TIP733: HOW WARREN BUFFETT BECAME WARREN BUFFETT

W/ KYLE GRIEVE

28 June 2025

On today’s episode, Kyle Grieve discusses how Warren Buffett evolved from a young entrepreneur with an intense fascination for numbers into one of history’s most disciplined and independent investors. The episode explores the key influences, early lessons, and defining choices that shaped his unique approach to business and capital allocation.

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IN THIS EPISODE, YOU’LL LEARN:

  • How Buffett showed business instincts as a young boy
  • The influence Buffett’s father had on his mindset
  • Three timeless principles Buffett learned from Ben Graham
  • The period Buffett compounded at over 50% annually
  • How a “cigar butt” taught Buffett pricing power
  • How Buffett used scuttlebutt early in his career
  • Why Buffett embraced concentrated investing from the start
  • Why Buffett saw media companies as modern-day toll bridges
  • Buffett’s core disagreement with efficient market theory
  • What Buffett learned while rescuing Salomon Brothers
  • And so much more!

 

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.

[00:00:02] Kyle Grieve: Over the course of six decades. While leading Berkshire Hathaway, Warren Buffett has beaten the S&P 500, including dividends by more than 150 times. It’s a record that almost just defies belief. But what makes it even more remarkable is just how he did it. He accomplished this by utilizing minimal leverage and avoiding the whims of Wall Street and their pursuits of short term results, all while conducting business in an admirable, transparent and really well aligned manner. [00:00:28] Kyle Grieve: He’s one of the best examples in business of patience, discipline and a razor sharp focus on intrinsic value. So today we’re going to explore Warren Buffett in more detail through the lens of one of his biographies that was written about him, which is Buffett, the Making of an American Capitalist by Roger Loewenstein. [00:00:46] Kyle Grieve: The book does an exceptional job of sharing the details on some of Buffett’s legendary deals but also showing the more human side of Buffett highlighting both his good and not so good qualities. We’ll cover his early fascination with numbers like counting soda bottle caps from a nearby gas station and how he delivered 500 newspapers a day. [00:01:05] Kyle Grieve: As a teenager, you’ll hear about the profound influence of his father, Howard Buffett, and how the teaching of Ben Graham transformed Warren Buffett from a precocious entrepreneur into an investor with a winning system. We’ll also explore a period that interests me significantly, which was when Buffett achieved his most astounding results, compounding his personal account at 56% per annum in the early 1950s. [00:01:27] Kyle Grieve: We’ll also analyze Buffett’s journey from investing in low quality cigar butts to his evolution to investing in high quality businesses. And we’ll highlight why Buffett’s philosophy kept him highly concentrated in his highest conviction positions. So if you’ve ever wondered why Buffett runs a public company while living an intensely private life, or why he’s mastered simplicity in a world that rewards complexity or just pondered about what truly separates the great investors from the top 0.001%. [00:01:55] Kyle Grieve: Buffett’s story is an absolute masterclass. Now let’s get right into this week’s episode on the book Buffett, the Making of an American Capitalist. [00:02:07] Intro: Since 2014 and through more than 180 million downloads, we’ve studied the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected. Now for your host, Kyle Grieve. [00:02:31] Kyle Grieve: Welcome to The Investor’s Podcast. I’m your host, Kyle Grieve, and today I’m excited to speak about one of my favorite investing biographies, Buffett: The Making of an American Capitalist by Roger Loewenstein. I read this book a second time to prepare for this episode, and I must say it’s a very, very well-written biography.

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