In today’s episode, William Green chats with Jason Zweig about his updated & revised edition of Benjamin Graham’s The Intelligent Investor, which Warren Buffett describes as “by far the best book on investing ever written.” Jason, who also writes the Wall Street Journal’s Intelligent Investor column, explains why Graham’s classic book still holds vitally important lessons for today’s investors. He also shares what he’s learned from interviewing Buffett & Charlie Munger.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:33 - How Jason Zweig tackled the “honor & burden” of revising The Intelligent Investor.
11:06 - How Ben Graham’s 4 core principles can help you to invest intelligently.
25:24 - What a sudden plunge in Japanese stocks shows about the craziness of markets.
27:56 - What Jason views as the most important paragraph ever written about investing.
32:42 - How Warren Buffett & Bill Miller profit from being “inversely” emotional.
33:57 - How regular investors can win by tuning out Wall Street’s propaganda.
39:15 - Why you must decide if you’re an “enterprising” or “defensive” investor.
44:40 - Why maintaining a “margin of safety” matters more than anything.
48:40 - Why Jason believes index funds should form the base of your portfolio.
52:52 -Why it’s so hard to pick the tiny minority of “superstocks.”
1:00:21 - What dooms the vast majority of fund managers to underperform.
1:14:33 - How Graham’s most successful investment violated his own principles.
1:33:01 - What life lessons Jason learned from Graham, Buffett, & Charlie Munger.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Jason Zweig’s website.
Benjamin Graham’s The Intelligent Investor, revised and updated by Jason Zweig.
Jason Zweig’s book on neuroeconomics, Your Money and Your Brain.
Jason Zweig’s satirical survival guide to Wall Street, The Devil’s Financial Dictionary.
William Green’s previous podcast episode with Jason Zweig | YouTube Video.
William Green’s podcast episode with Christopher Begg | YouTube Video.
William Green’s podcast episode with Peter Keefe | YouTube Video.
William Green’s book, “Richer, Wiser, Happier” – read the reviews.
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