IN THIS EPISODE, YOU’LL LEARN:

• What the intrinsic value of Berkshire Hathaway is, and what type of return you can get going forward
• Why Buffett reads Chris’s annual letter
• Chris’s opinion on Greg Abel’s first letter to shareholders 
• How should Berkshire management be compensated? 
• How to think about valuing OpenAI 
• Why S&P 500 share buybacks don’t benefit investors
• Thinking about investing risk from sudden loss vs. the slow decline of an asset manager

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

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.

[00:00:03] Stig Brodersen: Today’s episode is one of my absolute favorites of the year, and it’s becoming a bit of a tradition. I’m joined once again by my friend Chris Bloomstran from Semper Augustus. Chris is one of those investors I’ve learned so much from over the years, and every time we sit down, I’m reminded why he has this unique ability to combine very deep, analytical thinking with very practical, real world understanding of how businesses actually work. Now, to me, Chris is the top authority when it comes to Berkshire.

[00:00:32] Stig Brodersen: And as always, we publish this conversation right before the annual meeting. We dig deep into what Berkshire is worth today, how to think about intrinsic value and what is actually going on under the hood. We also discussed Greg Abel stepping into Buffett’s role, how Berkshire should be managed going forward, and what investors should pay attention to right now, not just when it comes to Berkshire, but across markets. So if you care about valuation and understanding businesses at a deeper level, you’re going to love this one.

[00:01:04] Intro: Since 2014, with more than 200 million downloads. We have interviewed the world’s best investors, studied deeply the principles of value investing, and uncovered many compelling investment opportunities. We focus on understanding businesses and intrinsic value, investing accordingly and sharing everything we learn with you. This show is not investment advice. It’s intended for informational and entertainment purposes only. All opinions expressed by hosts and guests are solely their own, and they may have investments in the securities discussed. Now for your host, Stig Brodersen.

[00:01:48] Stig Brodersen: Welcome to The Investor’s Podcast. I’m your host, Stig Brodersen, and I’m here with Chris Bloomstran, and this episode is being published the weekend before the big one. And of course, we’re talking about the Berkshire Hathaway annual shareholders meeting. Chris, welcome to the show.

[00:02:03] Chris Bloomstran: I think we’re making this an annual tradition, but always fun to catch up and look forward to the conversation. Thanks for having me.

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• Stig’s  2023 interview with Chris Bloomstran about ⁠Berkshire Hathaway⁠. 
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• Read Chris Bloomstran’s ⁠annual letters⁠.
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