In this episode, William Green chats with Robert Hagstrom, Chief Investment Officer & Senior Portfolio Manager at Equity Compass. Robert is the author of a classic book, “The Warren Buffett Way,” which lays out the principles that made Buffett the greatest investor of all. Here, Robert shares life-changing lessons he learned from Buffett & two other icons: Charlie Munger & Bill Miller. He also explains why a focused, low-turnover portfolio is a brilliant but difficult strategy. What you'll learn here: 00:00:00 - Intro 00:05:02 - How Robert Hagstrom became a multidisciplinary thinker. 00:08:22 - How to think better & invest better by tuning out the noise. 00:25:35 - What mistake Warren Buffett made most frequently. 00:30:48 - Why Nvidia is Robert’s biggest holding. 00:35:01 - Why AI falls short when it comes to investment decisions. 01:01:43 - How Miller endured & recovered from a devastating mistake. 01:09:12 - What insights led Bill Miller to make billions in Amazon & Bitcoin. 01:25:54 - Why it’s smart but really hard to own a concentrated portfolio. 01:30:07 - Why Robert views Modern Portfolio Theory with disdain. 01:35:43 - What advice Robert received from investing giant Bill Ruane. 01:40:59 - Why you should be deeply wary of investing in private equity. 01:56:18 - What life lesson Robert has learned from Buffett. Transcript & Guest Info: https://www.theinvestorspodcast.com/richer-wiser-happier/what-buffett-munger-bill-miller-taught-me-w-robert-hagstrom/ 🤝 Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here: https://www.theinvestorspodcast.com/summit 💰 Build a life that’s truly Richer, Wiser, and Happier by joining William Green’s RWH Masterclass! Email kyle@theinvestorspodcast.com to join the waitlist. 🤝 Join like-minded value investors this October in NYC by joining the TIP Mastermind Community. https://www.theinvestorspodcast.com/mastermind/ 💎 Explore a new business weekly and decide if it deserves a spot in your portfolio. https://www.theinvestorspodcast.com/intrinsic-value-podcast/ ▶️ Related Episodes: - Legendary Investor Bill Miller: Signals to Buy Stocks: https://youtu.be/BN2XgTfollM - The Way to Win w/ Bill Nygren: https://youtu.be/H0lZJurFQno 📖 Books Mentioned: - ⁠The Warren Buffett Way by Robert Hagstrom: https://amzn.to/416y9DI - ⁠The Warren Buffett Portfolio⁠ by Robert Hagstrom: https://amzn.to/3V2MWMc - Investing: The Last Liberal Art⁠ by Robert Hagstrom: https://amzn.to/46Y1OCN - How to Read a Book⁠ by Mortimer Adler: https://amzn.to/45P34Hk - The Metaphysical Club⁠ by Louis Menand: https://amzn.to/45SrAr6 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/richer-wiser-happier/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: 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. #WarrenBuffett #CharlieMunger #BillMiller #InvestingStrategies #RobertHagstrom