Wisdom from the Berkshire Chronicles: Insights from Buffett and Munger Experts [See text version on my Substack]

8 previous Talking Billions conversations recorded over three years in one 15-minute episode!

This episode features a collection of profound insights and key ideas shared by experts on Berkshire Hathaway, Warren Buffett, and Charlie Munger. It includes historical perspectives on the company, pivotal investment philosophies, unique management practices, and significant business decisions. Highlighting stories from past Berkshire meetings, the importance of capital allocation, and lessons learned from Buffett's mistakes, this episode serves as a compact guide to understanding the principles behind one of the world's most successful businesses.

What you'll find inside:

00:00 Introduction: Wisdom from the Berkshire Chronicles01:12 The Pre-Buffett Era: From Whaling to Textiles02:23 Memories of Early Berkshire Meetings04:03 Buffett's Accidental Empire05:15 The Importance of Capital Allocation and Management Quality06:08 The Evolution of Value Investing06:59 The Insurance Float: Berkshire's Secret Weapon08:20 Concentration: Bet Big When You're Right09:44 The Portfolio Approach to Managing Businesses12:18 Learning from Mistakes and Taking the Long View13:47 Conclusion: The Compounding of Wisdom

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Did we get it all wrong, and we are actually negotiating a deeper globalization? A Thoughtful Tariff Talk and more

Guest: Rick Carew - Former Wall Street Journal journalist covering Asia's financial markets, current investor and educator teaching value investing at Fordham University's Gabelli School.

Key Topics: Value investing, journalism skills in investing, China-US business relations, AI in education, personal success philosophy

Timestamps and Key Ideas:

3:38 - Rick shares his upbringing in Richmond, Virginia, where his family owned a wine store that gave him entrepreneurial experience and an early understanding of business operations.

5:21 - Discussion about Rick's language journey learning Chinese and Japanese, which taught him discipline and a growth mindset applicable to investing.

8:06 - How learning languages provides cultural insights beyond words themselves, with Rick explaining how the Chinese character for "good" combines the characters for "mother" and "child."

11:49 - Rick discusses teaching value investing at Fordham University and the importance of mastering concepts before teaching them to others.

15:15 - Conversation about the core principles of value investing and how the framework needs to adapt to incorporate growth investing.

18:25 - Rick explains how students at Fordham manage a real $2.3 million investment fund, teaching them asset allocation and emotional management during market volatility.

22:30 - Rick shares how his journalism background provides valuable research skills for investing, including the willingness to pick up the phone for direct information.

28:12 - Two powerful questions for management interviews: "What question did I forget to ask?" and "If you had to invest in a competitor, which would you choose and why?"

32:22 - Discussion about how executives actually want feedback from thoughtful investors, especially as passive investing grows.

34:15 - Rick explains the complex relationship between Chinese government, Communist Party, and businesses - highlighting cycles of crackdowns and regulations.

40:04 - Insights on China's tech ecosystem as a "learning machine" studying and adapting Silicon Valley innovations.

45:12 - Discussion about globalization, US-China relations, and whether recent trade tensions are temporary or signal a longer-term shift.

53:03 - Rick's perspective on AI in education: embracing it as a tool while still requiring students to understand fundamentals and verify information.

1:00:39 - Rick shares his three-part framework for success: enjoying your work, giving back to society, and maintaining curiosity throughout life.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

This is an episode of the Excess Returns Podcast with Matt Zeigler and me. We go over the highlights from our two interviews with Professor Aswath Damodaran.

Lots of wisdom in one full hour, enjoy!

Join Matt Zeigler and Bogumil Baranowski as they play our favorite clips from both the Excess Returns and Talking Billions podcast interviews with Aswath Damodaran. This conversation unpacks Damodaran’s timeless insights on navigating uncertainty, embracing the process of investing, and finding comfort in a volatile market. From the ritualistic allure of the Berkshire Hathaway meeting to the pitfalls of factor investing,
Main Topics Covered:
The dangers of rigid, ritualistic value investing and the Berkshire Hathaway meeting’s cult-like atmosphere, contrasted with its networking value.
Embracing uncertainty as a feature of investing, not a bug, and avoiding unhealthy coping mechanisms like denial or outsourcing.
The limitations of factor investing, emphasizing the need to bring unique value to the table to achieve excess returns.
The stock market as a reflection of real-world business value, not a place where money is made, and the futility of fighting market dynamics.
The importance of loving the investing process over obsessing about beating the market, with diversification as a safeguard against hubris.
Balancing comfort investments with high-risk, high-reward opportunities to build a resilient portfolio.
The rise of passive investing and its potential to create opportunities for active investors as fewer people seek market mistakes.
The "sleep test" for investors—framing choices with gratitude and perspective to maintain peace of mind.
00:00:00 – Introduction and Damodaran’s view on contempt in investing
00:01:00 – Matt and Bogumil introduce the episode and their admiration for Damodaran
00:03:00 – Why the Berkshire Hathaway meeting terrifies Damodaran
00:11:42 – Uncertainty as a feature, not a bug, in investing
00:21:02 – The shortcomings of factor investing and the need to bring value
00:31:01 – The market as the boss and the importance of staying detached
00:38:22 – Loving the investing process over beating the market
00:44:05 – Comfort investments vs. edge opportunities in portfolio construction
00:52:50 – Active investing as bad plumbing and the rise of passive investing
01:01:12 – The sleep test: Framing investments for peace of mind
01:06:48 – Closing remarks and where to find more from Bogumil and MattPodcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.