William Green chats with Thomas Russo, a revered global investor who’s beaten the market by a mile over four decades. Tom, who oversees $8.5 billion, is the Managing Member at Gardner Russo & Quinn and Semper Vic Partners. Here, he shares the principles that drive his enduring success, along with key lessons he’s learned from three legends: Warren Buffett, Charlie Munger, and Bill Ruane.  IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro 00:00:36 - What Tom Russo learned from a life-changing encounter with Warren Buffett in 1982. 00:09:07 - Why “agency” cost is one of the greatest risks facing all investors. 00:14:40 - Why Tom favors companies that willingly endure pain today for gain tomorrow. 00:16:21 - How he rode Berkshire Hathaway from $900 to more than $430,000 per share. 00:22:14 - Why Buffett’s team of successors should do fine when Berkshire is in their hands. 00:29:29 - What Tom learned while working for investment legend Bill Ruane. 00:38:31 - Why Tom immediately sold Wells Fargo & Altria after realizing they’d lost their way. 00:46:12 - Why he loves brands where consumers believe there’s “no adequate substitute.” 00:51:56 - Why he’s bullish about Heineken’s long-term future, even after owning it for 36 years. 01:07:42 - How Tom succeeds by resisting short-term temptations & deferring gratification. 01:18:25 - What he failed to understand about Alibaba & the political risks of investing in China. 01:27:30 - Why he’s okay with tobacco stocks, not with companies that wreck the environment. 01:30:44 - How innovators like Nestlé & Heineken are helping to combat climate change. 01:41:28 - How Tom’s investment success is fueled by his insatiable curiosity. 01:44:32 - What he learned from Charlie Munger about the importance of trusting your gut. 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig and the other community members: https://theinvestorspodcast.com/mastermind 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - How Turtle Creek Beat the Market Since 1998 | Value Investing Masterclass w/ Andrew Brenton: https://youtu.be/VfCJk7Wvldk - How to BEAT the Market | Joel Tillinghast & Uncovering the Art of Outperformance: https://youtu.be/GCwcqO9u_08 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/richer-wiser-happier/move-slow-win-big-w-thomas-russo/ 📖  BOOK MENTIONED: - Richer, Wiser, Happier by William Green: https://amzn.to/3RX9gDp Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life. 🌍 Website: https://www.theinvestorspodcast.com/richer-wiser-happier/  ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.