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Most families who obtain immense wealth squander it by the third generation. But Chris Davis comes from a family whose grandfather and father all become independently wealthy of each other, and Davis has done the same. How does that keep happening? In this conversation, we find out. Christopher Davis has been a Director of The Coca-Cola Company since April 2018. Davis is Chairman of Davis Selected Advisers-NY, Inc., an independent investment management firm founded in 1969. Davis joined Davis Selected Advisers-NY, Inc. in 1989 as a financial analyst and in 1995, he became a portfolio manager of the firm’s flagship funds. Prior to joining Davis Selected Advisers-NY, Inc., he served as a research analyst at Tanaka Capital Management and as an accountant at State Street Bank and Trust Co. 00:00 - Intro 00:20 - Lessons Davis learned from his father and grandfather 22:34 - The importance of writing things no one reads 33:05 - Davis' experiences through financial crises 48:41 - Why Davis loves managing a mutual fund 51:59 - Why Berkshire Hathaway operates with margin 57:15 - What is risk? 01:00:12 - On low-interest rates and their future impact 01:10:56 - The mismatched timelines between CEOs, companies, investors, and policy 01:18:29 - How Davis and Munger met 01:26:30 - Lessons learned from Munger 01:37:39 - Why avoiding weaknesses is the ultimate recipe for success 01:51:56 - How to raise non-entitled kids and avoid lifestyle creep 01:12:20 - On happiness 02:23:10 - Good vs. bad board meetings 02:27:44 - Three generations of wealth 02:33:25 - On success -- OUR FREE NEWSLETTER: https://fs.blog/newsletter/ 📈  OUR MOST POPULAR INTERVIEWS 🎬  The Full Story of Naval Ravikant: https://youtu.be/mGY2To_HW98 🎬  Bill Ackman - Getting Back Up: https://youtu.be/mIS3LYxgVWc 🎬  Secrets to Healthy Relationships with Esther Perel: https://youtu.be/atXKntdX2UY 🎙 Listen to the show  iTunes: https://podcasts.apple.com/us/podcast/the-knowledge-project-with-shane-parrish/id990149481 Spotify: https://open.spotify.com/show/1VyK52NSZHaDKeMJzT4TSM?si=abde3cc6a48d43ef GET IN TOUCH 🌍 Our website - www.fs.blog JOIN OUR COMMUNITY https://fs.blog/membership/ ABOUT THE KNOWLEDGE PROJECT Like the mentor you’ve always dreamed of having, The Knowledge Project shares timely yet timeless lessons for work and life. Past guests include Naval Ravikant, Daniel Kahneman, Jim Collins, Angela Duckworth, Seth Godin, Melanie Mitchell, & Esther Perel.