July 14, 2024 • 1hr 27min

TIP644: Richer, Wiser, Happier Q3, 2024 w/ Stig Brodersen & William Green

We Study Billionaires - The Investor’s Podcast Network

In this episode, host Stig Brodersen is joined by co-host William Green to discuss their personal journeys of serving others and finding purpose. They explore the challenges of balancing ego, building meaningful relationships, and using their platforms to positively impact others in the value investing community and beyond.

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Key Takeaways

Serving others can be a powerful way to keep one's ego in check and find purpose, but it's a journey that develops over time
Building meaningful relationships is important but can be challenging to balance with serving a wider audience
Structuring regular time for important relationships and conversations is valuable, even if there isn't a specific agenda
Being open to serendipitous moments of helping others can lead to profound impacts
There's often a tension between wanting simplicity and taking on new projects or commitments that add complexity
It's valuable to surround yourself with "friends along the path" who support your growth and learning

Introduction

In this episode, host Stig Brodersen is joined by co-host William Green to discuss their personal journeys of serving others and finding purpose. They explore the challenges of balancing ego, building meaningful relationships, and using their platforms to positively impact others in the value investing community and beyond.

Topics Discussed

Ego and Serving Others (1:24)

William reflects on his struggles with ego throughout his career:

He acknowledges having a "huge ego" but has gotten better at not overtly boasting
Believes the ego often just gets "craftier" as we try to overcome it
Finds it helpful to remember we all have an "evil inclination" - the key is learning to bind it

Stig shares that serving others has been a way for him to keep his own ego in check. He notes that it's easier to have principles about serving others once you've reached a certain level of financial stability.

Journey to Serving Others (5:52)

William describes his evolution in focusing on serving others:

Early career was driven more by ego, desire to prove himself, fear of failure
Gradually developed more altruism and desire to teach/share ideas
Key moments like feeling joy at a friend's success showed a shift
Having kids awakened more care for others beyond himself
Financial success and security made it easier to focus on serving others

Stig shares his journey with The Investor's Podcast:

Initially started just for fun, not with a mission to serve others
As it grew, began thinking more about purpose and how to best serve the audience
Now struggles with how to balance serving many vs building deeper relationships

Investing with Mohnish Pabrai (27:58)

Stig explains why he chose to invest with Mohnish Pabrai:

Long track record (2+ decades) of strong performance
Concentrated portfolio (typically 10 stocks) to access best ideas
Way to hedge against his own potential mistakes
Believes Pabrai would likely outperform him over many trials
Understands Pabrai's approach well enough to recognize if he "lost it"

William shares his different approach to choosing managers to invest with:

Also prefers concentrated, patient investors
Places high importance on liking and trusting the person
Wants managers who will be positive additions to his life

Not Judging Others for Flawed Values (34:13)

Stig shares a recent experience of turning down a lucrative business opportunity because he didn't want to work with someone whose values didn't align with his own. He reflects that it's easy to have principles when you can afford them, and we shouldn't harshly judge others who make different choices out of necessity.

William agrees it's important to be careful about who you have in your "ecosystem" as it impacts your own behavior. He cites Buffett's avoidance of debt as an example of not wanting to see what he was capable of in difficult circumstances.

The Richer, Wiser, Happier Masterclass (40:41)

William discusses his plans for an intimate year-long masterclass based on his book:

10-20 participants maximum
Monthly 90-120 minute Zoom discussions
In-person events in New York and Omaha
Opportunity for deeper relationships and impact
Experiment in balancing broad reach with deeper connections

He frames it as creating another "container" for "friends along the path" to explore ideas together.

Building and Maintaining Meaningful Relationships (53:25)

William shares his approach to relationships:

Realized he had been neglecting friendships and needed to prioritize them
Has regular structured conversations with small groups of friends
Values "friends along the path" who support mutual growth and learning
Tries to be open to serendipitous moments of connection and helping others

Stig reflects on the challenges of building deep relationships while serving a large audience:

Finds it harder to build relationships as the podcast has grown
Values the TIP Mastermind community for allowing deeper connections
Struggles with balancing serving many vs building meaningful relationships

William emphasizes the importance of structuring time for important relationships, even without a specific agenda. He shares a powerful story of returning a stranger's lost phone, which ended up potentially saving her life, as an example of being open to unexpected opportunities to help others.

Conclusion

The conversation between Stig and William highlights the ongoing journey of learning to serve others and find purpose. They both acknowledge the challenges of balancing ego, building meaningful relationships, and using their platforms to positively impact others. Key themes that emerged include:

The importance of self-awareness and continually working on oneself
The value of surrounding yourself with people who support your growth
The need to be intentional about structuring time for important relationships
The potential for profound impact through seemingly small acts of kindness
The ongoing tension between simplicity and taking on new projects or commitments

Both hosts emphasize that they are still learning and evolving in their approaches. They encourage listeners to reflect on their own journeys of serving others and finding purpose, while being open to unexpected opportunities to make a difference in others' lives.