The Life of Peter Cundill: Financial Genius, Philosopher, and Philanthropist by Christopher Risso-Gill (Summary)

Notes

  • “Understanding relationships is as important in investment matters as financial analysis.” — Peter Cundill
  • Go on as many trips as you can and have wild experiences.
  • Be exceptional for the sake of being exceptional.
  • Mentor promising people younger than you.
  • He was fat and poor growing up which made him obsessed with fitness and money.
  • Make and keep friends; have rich experiences daily.
  • You need to get into situations that make your gut tight.
  • Only stasis is frightening.
  • He climbed Mt. Everest and rappelled down waterfalls. He went on a zero-gravity flight.
  • In his 30s, he decides that he wants his profession to be his main goal in life, at the expense of having a wife and kids.
  • If you have a great reputation and credibility, people will buy your products and services.
  • He’s a student of Benjamin Graham. Read Security Analysis.
  • Peter iterated on Graham’s ideas and developed his own investment strategy.
  • Details are essential.
  • Build a network of like-minded people in your industry.
  • He studied history extensively.
  • Identify the most important activity in your work and then spend all of your time doing that.
  • His dad tried to commit suicide after the market crash of 1987.

Cundill's Principles For a Good Life:

  • Exercise 0.5-2 hours every day.
  • Sleep a lot.
  • Read even more.
  • Drink once in a while.
  • No cigarettes.
  • Never stop learning.
  • Once a year, do a marathon.
  • Once a year, do something that scares the shit out of you, like bungee jumping, white water rafting, or skydiving.
  • Strive for balance through contradictions.
  • Own a house, enjoy hotel rooms.
  • Travel a lot. Travel to extreme and obscure places.
  • Don’t own a car. Use a bike, ride the subway, or rent a limo.
  • Freedom is the absence of obligation.
  • Be open but keep a few dark secrets.