Summary:Every week on Simple Talk, host Wayne McCullough talks with his guests about faith, family,friends, fitness, and finances. This week, guest Larry Redell takes a deep dive into the world ofpersonal finances and investments. He’s the co-owner of St. James Investment Company whichhas been managing equity portfolios for individuals and institutions for two decades. He shareshis thoughts on how to be a smart investor and how to start early to build security for yourfuture.Discipline is more important than mindset, Redell says. You can go into investing with the rightframe of mind, but if you can’t establish and sustain good practices, even the best of intentionscan go astray. After all, no one can predict the future. It’s impossible to know what peaks orvalleys lay ahead, so it’s critical to prepare ahead and be ready for those fluctuations when theycome. Being prepared and disciplined, even a first-time investor can build something great.This Week’s Takeaways:-Discipline is more important than mindset-Partnerships grow through shared values and varied skills-There’s a difference between speculating and investing-There are times to be bold and times to be cautious-Build an antifragile portfolioQuotes:“What money should give people, I would suggest, if things are healthy, it gives you a lot offlexibility, it gives you a lot of freedom, you know you’re going to be able to take care of thoseyou love and those you care about.” -Larry Redell“If you get yourself in debt … that exponential trap can keep you really mired in a bad situation.It can cause a lot of strife and can affect the other areas of your life really adversely.” -LarryRedell“If you can be an investor and put away a little money, if you can compound that money and livebelow your means, to me, you don’t need to hit home runs. You hit singles. That’s the basis ofour strategy.” -Larry Redell“It’s not as hard as everybody thinks. The average person could start with $10,000 and dosomething.” -Wayne McCullough“You don’t sit there and try to predict the future. What you try to do is build an antifragile portfolioand economy because you don’t know where this black swan is going to come from. You don’tknow what unintended consequences might unwind.” -Larry RedellMentions:On this week’s episode, host Wayne McCullough and guest Larry Redell mentioned thefollowing books and films:Liar’s Poker: Rising Through the Wreckage on Wall Street by Michael LewisThe Intelligent Investor: The Definitive Book on Value Investing by Benjamin GrahamThe Most Important Thing: Uncommon Sense for the Thoughtful Investor by Howard MarksThe Black Swan: The Impact of the Highly Improbable by Nassim TalebAntifragile: Things that Gain from Disorder by Nassim TalebThe Big Short: Inside the Doomsday Machine by Michael LewisThe Big Short (2015)The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley andWilliam DankoContact:You can follow St. James Investment Company on their website, stjic.com. There, you can alsofind their regular newsletter on value investing.

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