Crushing The Market Over Four Decades w/ Thomas Russo (RWH013)

William Green chats with Thomas Russo, a revered global investor who’s beaten the market by a mile over four decades. Tom, who oversees $8.5 billion, is the Managing Member at Gardner Russo & Quinn and Semper Vic Partners. Here, he shares the principles that drive his enduring success, along with key lessons he’s learned from three legends: Warren Buffett, Charlie Munger, and Bill Ruane. 

IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:00:36 - What Tom Russo learned from a life-changing encounter with Warren Buffett in 1982.
00:09:07 - Why “agency” cost is one of the greatest risks facing all investors.
00:14:40 - Why Tom favors companies that willingly endure pain today for gain tomorrow.
00:16:21 - How he rode Berkshire Hathaway from $900 to more than $430,000 per share.
00:22:14 - Why Buffett’s team of successors should do fine when Berkshire is in their hands.
00:29:29 - What Tom learned while working for investment legend Bill Ruane.
00:38:31 - Why Tom immediately sold Wells Fargo & Altria after realizing they’d lost their way.
00:46:12 - Why he loves brands where consumers believe there’s “no adequate substitute.”
00:51:56 - Why he’s bullish about Heineken’s long-term future, even after owning it for 36 years.
01:07:42 - How Tom succeeds by resisting short-term temptations & deferring gratification.
01:18:25 - What he failed to understand about Alibaba & the political risks of investing in China.
01:27:30 - Why he’s okay with tobacco stocks, not with companies that wreck the environment.
01:30:44 - How innovators like Nestlé & Heineken are helping to combat climate change.
01:41:28 - How Tom’s investment success is fueled by his insatiable curiosity.
01:44:32 - What he learned from Charlie Munger about the importance of trusting your gut.

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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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