TIP718: Buffett & Munger Unscripted by Alex Morris

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 2 May 2025

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Clay dives into Buffett and Munger Unscripted by Alex Morris. This book is a treasure trove of timeless investing wisdom from decades of Berkshire Hathaway annual meetings. The episode highlights Warren and Charlie’s most powerful lessons on capital allocation, business quality, temperament, and how to achieve long-term investing success. Whether you're a lifelong Buffett fan or just stepping into the world of value investing, this episode is packed with insights you won’t want to miss. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:48 - Why Buffett and Munger believe there’s no such thing as non-value investment. 07:45 - Why Buffett avoids complex financial models and sticks to common sense. 08:05 - The traits that define a truly great business—and why those are so rare. 14:57 - How capital allocation drives long-term shareholder value and Berkshire’s success. 24:29 - How Buffett thinks about share buybacks and dividends. 26:27 - The importance of understanding and trusting management and company culture. 38:53 - Why most of Berkshire’s success came from just a handful of decisions. 49:48 - How Buffett and Munger handle market volatility and avoid emotional decisions. 56:26 - The role of temperament in investing and why intelligence alone isn’t enough. 58:15 - Why short selling rarely works and why index funds are still a powerful tool. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠here⁠. Join the exclusive ⁠TIP Mastermind Community⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Alex Morris’ book: Buffett & Munger Unscripted. Alex’s research service: The Science of Hitting. Book mentioned: The Essays of Warren Buffett. Mentioned Episode: TIP697: The Secret to Buffett's Business Success w/ Lawrence Cunningham. Mentioned Episode: TIP550: Masterclass w/ Mohnish Pabrai. Mentioned Episode: TIP693: The Power Law w/ Clay Finck. Mentioned Episode: TIP626: Intelligent & Rational Long-Term Investing w/ Francois Rochon. Mentioned Episode: TIP620: The Intelligent Investor by Benjamin Graham. Follow Alex on X and LinkedIn. Follow Clay on ⁠LinkedIn⁠ & ⁠X⁠. 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? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠The Intrinsic Value Newsletter⁠. Check out our ⁠We Study Billionaires Starter Packs⁠. Follow our official social media accounts: ⁠X (Twitter)⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠Facebook⁠ | ⁠TikTok⁠. 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. 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 Found DeleteMe Fundrise Vanta The Bitcoin Way Indeed 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. It's Berkshire weekend, and today's episode is a special treat as we're
0:06.8	covering Alex Morris's new book, Buffett and Munger, unscripted. Each year, tens of thousands of
0:13.1	investors make the pilgrimage to Omaha for the Berkshire Hathaway annual meeting. In this year,
0:18.9	the 2025 meeting will be my sixth in attendance.
0:22.7	For decades, Warren Buffett and Charlie Munger have shared their wisdom with shareholders,
0:27.3	and back in 2018, Berkshire began releasing annual meeting recordings dating back to 1994.
0:34.1	This archive of content is now one of the greatest resources available to investors today.
0:39.4	Alex Morris, who runs the Investment Research Service, The Science of Hitting,
0:43.4	he recently went through hundreds of hours of meeting footage
0:46.3	and compiled the most impactful investing lessons from Buffett and Munger into one single resource.
0:52.2	In this episode, I'll highlight the most impactful quotes and
0:55.3	takeaways from the book, including their views on business quality, capital allocation,
1:00.4	temperament, Mr. Market, investing mistakes, and much more. At the end of the episode, I'll
1:05.5	also share details on the TIP summit that we'll be hosting in the mountains of Big Sky, Montana
1:10.0	this fall for a select
1:11.7	group in our audience. Whether you're a seasoned investor or just getting started, I'm sure you'll
1:16.7	find value in the timeless wisdom from two of the greatest minds in investing. So with that, I hope
1:22.3	you enjoy today's episode on Buffett and Munger unscripted by Alex Morris.
1:33.3	Since 2014 and through more than 180 million downloads,
1:39.3	we've studied the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected.
1:42.3	Now for your host, PlayFink.
1:53.6	The primary objective in investing, whether buying a single share of stock or acquiring 100% of a company is straightforward.
	...

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