Buffett’s Investment Evolution

In editing, collating, and compiling The Essays of Warren Buffett for 30 years, Larry Cunningham has developed an in-depth understanding of the Oracle of Omaha’s investment thinking.
WEALTHTRACK Episode 2052 broadcast on June 21, 2024
More info:
wealthtrack.co...
Bookshelf:
The Essays of Warren Buffett: Lessons for Corporate America: amzn.to/4bbp6DJ
Berkshire Beyond Buffett: The Enduring Value of Values: amzn.to/3zaI5Bb
Margin of Trust: The Berkshire Business Model: amzn.to/4bebl76

[@nicholas5396]

So nice watching a professional interviewer. Really reminds you what you're missing on a lot of other youtube zoom style pod interviews. This channel in one word. Class.

[@scipioafricanus4875]

Thanks!

[@power6556]

Nobody will ever be able to replicate Buffett’s performance at BRK.

[@funnyperson4016]

Not true, a handful have or even exceeded in some metrics just not at the same size and/or not as long. Ed Thorpe, Claude Shannon, Jim Simons, Mohnish Pabrai, or any random kid who bought bitcoin in 2009 and held. If you include private equity… private equity on average does like 18% a year so there are tons of people in that field as well. Keith Gills performance is even more impressive he turned 53k into $1Billion in 5 years. Or do you mean the people who replace Buffett at Berkshire itself won’t be able to replicate his results? I’d agree with that if that is what you meant.

[@debocknolan6273]

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024

[@dassa0069]

I invested in the Buffett coterie in the old days buying deep value stocks. They no longer exist and if they did there wouldn't be plentiful enough to make a difference to his huge kitty.

[@marcusorealist]

buffet told his wife you are better off buying the SP500. Why would he say that? brkab has gotten too big too make 25% a year -which WB also said. I bet he leveraged when BRKA was smaller.

[@dassa0069]

@@marcusorealist No leverage in1970s

[@pch5938]

I own stocks, bit I also own gold.. What's the big deal? Love the little chuckle this guy has when he mentions gold. The little chuckle sounds just like Warren's chuckle when he mentions gold.

[@marcusorealist]

I avoid Gold because it has no earnings. Stocks made 6.4% in growth 1929(top of Depression) to 2000 and 1932(bottom) to 2000 averaged 4.3% in dividends total 10.7%. Gold I see as any other investment with no earnings like a home, car or even food prices ,it goes up 3.1% a year on average equal to the inflation rate ,if it increases more at say 5% soon it will be unaffordable . Yes it has beaten sp500 at times but I buy and hold and I saw in one recession either 2000-03 or 2007-09 where GLD and GDX and all markets dropped because hey nobody had money to invest we all waited for markets to come back and they did. I was down 50% 2007-2009 by 2011 ,I was up 30% from the 2007 high. eg 2007 100k dropped to 50kcin 2009 back up to 130k in 2011.

[@mourad_weider]

more value oriented investors plz my dear

[@marcusorealist]

bra/b is value, it often does better then other indexes in down markets.

[@dm09aaj]

I always wanted to trade crypto, so I gave it a shot despite being confused by the price volatility. Even after watching many KZbin videos, I found it difficult to understand and ended up losing my trades.

[@marcusorealist]

l lost on all 6 crypto investments ,one is down 97%, Most I had were from Grayscale which is Bernie Madoff crooked. I watched BTC go up 1% a day for 2 months and my grayscales decrease 1% a day ,so the stole 2% a day from me .Beck Quick also was angry at the Grayscale ceo. It appeared Quick also lost on grayscale.

[@ministerofemergencies1809]

Don't give scams a shot. Too much volatility there.

[@marcusorealist]

@@ministerofemergencies1809 l agree ,All the money to be made on crypto was made already. why would it be valued so high? hype. no other currency is up this much, nor is Visa, PayPal .

[@dassa0069]

Buffett only looked for well run business when he came under Munger influence.

[@davidduffy2046]

Warren Buffett now looks tired, almost senile

[@RolandIbera]

100%Agree. Father Time is undefeated. No one lives forever. Warren Buffet is a great investor. Berkshire has made many people wealthy. Warren Buffet is an American icon of wisdom. Great admiration for this man.

[@jasonwhiteley3612]

& yet his Japanese investment looks like one of the most astute investments of the decade when you consider very low downside risks.

[@marcusorealist]

@@jasonwhiteley3612 Which one -do you mean battery company?

[@marcusorealist]

He lost an old friend, he has been inaudible for 2 decades imo .I need closed caption on ,to understand him

[@donmountford797]

He is talking about Berkshire's investment in the 5 Japanese trading houses. He bought at a huge discount and has already reaped a sizable profit. ​@user-rc2jb5et9o

[@SantosRodrigues-if5eu]

My investments in stocks and crypto are not meeting my expectations. Any last minute tips to improve my situation and make more $$$? I really need some urgent advice

[@davidabbott6856]

Why not just buy shares in Berkshire Hathaway and save all the effort?

[@fredatlas4396]

The S&P 500 index has beaten Berkshire Hathaway by some margin since 2009

[@fredatlas4396]

The S&P 500 index has beaten Berkshire Hathaway by some margin since 2009

[@royprovins7037]

Buffett buys and sells stocks all the time

[@marcusorealist]

he window dresses for sure, I can't ever find real holdings ,no way he made 24% 25 yrs in a row on sees candies or insurance or Coca Cola

[@Unitas2Berry]

@@marcusorealist He made great picks like Coca Cola, American Express, GEICO in the prior century. The 24% was during the 20th century. He also used significant leverage in the past. By reading the 1995 annual report (the oldest report on Berkshire's website) you can see the stock holdings alone are greater the company's equity. As he's aged and the company has grown, Buffett has become more risk adverse. Too much IMO. When you read about Buffett's greatness, think about he 20th century Buffett.

[@funnyperson4016]

@@marcusorealistIf someone owned a stock that doubled every 10 years that also paid a 3% dividend, he would not only make 7% from price and 3% from the dividend but also the dividend could be reinvested and also there are share buybacks. So if you even take 10% accumulation but with buybacks he’s grown his number of shares by 50%, then even 10% return for 36 years 1.1^36 multiplied by 1.5 is 46 times what his invested started with in price and so a mere 3% dividend is 139% of his initial investment at that point and the dividend can continue to rise also. It’s not just that Coca Cola is selling at a multiple of 25 when he bought at 14, it’s that it’s 25 times earnings that are 40 times larger than they started or whatever. sees candy generates billion+ annually and he paid $30M for it. Coca Cola has done share buybacks and so he owns like 50% more shares than he started with and collected dividends and spin-offs and so on. Coca Cola grows its earnings above the rate of inflation forever and so not only did he buy at a 14 multiple that is now 25: but it’s multiplying a much larger amount and he owns 50% more shares from buybacks alone. Its dividend alone is a 65% return on his initial investment without including the buybacks and spin-offs. In fact you could follow Buffett in the 13f well after he bought only using the publicly traded stocks and you’d do like 15+% over that same time. People over complicate things. You find a company that can sustain 15% ROE and you pay a low or reasonable initial multiple for it and you’re going to get good returns that in the long run will reflect the business economics