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
#153 Amy Nixon On Inflation Running Hot And Pivoting On The Deflationary Recession Call
#152 Brian Hirschmann: This Is Probably The Most Dangerous Time In US Financial History
#150 Alfonso Peccatiello On The Risk of a Global Recession Triggered by China's Deleveraging And The Spillover Effects Not Many Are Paying Attention To
#149 Jeff Snider: We're Still On The Same Path To Recession
#148 'Convexity Maven' Harley Bassman: The Market Is Ahead Of The Fed By A Lot
#147 Andreas Steno On Why The Resurgence In Inflation Could Mean Another Rate Hike From The Fed
#146 Darius Dale: We’re Pivoting To A Reflation Macro Regime — What It Means For Markets
#145 David Woo, Analyst Who Nailed The 2016 And 2020 Elections, Sees Huge Headwind For The Economy Ahead Of The 2024 Vote
#144 David Rosenberg: Recessionary Forces Are Building And The Economy Is Weaker Than The Narrative Suggests
#143: Danielle DiMartino Booth On The Jobs Market, The Economy, And Why The Recession Already Started
#142 Dr. Burton Malkiel On 'A Random Walk Down Wall Street,' The Best Way To Invest, And What You're Getting Wrong About 'Efficient Markets'
#141 Marc Faber On Interest Rates, Inflation, And 'QE Infinity'
#140 DoubleLine Capital's Jeff Sherman On Fed Policy, The Economy, And Why Rate Cuts Likely Won't Happen Until June Or Later
#139 'Dr. Doom' Nouriel Roubini On The 10 Megathreats That Could Destroy Our Economy
#138 Peter Mallouk, CEO of $245B Creative Planning: 'It’s Hard To Be Anything But Optimistic Over The Long Run'
#137 Professor Campbell Harvey, The Inventor Of The Most Famous Recession Indicator — The Inverted Yield Curve — Sees Economic Slowdown In 2024
#136 Professor Jeremy Siegel Shares Outlook For The Economy, Fed Rate Cuts, And The Stock Market
#135 Chris Whalen On Pain In Commercial Real Estate, More Bank Failures, And A Maxi Reset In Home Prices In The Future
#134 Luke Gromen: A Hard Landing Isn't Going To Come In Stocks. It Will Come In Treasuries
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