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TIP360: Inside The Money Mind of Warren Buffett w/ Robert Hagstrom

Jul 11, 2021

Guest

Robert G Hagstrom

Trey Lockerbie chats with Robert Hagstrom, Chief Investment Officer and bestselling author known for his expertise on Warren Buffett's investing strategies. They delve into the evolution of Buffett’s 'money mind,' highlighting its importance in achieving investment success. Hagstrom shares insights from his experiences alongside Bill Miller, the significance of temperament in investing, and the contrast between traditional businesses and modern network-driven enterprises. Expect revelations about effective valuation strategies and Buffett's adaptability in a dynamic investing landscape.

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insights

INSIGHT

Money Mind

Warren Buffett's "money mind" concept emphasizes temperament alongside rational capital allocation.
It involves considering investing's relationship with markets, recognizing that temperament is crucial.

insights

INSIGHT

Self-Reliance in Investing

A "money mind" starts with self-reliance, influenced by Emersonian philosophy.
It involves trusting your judgment, independent of others' opinions.

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ANECDOTE

Buffett and Graham's Connection

Warren Buffett connected with Ben Graham because Graham's investing style mirrored his father's Emersonian values.
This connection was immediate and strong due to Buffett's upbringing with a focus on self-reliance.

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

The Evolution of the Money Mind in Investing

03:07 • 13min

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Investment Insights and Opportunities

16:22 • 5min

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Evaluating Investments in a Networked Economy

21:05 • 12min

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Engaging Advertisements Highlighting New Shows and Quality Apparel

33:12 • 3min

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Reevaluating Investment Valuation: The Power of Owner Earnings and Returns on Capital

36:20 • 5min

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Navigating Investment Strategies

40:56 • 24min

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Reflecting on Insights and Opportunities in Investing

01:04:38 • 2min

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The Warren Buffett Way

Investment Strategies of the World's Greatest Investor

Robert G Hagstrom

This book provides an in-depth examination of Warren Buffett's investment strategies, highlighting his approach to valuing businesses, his criteria for selecting investments, and the key principles that have contributed to his remarkable success. It emphasizes Buffett's focus on understanding the business rather than speculating on stock prices, and it outlines his business, management, and financial tenets for evaluating potential investments.

Investing The Last Liberal Art

Robert G Hagstrom

In 'Investing: The Last Liberal Art', Robert G. Hagstrom delves into fundamental investing concepts by drawing from multiple fields outside of economics. Inspired by Charlie Munger's 'latticework of mental models', Hagstrom argues that good investment decisions cannot be made solely on finance theory. The book discusses how theories from physics, biology, sociology, psychology, philosophy, and literature can be applied to investing research. It also includes a new chapter on mathematics and updates reflecting the economic developments since 2008. The book emphasizes the importance of a broad education and critical thinking in investment performance.

The Warren Buffett portfolio

Mastering the Power of the Focus Investment Strategy

Robert G Hagstrom

This book introduces the concept of focus investing, a strategy that has historically outperformed the market. Hagstrom explains how to build and manage a concentrated portfolio, similar to Warren Buffett's approach. He demonstrates how to select a few outstanding companies with high probability of continued strong performance and how to allocate investment funds proportionately. The book also delves into the intellectual framework for managing such a portfolio, including understanding price volatility, market psychology, and the importance of intellectual fortitude. It serves as a companion to Hagstrom's earlier work, 'The Warren Buffett Way', by providing tools for organizing and managing a focus portfolio.

Buffett

The Making of an American Capitalist

Roger Lowenstein

This book provides a comprehensive and detailed account of Warren Buffett’s life, from his early days to his ascension as one of the most successful investors in history. Written by Roger Lowenstein, the book is based on three years of research and includes interviews with Buffett’s family, friends, and business associates. It explores Buffett’s investment strategies, his long-term philosophy of buying undervalued stocks, and his role in transforming Berkshire Hathaway into a highly successful corporation. The book also delves into Buffett’s personal life and the influences that shaped his investment approach, including his mentor Benjamin Graham and his partnership with Charlie Munger.

The intelligent investor

Jason Zweig

Benjamin Graham

Written by Benjamin Graham, 'The Intelligent Investor' is a seminal work on value investing that has inspired millions since its original publication in 1949. The book emphasizes the importance of distinguishing between investing and speculation, calculating the intrinsic value of companies, and maintaining a margin of safety. The revised edition includes updated commentary by Jason Zweig, who provides modern examples and insights to help readers apply Graham's principles in today's market. Warren Buffett, a disciple of Graham, has praised the book as 'the best book about investing ever written'.

The theory of investment value

John Burr Williams

John Burr Williams's "The Theory of Investment Value" is a foundational text in finance that introduced the concept of intrinsic value and its application to investment decision-making. The book lays out a framework for valuing assets based on their expected future cash flows, discounted back to their present value. This approach, known as discounted cash flow (DCF) analysis, remains a cornerstone of modern financial valuation. Williams's work emphasizes the importance of considering a company's future earnings potential and the risks associated with those projections. The book's rigorous approach to valuation has had a lasting impact on the field of finance and investment.

Common Stocks and Uncommon Profits

Philip A. Fisher

In 'Common Stocks and Uncommon Profits', Philip A. Fisher outlines his investment philosophy, which focuses on identifying and investing in high-quality growth companies. The book is renowned for Fisher's '15 points to look for in a common stock', which include evaluating a company's products, management, sales organization, research capabilities, and long-term growth prospects. Fisher advocates for a qualitative approach to investing, emphasizing the importance of understanding the business and its management rather than relying solely on quantitative metrics. The book also discusses when to buy and sell stocks, the role of dividends, and the pitfalls of short-term thinking in investing.

The Warren Buffett Way

Investment Strategies of the World's Greatest Investor

Robert G Hagstrom

In today’s episode, Trey Lockerbie sits down with Chief Investment Officer and New York Times bestselling author, Robert Hagstrom. Robert has written multiple books, especially on Warren Buffett including The Warren Buffett Way, The Warren Buffett Portfolio, Investing The Last Liberal Art, and his latest book Warren Buffett: Inside The Ultimate Money Mind.

IN THIS EPISODE, YOU'LL LEARN:

(05:08) The evolution of Warren Buffett’s investing style
(03:07) The meaning behind the phrase “Money Mind” that Buffett coined
(15:53) What Robert learned from investing alongside Bill Miller and more

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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