RWH053: Trouble Ahead w/ Bill Priest

In this episode, William Green speaks with Barron’s Roundtable member Bill Priest, who is Vice Chairman of TD Wealth and founder, Chairman, and Co-Chief Investment Officer of TD Epoch. Bill is the co-author of several books, including “Winning at Active Management.” Having prospered for six decades in the financial markets, Bill has seen it all. Here, he talks about his core investing principles & why he believes investors are too complacent in the face of mounting risk & fragility.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro06:50 - How Bill Priest fell in love with the stock market.40:30 - Why he focuses relentlessly on free cash flow & cost of capital.41:11 - How he goes about analyzing a business. 48:41 - Why growth stocks may start to struggle.50:47 - Why he’s worried about the threat of stagflation. 59:16 - How investors can protect themselves from an unknowable future.1:03:36 - Why AI is unstoppable, not just another bubble.1:07:35 - Why he’d be “very careful” about investing in China.1:15:38 - Why you should keep ample cash to ride out difficult times.1:17:20 - Why his exposure to equities is much lower than usual.1:21:16 - How to be a successful leader.1:57:16 - What he’s learned from his daughter about happiness.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESBill Priest’s investment firm, Epoch Investment Partners.Bill Priest’s book, “Free Cash Flow & Shareholder Yield.”Bill Priest’s book, “Winning at Active Management.”Anne Applebaum’s book “Autocracy, Inc.”Ruchir Sharma’s book, “What Went Wrong with Capitalism.”William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.Follow William Green on X.Check out all the books mentioned and discussed in our podcast episodes here.Enjoy ad-free episodes when you subscribe to our Premium Feed.NEW TO THE SHOW?Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORSSupport our free podcast by supporting our sponsors: Plus500 Netsuite Shopify VantaHELP US OUT!Help us reach new listeners by leaving us a rating and review on Spotify! 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Hosted by Stig Brodersen, William Green, Shawn O'Malley, Daniel Mahncke, and Kyle Grieve, The Investor’s Podcast has proudly reached nearly 200 million downloads, as the world's largest stock-investing focused podcast.On the show, we study a range of businesses and their investment prospects, from Spotify to Amazon, serial acquirers like Constellation Software, deep value plays, and more, using lessons from some of the world's most famous investors, like Warren Buffett, Charlie Munger, and Howard Marks. Leverage the lessons we learned from studying, and talking to, the world's best investors, and apply them in your own investing journey, while following along with our company case studies. For more insights on how to value companies and build a stock portfolio, you can also sign up for our free weekly newsletter.Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

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