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Stanford GSB - 2023 Last Lecture - How to Live an Asymmetric Life — Graham Weaver

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I was honored to give a Last Lecture for the Stanford Graduate School of Business Class of 2023. Read on for a summary of the message I shared, or watch the entire lecture video. When I started my investing career, I focused almost exclusively on what I believed were the two fundamental rules of investing: Rule One: Don’t lose money, and Rule Two: Never forget Rule One. We bought some companies at very low prices and others at a discount to their net asset values. On three separate occasions, the memo I wrote to our investment committee claimed, “It is mathematically impossible to lose money on this investment.” We lost money all three times. In fact, I personally lost money on five of my first eight investments, and we lost money on our first fund. Over my 29-year career as a professional investor, I have come to realize that in those early days, I was dead wrong in my thinking about investing. If I had to summarize great investing in a single word, it would be “asymmetry.” I learned

How to Live an Asymmetric Life Leadership Self Discovery Jul 18 Written By Graham Weaver I was honored to give a Last Lecture for the Stanford Graduate School of Business Class of 2023. Read on for a summary of the message I shared, or watch the entire lecture video. Discovering the Power of Asymmetry When I started my investing career, I focused almost exclusively on what I believed were the two fundamental rules of investing: Rule One: Don’t lose money, and Rule Two: Never forget Rule One. We bought some companies at very low prices and others at a discount to their net asset values. On thre

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