a brilliant achievement.
In this episode, Jason talks about the most important principles you need to learn from Graham in order to navigate the wild unpredictability of the stock market and the crazy unpredictability of life.
He explains why individual investors have powerful advantages over professional investors, but only if they have the discipline and independence of mind to play their own long, patient, low cost game that requires us to resist the kind of hyperactive get rich quick game that Wall street would typically prefer us to play since it's more profitable for Wall street, even though it's ultimately pretty much doomed to fail.
We also discussed the rewards and challenges of identifying the next great super stocks that can turbocharge your returns.
We talk about why it is so hard, even for talented and honorable fund managers, to beat the market over the long run.
We talk about the qualities that enable stars like Buffett and Bill Miller to defy the odds and outperform.