Guest Guy Spier, value investor and hedge fund manager, discusses lunch with Warren Buffett, value investing, managing a hedge fund, Berkshire after Buffett, the bull case for Ferrari, and more!
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Quick takeaways
Having lunch with Warren Buffett offers valuable lessons and connections for investors.
Reflecting on Buffett's strategies and qualities can inspire unconventional thinking in investing.
In a post-Buffett era, Berkshire Hathaway may prioritize risk-averse strategies and preserving capital.
Emulating Buffett entirely may not lead to personal satisfaction; finding one's own path is crucial.
Books like 'Nobody's Fool' and 'Authenticity' explore cognitive blind spots and navigating deception.
Deep dives
The Influence of Warren Buffett
Warren Buffett's impact and influence on investors is far-reaching. His investment strategies and philosophy have inspired many, including the narrator, to study and follow his approach to investing. The opportunity to have lunch with Buffett is highly sought after, as it offers a chance to gain insight and potentially build a lasting relationship with him. This unique experience can provide valuable lessons and connections for those lucky enough to participate.
Cloning Warren Buffett
The narrator discusses how he became bidding partners with Mohnish Pabrai to win a charity lunch with Warren Buffett. This experience led the narrator to reflect on the qualities and strategies that make Buffett successful. He highlights Mohnish Pabrai as a significant influence, as Pabrai has demonstrated an ability to think differently and find unconventional investment opportunities. Through their connection with Buffett, the narrator and Pabrai have expanded their networks and gained valuable insights in the world of investing.
The Legacy of Warren Buffett
When considering a post-Buffett era, it is likely that Berkshire Hathaway will operate differently. The narrator speculates that the company's investments and decisions may become more risk-averse and less focused on large, bold moves. The emphasis may shift towards preserving capital, generating cash flow, and maintaining the strength of the existing portfolio. While the future may bring changes, the enduring nature of Berkshire Hathaway's cash flows and the shrinking of its shares will likely increase the value of its stock for long-term shareholders.
Lessons Learned from Buffett
The narrator reflects on the personal lessons he has learned from Warren Buffett and how they have shaped his investment approach. He realizes that trying to emulate Buffett entirely may not lead to happiness or personal satisfaction. Instead, he recognizes the importance of finding his own path and pursuing what truly interests and excites him. Additionally, the narrator acknowledges the significance of building connections with other investors and the value of creating unique experiences for oneself and others in the investment community.
The cognitive blind spots that lead to deception
The book 'Nobody's Fool' by Chabris and Simon explores the ways in which our brain can deceive us and the cognitive blind spots that can lead to deception. It delves into the concept of inattentional blindness and how our minds often miss important details that are right in front of us.
Exploring the nature of authenticity
In the book 'Authenticity' by Alice Sherwood, the author delves into the concept of authenticity and what it means in our modern society. She explores how people can be deceived and manipulated, discussing her personal experience with a social fraudster. This book examines the notion of living a genuine, authentic life and how to identify and navigate deceptive situations.
Immersive chess experience with chess.com
Chess.com is an app that provides an immersive chess experience, allowing users to play various time controls against other players. It offers options such as one-minute bullet chess for intense and fast-paced gameplay, or longer time controls for a more strategic approach. This app provides a platform to engage with other chess enthusiasts and enjoy the game of chess.
Insights from Dave Chappelle's live show at MSG
The live show of Dave Chappelle at Madison Square Garden was filled with comedy and performances by other renowned comedians like John Stewart and Chris Rock. The event celebrated Dave Chappelle's 50th birthday and showcased the talent of these comedians, as well as performances from Nas, The Roots, and Ludacris. The show provided an unforgettable experience for the audience.
Documentary series 'Hard Knocks' gives an insider's look at NFL training camp
'Hard Knocks' is a documentary series that follows a chosen NFL team through its training camp, unveiling the behind-the-scenes challenges and stories of the players and coaches. The series captures the intense preparation and journey of the team as they prepare for the upcoming season. Viewers are given a unique perspective of the players' lives and the dynamics within the team.
On episode 107 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Guy Spier to discuss: lunch with Warren Buffett, value investing, managing a hedge fund, Berkshire after Buffett, the bull case for Ferrari, and much more!
Thanks to Public for sponsoring this episode. Visit https://public.com/compound for more information on how to earn 5+% interest with a treasury account on public.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
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