Warren Buffett, every mention
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Verbatim, from the transcripts: the passages where Warren Buffett comes up
Disney: The Renaissance and the Empire · Acquired
- ▶ 23:01 Ben Gilbert So a lot of times it was like actors that had been in rehab and were looking to make a comeback or it was these up and comers, but it was, uh, in many ways, like a young Warren Buffett strategy of looking for cigar butts.
- ▶ 1:03:57 Ben Gilbert And I think there's, there's so much great lore around this, but I think this was like a parking lot conversation, where Michael had been hoping to run into Warren Buffett, and he finally did, and Warren calls over Tom Murphy, who was…
- ▶ 1:04:17 David Rosenthal So Warren Buffett and Berkshire was the largest shareholder in ABC Cap Cities, which had been created a decade earlier in the famous Minnow Swallows Whale transaction.
- ▶ 1:04:47 Ben Gilbert Well, they had the financial backing of Warren Buffett and Berkshire Hathaway.
- ▶ 1:05:03 David Rosenthal One of Warren Buffett's many, you know, genius deals.
- ▶ 1:05:08 David Rosenthal So Buffett and Berkshire are the largest shareholders in ABC Cap Cities here.
- ▶ 1:05:12 David Rosenthal The person that Eisner is pitching is, is Buffett.
- ▶ 2:57:42 Ben Gilbert It's almost like a Buffett-type thing, where Buffett has things in his portfolio that are cash producers and cash consumers,
The Walt Disney Company: The most successful enterprise for monetizing human nostalgia (Audio) · Acquired
- ▶ 2:50:34 Ben Gilbert Warren Buffett saw that Disney was an underpriced asset in 1966, right before Walt died.
- ▶ 2:50:42 Ben Gilbert So, Buffett bought a bunch of the stock in 66, since it had a market cap under ninety million dollars at the time.
- ▶ 2:51:10 Ben Gilbert A ninety million dollar company doing twenty one million in pre-tax that has Disney's flywheel is the buying opportunity of a lifetime when Buffett bought it.
- ▶ 3:23:28 Ben Gilbert People were willing to take these giant leaps on Walt because of who he was and what he had accomplished the same way that they do with Elon or Steve Jobs or Warren Buffett getting deals that no one else could get.
Vanguard: The communist capitalist who saved investors a trillion dollars (Audio) · Acquired
- ▶ 1:40:23 David Rosenthal Jerry Sy or Peter Lynch or Warren Buffett are, you know, the greatest investors of all time.
- ▶ 1:43:38 David Rosenthal It's the great Warren Buffett line.
- ▶ 1:43:44 Ben Gilbert Whether you are trying to shoot the lights out like Warren Buffett, and you are active and trying to find the very best businesses you can, or whether you are passive and sort of throwing your hands up.
- ▶ 2:18:31 David Rosenthal One thing we skipped over earlier in the mid nineties was the Oracle of Omaha himself.
- ▶ 2:18:37 David Rosenthal Warren Buffett implicitly endorsed Jack and Vanguard in the 1996 Berkshire annual shareholder letter where he wrote, the best way to own common stocks is through an index fund that charges minimal fees.
- ▶ 2:19:54 David Rosenthal Lay Warren and Charlie on me here.
- ▶ 2:20:24 Ben Gilbert And so to hear Warren saying, actually, what most people should do is buy low-cost index funds like Vanguard.
- ▶ 2:20:32 David Rosenthal Well, there's more Warren and Berkshire to come on this episode.
- ▶ 2:30:46 David Rosenthal Well, just to put an even finer point on this, St.
- ▶ 2:30:54 David Rosenthal In 2007, fortuitously, right before the crash, he had issued a public challenge Warren Buffett had.
- ▶ 2:31:03 David Rosenthal He said that he would bet
- ▶ 2:31:05 David Rosenthal One million dollars of his own money against any and all takers from the hedge fund industry that over a 10 year period starting on January first, 2008, the Vanguard 500 index fund would outperform after fees the same dollar amount…
- ▶ 2:31:53 Ben Gilbert I know, it's cool he named it.
- ▶ 2:31:54 David Rosenthal It's really cool that he named it.
- ▶ 2:32:03 David Rosenthal Took him up on the bet.
- ▶ 2:32:16 David Rosenthal The only hedge fund industry manager that took Warren up on his bet and accepted the challenge.
- ▶ 2:32:46 David Rosenthal So the Vanguard 500 index fund over the 10 year period blows away Ted's selected hedge fund portfolio so much so that Ted ends up conceding early to Warren.
- ▶ 2:33:02 David Rosenthal yeah, yeah, Warren, you won.
- ▶ 2:33:25 David Rosenthal And yes, Ben, the, the charity that the check is made out to is Warren Selects Girls Inc. of Omaha as the recipient of the money.
- ▶ 2:33:52 David Rosenthal And Warren said, like, yeah, sure, that's fine.
- ▶ 2:34:02 David Rosenthal But, uh, either way, Warren wins.
- ▶ 2:34:20 David Rosenthal Well, either way, Warren writes in Berkshire's 2016 annual letter related to all this, quote, if a statue is ever erected to honor the person who has done the most
- ▶ 2:35:04 Ben Gilbert It is hard to get a better endorsement, I mean, as a human being, than Warren Buffett using those words about you.
- ▶ 3:14:08 David Rosenthal because Warren, uh,
- ▶ 3:29:38 David Rosenthal I mean, God, the Bogleheads, the Warren Buffett endorsements, like the decades of building the brand.
- ▶ 3:30:00 David Rosenthal Really hard to replicate Warren Buffett saying that a statue should be erected to Jack Bogle and that he's a hero to the American public and to him.
- ▶ 3:34:01 David Rosenthal Not investment advice, but you know, hey, Warren says it, so.
- ▶ 3:34:05 David Rosenthal Look to him.
- ▶ 3:34:07 David Rosenthal My quintessence is that Warren Buffett was right.
- ▶ 3:35:35 David Rosenthal So, yeah, I think, uh, I, I agree with Warren and, uh,
10 Years of Acquired (with Michael Lewis) · Acquired
- ▶ 19:10 Michael Lewis Because I thought, I mean, I had done a take, I mean, it's not, it's a little, putting it a little strongly, but oddly, I had written a takedown of Warren Buffett on the cover of the New Republic Magazine.
- ▶ 19:36 Michael Lewis And you don't have a couple of things Warren Buffett has, and his money is valued differently.
- ▶ 20:00 Michael Lewis It turned me briefly, only briefly actually, cynical about Warren Buffett, and then I came out of it and fell in love with him all over again.
- ▶ 20:07 Michael Lewis But I had written this thing and pissed him off entirely.
- ▶ 20:11 Michael Lewis I mean, like I, it would clearly upset him.
- ▶ 20:14 Michael Lewis And then kind of started watching him for longer, and I thought, you know, I just liked him, just liked him.
- ▶ 20:20 Michael Lewis You couldn't help but like him.
- ▶ 20:21 Michael Lewis So I started to soften, and when we get to the financial crisis, I thought, well, his money's gonna be so valuable here that he, what is needed is credit, and I think it might, if he stays alive long enough, it might happen again soon.
- ▶ 20:43 Michael Lewis And let me tell you, can I tell you a Warren Buffett story?
- ▶ 20:45 Michael Lewis I mean, this is a little, talking a little bit out of school, but I've never met him.
- ▶ 20:50 Michael Lewis Uh, I know he was really irritated with me,
- ▶ 20:57 Michael Lewis I went right back to the New Republic and wrote another 5000 word thing about Warren Buffett, in which I basically apologized for the first piece.
- ▶ 21:06 Michael Lewis When I was working on Going Infinite, I was working on the Sam Bankman Freed book, and, um, I was talking to a publicist, completely unrelated to Warren Buffett, and she said, you know, I also represent Warren, and she said, and I told…
- ▶ 21:37 Michael Lewis So this tells you something about Warren Buffett,, but more about Warren Buffett than me.
- ▶ 21:51 Michael Lewis Then he says, then he says, so he's the Michael Lewis who, who sold some Berkshire Hathaway two years ago and four years ago.
- ▶ 22:00 Michael Lewis And he was like,
- ▶ 22:01 Michael Lewis Why did he sell?
- ▶ 22:03 Michael Lewis So he's tracking.
- ▶ 22:06 David Rosenthal He's tracking.
- ▶ 22:15 Michael Lewis And when he heard, she said, he'll be relieved to hear that kind of thing.
- ▶ 22:18 Michael Lewis It's like, so can you imagine, can you imagine that Warren Buffett is taking the time to watch who is coming in and out of the A shares and
- ▶ 22:28 Michael Lewis And thinking about it, I mean, I just thought he has that, he and Munger had that whole thing about don't put your money in an index fund, put your money in a big bundle of stocks, put it in a few stocks and watch those stocks like a hawk.
- ▶ 23:15 David Rosenthal So Warren and Charlie had this thing.
- ▶ 30:26 Michael Lewis But, but it's, it's, this is, so back to your, the lesson that you gleaned from Munger and Buffett.
Coca-Cola: The Complete History & Strategy (Audio) · Acquired
- ▶ 2:37:20 David Rosenthal Living on Farnham Street in Omaha, where he was neighbors with Warren Buffett.
- ▶ 2:37:27 Ben Gilbert Warren Buffett is like this real life Forrest Gump.
- ▶ 2:37:50 Ben Gilbert Don Keough was Warren Buffett's old neighbor?
- ▶ 2:38:14 David Rosenthal Well, so, Warren, at this point in time, as we covered on our Berkshire series,
- ▶ 2:38:27 David Rosenthal Keo converts him to Coke by telling him about this new product that they're going to launch, Cherry Coke, because Buffett loved cherry syrup in his Pepsi, and so he converts Warren to a Coke guy before Warren ever invests a dollar in the…
- ▶ 2:38:43 Ben Gilbert And Warren reportedly drinks five Cherry Cokes a day.
- ▶ 2:38:53 David Rosenthal Later on at Sun Valley, Bill Gates lets it slip on a panel with Warren and Roberto and Don Keogh that Warren has always told Bill that Coca-Cola could be run by a ham sandwich.
- ▶ 2:59:08 David Rosenthal Remember how I set up the Warren Buffett ham sandwich thing, and I think this whole episode is probably where he decides, Jesus, Coca-Cola could be run by a ham sandwich.
- ▶ 2:59:41 David Rosenthal But Warren Buffett.
- ▶ 3:00:01 Ben Gilbert He owns about 9.5% of Coca-Cola today.
- ▶ 3:00:55 Ben Gilbert Which I imagine he would have been better buying Berkshire Hathaway stock.
- ▶ 3:00:58 David Rosenthal He would have been better off buying the S&P
- ▶ 3:02:24 Ben Gilbert 1988 to 1994, which was the stretch that he bought Coca-Cola and holding it to today, it would have been a far better investment than buying Coca-Cola stock.
- ▶ 3:02:42 Ben Gilbert It had a ridiculous run right after Warren invested.
- ▶ 3:40:45 David Rosenthal I think after studying all this history, I have to agree with Warren.
Trader Joe’s: Hawaiian shirts and counter positioning (Audio) · Acquired
- ▶ 2:02:06 David Rosenthal I mean, I was reading this in Becoming Trader Joe and Joe's autobiography, and I was like, hold on, like, this is why Warren Buffett wins.
Google Part I: Origins of Search. How the Best Business in Human History Happened (Audio) · Acquired
- ▶ 13:05 David Rosenthal I mean, even Warren and Charlie, Charlie was never full-time at Berkshire Hathaway.
The Steve Ballmer Interview · Acquired
- ▶ 1:50:53 Steve Ballmer I mean, you know, there was a bit of a Buffett style.
- ▶ 1:50:58 Steve Ballmer I mean, this thing going on because Bill and Warren were, were very good friends, and Warren didn't go to quarterly calls, I don't think, and dah, dah, dah, dah.
- ▶ 1:51:05 Steve Ballmer But you know, he's Warren.
- ▶ 2:26:50 Steve Ballmer And Charlie Munger comes up to him beforehand and to me, I know Charlie through Bill and Warren and says,
Epic Systems (MyChart) · Acquired
- ▶ 3:09:15 David Rosenthal What is gonna happen at some point in the future, even if she's the next Warren Buffett here, we're still talking about in the next couple decades, you know, there will have to be a transition.
- ▶ 3:27:39 Ben Gilbert I mean, she has stated that it is more likely that she'll die than retire, just like Warren Buffett always jokes.
- ▶ 3:30:54 Ben Gilbert Buffett's been running Berkshire for over 50 years.
TSMC · Acquired
- ▶ 4:51 David Rosenthal Okay, speaking of, we start in Ningbo, China, in July, 1931, just about one year after Warren Edward Buffett was born in Omaha, Nebraska, and there are going to be quite a few parallels here as we go through this episode, but in July,…
Mars Inc. - The Chocolate Story (Audio) · Acquired
- ▶ 52:56 Ben Gilbert You look at Ingvar, you look at Sam Walton, you look at Buffett.
- ▶ 1:37:05 Ben Gilbert You know, Buffett was one of the first people to believe the intelligent investor, oh, you can tell something about the quality of revenue and this intrinsic way to build to a value of a business.
- ▶ 1:37:25 David Rosenthal I mean, Buffett had to go
- ▶ 1:43:35 David Rosenthal Malone and Buffett too.
- ▶ 2:50:30 David Rosenthal He C's, just like Warren and Charlie did back in the day, that
- ▶ 2:56:58 David Rosenthal So speaking of M&A, and, uh, we were also talking about C's and Warren and Charlie a minute ago.
- ▶ 2:57:05 David Rosenthal In 2008, Mars buys Wrigley with the help of Uncle Warren and Uncle Charlie.
- ▶ 2:57:15 David Rosenthal There's some amazing quotes from Warren at the time of the deal.
- ▶ 2:57:33 Ben Gilbert It's Warren's personality.
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