Former hedge fund manager Whitney Tilson, now Editor at Stansberry Research, returns to The Julia La Roche Show for a wide-ranging discussion on the economy, markets, and common mistakes investors make.
Whitney discusses the strength of the macro picture and the importance of not betting against America.
In this conversation, Whitney shares stock picks, reflects on missed opportunities, and discusses the importance of letting winners run. He also talks about closing his hedge fund, lessons learned, and the wisdom he gained from the late Charlie Munger.
Tilson emphasizes the need for patience and discipline in investing and highlights the five calamities that can derail a successful life.
Links:
Stansberry Research: https://stansberryresearch.com/our-team/whitney-tilson
The Art of Playing Defense: https://www.amazon.com/Art-Playing-Defense-Falling-Behind-ebook/dp/B091QFHJ6B
Timestamps
00:00 Introduction
00:55 Big picture view of the economy and markets
02:43 Caution against letting politics influence investment decisions
03:38 The mistake of predicting gloom and doom
05:24 Betting against America doesn’t make sense
06:59 There are warning flags, but stocks aren’t in bubble territory
8:10 Bitcoin smells frothy, but ‘I would never short it’
09:22 Stock Picks: Berkshire Hathaway, Meta, and other opportunities
10:02 Bitcoin is an instrument of pure speculation
15:56 Stock pick ideas - Berkshire Hathaway, Meta, etc.
21:26 Introduction to Warren Buffett and value investing
26:48 Stock exchanges as interesting investment opportunities
29:08 Lessons from missed opportunities
36:07 The importance of letting winners run
38:50 Reflecting on closing the hedge fund, mental mistakes investors make
43:48 Running a Hedge Fund with Patience and Discipline
46:13 Charlie Munger's legacy
50:06 The Art of Playing Defense
#017 Jim Rogers: The Next Bear Market Will Be 'The Worst In My Lifetime'
#016 Marc Benioff On The New Era For Business
#015 Activist Short-Seller Dan David On 'The China Hustle' And Uncovering Frauds
#014 Nik Bhatia On The Coexistence Of The Dollar And Bitcoin
#013 Epsilon Theory's Ben Hunt On The Narratives Everywhere
#012 Jim Bianco: This Is The New Normal. Get Used To It.
#011 Anthony Scaramucci On Failure, Bitcoin, and Trump
#010 Kyle Bass On Energy, China, Inflation, And More
#009 CrowdStrike's Adam Meyers On The Biggest Cyber Threats
#008 Alan Patricof on 50 years of investing, Burning Man and the NYC Marathon at 87, and living to 114
#007 Ryan Williams On Unlocking Access To Commercial Real Estate Investing
#006 Greg Lukianoff on Free Speech and 'Free Speech Culture'
#005 Hugh Hendry on Why We’re Already in the 4th Depression
#004 Former Assistant Treasury Secretary Gerry Parsky on Lessons from the 70s and Parallels to Now
#003 David Cote on Winning Now, Winning Later
#002 Bill Browder on Surviving Putin's Wrath
#001 Morgan Housel on The Psychology of Money
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