Ep. 3 | Warren and Charlie's 25 Years at Berkshire | Warren's dismissal of Efficient Market Theory
“Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.”
These were Warren’s words to the employees of Salomon Brothers Inc., a troubled investment bank of which he had been chairman for 10 months in the early 1990s.
In Episode 3, we cover Berkshire Hathaway’s years from 1987 to 1991 and discuss how Warren Buffett never minced his words when arguing over audit practices, accounting standards, investment banks, or CEOs. This is the period when Buffett first picked up a stake in Coca-Cola and Gillette. The highlight of the episode is that Buffett and Munger completed 25 years of running Berkshire Hathaway in 1990, and Buffett enlisted the mistakes he committed in those 25 years.
00:00 Introduction
00:46 The economic scene of 1987-1991 and agenda
01:59 A new insurance business
04:37 Combined ratio and float
07:51 Multiple shoe businesses
08:40 Gillette and Coca-Cola (Special SEC waiver)
10:57 Buffett criticizes accounting auditors
14:15 Buffett’s take on junk bonds
17:06 Stress in the Banking sector
18:42 The Salomon Brothers scandal
20:29 Warren hates EBITDA
22:52 Buffett criticizes stock options
25:06 Warren can neither confirm nor deny rumors
29:06 Buffett and Munger’s 25 years at Berkshire
32:33 Arbitrage and other strategies
34:30 Forever investments
35:02 Succession plan
35:56 Summary
Previous episodes:
Episode 1: Ep. 1 - Investment Philosophies of Buffett and Munger | Learn how to pick a stock
• Ep. 1 - Investment Phi...
Episode 2: Ep. 2 | How Warren and Charlie acquired businesses? Lessons on Textiles, Media, and Insurance
• Ep. 2 | How Warren and...
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Пікірлер: 31
Great podcast keep posting in frequent manner
this is crazzzyyy! Amazing depth! Loving this series! Hope they drop more episodes soon! 😁
Motilal Oswal ceo also reads it
Great initiative by the varsity team. Kudos to the efforts put in it. Amazing and well thought about content. Hope more and more people sees this series.
Good one, keep posting.
quick recall of the letters read long time ago. knowledge packed series.. eagerly waiting for future episodes..
I'm already into this and excited for the upcoming episodes 💯
Thanks Zerodha for initiating this kind of educational ventures .
I can't imagine that we are getting these things for free. Now this is what I call the real Philanthropic work.
This is the best platform for learning. Zerodha varsity is doing tremendous job in the field of financial education. How they are presenting the content in a most simplified manner. Thanks to the. Zerodha team. All the 3 persons in this video are better than IIM professors in terms of delivering any topic.
Great podcast!
keep posting 💯
So helpful❤
Amazing stuff
Insightful
Helpfull for self progress 👍
Please continue superb
Wonderful work by Zerodha team❤
The question is not about if the market is efficient or not it’s about how to find out the inefficiencies consistently over long periods of time and execute perfect trades there are only handful of investors who can do that but for general population i.e. 99.99% index funds are better route. Even Warren buffet said that and index funds are mainly based on efficient market hypothesis.
the statement that you said "Even a dumb person can run the business" I think this statement has been said by Peter Lynch
You are requested to upload warren Buffett letters in hindi so that every indian can understand easily and can relate... thank you... waiting for the response...
Good podcast but kite from zerodha always goes down during important days.. unable to add funds and sell the stocks during crucial days
next please make video why berkshire hatway is pileing up liquid cash currently siting on a mountain of 180 billion dollar
Are these episodes from snow ball book?
wow💕
Great going zerodha
❤
Instead of promoting foreign investors, you should focus on Indians too!!
@aaronkohlhoff
22 күн бұрын
Are you here to learn ? Or look at the face of the person white or brown
Ye india nhi America h isiliye sirf English me baat kr rhe h😡😡
@Mrpositi
24 күн бұрын
If u can't adjust with English then i want this in tamil it is indian language