Summary of William Green's Richer, Wiser, Happier

By IRB Media

Get the Summary of William Green's Richer, Wiser, Happier in 20 minutes. Please note: This is a summary & not the original book. Original book introduction: 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.

• Language: English
• Publisher: IRB Media
• Release date: Jun 20, 2021
• ISBN: 9781638155409

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

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Insights from Chapter 1

#1

According to Italian philosopher Niccolò Machiavelli, 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 it.

#2

There are several winning principles that you can clone when it comes to making successful investments.

#3

The first principle is to only invest in a company that falls within your circle of competence. According to Indian-American businessman and investor Mohnish Pabrai, it’s important to ask yourself whether you’re at the center of your circle of competence, near its edge, or outside it.

#4

Second, make sure the company trades at a large enough discount to its underlying value to provide a significant margin of safety. Your investment should be so cheap that it requires little mental effort. Constructing elaborate Excel spreadsheets only gives you the illusion of predicting the future, which is impossible.

#5

Third, slowly turn your focus away from cheap stocks toward