Verwandte Artikel zu Richer, Wiser, Happier: How the World's Greatest...

Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life - Softcover

Green, William

 
9781501164866: Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life
Softcover
ISBN 10: 1501164864 ISBN 13: 9781501164866
Verlag: Scribner, 2025

Inhaltsangabe

“One of the best investing books ever written.” —Charlie Munger

From an award-winning financial journalist, a fresh and insightful book that draws on interviews with more than forty of the world’s super-investors to demonstrate that the keys to building wealth also apply to everyday life.

Billionaire investors. If we think of them, it’s with a mixture of awe and suspicion. Clearly, they possess a kind of genius—the proverbial Midas Touch. But are the skills they possess transferable? And do they have anything to teach us besides making money.

In Richer, Wiser, Happier, William Green draws on interviews that he’s conducted over twenty-five years with many of the world’s greatest investors. As he discovered, their talents extend well beyond the financial realm. The most successful investors are mavericks and iconoclasts who question conventional wisdom and profit vastly from their ability to think more rationally, rigorously, and objectively. They are master game players who consciously maximize their odds of long-term success in markets and life, while also minimizing any risk of catastrophe. They draw powerful insights from many different fields, are remarkably intuitive about trends, practice fanatical discipline, and have developed a high tolerance for pain. As Green explains, the best investors can teach us not only how to become rich, but how to improve the way we think, reach decisions, assess risk, avoid costly errors, build resilience, and turn uncertainty to our advantage.

Green ushers us into the lives of more than forty super-investors, visiting them in their offices, homes, and even their places of worship—all to share what they have to teach us. From Sir John Templeton to Charlie Munger, Jack Bogle to Ed Thorp, Will Danoff to Mohnish Pabrai, Joel Greenblatt to Howard Marks, Green explains how they think and why they win.

Profound, practical, and “unexpectedly illuminating” (Peter Diamandis), Richer, Wiser, Happier provides “many nuggets of wisdom” (The Washington Post) that will enrich you both financially and personally.

Die Inhaltsangabe kann sich auf eine andere Ausgabe dieses Titels beziehen.

Über die Autorin bzw. den Autor

William Green has written for many publications in the US and Europe, including Time, Fortune, Forbes, Fast Company, The New Yorker, The Spectator (London), and The Economist. He edited the Asian edition of Time while living in Hong Kong, then moved to London to edit the European, Middle Eastern, and African editions of Time. As an editor and coauthor, he has collaborated on several books, including Guy Spier’s much-praised memoir, The Education of a Value Investor. Born and raised in London, Green studied English literature at Oxford University and received a master’s degree in journalism at Columbia University. He lives in New York with his wife and their two children.

Auszug. © Genehmigter Nachdruck. Alle Rechte vorbehalten.

Chapter One: The Man Who Cloned Warren Buffett CHAPTER ONE The Man Who Cloned Warren Buffett
How to succeed by shamelessly borrowing other people’s best ideas



A wise man ought always to follow the paths beaten by great men, and to imitate those who have been supreme, so that if his ability does not equal theirs, at least it will savor of it.

—Niccolò Machiavelli

I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.

—Charlie Munger

It’s 7:00 a.m. on Christmas Day. Mohnish Pabrai steps into a minivan in Mumbai as the sun rises in the smoggy sky. We drive for hours along the western coast of India toward a territory called Dadra and Nagar Haveli. Our driver intermittently executes terrifying maneuvers, swerving wildly between trucks and buses. I close my eyes and grimace in horror as horns blare on all sides. Pabrai, who grew up in India before moving to the United States for college, smiles serenely, always calm in the presence of risk. Still, he concedes, “The accident rate in India is high.”

It’s a riveting drive, full of mind-bending sights. At one point, we pass a plump man by the side of the road who’s stacking bricks on top of a skinny woman’s head so she can carry them. As we drive deeper into the countryside, we see squat huts covered with grass—structures that seem to belong to another millennium. Finally, we reach our destination: a rural high school called JNV Silvassa.

Pabrai, one of the preeminent investors of his generation, has traveled here from his home in Irvine, California, to visit forty teenage girls. They are part of a program run by his charitable foundation, Dakshana, which educates gifted children from disadvantaged families across India. Dakshana is providing these girls with two years of free schooling to prepare them for the infamously difficult entrance exam to the Indian Institutes of Technology (IIT), a group of elite engineering colleges whose graduates are coveted by companies such as Microsoft and Google.

More than a million students apply to IIT each year, and less than 2 percent are accepted. But Dakshana has cracked the code. Over twelve years, 2,146 Dakshana scholars have won places at IIT—an acceptance rate of 62 percent. Pabrai views Dakshana (a Sanskrit word meaning “gift”) as a means of uplifting the most underprivileged segments of Indian society. Most Dakshana scholars come from rural families that survive on less than $2 a day. Many belong to lower castes, including “untouchables,” who have suffered centuries of discrimination.

Whenever Pabrai visits a Dakshana classroom, he breaks the ice by posing the same mathematical problem. Everyone who has solved it has subsequently won a place at IIT, so it’s a useful way to gauge the talent in the room. The question is so hard that almost nobody gets it right, and he expects none of the Silvassa students to meet the challenge. Nonetheless, he writes the problem in chalk on the blackboard at the front of the classroom: n is a prime number =5. Prove that n2 -1 is always divisible by 24. Then he leans back in a flimsy plastic chair while the girls attempt to divine the answer.I I wonder what they make of this flamboyant, larger-than-life creature—a tall, burly, balding moneyman with a luxuriant mustache, who’s dressed in a Dakshana sweatshirt and pink jeans.

After ten minutes, Pabrai asks, “Is anyone close?” A fifteen-year-old girl named Alisa says, “Sir, it’s only a theory.” Her tentativeness instills no confidence, but Pabrai invites her to the front of the classroom to show him her solution. She hands him a sheet of white paper and stands meekly before him, head bowed, awaiting judgment. Above her, a sign on the wall says, in charmingly garbled English, SO LONG AS YOU HAVE FAITH IN YOU, NOTHING WILL BE ABLE TO ABSTRACT YOU.

“It’s correct,” says Pabrai. He shakes Alisa’s hand and asks her to explain her answer to the class. He later tells me that she solved the problem so elegantly that she could rank in the top two hundred in the IIT exam. Pabrai tells her that she’s “a sure shot” to get in: “All you have to do is keep working hard.” I subsequently learn that Alisa is from the Ganjam district in the state of Odisha, one of India’s poorest districts, and was born into a caste that the government calls Other Backward Classes. In her previous school, she ranked first out of eighty students.

Pabrai asks Alisa to pose for a photograph with him. “You will forget about me,” he jokes, “but then I can tell you, ‘We have the picture!’?” The girls laugh delightedly, but I find it hard not to cry. We have witnessed something magical: a child plucked from poverty has just proven that she has the mental firepower to propel herself and her family into prosperity. Given the environment in which she was raised and the odds against her, it’s a kind of miracle.

Later that morning, the students pepper Pabrai with questions. Finally, one plucks up the courage to ask what everyone must want to know: “Sir, how did you make so much money?”

Pabrai laughs and says, “I compound money.”

Searching for a way to illustrate the concept, he says, “I have a hero. His name is Warren Buffett. Who here has heard of Warren Buffett?” Not a single hand goes up. The room is a sea of blank faces. So he tells the students about his eighteen-year-old daughter, Momachi, and how she earned $4,800 in a summer job after high school. Pabrai invested that money for her in a retirement account. He asks the students to calculate what would happen if this modest nest egg was to grow by 15 percent a year for the next sixty years. “It’s doubling every five years. That’s twelve doubles,” he says. “Life is all about doubles.”

A minute later, the students have figured it out: in six decades, when Momachi is seventy-eight years old, her $4,800 will be worth more than $21 million. There is an air of wonder in the room at the awesome power of this mathematical phenomenon. “Are you going to forget about compounding?” asks Pabrai. And forty impoverished teenagers from rural India cry out in unison, “No, sir!”
How to Turn $1 Million into $1 Billion
Not so long ago, Mohnish Pabrai hadn’t heard of Warren Buffett, either. Raised in modest circumstances in India, he knew nothing about investing, Wall Street, or high finance. Born in 1964, he spent the first ten years of his life in Bombay (now Mumbai), where his parents rented a tiny suburban apartment for $20 a month. They later moved to New Delhi and Dubai.

The family was full of colorful characters. Pabrai’s grandfather was a famous magician, Gogia Pasha, who toured the world posing as a mysterious Egyptian. As a boy, Pabrai appeared with him onstage. His role was to hold an egg. Pabrai’s father, Om Pabrai, was an entrepreneur with an uncanny knack for founding companies that went bankrupt. Among his many ventures, he owned a jewelry factory, launched a radio station, and sold magic kits by mail. Like his son, he was an incorrigible optimist. But his businesses were fatally undercapitalized and overleveraged.

“I watched my parents losing everything multiple times,” says Pabrai. “And when I say losing everything, I mean not having enough money to buy groceries tomorrow, not having money to pay the rent.… I never want to go through that again, but what I saw is that it...

„Über diesen Titel“ kann sich auf eine andere Ausgabe dieses Titels beziehen.

Verlag
Scribner
Erscheinungsdatum
2025
Sprache
Englisch
ISBN 10 
1501164864
ISBN 13 
9781501164866
Einband
Taschenbuch
Anzahl der Seiten
304
Kontakt zum Hersteller
SCRIBNER
https://www.simonandschusterpublishing.com/scribner/

1230 Avenue of the Americas
New York
NY
10019
USA
Verantwortliche Person
Simon and Schuster Netherlands BV
info@simonandschuster.nl

Herculesplein 96
Utrecht
3584 AA
Niederlande