The Value-Investing Expert: The Life and Money Lessons I Learned Working with Charlie Munger [Video]

Most families who obtain immense wealth squander it by the third generation. But Chris Davis comes from a family whose grandfather and father all become independently wealthy of each other, and Davis has done the same. How does that keep happening? In this conversation, we find out.

Christopher Davis has been a Director of The Coca-Cola Company since April 2018. Davis is Chairman of Davis Selected Advisers-NY, Inc., an independent investment management firm founded in 1969. Davis joined Davis Selected Advisers-NY, Inc. in 1989 as a financial analyst and in 1995, he became a portfolio manager of the firm’s flagship funds. Prior to joining Davis Selected Advisers-NY, Inc., he served as a research analyst at Tanaka Capital Management and as an accountant at State Street Bank and Trust Co.

00:00 – Intro
00:20 – Lessons Davis learned from his father and grandfather
22:34 – The importance of writing things no one reads
33:05 – Davis’ experiences through financial crises
48:41 – Why Davis loves managing a mutual fund
51:59 – Why Berkshire Hathaway operates with margin
57:15 – What is risk?
01:00:12 – On low-interest rates and their future impact
01:10:56 – The mismatched timelines between CEOs, companies, investors, and policy
01:18:29 – How Davis and Munger met
01:26:30 – Lessons learned from Munger
01:37:39 – Why avoiding weaknesses is the ultimate recipe for success
01:51:56 – How to raise non-entitled kids and avoid lifestyle creep
01:12:20 – On happiness
02:23:10 – Good vs. bad board meetings
02:27:44 – Three generations of wealth
02:33:25 – On success

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Like the mentor you’ve always dreamed of having, The Knowledge Project shares timely yet timeless lessons for work and life. Past guests include Naval Ravikant, Daniel Kahneman, Jim Collins, Angela Duckworth, Seth Godin, Melanie Mitchell, & Esther Perel.