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TIP540: Lessons in Life and Business from a Self-Made Billionaire w/ Andrew Wilkinson

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Mar 31, 2023

Guest

Andrew Wilkinson

Trey interviews Andrew Wilkinson, a self-made billionaire and co-founder of Tiny, known for acquiring and scaling tech companies. They discuss innovative strategies for navigating market disruptions and personal growth through self-care. Andrew reveals insights from his partnerships with investing icons like Bill Ackman and Howard Marks. The conversation also covers his unique perspectives on parenting and fostering a love for investing in children, as well as setting 'anti-goals' to prioritize personal well-being and success.

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INSIGHT

Raising Children with Wealth

Wilkinson likens inherited wealth to a farmer teaching children about industrial farming, not root vegetables.
He believes in open communication about wealth with children, explaining his businesses and income.

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ADVICE

Nurturing Passions

Encourage children's natural passions and avoid pressuring them into specific fields like investing.
Expose them to various opportunities and let them develop their own interests.

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ADVICE

The Power of Anti-Goals

Identify and avoid things that make you unhappy (anti-goals).
Reverse-engineer these to guide hiring and delegation decisions.

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Navigating Opportunities Amidst Market Turbulence

01:38 • 8min

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Navigating WeCommerce's Journey

09:46 • 7min

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Quick Deals and Personal Connections

17:15 • 7min

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Navigating Wealth, Parenting, and Investment Strategies

24:28 • 19min

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Leveraging Influential Connections

43:11 • 4min

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Strategies of Success and Self-Reflection

47:24 • 19min

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The Warren Buffett Way

Investment Strategies of the World's Greatest Investor

Robert G Hagstrom

This book provides an in-depth examination of Warren Buffett's investment strategies, highlighting his approach to valuing businesses, his criteria for selecting investments, and the key principles that have contributed to his remarkable success. It emphasizes Buffett's focus on understanding the business rather than speculating on stock prices, and it outlines his business, management, and financial tenets for evaluating potential investments.

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How to Get Rich

Felix Dennis

In 'How to Get Rich,' Felix Dennis shares his insights and experiences on building wealth. The book is distinct from other self-help or get-rich-quick guides as it emphasizes the importance of hard work, calculated risks, and ownership. Dennis discusses the necessity of execution over great ideas, the role of luck, and the need to overcome fear and embarrassment of failure. He also highlights the importance of maintaining control over one's business and the sacrifices required to achieve significant wealth. The book is known for its blunt and practical advice, reflecting Dennis's own journey from a college dropout to a multi-millionaire.

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The E-myth revisited

why most small businesses don't work and what to do about it

Michael E. Gerber

The E-Myth Revisited challenges the common assumption that most businesses are started by entrepreneurs. Instead, Gerber argues that most businesses are started by technicians who understand the technical work but not the business itself. The book introduces the concept of the E-Myth and explains that successful business owners must balance three roles: the Entrepreneur (the visionary), the Manager (the planner and organizer), and the Technician (the one who performs the technical work). Gerber emphasizes the distinction between working 'in' your business and working 'on' your business, and he provides strategies for systemizing and scaling businesses, including the concept of the Franchise Prototype.

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The Dhandho Investor

Mohnish Pabrai

The Dhandho Investor presents a powerful framework for value investing, drawing from the principles of Benjamin Graham, Warren Buffett, and Charlie Munger. It emphasizes strategies like buying existing businesses at discounted prices, investing in simple industries, and leveraging arbitrage opportunities. The book offers practical advice on achieving high returns with minimal risk through a disciplined investment approach.

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The Tao of Charlie Munger

A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark

David Clark

This book is a compendium of quotes from Charlie Munger, culled from interviews, speeches, and questions and answers at the Berkshire Hathaway and Wesco annual meetings. It offers insights into Munger’s remarkable financial success and life philosophies. Described by Business Insider as 'sharp in his wit and investing wisdom,' Munger’s investment tips, business philosophy, and rules for living are unique, intelligent, and successful. The book is structured similarly to The Tao of Warren Buffett and The Tao of Te Ching, with commentary by David Clark, coauthor of the Buffettology series.

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Influence

The Psychology of Persuasion

Robert Cialdini

In this highly acclaimed book, Dr. Robert B. Cialdini explains the psychology behind why people say yes and how to apply these insights ethically. The book outlines six universal principles of influence: Reciprocation, Commitment and Consistency, Social Proof, Liking, Authority, and Scarcity. The new and expanded edition includes a seventh principle, Unity, along with new research, insights, and examples. Cialdini uses memorable stories and relatable examples to make the subject accessible and easy to understand, helping readers become more skilled persuaders and defend themselves against unethical influence attempts.

Trey chats with billionaire entrepreneur and investor, Mr. Andrew Wilkinson. They discuss various topics, including self-care and parenting, as well as exciting deals he collaborated on with Bill Ackman and Howard Marks.

Andrew is the co-founder of Tiny, which has been called the Berkshire Hathaway of Tech companies. Andrew turned his first business, MetaLab, into a not-so-tiny conglomerate in a similar fashion to how Buffett turned an old textile mill into the juggernaut Berkshire is today.

IN THIS EPISODE, YOU'LL LEARN:

0:00 - Intro

04:50 - The philosophies behind Tiny and how it operates.

10:49 - How he partnered up with Bill Ackman and Howard Marks on some exciting deals.

30:07 - Andrew’s insights from his conversations with Warren Buffett and Charlie Munger.

35:56 - What it means to set “Anti-goals”.

54:03 - The art and science of self care, de-stressing and delegation.

59:00 - Andrew’s thoughts on parenting, philanthropy, entrepreneurship, investing and a TON of amazing resources.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets by Felix Dennis.
Khan Academy Website.
The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber.
The Dhandho Investor: The Low-Risk Value Method to High Returns by Mohnish Pabrai.
Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth with Commentary by David Clark.
Influence, New and Expanded: The Psychology of Persuasion by Robert B. Cialdini.
The Psychology of Human Misjudgment by Charlie Munger Audiobook.
Tiny Website.
Trey Lockerbie's Twitter.
Andrew Wilkinson's Twitter.

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