This Week in Intelligent Investing
Alex Morris on His New Book, "Buffett and Munger Unscripted", and Disney $DIS
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.
01:18:58
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Quick takeaways
- The podcast emphasizes the importance of aligning management incentives with shareholder interests, particularly through effective compensation structures to enhance long-term value creation.
- A significant theme discussed is the necessity of focusing on cash flow certainty over mere growth when making investment decisions, which can lead to wiser capital allocation choices.
Deep dives
Insights from Buffett and Munger's Shareholder Meetings
A new book compiles essential lessons from the Berkshire Hathaway shareholder meetings since 1994, offering insights into topics such as value investing and capital allocation. The significance of understanding management incentives and aligning them with shareholder interests is emphasized, illustrating how typical practices in large public companies often differ from Buffett and Munger’s approach. For instance, they advocate for compensation structures that genuinely reflect the value created for shareholders, contrasting with common practices that might favor short-term results. This perspective underscores the importance of strategic oversight within a business to ensure long-lasting success.
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