#380 Four Hundred Pages of Warren Buffett and Charlie Munger In Their Own Words

Founders

David Senra

History, Entrepreneurship, Business, Technology

4.8 • 2.4K Ratings

🗓️ 25 February 2025

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

For over 30 years the Berkshire Hathaway Annual meetings were recorded. Munger and Buffett answered over 1700 questions from shareholders during that period. Alex Morris watched hundreds of hours of these meetings and then he gathered, organized, and edited the most interesting ideas into 450+ pages — all in Buffett and Munger's own words. I thought it would be fun to rip through a bunch of Munger and Buffett's best ideas very rapidly. It was. This episode is what I learned from reading Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Shareholder Meetings by Alex Morris. ---- Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ---- Vesto: All of your company's financial accounts in one view. Connect and control all of your business bank accounts from one dashboard. Go to Vesto and schedule a demo with the founder Ben. Tell him David sent you. ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ---- Join my free email newsletter to get my top 10 highlights from every book ---- ---- Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work. Get access to Founders Notes here. ---- “I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth Be like Gareth. Buy a book: All the books featured on Founders Podcast

Transcript

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0:00.0	I asked Charlie Munger what he thought of Jeff Bezos, and he told me that Bezos was ferociously intelligent.
0:05.6	In this book, Buffett calls Bezos a miracle worker.
0:08.9	And something that Bezos had in common with Munger and Buffett is from day one.
0:12.8	In his very first shareholder letter, Jeff Bezos emphasized the importance of having the very best team.
0:18.2	He wrote, setting the bar high in our approach to hiring has been and will
0:22.5	continue to be the single most important element of Amazon's success. Bezos's focus on talent
0:27.9	is just like this quote from Steve Jobs that happened in an interview that Steve gave the very
0:33.4	same year in 1997. And Steve said, I think that I've consistently figured out who the really smart
0:38.4	people are to hang around with. You must find extraordinary people. The key observation is that
0:44.0	in most things in life, the dynamic range, you'll hear me repeat that over and over again in this
0:49.0	episode, the dynamic range between the average quality and the best quality is at most two to one.
0:54.9	But in the field that I was interested in, I noticed the dynamic range between what an average person could
0:59.6	accomplish and what the best person could accomplish was 50 or 100 to 1. So given that, you're well
1:05.9	advised to go after the cream of the cream and to build a team that pursues the A plus players. And that is exactly
1:12.5	what Ramp did. Ramp has the most talented technical team in their industry. Becoming an engineer
1:18.6	at Ramp is nearly impossible. In the last 12 months, they've hired only 0.23% of the people that applied.
1:26.3	This means when you use Ramp, you now have top tier technical
1:29.3	talent and some of the best AI engineers working on your behalf 24-7 to automate and improve
1:34.7	all of your businesses' financial operations. And they do this on a single platform, which means
1:39.3	the longer that you use Ramp, the more efficient your company becomes. That is very important
1:43.6	because as Sam Walton said
1:45.0	in his autobiography, you can still make a lot of different mistakes and still recover if you run an
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