We study billionaires and this is episode 108 of the Investors Podcast.

Broadcasting from Bel Air, Maryland. This is the Investors Podcast.

They'll read the books and summarize the lessons. They'll test the waters.

Tell you what it's called. They'll give you actionable investing strategies.

Your host, Preston Pish and Stig Broderson.

Hey, how's everybody doing out there? This is Preston Pish and I'm your host for the Investors Podcast.

And as usual, I'm a company by my co-host Stig Broderson out in Seoul, South Korea.

Today we've got a book for you and this one was recommended by Warren Buffett.

Back in his 2012 shareholder letters. This was number one on his recommended reading list for the 2012 meeting.

And the name of the book is The Outsiders. And this was written by William Thorndyke, Jr.

The subtitle of this book is eight unconventional CEOs in their radically rational blueprint for success.

So this was a really, really fun read, especially if you're a value investor. I think you'd thoroughly enjoy this book.

Yeah, I think it's interesting that we talk so much about capital allocation and we talk so much about leadership.

And this book was just perfect in terms of merging those two concepts.

I'm really happy about that and I just want to give a quick shout out to Rich Schaener, who actually recommended this book and both Preston and I met Rich here.

And the Berkshire meeting this year, so that was really awesome. So thank you so much for recommending that book to us.

So the book starts off with a really kind of interesting opening, especially considering the last book that we read was all about Jack Welch.

And the author starts off by saying, so everybody knows Jack Welch and how great of a leader he was and how awesome he led General Electric and their returns were phenomenal.

And he uses Jack Welch mainly because he's so well known and he's this kind of authority and business leadership in great returns.

And he says he's done really well, but the thing that a lot of people don't realize is that there's other people out there that are performing at an even better level than a Jack Welch.

And their returns for the time that they led these organizations will far exceed anything that Jack Welch had while he was managing General Electric.

He starts off using Jack Welch as the baseline as being a great leader and then he says, hey, check out these other eight guys and how much more superior they were than Jack Welch.

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