My guest today is Jason Zweig, a personal finance columnist for The Wall Street Journal. He's also the author of the revised edition of Benjamin Graham's The Intelligent Investor, which Warren Buffett has described as "by far the best book about investing ever written." We begin the episode by discussing the evening Jason spent with Charlie Munger at his home in Southern California. Then we talked about Jason's collaboration with Daniel Kahneman, the Nobel Prize winning behavioral economist. We discuss Jason's time growing up on a small farm in upstate New York, and why Jason's Wall Street Journal columns are intended to save investors from themselves. Then we had a conversation talking about the power of small details and communication, and why writing demands fresh language. And nearly every single part of this conversation applies to my online writing course called Write of Passage, where I teach students to launch a personal website, build their writing habits, and attract an online audience. SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST. SHOW TOPICS LINKS: Find Jason online: Twitter Website WSJ’s The Intelligent Investor Other mentions: Charlie Munger, Unplugged by Jason Zweig (Paywall) The Intelligent Investor by Benjamin Graham Thinking, Fast and Slow by Daniel Kahneman Look Homeward Angel by Thomas Wolf The Years of LBJ by Robert Caro SHOW NOTES 1:38 What Jason learned from his six-hour long conversation with Charlie Munger, delivering the same information in different and entertaining ways, why you should bet on regression to the mean instead of being procyclical when it comes investing. 8:00 What are the similarities between Charlie Munger and Daniel Kahneman, why you have to be ready to kill your darlings when it comes to writing, and what does Jason’s information diet looks like. 24:10 How Jason thinks about the idea of “saving investors from themselves”, the role of entertainment in Jason’s writings, why clichés are a symptom of lazy thinking, and inflection points in Jason’s career 42:10 How growing up in rural New York fueled Jason’s intellectual curiosity, how Jason would approach building a writing career if he was just starting out, and why you should treat words like 45 pound dumbbells. 55:44 Pivotal moments that influenced Jason’s writing process, the importance of being able to take criticism well, and how Jason uses collective intelligence to improve his thinking 1:08:17 The dangers of learning too narrow a lesson, how Jason was as a young college student, and why overconfidence might a positive influence for young writers SUBSCRIBE TO MY “MONDAY MUSINGS” NEWSLETTER TO KEEP UP WITH THE PODCAST.
Acclaimed business journalist and writer of the Wall Street Journal’s ‘Intelligent Investor’ column Jason Zweig speaks with MarketFox columnist Daniel Grioli about value investing in today’s world and tries his hand at answering the question: How would Benjamin Graham invest today?
Short overview of content of podcast:
2:00 How did you get started in industry?
5:20 It is only when you talk to people about money when you really learn what they are about.
8:00 Jason's 2015 book, The Devil's Financial Dictionary’. It defines the entry 'day trader', as 'idiot'. He also lists 'data' as 'the raw material that Wall Street uses to build its fabrications on'.
13:30 Having more information is probably a social good, but makes the job of a long-term investor more challenging.
19:40 Facebook. Any successful organisation is somewhat indistinguishable from a religious cult.
28:30 ‘Your Money and Your Brain’, How did you come to write that?
35:00 The Intelligent Investor. Jason says his involvement was due to luck.
40:00 How would Benjamin Graham invest today?
46:00 Regression of the mean is still there, but we don’t see much sign of it.
50:55 Smart Beta might just work, at least as long as investors are too dumb to notice that it is working.
55:00 Robo advice. Will it help overcame human biases?
Jason Zweig of the Wall Street Journal and author of The Devil's Financial Dictionary talks with EconTalk host Russ Roberts about finance, financial journalism and Zweig's new book. Zweig discusses rationality and the investor's challenge of self-restraint, the repetitive nature of financial journalism, and the financial crisis of 2008.
WSJ columnist Jason Zweig and I tackle important topics like how to be a smarter investor, filtering out noise, why philosophy and history matters, and his new book, The Devil’s Financial Dictionary. GO PREMIUM: Support the podcast, get ad-free episodes, transcripts, and so much more: https://fs.blog/knowledge-project-premium/
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