How the Ex-Goldman CEO actually invests his own money
About This Episode
Sam Parr sits down with Lloyd Blankfein, the former CEO and Senior Chairman of Goldman Sachs, to discuss his journey from the Brooklyn projects to the pinnacle of Wall Street. Blankfein shares his personal investment strategy, his philosophy on risk-taking versus conservation, and behind-the-scenes details of Warren Buffett's massive investment in Goldman during the 2008 financial crisis.
Episode Description
Show Notes
- 0:00Lloyd on Money, Day Trading, and Feeling “Rich”
- 3:52Meeting Elon
- 5:23What the worst traders have in common
- 9:54Warren Buffett’s handshake deal
- 15:04Lloyd breaks down his portfolio
- 20:41Advice to young investors
- 23:09biggest mistakes
- 25:54Anxiety as a superpower
- 27:54Family finances
- 31:35Scarcity
- 40:46The Goldman Obituary Test
- 43:53Lessons from history
Links
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Key Takeaways
Accept that the margin between elite success and failure is often incredibly thin, similar to a single stroke in a golf tournament or a slightly faster runner in an Olympic cycle.
Balance risk management by realizing that avoiding all risk leads to stagnation; a good manager must sometimes promote risk-taking to ensure progress and wealth creation.
Study history and biographies to understand that human patterns and economic cycles 'rhyme,' providing a better template for predicting the future than raw data alone.