Summary:
Every week on Simple Talk, host Wayne McCullough talks with his guests about faith, family,
friends, fitness, and finances. This week, guest Larry Redell takes a deep dive into the world of
personal finances and investments. He’s the co-owner of St. James Investment Company which
has been managing equity portfolios for individuals and institutions for two decades. He shares
his thoughts on how to be a smart investor and how to start early to build security for your
future.
Discipline is more important than mindset, Redell says. You can go into investing with the right
frame of mind, but if you can’t establish and sustain good practices, even the best of intentions
can go astray. After all, no one can predict the future. It’s impossible to know what peaks or
valleys lay ahead, so it’s critical to prepare ahead and be ready for those fluctuations when they
come. Being prepared and disciplined, even a first-time investor can build something great.
This Week’s Takeaways:
-Discipline is more important than mindset
-Partnerships grow through shared values and varied skills
-There’s a difference between speculating and investing
-There are times to be bold and times to be cautious
-Build an antifragile portfolio
Quotes:
“What money should give people, I would suggest, if things are healthy, it gives you a lot of
flexibility, it gives you a lot of freedom, you know you’re going to be able to take care of those
you love and those you care about.” -Larry Redell
“If you get yourself in debt … that exponential trap can keep you really mired in a bad situation.
It can cause a lot of strife and can affect the other areas of your life really adversely.” -Larry
Redell
“If you can be an investor and put away a little money, if you can compound that money and live
below your means, to me, you don’t need to hit home runs. You hit singles. That’s the basis of
our strategy.” -Larry Redell
“It’s not as hard as everybody thinks. The average person could start with $10,000 and do
something.” -Wayne McCullough
“You don’t sit there and try to predict the future. What you try to do is build an antifragile portfolio
and economy because you don’t know where this black swan is going to come from. You don’t
know what unintended consequences might unwind.” -Larry Redell
Mentions:
On this week’s episode, host Wayne McCullough and guest Larry Redell mentioned the
following books and films:
Liar’s Poker: Rising Through the Wreckage on Wall Street by Michael Lewis
The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham
The Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard Marks
The Black Swan: The Impact of the Highly Improbable by Nassim Taleb
Antifragile: Things that Gain from Disorder by Nassim Taleb
The Big Short: Inside the Doomsday Machine by Michael Lewis
The Big Short (2015)
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley and
William Danko
Contact:
You can follow St. James Investment Company on their website, stjic.com. There, you can also
find their regular newsletter on value investing.
