Chapter
The Evolution of Warren Buffett's Household Name
12:03 - 18:38 (06:35)
Warren Buffett only became a household name in the early and mid 2000s when his net worth skyrocketed, leading many individuals to think they can pick good businesses and read balance sheets just like him, despite his unique advantage of being able to do things other people can't due to his position and size.
Clips
The key to Warren Buffett's financial success is his ability to consistently compound his net worth over time, which only became well-known in the early and mid 2000s.
12:03 - 14:21 (02:18)
Summary
The key to Warren Buffett's financial success is his ability to consistently compound his net worth over time, which only became well-known in the early and mid 2000s. Despite this, people still misinterpret or over-interpret his success, particularly in terms of the longevity of years involved with compounding.
ChapterThe Evolution of Warren Buffett's Household Name
Episode#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
PodcastThe Tim Ferriss Show
Many people think investing like Warren Buffett is easy, leading them to overlook the fact that Berkshire Hathaway and its leaders can do things other people cannot, such as calling up Goldman Sachs to get a special preferred stock investment, leading to only a handful of investable companies.
14:21 - 17:10 (02:49)
Summary
Many people think investing like Warren Buffett is easy, leading them to overlook the fact that Berkshire Hathaway and its leaders can do things other people cannot, such as calling up Goldman Sachs to get a special preferred stock investment, leading to only a handful of investable companies.
ChapterThe Evolution of Warren Buffett's Household Name
Episode#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
PodcastThe Tim Ferriss Show
When selecting fund managers, asset size plays an important role in determining their ability to earn management fees.
17:10 - 18:38 (01:27)
Summary
When selecting fund managers, asset size plays an important role in determining their ability to earn management fees. However, for banks, their economies of scale can have both benefits and drawbacks.