Ep 386. Takeaways from Warren Buffett’s Shareholder Letter and Analyzing Ted Weschler’s Dillards Investment

1

Introduction

00:00 • 2min

2

The Buffett Letter

02:03 • 2min

3

The Importance of Saving for Retirement

04:15 • 2min

4

How to Think About Investing in Mutual Funds

06:36 • 2min

5

The Importance of Understanding Your Customers and Competitors

09:00 • 5min

6

The Value of Assets

14:06 • 3min

7

The Benefits of Management Buyouts

17:09 • 4min

8

Buffett's Mediocre Performance in Stocks

20:44 • 4min

9

Buffett's Personal Portfolio and the Financial Crisis

24:56 • 2min

10

Buffett and the Lulu Business

27:17 • 2min

11

The Importance of Good Decisions

28:54 • 2min

12

Buffett's Top 10 Best Investments of All Time

30:34 • 3min

13

The Hit Rate Is One Great Idea Every Five Years

33:39 • 3min

14

The Benefits of Leverage in Stock Picking

37:06 • 3min

15

Coca Cola and Amex: The Best Stock Investments Ever

39:52 • 3min

16

The Importance of Float in Berkshire's Success

43:01 • 4min

17

The Politics of Share Buybacks

47:08 • 4min

18

Buffett's Problem With the Stock Buyback

50:44 • 3min

19

The Future of Berkshire Hathaway

53:55 • 2min

20

Buffett's View on Federal Taxes

55:35 • 2min

21

Buffett's Thoughts on the Future of America

57:38 • 2min

22

The Importance of Meetings With Warren Buffett

59:27 • 2min

23

The Daily Journal's Meeting in Omaha

01:01:08 • 2min

24

Buffett's Letters on Share Buybacks

01:03:15 • 3min

25

The Berkshire Letter From Mr Buffett

01:06:09 • 2min

26

The Importance of Asymmetry in Investments

01:07:46 • 4min

27

Asymmetric Investing

01:11:21 • 2min

28

The Disadvantages of Perfect Investments

01:12:55 • 3min

29

The Dillard's Investment by Ted Weschler

01:15:54 • 4min

30

The Private Market Analysis of a Business

01:20:10 • 5min

31

The Risks of Buying Amazon Stock

01:25:22 • 1min

32

Dillard's: A No-Brainer

01:26:35 • 2min

33

The Importance of Asymmetry in Investments

01:28:12 • 2min

34

Dilits: A Better Investment Than Best Buy

01:29:47 • 3min

35

The Importance of Communicating With Investors

01:32:45 • 5min

36

The Cost of Building a Department Store

01:38:08 • 6min

37

The Benefits of Purchasing Public Securities

01:43:43 • 3min

38

The Value Trap of a Cheap Stock

01:46:57 • 4min

39

The Asymmetry of Copper Pricing

01:50:47 • 3min

40

The Effects of Leverage on Retail Value Creation

01:53:29 • 2min

41

The Effects of Cuts on Profitability

01:55:09 • 2min

42

The Decline of COVID

01:56:49 • 3min