William Green chats with Adam Shapiro, Managing Partner at East Rock Capital. Adam oversees billions on behalf of eight vastly rich families, allocating their assets to everything from hedge funds to private equity. Here, he explains how to build & safeguard wealth over the long term; how he identifies the best fund managers; why he’s wary of index funds & ETFs; & how to thrive by building a powerful network & removing excess “filler” from your portfolio & your life. IN THIS EPISODE, YOU’LL LEARN 00:00:00 - Intro 00:05:27 - Why Adam Shapiro stopped investing in emerging markets.  00:09:02 - Why the U.S. is a great—but potentially perilous—place to invest.  00:18:44 - What he learned at Goldman Sachs about intelligent investing.  00:39:16 - How he identifies fund managers who are likely to outperform. 00:42:52 - Why he favors small funds run by young & hungry investors. 00:46:08 - What human qualities lead to investment success. 00:56:20 - How Adam built an investing edge through networking. 01:15:43 - How to reduce your risk & ensure survival in extreme conditions. 01:20:34 - Why Adam is wary of index funds & ETFs. 01:25:07 - How David Swensen’s Yale Endowment Model can be updated. 01:29:34 - Why his #1 financial rule is “never, ever run out of liquidity.”  01:42:16 - Why firms like Millennium & Citadel may be riskier than they seem. 01:54:09 - How to improve your portfolio & life by subtracting excess “filler.” 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig and the other community members: https://theinvestorspodcast.com/mastermind 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - How to Win the Investment Game w/ Bryan Lawrence: https://youtu.be/ggSd95TRBKM - The Bullish Energy Cycle w/ Arvind Sanger: https://youtu.be/j5bN6RAkc1c - A New Golden Age for Savvy Stockpickers w/ Bob Robotti: https://youtu.be/LPJTOBZw74E - The Vigilant Investor’s Guide to Success in Stocks & Life w/ Chris Bloomstran: https://youtu.be/kM8Z7cWtKV4 🎧 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/betting-billions-on-outlier-talent-w-adam-shapiro/ 📖  BOOKS MENTIONED: - Don’t Trust Your Gut by Seth Stephens-Davidowitz: https://amzn.to/46q5085 - Pioneering Portfolio Management by David Swensen: https://amzn.to/3LLhLR9 - When Genius Failed by Roger Lowenstein: https://amzn.to/3SxsCSa Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Adam Shapiro’s investment firm, EastRock Capital: https://eastrockcap.com/ - Harvard Business School’s case study of EastRock Capital: https://tinyurl.com/3havyduv - Adam Shapiro’s articles in his LinkedIn newsletter: https://tinyurl.com/yc6xkanj - Institutional Investor’s article on why early life-cycle funds outperform: https://tinyurl.com/mr2zhc58 - 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/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚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.