We Study Billionaires - The Investor’s Podcast Network TIP764: The Art of Buffett w/ Tobias Carlisle
15 snips
Oct 31, 2025 
Tobias Carlisle, founder of Acquirers Funds and author, dives into Warren Buffett's investing strategies and the wisdom of The Art of War. He reveals why the General Re deal was a strategic triumph and how Buffett's investment in BNSF defies conventional logic. Carlisle contrasts Buffett's successes with IBM's setbacks and showcases Apple as a hallmark of shrewd investing. He also discusses the significance of ethical behavior and adaptability in finance, arguing that Berkshire Hathaway is a less risky investment compared to the S&P 500.
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Gen Re Deal Reframed As Masterstroke
- Tobias recounts Buffett's 1998 Gen Re deal that puzzled observers because Berkshire issued stock as currency.
- He explains how Buffett used that deal to diversify Berkshire's portfolio into bonds and survive the dot-com crash.
Avoid Ruin Before Seeking Gains
- Sun Tzu's focus on avoiding ruin parallels Buffett's priority of defense before offense.
- Buffett prefers protecting capital first so he can capitalize when opportunities arise later.
Why Buffett Bought BNSF Railroad
- Tobias describes Buffett's 2009-10 purchase of BNSF, a capital-intensive railroad that seemed un-Buffett-like.
- He shows Buffett saw irreplaceable moat, Pacific-facing geography, tax and regulatory benefits, and quick capital recovery.
