Excess Returns The 100 Year Thinkers | Chris Mayer and Robert Hagstrom on the Dangers of Abstraction
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Dec 15, 2025 
Join Robert Hagstrom, a value investing guru and author, alongside Chris Mayer, a long-term stock selection expert, as they dive into how Wall Street's labels mislead investors. They explore the pitfalls of simplistic market models and advocate for clearer language and better mental frameworks. Discover the power of general semantics in investing, the importance of patience in yielding returns, and why focusing on business fundamentals trumps daily market noise. Learn to navigate the complexities of investing with interdisciplinary insights!
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Drop The Value vs Growth Labels
- Ignore strict value/growth labels when selecting investments.
- Judge a stock by whether you can buy it for less than it's worth, regardless of P/E or price‑to‑book.
Extend Your Time Horizon
- Evaluation frequency warps judgment and creates myopic loss aversion.
- Extending your time horizon reveals business compounding that daily prices obscure.
Turn Off The Market Noise
- Disconnect from financial noise; focus on underlying business metrics instead of price ticks.
- Avoid watching financial TV and only check news when researching a target.
