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.
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