Shows
Thus Spoke Warren BuffettLetter to BRK shareholders 1972Explore the strategic maneuvers and robust growth of Berkshire Hathaway in 1972 in this revealing episode. Delve into Warren Buffett’s detailed shareholder letter highlighting a remarkable 19.8% increase in operating earnings, primarily driven by an unprecedented surge in insurance underwriting profits. Discover how Buffett's shift from the textile industry to diversified investments has significantly enhanced shareholder value, and learn about the company's plans to navigate new competition and regulatory challenges in 1973. This episode offers an insightful analysis into the decisions and leadership that have positioned Berkshire Hathaway for sustained success. Tune in for a masterclass in corporate strategy and investment wi...
2024-05-1011 minThus Spoke Warren BuffettLetter to BRK shareholders 1973In this 1973 report, Warren Buffett reflects on a year of mixed financial outcomes for Berkshire Hathaway. Operating earnings increased to $11,930,592, translating to a 17.4% return on equity, albeit a decrease from the previous year. Strong results in textile, banking, and certain insurance operations couldn't offset the challenges faced by segments of the insurance business. The report details the merger with Diversified Retailing Company, promising broader diversification and a significant stake in Blue Chip Stamps. Buffett also highlights the Pulitzer-winning work of Sun Newspapers and expresses optimism for continued progress, despite challenges in Texas and Chicago insurance markets. Looking ahead, he...
2024-05-1012 minThus Spoke Warren BuffettLetter to BRK shareholders 1974The 1974 performance of Berkshire Hathaway was notably marred by its underperforming insurance segment, which led to overall unsatisfactory results. The company reported operating earnings of $8.38 million, or $8.56 per share, marking a modest 10.3% return on beginning shareholders' equity—the lowest since 1970. Despite strong performances in the textile division and banking sector, both of which improved upon their already robust 1973 results, the insurance underwriting segment experienced a significant decline. The deteriorating insurance landscape, exacerbated by under-reserving, inadequate rates, and inflation, put intense pressure on profitability. While the outlook for 1975 remains uncertain, with predicted declines in textile and banking operations and continued ch...
2024-05-1011 minThus Spoke Warren BuffettLetter to BRK shareholders 1975Explore the nuanced insights from Warren Buffett's annual letter to Berkshire Hathaway stockholders, as he reflects on the challenges of 1975 and forecasts a more promising 1976. Delve into detailed discussions on Berkshire's diverse sectors including insurance, textiles, and investments, with a candid review of setbacks and a strategic outlook for future growth. This episode offers a rare glimpse into Buffett's analytical rigor and operational strategies that have shaped Berkshire into a powerhouse. Discover the principles of resilience and adaptability in facing economic downturns and positioning for recovery. Join us to understand the wisdom behind the decisions that drive one of...
2024-05-0614 minThus Spoke Warren BuffettLetter to BRK shareholders 1976Dive into the world of financial strategy and resilience as Warren Buffett details Berkshire Hathaway's significant rebound in 1976. Following years of underwhelming performances, the company reports a remarkable improvement in earnings, attributed largely to robust insurance underwriting led by Phil Liesche's managerial acumen at National Indemnity Company. Despite challenges in the textile sector, Buffett remains committed to revitalizing this division, acknowledging both industry-wide issues and internal missteps. The episode also covers Berkshire's cautious optimism towards 1977, balancing expected operational gains with potential declines in return on equity. With a blend of detailed financial analysis and strategic foresight, Buffett navigates through...
2024-05-0614 minThus Spoke Warren BuffettLetter to BRK shareholders 1977Dive into a revealing exploration of Berkshire Hathaway's financial journey through 1977, where a moderate improvement in operating earnings to $21.9 million signals both strategic successes and the inherent challenges of diverse operations. From the textile industry's persistent struggles to the remarkable achievements in insurance underwriting led by Phil Liesche's team at National Indemnity Company, this episode dissects the multifaceted nature of Warren Buffett's conglomerate. The narrative further unfolds with a deep dive into the insurance sector's evolution, highlighting an almost 600% growth in premium volume without diluting shareholder equity. It also examines investment strategies that prioritize long-term business quality over short-term...
2024-02-1120 minThus Spoke Warren BuffettLetter to BRK shareholders 1978Dive into the intricate world of finance and investment with Berkshire Hathaway's 1978 annual report, where Chairman Warren E. Buffett navigates through a year of substantial growth and strategic maneuvering. This episode offers a rare glimpse into the complexities of mergers, the art of financial statement analysis, and the strategic decisions behind portfolio management. Buffett dissects the merger with Diversified Retailing Company, shedding light on the resulting accounting intricacies and the impact on Berkshire's financials. He candidly discusses the challenges and strategies of operating in diverse sectors, from textiles to insurance, and banking to retailing, all while emphasizing the importance...
2024-02-1127 minThus Spoke Warren BuffettLetter to BRK shareholders 1979In this illuminating episode, we delve deep into the financial and strategic insights shared by Warren E. Buffett in his annual letter to Berkshire Hathaway shareholders. Buffett begins with a discussion on the significant change in accounting for equity securities and its impact on Berkshire's balance sheet, highlighting the company's substantial unrealized gains. The episode further explores the intricacies of Berkshire's operating results, emphasizing the importance of measuring performance against shareholders' equity and the deceptive nature of earnings per share as a performance metric. Buffett candidly shares the long-term economic performance of Berkshire, attributing success to capital appreciation and...
2024-02-1140 minThus Spoke Warren BuffettLetter to BRK shareholders 1980Dive into a comprehensive exploration of Berkshire Hathaway's 1980 performance, as Warren Buffett meticulously outlines the company's financial achievements and strategic investments. This episode unveils the intricacies of accounting principles, investment strategies, and the economic realities facing corporations and investors alike in a high-inflation environment. Buffett's narrative goes beyond the numbers, offering a masterclass in economic analysis, corporate governance, and the value of retained earnings. Discover how Berkshire Hathaway navigates the complexities of the insurance industry, capitalizes on non-controlled ownership earnings, and strategically positions itself for long-term success. Buffett's reflections on past decisions, the importance of management quality, and the...
2024-02-1046 minThus Spoke Warren Buffett[Bonus] 1986 - "Purchase-Price Accounting Adjustments and the 'Cash Flow' Fallacy"Dive deep into the intricate world of purchase-price accounting adjustments and the often misunderstood concept of "cash flow" through the lens of Berkshire Hathaway's acquisition of Scott Fetzer. This episode offers a compelling examination of the economic reality versus the accounting portrayal of business transactions, as illustrated by comparing the pre and post-acquisition financials of Scott Fetzer. With a focus on the substantial disparity between GAAP earnings and owner earnings, listeners will gain an unparalleled insight into why the true value of a company cannot solely be determined by its balance sheet figures. Explore the critical analysis of non-cash...
2024-02-1013 minThus Spoke Warren BuffettLetter to BRK shareholders 1981Dive into the insightful world of Berkshire Hathaway's 1981 journey, as Warren Buffett meticulously analyzes the year's financial landscape, revealing the challenges and strategic decisions that shaped their performance. This episode uncovers the essence of Berkshire's operational strategies, investment philosophy, and the innovative shareholder-designated charitable contributions program, highlighting the company's commitment to value creation and corporate responsibility. Buffett's legendary wisdom is on full display as he navigates through economic complexities, offering a masterclass in investment and business management. Whether you're an investor, a business professional, or simply a curious mind, this episode promises to enrich your understanding of Berkshire Hathaway's...
2024-02-1041 minThus Spoke Warren BuffettLetter to BRK shareholders 1982In this riveting episode, we delve into the intricacies of Berkshire Hathaway's 1982 annual report, narrated by none other than Warren E. Buffett, the oracle of Omaha himself. With Berkshire's operating earnings experiencing a notable dip, Buffett offers a candid analysis of the challenges faced, including insurance underwriting results and the nuances of investment in partially-owned businesses. The episode shines a light on Buffett's investment philosophy, emphasizing the significance of economic earnings over accounting earnings and the critical evaluation of business valuation. Listeners will gain unparalleled insights into Buffett's strategic thinking, from avoiding the pitfalls of stock issuance to the...
2024-02-1049 minThus Spoke Warren BuffettLetter to BRK shareholders 1983In a remarkable exploration of business acumen and investment philosophy, the latest episode of our podcast delves into the intricate world of Berkshire Hathaway under the stewardship of Warren Buffett. This episode offers listeners an unparalleled glimpse into the annual letter addressed to Berkshire's shareholders, highlighting the company's growth, principles, and the strategic insights that have cemented its position as a conglomerate of exceptional value and integrity. From discussing the significance of shareholder relationships to the meticulous approach towards acquisitions and the intrinsic value of businesses, Buffett's letter serves as a masterclass in corporate leadership and investment wisdom. Join...
2024-02-1053 minThus Spoke Warren BuffettLetter to BRK shareholders 1984In a revealing episode, Warren Buffett addresses Berkshire Hathaway shareholders with a candid review of the company's financial performance in 1984, marking a year of substantial, albeit "mediocre," gains. Buffett's letter not only dissects the fiscal outcomes but also delves into the philosophy guiding Berkshire's dividend policy, investment strategies, and the intrinsic value of retained earnings versus distributions. He candidly discusses the challenges and strategic missteps in capital allocation across different business ventures, emphasizing the necessity of investing retained earnings in avenues that promise returns exceeding those available to investors. This episode serves as a masterclass in corporate governance and...
2024-02-101h 18Thus Spoke Warren BuffettLetter to BRK shareholders 1985In a remarkable showcase of strategic foresight and managerial acumen, Berkshire Hathaway's 1985 journey under Warren Buffett’s leadership marked a year of substantial growth and pivotal acquisitions. The highlight was the acquisition of a significant stake in Capital Cities/ABC, a move that not only exemplifies Berkshire's investment in high-quality businesses with exceptional management but also represents a strategic alliance poised to enhance long-term value for Berkshire shareholders. Furthermore, the acquisition of The Scott & Fetzer Company stands out as a testament to Berkshire's investment philosophy, securing a conglomerate known for its diverse, profitable operations and strong management team. Amidst th...
2024-02-051h 26Thus Spoke Warren BuffettLetter to BRK shareholders 1986Explore the realm of financial acumen with Warren E. Buffett as he delves into the 1986 annual performance of Berkshire Hathaway Inc., revealing a remarkable 26.1% gain in net worth. This episode offers an exclusive walkthrough of the company's strategic maneuvers, led by Buffett's unparalleled investment philosophy and managerial insights. From dissecting the nuances of intrinsic business value versus book value to scrutinizing the performance of major operating businesses and addressing the impacts of the Tax Reform Act of 1986, Buffett shares the wisdom behind Berkshire's sustained success. Join us to uncover the principles that have propelled Berkshire Hathaway's growth over the...
2024-02-051h 11Thus Spoke Warren BuffettLetter to BRK shareholders 1987Dive into the remarkable journey of Berkshire Hathaway under the astute leadership of Warren Buffett, as highlighted in the 1987 letter to shareholders. This episode unpacks the company's significant net worth growth, emphasizing a 19.5% increase to $464 million. It explores the nuanced relationship between book value and business value, illustrating through real-world examples how these metrics can diverge dramatically. Buffett eloquently critiques common managerial misrepresentations in annual reports, setting Berkshire's transparent and pragmatic approach apart. The episode further delves into the exemplary performances of Berkshire's largest non-financial units, showcasing their extraordinary returns on equity with minimal debt reliance. Moreover, Buffett's reflections...
2024-01-311h 19Thus Spoke Warren BuffettLetter to BRK shareholders 1988Dive into the riveting world of finance and investment with Berkshire Hathaway's 1988 annual letter, a masterclass in business acumen from Warren Buffett. This episode delves into the intricate strategies and philosophies that propelled Berkshire Hathaway to a staggering $569 million gain in net worth, marking a 20% increase. Buffett's keen insights and wit illuminate complex topics, from the nuances of intrinsic business value versus book value to the impacts of market conditions and tax rates on investment strategies. The episode also offers a rare glimpse into Buffett's investment choices, including major stakes in companies like Coca Cola and Freddie Mac, and...
2024-01-281h 14Thus Spoke Warren BuffettLetter to BRK shareholders 1989Dive into the captivating world of financial wisdom with this episode, where we dissect the remarkable journey of Berkshire Hathaway under the stewardship of Warren Buffett. From a humble beginning in textiles to a colossal conglomerate, Berkshire's story is a masterclass in investment philosophy and business acumen. Witness how Buffett's principles of value investing and his emphasis on intrinsic value over book value have sculpted Berkshire into a financial powerhouse. With a keen eye on long-term growth rather than short-term gains, Buffett's approach has not just been about selecting stocks but about buying businesses with enduring qualities. Through tales...
2024-01-251h 30Thus Spoke Warren Buffett[Bonus] 1990 - "Some Thoughts on Selling Your Business"Explore the profound insights of Warren Buffett as he delves into the intricate nuances of selling a family business. In this episode, Buffett shares his personal letter to a potential seller, illuminating the emotional and practical complexities of such a decision. His wisdom extends beyond mere transactional advice, addressing the unique challenges faced by owner-managers in the once-in-a-lifetime sale of their life's work. Buffett contrasts different types of buyers, emphasizing Berkshire Hathaway's distinct approach to acquisitions — one that respects the autonomy and legacy of the businesses it acquires. This episode is a must-listen for business owners contemplating the future of...
2024-01-2508 minThus Spoke Warren BuffettLetter to BRK shareholders 1990Explore the fascinating world of finance and investment with the latest episode of our podcast, featuring a deep dive into Berkshire Hathaway's 1990 performance. Discover how even in challenging market conditions, Berkshire's net worth saw a significant increase, thanks to a late surge in stock prices. Gain insights into the nuanced world of stock investments, with a particular focus on Berkshire's major holdings in companies like Capital Cities/ABC, Coca-Cola, GEICO, and Washington Post. Learn how intrinsic value, market perceptions, and industry developments play a crucial role in shaping investment outcomes. Join us as we unravel the complexities behind these...
2024-01-241h 12Thus Spoke Warren BuffettLetter to BRK shareholders 1991Delve into the remarkable journey of Berkshire Hathaway in 1991, a year marked by substantial financial growth and strategic triumphs. This episode unpacks the impressive $2.1 billion increase in net worth, a testament to the company's robust 23.7% compounded annual growth since its management overhaul. Key highlights include the ingenious investment in Coca-Cola and Gillette, which significantly bolstered Berkshire's net worth, and the insightful leadership decisions in the wake of challenging economic conditions. The episode also explores Warren Buffett's candid reflections on investment decisions, the intrinsic challenges of the insurance industry, and the acquisition of H. H. Brown. Gain unique insights from...
2024-01-2353 minThus Spoke Warren BuffettLetter to BRK shareholders 1992Dive into the remarkable journey of Berkshire Hathaway under the astute leadership of Warren Buffett. In 1992, the company witnessed a notable 20.3% increase in per-share book value, continuing a trend of exceptional growth since Buffett's management began. This episode explores the intricate strategies behind Berkshire's success, including its disciplined approach to stock issuance and investment. Buffett's insights into the complexities of the insurance industry, particularly in the realm of super-catastrophe coverage, shed light on the company's resilience in the face of unpredictable challenges. The episode also delves into the Salomon Brothers saga, highlighting Buffett's temporary role as Interim Chairman and...
2024-01-231h 05Thus Spoke Warren BuffettLetter to BRK shareholders 1993Explore the remarkable journey of Berkshire Hathaway under the stewardship of Warren Buffett in 1993, a year marked by strategic financial maneuvers and significant growth. This episode delves into the intricate financial decisions that propelled the company's per-share book value by 14.3%, highlighting the shrewd adaptations to changing accounting principles and insightful investments. Gain insights into Buffett's astute leadership, particularly his approach to intrinsic value, and discover how Berkshire Hathaway navigated the complexities of the market. Additionally, the episode sheds light on Buffett's unique perspective on corporate governance, his reflections on notable retirements, and exciting developments in Berkshire's subsidiaries. Join us...
2024-01-231h 06Thus Spoke Warren BuffettLetter to BRK shareholders 1994In this revealing episode, delve into the insightful world of Warren Buffett, the legendary investor and Chairman of Berkshire Hathaway. Discover the strategic vision that propelled Berkshire's net worth increase by $1.45 billion in 1994, marking a 23% compounded annual growth over 30 years. Buffett, with his partner Charlie Munger, shares their prudent investment philosophy, emphasizing the importance of purchasing well-managed businesses at reasonable prices. Despite their massive success, they caution against expecting future performance to mirror the past. The episode explores the intricate dynamics of large-scale investments, the impact of a burgeoning net worth on investment choices, and the steadfast adherence to...
2024-01-2355 minThus Spoke Warren BuffettLetter to BRK shareholders 1995Dive into the world of business mastery with Berkshire Hathaway's 1995 journey, where wisdom meets wit in a financial landscape navigated by the legendary Warren Buffett. This episode unpacks Berkshire's staggering $5.3 billion gain in net worth, an impressive 45.0% jump, amidst a stock market so buoyant that, as Buffett quips, "any fool could make a bundle." Explore the strategic acquisitions of Helzberg's Diamond Shops, R.C. Willey Home Furnishings, and the monumental purchase of GEICO, each a testament to Berkshire's pursuit of companies with "excellent economic characteristics and outstanding managers." Buffett's candid reflections, peppered with humor and historical insights, offer a...
2024-01-231h 10Thus Spoke Warren BuffettLetter to BRK shareholders 1996Dive into the insightful journey of Berkshire Hathaway's 1996 fiscal year, where Chairman Warren Buffett unpacks the company's substantial net worth growth of $6.2 billion, a remarkable 36.1%. This episode sheds light on the intricate financial maneuvers and strategic acquisitions, like FlightSafety International, that propelled this growth. Buffett offers a candid view of the company's recalibrated financial statements and the impact of fully acquiring GEICO. He also discusses the nuanced world of investment, sharing his philosophy on selecting stocks and the importance of understanding intrinsic value. Get an exclusive look at Berkshire's various business segments, from insurance operations to common stock investments...
2024-01-231h 09Thus Spoke Warren BuffettLetter to BRK shareholders 1997Dive into the intriguing world of finance and investment with the latest episode, where we delve into Berkshire Hathaway's 1997 annual letter to shareholders. This episode features a detailed analysis of the company's substantial growth in net worth, its performance compared to the S&P Index, and the wisdom behind its investment strategies. Warren Buffett, with his characteristic blend of humility and insight, offers a candid appraisal of the year's successes and challenges, including an engaging analogy comparing investment strategies to a duck's journey in a pond. Listeners will also gain an in-depth understanding of the factors affecting Berkshire's intrinsic...
2024-01-231h 08Thus Spoke Warren BuffettLetter to BRK shareholders 1998Dive deep into the intricacies of financial growth and investment strategies with the latest episode featuring Warren Buffett's insightful letter to Berkshire Hathaway Inc. shareholders. The 1998 financial year revealed a significant $25.9 billion increase in net worth, marking a 48.3% growth in per-share book value, an impressive feat since the management takeover 34 years ago. Buffett, however, cautions against surface-level interpretations of these figures, emphasizing the nuanced nature of such financial gains. The episode also delves into the challenges and successes of Berkshire's major acquisitions, like General Re and Executive Jet, and their impact on the company's investment portfolio and operational strategies...
2024-01-221h 09Thus Spoke Warren BuffettLetter to BRK shareholders 1999Dive into the insightful world of Berkshire Hathaway's 1999 performance in this episode, where Warren Buffett, the legendary investor and Chairman, candidly unpacks the challenges and setbacks faced by the company. Despite a tough year marked by underperformance in the equity portfolio and the worst relative performance in his tenure, Buffett's unwavering optimism and strategic capital allocation insights shine through. He reflects on the intrinsic value of Berkshire and its long-term prospects, even amidst a challenging market environment. This episode offers a rare glimpse into the mind of one of the world's most successful investors, revealing his approach to adversity...
2024-01-211h 14Thus Spoke Warren BuffettLetter to BRK shareholders 2000Delve into the world of high-stakes business with Berkshire Hathaway's 2000 year in review, a journey of strategic acquisitions and candid reflections on corporate America. This episode offers an inside look at how Warren Buffett, Berkshire's legendary CEO, navigates the complex world of mergers and investments. From the major acquisition spree totaling $8 billion to the nuanced discussion of intrinsic value and the economics of the insurance industry, Buffett demystifies the mechanisms driving one of the world's most successful conglomerates. But it's not just about numbers; this narrative is peppered with Buffett's signature wit and wisdom, providing a masterclass in business...
2024-01-191h 19Thus Spoke Warren BuffettLetter to BRK shareholders 2001In a candid reflection on the challenges and triumphs of Berkshire Hathaway's journey, this episode delves into the intricate dynamics of investment, management, and corporate ethics under the seasoned guidance of Warren Buffett. The year 2001 was marked by a notable $3.77 billion loss in net worth, yet the long-term growth trajectory since 1965 remains a striking testament to the company's resilience and strategic acumen. Buffett offers an introspective analysis of investment decisions, highlighting the impact of the September 11th attacks on their operations and stressing the importance of underwriting discipline, especially in the wake of the General Re acquisition. The episode...
2024-01-181h 14Thus Spoke Warren BuffettLetter to BRK shareholders 2002Delve into the fascinating world of Berkshire Hathaway's 2002 journey, a year marked by significant financial growth and strategic acquisitions under the adept leadership of Warren Buffett. In this episode, explore how Berkshire Hathaway navigated a sluggish economy to achieve a remarkable 10.0% increase in per-share book value, expanding its diverse portfolio through shrewd investments and acquisitions. Buffett, with his characteristic wit and wisdom, sheds light on the company's exceptional performance in non-insurance operations, the strategic growth of its insurance group, and the acquisition of new businesses with promising economic characteristics. Additionally, the episode offers a rare glimpse into Buffett's investment...
2024-01-181h 29Thus Spoke Warren BuffettLetter to BRK shareholders 2003Dive into the world of financial wisdom with Berkshire Hathaway's 2003 episode, where Warren Buffett and Charlie Munger reveal the intricate dance of investments, corporate governance, and economic insights. This episode is a masterclass in understanding the ebbs and flows of the market, showcasing Berkshire's strategic moves in various sectors including insurance, utilities, and manufacturing. Buffett's candid reflections on investment decisions and currency market maneuvers offer a rare glimpse into the minds of two of the most successful investors in history. Whether you're a seasoned investor or a curious learner, this episode is a treasury of knowledge and strategic thinking...
2024-01-181h 17Thus Spoke Warren BuffettLetter to BRK shareholders 2004Explore the remarkable journey of Berkshire Hathaway's transformation from a struggling textile business into a diversified powerhouse under the astute leadership of Warren Buffett and Charlie Munger. In this episode, delve into the intricacies of intrinsic value, the guiding principles behind Berkshire's sustained growth, and the critical role of per-share intrinsic value over book value. Buffett offers a candid reflection on Berkshire's performance in 2004, discussing its successes and shortcomings, and outlines his strategies for future acquisitions and investments. This insightful episode also touches on the broader economic implications of trade practices and currency trends, providing a unique perspective on...
2024-01-171h 24Thus Spoke Warren BuffettLetter to BRK shareholders 2005In the latest episode of the Berkshire Hathaway podcast, Warren Buffett delves into the company's financial performance, strategies, and future outlook. He reflects on 2005 as a decent year, despite challenges like Hurricane Katrina, highlighting the acquisition of five companies and the impressive growth in insurance, particularly at GEICO. Buffett's analysis of Berkshire's intrinsic value and its diverse earnings streams is enlightening. He also touches on the challenges and complexities of managing such a diverse conglomerate. The episode further explores the details of Berkshire’s key acquisitions, including Medical Protective Company and Forest River, underscoring Buffett’s investment and management phil...
2024-01-131h 17Thus Spoke Warren BuffettLetter to BRK shareholders 2006Dive into the remarkable journey of Berkshire Hathaway in 2006, a year marked by an extraordinary $16.9 billion gain in net worth and an 18.4% increase in per-share book value. This episode explores the unique blend of luck, skill, and business acumen that fueled Berkshire's success, particularly in its insurance segment. It highlights the astonishing growth of GEICO under Tony Nicely's leadership and the expansion into international markets with the acquisition of ISCAR. Furthermore, delve into Warren Buffett and Charlie Munger's insightful perspectives on the challenges of managing a colossal $100 billion revenue business, their skepticism about the functionality of large entities, and...
2024-01-111h 23Thus Spoke Warren BuffettLetter to BRK shareholders 2007Explore the insightful world of Warren Buffett in this episode, where he delves into the financial intricacies and strategies that have shaped Berkshire Hathaway's remarkable growth. From reflecting on the challenges in the housing sector to celebrating the successes of acquisitions like TTI and Iscar, Buffett's wisdom offers a masterclass in investment and business management. Unpack his views on the financial landscape, including the impact of "weakened lending practices" on major institutions, and the strategic shifts that have driven Berkshire's continued success despite a changing economic environment. Whether you're an aspiring entrepreneur, an investor, or simply a Buffett enthusiast...
2024-01-101h 11Thus Spoke Warren BuffettLetter to BRK shareholders 2008Explore the intriguing insights of Warren Buffett in this episode, as he navigates through the tumultuous financial landscape of 2008. Buffett delves into the challenges faced by Berkshire Hathaway, shedding light on the significant decrease in net worth and its impact on shareholders. He candidly discusses the broader economic crisis, from the credit market dysfunction to the government's unprecedented response. Buffett's reflections on the resilience and potential of the American economy, despite severe setbacks, are not just analytical but also deeply personal, as he shares lessons from history and his investment philosophy. This episode offers a unique opportunity to understand...
2024-01-041h 20Thus Spoke Warren BuffettLetter to BRK shareholders 2009Explore the world of high-stakes finance and investment with Warren Buffett, the legendary "Oracle of Omaha," in this enlightening episode. Delve into the intricacies of Berkshire Hathaway's impressive 2009 achievements, including a significant gain in net worth and strategic acquisitions like Burlington Northern Santa Fe. Buffett, in his characteristic wisdom, not only shares financial results but also provides valuable insights into the company's operational philosophy and long-term strategies. This episode is a must-listen for anyone interested in investment, business strategy, and the thought process of one of the world's most successful investors. Join us for an educational journey into the...
2023-12-311h 06Thus Spoke Warren Buffett[Bonus] 2010 - Memo to BRK managersExplore the essence of leadership and business integrity in our latest episode, where we delve into Warren Buffett's 2010 memo to Berkshire Hathaway managers. Buffett, renowned for his wisdom in investment and management, emphasizes the paramount importance of maintaining an impeccable reputation and the dangers of moral shortcuts in business. He candidly discusses succession planning, urging his team to prioritize ethical conduct over short-term gains. This episode offers invaluable insights for professionals at all levels, highlighting the significance of ethical decision-making and the impact of corporate culture on organizational behavior. Join us to gain a deeper understanding of the principles...
2023-12-3005 minThus Spoke Warren BuffettLetter to BRK shareholders 2010Discover the remarkable story of Berkshire Hathaway's 2010 journey in this episode, where Warren Buffett delves into the strategic acquisition of Burlington Northern Santa Fe Railroad, a move that significantly boosted Berkshire's earnings. He also discusses the challenges and intricacies of managing a colossal portfolio, the importance of maintaining a robust cash reserve, and the company's unyielding commitment to ethical financial practices. With insights into Buffett's investment philosophy and a peek into Berkshire's future plans, this episode is a treasure trove for investors and business enthusiasts seeking wisdom from one of the world's most successful investors.
2023-12-301h 23Thus Spoke Warren BuffettLetter to BRK shareholders 2011Explore the remarkable journey of Berkshire Hathaway in 2011, where both Class A and Class B stocks saw a 4.6% increase in per-share book value. This episode delves into Warren Buffett's reflections on the company's progress, including significant events such as the acquisition of Lubrizol, a global producer of specialty chemicals, and the joining of Todd Combs and Ted Weschler as investment managers. Buffett discusses the challenges and successes across Berkshire's diverse portfolio, from insurance operations to major investments in companies like Bank of America and IBM. Despite some setbacks, such as the underperformance in the housing sector, Buffett's optimistic outlook...
2023-12-231h 24Thus Spoke Warren BuffettLetter to BRK shareholders 2012Explore the captivating journey of Berkshire Hathaway under the masterful guidance of Warren Buffett and Charlie Munger, as they navigate through the challenges and triumphs of 2012. This episode delves into the intricate balance of investment, acquisition, and the company's philosophy, revealing how these strategies led to substantial gains despite a turbulent economic landscape. Buffett's candid reflection on both the successful and less favorable decisions offers a rare glimpse into the minds of these iconic leaders. The episode also highlights Berkshire's significant ventures, like the major acquisition of a stake in H. J. Heinz, showcasing their relentless pursuit of growth...
2023-12-211h 25Thus Spoke Warren BuffettLetter to BRK shareholders 2013Explore the fascinating world of Berkshire Hathaway's 2013 journey, as Warren Buffett navigates through a year of strategic acquisitions, financial insights, and robust growth. This episode delves into Berkshire’s significant net worth increase, its wise investments, and Buffett’s strategic decisions, including the nuanced approach to share repurchases. Discover how the acquisitions of NV Energy and a major interest in H. J. Heinz are reshaping Berkshire's portfolio, and gain insights from Buffett's reflections on intrinsic value, investment philosophies, and the company's long-term outlook. Buffett's candid discussion about mistakes and triumphs offers invaluable lessons for investors and business enthusiasts alike.
2023-12-171h 20Thus Spoke Warren Buffett[Bonus] 2014 - "Past, Present and Future" (Charlie)Discover the extraordinary journey of Berkshire Hathaway Inc., from its humble beginnings as a struggling textile business to a colossal conglomerate under Warren Buffett's leadership. In this insightful episode, Vice Chairman Charles T. Munger delves into the unique management system and policies that propelled Berkshire's remarkable transformation. Learn how the 'Berkshire system' – characterized by autonomy for subsidiary CEOs, a lean corporate headquarters, and a focus on casualty insurers – played a pivotal role in the company's success. Munger also explores the future of Berkshire post-Buffett, assessing the company's enduring strengths and the potential of successors like Ajit Jain and Greg Abel...
2023-12-0516 minThus Spoke Warren Buffett[Bonus] 2014 - "Past, Present and Future" (Buffett)Explore the captivating journey of Berkshire Hathaway, from its humble beginnings as a struggling New England textile manufacturer to its transformation into a colossal conglomerate under Warren Buffett's visionary leadership. This episode delves into the pivotal moments and strategic decisions that shaped Berkshire's path, including Buffett's initial investment strategies and his partnership with Charlie Munger, which redirected the company towards acquiring outstanding businesses at fair prices. Uncover the lessons learned from Buffett's rare missteps, and gain insights into the company's resilient financial strategies and its evolution as a preferred destination for business owners seeking a permanent home for their...
2023-12-0555 minThus Spoke Warren BuffettLetter to BRK shareholders 2014Explore the journey of Berkshire Hathaway in 2014, a year marked by substantial growth and strategic expansion. This episode delves into the remarkable 50-year trajectory under current management, highlighting an impressive 8.3% increase in per-share book value. Uncover insights into Berkshire's shift from primarily holding securities to owning and operating large businesses, a move that significantly widened the gap between intrinsic value and book value. The episode also sheds light on the "Powerhouse Five" - Berkshire's largest non-insurance businesses - and their record pre-tax earnings of $12.4 billion. Despite challenges faced by BNSF, one of the five, Berkshire's diverse portfolio continued to...
2023-12-051h 12Thus Spoke Warren Buffett[Bonus] 2023 - "Charlie Munger Passed Away"BRK announcement regarding Charlie Munger
2023-12-0500 minThus Spoke Warren BuffettLetter to BRK shareholders 2015Dive into the fascinating world of Berkshire Hathaway's 2015 journey, a year marked by significant achievements and strategic shifts. Discover how this powerhouse, under the stewardship of Warren Buffett and Charlie Munger, navigated the complexities of the financial world, delivering a remarkable increase in net worth and per-share book value. This episode explores the pivotal shift from investing in marketable securities to owning businesses outright, a strategy that has redefined Berkshire's financial landscape. Learn about the "Powerhouse Five" – the company's most profitable non-insurance businesses – and their collective triumph in boosting annual earnings. Gain insights into the major developments at BNSF rail...
2023-11-251h 42Thus Spoke Warren BuffettLetter to BRK shareholders 2016Dive into the insightful world of Berkshire Hathaway's 2016 journey, guided by the legendary Warren Buffett. This episode reveals a fascinating behind-the-scenes look at the financial strategies and decisions that propelled Berkshire Hathaway's net worth increase by $27.5 billion. Buffett delves into the company's shift from primarily dealing in marketable securities to acquiring businesses outright, a transition that significantly impacted their balance sheet and accounting practices. He also shares his candid reflections on both successful investments and those he dubs "dumb purchases," providing a rare glimpse into the thought processes of one of the world's most successful investors. Whether you're a...
2023-11-241h 35Thus Spoke Warren Buffett[Bonus] 2023 - "Executor of the Will"Explore the fascinating journey of Warren Buffett's philanthropic endeavors in the latest episode, where we delve into his recent decision to convert 1,600 Class A shares into 2.4 million Class B shares, generously donating them to four family foundations. Buffett's insightful commentary reveals his perspective on dynastic wealth, the role of capitalism, and his unwavering belief in the promise of America. As we uncover the intricacies of his will and the future of Berkshire Hathaway, this episode offers a unique glimpse into the mind of one of the world's most successful investors and his commitment to making a lasting impact.
2023-11-2204 minThus Spoke Warren BuffettLetter to BRK shareholders 2017Explore the remarkable journey of Berkshire Hathaway under the astute leadership of Warren Buffett, as the company's net worth soared by $65.3 billion in 2017, marking a 23% increase in per-share book value. This episode delves into the nuances of Berkshire's financial performance, including the significant impact of the U.S. Tax Code revision and the challenges posed by new accounting rules that could distort net income figures. Buffett offers invaluable insights into the company's investment strategies, the importance of understanding GAAP adjustments, and the philosophy behind their acquisition criteria. The episode also highlights Berkshire's unique approach to managing its vast insurance...
2023-11-2154 minThus Spoke Warren BuffettLetter to BRK shareholders 2018Explore the world of high finance and investment strategy with Berkshire Hathaway's 2018 journey, a year marked by significant gains, strategic challenges, and a steadfast focus on long-term value creation. Dive into Warren Buffett's insightful letter to shareholders, where he breaks down the complex interplay of operating earnings, investment gains, and accounting principles that shape Berkshire's financial landscape. This episode offers a rare glimpse into the mindset of one of the world's most successful investors, revealing the wisdom and strategies that have made Berkshire Hathaway a formidable force in the global economy. Uncover the key decisions and philosophies driving Berkshire's...
2023-11-2043 minThus Spoke Warren BuffettLetter to BRK shareholders 2019Explore the insightful world of financial wisdom with Berkshire Hathaway's 2019 annual letter, where Warren Buffett delves into the intricacies of GAAP earnings, the impact of new accounting rules, and the real-world significance of Berkshire's investment strategies. Buffett's letter illuminates the complexities of unrealized capital gains, the prudence of focusing on operating earnings, and the profound influence of retained earnings on long-term investments. Get a front-row seat to Berkshire's strategic approaches to business acquisitions, the nuanced understanding of investments, and the profound lessons gleaned from decades of corporate governance. This episode not only offers a deep dive into Berkshire Hathaway's...
2023-11-1543 minThus Spoke Warren Buffett[Bonus] 2022 - "FLOAT"Join Warren Buffett as he demystifies the concept of "float" in the insurance industry, a key element driving Berkshire Hathaway's success. In this episode, Buffett unravels how collecting premiums upfront and paying claims later creates a significant pool of money - the float - which Berkshire intelligently invests for its own benefit. He explains the stability and growth of float in relation to premium volume, offering insights into how this unique financial dynamic has bolstered Berkshire's insurance operations. Buffett also touches on the challenges and strategies in managing float, especially in an era of low-interest rates, and how Berkshire's...
2023-11-1505 minThus Spoke Warren BuffettLetter to BRK shareholders 2020Dive into the intricacies of Berkshire Hathaway's financial journey through 2020, as Warren Buffett meticulously dissects the company's $42.5 billion earnings. This episode unveils the components of Berkshire's success, despite facing a 9% decline in operating earnings and the absence of significant acquisitions. Buffett and Charlie Munger's steadfast belief in the company's investment prowess is highlighted, alongside a candid admission of an overpayment in the Precision Castparts acquisition. The episode offers a rare glimpse into Buffett's reflections on investment philosophy, Berkshire's unique approach to business ownership, and the robust growth of key assets like insurance operations, BNSF, and Apple. Listeners gain invaluable...
2023-11-1444 minThus Spoke Warren BuffettLetter to BRK shareholders 2021Explore the fascinating insights of Warren Buffett and Charlie Munger in managing Berkshire Hathaway's extensive portfolio in the latest podcast episode. Delve into their unique approach to shareholder communication, the emphasis on treating all investors equally, and their strategy of releasing major announcements on Saturdays for maximum absorption. Discover how Berkshire navigates the complex world of business ownership, focusing on long-term investments over short-term market movements. Uncover the surprising elements of Berkshire's operations, including its significant infrastructure assets and substantial tax contributions, painting a comprehensive picture of this financial giant's role in the American economy. Learn about Berkshire's "Big...
2023-11-1331 min
Thus Spoke Warren BuffettLetter to BRK shareholders 2022Dive into the fascinating world of financial wisdom and long-term investment strategies with Warren Buffett and Charlie Munger in this insightful episode. Uncover the unique approach to capital allocation at Berkshire Hathaway, from wholly-owned businesses to publicly-traded stock investments. Buffett and Munger share their perspectives on the nuances of the market, the importance of discerning between business-picking and stock-picking, and the intriguing concept of "creative destruction" in capitalism. The episode also delves into Berkshire's record-setting operational performance in 2022, the strategic acquisition of Alleghany Corporation, and the significant role of insurance float in the company's growth. Buffett's candid reflections on...
2023-11-1322 min
Weird Growth#11 The power of feedback with Lucas CallejaEx - Revolut and British Airways, Growth Marketer Lucas Calleja joined us in the studio while he was back home in Perth. He shared some fantastic growth lessons from experience working with companies big and small. After years of experience in funds, corporate and fintech Lucas now focuses his energy on building strong unit economics for companies. The key to growth according to him - feedback and testing. Listen to this great chat to learn how you can apply these world leading marketing techniques in your business. And we have our first addition of "Ask us anything" in this...
2020-07-2445 min