Great podcast episode recommendation thread

[Cod Liver Oil]

Great interview about the music business:

 

Edited October 8, 2024 by Cod Liver Oil

[villainx]

Who is Rick Rubin?  And is he interviewing Mark Leonard?

[Spekulatius]

Well, it’s Halloween, so if you want scared, listen to this podcast From Garant Williams with David Murrin as a guest :

https://podcasts.apple.com/us/podcast/the-grant-williams-podcast/id1508585135?i=1000674400029
 

China, Politics, Trump, Brexit - he covers it all.

[Spekulatius]

Regarding perception versus reality:

 

[coffeecaninvestor]

I’ve re-listening to the 1999-2007 AGM and pairing that with the letters. Pretty great and timeless stuff in those years… I am not sure what else an aspiring investor needs other than to absorb that over and over again. Hoping his letter this year is a great one. One of my biggest regrets is not having attended a meeting when Charlie was alive. 

 

https://podcasts.apple.com/us/podcast/berkshire-hathaway-annual-shareholder-meetings-since/id1445276006

 

 

[backtothebeach]

On 1/8/2025 at 8:04 AM, coffeecaninvestor said:

I’ve re-listening to the 1999-2007 AGM and pairing that with the letters. Pretty great and timeless stuff in those years… I am not sure what else an aspiring investor needs other than to absorb that over and over again. Hoping his letter this year is a great one. One of my biggest regrets is not having attended a meeting when Charlie was alive. 

 

https://podcasts.apple.com/us/podcast/berkshire-hathaway-annual-shareholder-meetings-since/id1445276006

 

Excellent, thank you for posting. I’ve started with listening from 1994. Great for a long flight!
 

“I know, Mr. Buffett, that you've said that you don't read what other people say about the market or the economy. But do either you or Charlie have an opinion about how you think things are going to go?

Are you bullish or bearish?

You may have trouble believing this, but I, Charlie and I never have an opinion about the market because it wouldn't be any good and it might interfere with the opinions we have that are good. If we're right about a business, if we think a business is attractive, it would be very foolish for us to not take action on that because we thought something about what the market was going to do or anything of that sort because we just don't know. And to give up something that you do know and that is profitable for something that you don't know and won't know because of that, it doesn't make any sense to us and it doesn't really make any difference to us.”

[coffeecaninvestor]

11 hours ago, backtothebeach said:

Excellent, thank you for posting. I’ve started with listening from 1994. Great for a long flight!
 

“I know, Mr. Buffett, that you've said that you don't read what other people say about the market or the economy. But do either you or Charlie have an opinion about how you think things are going to go?

Are you bullish or bearish?

You may have trouble believing this, but I, Charlie and I never have an opinion about the market because it wouldn't be any good and it might interfere with the opinions we have that are good. If we're right about a business, if we think a business is attractive, it would be very foolish for us to not take action on that because we thought something about what the market was going to do or anything of that sort because we just don't know. And to give up something that you do know and that is profitable for something that you don't know and won't know because of that, it doesn't make any sense to us and it doesn't really make any difference to us.”

You are welcome. I recommend 2x speed. 

I do think that what they say about market timing is true, and it definitely helps that they have a constant flow of cash pouring in so they can buy new positions with fresh capital. They do not have to constantly buy and sell large holding especially if the business is a great one like AXP or KO. I think the size of their positions is a factor they might have sold at extreme valuations that mathematically didn’t make sense. 
 

I found it interesting more than once they had trouble buying when stocks were cheap because of concerns about their insurance operations and not being able to use the float. I wonder if that was a consideration when the market plunged due to Covid. 

Edited January 10 by coffeecaninvestor

[backtothebeach]

On 1/10/2025 at 9:44 AM, coffeecaninvestor said:

You are welcome. I recommend 2x speed. 

 2x?? Lol. I can manage 1.25x.

 

The second half of the 1994 afternoon session is excellent:
 

“…the economic value of any asset essentially is the present value, the appropriate interest rate, of all the future streams of cash going in or out of the business. And there are all kinds of businesses that Charlie and I don't think we have the faintest idea what that future stream will look like. And if we don't have the faintest idea what the future stream is going to look like, we don't have the faintest idea what it's worth now.

So if you think you know what the price of a stock should be today, but you don't think you have any idea what the stream of cash will be over the next 20 years, you've got cognitive dissonance, I guess is what they call it. So we are looking for things where we feel fairly high degree of probability that we can come within a range of looking at those numbers out over a period of time, and then we discount them back. And we are more concerned with the certainty of those numbers than we are with getting the one that looks absolutely the cheapest, but based upon numbers that we don't have great confidence in.

And that's basically what economic value is all about. The numbers in any accounting report mean nothing per se as to economic value. They are guidelines to tell you something about how to get at economic value, but they don't tell you anything.

There are no answers in the financial statements. There are guidelines to enable you to figure out the answer. And to figure out that answer, you have to understand something about business.

You don't have to understand a lot about mathematics. I mean, the math is not complicated. But you do have to understand something about the business.”

Edited January 11 by backtothebeach

[Spekulatius]

I have got to say, some of Scott Galloway talks and podcasts are insightful.  I think he is correct about many things :