RWH019: Winning the Long Game w/ John Spears

<p><strong>IN THIS EPISODE, YOU’LL LEARN:</strong></p><ul><li>04:04 - How John Spears became obsessed with investing when he was 12 years old.</li><li>11:34 - How skipping school to meet an investing legend set him on a path to success.</li><li>16:07 - How a catastrophic early investment humbled John &amp; taught him to be more prudent.</li><li>24:12 - Why he focuses intensely on tracking insider buying of cheap stocks by top executives.</li><li>27:28 - What he learned by studying Ben Graham &amp; teaching himself to buy cheap stocks.</li><li>32:42 - How Warren Buffett bought his stake in Berkshire Hathaway through Tweedy, Browne.</li><li>41:54 - What it was like sharing an office with another fabled investor, Walter Schloss.</li><li>50:12 - Why John owns high-quality compounders like Heineken &amp; Nestle, which aren’t cheap.</li><li>52:01 - What empirical research has taught him about the strategies that work best over time.</li><li>1:01:29 - Why we should focus on achieving “satisfactory” returns, not shooting the lights out.</li><li>1:08:40 - Why it’s wise to avoid a lot of debt, live within your means, &amp; keep ample cash reserves.</li><li>1:12:02 - Why we should diversify overseas, maximizing our odds of finding undervalued stocks.&nbsp;</li><li>1:13:36 - How John thinks about investing in foreign markets like China, the U.K., &amp; Switzerland.</li><li>1:20:40 - Why he prefers to own a “dull old” stock like Tesco, instead of something sexier &amp; riskier.&nbsp;</li><li>1:27:42 - What factors have contributed to him having a happy life.</li><li>1:38:01 - How the principles he learned as a Quaker have influenced the way he lives &amp; works.</li><li>1:50:36 - Why he regards capitalism as a powerful force for good.</li></ul><p><br></p><p><em>Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.</em></p><p><br></p><p><strong>BOOKS AND RESOURCES</strong></p><ul><li>Tweedy, Browne’s research papers on <a href="https://www.tweedy.com/research/papers_speeches