

The Expensive Truth About Cheap Investing | Bogumil Baranowski
Oct 5, 2025
In this discussion, investor and author Bogumil Baranowski delves into the evolution of value investing, sharing wisdom rooted in the lessons of legends like Warren Buffett and Ben Graham. He outlines three phases of investment strategy: moving from seeking cheap stocks to recognizing the value of exceptional opportunities. Bogumil highlights the importance of patience and conviction, addresses the consequences of focusing too much on price over value, and touches on the family legacy of wealth stewardship. His insights inspire a reevaluation of what it means to invest wisely.
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Value Versus Price
- Price is what you pay, value is what you get when choosing providers or stocks.
- Paying more for quality can save time and avoid repeated costs over the long run.
Three Phases Of Investor Evolution
- Investors often start by buying cheap because frugality brought them to investing.
- The smarter evolution is to move from cheap to good and then to paying up for exceptional opportunities.
Berkshire's Cheap Origin
- Ben Graham bought businesses priced like "50 cent dollar bills" and didn't hold for long.
- Berkshire Hathaway started as a cheap textile liquidation play before transforming under Buffett.