2024-10-20
1 小时 56 分钟You're listening to tip.
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.