TIP443: Buffett's Biggest Blunders w/ David Kass

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 29 April 2022

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

IN THIS EPISODE, YOU'LL LEARN:

09:47 - The story of how Buffett bought Berkshire after letting his emotions get the best of him and why it was originally a huge mistake.
15:04 - How he could have made hundreds of billions more had he simply invested in insurance.
20:49 - His position in Conocophillips that resulted in a loss and how even through all of that, 1 single dollar invested with Buffett in 1965 would now be worth $3.65M
23:00 - Why buying Dexter Shoes was, in Buffett's words, the worst purchase he ever made.
30:42- How he missed out on Google, Amazon, and others
41:29 - His overpayment for Precision Castparts.
And a whole lot more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES:

David’s Blog on Warren Buffett
David Kass Twitter.
Supermoney Book.
Trey Lockerbie Twitter.
Preston, Trey & Stig’s tool for picking stock winners and managing our portfolios: TIP Finance Tool.
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Transcript

Click on a timestamp to play from that location

0:00.0	You're listening to TIP.
0:03.2	On today's show we have Dr. David Cass, who is a PhD economist and professor at the University
0:08.8	of Maryland.
0:10.2	Prior to joining the faculty of the Smith School in 2004, he held senior positions with
0:14.2	the federal government, the Federal Trade Commission, General Accounting Office, Department
0:18.6	of Defense, and the Bureau of Economic Analysis.
0:21.8	His blog on Warm Buffet has gained notoriety from features on Bloomberg, CNBC, and Fox,
0:26.8	and David is often quoted in the New York Times, Wall Street Journal, and Washington Post.
0:31.2	So, he's the perfect guest for today's exploration of Buffet's biggest blunders.
0:36.8	In this episode we discussed the story of how Buffet bought Berkshire after letting his
0:40.7	emotions get the best of him and why it was originally a huge mistake.
0:44.4	How he could have made hundreds of billions of dollars more had he simply just invested
0:48.4	in insurance.
0:49.6	His early position in Conoco Phillips that resulted in a loss, why buying Dexter Shoes
0:54.0	was in Buffet's words the worst purchase he ever made.
0:57.3	How he missed out on Google, Amazon, and others, his overpayment for precision cast parts,
1:02.6	and how even through all of that one single dollar invested with Buffet in 1965 would now
1:07.3	be worth 3.65 million.
1:10.4	David is such a wonderful and gracious guest.
1:13.0	He shares his stories of visiting Buffet in Omaha with his students and so many other
1:17.0	great insights.
1:18.0	I really hope you enjoyed as much as I did so without further ado, here's my conversation
	...

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