Investing Legends
Investing Legends is a long-form podcast that examines the thinking, principles, and decision-making frameworks of some of the world's most respected investors. Episodes dig into figures such as Warren Buffett, Charlie Munger, Howard Marks, Ray Dalio, Jim Simons, and Stanley Druckenmiller. Rather than offering quick tips, the show explores how these investors approach risk, valuation, and long-term compounding. It is aimed at listeners who want to learn from the mental models and habits behind legendary investing track records.
Episodes
Joel Greenblatt & Howard Marks discuss Value Investing
Joel Greenblatt sits down with Howard Marks at Columbia for a conversation about special situations, margin of safety, and why the goal is to find the easier game rather than the harder one. He explains how spin-offs, recaps and liquidations gave him a place to hunt where the crowd wasn’t looking, why he eventually drifted from cheap businesses toward good ones, and how he sizes positions around w
Berkshire Hathaway Shareholder Letters 1985
In his 1985 letter to Berkshire Hathaway shareholders, Warren Buffett reports a 48.2% gain in net worth and immediately warns that it will never happen again — noting that the visit of Halley’s Comet and that percentage have something in common: neither will be seen again in his lifetime. It is a landmark year and a landmark letter. Buffett closes the textile business that gave Berkshire its name,
Berkshire Hathaway Annual Meeting 1996 Part 2 Afternoon Session
Warren Buffett and Charlie Munger take the afternoon shareholder questions at the 1996 Berkshire Hathaway annual meeting, covering concentration versus diversification, why they stay inside their circle of competence, and how they judge whether a manager is any good. Buffett argues that diversification is protection against ignorance and that three wonderful businesses are safer than fifty well-kn
Berkshire Hathaway Annual Meeting 1996 Part 1 Morning Session
Warren Buffett and Charlie Munger open the 1996 Berkshire Hathaway annual meeting with the vote to create the Class B shares, explaining why the unit trusts being marketed to the public forced their hand and why they told investors plainly that the stock was not undervalued. The Q&A turns to intrinsic value, insurance float as zero-cost capital, and why buybacks only help shareholders when the
Berkshire Hathaway Annual Meeting 1995 Part 2 Afternoon Session
Chapters below.Warren Buffett and Charlie Munger take shareholder questions at the 1995 Berkshire Hathaway annual meeting, covering intrinsic value, capital allocation, and the circle of competence that keeps them out of businesses they can't understand. They explain why cash on the balance sheet is an admission of failure, why Graham and Fisher differ less than people assume, and what made Wells
Berkshire Hathaway Annual Meeting 1995 Part 1, Morning Session
Chapters below.Warren Buffett and Charlie Munger open the 1995 Berkshire Hathaway annual meeting with the vote to authorize preferred stock, then take shareholder questions on capital allocation, insurance float, and how they actually value the operating businesses. They explain the Helzberg acquisition, why technology sits outside the circle of competence, and what went wrong at USAir. Along the
Berkshire Hathaway Shareholder Letters 1984
In his 1984 letter to Berkshire Hathaway shareholders, Warren Buffett admits that the company's historic 22% returns are "just that — history." He then explains why a growing capital base demands big ideas rather than small ones. The letter is one of the richest in Berkshire Hathaway history. Buffett makes his classic case for share repurchases at prices below intrinsic value, attacks greenmail, a
Berkshire Hathaway Annual Meeting 1994
Chapters see below.Warren Buffett and Charlie Munger take shareholder questions at the 1994 Berkshire Hathaway annual meeting, covering intrinsic value, capital allocation, and why they will not step outside the businesses they can actually understand. Buffett opens on derivatives, warning that combining ignorance with borrowed money has always produced interesting consequences, and points to Proc
Berkshire Hathaway Shareholder Letters 1983 (Appendix) Goodwill and its Amortization: The Rules and The Realities
A special deep-dive from Warren Buffett's 1983 Berkshire Hathaway annual report: his famous appendix on Goodwill. Using See's Candies as the real-world example, Buffett explains the crucial difference between "accounting Goodwill," which gets amortized away year after year, and "economic Goodwill," which can actually grow stronger with inflation. He shows why businesses that need little in the way
Berkshire Hathaway Shareholder Letters 1983
Warren Buffett's 1983 Berkshire Hathaway shareholder letter is one of the richest in the series. He lays out his famous "Owner-Related Business Principles" — the rules governing how Berkshire treats shareholders — and tells the remarkable story of Rose Blumkin, the Russian immigrant who built Nebraska Furniture Mart from $500 into America's largest furniture store. He explains the crucial differen
Stan Druckenmiller: The Market as an Economic Predictor
Stanley Druckenmiller talks with John Collison about inflation, bear markets, and why he thinks the odds of a soft landing are remote. He explains the two historical records that have never been broken once inflation passes five percent, argues the Fed's slowness through 2021 and 2022 was enormously costly, and describes a setup he has never faced in forty five years, with eight percent inflation,
Berkshire Hathaway Shareholder Letters 1982
Warren Buffett's 1982 Berkshire Hathaway shareholder letter introduces one of his most important ideas: the difference between "accounting earnings" and "economic earnings" why a company's true value includes profits it doesn't even get to report. He explains why insurance industry economics had permanently shifted, praises GEICO's Jack Byrne with the memorable line "Let Jack Do It," and delivers
Ray Dalio - The Principles for Investing and Economics
Ray Dalio walks through the economic and investment principles behind Bridgewater, laying out how he thinks debt cycles, monetary policy and productivity actually drive markets. He frames the economy as a perpetual motion machine of four forces, three equilibriums and two levers, then applies that template to where the world stood at the time: late in the business cycle, with central banks running
Berkshire Hathaway Shareholder Letters 1981
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Berkshire Hathaway Shareholder Letters 1980
Warren Buffett's 1980 Berkshire Hathaway shareholder letter introduces one of his most enduring ideas: "look-through earnings," his argument that a company's true value includes the retained profits of businesses it partly owns, even when accounting rules don't show them. He revisits his warning on inflation as an "investor's misery index" that quietly erodes real returns, and gives a deep, admiri
Howard Marks: AI, Value Investing, Market Cycles, Investor Psychology
Howard Marks in conversation about market cycles, investor psychology, and where the current market sits on the swing from optimism to fear. He works through three of his memos, explaining why cognitive dissonance lets markets ignore bad news until a critical mass of it arrives, why waiting for the bottom is the wrong question, and how Oaktree came to invest four hundred and fifty million dollars
Berkshire Hathaway Shareholder Letters 1979
Warren Buffett's 1979 Berkshire Hathaway shareholder letter, one of his most philosophical. He introduces the "investor's misery index" how inflation and taxes can erode real returns even when a business is thriving and confesses a rare mistake, the Waumbec Mills textile acquisition, with the memorable lesson that "turnarounds seldom turn." He makes a detailed case against long-term bonds during h
Stan Druckenmiller (2009) : Investing, Economics, Soros, Risk, Trading
Stanley Druckenmiller sits down for a wide-ranging conversation about how he actually trades: position sizing, technical analysis, and the risk management instincts he built over three decades. He covers the trade that broke the Bank of England, the losses that nearly ended his career, and why he thinks diversification is overrated. Along the way, he traces his path from a Pittsburgh bank training
Warren Buffett - Investing Principles, Intrinsic value, Opportunity Costs, Compounding, Leadership & Character
Buffett opens with a thought experiment for the students. If you could buy ten percent of one classmate's lifetime earnings, who would you pick? Not the one with the best grades, he argues, but the one whose character you'd bet on. That leads into the three qualities he hires for: intelligence, energy, and integrity, and why the third makes the other two dangerous when it's missing.The Q&A run
Berkshire Hathaway Shareholder Letters 1978
Warren Buffett's 1978 Berkshire Hathaway shareholder letter, the first written after merging with Diversified Retailing Company. He explains why return on equity, not earnings per share, is the real measure of a good year, and lays out his case for buying small pieces of great businesses through the stock market, highlighted by a deep dive into SAFECO Corporation and his argument for "passive part
Berkshire Hathaway Shareholder Letters 1977
Warren Buffett's 1977 Berkshire Hathaway shareholder letter, the first of his famous annual letters, read in full. In it, Buffett explains why return on equity, not earnings per share, is the real measure of a company's performance, and lays out his timeless four-part test for buying a stock: a business you understand, with strong long-term prospects, run by honest and able people, at an attractiv
Warren Buffett Partnership Letter 1969/1970 - Winding down the partnership
The final chapter of the Buffett Partnership, told through five letters from 1969 and 1970 as Warren Buffett wound the partnership down and returned capital to his partners. He explains why he's retiring — bargains gone, the market too speculative, his own motivation shifted — and personally recommends Bill Ruane as an alternative money manager. He walks partners through their choices: take cash,
Warren Buffett Partnership Letter 1968 Full Year
Warren Buffett's 1968 annual letter, capping his best year ever — up 58.8% against the Dow's 7.7%, a result he waves off as "a freak, like picking up thirteen spades in a bridge game." He skewers the era's collapsing "go-go" funds and the mania for minute-by-minute money management, breaks down where the year's gains came from across his four categories, and delivers the line "Price is what you pa
Warren Buffett Partnership Letter 1968 H1
Warren Buffett's mid-1968 letter to partners. The partnership rose 16% while the Dow was essentially flat. He updates his growing family of controlled businesses — Berkshire Hathaway, National Indemnity, Hochschild Kohn, and Associated Cotton Shops — and their capable operators. But the heart of the letter is his warning about "The Present Environment": a speculative "chain-letter" mania fueled by
Warren Buffett Partnership Letter 1967 Full Year
Warren Buffett's 1967 annual letter. The partnership gained 35.9% against the Dow's 19.0%, yet Buffett is uneasy: in a runaway speculative market where nearly every fund beat the Dow and some doubled, he warns that "we continue to eat oatmeal" rather than chase the frenzy. He breaks down a lopsided year — his worst-ever result in work-outs, a huge 72% gain in undervalued generals driven by his Ame
Warren Buffett Partnership Letter 1967 H1
Warren Buffett's mid-1967 letter to partners. After a rough January, the partnership finished the half up 21% against the Dow's 11.4%. Buffett names Diversified Retailing and Berkshire Hathaway as his controlled companies — and candidly warns that Berkshire's textile business faces real difficulties and won't earn a good return, dragging on relative performance in a rising market. He shares his ta
Warren Buffett Partnership Letter 1966 Full Year
Warren Buffett's tenth-anniversary letter, covering 1966. The partnership gained 20.4% while the Dow fell 15.6% — its widest margin ever, 36 points — capping a decade that turned $105,100 into a $54 million partnership. But Buffett strikes a cautionary note: the flood of bargain ideas that fueled the early years has slowed to a "trickle," and those results won't be repeated. He breaks down where 1
Warren Buffett Partnership Letter 1966 H1
Warren Buffett's mid-1966 letter to partners. In a falling market — the Dow down 8.7% — the partnership still gained 8.2%, and Buffett shows how the eight largest companies in the world lost 16.6% over the same stretch. He draws a sharp line between true conservatism (losing less when others lose) and mere "conventionalism," announces his first outright purchase of a whole business, the Baltimore
Warren Buffett Partnership Letter 1965 Full Year
Warren Buffett's landmark 1965 annual letter. After a record year — up 47.2% versus the Dow's 14.2% — Buffett reveals the story behind Berkshire Hathaway, the struggling textile maker he began buying at $7.60 a share in 1962 and took control of in 1965. He lays out his case for concentration over diversification, introducing the rule that lets him put up to 40% of the partnership in a single convi
Warren Buffett Partnership Letter 1965 H1
Warren Buffett's mid-1965 letter to partners. The partnership gained 10.4% while the Dow was essentially flat, extending its edge — though Buffett candidly notes the gain came during the market's rise, not its fall, the opposite of how he'd prefer to earn it. He revisits his "duck on a pond" point with fresh backing that mutual funds pick stocks no better than random, and explains his logic for bo
Warren Buffett Partnership Letter 1964 Full Year
Warren Buffett's 1964 annual letter, one of his richest. The partnership gained 27.8% against the Dow's 18.7%, but Buffett spends much of the letter on ideas: why nearly all professional money managers fail to beat an unmanaged index, and his now-famous definition of true conservatism — "intelligent hypotheses, correct facts and sound reasoning," not crowd agreement. He expands his method to four
Warren Buffett Partnership Letter 1964 H1
Warren Buffett's mid-1964 letter to partners. With the Dow up about 10% in the first half, the partnership only matched it — a reminder that Buffett's edge comes in flat or falling markets, not booming ones. He reports patiently accumulating three "general" holdings where the partnership is now the largest shareholder, and delivers his memorable "duck on a pond" metaphor: most professional manager
Warren Buffett Partnership Letter 1963 Full Year
Warren Buffett's 1963 annual letter, capping "seven fat years" with a 38.7% gain versus the Dow's 20.7%. He uses the Mona Lisa to illustrate the staggering long-run math of compounding, warns partners his huge margin over the Dow can't last, and gives his clearest breakdown yet of the three-category method: undervalued "generals," timetable-driven "work-outs," and "controls." A cornerstone letter
Warren Buffett Partnership Letter 1962 H1
Warren Buffett's mid-1963 letters to partners. He reports a first-half gain of 14% against the Dow's 10%, but reminds partners the edge should come in down markets, not rising ones. The centerpiece is the completion of the Dempster Mill story — how Harry Bottle's turnaround converted a failing manufacturer's assets into a $2 million securities portfolio and lifted the holding's value to roughly $6
Warren Buffett Partnership Letter 1962 Full Year
Warren Buffett's 1962 annual letter, one of his most foundational. He lays out his famous "Ground Rules" for judging performance, illustrates the staggering power of compounding, and explains his three-category method: undervalued "generals," work-outs, and control situations. In a down year for the Dow (minus 7.6%), his limited partners gained 11.9%. The highlight is the Dempster Mill turnaround,
Warren Buffett Partnership Letter 1962 H1
Warren Buffett's mid-1962 letters to partners, spanning a sharp market decline. As the Dow fell 21.7% in the first half, his partnership dropped just 7.5%, proof of his aim to lose far less than the market in down years. He also updates the Dempster Mill turnaround, where converting assets to cash near full value lifted the holding's estimated worth from $35 to $50 a share. Hosted on Acast. See ac
Warren Buffett Partnership Letter 1961 Full Year
Warren Buffett's 1961 letter to partners, capping five years of operation with a standout 45.9% gain against the Dow's 22.2%. He lays out his three-category method — generals, work-outs, and control situations — introduces the Dempster Mill takeover, defines what true conservatism means to him, and offers a rare long-term prediction: that beating the Dow by ten points a year is the real measure of
Warren Buffett Partnership Letter 1960 H1
Warren Buffett's first semi-annual letter, from July 1961. His partnerships edged past a fast-rising Dow (up 13%), but the heart of the letter is his plan to merge all the individual partnerships into one — laying out the fee structure, the 6% preferred return, and his commitment to put his own family's entire investment on the line alongside his partners. Hosted on Acast. See acast.com/privacy fo
Warren Buffett Partnership Letter 1960
Warren Buffett's 1960 letter to partners, covering a year when the Dow fell 6.3% while his seven partnerships gained 22.8% — exactly the kind of down-market outperformance he'd been aiming for. The bulk of the letter tells the story of Sanborn Map Co., a sleepy monopoly whose stock traded for less than the value of its own investment portfolio, and how Buffett built a stake, joined the board, and
Warren Buffett Partnership Letter 1959
Warren Buffett's 1959 letter to partners, written as the Dow surged nearly 20% on a wave of investor enthusiasm he found unsettling. His six partnerships still averaged a 25.9% gain, driven largely by a single holding now grown to 35% of assets, as he warns against "New Era" thinking and the belief that trees can grow to the sky. Hosted on Acast. See acast.com/privacy for more information.
Warren Buffett Partnership Letters 1958
Warren Buffett's 1958 letter to partners. His funds beat a booming Dow Jones (up 38.5%) with gains up to 46.2%, and he walks through a real trade — quietly building a 12% stake in a small New Jersey bank at $51 a share before selling at $80. A look at his patient, value-driven approach during a rising, increasingly speculative market. Hosted on Acast. See acast.com/privacy for more information.
Warren Buffett Partnership Letters 1957
Warren Buffett's second annual letter to his partnership, written in 1957. He explains how his funds beat the Dow Jones (down 8.5%) with gains of 6% to 25%, breaks down his "work-outs" vs. undervalued stocks strategy, and makes the case for patience over market timing. Hosted on Acast. See acast.com/privacy for more information.
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