TIP513: Warren Buffett's Money Mind

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Business, Education, Investing

4.6 • 3.6K Ratings

🗓️ 10 January 2023

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:54 - What it means to have a “Money Mind”. 10:08 - How Warren's father’s Libertarian viewpoints rubbed off on Warren’s business mind. 24:29 - How Buffett continued to evolve as an investor as the investment landscape changed. 29:24 - Tom Gayner’s description of the three stages of value investing that has played out over time. 36:15 - How Bill Miller helped value investors realize that value is sometimes found in the most unexpected places. 45:04 - How Buffett’s mindset differs from that of academics. 45:23 - Why Buffett views stock market volatility as an opportunity rather than the risk in a company. 50:21 - Why investors focused on the process rather than the outcome are better positioned to succeed in the long run. Disclaimer: Slight discrepancies in the timestamps 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. Tune in to the recent We Study Billionaires' episode covering Peter Lynch. Learn about Buffett's Purchase of TSM & Meta "Doomsday" Analysis. Robert Hagstrom’s books: Inside the Ultimate Money Mind, The Warren Buffett Way, & The Warren Buffett Portfolio. Follow Clay on 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: River Toyota Range Rover Briggs & Riley American Express The Bitcoin Way Public Onramp USPS SimpleMining Sound Advisory Shopify AT&T BAM Capital 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 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 TI-P.
0:03.0	Hey everyone, welcome to the Investors Podcast.
0:06.0	I'm your host, Clay Fink, and on today's episode,
0:09.0	I'm going to be diving deeper into the money mind of one of our very favorite investors to study here at the Investors Podcast Network, Warren Buffett.
0:17.0	Robert Hacksdroom has put together some of the very best work I've come across when it comes to studying Warren Buffett,
0:23.0	so I decided to give his most recent book a retitled Warren Buffett inside the Ultimate Money Mind.
0:29.0	During this episode, you will learn more about Warren Buffett's core investment philosophies,
0:34.0	how his father's libertarian ideas rubbed off on Warren's business mind,
0:38.0	how Buffett was able to continually evolve as an investor as the investment landscape changed over his lifetime,
0:44.0	how Bill Miller helped value investors realize how value might be found in unexpected places,
0:50.0	how Buffett's mindset differs from that of academics,
0:53.0	why disregarding short-term price movements is so critical in order to outperform the market in so much more.
0:59.0	With that, I really hope you enjoyed today's episode covering the money mind of the world's greatest investor, Warren Buffett.
1:10.0	You are listening to the Investors Podcast,
1:13.0	where we study the financial markets and read the books that influence self-made billionaires the most.
1:18.0	We keep you informed and prepared for the unexpected.
1:30.0	Now in the intro of his book,
1:32.0	Kaxstrom talks about the experience he had at the 2017 Berkshire Hathaway shareholder meeting
1:37.0	and somebody asked Buffett about Berkshire's successors and how they would allocate capital when Buffett and Munger passed the torch.
1:44.0	Warren would be one of the first people to tell you about the tremendous importance of capital allocation,
1:50.0	as this is one of the most important skills for the managers of a company to have, especially for a company like Berkshire Hathaway.
1:57.0	Buffett described that the company's successors would need to have what he called a money mind,
	...

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