#186 Tom Gayner: Short-Term Patience, Long-Term Results

On this episode of The Knowledge Project, Shane Parrish sits down for a wide-ranging interview with Tom Gayner, a leader in investment strategies and friend and disciple of Charlie Munger. Gayner and Shane reflect on the most important life lessons they've learned from Munger (including their first-hand observations), what to look for when evaluating a company, and the importance of evaluating your opportunity costs before making decisions. Gayner shares his philosophy about debt, why he disagrees with Munger about the value of reading fiction, and how simplicity is the superior management philosophy. He also talks about the importance of playing a long-term game in a short-term world and how to overcome the obstacles of doing so. Plus, Shane and Gayner discuss the biographies that have impacted their lives and thinking most. Gayner is currently the CEO of Markel Group and the Director of The Coca‑Cola Company. He also serves as chairman of the Davis Series Mutual Funds board and on the boards of Graham Holdings and Markel. -- Want even more? Members get early access, hand-edited transcripts, member-only episodes, and so much more. Learn more here: https://fs.blog/membership/ Every Sunday our Brain Food newsletter shares timeless insights and ideas that you can use at work and home. Add it to your inbox: https://fs.blog/newsletter/ Follow Shane on Twitter at: https://twitter.com/ShaneAParrish Our Sponsors: MetaLab: Helping the world’s top companies design, build, and ship amazing products and services. https://www.metalab.com Sidebar: Accelerate your career. https://www.sidebar.com/shane Eight Sleep: Sleep to power a whole new you. https://www.eightsleep.com/farnamstreet