IN THIS EPISODE, YOU’LL LEARN:

• Why the deal between General Re and Berkshire Hathaway was a masterstroke
• What the ancient text of the art of war can teach us about today’s financial markets
• Why did Buffett buy BNSF when it’s highly capital-intensive 
• Why Apple was – perhaps – the best trade Buffett ever made
• Why Buffett’s investment in Japan is in total alignment with the culture of Berkshire Hathaway
• If Berkshire Hathaway is more or less risky than the S&P 500

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] Stig Brodersen: Today I’m joined by my friend Tobias Carlisle, the founder and managing director of Acquires Funds. Tobias just released this book, Soldier of Fortune, Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking. In this episode, Tobias and I take you through Buffett’s biggest and most misunderstood investments, including the Gen Re deal and the BNSF railroad acquisition and draw on the timeless lessons from the Art of War.

[00:00:23] Stig Brodersen: In doing so, we discuss how Buffett truly thinks about risk, why Apple may be his best trade ever, and why Berkshire’s culture has his own frequency in the game of business and investing. Let’s get to it.

[00:00:38] 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, Stig Brodersen.

[00:01:03] Stig Brodersen: Welcome to The Investor’s Podcast. I’m your host, Stig Brodersen, and today I’m here with my good friend, Tobias Carlisle. Toby, what’s going on?

[00:01:12] Tobias Carlisle: Hey, Stig. Good to see you again. Thanks so much for hosting this. I really appreciate it.

[00:01:17] Stig Brodersen: You bet. And we are here to talk about your new book, Soldier of Fortune: Warren Buffett, Sun Tzu, and the Ancient Art of Risk-Taking.

[00:01:26] Stig Brodersen: Toby, I kind of feel like to some extent we’re going full circle because back in 2015, this was back on episode 25, this is more than a decade ago. We talked about your book Deep Value. I don’t know if you recall, but I kind of feel it’s full circle now where we’re talking about your most recent book. And I don’t know if it means anything to you, Toby, to me it does.

[00:01:47] Stig Brodersen: Because you, you are the guest we had on the most times here on the podcast. You hope the record. So I don’t know if I should say congratulations, but just thank you for being so generous with your time.

[00:01:57] Tobias Carlisle: Well, I’m very grateful that you keep on having me on because I love chatting to you guys. Love chatting to you.

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