In this episode, Clay shares the key principles behind his personal investment approach. His approach has been shaped by over a decade of experience and lessons from great investors like Charlie Munger, Nick Sleep, and Chris Mayer. He explains how he builds a portfolio focused on high-quality businesses and long-term compounding. It’s a candid look at how he filters out the noise and plays the game on his own terms.


IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:19 - How Clay defines and pursues financial independence through investing.

05:22 - The lessons Clay learned from Charlie Munger, Nick Sleep, and Chris Mayer.

08:35 - How Clay constructs and thinks about his personal portfolio.

16:22 - Why great businesses often beat cheap stocks over the long run.

27:05 - What “sidecar investing” means and how to apply it.

58:08 - The importance of simplicity and ignoring market noise.

01:04:26 - Why patience may be the biggest edge in investing.



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES


  Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.


  Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

  Richard Zechhauser’s paper: Investing in the Unknown and Unknowable.

  Related Episode: TIP598: A Tribute to Charlie Munger.

  Related Episode: TIP492: The Best Investor You've Never Heard Of (Nick Sleep).

  Related Episode: TIP677: Why Most Stocks Will Lose You Money w/ Hendrik Bessembinder.

  Related Episode: TIP713: Why Serial Acquirers Outperform w/ Niklas Savas.

  Clay’s podcast episode on Constellation Software.


  Clay’s podcast episode on Topicus.


  Clay’s podcast episode on Dino Polska.

  Clay’s podcast episode on Booking Holdings.

  Clay’s video on Lumine.

  Follow Clay on X and LinkedIn. 

  Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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TIP734: My Investment Philosophy w/ Clay Finck