Bruce Flatt: The Trillion-Dollar Blueprint (Value, Discipline, Durability) [The Knowledge Project Ep. #221]

Shane Parrish: I want to start with how investing has changed over the past 23 years, I think, since you’ve been CEO.

Bruce Flatt: Look, on the first level, I’d say it hasn’t changed at all. What investing is about is buying great things or great businesses, holding them for long periods of time, and earning cash returns, and that hasn’t changed at all. The fundamentals of investing are exactly the way they were before. What’s changed is the environment around it, and I mentioned a couple of things.