RWH053: Trouble Ahead w/ Bill Priest

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 12 January 2025

⏱️ 138 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode, William Green speaks with Barron’s Roundtable member Bill Priest, who is Vice Chairman of TD Wealth and founder, Chairman, and Co-Chief Investment Officer of TD Epoch. Bill is the co-author of several books, including “Winning at Active Management.” Having prospered for six decades in the financial markets, Bill has seen it all. Here, he talks about his core investing principles & why he believes investors are too complacent in the face of mounting risk & fragility. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:50 - How Bill Priest fell in love with the stock market. 40:30 - Why he focuses relentlessly on free cash flow & cost of capital. 41:11 - How he goes about analyzing a business. 48:41 - Why growth stocks may start to struggle. 50:47 - Why he’s worried about the threat of stagflation. 59:16 - How investors can protect themselves from an unknowable future. 1:03:36 - Why AI is unstoppable, not just another bubble. 1:07:35 - Why he’d be “very careful” about investing in China. 1:15:38 - Why you should keep ample cash to ride out difficult times. 1:17:20 - Why his exposure to equities is much lower than usual. 1:21:16 - How to be a successful leader. 1:57:16 - What he’s learned from his daughter about happiness. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Bill Priest’s investment firm, Epoch Investment Partners. Bill Priest’s book, “Free Cash Flow & Shareholder Yield.” Bill Priest’s book, “Winning at Active Management.” Anne Applebaum’s book “Autocracy, Inc.” Ruchir Sharma’s book, “What Went Wrong with Capitalism.” William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained The Bitcoin Way Vanta Fintool PrizePicks Onramp SimpleMining TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

Click on a timestamp to play from that location

0:00.0	You're listening to TIP.
0:02.8	Hi there, happy New Year. It's great to be back with you again. This is a really exciting week for me,
0:08.8	as my book, Richer, Wiser, happier, just came out in paperback a couple of days ago here in America.
0:14.7	So before I introduce our very special guest, I wanted to thank all of you out there who have
0:20.2	helped to make the book a success since it first came out in hardcover. I wanted to thank all of you out there who have helped to make the book a success
0:21.7	since it first came out in hardcover. I'm really deeply grateful to so many of you who bought the
0:28.1	book or given it as a gift or who wrote generous comments about it on social media or took the
0:33.9	time to share positive reviews and ratings on sites like Goodreads and Amazon.
0:39.2	As you can imagine, all of this support has an enormous impact in terms of spreading the good word about the book
0:45.1	and helping to introduce it to a wider audience. It's truly invaluable.
0:50.7	On a more personal level, I have to say your incredibly warm response to the book has also made all of the work that I put into writing it feel hugely worthwhile.
1:01.0	I'm always surprised by the number of personal messages I get from people saying that the book has helped them and sometimes that it's actually changed their lives.
1:09.8	As you can imagine, it's just wonderfully cheering and life-affirming for me to realize that the book is out there resonating for a lot of people.
1:18.5	So I really just wanted to say thank you truly for all of your support.
1:23.2	And now, as my good friend, Stig Broderson would say, on with the show.
1:27.7	Our guest today is a legendary investor named Bill Priest.
1:32.1	Bill, who's probably best known as a member of the Barron's Roundtable,
1:36.6	is one of the wisest and most experienced people on Wall Street.
1:40.8	He's spent more than 60 years as a professional investor.
1:44.6	He's built a series of vastly successful investment businesses, including one that had
1:49.8	more than 100 billion in assets.
1:52.3	He's currently the executive chairman, co-chief investment officer and portfolio manager at
	...

Transcript will be available on the free plan in -79 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Stig Brodersen, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Stig Brodersen and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.