Investing Legends

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.

Investing Legends is a business podcast hosted by Unknown Host, with 32 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Unknown Host hosts Investing Legends, a business show with 32 episodes published.

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  Episode #8

  Berkshire Hathaway Shareholder Letters 1984

  Sep 17, 20261h 19mS2

  In his 1984 letter to Berkshire Hathaway shareholders, Warren Buffett admits that the company's historic 22% returns are "just that — history." He then explains why a growing capital base demands big ideas rather than small ones. The letter is one of the richest in Berkshire Hathaway history. Buffett makes his classic case for share repurchases at prices below intrinsic value, attacks greenmail, and tells the story of Mrs. B at Nebraska Furniture Mart, who received a $55 million check for her business on nothing but a handshake. He also explains why a dominant newspaper prospers whether it is good or bad, and makes a frank confession of Berkshire's insurance reserving errors, illustrated by the unforgettable "rented suit" story. Along the way, he analyzes the WPPSS bonds as if they were a business, warns about inflation and long-term bonds, and sets out one of his clearest frameworks on dividend policy and capital allocation. This is essential listening for anyone interested in value investing, long-term investing, and the thinking that built Berkshire Hathaway. Hosted on Acast. See acast.com/privacy for more information.

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  Episode #1

  Berkshire Hathaway Annual Meeting 1994

  Sep 15, 20262h 57mS3

  Chapters see below. Warren Buffett and Charlie Munger take shareholder questions at the 1994 Berkshire Hathaway annual meeting, covering intrinsic value, capital allocation, and why they will not step outside the businesses they can actually understand. Buffett opens on derivatives, warning that combining ignorance with borrowed money has always produced interesting consequences, and points to Procter and Gamble as the early evidence. He explains how they discount future cash at a rate set by their certainty about the business, why he would pay two million dollars not to read a seller's projections, and how to judge a management team by how they played the hand they were dealt and how they treat their owners. He rejects volatility as a measure of risk, arguing that a business returning between twenty and eighty percent is treated by the academic world as riskier than one returning five percent every year, and describes pricing catastrophe reinsurance to exposure rather than to recent experience. He also talks about holding more than a billion dollars in cash as an index of management failure, why he has never sold a good business because of a guess about the market, and why he and Munger allocate every dollar themselves with no staff to help them. 1:45 - The use of derivatives 4:37 - Investment in Cap Cities 6:37 - After-tax free cash flow value 9:21 - Intrinsic value of the insurance operations 11:30 - Splitting the shares 13:57 - Buffett's use of The Indefensible 14:59 - Management and life goals 18:22 - Question on Ajit Jain 23:36 - Question on Guinness 26:02 - Berkshire after Buffett 28:53 - Reverse splits, 100x returns and stamps 33:41 - Greenspan, the Fed and interest rates 35:26 - Opinions on Berkshire's value 37:31 - Banks and buybacks 42:10 - Leverage at Salomon 47:14 - Sale of a mutual savings and loan 48:56 - Munger on changing his mind 49:41 - The shoe industry 51:25 - The tobacco business 52:40 - Business acquisition considerations 55:13 - The LA quake and insurance 1:00:02 - Recommended books 1:02:35 - Uncertainties for global brand leaders, Nike and Reebok 1:08:15 - Airlines and USAir 1:11:35 - Munger's retirement 1:12:38 - Sale of Cap Cities shares 1:13:53 - Structured settlements 1:14:53 - Wrigley 1:15:58 - Global diversification 1:18:43 - Explaining insurance losses 1:21:02 - Bullish or bearish? 1:25:23 - Private versus public markets 1:30:32 - Berkshire's intrinsic value relative to market price 1:33:59 - The view of risk 1:38:37 - Tax rates 1:42:54 - Interest rate sensitivity in certain businesses 1:45:40 - Retroactive insurance 1:48:34 - Berkshire's preparation for times of distress 1:51:13 - Freddie Mac and Fannie Mae 1:53:14 - Faster information and the cost of a missed opportunity 1:55:39 - Berkshire buybacks and intrinsic value 1:59:40 - Peter Lynch 2:00:47 - Reinsurance 2:06:20 - Guinness 2:06:53 - World Book and the Buffalo News 2:09:18 - Breaking Berkshire into smaller entities 2:11:08 - Sale of General Dynamics 2:12:30 - Volatility in the Berkshire share price 2:16:05 - Question about cash 2:18:09 - Question about Salomon 2:19:14 - The use of puts at Berkshire 2:21:06 - Stories about Berkshire not in the annual report 2:23:11 - Berkshire ending up on an index 2:24:52 - Position sizing in a given security 2:28:16 - Growth at Coca-Cola 2:29:20 - Question on convertible bonds 2:31:02 - Market impact when Berkshire sells a security 2:32:11 - Key-man insurance for Berkshire 2:32:48 - Currency risk in the Guinness investment 2:38:20 - Question on Berkshire's intrinsic value 2:39:31 - Succession at Coca-Cola 2:39:42 - Question on Salomon 2:41:25 - Merits of the different Berkshire holdings 2:43:30 - Method for arriving at an intrinsic value 2:46:49 - Growth rates in companies 2:49:06 - Capital allocation decisions at Berkshire 2:54:18 - Two or three investment lessons from Maynard Keynes Hosted on Acast. See acast.com/privacy for more information.

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  Episode #7

  Berkshire Hathaway Shareholder Letters 1983 (Appendix) Goodwill and its Amortization: The Rules and The Realities

  Sep 14, 202618 minS2

  A special deep-dive from Warren Buffett's 1983 Berkshire Hathaway annual report: his famous appendix on Goodwill. Using See's Candies as the real-world example, Buffett explains the crucial difference between "accounting Goodwill," which gets amortized away year after year, and "economic Goodwill," which can actually grow stronger with inflation. He shows why businesses that need little in the way of physical assets — factories, inventory, equipment — often make far better long-term investments than asset-heavy businesses, even when the accounting numbers suggest otherwise. Essential listening for anyone into Warren Buffett, value investing, and how to really judge whether a business is a good purchase. Hosted on Acast. See acast.com/privacy for more information.

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  Episode #7

  Berkshire Hathaway Shareholder Letters 1983

  Sep 14, 202658 minS2

  Warren Buffett's 1983 Berkshire Hathaway shareholder letter is one of the richest in the series. He lays out his famous "Owner-Related Business Principles" — the rules governing how Berkshire treats shareholders — and tells the remarkable story of Rose Blumkin, the Russian immigrant who built Nebraska Furniture Mart from $500 into America's largest furniture store. He explains the crucial difference between book value and true "intrinsic business value," and makes a sharp case against stock splits and high trading turnover, calling a hyperactive stock market "the pickpocket of enterprise." A must-listen for fans of Warren Buffett, value investing, and the history of Berkshire Hathaway. Hosted on Acast. See acast.com/privacy for more information.

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  Investing Legends

  Stan Druckenmiller: The Market as an Economic Predictor

  Sep 10, 20261h 8m

  Stanley Druckenmiller talks with John Collison about inflation, bear markets, and why he thinks the odds of a soft landing are remote. He explains the two historical records that have never been broken once inflation passes five percent, argues the Fed's slowness through 2021 and 2022 was enormously costly, and describes a setup he has never faced in forty five years, with eight percent inflation, three percent bond yields, and a weakening economy all at once. He walks through how he reads the economy from inside the stock market rather than from macro statistics, using housing, trucking, and retail as leading indicators, and why the bond market stopped signalling anything after a decade of central bank buying. He also tells the long version of the 2000 story, from shorting ten internet stocks and losing three times his money in four weeks, through the tech position that put him down eighteen percent, to the four-month sabbatical in Africa that let him come back and make forty percent in a single quarter. Along the way he explains why sizing is most of the game, why he tracks whether he is hot or cold before deciding how big to bet, and why he buys first and does the analysis afterward. Hosted on Acast. See acast.com/privacy for more information.

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