TIP443: Buffett's Biggest Blunders w/ David Kass

The Investor's Podcast (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

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Summary

Trey Lockerbie chats with Dr. David Kass, who is a Ph.D. economist and professor at the University of Maryland. They discuss how Buffett bought Berkshire after letting his emotions get the best of him and why it was originally a huge mistake, his overpayment for Precision Castparts, and much more! 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 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. David’s Blog on Warren Buffett David Kass Twitter. Supermoney Book. Trey Lockerbie Twitter. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining AnchorWatch Human Rights Foundation Onramp Superhero Leadership Unchained Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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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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