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4min chapter
TIP346: Masterclass in Valuation w/ Chris Bloomstran
We Study Billionaires - The Investor’s Podcast Network
The Importance of Investing in the Stock Market
Berkshire Hathaway bought national indemnity in 1967, when the stock was trading for maybe 60% of book value. Buffett knew enough to not use the stock as currency because it was kind of at those prices prior to him getting control of the company. He wound up buying enough shares to win a proxy battle and get control of all of Berkshire Hathaway. And this may now signal an acknowledgement that the capital markets are too rich.
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