The Investing for Beginners Podcast - Your Path to Financial Freedom

Warren Buffett & Sun Tzu: The Ancient Strategy for Avoiding Ruin with Tobias Carlisle

Dec 22, 2025
Guest
Tobias Carlisle
Tobias Carlisle, Principal and CIO at Acquirers Funds and author, shares insights from his book, linking Warren Buffett’s strategies with Sun Tzu’s ancient wisdom. He emphasizes the importance of 'survive first' for long-term success. Tobias discusses Buffett's discipline during crises, such as his cautious stance on airlines during COVID. He introduces defensive investing and the concept of 'wu-wei,' or effortless success, while stressing the moral responsibilities of management. The conversation also covers avoiding stupid mistakes through inversion and his innovative Zig and Deep ETFs.
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INSIGHT

Survive First, Win Later

  • Surviving is worth more than winning when outcomes risk ruin.
  • Ergodicity means avoid strategies that might wipe out your capital because compounding stops at ruin.
ADVICE

Be Defensive And Framework-Driven

  • Think defensively: avoid high debt, fragile business models, and oversized position sizing.
  • Use a framework to require an overwhelming advantage before you buy a stock.
INSIGHT

Invest With The Tailwind

  • Invest with tailwinds, not against headwinds, by recognizing prevailing conditions.
  • Wu-wei means seek effortless success where conditions naturally favor the business.
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