RWH017: Fidelity Legend Joel Tillinghast

IN THIS EPISODE, YOU’LL LEARN:

• 03:07 - How Joel Tillinghast fell in love with investing as a boy of eight or nine.
• 07:51 - What he learned from his first investment, which he’s (so far) held for 54 years.
• 09:12 - Why it’s critical not to overpay, even when you’re investing in a superb business.
• 11:04 - How his approach differs from the strategy of another Fidelity legend, Will Danoff.
• 14:55 - What Joel admires about Cathie Wood.
• 19:20 - What he learned from a disastrous macroeconomic bet using borrowed money.
• 33:36 - Why it’s important to invest in “adaptive companies.”
• 34:50 - How he was hired at Fidelity after cold calling Peter Lynch.
• 39:56 - How young people can break into the investment business at a firm like Fidelity.
• 44:59 - What qualities made Peter Lynch a wildly successful stock picker.
• 53:38 - Why Joel avoids biotech stocks.
• 54:25 - Why it’s critical to know yourself & stick to games where you truly have an edge.
• 56:47 - How he thinks about diversification & why he owns a huge number of stocks.
• 1:11:07 - How he made more than 1,000 times his money investing in Monster Beverage.
• 1:10:08 - How emotional exhaustion led him to announce his retirement next year.
• 1:23:12 - How he was affected by a terrifying experience of an earthquake in Japan.
• 1:27:21 - How to handle adversity by letting go of what we can’t control.
• 1:29:26 - What he’s trying to teach Fidelity’s next generation of fund managers.
• 1:32:27 - What gives Joel satisfaction as he looks back on his extraordinary career.
• 1:35:24 - What he learned from his beloved father.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Joel Tillinghast’s Fidelity Low-Priced Stock Fund.
• Joel’s book, Big Money Thinks Small: Biases, Blind Spots, & Smarter Investing.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• William Green’s Twitter.

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