We Study Billionaires - The Investor’s Podcast Network

TIP521: Warren Buffett's Shareholder Letters

Feb 7, 2023

56:23

Highlights

AI Chapters

Episode notes

Investing in a Great Business

02:19

Why We Should Avoid Dragons Than Slaying Them

01:37

How Leverage Can Make You Rich

03:09

Introduction

2min

Warren Buffett's Shareholder Letters

3min

Investing in a Great Business

2min

Are for Giants?

4min

Buffett's Transparency and Honesty Are the Keys to His Long-Term Success

4min

Betterment - A New Year's Resolution

3min

Buffet's Best Solution to Selecting the Right Managers

4min

Buffett - The Growth of Berkshire's Intrinsic Value

5min

Buffett Wants to Hold Wholly Owned Companies Indefinitely

6min

10.

Warren Buffett's Investment Philosophy

3min

11.

Six Ways to Make Money in the Real Estate Market

3min

12.

TurboTax Live Assisted Basic Is for Simple Returns Only

3min

13.

I Don't Need an Opinion on Every Single Stock

5min

14.

Why We Should Avoid Dragons Than Slaying Them

2min

15.

How Leverage Can Make You Rich

3min

16.

The Importance of Share Repurchases

5min

17.

Warren Buffett's 12 Investment Principles

4min

On today’s episode, Clay reviews Warren Buffett’s shareholder letters and shares his takeaways, and distills some of the biggest lessons he learned. If you asked a lot of value investors, they would tell you that reading Buffett’s letters is equivalent to an MBA on value investing and business. Buffett has a lot to teach us as investors as he has grown the value of Berkshire shares by over 3,600,000% since he took control of the business in 1965.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

07:44 - What Berkshire’s “Big Four” businesses are.

13:16 - What Buffett looks for when investing in a business and what he looks for in a management team.

14:19 - Why Buffett loves share repurchases and why they give me further vindication that a stock is cheap.

18:28 - Why it pays to treat your colleagues and shareholders like partners.

24:49 - Why industries with constant change should be avoided by investors.

28:36 - How Buffett views cash and leverage in his capital allocation strategy.

49:28 - What Buffett looks for when selecting him and Charlie’s successors.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
The Essays of Warren Buffett by Lawrence Cunningham.
Listen to Clay’s review of The Education of a Value Investor by Guy Spier, or watch the video.
Tune into the recent We Study Billionaires’ episode covering The Dhandho Investor by Mohnish Pabrai, or watch the video.
Learn more about our free social events in Omaha here.
Follow Clay on Twitter.

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