Behind the Balance Sheet

#23A The Best Selling Author Part 1 - William Green on Crafting a Classic & Lessons from Investing Legends

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May 18, 2023
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ANECDOTE

Marty Whitman Confesses Laziness Cost Shareholders

  • William Green's first investor interview was with Marty Whitman, a gruff value investor who later underperformed during the financial crisis.
  • Whitman admitted he became lazy as he got older and richer, leaving shareholders (including Green's mother) exposed to losses like MBIA.
INSIGHT

Investing As A Moral Custodianship

  • Managing other people's money is a moral duty, not just a technical task, because it affects retirees and families.
  • Tom Gaynor framed stewardship as a 'holy duty' that convinced Chris Davis to stick with investing as a vocation.
ANECDOTE

Tracing Mentors Revealed Values Behind Success

  • Green chased the mentors of great investors, interviewing figures like Helmuth Friedlander and Jack Bogle to trace influence across generations.
  • He observed intimate moments, e.g., Bogle tearing up describing mentor Walter Morgan and a story of Morgan sending a suit to a needy correspondent.
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