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9 episodes with adam mead
4 episodes with adam mead
2 episodes with adam mead
2 episodes with adam mead
2 episodes with adam mead
2 episodes with adam mead
My guest today is Adam Mead — he is a professional investor, founder of Mead Capital Management, and the author of a wonderful book, **The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece.** He was on Talking Billions over a year ago, and he returns to talk about Berkshire, Buffett, Munger, investing, running an investment firm, and so much more. Adam J. Mead is a life-long student of business and capital allocation. He is the CEO and Chief Investment Officer of Mead Capital Management, LLC. Adam is also the founder of watchlistinvesting.com, a value investing newsletter. Adam spent over a decade in banking in commercial credit, including observing first-hand the aftereffects of the Great Recession and the long credit expansion afterward. Adam has been investing in public securities markets since 2004. He owned two small businesses (non-financial) during college, and grew up in a family of small business owners. In addition to managing assets for his clients at Mead Capital, he is involved with numerous local non-profit organizations. Adam holds a Master of Business Administration from Southern New Hampshire University, from which he graduated Summa Cum Laude in 2013. Previously he graduated Summa Cum Laude from Southern New Hampshire University in 2008 with an undergraduate degree in Business Studies and a Minor in Economics. Twitter: @BRK_Student LinkedIn: https://www.linkedin.com/in/adam-j-mead-ab621822/ YouTube: https://www.youtube.com/channel/UCzKKNwxRUKekpN1id4QVyHg Blog: http://www.theoraclesclassroom.com Newsletter: http://watchlistinvesting.com Takeaways Attending Berkshire Hathaway's annual meetings creates a sense of community and reminds investors of the principles and values they follow. Treating shareholders with respect and recognizing their importance is a key aspect of running a successful business. Investing is driven by curiosity and a desire to understand how the world works. Managing other people's money is a responsibility that requires empathy, understanding, and the ability to address clients' behavioral challenges. Resilience is important in investing, and it can be developed through experience and a deep understanding of the businesses in which one invests. Running an investment firm involves a range of responsibilities, from attracting and retaining clients to navigating regulatory requirements. Starting an investment firm involves navigating regulatory requirements and making decisions about fee structures and operational processes. Building relationships with clients and earning their trust is crucial in the client-advisor dynamic. Staying small as a firm can offer advantages such as flexibility and the ability to focus on high-value activities. Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm's employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Clay Finck chats with Tobias Carlisle about what led him to becoming a value investor, what mean reversion is and how it relates to his overall investment strategy, how inflation impacts his investment process, what the shiller PE is and why it's something to be mindful of, what his thoughts are on determining an appropriate discount rate, and much, much more! Tobias Carlisle is the founder of The Acquirer's Multiple®. He is also the founder of Acquirers Funds® which manages ZIG, the Acquirers Fund, and DEEP, the Roundhill Acquirers Deep Value Fund. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 02:00 - How Tobias ended up becoming a value investor. 07:43 - What investors had a big impact on Tobias's own development? 12:02 - What mean reversion is from an investment standpoint, and how it relates to his overall investment strategy. 21:44 - What the shiller PE is, and why it is something to be mindful of. 32:20 - How inflation impacts his overall thought process for stock investing. 44:03 - Tobias's thoughts on an appropriate discount rate, and what discount rate Warren Buffett might be using in his valuation process. 47:19 - The two funds the Acquirer's Fund manages - ZIG and DEEP. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Tobias Carlisle's book The Acquirer's Multiple. Tobias Carlisle's book Deep Value. Tobias Carlisle's book Quantitative Value. Bruce Greenwald's book Value Investing. Benjamin Graham's book, The Intelligent Investor. The Acquirer's Podcast. The Acquirer's Multiple. The Acquirer's Fund. Related Episode: Listen to MI025: Deep Value Investing w/ Tobias Carlisle, or watch the video. Related Episode: MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead, or watch the video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Public Toyota Airbnb Fundrise Found Facet NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Today I am interviewing Adam Mead, the CEO of Mead Capital Management, a New Hampshire based Registered Investment Advisor. He is a prolific writer, writing the Watchlist Investing newsletter, and he has written “The Complete Financial History of Berkshire Hathaway”This discussion focuses mostly on Adam's work chronicling the history of Berkshire Hathaway. He created the most comprehensive study of Berkshire's history, reviewing 10,000 pages of research material, including Buffett's Chairman's letters, Berkshire Hathaway annual reports and SEC filings, annual meeting transcripts, and subsidiary financials.Links* The Complete Financial History of Berkshire Hathaway: https://www.amazon.com/Complete-Financial-History-Berkshire-Hathaway-ebook/dp/B08VNJK3SC/* Adam's Twitter feed: https://x.com/BRK_Student* The Watchlist Investing Newsletter: https://watchlistinvesting.com/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor's own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe
Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcast We are live every Tuesday at 1.30pm E / 10.30am P. About Jake Jake's Twitter: https://twitter.com/farnamjake1 Jake's book: The Rebel Allocator https://amzn.to/2sgip3l ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).
In this episode of Excess Returns, we sit down with Adam Mead, founder of Mead Capital Management and author of the Complete Financial History of Berkshire Hathaway. We discuss the recent Berkshire Hathaway Annual Meeting, notably missing the presence of the late Charlie Munger. Adam shares insights on Munger's contributions to Berkshire, the company's energy business, and its positioning for the future under the leadership of Warren Buffett's successors. We also explore Berkshire's substantial cash position and the potential for the company to pay a dividend in the coming years. Join us for an in-depth discussion on all things Buffett, Munger, and Berkshire Hathaway with one of the foremost experts on the topic. SEE LATEST EPISODES https://excessreturnspod.com FIND OUT MORE ABOUT VALIDEA https://www.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau
The Complete Financial History of Berkshire Hathaway (Adam Mead)
Following the sad death of Charlie Munger, Sam and Jon have decided to re-release this episode from the archives. This episode was originally released on 10 June 2021. In this episode Sam interviews Adam Mead (Twitter - @BRK_Student), author of The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece. Adam Mead is CEO and Chief Investment Officer of Mead Capital Management, LLC, a value-focused New Hampshire-based Registered Investment Advisor he founded in 2014. He's also the founder of WatchlistInvesting.com, a monthly research newsletter focusing on quality companies. Adam spent over a decade in banking in commercial credit and has been investing in public securities markets since 2004. He owned two small businesses (non-financial) during college and grew up in a family of small business owners. In addition to managing assets for his clients at Mead Capital, Adam is on the board of three local non-profit organizations. Adam has been covered by Business Insider and the Wall Street Journal.
This a bonus episode, please enjoy, and share it with friends and family -- I read my this week's Substack post. Please find it here: https://bogumilbaranowski.substack.com/ -- feel free to sign up and follow me there as well. I mention the following Talking Billions episodes: Mary Buffett & Chloe Lin, and William Green, please find them in your podcast listening app. They are both wonderful conversations. If you are a true Warren and Charlie fan, you'll also enjoy the Dan Pecault & Corey Wrenn episode, they attended the Berkshire meeting for some 30-40 years. Lots of stories. Adam Mead's episode is also special. Jacob McDonough shared with me the stories of the early Buffett years at Berkshire, too. The Todd Finkle episode is a must, too. I'd be curious to hear your thoughts, and your Charlie story -- please head to my website, and send me a quick message. I read all my emails. You'll hear from me within a week. https://www.bogumilbaranowski.com/contact Thank you for listening! --- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Robert Leonard chats with Adam Mead about his book, “The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece.” Aside from being a Buffett enthusiast and lifelong learner of business, Adam is the CEO and Chief Investment Officer of Mead Capital Management, LLC. IN THIS EPISODE, YOU'LL LEARN: • 00:00 - Intro • 02:54 - Who is Warren Buffett and Charlie Munger? • 02:54 - How did they influence each other's investing approach? • 06:36 - Who is Benjamin Graham and what was his impact on Buffett? • 08:46 - What is value investing and why is it relevant in today's market? • 25:12 - The evolution of Berkshire Hathaway (BRK) and common misconceptions about it. • 37:20 - Why Buffett hasn't deployed BRK's large cash pile amid the COVID crisis? • 43:51 - Why investors shouldn't just copy Buffett's stock picks. • 45:20 - What has been the leading cause for Buffett's underperformance over the last decade? • 52:42 - The timeless principles of the Oracle of Omaha that have led to his success and are worth following. • 57:08 - The future of BRK and if it will survive without Buffett and/or Munger. And much, much more! BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Adam Mead's book The Complete Financial History of Berkshire Hathaway. Mead Capital Management website. The Oracle's Classroom YouTube channel. Stig Brodersen and Preston Pysh's book Warren Buffett Accounting Book. Peter Kaufman's book Poor Charlie's Almanack. Benjamin Graham's book The Intelligent Investor. All of Robert's favorite books. NEW TO THE SHOW? Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Airbnb NetSuite Babbel Masterclass Shopify Principal Financial Connect with Adam Mead: Website | Twitter | LinkedIn | Facebook Connect with Robert: Website
Robert Leonard chats with Adam Mead about his book, “The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece.”Aside from being a Buffett enthusiast and lifelong learner of business, Adam is the CEO and Chief Investment Officer of Mead Capital Management, LLC.IN THIS EPISODE, YOU'LL LEARN:• 00:00 - Intro• 02:54 - Who is Warren Buffett and Charlie Munger?• 02:54 - How did they influence each other's investing approach?• 06:36 - Who is Benjamin Graham and what was his impact on Buffett?• 08:46 - What is value investing and why is it relevant in today's market?• 25:12 - The evolution of Berkshire Hathaway (BRK) and common misconceptions about it.• 37:20 - Why Buffett hasn't deployed BRK's large cash pile amid the COVID crisis?• 43:51 - Why investors shouldn't just copy Buffett's stock picks.• 45:20 - What has been the leading cause for Buffett's underperformance over the last decade?• 52:42 - The timeless principles of the Oracle of Omaha that have led to his success and are worth following.• 57:08 - The future of BRK and if it will survive without Buffett and/or Munger.And much, much more!BOOKS AND RESOURCESAdam Mead's book The Complete Financial History of Berkshire Hathaway.Mead Capital Management website.The Oracle's Classroom YouTube channel.Stig Brodersen and Preston Pysh's book Warren Buffett Accounting Book.Peter Kaufman's book Poor Charlie's Almanack.Benjamin Graham's book The Intelligent Investor.All of Robert's favorite books.NEW TO THE SHOW?Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.Check out our Millennial Investing Starter Packs.Browse through all our episodes (complete with transcripts) here.Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.SPONSORSSupport our free podcast by supporting our sponsors:AirbnbNetSuiteBabbelMasterclassShopifyPrincipal FinancialConnect with Adam Mead: Website | Twitter | LinkedIn | Facebook Connect with Robert: Website See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This is Matt Reustle and today we are breaking down the vehicle auction giant, Copart. You may be unfamiliar with Copart but, at the time of this recording, the company has a $40 billion market cap. They operate in over 200 locations across the globe and they sell north of 3 million cars per year on behalf of their unique customer base. Copart is a unique story in a very concentrated industry where they likely have 50% market share. It's a story defined by evolution. Its founder, Willis Johnson, didn't merely adopt a junkyard mentality. He was born into it, molded by it. To break down Copart, I'm joined by Adam Mead, CEO and Chief Investment Officer of Mead Capital Management. We cover all the angles of this unique industry giant. Please enjoy this breakdown of Copart. Access Adam's Copart writeup for free here. Choose the October 2022 Copart issue and use the code "Breakdowns" for 100% off. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can't be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcooke Show Notes (00:02:32) - (First question) - An overview of Copart (00:04:16) - The size and scope of the market (00:04:52) - The process of a vehicle entering into Copart's system (00:06:36) - The other side of the marketplace, who buys from Copart (00:08:16) - Selling cars whole or dismantling and how this has changed from the early days of the business (00:09:55) - An overview of Willis Johnson's career, forming Copart and his involvement today (00:13:26) - The financial structure of the business in the early days (00:14:59) - Copart's differences from the competition (00:18:42) - Biggest drivers of supply. Accidents, natural disasters, wear and tear (00:22:12) - Cashflow flow through, the economics for Copart (00:24:08) - Associated costs with regards to the sale and movement of vehicles (00:26:12) - Average inventory numbers throughout the year (00:27:32) - The margin profile of the business on a normalized basis (00:29:29) - A breakdown of the CapEx budget on a yearly basis (00:33:42) - The major drivers of growth for Copart (00:37:16) - The buyback history, stated goal and philosophy on dividends (00:38:38) - Historical and potential future risks to the business (00:42:00) - The insurance companies' opinion of the business, net positive or net negative (00:43:37) - The framework investors use when valuing this business (00:47:17) - Lessons learned from the research and analysis of Copart Learn more about your ad choices. Visit megaphone.fm/adchoices
Robert Leonard chats with Tobias Carlisle about the global economy, market assessment, value investing opportunities, mean reversion trades, quality assessment in deep value strategies, using screeners, and more!Tobias Carlisle is the founder of The Acquirer's Multiple®. He is also the founder of Acquirers Funds® which manages ZIG, the Acquirers Fund, and DEEP, the Roundhill Acquirers Deep Value Fund.IN THIS EPISODE, YOU'LL LEARN:00:00 - Intro01:33 - His current assessment of the global economy and markets. 08:59 - Why he thinks the current market conditions create a favorable set up for value investors going forward?20:32 - How long a mean reversion trade typically takes and how this differs from a time horizon of a quality investor. 24:39 - How to use his screeners and find companies that are cheap on an acquirer's multiple basis?44:39 - How an assessment of quality plays a role in a deep value strategy. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESTobias Carlisle's book The Acquirer's Multiple.Tobias Carlisle's book Deep Value.Tobias Carlisle's book Quantitative Value.The Acquirer's Podcast.The Acquirer's Multiple.The Acquirer's Fund.Related Episode: Listen to MI025: Deep Value Investing w/ Tobias Carlisle or watch the video.Related Episode: Listen to MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead or watch the video.NEW TO THE SHOW?Check out our Millennial Investing Starter Packs.Browse through all our episodes (complete with transcripts) here.Try Robert's favorite tool for picking stock winners and managing our portfolios: TIP Finance.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today! SPONSORSGet a FREE audiobook from Audible.Have the visibility and control you need to make better decisions faster with NetSuite's cloud financial system. Plus, take advantage of their unprecedented financing offer today - defer payments of a full NetSuite implementation. That's no payment and no interest for six months!Your home might be worth more than you think. Earn extra money today with Airbnb.RentSavvy is the first and only nationwide service for filling your rental property with a quality tenant for one flat fee. Register your rental property for free at RentSavvy.co now, to take advantage of this tenant placement service for your next vacancy.Support our free podcast by supporting our sponsors.Connect with Robert: TwitterConnect with Tobias: Website | Twitter | LinkedInSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Warren Buffett and Charlie Munger's 2023 Berkshire Hathaway Meeting I got up and stood on a platform — a microphone in front of me, a beam of bright light in my face. Warren Buffett just called me to ask a question in front of tens of thousands of people around me and millions watching worldwide. I was in the middle of Berkshire Hathaway's Annual Meeting – the Woodstock for Capitalists held in Omaha, Nebraska, each year. It was my turn to speak; I said: “Thank you for making our lives better.” My words echoed back, confusing me for a moment; I proceeded with the question, nonetheless! Before I share with you what followed, I must thank everyone who asked me if I'm going to Omaha this year. There were many of you, many more than usual: Guy Spier, William Green, Adam Mead, Gautam Baid, Phil Ordway, Christopher Tsai, Robert Karas, Saurabh Madaan, Jeff Henriksen, Ninad Shinde, Jake Taylor, Gillian Zoe Segal, Eugene Ng, Tyler Howell, John Mihaljevic, Alex Wetterling, Tilman Versch, and many others. Special credit goes to Lauren Templeton, though, who, in our podcast conversation, finally convinced me to pack up and head over on this very special pilgrimage, my first in a long time. Thank you, Lauren! Read here or listen to the episode. ---- Crisis Investing: 100 Essays - My new book
Welcome to the special episode of Talking Billions. It's Berkshire Hathaway week, and some of you might be heading to Omaha for the company's annual meeting. I'll be there, and I might see some of you. Many of you might be following the event online. Others might be new to Buffett and his company. As a special treat this week, I have an episode with Adam Mead for you. Adam wrote an incredible, almost 800-page book about the history of Berkshire Hathaway. I read it all, and I highly recommend it. Berkshire is an investment vehicle managed by Warren Buffett and Charlie Munger, two legends in the investing world. There are many books about them and the company, but this one is unique. Adam did an incredible job researching the history of Berkshire long before Buffett's arrival at the helm, leaving us with hints about the future beyond Buffett. If you are a Buffett fan, I think you'll greatly enjoy hearing stories you might be hearing for the first time, or at least how we discuss them might offer a new perspective. If you are new to Buffett and Berkshire, it's a great primer in the history of a very successful investing duo, a one-of-a-kind company, and over 150 years of economic and industrial change in the United States. We start with the whaling fortunes of the northeast, we talk about Hetty Green, a legend of Wall Street of the late 1800s, to a story of the textile industry in America, to Buffett's arrival, and Berkshire's prosperous growth to a giant it is today holding a stake in Apple among others. We'll talk both about the success and some massive mishaps, too. Stay tuned until the end, where we talk about Buffett's lesser-known involvement with Amazon soon after the dot com bubble burst. Our conversation is a lesson in economic history seen through the experience of one company that changed and evolved and continues to flourish today. Adam J. Mead is a life-long student of business and capital allocation. He is the CEO and Chief Investment Officer of Mead Capital Management, LLC. Adam is also the founder of watchlistinvesting.com, a value investing newsletter. Adam spent over a decade in banking in commercial credit, including observing first-hand the after effects of the Great Recession and the long credit expansion afterward. Adam has been investing in public securities markets since 2004. Adam holds a Master of Business Administration from Southern New Hampshire University. Twitter: @BRK_Student LinkedIn YouTube Blog: http://www.theoraclesclassroom.com Newsletter: http://watchlistinvesting.com The Complete Financial History of Berkshire Hathaway: ---- Crisis Investing: 100 Essays - the new book. To get regular updates and bonus content, please sign-up to my substack: https://bogumilbaranowski.substack.com/ Follow me on Twitter: https://twitter.com/bogumil_nyc Learn more about Talking Billions Learn more about Bogumil Baranowski Learn more about Sicart Associates, LLC. Read Money, Life, Family - the book. NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks. The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov. --- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Clay Finck chats with William Green about how the greatest investors taught him how to live a better life, the lessons William learned in simplifying an investment approach, and much, much more!William Green is the author of Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life. IN THIS EPISODE, YOU'LL LEARN: 00:00 - Intro02:56 - What led William to study the best investors not just to discover the investing lessons, but also to learn how to live a better life.13:10 - What William's biggest takeaways are in interviewing and studying Charlie Munger.38:23 - The lessons William learned in simplifying an investment approach.45:30 - What it takes to know if you're ready to buy individual stocks and try to outperform the market.56:34 - The benefits of having conservative finances and how Bill Miller has influenced how he views this subject.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESWilliam Green's book, Richer, Wiser, Happier.William Green's book, The Great Minds of Investing.William Green's book, The Education of a Value Investor.Related Episode: Listen to TIP398: Wisdom From the Greatest Investors w/ William Green, or watch the video.Related Episode: Listen to MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead, or watch the video.NEW TO THE SHOW?Check out our Millennial Investing Starter Packs.Browse through all our episodes (complete with transcripts) here.Try Robert and Rebecca's favorite tool for picking stock winners and managing our portfolios: TIP Finance.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet a FREE audiobook from Audible.Talk to your clients about Desjardins Responsible Investment today and support what's right for society and what's good for business.Take stock of your finances and investing strategy with Betterment.Let an expert do your taxes from start to finish so you can relax with TurboTax.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Support our free podcast by supporting our sponsors.Connect with William: Website | LinkedIn | Twitter Connect with Clay: TwitterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
IN THIS EPISODE YOU'LL LEARN:02:36 - What is the Berkshire Hathaway Annual Shareholder's meeting30:19 - How do you attend the Berkshire Hathaway Annual Shareholder's meeting39:16 - What is the Intrinsic Value of Berkshire Hathaway, and how do you value the company59:54 - What is the Intrinsic Value of Apple, and how do you value the companyDisclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESSign up for the free events with The Investor's Podcast Network.Read more about how to Attend the Berkshire Hathaway Annual Shareholder's Meeting and the free events hosted by The Investor's Podcast Network.Access TIP's itinerary for the Berkshire meeting here.Register for the TIP events here.Contact Clay about the WhatsApp Group at clay@theinvestorspodcast.com.Stig Brodersen and Preston Pysh's book, The Warren Buffett Accounting Book – Read reviews of this book. Chris Bloomstran's valuation of Berkshire Hathaway with Stig Brodersen.Adam Mead's valuation of Berkshire Hathaway with Stig Brodersen. Listen to Clay's episode to learn more about how to value Apple.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia's first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax's Gold Investor Kit today - 3 ounces of the world's most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.In a world of probabilities, trade the possibilities with Pepperstone.Ship with FedEx and be ready for this holiday season with picture proof of delivery.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Get personalized, expert advice that helps you see things clearly with ATB.Enjoy 10% off your first booking in Viator's world of over 300,000 experiences you'll remember. Download the Viator app now and use code VIATOR10.More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.Find an advisor who's invested in you with iA Financial Services Inc.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Ship with FedEx and be ready for this holiday season with picture proof of delivery.Take a position daily on potential price movements, and gain exposure while limiting risk with Interactive Brokers.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Hi everyone,The following is my conversation with Adam Mead, author of The Complete Financial History of Berkshire Hathaway. We talked about conglomerates, early entrepreneurial experiments at Berkshire, the lean years in the insurance business, managing the company as an informed observer, and returns on his acquisitions.As to finding another Berkshire, Adam was skeptical:“I'll never say never, but it would be highly unlikely to find another [Berkshire Hathaway]. You have a Lollapalooza, to use a Charlie Munger term, starting when they're able to shoot fish in a barrel.”You can listen to this conversation on Spotify, Apple, anchor (and via RSS).Disclaimer: I write and podcast for entertainment purposes only. This commentary reflects the personal opinions of myself and my guest. This is not investment advice. Acquisitions: going-in returns vs. reinvestmentThis is another chart from the book worth highlighting. Berkshire was not built on finding extreme outlier deals. Much depended on how capital was reinvested subsequently (whether in organic growth, further acquisitions, or public markets) and, of course, cheap leverage from insurance float.From the book: “In Berkshire's early years, good companies were available for bargain prices. It bought the Illinois National Bank & Trust Company and The Buffalo News at book value, and the discarded Scott Fetzer and Fechheimer at premiums that still produced going-in pre-tax returns in the mid-20% range.Generally, the better the business was, the higher its price (as represented by purchase multiple paid compared to the company's underlying value). The return on capital of the underlying businesses (the company-level return) ranges widely.See's was one of Berkshire's earliest purchases and was made when markets were not as efficient. The low Scott Fetzer and Fechheimer purchase multiples reflected that Berkshire could act as a safe port amid the leverage buyout storm of the mid-1980s.By contrast, Lubrizol and Heinz were excellent companies earning great returns on capital, but the price Berkshire paid reflected the market's correct appraisal of that fact.”(I didn't see it specified on the page but I think the numbers refer to return on equity and price/book).From the conversation: “You have this dynamic in the early days of finding really good businesses like See's and having a pretty modest multiple. Good businesses at really good prices. Then you have the later days of buying really good or pretty good businesses at higher multiples because the market's just gotten efficient over time. But you still have the dynamic of reinvestment going on.Let's just use a plain example. If you had a business earning 30% on capital and you paid two times that capital, your going in return would be 30 divided by two, 15%. The important part is, if that business can grow, you don't have to reinvest at 2x the capital, you get to reinvest at 1x. That marginal capital gets, in this example, reinvested at 30%. That drags up your going in return over time. But I think Buffet's very clear in pointing out that you can't pay too much for growth. You can't have a going-in return of 2-3%, even if it grows enormously. The time value of money just destroys any kind of return that you have. I think he always looks for the good business and then he has a secondary analysis of what are the reinvestment opportunities. And he's fine, as long as the purchase price reflects it, he's fine taking the dividends and finding another place for them. And if the business can reinvest that capital, let's do that. That plays out in the extreme case of the energy business, where you're still getting, in many cases, 11-12% regulated return, which is nothing to sneeze at.”Conglomerates before Berkshire“The first sort of real conglomerate was American Home Products in the late 1930s. I do have some of those Moody's reports on my website.They weren't crooks. I think that can kind of be misconstrued. These guys weren't the Enrons of their day trying to just put something over on investors. But they strayed a little bit in terms of messing around with the accounting or saying, gee, the market's valuing our conglomerate at 20 times earnings or 15 times earnings, and we're gonna buy this other company at five or six times earnings. And I can buy anything that I want as long as it's less than my P/E. And it's gonna magically transform my conglomerate into something better. Now the problem with that is it ignored the underlying economics.”Control vs. delegation“I think this whole idea of extreme delegation comes from the fact that Buffet and Monger started as stock pickers. What is the difference between owning a 5% position and owning a hundred percent position? You have the ability to direct the actions of that company. But should you? Berkshire was being almost agnostic in the sense of ownership level. We're still gonna let that manager run his or her business. We're only attracted to businesses that are good anyways. So why would we go in and meddle?”“You don't just have delegation just shy of abdication. It's hands-off in the sense of not meddling, but you still have an informed observer. That is the key. Buffet's getting fed this river of data coming into Omaha. And I think he communicates his thinking to managers through his questions. Okay, let's be a little bit more aggressive in trying to price the product because we think we have pricing power.”“Buffet writes a letter to Chuck Huggins [at See's Candy] and says, I just went out and I saw this one store and our candy was sitting next to Russell Stover, and it was kind of a mess. Let's use these psychological tricks to keep our candy front of mind and make it have apparent scarcity. I mean, that's Buffet the entrepreneur, that's Buffet the manager.”Buffett's early days at Berkshire“He began in 1965 at Berkshire Hathaway. He lived in Omaha and a guy like that, so attuned to business, is going to just be curious about all these businesses around him. Well, one of them was National Indemnity. This was the real first big deal of Berkshire Hathaway, 1967. He bought National Indemnity and its sister company, National Fire and Marine for $8.6 million. In hindsight, he said he would've been better off buying that in an entity outside of Berkshire Hathaway.So it was sort of a mistake on his part to bring the legacy Berkshire Hathaway shareholders along with him. He just used it as his vehicle and the rest is history. That was the first transformative deal based. That gave Buffet not only a platform to invest the float, which was almost $20 million. Jack Ringwalt, the manager of that business, showed him that you can [underwrite] any risk as long as it's priced appropriately.”The lean years in insuranceAnother takeaway from both the letters and Adam's book is the number of years that parts of the insurance struggled. Early expansion efforts weren't always successful. And in the early 80s the competitive environment was very challenging. While the long-term cost compares favorably to even government debt, shareholders had to maintain conviction for a long time.“You have Buffet taking this idea that insurance can be a very good business, just trying to see what works. Let's scale this thing, right? … Some of these ultimately failed. This is experimentation and you have to see what works. Different markets operate differently. That was the 1970s, this period of let's build this thing.From 1982 to 1992, they lost $522 million from underwriting alone. Now, it sounds like a lot, and it was, but the insurance business overall was profitable because of the investment income. There was a period, National Indemnity saw its premiums decline from the mid eighties to the late nineties. Something like $350 million to $50 million. Just an extreme decline. That's a long time.” This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit alchemy.substack.com/subscribe
My conversation with Adam Mead, author of The Complete Financial History of Berkshire Hathaway.
Adam Mead is the CEO and CIO at Mead Capital Management and author of 'The Complete Financial History of Berkshire Hathaway'. The book sits at 700+ pages, making it one of the most comprehensive accounts of Warren Buffett's creation to date. In the episode, we discuss successful capital allocation, accounting as the language of business, and why Berkshire should not be split up.We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on September 7, 2022.—————————————Episode Chapters(00:00) Intro by Eddie (00:23) Introduction to Adam (04:24) How the book came about(09:18) Interesting lessons from writing the book(16:08) Patience is a virtue (17:49) Growth CapEx vs Maintenance CapEx(26:52) The main sources of growth during the formative years(28:40) The acquisitions that “moved the needle”(34:57) Why Berkshire shouldn't be split up(40:19) Lessons on inflation(43:30) Adam's personal career(45:13) An investor's habits (56:42) Adam's cognitive biases(59:06) The language of business (01:10:44) Book recommendations—————————————Books MentionedThe Complete Financial History of Berkshire Hathaway - Adam MeadThe Warren Buffett Way - Robert HagstromPoor Charlie's Almanack - Peter KaufmanSeeking Wisdom - Peter BevelinLeonardo da Vinci - Walter IsaacsonManias, Panics, and Crashes - Charles Kindleberger—————————————Companies MentionedBerkshire HathawayNational Indemnity GeicoAppleThe Washington PostScott Fetzer Berkshire Hathaway EnergyBNSFSee's Candies Markel Capital Alleghany CorporationFairfaxBoston Beer CompanyHeineken Anheuser-Busch InbevJack Henry Fastenal —————————————More on Adam Mead Capital Management - https://meadcm.com/The Oracle's Classroom - https://theoraclesclassroom.com/Twitter - https://twitter.com/BRK_StudentBook recommendations - https://theoraclesclassroom.com/books/Watchlist Investing (10% discount with code Redeye) - https://watchlistinvesting.com/—————————————About the PodcastIntro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books—————————————What is Investing by the Books?Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/Follow on Twitter: https://twitter.com/Investbythebook—————————————What is Redeye?Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/Follow on Twitter: https://twitter.com/Redeye_—————————————DisclaimerNotice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se
7investing Lead Advisor, Luke Hallard, is joined on the podcast this week by Adam Mead, CEO and Chief Investment Officer for Mead Capital Management, and author of “The Complete Financial History of Berkshire Hathaway”, a chronological history of Berkshire Hathaway, from its inception as a Textile Conglomerate in the 1950s to its status today as one of the world's largest and most respected companies. The last eight months have been a pretty tough time for growth investors, and perhaps the best example of this is the performance of the Ark Invest fund, which is currently underperforming Berkshire Hathaway over pretty much every timeframe. In his conversation with Luke, Adam draws out five key lessons from the last seventy years of Berkshire's history that any growth investor can apply to improve their investment returns. In the discussion, Adam discusses why simple businesses can often make the best investments; the importance of focusing on the right variables, and tracking the business performance rather than the stock price. Luke and Adam also discuss the power of patience, and why a ‘fear of missing out' can be a wealth-destroying trap for any investor. Adam can be found on Twitter @BRK_Student, at his YouTube channel ‘The Oracles Classroom', or at his investment newsletter, ‘Watchlist Investing'. The Complete Financial History of Berkshire Hathaway can be purchased at Amazon. Welcome to 7investing. We are here to empower you to invest in your future! We publish our 7 best ideas in the stock market to our subscribers for just $49 per month or $399 per year. Start your journey toward's financial independence: https://www.7investing.com/subscribe Stop by our website to level-up your investing education: https://www.7investing.com Join the 7investing Community Forum: https://discord.gg/6YvazDf9sw Follow us: ► https://www.facebook.com/7investing ► https://twitter.com/7investing ► https://instagram.com/7investing --- Send in a voice message: https://anchor.fm/7investing/message
IN THIS EPISODE, YOU'LL LEARN:02:26 - The method Clay uses to determine the intrinsic value of Berkshire Hathaway.03:56 - What adjustments are made to Berkshire's stock holdings.07:28 - How you can think about valuing Berkshire's wholly owned businesses.14:25 - Whether today's price is a fair price to pay for the company.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.EPISODE RESOURCESWatch to Stig Brodersen's conversation with Adam Mead here.Listen to Robert's conversation with Adam Mead on Millennial Investing here.Follow Clay on Instagram.Get a FREE audiobook from Audible.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Check out our favorite Apps and Services.Browse through all our episodes (complete with transcripts) here.New to the show? Check out our Millennial Investing Starter Packs.Support our free podcast by supporting our sponsors.Connect with Clay: Twitter | InstagramSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
For this episode of the Planet MicroCap Podcast, I spoke with Carter Johnson, Founder of MCJ Capital Partners. We were introduced by Adam Mead, whom he dubbed his "MicroCap" guy - so shout out to Adam and thank you! I've done a few interviews over the years with MicroCap management teams claiming that their holding company is the next Berkshire or a mini-Berkshire, the goal being to build the next multi-billion dollar conglomerate. I say this slightly in jest because I'm not sure how many of those companies are still around, however, it inspired my conversation with Carter today because he focuses on finding quality conglomerates, but also serial acquirers as a whole. For more information about Carter Johnson and MCJ Capital Partners, please visit: https://www.mcjcapitalpartners.com/ You can Follow Carter Johnson on Twitter @CarterJohnson23: https://twitter.com/CarterJohnson23 Today's episode is sponsored by: Stream by AlphaSense, an expert interview transcript library that integrates AI-generated call summaries and NLP search technology so their clients can quickly pinpoint the most critical insights. Start your FREE trial on their website: https://streamrg.co/PMC Quartr, their mission is to change the way people look at Investor Relations, and create a completely new bridge between companies and stakeholders. Visit your app store of choice to try it out, and that's Q-U-A-R-T-R. For more information, please visit: https://quartr.com/ Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the SNN Network YouTube channel. I've provided the link in the description if you'd like to subscribe. You'll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast. Subscribe here: http://bit.ly/1Q5Yfym Click here to rate and review the Planet MicroCap Podcast The Planet MicroCap Podcast is brought to you by SNN Incorporated, publishers of www.SNN.Network, The Official MicroCap News Source, and the MicroCap Review Magazine, the leading magazine in the MicroCap market. You can Follow the Planet MicroCap Podcast on Twitter @BobbyKKraft
For this episode of the Planet MicroCap Podcast, I spoke with Adam Mead, CEO and CIO of Mead Capital Management, Author of “The Complete Financial History of Berkshire Hathaway”, Founder of Watchlist Investing Newsletter. As the title indicates, "Patience is Your Friend"; we know this phrase, and some of us truly embrace the meaning behind it. Adam's main takeaway from going to this year's Berkshire meeting was this phrase. When one of your heroes or person that you highly respect uses phrases like this, I don't know about you, but I most definitely listen and want to better understand why. In our conversation, Adam and I try to answer that question. For more information about Mead Capital Management, please visit: https://meadcm.com/ You can Follow Adam Mead on Twitter @BRK_Student: https://twitter.com/BRK_Student Today's episode is sponsored by: Stream by AlphaSense, an expert interview transcript library that integrates AI-generated call summaries and NLP search technology so their clients can quickly pinpoint the most critical insights. Start your FREE trial on their website: https://streamrg.co/PMC Quartr, their mission is to change the way people look at Investor Relations, and create a completely new bridge between companies and stakeholders. Visit your app store of choice to try it out, and that's Q-U-A-R-T-R. For more information, please visit: https://quartr.com/ Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the SNN Network YouTube channel. I've provided the link in the description if you'd like to subscribe. You'll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast. Subscribe here: http://bit.ly/1Q5Yfym Click here to rate and review the Planet MicroCap Podcast The Planet MicroCap Podcast is brought to you by SNN Incorporated, publishers of www.SNN.Network, The Official MicroCap News Source, and the MicroCap Review Magazine, the leading magazine in the MicroCap market. You can Follow the Planet MicroCap Podcast on Twitter @BobbyKKraft
IN THIS EPISODE YOU'LL LEARN:03:18 - Who is Warren Buffett and Charlie Munger?03:18 - How did they influence each other's investing approach?06:36 - Who is Benjamin Graham and what was his impact on Buffett?08:46 - What is value investing and why is it relevant in today's market?25:12 - The evolution of Berkshire Hathaway (BRK) and common misconceptions about it.37:20 - Why Buffett hasn't deployed BRK's large cash pile amid the COVID crisis.43:51 - Why investors shouldn't just copy Buffett's stock picks.45:20 - What has been the leading cause for Buffett's underperformance over the last decade?52:22 - The timeless principles of the Oracle of Omaha that have led to his success and are worth following.57:08 - The future of BRK and if it will survive without Buffett and/or Munger.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.EPISODE RESOURCES:Robert and Clay's tool for picking stock winners and managing our portfolios: TIP Finance.Adam Mead's book The Complete Financial History of Berkshire Hathaway.Mead Capital Management website.The Oracle's Classroom YouTube Channel. Stig Brodersen and Preston Pysh's book Warren Buffett Accounting Book.Support our free podcast by supporting our sponsors.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Join Commonstock's community of engaged investors to access exclusive financial data, follow and chat with fellow investors, get alerts when friends buy or sell, and make trades directly through the platform.Now, not only the wealthy can afford collectibles! Enter Otis, an investment platform that makes it possible for almost anyone to invest in shares of cultural assets. Sign up now at withotis.com/TIP to get your first share for FREE!Invest in crypto and trade it without tax headaches with AltoIRA.Make documents, ask a lawyer your legal questions, and sign contracts on the go with Rocket Lawyer.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Get insights on how to plan for your financial goals with The Globe and Mail. Listeners get a special digital subscription rate for unrestricted access to everything.The interval fund, a breakthrough innovation. Only at Mackenzie.Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Design is already in your hands with Canva. Start designing for free today.Read this episode's transcript and full show notes on TIP.Connect with Adam Mead: Website | Twitter | LinkedIn | Facebook Connect with Robert: Instagram | Twitter | LinkedIn | FacebookSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
IN THIS EPISODE, YOU'LL LEARN: 02:56 - What led William to study the best investors not just to discover the investing lessons, but also to learn how to live a better life?13:10 - What William's biggest takeaways are in interviewing and studying Charlie Munger.37:03 - The lessons William learned in simplifying an investment approach.44:10 - What it takes to know if you're ready to buy individual stocks and try to outperform the market.53:54 - The benefits of having conservative finances and how Bill Miller has influenced how he views this subject.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.EPISODE RESOURCESRobert and Clay's tool for picking stock winners and managing our portfolios: TIP Finance.William Green's book, Richer, Wiser, Happier.William Green's book, The Great Minds of Investing.William Green's book, The Education of a Value Investor.Related Episode: TIP398: Wisdom From the Greatest Investors w/ William Green.Related Episode: MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead.Get a FREE audiobook from Audible.Check out our Investing Starter Packs about business and finance.Support our free podcast by supporting our sponsors.Now, not only the wealthy can afford collectibles! Enter Otis, an investment platform that makes it possible for almost anyone to invest in shares of cultural assets. Sign up now at withotis.com/TIP to get your first share for FREE!Get exclusive rewards and comprehensive benefits with Point Card. Membership starts at $99 a year and comes with unlimited cash-back on every purchase! Use promo code INVEST to get 25% off current membership fees when you create an account. Valid until January 31, 2022 only, so sign up now!Yieldstreet allows you to invest beyond the stock market with an evolving marketplace of alternative investments. Create your account today.Provide future financial protection to the people who matter most to you with the help of TD Term Life Insurance. Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Read this episode's transcript and full show notes on our website.Connect with William: Website | LinkedIn | Twitter Connect with Clay: Twitter See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
IN THIS EPISODE, YOU'LL LEARN: 02:00 - How Tobias ended up becoming a value investor.07:43 - What investors had a big impact on Tobias' own development.33:40 - How inflation impacts his overall thought process for stock investing.41:23 - Tobias' thoughts on an appropriate discount rate, and what discount rate Warren Buffett might be using in his valuation process.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.EPISODE RESOURCESRobert and Clay's tool for picking stock winners and managing our portfolios: TIP Finance.Get a FREE audiobook from Audible.Check out our Investing Starter Packs about business and finance.Tobias Carlisle's book The Acquirer's Multiple.Tobias Carlisle's book Deep Value.Tobias Carlisle's book Quantitative Value.Bruce Greenwald's book Value Investing.Benjamin Graham's book, The Intelligent Investor.The Acquirer's Podcast.The Acquirer's Multiple.The Acquirer's Fund.Value After Hours Podcast.Related Episode: MI025: Deep Value Investing w/ Tobias Carlisle.Related Episode: MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead.Related Episode: TIP402: Investing Mastermind Q4 2021 w/ Tobias Carlisle, Jake Taylor, and Wes Gray.Support our free podcast by supporting our sponsors.Save with a credit union that helps you build financial confidence with Navy Federal Credit Union.Switch to Mint Mobile and get premium wireless service, starting at JUST $15 bucks a month, and get the plan shipped to your door for FREE.Make your home safe with Simplisafe and get 40% off today. Indoor and outdoor cameras, comprehensive sensors, you name it.Now, not only the wealthy can afford collectibles! Enter Otis, an investment platform that makes it possible for almost anyone to invest in shares of cultural assets. Sign up now at withotis.com/TIP to get your first share for FREE!Impress your audience and yourself. Enjoy presentations for free with Canva.Read this episode's transcript and full show notes on our website.Connect with Tobias: Website | Twitter | LinkedInConnect with Clay: TwitterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
On this episode Mitch and Jake sit down with Adam Mead. Adam is the author of The Complete Financial History of Berkshire Hathaway which is a 700+ page book that goes over 10,000 pages of research material, including Buffett's Chairman's letters, Berkshire Hathaway annual reports and SEC filings, annual meeting transcripts, subsidiary financials, and more. Quartr Links: App Store: https://apps.apple.com/us/app/quartr-investor-relations/id1552412128 Website: https://quartr.se/ Google Play Store: https://play.google.com/store/apps/details? id=se.quartr.android Twitter: https://twitter.com/Quartr_App Guest Links: Adam's Twitter: https://twitter.com/BRK_Student Watchlist Investing Newsletter: https://watchlistinvesting.com Our Links: Mitch's Twitter: https://twitter.com/mitchjensen_ Mitch's Substack: https://mitchjensen.substack.com Jake's Twitter: https://twitter.com/investcondensly
In this episode Sam interviews Adam Mead (Twitter - @BRK_Student), author of The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece. Adam Mead is CEO and Chief Investment Officer of Mead Capital Management, LLC, a value-focused New Hampshire-based Registered Investment Advisor he founded in 2014. He's also the founder of WatchlistInvesting.com, a monthly research newsletter focusing on quality companies. Adam spent over a decade in banking in commercial credit and has been investing in public securities markets since 2004. He owned two small businesses (non-financial) during college and grew up in a family of small business owners. In addition to managing assets for his clients at Mead Capital, Adam is on the board of three local non-profit organizations. Adam has been covered by Business Insider and the Wall Street Journal.
This week we are privileged to host Adam Mead on the podcast to talk about his new book "The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece".Buy the Book here: https://amzn.to/352BeXQOn this podcast we talk about the value of 'doing nothing' , the Power of Compounding and the lessons that can be learnt over the history of Berkshire Hathaway.Adam J. Mead is a life-long student of business and capital allocation. He is the CEO and Chief Investment Officer of Mead Capital Management, a New Hampshire-based Registered Investment Advisor he founded in 2014.Adam spent over a decade in banking in commercial credit, including observing first-hand the aftereffects of the Great Recession and the long credit expansion afterward. Adam has been investing in public securities markets since 2004. He owned two small businesses (non-financial) during college, and grew up in a family of small business owners. In addition to managing assets for his clients at Mead Capital, he is involved with numerous local non-profit organizations.Adam is also the founder of 'The Oracles Classroom', a source to help aid investors studying the lessons to be learn from Berkshire Hathaway.https://theoraclesclassroom.com/I hope you enjoy the episode and please like, share and comment so we can continue to grow the channel! WTFinanceInstagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfnTikTok - https://vm.tiktok.com/ZMeUjj9xV/Bitclout - https://bitclout.com/u/WTFinance
In today's episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra for the Mastermind Discussion of Q2 2021. Together, they discuss where they see value in the financial markets. They try and shoot holes in each other's stock picks and help each other as much as possible.IN THIS EPISODE, YOU'LL LEARN:Whether now is the time to invest in gold minersWhy Hari is long Splunk Technologies whereas Toby is shorting the same pickWhat social commerce is and how it will be the new form of shoppingWhether Pinduoduo that is trading at 40 times Free Cash Flow is very expensive or very cheapBOOKS AND RESOURCES:Mastermind Discussion Q1 2021. Stig and Trey's discussion of the Berkshire Hathaway Annual Shareholders Meeting 2021Our interview with Robert Cialdini Tobias Carlisle's interview with Adam Mead about Berkshire Hathaway A video explaining How Pinduoduo worksAcquired podcast episode about PinduoduoTobias Carlisle's podcast, The Acquirers PodcastTobias Carlisle's ETF, ZIGTobias Carlisle's ETF, DeepTobias Carlisle's book, The Acquirer's Multiple – read reviews of this bookTobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.comHari's Blog: BitsBusiness.comOur FREE stock analysis resource, Intrinsic Value IndexSubscribe to our FREE Intrinsic Value Assessments Join OurCrowd and get to invest in medical technology, breakthroughs in ag tech and food production, solutions in the multi-billion dollar robotic industry, and so much moreTake your business to the next level by hiring the right people with ZipRecruiterCheck out Kraken's industry-leading staking service, where you can put your crypto to work for you and earn up to 20% in additional rewards annuallyPush your team to do their best work with Monday.com Work OS. Start your free two-week trial todayBring your WiFi up to speed with Orbi WiFi 6 from NETGEAR. Save 10% with promo code BILLION10Get three months free when you protect yourself with ExpressVPN, the VPN we trust to keep us private onlineGet into a topic quickly, find new topics, and figure out which books you want to spend more time listening to more deeply with Blinkist. Get 25% off and a 7-day free trial todaySimplify working with multiple freelancers, set budgets, and manage projects with ease with Fiverr Business. Get 1 free year and save 10% on your purchase on with promo code INVESTORSUncover thousands of business ideas and discover the steps you need to execute with My First Million. Search My First Million on your podcast appTeach kids good money habits the fun and easy way with GoHenry's debit card for kids and app for parents. Get one free month with promo code WSBSupport our free podcast by supporting our sponsorsHELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
Adam Mead is a practicing capital allocator, the CEO and Chief Investment Officer of Mead Capital Management, an investment management business he founded in 2014. He recently published a book, The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece, which provides a comprehensive and detailed history of Berkshire Hathaway to date. Mr. Mead talks to Guy Spier about the extensive research for his book and shares some valuable lessons that he learned through the process. Full transcript available here: https://aqfd.docsend.com/view/n7zmwj8y4aj3ea3u Contents:Introduction (00:00)What Has Not Been Written About Berkshire Hathaway (03:41)Behind the Scenes of the Research Process (15:35)Insightful Lessons About Businesses (32:36)Cryptocurrencies: With Them or Against Them? (43:44)A Future in the Community of Learning and Teaching (51:38)
Adam J. Mead is a life-long student of business and capital allocation. He is the CEO and Chief Investment Officer of Mead Capital Management, a New Hampshire-based Registered Investment Advisor he founded in 2014: https://meadcm.com/ He is the author of The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece: https://amzn.to/3hnr77o Website: https://theoraclesclassroom.com/ Twitter: https://twitter.com/BRK_Student ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Firm: https://acquirersfunds.com/ Website: https://acquirersmultiple.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, bus
In this week's episode of Five Good Questions, we're interviewing Adam Mead about his new book, The Complete Financial History of Berkshire Hathaway. Adam Mead is CEO and Chief Investment Officer of Mead Capital Management, LLC, and founder of WatchlistInvesting.com. His book, The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger’s Conglomerate Masterpiece (Harriman House, 2021) was released in April. Extras and research material can be found at brkbook.com. Five Good Questions: 1. There’s an unbelievable amount of financial data and analysis pulled together into this book. What was the process of sorting through and organizing so much information? 2. Which decade for Berkshire was the most impressive to you? 3. Much of Berkshire’s success can be tied to insurance. What are some of your observations after deep-diving into their insurance operations for decades? 4. The effects of compounding are so small at the beginning, they’re almost imperceptible. Have you noticed any patterns that might help you detect the next Berkshire early in its formation? 5. How has writing this book made you a better investor?
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