The Secrets to Warren Buffett's Success: The Warren Buffett Way Insights w/ Robert Hagstrom (TIP635)

Kyle Grieve and Robert Hagstrom discuss Warren Buffett's early investing mistakes, the advantages of GEICO's insurance float for Buffett, the outperformance of low turnover portfolios, the mental model of looking at stocks as abstractions, Warren Buffett's competitive advantage of thinking long-term, modern portfolio theory's history and influence today, the importance of focusing on certainties in investing strategy, and more!

Robert Hagstrom is the Chief Investment Officer at EquityCompass and the Senior Portfolio Manager of the Global Leaders Portfolio. He previously worked at Legg Mason Capital Management. He is the author of 10 books, including "The Warren Buffett Way," which has sold a million copies and is published in 18 different languages.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:00:51 - Details on Warren's mistakes on Berkshire Hathaway (textile mill) and subsequent mistakes with the Dexter Shoe acquisition
00:07:14 - Why low turnover portfolios tend to outperform
00:12:23 - Why you can outperform the market over the long term while underperforming the market 50% of the time
00:15:21 - The characteristics required to outperform the market
00:17:48 - Benjamin Graham's two most influential concepts Warren still abides by today
00:22:33 - How Warren Buffett has evolved his investing methods while staying true to his deeply held principles
00:34:39 - The importance of thinking of stocks as abstractions
00:45:28 - The history of modern portfolio theory and why it's so pervasive today
00:57:02 - Why we should spend our investing time thinking about business rather than macroeconomics
01:11:27 - The single most important characteristic that has produced so much of Warren Buffett's success

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▶️ RELATED EPISODES:
- What I’ve Learned From Warren Buffett & Charlie Munger w/ Chris Davis: https://youtu.be/Oeo66H4lM-g
- Berkshire Hathaway Annual Shareholders Meeting 2024 | Warren Buffett Q&A Key Highlights: https://youtu.be/2wyAStOdnO4
- How to Value Berkshire Hathaway 2024 w/ Chris Bloomstran: https://youtu.be/Xd2rtzBVmx8
- Unpacking The Money Mind w/ Robert Hagstrom: https://youtu.be/_bR8fNmaS7Y
- Inside The Ultimate Money Mind: Investing Like Warren Buffett w/ Robert Hagstrom: https://youtu.be/aVkuIAJ1nTM

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????️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/deep-diving-into-the-warren-buffett-way-w-robert-hagstrom/

????  BOOKS MENTIONED:
- The Warren Buffett Way by Robert Hagstrom: https://amzn.to/3Kiy5Ia
- The Warren Buffett Way, 30th Anniversary Edition by by Robert Hagstrom: https://amzn.to/3Vj7elu

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