TIP718: Buffett & Munger Unscripted by Alex Morris
We Study Billionaires - The Investor’s Podcast Network
Navigating Share Repurchases and Management Quality
This chapter examines the differing perspectives of academia and renowned investors on share buybacks and management efficacy. It emphasizes the critical role of corporate culture, business quality, and the alignment of CEO compensation with shareholder interests, illustrated through the rise of Berkshire Hathaway and lessons from notable investments.
In this episode, Clay dives into Buffett and Munger Unscripted by Alex Morris. This book is a treasure trove of timeless investing wisdom from decades of Berkshire Hathaway annual meetings.
The episode highlights Warren and Charlie’s most powerful lessons on capital allocation, business quality, temperament, and how to achieve long-term investing success. Whether you're a lifelong Buffett fan or just stepping into the world of value investing, this episode is packed with insights you won’t want to miss.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:48 - Why Buffett and Munger believe there’s no such thing as non-value investment.
07:45 - Why Buffett avoids complex financial models and sticks to common sense.
08:05 - The traits that define a truly great business—and why those are so rare.
14:57 - How capital allocation drives long-term shareholder value and Berkshire’s success.
24:29 - How Buffett thinks about share buybacks and dividends.
26:27 - The importance of understanding and trusting management and company culture.
38:53 - Why most of Berkshire’s success came from just a handful of decisions.
49:48 - How Buffett and Munger handle market volatility and avoid emotional decisions. 56:26 - The role of temperament in investing and why intelligence alone isn’t enough.
58:15 - Why short selling rarely works and why index funds are still a powerful tool.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here.
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Alex Morris’ book: Buffett & Munger Unscripted.
- Alex’s research service: The Science of Hitting.
- Book mentioned: The Essays of Warren Buffett.
- Mentioned Episode: TIP697: The Secret to Buffett's Business Success w/ Lawrence Cunningham.
- Mentioned Episode: TIP550: Masterclass w/ Mohnish Pabrai.
- Mentioned Episode: TIP693: The Power Law w/ Clay Finck.
- Mentioned Episode: TIP626: Intelligent & Rational Long-Term Investing w/ Francois Rochon.
- Mentioned Episode: TIP620: The Intelligent Investor by Benjamin Graham.
- Follow Alex on X and LinkedIn.
- Follow Clay on LinkedIn & X.
- Check out all the books mentioned and discussed in our podcast episodes here.
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