Alex Morris on His New Book, "Buffett and Munger Unscripted", and Disney $DIS

18 snips

Feb 27, 2025

In this conversation, Alex Morris, founder of the TSOH Investment Research Service, shares insights from his book on Berkshire Hathaway’s shareholder meetings. He explores key investment principles and the challenge of distilling complex ideas into accessible narratives. Morris highlights the importance of cash flow dynamics and how technological perceptions influence investment choices. The discussion also covers Disney's strategic shifts, market confidence in retail, and the challenges of investment timing, offering a deep dive into the evolving nature of successful investing.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

INSIGHT

Key Investment Insights

Prioritize management incentives and alignment with shareholder interests.
Consider certainty as a key factor in investment underwriting, alongside valuation and capital allocation.

INSIGHT

Value of Early Meetings

Early Berkshire Hathaway shareholder meeting recordings (1994-2004) offer particularly valuable insights.
The nature of questions and audience shifted over time, influencing the meeting's focus.

ANECDOTE

1998 Meeting Focus

The 1998 Berkshire Hathaway meeting featured extensive discussions about technology investments.
Buffett and Munger fielded questions about their perceived aversion to tech and their investment approach.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

In this episode, co-hosts Elliot Turner and John Mihaljevic welcome Alex Morris, founder of the TSOH Investment Research Service, a long-term focused equity research service. Alex discusses key takeaways from his new book, Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Shareholder Meetings.

Enjoy the conversation!

Helpful links:

Alex Morris is the founder of the TSOH Investment Research Service, a long-term focused equity research service with 100% portfolio transparency. He earned his undergraduate degree and MBA from the University of Florida and is a CFA Charterholder. Prior to founding TSOH Investment Research in 2021, Alex worked as a buyside equities analyst for ten years. He lives in Davie, Florida with his wife, Jessica, his son, Jack, and his dog, Elvis. Alex has been a Berkshire Hathaway shareholder since 2011 and has been to Omaha for multiple annual meetings.

The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.

About the Co-Hosts:

Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.

John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.