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Introduction
On this episode, Clay Fink talks about his biggest takeaways from reading Warren Buffett's shareholder letters. TIP will be at the Berkshire Hathaway annual shareholder meeting this year on May 6th, 2023. We're hosting four free social events where you can meet Stig, Trey, and myself as well as socialize with the rest of the TIP audience members.
On today’s episode, Clay reviews Warren Buffett’s shareholder letters and shares his takeaways, and distills some of the biggest lessons he learned. If you asked a lot of value investors, they would tell you that reading Buffett’s letters is equivalent to an MBA on value investing and business. Buffett has a lot to teach us as investors as he has grown the value of Berkshire shares by over 3,600,000% since he took control of the business in 1965.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
07:44 - What Berkshire’s “Big Four” businesses are.
13:16 - What Buffett looks for when investing in a business and what he looks for in a management team.
14:19 - Why Buffett loves share repurchases and why they give me further vindication that a stock is cheap.
18:28 - Why it pays to treat your colleagues and shareholders like partners.
24:49 - Why industries with constant change should be avoided by investors.
28:36 - How Buffett views cash and leverage in his capital allocation strategy.
49:28 - What Buffett looks for when selecting him and Charlie’s successors.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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