TIP682: Buffett's Early Investments by Brett Gardner w/ Clay Finck

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 13 December 2024

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today’s episode, Clay reviews Brett Gardner’s new book, Buffett’s Early Investments. Brett is an Analyst at Discerene Group LP, a private investment partnership that invests globally based on a fundamental and long-term value investing philosophy. Like us here at TIP, Brett is also a huge fan of Warren Buffett. During Buffett’s early partnership years from 1957 to 1969, he compounded his investors’ capital at 23.8% net of fees relative to the Dow Jones, returning just 7.4%. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:14 - The primary factors that led to Buffett’s outperformance during early investing years. 06:09 - The parallels between Buffett’s investment in Philadelphia and Reading and how he ended up transforming Berkshire Hathaway in the years that followed. 27:15 - What led Buffett to make an unconventional bet on Disney in 1966. 43:55 - Why Buffett invested in American Express after the Salad Oil Scandal. And so much more! 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, Kyle, and the other community members. Gardner’s book: Buffett's Early Investments. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Related Episode: Listen to TIP573: Berkshire's Beginnings w/ Jacob McDonough, or watch the video. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. 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 Connect Invest TastyTrade The Bitcoin Way Public Fundrise American Express Miro ReMarkable Onramp SimpleMining Bluehost Vanta Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! 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 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.
0:02.9	Hey, everybody, welcome to The Investors Podcast.
0:06.1	I'm your host, Clay Fink.
0:07.9	On today's episode, I'm going to be chatting about a newly released book titled Buffett's
0:12.4	Early Investments by Brett Gardner.
0:14.9	Brett is an analyst at Disarine Group, LP, a private investment partnership that invests
0:19.7	globally based on a fundamental
0:21.2	and long-term value investing philosophy.
0:24.0	Like us here at TIP, Brett is also a huge fan of Warren Buffett.
0:28.6	During Buffett's early partnership years from 1957 to 1969, he compounded his investor's
0:34.3	capital at 23.8% net of fees relative to the Dow Jones returning
0:39.3	just 7.4%. We talk a lot on the show about the big bets that Buffett is making today,
0:44.9	but I think what's more interesting is studying what he did in his first 10 or 20 years as an
0:50.6	investor in how his investment approach evolved over time. Brett did a phenomenal job
0:55.9	detailing 10 investments Buffett made during the 1950s and 1960s, and on today's episode,
1:01.4	I'll be outlining three of them, Philadelphia and Reading, Disney, and American Express.
1:06.9	There are certainly interesting takeaways from each of them, and they also happen to be
1:10.5	very fascinating stories. The story of Philadelphia and Reading has an unusual There are certainly interesting takeaways from each of them, and they also happen to be very
1:10.9	fascinating stories.
1:12.5	The story of Philadelphia and Reading has unusual parallels to the way Berkshire was structured
1:17.2	years down the line.
1:18.9	Disney was an off-the-beaten path investment with a visionary leader in Walt Disney, but they
	...

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