Warren Buffett’s Biggest Bet | Author Robert Hagstrom Explores the Warren Buffett Way | 5
Business Movers
Wondery
4.8 • 1.5K Ratings
🗓️ 31 March 2022
⏱️ 56 minutes
🧾️ Download transcript
Summary
Robert Hagstrom, the Chief Investment Officer of EquityCompass, and the author of multiple Buffett books, explores the secret of the Warren Buffett Way.
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Transcript
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| 0:00.0 | To listen to business movers one week early and add free, join Wondry Plus in the Wondry app. |
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| 0:11.0 | It's July of 1999 in a large conference room in a mountain resort town in Idaho. |
| 0:31.0 | A young internet entrepreneur sits in the packed audience of the annual Sun Valley Media Finance Conference. |
| 0:37.0 | He and a colleague watch a 68-year-old billionaire Warren Buffett stands on stage, giving a presentation on the state of the stock market. |
| 0:46.0 | When Warren makes a joke, the audience rubs and laughter. |
| 0:50.0 | But the young entrepreneur doesn't even crack a smile, because today Warren is using his platform to take shots at the internet industry. |
| 0:58.0 | The young entrepreneur rolls his eyes as Warren talks about the illusion of the dot-com boom and why he refuses to invest in tech companies. |
| 1:06.0 | Finally, when Warren refers to the greed of internet pioneers, the young entrepreneur decides enough is enough. |
| 1:13.0 | In the middle of Warren's speech, he stands up and heads for the door. His confused colleague close on his heels. |
| 1:20.0 | Hey, hey, where are you going? |
| 1:22.0 | Got anywhere but here. Don't you want to hear the rest of the speech? |
| 1:25.0 | The young entrepreneur stops, turns back to his colleague. |
| 1:29.0 | Why? You already know what he's going to say. Tech is bad. We're evil. Yeah, but he's Warren Buffett. He was Warren Buffett. |
| 1:36.0 | The young entrepreneur looks over his shoulder to make sure no one's listening. |
| 1:40.0 | But the unspoken rule of Sun Valley is that you don't speak ill of anyone at the conference, especially not someone that's respected as Warren Buffett. |
| 1:48.0 | Look, I know you love Buffett. We all love Buffett, but I'm telling you, he's lost his touch. |
| 1:53.0 | Lost his touch? Last year, Berkshire Hathaway was worth 80,000 a share. |
| 1:58.0 | No one can take away what he's accomplished, but that's the past man. He's missed the tech boom. That speech is just his way of justifying it. |
| 2:06.0 | Let me think about it. How does a guy whose friends with Bill Gates miss the tech boom? |
| 2:12.0 | He's Warren Buffett. He's a hero. Hey, that's fine. |
| 2:16.0 | If you want to go back in there and laugh with all the rest of the clowns, be my guest. |
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