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
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#132 Morgan Housel: Save Like A Pessimist And Invest Like An Optimist
#131 Sallie Krawcheck: Nothing Bad Happens When Women Have More Money
#130 Dr. Charles Calomiris On Fiscal Dominance And The Return of Zero-Interest Bank Reserve Requirements
#129 Fundstrat's Tom Lee, Analyst Who Nailed The 2023 Stock Market Rally, Shares His 2024 Market Outlook
#128: Felix Zulauf: 'Hell Will Break Loose' — The Next Big Crisis In Late 2020s Will Be A Shocker
#127 Grant Williams: Get Rid Of Certainty — Be Prepared For A Recession And A Soft Landing
#126 Liz Ann Sonders On The 2024 Market Outlook, A Different Investing Environment, And Why You Can’t Rule Out A Recession
#125 Jason Calacanis On American Society And Getting Past The Victim Mentality, Friendship With Elon Musk And Owning The First Tesla Model S, The All-In Podcast And Leaving Millions On The Table
#124 Michael Howell: Rising Liquidity, Monetary Inflation, And Why Gold Could Surge To $3,000
#123 Cullen Roche On Inflation, Why The Fed Won't Cut Rates Soon, And Is The S&P 500 Broken?
#122 Charles Payne On The Bifurcated Economy, Being An Unbreakable Investor, And The Roaring 2020s
#121 Raoul Pal: Get Ready For ‘Macro Summer’ — Falling Rates, Falling Inflation, And Growth Picking Up
#120 Dr. Gary Shilling On Recession Risk, Inflation, Rate Cuts, And Bonds
#119 Michael Kao: The Four Horsemen Of Economic Resilience, And Why We Haven't Seen A Hard Landing (Yet)
#118 Jim Rogers: A Recession Is Not Here Today, But I Can See It Coming
#117 Ted Oakley On Staying Rich With A Balanced Portfolio
#116 Lyn Alden On Broken Money, Higher Inflation, Gold, And Bitcoin
#115 Dr. Lacy Hunt On The Impending Recession
#114 Bob Elliott On Why It's Time For A 10% Gold Allocation
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