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
#186 David Woo, Economist Who Nailed 2016 And 2020 Election Outcomes, Explains Why The Market Has The Trump Trades Wrong
#185 Jim Rickards: We're Probably Already In A Civil War
#184 Professor Steve Hanke, Who Nailed The 9% Inflation Call, Sees It Falling To 2.5%-3% By Year-End And A Recession On The Way
#183 Neil Howe On The Fourth Turning, Tribalization of America, And The Attempted Assassination of Former President Trump
#182 Tyler Cowen On Why We Might Get Lucky And AI Can Solve Out Debt Situation
#181 Chris Whalen On Why The Fed Is Worried About A Recession Next Year
#180 Andrew Wilkinson On Going From A Barista To A Billionaire, Building Tiny 'The Berkshire Hathaway' Of Tech, And Life Lessons From Warren Buffett, Charlie Munger, And Bill Ackman
#179 Ed Dowd On The Fed's Policy Error And Why We Could See A Bad Correction Ahead
#178 Peter Boockvar: The Is The Most Mixed And Uneven Economy That I’ve Ever Seen And It Feels More Like A 1.5% GDP Growth Rate Economy Rather Than 3%
#177 Mike Green: Passive Investing Has Turned The Market On Autopilot
#176 Economist Jonathan Treussard On The Extraordinarily Confusing Macro Data, Markets With A Memory Of A Goldfish, And If We're In Bubble Territory
#175 Chris Whalen: 'We're Hiding A Lot' — Why Commercial Could Be The Next Source Of The Financial Crisis In This Country
#174 James Lavish On The Debt Spiral: They’re Going To Print So Much Money It’s Going To Shock You
#173 Dave Collum On Why We’re Headed For A 40-Year Bear Market
#172 John Cochrane On The Fiscal Theory Of The Price Level, Causes Of Inflation, And The Need To Stop Throwing Money Down Trillion-dollar Rat Holes
#171 Dave Friedberg, CEO Of Ohala And Co-Host of The All-In Podcast, On The New Breakthrough Can Boost Crop Yields By 50-100% And Could Change Farming Forever
#170 Bob Elliott: The Biggest Risk For Equity Investors Is The Economy Remains Too Strong
#169 Carol Roth: The Stagflationary Economy Is Making A Resurgence
#168 The ‘Acid Capitalist’ Hugh Hendry On The Fed’s No-Win Situation, The Fragility Of Valuations, Gold As ‘The Alchemy Of Chaos,’ Buying Bitcoin, And The Dangerous Sign The Japanese Yen Is
#167 Michael Pento: If Rates Don't Come Down Across The Yield Curve Relatively Quickly, The Economy's In For Big Trouble
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