#151 Whitney Tilson On The Mistake Of Predicting Doom And Gloom

The Julia La Roche Show

Former hedge fund manager Whitney Tilson, now Editor at Stansberry Research, returns to The Julia La Roche Show for a wide-ranging discussion on the economy, markets, and common mistakes investors make.

Whitney discusses the strength of the macro picture and the importance of not betting against America.

In this conversation, Whitney shares stock picks, reflects on missed opportunities, and discusses the importance of letting winners run. He also talks about closing his hedge fund, lessons learned, and the wisdom he gained from the late Charlie Munger.

Tilson emphasizes the need for patience and discipline in investing and highlights the five calamities that can derail a successful life.

Links:

Stansberry Research: https://stansberryresearch.com/our-team/whitney-tilson

The Art of Playing Defense: https://www.amazon.com/Art-Playing-Defense-Falling-Behind-ebook/dp/B091QFHJ6B

Timestamps

00:00 Introduction

00:55 Big picture view of the economy and markets

02:43 Caution against letting politics influence investment decisions

03:38 The mistake of predicting gloom and doom

05:24 Betting against America doesn’t make sense

06:59 There are warning flags, but stocks aren’t in bubble territory

8:10 Bitcoin smells frothy, but ‘I would never short it’

09:22 Stock Picks: Berkshire Hathaway, Meta, and other opportunities

10:02 Bitcoin is an instrument of pure speculation

15:56 Stock pick ideas - Berkshire Hathaway, Meta, etc.

21:26 Introduction to Warren Buffett and value investing

26:48 Stock exchanges as interesting investment opportunities

29:08 Lessons from missed opportunities

36:07 The importance of letting winners run

38:50 Reflecting on closing the hedge fund, mental mistakes investors make

43:48 Running a Hedge Fund with Patience and Discipline

46:13 Charlie Munger's legacy

50:06 The Art of Playing Defense