TIP718: BUFFETT & MUNGER UNSCRIPTED BY ALEX MORRIS

W/ CLAY FINCK

01 May 2025

In this episode, Clay dives into Buffett and Munger Unscripted by Alex Morris. This book is a treasure trove of timeless investing wisdom from decades of Berkshire Hathaway annual meetings. 

The episode highlights Warren and Charlie’s most powerful lessons on capital allocation, business quality, temperament, and how to achieve long-term investing success. Whether you’re a lifelong Buffett fan or just stepping into the world of value investing, this episode is packed with insights you won’t want to miss.

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IN THIS EPISODE, YOU’LL LEARN:

  • Why Buffett and Munger believe there’s no such thing as non-value investment.
  • The traits that define a truly great business—and why those are so rare.
  • How capital allocation drives long-term shareholder value and Berkshire’s success.
  • The role of temperament in investing and why intelligence alone isn’t enough.
  • Why Buffett avoids complex financial models and sticks to common sense.
  • How Buffett thinks about share buybacks and dividends.
  • Why most of Berkshire’s success came from just a handful of decisions.
  • The importance of understanding and trusting management and company culture.
  • How Buffett and Munger handle market volatility and avoid emotional decisions.
  • Why short selling rarely works and why index funds are still a powerful tool.
  • And so much more!

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Clay Finck: It’s Berkshire Weekend, and today’s episode is a special treat as we’re covering Alex Morris’s new book, Buffett and Munger Unscripted. Each year, tens of thousands of investors make the pilgrimage to Omaha for the Berkshire Hathaway annual meeting. And this year, the 2025 meeting will be my sixth in attendance.

[00:00:19] Clay Finck: For decades, Warren Buffett and Charlie Munger have shared their wisdom with shareholders. And back in 2018, Berkshire began releasing annual meeting recordings, dating back to 1994. This archive of content is now one of the greatest resources available to investors today. Alex Morris, who runs the investment research service, The Science of Hitting.

[00:00:40] Clay Finck: He recently went through hundreds of hours of meeting footage and compiled the most impactful investing lessons from Buffett and Munger into one single resource. In this episode, I’ll highlight the most impactful quotes and takeaways from the book, including their views on business quality, capital allocation, temperament, Mr Market, investing mistakes, and much more.

[00:01:01] Clay Finck: At the end of the episode, I’ll also share details on the TIP summit that we’ll be hosting in the mountains of Big Sky Montana this fall for a select group in our audience. Whether you’re a seasoned investor or just getting started, I’m sure you’ll find value in the timeless wisdom from two of the greatest minds in investing.

[00:01:18] Clay Finck: So with that, I hope you enjoy today’s episode on Buffett and Munger Unscripted by Alex Morris.

[00:01:24] Intro: Since 2014, and through more than 180 million downloads, we’ve studied the financial markets and read the books that influenced self-made billionaires the most. We keep you informed and prepared for the unexpected. Now for your host, Clay Finck.

[00:01:48] Clay Finck: The primary objective in investing, whether buying a single share of stock or acquiring 100% of a company is straightforward to get more than what you pay for, whereas Buffett puts it, value is getting a lot for the expectable future cash flows. In terms of what you’re laying out today, Charlie, and I think there is no other kind of investment than a value investment.

[00:02:09] Clay Finck: In other words, we don’t know how anybody would invest in a non-value investment. We’ve always been puzzled by the term value, suggesting it contrasts with growth. Value is getting a lot for the expectable future cash flows in terms of what you’re laying out today. Every time somebody characterizes us as value investors, we ask what other kind could there be?

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