Kyle discusses the most important investing lessons he learned in 2025.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:03:01 - Why “strong convictions, weakly held” is one of the most powerful default frameworks
00:09:05 - Why customer loyalty is an underappreciated signal of long-term business quality
00:13:42 - Sleuthing a business
00:17:15 - Why reflecting on your own emotions is essential
00:23:35 - Why intelligent investing always involves incomplete information
00:31:17 - Intentional inactivity
00:37:09 - How understanding company culture helps identify true long-term compounders
00:42:25 - Why founders matter
00:53:56 - Focusing on fragility and downside risk
00:59:01 - Why incentive structures are one of the most critical drivers of business performance
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
 <li>Learn how to join us in Omaha for the Berkshire meeting <a href="https://www.theinvestorspodcast.com/how-to-attend-the-berkshire-hathaway-annual-meeting/">⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Buy <a href="https://www.amazon.com/Compounders-Small-Acquisitions-Shareholder-Returns/dp/1917943032?crid=PVEV69O8QBUQ&dib=eyJ2IjoiMSJ9.E1-NNORD2pG0l9ebcePe3eXpMN-2-tTaxWm2h4EacZojVkJ2_CvWNN6JDyczZi-qvGU0FCg3pZEPT1XyDRckBHPp93jaSm8QC2QW8Mm5UMPyj0kh-K319fk0sEcI8XgkEWFaox_yot2_-H0F3_qzN65QSTavBYirwbyk6sBp-VfRZtTlxs89fDq6qRR7iK6iyhAm8V0dgmrVuVCsxPzHTK0futsUvx_PWHlWzFE7X44.t0Gyn22G1g62ZeQVQpZFZAaUQ8ZdhyqJ4Tpe-cgFswQ&dib_tag=se&keywords=the+compounders&qid=1763667259&sprefix=the+compounder%2Caps%2C194&sr=8-1&linkCode=ll1&tag=tipnetwork-20&linkId=8a0147591a6bcea3380f0f10f11eb24b&language=en_US&ref_=as_li_ss_tl">⁠The Compounders⁠</a>.</li>
 <li>Listen to <a href="https://www.theinvestorspodcast.com/millennial-investing/serial-acquirers-deep-dive/">⁠MI310: A Serial Acquirer Deep Dive⁠</a>.</li>
 <li>Follow Kyle on <a href="https://twitter.com/IrrationalMrkts">⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠</a> and <a href="https://www.linkedin.com/in/kylegrievetip/">⁠⁠⁠⁠⁠⁠LinkedIn.⁠⁠⁠⁠⁠⁠</a>
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 <li>Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠<a href="https://premium.theinvestorspodcast.com/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.</li>
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