Investing in Quality Businesses & the Art of Lifelong Learning w/ Gautam Baid (TIP566)

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Clay chats with best-selling author Gautam Baid. We cover the passionate pursuit of lifelong learning, how he achieved his dream of being a professional portfolio manager, why he puts the majority of his focus on high-quality businesses, why India’s time has arrived, and much more.
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IN THIS EPISODE, YOU’LL LEARN:
0:00:00 - Intro
0:01:01 - Where Gautam’s passion for value investing and lifelong learning originated from.
- The realization that Gautam had to pursue his dream of managing money and investing in the stock market.
- The story of Gautam applying to over 1,300 jobs in the investment industry before landing one as a portfolio manager.
- How Gautam’s book got published by Columbia Business School and became an international bestseller in seven countries.
0:14:02 - Gautam’s definition of a high-quality business.
- Why Gautam allocates the majority of his portfolio to high-quality businesses despite their richer valuations.
- The characteristics of a business that indicate it has high staying power.
- How Gautam identifies businesses that can earn super-normal profits.
0:24:09 - Gautam’s framework for selling stocks in his portfolio.
- The four stages of a company’s growth cycle.
- Why Gautam looks for opportunities in all areas of the stock market, including cyclicals, spin-offs, and special situations.
- Why it’s so important to think probabilistically instead of deterministically.
0:35:03 - Why forecasting the economy, the Fed, and interest rates is a fool’s errand for stock investors.
- Why humility is required to be a successful long-term investor.
- Why US-based investors should consider investing in Indian equities.
- Why Gautam believes that “India’s time has arrived.”
0:49:22 - Long-term structural trends currently happening in India.
- Why Gautam believes that the incentives in the overall investment industry are broken.
- The differences Gautam has found between managing a fund and managing his personal portfolio.
- Why lifelong learning is paramount to being a successful value investor.
1:00:16 - How to create an environment that promotes learning.
- Three investing and non-investing books Gautam recommends to our listeners.
🖊️ Access the transcript and learn more about the guest here: www.theinvestorspodcast.com/e...
📖 BOOKS MENTIONED:
- The Joys of Compounding by Gautam Baid: amzn.to/3yijCpM
- You Can Be a Stock Market Genius by Joel Greenblatt: amzn.to/3K3QQzh
- Capital Returns by Ed Chancellor: amzn.to/3XZVtjU
- Where are the Customers' Yachts? by Fred Schwed: amzn.to/3OgzYIe
- Investing for Growth by Terry Smith: amzn.to/3O0Cf90
- Poor Charlie's Almanack by Charlie Munger: amzn.to/3OkxXLg
- Seeking Wisdom by Peter Bevelin: amzn.to/3Q3BcrK
- More Than You Know by Michael Mauboussin: amzn.to/3K3R09R
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[@WeStudyBillionaires]

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[@jitendersingh8128]

❤😂🎉😂f😂😅❤y😂2

[@DavidMM255]

I heard a lot of praise for Gautam Baid's book "The joys of compounding" although I haven't read it yet. Now after listening to him in this podcast I have no doubt of his great wisdom and that this young investor will have decades of great returns ahead of him. Very good interview from your side Clay, always leaving space for the interviewee to give his own arguments with pause and asking very good and intricate questions. Your selection of guests was also very good. It was a pleasure to have listened to you.

[@clayfinck]

Thanks so much David! I know it’s a book I will revisit over and over again. I can’t recommend it enough. I hope to have Gautam back on the show in the future.

[@KamilMauel]

The beginning statement: “episode (...) long time in the making” raised the excitement. Few minutes later it is obvious that it is the same or almost the same interview as about 2 months ago. The dishonesty towards frequent listeners is a perfect example of the negative compounding.

[@CP-wo4ou]

Well conducted interview Clay. And thanks Gautam for the interview. Enjoyed it.

[@WeStudyBillionaires]

Thank you so much for tuning in!

[@sourendey]

We want a podcast with Sourabh Mukherjee, Marcellus

[@rishigupta1738]

Excellent talk. Congratulations

[@WeStudyBillionaires]

So happy to hear you enjoyed the conversation!

[@bradleyhope3652]

Great episode!

[@WeStudyBillionaires]

Thank you so much!

[@clayfinck]

Appreciate it, Brad!

[@rakeshrout8739]

Great learning lessons.

[@WeStudyBillionaires]

Glad to hear that!

[@abhilashav388]

Thank you🌹🌹🌹

[@WeStudyBillionaires]

Any time!

[@deepak2012able]

Thankyou 🙏

[@WeStudyBillionaires]

Always welcome!

[@jkmartha]

Which book Gautam mentioned about Warren Buffett?

[@abhinavdixit2819]

Mr Baid I would like to talk to you ,I am a big fan of compounding of yours based in Finland 🇫🇮

[@udaykarki2033]

Thanks for the interview . The podcasts are usually an hour long. Can we limit to 30 mins.

[@Eterna7Forms]

First

[@WeStudyBillionaires]

Enjoy! 🙌

[@ryanbaileyboxing]

Just buy $INDA most who invest in India market don't make money unless you live there