Living a Richer, Wiser, and Happier Life w/ William Green | The Investor's Podcast
Podcast Summary:
On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” They explore what they learned from the world’s best investors about living happier lives.
Link to Full Notes: https://www.podcastrecap.org/post/living-a-richer-wiser-and-happier-life-w-william-green-the-investor-s-podcast
Key Takeaways:
Simple kindness to oneself and all that lives is the most transformational force of all
Ask yourself: "What am I optimizing for? What does a fulfilling life look like for me?"
At some points in our life, we must simply accept our circumstances and provide for our family
The most successful investors are profoundly aligned with who they are
What we envy from rich people is independence - to live a life however one sees fit
"To find a good spouse, find good friends" - Warren Buffet
The smartest and successful people emphasize the importance of building quality relationships
How to live a life with integrity (01:19)
Everyone is imperfect. We tend to put people on a pedestal when in fact, everyone has shortcomings
William on dealing with imperfection: Sometimes William does not always practice what he preaches. But the key is that he doesn't beat himself over his shortcomings, and continues to do his best
Don't feel guilty about your imperfections
David Hawkins, author 0f The Map of Consciousness Explained uses the below scale, where you can calibrate virtues and behaviors
Shame, guilt, apathy and grief score very low
Kindness, virtue, truth and love score very high
William has made it a conscious effort to be more kind to people and himself
"If I can try to be kinder and more decent, maybe that will make up for the ways where I don't behave that well"
William has a quote on his wall "Simple kindness to oneself and all that lives is the most transformational force of all" - David R. Hawkins
Charlie Munger: "Take a simple idea and take it seriously"
How to live an honest life (1:38)
One of the benefits of always telling the truth is that you don't have to remember the details of your lies and who you lied to
At a Berkshire Hathaway annual meeting in Omaha, the leader of the insurance business came on stage and immediately started talking about how Geico was underperforming
William found this to be so refreshing because it wasn't a sales
Berkshire Hathaway is "rubbing their nose in their own mistakes" and taking responsibility to improve
As a teenager, Stig did not like attending large social gatherings
In Stig's honest approach, he would tell the host that he did not want to attend the social gathering - but this did not mean he didn't want to spend time with that person
Instead of going to the party, Stig would make a plan with the host with some pizza and beer - this way they could spend quality time together without Stig having to go to an event that he might not care for
Life advice from billionaires
While writing Richer, Wiser, Happier, William spent a lot of time with Bill Miller, the founder of Miller Value Funds
In a discussion, it came up that Bill no longer wanted to attend fancy galas and parties. In fact, Bill threw out his tuxedo. This was simply in accordance with Bill's ideal life - he did not value those things
At the same time, it is important to balance always saying "no" or becoming too introverted
Mohnish Pabrai has also structured his life to accommodate his true self
Mohnish wears shorts to the office, does not take outside investors, and generally only does things that he chooses to do
If you have money, you can structure your life to be true to who you are
How to live a life that is true to your personality (18:06)
As a young journalist, William was driven to be recognized, climb the corporate ladder and appear intelligent to other people
After years of professional experience, including a particularly unpleasant work experience, William came to the realization that he only wanted to pursue projects that he liked, with people that he liked
At that point, the money did not matter
Ask yourself: "What am I optimizing for? What does a fulfilling life look like for me?"
What it means to be “poor rich”? (23:39)
William Green worked with a well-known UK billionaire a few years ago
The billionaire felt he was surrounded by "poor rich" people - they had all the money in the world, but were still unhappy with their circumstances
In order to live a happy and fulfilling life, one must live according to their principles
During the Great Recession, William resigned from a journalist role because he disliked the work and the employer.
Amid the economic turbulence, William lived in a luxurious home and his kids were in expensive private schools
At some points in our life, we must simply accept our circumstances and provide for our family. Not everyone gets to live their dream
At the same time, you don't want to look back on your life and realize you didn't live the way you would have liked
Tony Robbins: Define a life that is beautiful for you
The most successful investors are profoundly aligned with who they are. They stick to what they do best
Why what we envy from rich people is independence (38:20)
When you look at the things that are important to you in life - how much would it actually cost you to achieve them?
For example: Instead of owning a boat, lease a boat
William does not envy the super rich people and their homes that he writes about
William does envy autonomy over time and being able to live life however they want
"Envy is a really stupid sin because it's the only one you could never possibly have any fun at" - Charlie Munger
What is weird and idiosyncratic about your own value system?
William Green on being present in the moment
You can't fake being fully present and in the moment
Thematic interconnectedness - finding a theme that is recurring in multiple contexts
Do things that you truly care about and interest you
"To find a good spouse, find good friends" - Warren Buffet
How do you build quality relationships?
For many years, William let many of his relationships wane. Every time he moved, certain relationships grew and others deteriorated
At one point, William asked himself - Why do I have so few friendships? Well, I'm not a very good friend
If you want to have a good partner, be a good partner
Ed Thorpe: "If you were approaching life as a game, how do you stack the odds in your favor?"
Who you spend your time with is the most important thing of all
The smartest and successful people emphasize the importance of building quality relationships
Mohnish Pabrai asks himself two questions before spending time on a relationship:
Did he enjoy the company?
Will building a relationship with this person make me a better or worse person
How to live a life of subtraction and not of complexity (01:03:38)
If you're juggling twenty balls, you're going to drop some
Having a complex life inhibits deep work
Ken Shubenstein: when his life gets really complex and things are difficult, he simplifies and reduces complexity
Four Pillars for Ken (hedge fund manager and neuroscientist). These are the things that we know are good for you brain and necessary for optimal performance:
Exercise
Good nutrition
Meditation
Good Sleep