A Margin Of Safety In Stocks & Life w/ Fred Martin (RWH020)

William Green speaks with Fred Martin, the lead portfolio manager at Disciplined Growth Investors. Here, at age 76, he looks back on half a century as a hugely successful investor & shares hard-earned lessons on how to survive & thrive over the long haul by mitigating risks & respecting the fundamental laws of investing.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:06:48 - What Fred Martin discovered about mitigating risk as a Navy officer in the Vietnam War.
00:11:14 - How he handles the pain & discomfort of difficult periods in the stock market.
00:30:12 - Why he thinks Tesla’s stock is overvalued & what he thinks it’s really worth.
00:33:54 - Why it’s critical for investors to be skeptics who never let down their guard.
00:39:01 - What insights he drew from studying Benjamin Graham & writing a book about him.
00:47:34 - How Fred applies a consistent three-step process to every business he analyzes.
00:51:01 - How to win as an investor by waiting for intrinsic value & the stock price to “true up.”
00:59:45 - Why he regards a legendary free soloist climber as the world’s greatest risk manager.
01:10:14 - How flying planes has helped Fred to refine his understanding of the margin of safety.
01:15:01 - Why he’s given three younger colleagues the authority to veto his stock picks.
01:20:10 - Why he “seals the exits” before buying a stock, assuming that he’ll own it forever.
01:31:45 - Why fund managers should sacrifice their own interests for the sake of their clients.
01:35:45 - What advice he’d give to people who are looking to hire an investment adviser.
01:40:34 - Why he believes that relationships & purpose are the two most important things in life.
01:44:47 - What he’s done to build good health so that he’s still going strong at age 76.
01:46:37 - How his religious faith has made him a better investor & a better steward of assets.
01:51:43 - What he’s learned about how to endure sorrow & tragedy.
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📖 BOOKS MENTIONED:
- Benjamin Graham and the Power of Growth Stocks by Fred Martin: amzn.to/3vxOYY9
- The Psychology of Money by Jim Ware: amzn.to/3ifpnQz
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On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.
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