TIP718: Buffett & Munger Unscripted by Alex Morris
We Study Billionaires - The Investorās Podcast Network
Investment Insights and Recommended Readings
This chapter explores the contrasting investment philosophies of two prominent investors, focusing on their perspectives on index funds and Berkshire Hathaway. It also offers recommended readings for aspiring investors and highlights community events for networking in the value investing space.
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 Charlieās 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 wonāt want to miss.
IN THIS EPISODE YOUāLL LEARN:
00:00 - Intro
01:48 - Why Buffett and Munger believe thereās 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 businessāand why those are so rare.
14:57 - How capital allocation drives long-term shareholder value and Berkshireās 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 Berkshireās 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 isnāt 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 ā hereā .
- Join the exclusive ā TIP Mastermind Communityā to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Alex Morrisā book: Buffett & Munger Unscripted.
- Alexās 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.
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- Follow Clay on ā LinkedInā & ā Xā .
- Check out all the books mentioned and discussed in our podcast episodes ā hereā .
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