Tom Gayner, CEO of Markel Group, reveals the lessons he’s learned from Charlie Munger and Berkshire Hathaway, how he invests, and the specific way he thinks about opportunity cost. Gayner shares the difference between good debt and bad debt, where he disagrees with Munger, and why he focuses on the basics. This intimate conversation offers a level of insight and honesty that Tom hasn’t offered anywhere else. Gayner is currently the CEO of Markel Group and the Director of The Coca‑Cola Company. He also serves as chairman of the Davis Series Mutual Funds board and on the boards of Graham Holdings and Markel. Listen and Learn. -- Watch the episodes on YouTube: https://www.youtube.com/c/theknowledgeproject/videos Newsletter - Each week I share timeless insights and ideas that you can use at work and home. Add it to your inbox: https://fs.blog/newsletter/ My New Book! Clear Thinking: Turning Ordinary Moments into Extraordinary Results is out now - https://fs.blog/clear/  Follow me: https://beacons.ai/shaneparrish Join our membership: https://fs.blog/membership/ Sponsors: Eight Sleep: Sleep to power a whole new you. https://www.eightsleep.com/farnamstreet Sidebar: Accelerate your career. https://www.sidebar.com/shane Metalab: https://www.metalab.com     Learn more about your ad choices. Visit megaphone.fm/adchoices