The Value-Investing Expert: The Life and Money Lessons I Learned Working with Charlie Munger

Most families who obtain immense wealth squander it by the third generation. But Chris Davis comes from a family whose grandfather and father all become independently wealthy of each other, and Davis has done the same. How does that keep happening? In this conversation, we find out.
Christopher Davis has been a Director of The Coca-Cola Company since April 2018. Davis is Chairman of Davis Selected Advisers-NY, Inc., an independent investment management firm founded in 1969. Davis joined Davis Selected Advisers-NY, Inc. in 1989 as a financial analyst and in 1995, he became a portfolio manager of the firm’s flagship funds. Prior to joining Davis Selected Advisers-NY, Inc., he served as a research analyst at Tanaka Capital Management and as an accountant at State Street Bank and Trust Co.
00:00 - Intro
00:20 - Lessons Davis learned from his father and grandfather
22:34 - The importance of writing things no one reads
33:05 - Davis' experiences through financial crises
48:41 - Why Davis loves managing a mutual fund
51:59 - Why Berkshire Hathaway operates with margin
57:15 - What is risk?
01:00:12 - On low-interest rates and their future impact
01:10:56 - The mismatched timelines between CEOs, companies, investors, and policy
01:18:29 - How Davis and Munger met
01:26:30 - Lessons learned from Munger
01:37:39 - Why avoiding weaknesses is the ultimate recipe for success
01:51:56 - How to raise non-entitled kids and avoid lifestyle creep
01:12:20 - On happiness
02:23:10 - Good vs. bad board meetings
02:27:44 - Three generations of wealth
02:33:25 - On success
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ABOUT THE KNOWLEDGE PROJECT
Like the mentor you’ve always dreamed of having, The Knowledge Project shares timely yet timeless lessons for work and life. Past guests include Naval Ravikant, Daniel Kahneman, Jim Collins, Angela Duckworth, Seth Godin, Melanie Mitchell, & Esther Perel.

[@Dmlck]

This was excellent. One of the best Knowledge Project episodes of all time in my opinion. Such wide ranging, down to earth wisdom (no surprise given the Berkshire ties).

[@tonyg.3696]

Chris has wisdom, experience and family mentors. So glad he is transparent & willing to educate us.

[@sungkeum1286]

Educative episode! Thank you.

[@athreyathandeswaran7510]

What a wonderful insightful personal conversation......One of your best podcasts man......

[@malforo]

Great interview, Chris is a brilliant and genuine person with some great ideas. Thanks to the interviewer for let him talk and the insightful questions

[@cnapoliabella]

fabulous episode- I’ve already listened repeatedly to him.

[@jasonquentin7]

On personal growth, investing, and navigating relationships in one insightful conversation

[@DavidD-xb6yn]

I like this guy. Down to earth, real. Good outlook. Good wisdom. Good interview.

[@FoodForestBrad]

Chris Davis is cut from the same cloth as Todd Combs and Ted Weschler… could listen to him all day!

[@sheanathan3566]

Brad, I agree but must also add I could listen to you all day as well. Please do more investing videos. I go back and watch your all the time Hope you are well

[@JamesonSharp]

Excellent Episode! 👏👏👏

[@Bard2HOfficial]

Education epidemic! Thank❤

[@justinbeghly1435]

Wonderful

[@ChristianSoschner]

Excellent points

[@Maddyy876]

this is the most amazing podcast I've ever heard from me. ❤ Recently, I read your book "clear thinking" was phenomenal book 📚 Que: Your favourite guest??

[@joshbirger6010]

@tkppodcast, was it ever determined what the short story about the Boat narrowly missing a collision was titled or the author?

[@Mri881]

❤

[@SanjayPl]

To me Chris sounds exactly like Warren Buffett !

[@davidwilson9976]

Interesting how different people interpret the same thing. I would have thought that not talking to a Steve Jobs hippie because he was wearing sandals and missing out on investing in the early days of Apple would have led to the conclusion of not judging a book by its cover.

[@BarsonlineOrg2013]

It depends on whether you mesure a person like a book....but he was a human being....and we all know that kind of life ha has been living...and whether this is a good way to live life e.g. for your kids....I would say no, because it really didn't bring happiness to his life....success in life is something else, then pure marketing.....or even business success

[@rj-xg3du]

Interesting individual- he has a very mediocre investing record but very eloquent story teller! Helps to work at his grandfather’s shop! Has underperformed for almost 2 decades in every product that the firm runs

[@tonyg.3696]

Well, he’s on the board of BRK

[@doddkittsley7664]

Please check your sources- you are 100% incorrect. How insensitive and rash.

[@jimjackson4256]

The idea that costco saves you money isn’t really true.

[@brianbirnbaum9760]

Okay. Care to expand?