Summary of William Green's Richer, Wiser, Happier
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Narrated by:
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Paul Bartlett
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Written by:
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Slingshot Books
About this listen
No time to read? Get the main key insights from this Summary of William Green’s Richer, Wiser, Happier in 23 minutes or less.
A few key insights from Chapter 1:
- According to Italian philosopher Niccolò Machiavelli, “A wise man ought always to follow the paths beaten by great men, and to imitate those who have been supreme, so that if his ability does not equal theirs, at least it will savor it”.
- There are several winning principles that you can clone when it comes to making successful investments.
- The first principle is to only invest in a company that falls within your “circle of competence”. According to Indian-American businessman and investor Mohnish Pabrai, it’s important to ask yourself whether you’re at the center of your circle of competence, near its edge, or outside it.
- Second, make sure the company trades at a large enough discount to its underlying value to provide a significant margin of safety. Your investment should be so cheap that it requires little mental effort. Constructing elaborate Excel spreadsheets only gives you the illusion of predicting the future, which is impossible.