#362 Tom Morris - A Philosopher's Guide to True Success

Over the history of this podcast there are two people who have probably influenced the way I think more than anyone else: Howard Marks and Michael Mauboussin. For this special episode, I went back through my conversations with both of them and brought together the sections I continue to learn from. They were recorded separately, but the ideas speak to each other in a way that becomes especially powerful when you hear them together.

We tend to think of ability as something contained within the person. But the same trait can become extraordinarily valuable in one environment and almost useless in another. Patience. Obsession. Aggression. Curiosity. Judgment. Their value changes depending on the game, the incentives, the people around you, the time horizon, and the structure you're operating inside. In this episode, I explore an idea I've been thinking about as Environmental Leverage. Warren Buffett's patience becomes far more powerful because of the structure around him. A talented athlete can look ordinary in the wrong system. Great people inside badly designed organizations can spend more of their ability navigating the organization than doing great work. Which raises a different kind of question. What conditions would make the best parts of me become much more valuable? Your position changes your ability. About Sean DeLaney Sean DeLaney is a private advisor to a small number of founders, CEOs and investors, working with them over long periods of time as they navigate consequential decisions across business and life. He is also the host of What Got You There, where he has spent more than a decade studying how exceptional people think, make decisions, develop their craft and live. Learn more about Sean → SeanDeLaneyCoaching.com 00:00:00 The Lever and the Place to Stand 00:01:00 Environmental Leverage 00:02:40 Why Buffett's Patience Works 00:5:00 The Terrain Changes the Trait 00:8:00 Nature–Game Fit 00:11:00 Leading Teams

Robert Hagstrom is one of the most thoughtful multidisciplinary investors and writers of this generation. He is the author of seven investment books, including The Warren Buffett Way, and is the Chief Investment Officer at Equity Compass Investment Management and senior portfolio manager of its Global Leaders Portfolio. In this conversation, Robert explains why investing is the last liberal art and how ideas from philosophy, psychology, biology and literature can create an advantage in markets. We explore how Wittgenstein helped Bill Miller recognize Amazon's true business model, why great investments underperform more often than most people realize, the difference between conviction and stubbornness and how Robert rebuilt after the devastating experience of the global financial crisis. Robert also shares his approach to reading, portfolio concentration, return on invested capital, holding multibaggers and distinguishing between investments that are easy, impossible or simply too difficult to understand. This is an episode about investing, but even more than that, it is about how to think. Topics include: Buffett, Munger and Bill Miller Multidisciplinary thinking and mental models The Amazon IPO Investor psychology and self-reliance Holding great businesses through drawdowns Concentrated portfolios Reading to become wiser The changing structure of financial markets Learn more about Robert Hagstrom and his work at Equity Compass. About Sean DeLaney Sean DeLaney is a private advisor to founders, CEOs, and investors, an author, and the host of What Got You There. For more from Sean, visit SeanDeLaneyCoaching.com. This conversation is for educational purposes and should not be considered personalized investment advice.

Eight years ago, I had Boyd Varty on the podcast for the first time. At the time, I knew I resonated with his work. But I don't think I fully understood the role it would go on to play in my life. Since then, Boyd's book The Lion Tracker's Guide to Life has become one of those rare books I return to again and again. It's one I've gifted countless times. The first time I read it, I remember feeling like something in me both softened and intensified at the same time. That is hard to explain, but I think anyone who has encountered Boyd's work in the right moment knows exactly what I mean. In this episode, Boyd and I talk about what has changed in his life over the last eight years, the cultivation of presence, the practice of returning to center, and what it means to build a life that is both intentional and fluid. One of the central questions we explored is: How do you learn to trust your inner guide? And right now you can sign up for Boyd's Masterclass to explore learning to trust your inner guide - https://boydvarty.com/course-listing/track-your-life-masterclass About Sean DeLaney Sean DeLaney is a private advisor to founders, CEOs, and investors, an author, and the host of What Got You There. Website: https://SeanDeLaneyCoaching.com LinkedIn: https://www.linkedin.com/in/sean-delaney-00909190/ X: https://x.com/SeanDeLaney23 In this episode, Boyd and I explore: What has changed in Boyd's approach to life over the last eight years The embodied state of awareness and presence How to cultivate deeper self-trust Goethe's line: "As soon as you trust yourself, you will know how to live" Building a life architecture rooted in listening and fluidity Josh Waitzkin's idea of "form to leave form" Why inner work is a lifelong practice The importance of returning to center What supports you when nothing external supports you The meaning of mastery Why being yourself in any situation is so difficult and so powerful The wisdom of letting go Fatherhood, maturity, and the healthy masculine How younger unconscious patterns show up in adult relationships Making the unconscious conscious Tracking recurring patterns and upper-limit dynamics Finding what truly matters David Whyte's "conversational nature of reality" Why being fully yourself gives others permission to do the same

Chris Begg is the founder and CIO of East Coast Asset Management and an Adjunct Associate Professor at Columbia Business School, where he teaches Security Analysis in Ben Graham's seat. This is one of the most original and wide-ranging conversations I've had on this podcast. Read the full written distillation: whatgotyouthere.com/the-distillation-of-chris-begg In this conversation we go deep on graph theory as a general principle for identifying the greatest compounders of the next 30 years, a word Chris coined called "Compressence" (compressing something to its essence), the simplicity on the other side of complexity, how Chris and his team built an AI analyst called Faraday in six weeks, his framework for navigating clouds of uncertainty, Value 3.0 and where the frontier of value investing is heading, the danger of putting circles around things you think you understand, three-month immersive deep dives as a learning method, right brain and left brain integration through the work of Ian McGilchrist, Lila and the Sanskrit concept of eternal play, how Chris designs his life around freedom and spaciousness, the hare over the wave and what Egyptian hieroglyphs taught him about renewal, why the best investors are also artists, and why duration is a design principle. Chris also discusses David Whyte and the pilgrim's path and how that inspires his new music project he wrote inspired by the Camino de Santiago. About Sean DeLaney Sean DeLaney is a private advisor to founders, CEOs, and investors, an author, and the host of What Got You There. Website: https://SeanDeLaneyCoaching.com LinkedIn: https://www.linkedin.com/in/sean-delaney-00909190/ X: https://x.com/SeanDeLaney23 YouTube X Instagram