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What I Learned About Investing from Darwin
- Narrated by: Shawn K. Jain
- Length: 12 hrs and 35 mins
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Summary
The investment profession is in a state of crisis. The vast majority of equity fund managers are unable to beat the market over the long term, which has led to massive outflows from active funds to passive funds. Where should investors turn in search of a new approach?
Pulak Prasad offers a philosophy of patient long-term investing based on an unexpected source: evolutionary biology. He draws key lessons from core Darwinian concepts, mixing vivid examples from the natural world with compelling stories of good and bad investing decisions—including his own. How can bumblebees' survival strategies help us accept that we might miss out on Tesla? What does an experiment in breeding tame foxes reveal about the traits of successful businesses? Why might a small frog's mimicry of the croak of a larger rival shed light on the signs of corporate dishonesty?
Informed by successful evolutionary strategies, Prasad outlines his counterintuitive principles for long-term gain. He provides three mantras of investing: Avoid big risks; buy high quality at a fair price; and don't be lazy—be very lazy. Prasad makes a persuasive case for a strategy that rules out the vast majority of investment opportunities and advocates permanently owning high-quality businesses.
What listeners say about What I Learned About Investing from Darwin
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- Anonymous User
- 25-03-24
Fresh take and useful lessons
There are quite long segments about how nature works with interesting stories in them. Those are then linked to the investing principles the author uses. I became inspired and will implement at least avoiding too risky investments, mindset of permanent ownership, not overpaying and not selling because of valuation runs up.
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