Economics

Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life

Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life

  • Downloads：9568
  • Type：Epub+TxT+PDF+Mobi
  • Create Date：2021-07-11 08:15:57
  • Update Date：2025-09-24
  • Status：finish
  • Author：William P. Green
  • ISBN：1501164856
  • Environment：PC/Android/iPhone/iPad/Kindle
  • Download

Summary

From a renowned financial journalist who has written for Time， Fortune， Forbes， and The New Yorker， a fresh and unexpectedly profound book that draws on hundreds of hours of exclusive interviews with many of the world’s super-investors to demonstrate that the keys for building wealth hold other life lessons as well。

Billionaire investors。 If we think of them， it’s with a mixture of awe and suspicion。 Clearly， they possess a kind of genius—the proverbial Midas Touch。 But are the skills they possess transferable？ And do they have anything to teach us besides making money？

In Richer， Wiser， Happier， William Green draws on interviews that he’s conducted over twenty-five years with many of the world’s greatest investors。 As he discovered， their talents extend well beyond the financial realm。 The most successful investors are mavericks and iconoclasts who question conventional wisdom and profit vastly from their ability to think more rationally， rigorously， and objectively。 They are master game players who consciously maximize their odds of long-term success in markets and life， while also minimizing any risk of catastrophe。 They draw powerful insights from many different fields， are remarkably intuitive about trends， practice fanatical discipline， and have developed a high tolerance for pain。 As Green explains， the best investors can teach us not only how to become rich， but how to improve the way we think， reach decisions， assess risk， avoid costly errors， build resilience， and turn uncertainty to our advantage。

Green ushers us into the lives of more than forty super-investors， visiting them in their offices， homes， and even their places of worship—all to share what they have to teach us。 Richer， Wiser， Happier brings together the thinking of many of the greatest investment minds， from Sir John Templeton to Charlie Munger， Jack Bogle to Ed Thorp， Will Danoff to Mohnish Pabrai， Bill Miller to Laura Geritz， Joel Greenblatt to Howard Marks。 In explaining how they think and why they win， this landmark book provides gems of insight that will enrich you not only financially but also professionally and personally。

Download

Reviews

Prajwal ，

A good introduction to the world of value investors， with insights into the strategies and principles elite investors use。 I liked that the focus is not just on their investing careers， but also on other aspects of their life。 I've always wondered if these elite investors are a one trick pony， turns out they are fairly well rounded in life。If you learn top-down like me， this book is a good starting point to understand the common basic principles and dig deeper into some of these investors （using A good introduction to the world of value investors， with insights into the strategies and principles elite investors use。 I liked that the focus is not just on their investing careers， but also on other aspects of their life。 I've always wondered if these elite investors are a one trick pony， turns out they are fairly well rounded in life。If you learn top-down like me， this book is a good starting point to understand the common basic principles and dig deeper into some of these investors （using the references provided） to learn their secret sauce。 。。。more

Jrwest ，

The author writes about various successful investors and their strategies that they used in their investments。 I learned a few interesting ideas about investing。 It was certainly good to hear about investors other then Warren Buffet and Charlie Munger。

Hugo P ，

Good book， but nothin new if you are a fan of investment books。 Most of the advice given seems to be geared towards people that actually work with stocks full time， not the passive investor。Still， most of the advice seems to be common sense for those who been investing for a while: “don’t time the market” “ no one can predict the future” “be patient” and so forth。What I liked was reading about the lives of these great investors， rather than reading their advices。 No doubt， these people were a ma Good book， but nothin new if you are a fan of investment books。 Most of the advice given seems to be geared towards people that actually work with stocks full time， not the passive investor。Still， most of the advice seems to be common sense for those who been investing for a while: “don’t time the market” “ no one can predict the future” “be patient” and so forth。What I liked was reading about the lives of these great investors， rather than reading their advices。 No doubt， these people were a master of their craft and I can appreciate that。 Don’t read for advice， read for the stories。 。。。more

Paul Bard ，

The strength of this book is that it can be read from any investor as a stand alone book。 And the basic lessons are repeated in many different ways to drum them in。 It's good pedagogy。The summary piece is the Munger chapter， which brings together dozens of voices in a kind of superbly written fugue on the subject of minimising stupidity。 I don't think it would be going too far。to call this chapter life changing。 I certainly took extensive notes， and shared them with friends。I also enjoyed the ch The strength of this book is that it can be read from any investor as a stand alone book。 And the basic lessons are repeated in many different ways to drum them in。 It's good pedagogy。The summary piece is the Munger chapter， which brings together dozens of voices in a kind of superbly written fugue on the subject of minimising stupidity。 I don't think it would be going too far。to call this chapter life changing。 I certainly took extensive notes， and shared them with friends。I also enjoyed the chapter on Nick Street and his partner Zac， which sort of jazz-riffed on Buffet's ideas in a very accessible and comprehensible way - the key idea of Quality especially。A fine book。 The repetition is helpful but lengthened the book which is fine。 There's a lot here to sample and apply so I contented。myself with Munger and Street。 。。。more

Rahul Mahindru ，

Give insight into the principles followed by legend investors。 Loved it。

Ivan Kuznetsov ，

Instant classic

Jerry ，

This book is really 3。5 stars。 There parts that are two stars and then parts that are 4 stars。

Christian Poulsen ，

Fin bog opsummerer holdningerne fra diverse fund managers og personer som generelt har klaret sig godt økonomisk。 Specielt Charlie Munger delen er spændende

Duane ，

FantasticGreat book。 It combines wisdom about investing with wisdom about happiness。 I've learned a lot about approaches to investing， the journey these investors have gone through， and also a bit about playing the odds。 FantasticGreat book。 It combines wisdom about investing with wisdom about happiness。 I've learned a lot about approaches to investing， the journey these investors have gone through， and also a bit about playing the odds。 。。。more

Navdeep Pundhir ，

This is one of the best books on Investing， ever！ Happy to have stumbled upon this and could finish it over a weekend。 Fantastic material， deeply researched and no mumbo-jumbo。 Absolute Classic！

Kiril ，

a mustHe recalls， “I was executing riskless arbitrage trades by literally running across the trading floor， getting a printout from the one printer， running back to my desk，” and scouring the printout to “look for anomalies that I could trade。” By using put and call options， he could lock in “automatic profits” with no risk of loss。 “It opened me up to what was possible on Wall Street。”Greenblatt had always been fascinated by gambling。 At fifteen， he’d discovered the furtive joy of sneaking into a mustHe recalls， “I was executing riskless arbitrage trades by literally running across the trading floor， getting a printout from the one printer， running back to my desk，” and scouring the printout to “look for anomalies that I could trade。” By using put and call options， he could lock in “automatic profits” with no risk of loss。 “It opened me up to what was possible on Wall Street。”Greenblatt had always been fascinated by gambling。 At fifteen， he’d discovered the furtive joy of sneaking into a dog track and wagering a couple of bucks on a greyhound。 His brain was built for betting。 “I like calculating the odds，” he says。 “Consciously or unconsciously， I’m calculating the odds on every investment。 What’s the upside？ What’s the downside？” When I mention that all of the best investors seem to think probabilistically， carefully weighing the odds of different outcomes， he replies， “I don’t think you can be a good investor without thinking in that way。”Greenblatt says his investment strategy at Gotham involved “making money not from taking risk but from making unfair bets。” That’s to say， he invested only when the odds seemed to favor him overwhelmingly。 The details changed from one investment to the next， but he always sought “asymmetric” propositions where “I can’t lose much and maybe I’ll make a lot。” He quips， “If you don’t lose money， most of the other alternatives are good。”Unfair bets are rare， but Greenblatt didn’t need that many。 He typically had 80 percent of his fund riding on six to eight investments—an extraordinary level of concentration。 “There aren’t that many great opportunities，” he explains。 “I was looking for low hurdles—things that other people would have bought， too， if they’d done the work。”Greenblatt’s ultraselective strategy meant that he routinely rejected stocks that looked good， not great。 Likewise， if it was too difficult to value a particular business， he walked away。 “I want to keep it easy for myself，” he says。 “Maybe I’m a little lazier than most people。 Or， at least， I’m trying to pursue things that are one-foot hurdles rather than ten-foot hurdles。” 。。。more

Daniel Olshansky ，

I knew I would love this book even before I started。 It still exceeded all my expectations！I didn't take notes the first time because I very much plan to listen to it a second time and take notes then。 I knew I would love this book even before I started。 It still exceeded all my expectations！I didn't take notes the first time because I very much plan to listen to it a second time and take notes then。 。。。more

Simonas ，

Super！ Worth re-reading many times

Thomas ，

If you'd like to read an homage to the world's greatest investors， this is your book。 If you'd just like to make money， park it in index funds and check your balance in 20 years。 One thing I liked about the book was a chapter on John Templeton-- I had never heard an account of him from outside his circle of family and friends。 As an investor， he was coldly rational。 As a person， he seemed to be a living embodiment of Max Weber's Protestant Ethic--a tireless worker with an impeccable character wh If you'd like to read an homage to the world's greatest investors， this is your book。 If you'd just like to make money， park it in index funds and check your balance in 20 years。 One thing I liked about the book was a chapter on John Templeton-- I had never heard an account of him from outside his circle of family and friends。 As an investor， he was coldly rational。 As a person， he seemed to be a living embodiment of Max Weber's Protestant Ethic--a tireless worker with an impeccable character who expected others to do the same， or at least aspire to。 It made me wonder what it would have been like to be his son， as John is not the kind of person you'd want to disappoint。 Of course， his son Jack turned out to be a celebrated surgeon with a strong predilection towards conservative political causes。 Even though father and son embraced notably different theologies， in other respects you see a strong family resemblance。 。。。more

Amos ，

Top 5 all rounder book on all things investing & happiness imho。

Keven Wang ，

Masterpiece。 I read this book like a bible。 It will be my go-to gift of choice for anyone interesting in investing。 So much wisdom

Oskar ，

Bra men repeterande。Har man läst om Munger， Buffett， Pabrai， Greenblatt， osv。 så är det en bok i mängden。Är dessa gubbar okända så är nog boken mer intressant。 Bra introduktion till sunt förnuft och tänkande kring livet och investeringar。Sleep och Zakaria var lite extra intressant då de varit så okända men de var ju lika tråkiga som alla andra gubbarna。 Långsiktighet， vanor， läs mycket och håll det enkelt。 Alla har en sjukt tråkig livsstil men är visa och lyckliga。

Joseph Pepe ，

I recently heard the author William Green on "The Investor's Podcast" discussing this book， so I decided to give it a read， and I am sure glad I did。 Green's book distills timeless lessons from some of the greatest investors over the past century， that he has learned over many years of interviews with the likes of Sir John Templeton， Charlie Munger， Joel Greenblatt， Howard Marks， Mohnish Pobrai， and many others。 This should be required reading for anyone interested in investing， behavioral econo I recently heard the author William Green on "The Investor's Podcast" discussing this book， so I decided to give it a read， and I am sure glad I did。 Green's book distills timeless lessons from some of the greatest investors over the past century， that he has learned over many years of interviews with the likes of Sir John Templeton， Charlie Munger， Joel Greenblatt， Howard Marks， Mohnish Pobrai， and many others。 This should be required reading for anyone interested in investing， behavioral economics， or someone just generally interested in how to live a fulfilling and happy life。 I will share some of my main takeaways。 Mohnish Pobrai - Inactivity is OK and you must be patient for the right opportunity， or else when it arises， you may not have the cash to capitalize on it。 Say no to almost everything and try to keep your investments within your circle of competence。 Surround yourself with people you want to emulate and remember that if you achieve slightly above average returns while living below your means， it is difficult not to get wealthy。Sir John Templeton - Inner conviction is critical and you must be willing to take a position that others don't think is too bright （willingness to be lonely）。 6 Principles: beware of emotion， beware of your own ignorance and know what you're buying （due diligence）， diversify broadly to protect from own fallibility， successful investing requires patience， the best way to find bargains is to study assets that have performed the worst over the last 5 years then assess whether this is temporary or permanent， don't chase fads。Howard Marks - Change is inevitable， the only constant is impermanence and we must acclimate to our environment。 Know what you don't know。 Be humble。 Jean-Marie Eveillard - Respect uncertainty。 Reduce or eliminate debt and beware of excessive expenses。 Instead of fixating on short-term gains or beating benchmarks， we should place greater emphasis on becoming shock resistant and avoiding ruin to stay in the game。 Beware of overconfidence and complacency， and be keenly aware of our exposure to risk and require margin of safety。Joel Greenblatt - In the short term the market is irrational but it eventually gets it right within 2-3 years - buy stocks at a discount。 Look for opportunities with asymmetric returns。 Sizing of positions - Large positions shouldn't be the ones you can make the most money on but the one's you CAN'T lose money on。 Buy good businesses at bargain prices。 The Magic Formula = high earnings yield and high return on capital。 Persistence - the impact of small marginal gains that compound over time。 Charlie Munger - Safeguard against stupidity: imagine a dreadful outcome then work backwards by asking yourself what misguided actions might lead you to that sorry fate and then scrupulously avoid that self-destructive behavior。 The reluctance to re-examine our views and change our minds is one of the greatest impediments to rational thinking。 Instead of keeping an open mind， we tend to consciously and unconsciously prioritize information that reinforces what we believe。 Facing adversity is a blessing。 It eventually leads to higher highs。 To endure misfortune and prevail， is great good fortune。 I would highly recommend this book to anyone who wants to better understand basic principles for investing and life that will help you achieve better returns on your capital， your time， and your relationships。 。。。more

Gayathri Dhevi Ramkrishnan ，

Amazing read。

David ，

One of the best books on investing that I have ever read。 Educational and illuminating。。。I couldn't put it down One of the best books on investing that I have ever read。 Educational and illuminating。。。I couldn't put it down 。。。more

Santhosh ，

Must read book for anyone interested in investing。 The collective wisdom of the legendary investors helps in avoiding many mistakes while investing。

Dan ，

Value Investing and life advice

Nalla Sivam ，

Apart from money， there is alot about other things in life 。。。。。 wonderful book

Abid Shivji ，

Great insights into the thought process of various investors。 I enjoyed the Munger chapter the most。Wish there was a list or summary at the end that compiled all of the key points mentioned in each chapter。

Anders ，

Very good book about some of the best investors and how they think and behave and what made them successful。 Can be read again and again

Ian De ，

Great book， especially chapter 6

Korey ，

Best investing book I've read in years。 Best investing book I've read in years。 。。。more

Daniel Haas ，

Came across this new book in a Barron’s article and while I did not have high expectations， i will now likely buy after getting the book at the library。 I highly recommend this book if you enjoy value investing， some really interesting stories of various highly regarded value investors

Shushi ，

Knowing how to invest wisely is easy， but sticking with the wise investment is super hard。

Rajesh BATTULA ，

The book was good not in that great investment lessons but it had important lessons from the great investors of yesteryears。 It covered short biographies of investors and their thought process in investing and in life。 What I liked most was the history of Van den Berg。 How he made it despite going through the worst of circumstances。All in all a good supplement to other books if you have been reading investment books。

Reference

google book https://www.google.com/search?tbm=bks&q=Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life

hathitrust digital library https://babel.hathitrust.org/cgi/ls?q1=Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life&field1=ocr&a=srchls&ft=ft&lmt=ft

The British Library https://bll01.primo.exlibrisgroup.com/discovery/search?query=any,contains,Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life&tab=LibraryCatalog&search_scope=Not_BL_Suppress&vid=44BL_INST:BLL01&lang=en&offset=0