The Intrinsic Value Podcast - The Investor’s Podcast Network

MI358: The Essays of Warren Buffett w/ Shawn O'Malley

Jul 1, 2024

Shawn O'Malley discusses insights from Warren Buffett's Essays including Munger's influence, Berkshire's success factors, valuation principles, Buffett's views on gold and index funds. They explore risk in investing, company valuation, Buffett's no-dividend policy, and his character traits that stand out.

54:00

Episode guests

Shawn O'Malley

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Charlie Munger's pivotal role influenced Buffett's investing approach, contributing to Berkshire's success.

Buffett's emotionally driven decision to invest in Berkshire reshaped his strategy and taught valuable lessons.

Buffett prioritizes assessing intrinsic value and quality businesses for long-term investment success.

Deep dives

Main Takeaways from Warren Buffett's Essays

Warren Buffett remains bullish on American dynamism and emphasizes the importance of appreciating living in the current era. The podcast delves into key insights from a deep dive into Warren Buffett's essays by Sean O'Malley. It discusses Charlie Munger's pivotal role at Berkshire Hathaway and how the company's success was enabled. Valuing a company, Buffett's views on gold and index funds, and significant aspects of Buffett's character are highlighted.

Intro

2min

The Influence of Charlie Munger on Warren Buffett and Berkshire Hathaway

4min

From Dumb Decision to Wonderful Businesses

13min

Capital Allocation and Corporate Culture at Berkshire Hathaway

10min

Value Investing and Minimizing Costs

9min

Understanding Intrinsic Value and Investment Strategies

13min

In today’s episode, Patrick Donley (@JPatrickDonley) sits down with Shawn O’Malley, Chief Editor of our newsletter, We Study Markets, to discuss what his main takeaways were from doing a deep dive into The Essays of Warren Buffett by Lawrence Cunningham.

You’ll learn how Charlie Munger fits into the story of Berkshire, what allowed for Berkshire’s incredible success, how to properly value a company, how Buffett views gold and index funds, the most important aspect of Buffett’s character that stood out to Shawn, plus a whole lot more!

The Essays Of Warren Buffett: Lessons for Corporate America is Cunningham’s seminal work. He was a Professor of Corporate Governance for 15 years at George Washington University. He serves on the board of directors for several public businesses such as: Constellation Software, Kelly+Partners Group, and Markel Group.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:26 - Why Buffett recommends The Essays of Warren Buffett as one of his favorites

04:26 - How does Munger fit into the Berkshire Hathaway story and what his role was

05:59 - Why Munger thought buying Berkshire was a dumb decision

11:13 - What was it that allowed for Berkshire’s incredible success

19:44 - How Buffett thinks about risk in investing

25:07 - What Buffett says about index funds

28:13 - How to properly value a company

34:28 - Why Buffett has chosen not to pay a dividend on Berkshire shares

36:49 - How Buffett views gold as an investment

40:28 - What one aspect of Buffett’s character that stood out the most to Shawn

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Lawrence Cunningham's book, The Essays of Warren Buffett.
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