After publishing 11 book reviews that were submitted by participants of our Get Paid to Read Contest, I figured I would write a review of a book I immensely enjoyed listening to as an audiobook recently.
A few weeks ago, I happened to attend a private dinner that a friend had invited me to in Omaha following the 2024 Berkshire Hathaway annual meeting. The speaker for the evening was the journalist and author William Green. Mr. Green, the author of the book Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life, shared his thoughts about Buffett, Munger, Berkshire Hathaway and a whole lot more. In some ways his thoughts resonated with my key takeaways that I discussed in an article titled Reading Between the Lines.
The following day I ran into him at the Markel brunch and asked him if he had any advice for me considering my first book was slated to come out a few days later. In our brief interaction, he was kind enough to help me understand that the book launch is just one small event and that the work done in the ensuing years play a large part in the success of a book.
My friend highly recommended I check out Richer, Wiser, Happier and I noticed that my Spotify Premium account provided me free access to it as an audiobook. I downloaded the book and came to realize why the book is at the top of the charts for investing books on Good reads.
I enjoyed listening to the book so much that I ordered two hard copies, one for my family and one as a high school graduation gift for a friend’s daughter who is heading off to college in a few weeks. The epilogue “Beyond Rich” where he touches on several investors in quick succession was my favorite part of the book.
The book has eight chapters, with each chapter dedicated to one legendary investor. The first chapter starts out with Mohnish Pabrai and discusses not just how Pabrai has been successful cloning the ideas of other investors but also his philanthropic efforts with the Dakshana Foundation. Incidentally the investor who wrote our last book review asked me to make a donation to the Dakshana Foundation instead of sending him a $100 Amazon gift card.
Mr. Green traveled to India with Mohnish Pabrai and also traveled to the Bahamas to interview the subject of his second chapter Sir John Templeton. Mr. Green studied English literature at the University of Oxford, received a master’s degree in journalism at Columbia University and went on to write for The Economist, Barron’s, Fortune and The New Yorker among many others. His long journalism career gave him direct access to the greatest investment minds of the last 100 years including Charlie Munger and Ed Thorp.
He paints a vivid picture of these larger than life investors, covering their unique approach to investing and their outlook on life. In the epilogue of the book he introduces an investor, Arnold Van Den Berg, by writing the following about him:
“When I think about what constitutes a successful and abundant life, the investor who embodies it best for me is Arnold Van Den Berg. He’s not a billionaire or a genius. He doesn’t own a yatch or a plane. Yet there’s nobody in the investment world whom I admire more. If I had to choose just one role model from all of the remarkable investors I’ve interviewed over the the last quarter of a century it would be him. He was dealt a terrible hand, but has defied overwhelming odds to achieve a life of prosperity that goes far beyond money.”
A teaser like that compels the reader to continue reading and learn more about the terrible hand Arnold Van Den Berg was dealt, how he overcame those overwhelming odds and how us mere mortals could get inspired by his journey. Mr. Green is a master storyteller and I wish I had read his book before I wrote a single word for my book. Reading his book is a masterclass in how to engage with your audience, inform them, inspire them and leave them wanting more.
While investors with a lot of experience under their belt might not necessarily find the answer to whether they should run concentrated or diversified portfolios, they could still learn a lot from the unique investment approach of each of the investors discussed in the book. If there is anything I would criticize about the book, it would be that some investors who took outsized risks and ended up blowing up are represented in a more positive light than I would have expected.
The sixth chapter “Nick and Zak’s Excellent Adventure” was particularly insightful for me. I’ve read hundreds of book but found that unless I take the time to jot down key takeaways from a book and think about them, I might not internalize the lessons as deeply as I should. Human memory is fallible and even important lessons learned vicariously from the experiences of others tend to fade over time.
I had read about the outstanding performance that Nick Sleep and Qais Zakaria had generated for their clients while running a highly concentrated portfolio but Mr. Green paints such a vivid and rich picture about them that it is hard not to internalize their approach to investing. Mr. Green’s storytelling prowess leaves us with lessons about investing and living a rich life that are both easily accessible and memorable.
Richer, Wiser, Happier is one of my new favorites and a must read for experienced investors and especially for investors who are just starting out on their journey.