MI327: Unpacking the Secrets of the World’s Greatest Investors w/ Clay Finck
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在“千禧一代投资播客”（Millennial Investing Podcast）的一次坦率采访中，播客“我们研究亿万富翁”（We Study Billionaires）的主持人克莱·芬克（Clay Fink）讨论了他的个人投资历程、所受影响和投资组合，并正面回应了莫尼什·帕布雷（Monish Pabrai）“亮出你的投资组合”的挑战。
芬克18岁时，在阅读了沃伦·巴菲特（Warren Buffett）的传记《雪球》（The Snowball）后，对投资产生了浓厚的兴趣。尽管成长过程中未接受过正规金融教育，但在大学通勤期间，他发现了“投资者播客”（The Investor's Podcast, 简称TIP），并很欣赏普雷斯顿（Preston）和斯蒂格（Stig）那种平易近人的风格。他的职业生涯始于精算学，选择这一领域是因为它包含大量数学知识和“可选择性”（optionality）——即无需承担显著沉没成本即可转型的能力。在企业精算领域工作四年后，他意识到这份工作与他的性格不符。
他转投TIP的经历出人意料。在看到“千禧一代投资播客”主持人招聘信息后，他在朋友的鼓励下提交了申请，尽管他此前没有播客或正式的投资经验。他对TIP内容的真诚热情以及与团队文化的良好契合，帮助他获得了这份工作。芬克表示，加入TIP“改变了一切”，加速了他的学习进程，培养了他的谦逊态度，并让他对这份“边学习边赚钱”的工作充满了感激。
芬克的投资理念深受他通过TIP结识的嘉宾和作者的影响。他提到亚当·齐塞尔（Adam Ziesel）的《资金所在》（Where the Money Is）一书，因其对优质企业估值提出了现代新颖的见解；他还提到摩根·豪泽尔（Morgan Housel）的《一如既往》（Same As Ever），该书强调了对未来保持谦逊以及不可预见的风险的必然性。豪泽尔“未来十年的头条新闻将是今天无人谈论之事”的观点尤其引起了芬克的共鸣，凸显了意外事件持续出现的可能性。
克里斯·迈耶（Chris Mayer）的《你怎么知道》（How Do You Know）和《百倍股》（100 Baggers）是另一个重要影响来源，尤其是他通过“普通语义学”（general semantics）来审视投资的哲学方法。迈耶“地图并非疆域”的概念，教会芬克警惕“价值股”或“GDP”等过于简化的标签，这些标签可能导致误判。以集中投资组合和注重质量而闻名的投资者尼克·斯利普（Nick Sleep），也给芬克留下了深刻的印记。芬克采纳了斯利普的“高质量决策”框架，不仅应用于企业选择，还扩展到播客制作，他选择制作可持续且有价值的内容，而非流量诱饵。斯利普仅持有少数高信念股（如亚马逊、好市多和伯克希尔哈撒韦）的策略，尽管略显极端，却强调了长期优质投资的强大力量。
芬克非常推崇高塔姆·贝德（Gautam Baid）的著作《复利的乐趣》（The Joys of Compounding），他甚至在自己的播客中为此书制作了一个五部分的系列节目。贝德的著作巩固了芬克对高质量企业的理解与欣赏，强调定性因素（如人才、文化、行业动态）往往比单纯的数字更为关键。贝德还阐明了高质量如何增加企业的安全边际，因为内在价值会随时间推移而增长；同时指出“伟大的企业往往在连续周期中保持伟大”，这驳斥了普遍存在的均值回归观念。
针对“亮出你的投资组合”这一挑战，芬克透露了他多元化的投资策略。他最大的持仓是**比特币**，他从2020年开始购买，并将其视为一项长期押注，基本忽略短期波动。他目前持有**六只个股**，目标是增至10到11只，效仿克里斯·迈耶那种集中但可管理的投资策略。他提及的一项具体持仓是**Evolution AB（EVO）**，这是一家专注于真人荷官在线赌场游戏的瑞典公司。芬克认为，该公司受益于从实体赌场到在线赌场的结构性转变、强劲的增长率（某些年份营收增长超过50%）、显著的规模优势以及iGaming（互动博彩）监管带来的全球性利好。除此之外，他还持有**指数基金和现金**。
芬克通过透彻理解其持仓、背后的投资逻辑以及自身的长期投资期限来管理波动性。他认为市场“短期是投票机，长期是称重机”，除非其投资逻辑被根本性打破，否则短期价格波动都只是噪音。他应对波动性的建议是：“了解你持有的是什么，为何持有，然后相应地调整你的头寸规模。”
除了投资活动，芬克还协助运营TIP的“智囊团社区”（Mastermind Community）。这一举措源于志同道合者之间建立联系的强烈需求，尤其是在每年奥马哈举行的伯克希尔哈撒韦股东大会周末期间。该社区成员上限为150人，提供每周线上直播课程、特邀嘉宾讲座以及交流机会，旨在帮助投资者建立更深层次的联系并激发新的投资想法。
总而言之，克莱·芬克从一名精算师转变为备受尊敬的播客主持人和投资者的历程，展现了他对持续学习的坚定承诺、对高质量企业的专注，以及一个旨在实现长期复利的投资组合。这个组合融合了传统价值投资原则与现代洞察力，并带有一丝非传统色彩。
In a candid interview on the Millennial Investing Podcast, Clay Fink, host of "We Study Billionaires," discussed his personal investment journey, influences, and portfolio, directly addressing Monish Pabrai's "show me your portfolio" challenge.
Fink's interest in investing was sparked at age 18 after reading a Warren Buffett biography, "The Snowball." While growing up with no formal financial education, he discovered The Investor's Podcast (TIP) during college commutes, appreciating Preston and Stig's approachable style. His professional path began in actuarial science, a field he chose for its strong math component and "optionality" – the ability to pivot without significant sunk costs. After four years in the corporate actuarial world, he realized it didn't align with his personality.
His transition to TIP was unexpected. After seeing a job posting for a Millennial Investing host, encouraged by a friend, he applied despite no prior podcasting or formal investment experience. His genuine enthusiasm for TIP's content and a good cultural fit secured him the role. Joining TIP, he states, "changed everything," accelerating his learning, fostering humility, and providing immense gratitude for a job that "pays to learn."
Fink's investment philosophy has been deeply shaped by guests and authors he's encountered through TIP. He cites Adam Ziesel ("Where the Money Is") for his modern take on valuing quality businesses, and Morgan Housel ("Same As Ever") for emphasizing humility about the future and the inevitability of unseen risks. Housel's point that "the biggest news story of the next 10 years is going to be something that nobody is talking about today" particularly resonated, highlighting the constant potential for surprise.
Chris Mayer ("How Do You Know," "100 Baggers") is another significant influence, especially his philosophical approach to investing through general semantics. Mayer's "the map is not the territory" concept taught Fink to be wary of oversimplified labels like "value stocks" or "GDP," which can lead to misjudgment. Nick Sleep, an investor known for his concentrated portfolio and focus on quality, also left a profound mark. Fink adopted Sleep's "high quality decision" framework, applying it not just to business selection but also to podcast production, opting for sustainable, valuable content over clickbait. Sleep's strategy of holding just a few high-conviction stocks like Amazon, Costco, and Berkshire Hathaway, though extreme, underscored the power of long-term quality investing.
Gautam Baid's "The Joys of Compounding" is a book Fink reveres, having dedicated a five-part series to it on his podcast. Baid's work solidified Fink's appreciation for high-quality businesses, emphasizing that qualitative factors (people, culture, industry dynamics) are often more crucial than mere numbers. Baid also illustrated how quality increases a business's margin of safety, as intrinsic value tends to grow over time, and that "great businesses tend to remain great" over successive periods, countering the notion of universal mean reversion.
Addressing the "show me your portfolio" quote, Fink reveals a diversified approach. His largest holding is **Bitcoin**, which he started buying in 2020 and views as a long-term bet, largely ignoring short-term volatility. He currently holds **six individual stocks**, with a goal to reach 10-11, mirroring Chris Mayer's concentrated but manageable approach. One specific holding he discussed is **Evolution AB (EVO)**, a Swedish company specializing in live online casino games. Fink sees it benefiting from the structural shift from land-based to online casinos, strong growth rates (over 50% revenue growth in some years), a significant scale advantage, and global tailwinds from iGaming regulation. Beyond these, he also holds **index funds and cash**.
Fink manages volatility by thoroughly understanding his holdings, their underlying thesis, and his long-term time horizon. He believes the market is a "voting machine in the short-term and a weighing machine in the long-term," making price short-term noise unless his thesis is fundamentally broken. His advice for dealing with volatility is to "understand what you own, why you own it, and then adjust your position size accordingly."
Beyond his investment activities, Fink also helps run TIP's Mastermind Community. This initiative grew from the high demand for like-minded individuals to connect, especially during the annual Berkshire Hathaway weekend in Omaha. The community, capped at 150 members, offers weekly live sessions, special guest appearances, and networking opportunities for investors seeking deeper connections and idea generation.
In summary, Clay Fink's journey from a skeptical actuary to a respected podcast host and investor highlights a deep commitment to continuous learning, a focus on high-quality businesses, and a portfolio structured for long-term compounding, blending traditional value investing principles with modern insights and a touch of the unconventional.
摘要
In this week’s episode, Patrick Donley sits down with Clay Finck, host of We Study Billionaires. They do a deep dive into what Clay has learned since becoming a host at TIP, what his biggest takeaways from his favorite interviews have been, who his favorite investors are, how he structures his own portfolio and handles volatility, why The Joys of Compounding is an important book to him, and much more!
Clay is a value investor who has been inspired by Chris Mayer, Nick Sleep, and Charlie Munger. He is the host of We Study Billionaires and also helps run TIP’s Mastermind community, an initiative he kickstarted in 2023.
IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro.
02:00 - How Clay first got turned on to the world of value investing.
05:12 - What his first career steps were.
08:27 - What his thoughts are on index investing vs. active investing.
10:49 - How his transition from actuarial science to host of TIP went.
13:56 - What he’s learned since starting as a host as TIP and how his life has changed.
21:38 - How he has used Twitter to share his ideas.
27:11 - What he learned from Morgan Housel’s new book.
30:05 - Who he’d love to sit next to on a flight from Nebraska to New York to learn from.
47:05 - What his goal is as an investor.
50:19 - How the TIP Mastermind community has been going and what its benefits are.
58:33 - Why The Joys of Compounding is an important book for Clay.
64:52 - What’s in Clay’s portfolio and what some of his favorite holdings are.
69:48 - How he deals with volatility in his portfolio and what his typical holding period is.
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Recommended book: Rich Dad Poor Dad by Robert Kiyosaki.
Recommended book: The Compound Effect by Darren Hardy.
Recommended book: Atomic Habits by James Clear.
Recommended book: The Snowball by Alice Schroeder.
Recommended book: The Simple Path to Wealth by JL Collins.
Recommended book: Where the Money Is by Adam Seessel.
Recommended book: Same as Ever by Morgan Housel.
Recommended book: How Do You Know? by Chris Mayer.
Recommended book: Dhando Investor by Mohnish Pabrai.
Recommended book: Richer, Wiser, Happier by William Green.
Recommended book: One Up On Wall Street by Peter Lynch.
Recommended book: Zen and the Art of Motorcycle Maintenance by Robert Pirsig.
Recommended book: The Joys of Compounding by Gautam Baid.
Check out TIP587: Dino Polska: A Polish Compounder | YouTube video.
Check out TIP604: Best Quality Idea Q1 2024—Evolution AB | YouTube video.
Check out the books mentioned in the podcast here.
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