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Trailer - #166 Book Breakdown (Part 2 of 2): “The Essays of Warren Buffett: Lessons for Corporate America” by Lawrence Cunningham | Outliers with Daniel Scrivner

Oct 5, 2023

01:51

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Guest Lawrence Cunningham, author of "The Essays of Warren Buffett: Lessons for Corporate America," discusses Warren Buffett's thoughts on investing, personal investments, keeping investment costs low, and the impact of 'helpers' on returns in part 2 of the podcast.

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Quick takeaways

Warren Buffett's book, 'The Essays of Warren Buffett', provides a valuable insight into his ideas on culture and incentives.

The success of Berkshire Hathaway can be attributed to Warren Buffett's investment strategies, focusing on concepts like Mr. Market and keeping investment costs low.

Deep dives

Key Points About Berkshire Hathaway

In the first part of the deep dive into The Essays of Warren Buffett, the focus was on Berkshire Hathaway's business model and the competitive advantage derived from its exceptional culture. Warren and Charlie have built a company with a strong foundation and have outlined 15 principles for their owners. Warren Buffett even sends a letter to potential businesses for acquisition. The remarkable success of Berkshire Hathaway, in terms of acquiring incredible companies, such as C's candies and Geico, within just 60 years is highlighted.

Exploring Investing and Valuation: Part 2 of 'The Essays of Warren Buffett'

2min

The Essays of Warren Buffett by Lawrence Cunningham

For over 50 years, Warren Buffett has written an annual letter to Berkshire Hathaway's shareholders. Many people set it as a goal to read all of Warren’s shareholder letters chronologically. Which is certainly a fascinating way to see how Berkshire Hathaway evolved year after year.

This book is different. It breaks from this chronological order to instead group things Warren has said over the years by topic. So, for instance, you can see his ideas on the importance of culture or the power of incentives holistically — as a single body of work.

What I love about this book is the focus on Warren’s ideas. Warren Buffett has built one of the largest conglomerates in history — full I’d incredible companies from See’s Candies to GEICO — from a standing start in 1965. I would argue that if you only have time to study one entrepreneur and investor, that you should study Warren Buffett.

There’s no better way to do that than with this book. I know it’s one I’ll be rereading for the rest of my life.

Notes & Transcript

Find my full notes and transcript for this episode at outlieracademy.com/warrens-essays.

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