William Green chats with Joel Tillinghast, an investment superstar who manages about $70 billion at Fidelity. Peter Lynch has described him as “one of the greatest, most successful stock pickers of all time.” In this rare, in-depth interview, Joel shares invaluable lessons from a dazzling career in which he’s beaten the market by a stunning 3.7 percentage points a year since 1989. IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro 00:00:40 - How Joel Tillinghast fell in love with investing as a boy of eight or nine. 00:05:55 - What he learned from his first investment, which he’s (so far) held for 54 years. 00:07:16 - Why it’s critical not to overpay, even when you’re investing in a superb business.  00:09:15 - How his approach differs from the strategy of another Fidelity legend, Will Danoff. 00:13:50 - What Joel admires about Cathie Wood. 00:18:56 - What he learned from a disastrous macroeconomic bet using borrowed money. 00:29:56 - Why it’s important to invest in “adaptive companies.” 00:31:20 - How he was hired at Fidelity after cold calling Peter Lynch. 00:37:04 - How young people can break into the investment business at a firm like Fidelity. 00:42:46 - What qualities made Peter Lynch a wildly successful stock picker. 00:53:07 - Why Joel avoids biotech stocks. 00:53:39 - Why it’s critical to know yourself & stick to games where you truly have an edge. 00:56:11 - How he thinks about diversification & why he owns a huge number of stocks. 01:08:05 - How he made more than 1,000 times his money investing in Monster Beverage. 01:15:56 - How emotional exhaustion led him to announce his retirement next year. 01:21:49 - How he was affected by a terrifying experience of an earthquake in Japan. 01:26:39 - How to handle adversity by letting go of what we can’t control. 01:28:50 - What he’s trying to teach Fidelity’s next generation of fund managers. 01:32:24 - What gives Joel satisfaction as he looks back on his extraordinary career. 01:35:45 - What he learned from his beloved father. 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig and the other community members: https://theinvestorspodcast.com/mastermind 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODE: - How to BEAT the Market | Joel Tillinghast & Uncovering the Art of Outperformance: https://youtu.be/GCwcqO9u_08 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/richer-wiser-happier/fidelity-legend-joel-tillinghast/ 📖  BOOKS MENTIONED: - Big Money Thinks Small by Joel Tillinghast: https://amzn.to/3gxLH72 - Richer, Wiser, Happier by William Green: https://amzn.to/3RX9gDp Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life. 🌍 Website: https://www.theinvestorspodcast.com/richer-wiser-happier/  ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.