In this episode, we cover the major points Warren Buffett covered in his 2021 annual letter and talk about some lessons investors can learn from them.
We discuss:
- The importance of recognizing mistakes and learning from them, why operating earnings are a better measure of Berkshire’s business than GAAP earnings;
- The evolution of Buffett’s investment approach over time;
- Why Berkshire’s approach differs from most other conglomerates;
- Buybacks and Berkshire’s four jewels and drivers of value;
- Buffett’s consistent messaging over time and his view of never betting against America.
- A few things Buffett didn’t focus on (i.e. Gamestop, Reddit, Market Valuation)
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