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The Indicator from Planet Money

The worst year of Warren Buffett’s career

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 23 December 2025

⏱️ 11 minutes

🧾️ Download transcript

Summary

As Warren Buffett aged, he became a different sort of figure. He transformed from short-term investor into long-term builder. He used Berkshire Hathaway to start buying companies and build an empire. Today on the show, how did Buffett’s fame become an investment tool and how did he handle the biggest crisis of his career? 

Related episodes: 
Planet Money Summer School 2: Index Funds & The Bet
Brilliant vs. Boring 

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.  

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Transcript

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1:00.0

NPR.

1:05.0

One of the most impressive things about Warren Buffett.

1:13.8

Besides the billions of dollars?

1:15.5

Yes, yes.

1:16.1

Besides that, was that he turned boring value investing into a sort of cult.

1:21.8

His shareholder meetings for his company, Berkshire Hathaway, were legendary.

1:26.1

It was called the Woodstock for capitalists.

1:29.3

Every year, tens of thousands of people would travel to Omaha, Nebraska to hear a 90-something-year-old

1:34.7

man set on a stage and answer questions. What is your next golden life now that you're the

1:39.5

richest man in the country? That's easiest to be the oldest man in the country.

2:02.9

That's a good joke. He's so foxy. Then Warren Buffett would toss out this common sense investing advice about buying good companies for the long run. You know, when people are chewing chewing gum, we have a pretty good idea how they chew it 20 years ago and how it will chew it 20 years from now. We don't really see a lot of technology going into the art of the chew, you know.

2:06.1

Do you think Warren Buffett read Calvin and Hobbs?

2:10.0

I feel like Calvin Hobbs was based off of Warren Buffett.

2:16.3

Well, because Calvin subscribes to Chewing magazine, which is a magazine for chewing gum enthusiasts.

2:18.9

And I feel like chewing technology would have been part of that, which is so funny. You know, lots of people try to imitate the

...

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