Berkshire Hathaway Part III
Acquired
Ben Gilbert and David Rosenthal
4.7 • 5.2K Ratings
🗓️ 7 June 2021
⏱️ 176 minutes
🧾️ Download transcript
Summary
It's time. We wrap our Berkshire Hathaway trilogy with Warren and Charlie entering a new era: the age of the internet. Can they and Berkshire adapt to this brave new world? We find out. And, after 9+ hours, we render our final judgments on Berkshire and Warren's career. Is "Never bet against America" still the right longterm approach? Or is there another, even bigger Snowball out there that Warren may be missing?
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© Copyright 2015-2026 ACQ, LLC
The Berkshire Hathaway Playbook is available on our website at https://www.acquired.fm/episodes/berkshire-hathaway-part-iii
Links:
- Bill Gates 1996 Wired interview: https://youtu.be/VFFlO7yBIBM?t=1056
- Jeff Bezos's 2008 AWS == electricity talk at YC Startup School: https://www.youtube.com/watch?v=6nKfFHuouzA
- Charlie's 2021 Shareholder Meeting "slip-up": https://www.youtube.com/watch?v=6gyqElEG6Uo
Carve Outs:
- Common Stocks and Uncommon Profits: https://www.amazon.com/Common-Stocks-Uncommon-Profits-Writings/dp/0471445509
- Xbox Game Pass: http://xbox.com/gamepass
- Goodfellas: https://www.imdb.com/title/tt0099685/
- The Goodfellas soundtrack: https://open.spotify.com/playlist/0xVpgEngjrg6FOw5vEFHRp
Transcript
Click on a timestamp to play from that location
| 0:00.9 | I'm going with just water as my beverage this time, |
| 0:04.4 | and no peanut brittle. |
| 0:06.0 | Well, I do have a little heart attack last time |
| 0:07.6 | after a lot of sugar. |
| 0:08.4 | Yeah. |
| 0:09.2 | I think you could hear it in my voice. |
| 0:10.8 | I think I was a little, like, manic. |
| 0:12.8 | Hahaha. |
| 0:14.3 | I'm going with a vitamin water zero |
| 0:17.1 | because we're gonna need the electrolytes |
| 0:18.9 | for this marathon. |
| 0:20.2 | Is vitamin water owned by Coca-Cola, baby? |
| 0:23.6 | Coke, that's right. |
| 0:25.4 | I was on my run this morning |
| 0:26.6 | and I was listening to the Adam Mead book |
| 0:29.8 | that I referenced and I ran by a Berkshire Hathaway |
| 0:33.8 | properties, like, House for Sale. |
| 0:36.2 | And I was just like, it's pretty hard |
| 0:37.8 | to go through your day without using |
| 0:40.3 | a Berkshire product or service. |
| 0:42.1 | I'm so excited. |
| 0:43.0 | I literally, like, woke up in the middle of the night |
... |
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