Porter & Co. Black Label Podcast Brett Gardner – The Best Buffett Book Ever
Jul 15, 2025
Brett Gardner, an investment analyst and author of "Buffett's Early Investments," shares insights into Warren Buffett's early career. He discusses the game-changing lessons he learned from Buffett's formative deals, revealing both notable mistakes and successes. The conversation also touches on capital allocation challenges at Berkshire Hathaway and the impact of technology on traditional banks. Gardner's research journey, enhanced writing skills, and the allure of workout investments make for a compelling listen!
AI Snips
Chapters
Books
Transcript
Episode notes
Set A Permanent Four-Bucket Allocation
- Do diversify wealth across uncorrelated buckets: stocks, bonds, gold/bitcoin, and cash.
- Rebalance and use cash to buy during major market drawdowns to preserve purchasing power.
Choose Lindy, Low-Volatility Stocks
- Prefer high-return-on-equity, low-beta, long-lived 'Lindy' companies over a broad index for retiree stock exposure.
- Lindy firms reduce survival risk and lower volatility while still providing growth.
Use Insurers Instead Of Long-Term Treasuries
- Avoid long-dated sovereign bonds if you distrust the government's fiscal position; instead, use P&C insurers as bond proxies.
- Buy high-quality insurance companies to get professional bond management and underwriting income for free.
