#151 Whitney Tilson On The Mistake Of Predicting Doom And Gloom

Former hedge fund manager Whitney Tilson, now Editor at Stansberry Research, returns to The Julia La Roche Show for a wide-ranging discussion on the economy, markets, and common mistakes investors make.  Whitney discusses the strength of the macro picture and the importance of not betting against America.  In this conversation, Whitney shares stock picks, reflects on missed opportunities, and discusses the importance of letting winners run. He also talks about closing his hedge fund, lessons learned, and the wisdom he gained from the late Charlie Munger.  Tilson emphasizes the need for patience and discipline in investing and highlights the five calamities that can derail a successful life. Links:  Stansberry Research: https://stansberryresearch.com/our-team/whitney-tilson The Art of Playing Defense: https://www.amazon.com/Art-Playing-Defense-Falling-Behind-ebook/dp/B091QFHJ6B Timestamps  00:00 Introduction 00:55 Big picture view of the economy and markets  02:43 Caution against letting politics influence investment decisions 03:38 The mistake of predicting gloom and doom 05:24 Betting against America doesn’t make sense  06:59 There are warning flags, but stocks aren’t in bubble territory  8:10 Bitcoin smells frothy, but ‘I would never short it’  09:22 Stock Picks: Berkshire Hathaway, Meta, and other opportunities 10:02 Bitcoin is an instrument of pure speculation  15:56 Stock pick ideas - Berkshire Hathaway, Meta, etc. 21:26 Introduction to Warren Buffett and value investing 26:48 Stock exchanges as interesting investment opportunities 29:08 Lessons from missed opportunities 36:07 The importance of letting winners run 38:50 Reflecting on closing the hedge fund, mental mistakes investors make 43:48 Running a Hedge Fund with Patience and Discipline 46:13 Charlie Munger's legacy 50:06 The Art of Playing Defense