Investing Legends

Investing Wisdom
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Investing Legends is a long-form podcast dedicated to the thinking, principles, and decision-making frameworks of the world’s most respected investors. Each episode explores the ideas of investors such as Warren Buffett, Charlie Munger, Howard Marks, Ray Dalio, Jim Simons, and Stanley Druckenmiller. Hosted on Acast. See acast.com/privacy for more information.

  1. 17h ago

    Stan Druckenmiller: Macro, QE, Inflation, The Fed, Investing

    Stanley Druckenmiller delivered a keynote in 2021. In this talk, the founder of Duquesne Family Office breaks down the macro consequences of COVID. He covers unprecedented fiscal stimulus, Federal Reserve quantitative easing, inflation risks, asset bubbles, and the future of the U.S. dollar as the world’s reserve currency. The Q&A, moderated by Rubin Miller, covers Bitcoin and crypto, SPACs, short selling, active vs. passive investing, long-term thinking in markets, and the lessons Druckenmiller learned from mentors like George Soros. Whether you follow hedge funds, macroeconomics, or investing strategy, this is a masterclass in how one of the greatest macro investors thinks. Recorded in 2021. Hosted on Acast. See acast.com/privacy for more information.

  2. 2d ago

    Berkshire Hathaway Shareholder Letters 1986

    In his 1986 letter to Berkshire Hathaway shareholders, Warren Buffett reports a 26.1% gain in net worth and then does something unusual: he grades himself below his own managers. They ran their businesses superbly, he writes, while he failed to deploy the capital they generated — finding no stocks worth buying and spending the year paying down debt and stockpiling cash. It is the letter where the famous line first appears: be fearful when others are greedy, and greedy only when others are fearful. Buffett describes the euphoria in a market where the rewards to owners have become “gloriously uncoupled” from the performance of the businesses themselves, introduces the moat-around-the-castle idea through GEICO’s rock-bottom cost structure, and explains his ‘til-death-do-us-part commitment to Capital Cities, GEICO and the Washington Post. He tells how a shareholder’s letter brought him the Fechheimer Brothers Company, a business he bought without ever visiting it; marvels at 93-year-old Mrs. B still outselling everyone at Nebraska Furniture Mart; dissects who really pays corporate taxes after the Tax Reform Act of 1986; and confesses to a third straight year of loss-reserve error, noting that if Pinocchio’s rules applied to him, his nose would now draw crowds. The letter closes with the appendix that gave investing one of its most important concepts — “owner earnings” — and a withering attack on the Wall Street cash flow figures that add back depreciation while ignoring the capital spending a business actually needs to survive. Essential listening on value investing, accounting, capital allocation and Berkshire Hathaway history. Hosted on Acast. See acast.com/privacy for more information.

  3. Oct 13

    Joel Greenblatt & Howard Marks discuss Value Investing

    Joel Greenblatt sits down with Howard Marks at Columbia for a conversation about special situations, margin of safety, and why the goal is to find the easier game rather than the harder one. He explains how spin-offs, recaps and liquidations gave him a place to hunt where the crowd wasn’t looking, why he eventually drifted from cheap businesses toward good ones, and how he sizes positions around what he can’t lose rather than what he might make. Along the way he tells the story of the stock trading at half its cash value that led to the Value Investors Club, the Comdex position that taught him about operating leverage the hard way, and why he returned all his outside capital after ten years of fifty percent returns. Hosted on Acast. See acast.com/privacy for more information.

  4. Oct 11

    Berkshire Hathaway Shareholder Letters 1985

    In his 1985 letter to Berkshire Hathaway shareholders, Warren Buffett reports a 48.2% gain in net worth and immediately warns that it will never happen again — noting that the visit of Halley’s Comet and that percentage have something in common: neither will be seen again in his lifetime. It is a landmark year and a landmark letter. Buffett closes the textile business that gave Berkshire its name, and the post-mortem is one of the most quoted passages he ever wrote: that a good managerial record owes far more to what business boat you get into than to how effectively you row. He recounts the auction where looms bought for $5,000 sold for $26 as scrap, dissects why Burlington Industries’ $3 billion of rational capital spending left its shareholders poorer in real terms, and explains why the economic goodwill of a single See’s store exceeded the proceeds of an entire mill’s assets. He then delivers a blistering critique of fixed-price stock options, using a savings account and a trustee to show how managers get rewarded simply for withholding owners’ earnings. The letter also covers the Capital Cities/ABC investment, the Scott & Fetzer acquisition, the Fireman’s Fund quota-share deal, the hardening insurance market, and the Washington Post story — bought in 1973 at a quarter of business value and worth $221 million by the end of 1985. Essential listening on value investing, capital allocation, incentives and Berkshire Hathaway history. Hosted on Acast. See acast.com/privacy for more information.

  5. Oct 1

    Berkshire Hathaway Annual Meeting 1996 Part 2 Afternoon Session

    Warren Buffett and Charlie Munger take the afternoon shareholder questions at the 1996 Berkshire Hathaway annual meeting, covering concentration versus diversification, why they stay inside their circle of competence, and how they judge whether a manager is any good. Buffett argues that diversification is protection against ignorance and that three wonderful businesses are safer than fifty well-known ones, while Munger dismisses modern portfolio theory as a form of dementia. They also work through Disney and the value of owning a character no agent can renegotiate, the insurance float they would not trade for seven billion dollars in cash, why Wall Street firms are more like a brain surgeon than the Mayo Clinic, and why they use the government bond rate rather than a risk premium when discounting cash flows. Hosted on Acast. See acast.com/privacy for more information.

  6. Sep 28

    Berkshire Hathaway Annual Meeting 1996 Part 1 Morning Session

    Warren Buffett and Charlie Munger open the 1996 Berkshire Hathaway annual meeting with the vote to create the Class B shares, explaining why the unit trusts being marketed to the public forced their hand and why they told investors plainly that the stock was not undervalued. The Q&A turns to intrinsic value, insurance float as zero-cost capital, and why buybacks only help shareholders when the price sits below a rationally calculated value. Along the way they cover the Geico buyout, Wells Fargo's move into supermarket branches, the slow erosion of the newspaper business, World Book facing the electronic encyclopedia, and what happens to Berkshire when Buffett is no longer running it. Hosted on Acast. See acast.com/privacy for more information.

  7. Sep 24

    Berkshire Hathaway Annual Meeting 1995 Part 2 Afternoon Session

    Chapters below. Warren Buffett and Charlie Munger take shareholder questions at the 1995 Berkshire Hathaway annual meeting, covering intrinsic value, capital allocation, and the circle of competence that keeps them out of businesses they can't understand. They explain why cash on the balance sheet is an admission of failure, why Graham and Fisher differ less than people assume, and what made Wells Fargo worth owning when every bank with that much real estate exposure looked doomed. Along the way they cover Salomon pay, Lloyd's of London, the national debt, the USAir mistake, and why Berkshire has never split the stock. 0:11 - Bank stocks 2:51 - Writing a book 3:20 - Dividends 6:21 - Salomon pay 13:37 - Cash as residual 15:02 - Newspapers 18:36 - Hostile takeovers 20:38 - Graham vs Fisher 25:58 - Munger's stock sales 27:12 - Suspect accounting 30:23 - Lloyd's of London 34:29 - Global investing and buybacks 39:00 - Media attention 41:53 - GEICO returns 43:03 - Guinness 45:00 - The shirt 45:33 - Meeting date 46:33 - Foreign securities 48:15 - Helzberg 51:48 - Intrinsic value 55:50 - Stock price and Microsoft 57:48 - Business school education 1:03:55 - Ten years on 1:05:30 - Manager bonuses 1:09:00 - Foreign exchange 1:10:18 - Small-cap opportunities 1:14:36 - Lawyers and lawsuits 1:18:12 - A second Borsheims 1:21:46 - Return on equity 1:24:51 - What Berkshire adds 1:28:10 - Growth, size and reading 1:33:51 - Wells Fargo vs PNC 1:36:35 - Negative equity and buybacks 1:40:29 - Credit cards and banking 1:45:31 - Moats at SunTrust and PNC 1:46:11 - The Salomon casino remark 1:47:42 - National debt and more Coca-Cola 1:57:32 - Berkshire vs a money manager 2:00:27 - Insurance returns and judging management 2:04:25 - P/E and interest rates 2:08:33 - USAir 2:10:12 - Book recommendations 2:11:22 - The stock split question Hosted on Acast. See acast.com/privacy for more information.

  8. Sep 22

    Berkshire Hathaway Annual Meeting 1995 Part 1, Morning Session

    Chapters below. Warren Buffett and Charlie Munger open the 1995 Berkshire Hathaway annual meeting with the vote to authorize preferred stock, then take shareholder questions on capital allocation, insurance float, and how they actually value the operating businesses. They explain the Helzberg acquisition, why technology sits outside the circle of competence, and what went wrong at USAir. Along the way they cover derivatives, stock option accounting, the culture problem at Salomon, and why reluctance to sell a wonderful business is a feature rather than a flaw. 0:00 - Opening remarks 3:09 - The preferred stock proposal 9:49 - Preferred stock and dilution 16:02 - Shareholder votes on the preferred 19:17 - Preferred share rights 21:41 - Hybrid preferred structure 25:29 - The vote and adjournment 27:41 - Helzberg Diamonds announcement 34:19 - Family members on the board 38:26 - Chrysler 39:10 - Capital allocation to subsidiaries 43:14 - Multi-year insurance policies 49:01 - Catastrophe insurance competition 52:46 - Technology investing 56:22 - Writing down USAir 1:01:30 - Economic value added 1:06:16 - Derivatives 1:12:46 - Salomon's outlook 1:17:46 - American Express 1:23:34 - Stock option accounting 1:29:12 - Meeting videotapes 1:31:25 - Borsheims sales 1:31:54 - Succession planning 1:37:01 - The discounting period 1:40:18 - Future use of preferred stock 1:42:40 - Insurance float 1:45:01 - The Beardstown Ladies 1:46:05 - Economic rules of thumb 1:52:04 - Valuing the operating businesses 1:56:41 - Salomon's culture 2:01:52 - Ben Graham editions 2:04:35 - Future returns and reluctance to sell 2:16:45 - Screening a first investment Hosted on Acast. See acast.com/privacy for more information.

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About

Investing Legends is a long-form podcast dedicated to the thinking, principles, and decision-making frameworks of the world’s most respected investors. Each episode explores the ideas of investors such as Warren Buffett, Charlie Munger, Howard Marks, Ray Dalio, Jim Simons, and Stanley Druckenmiller. Hosted on Acast. See acast.com/privacy for more information.

Information

  • Creator
    Investing Wisdom
  • Years Active
    2026
  • Episodes
    44
  • Rating
    Clean
  • Copyright
    © Investing Wisdom
  • Show Website
    Investing Legends

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