William Green speaks with Barron’s Roundtable member Bill Priest, who is Vice Chairman of TD Wealth and founder, Chairman, and Co-Chief Investment Officer of TD Epoch. Bill is the co-author of several books, including “Winning at Active Management.” Having prospered for six decades in the financial markets, Bill has seen it all. Here, he talks about his core investing principles & why he believes investors are too complacent in the face of mounting risk & fragility. WHAT YOU'LL LEARN HERE: 00:00:00 - Intro 00:04:15 - How Bill Priest fell in love with the stock market. 00:33:39 - Why he focuses relentlessly on free cash flow & cost of capital. 00:39:30 - How he goes about analyzing a business.  00:48:29 - Why growth stocks may start to struggle. 00:49:34 - Why he’s worried about the threat of stagflation.  00:59:36 - How investors can protect themselves from an unknowable future. 01:04:01 - Why AI is unstoppable, not just another bubble. 01:06:48 - Why he’d be “very careful” about investing in China. 01:12:48 - Why you should keep ample cash to ride out difficult times. 01:17:53 - Why his exposure to equities is much lower than usual. 01:21:58 - How to be a successful leader. 01:57:25 - What he’s learned from his daughter about happiness. Transcript & Guest Info: https://www.theinvestorspodcast.com/richer-wiser-happier/trouble-ahead-w-bill-priest/ Join our highly vetted community of value investors: https://www.theinvestorspodcast.com/mastermind/ 🔔 Subscribe now and never miss an episode: http://www.youtube.com/c/WeStudyBillionaires?sub_confirmation=1 📊 Add the Fundrise Flagship Fund to your portfolio in just minutes and with as little as $10. https://fundrise.com/wsb 📚 Start accelerating your learning journey today. Sign up and listen to Richer, Wiser, Happier for free at https://theinvestorspodcast.com/audible BOOKS MENTIONED: - Free Cash Flow and Shareholder Yield by Bill Priest: https://amzn.to/40dGnse - Winning at Active Management by Bill Priest: https://amzn.to/4fXPEdP - Autocracy, Inc. by Anne Applebaum: https://amzn.to/40tFFbG - What Went Wrong with Capitalism by Ruchir Sharma: https://amzn.to/3BSv2Gd - Richer, Wiser, Happier by William Green: https://amzn.to/426wpeY ▶️ RELATED EPISODES: - How to Thrive Amid Change w/ Brad Stulberg: https://youtu.be/DlB4pJbUptU - How to Beat the Market Over 50 Years w/ Jay Bowen: https://youtu.be/cFJtWt8HFhU - A New Golden Age for Savvy Stockpickers w/ Bob Robotti: https://youtu.be/LPJTOBZw74E - How to Build Enduring Wealth w/ Guy Spier: https://youtu.be/Nps8i1Pl9hU - The Vigilant Investor’s Guide to Success in Stocks & Life w/ Chris Bloomstran: https://youtu.be/kM8Z7cWtKV4 - How To Succeed In Business, Investing, & Life w/ Tom Gayner: https://youtu.be/TUG0xxdL0O8 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. Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/richer-wiser-happier The Intrinsic Value newsletter: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ 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. #BillPriest #Investing #StockMarket #FinancialRisk #FinancePodcast