On today’s episode, Kyle Grieve chats with co-host Clay Finck about Clay’s favorite book, The Joys of Compounding. They discuss how compounding can profoundly affect people's lives inside and outside of investing, simple thinking tools to make better decisions, why humility is such an important trait all good investors possess, how to think about value and quality traps regarding evaluation, why you should emphasize compounding in your relationships with others and your health, and a whole lot more!IN THIS EPISODE YOU’LL LEARN:00:00 - Intro03:07 - Why compounding can be found in all areas of life10:01 - The importance of self-education after a formal education in the wealth-building process13:03 - Valuable thinking tools that can help you optimize your decision-making and think at a higher level18:26 - A breakdown of two of Guatam Baid's first principles of investing21:39 - The importance of humility in investing and understanding whether you have an advantage or disadvantages29:05 - Why living life on your principles has been such a valuable tool for Warren Buffett, and how you can utilize the framework in your own life43:25 - How this book helped Clay understand the value of owning high-quality businesses even when they look expensive52:12 - The importance of culture in the lens of long-term investing and quality businesses1:02:16 - How to utilize base rates in investing to improve decision-making by looking at public data or looking at your successes and failures1:05:45 - Why compounding social relationships, intellectual processes, and health are so crucial to living a fulfilling lifeAnd so much more!Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Read The Joys Of Compounding. Read