I am still regularly listening to Barry Ritholtz’ new podcast that I had mentioned in my post two months ago”). In the last episode, he interviewed Byron Wien, over 80 years old, now chairman of Blackstone Group. Wien provided a lot of insight on, e.g., the state of the governments of the Western world and I encourage you to listen to the full episode.
On a side note, it has been a consistent theme among all the greats on this show so far that they read a lot. Thankfully, my own reading is at least above average again in the last years albeit not stellar.
Here, I’d like to store the part that surprised me, but also provided motivation. First, you find a small section for your listening pleasure, then a quote of the most important part.
I made more money investing than anything else (among these other things: partner in Morgan Stanley before they went public, now vice chairman of Blackstone Group. […]
I’ve always tried to invest in open-ended situations, so I’ve had consistent investments in technology, bio-technology.
He then mentions Gilead Sciences (yfi: GILD) that he bought in the 90s and that has since appreciated 100 times in price.
I am still heavily influenced by Taleb’s books and open-ended upside in exchange for many small failures just fits the Antifragile thinking perfectly. Time to get my investments in order!