TIP682: Buffett's Early Investments by Brett Gardner w/ Clay Finck

You're listening to TIP. Hey everybody, welcome to the Investors Podcast. I'm your host, Clay Fink. On today's episode, I'm going to be chatting about a newly released book titled Buffett's Early Investments by Brett Gardner. Brett is an analyst at Disarine Group LP, a private investment partnership that invests globally based on a fundamental and long-term value investing philosophy.

Like us here at TIP, Brett is also a huge fan of Warren Buffett. During Buffett's early partnership years from 1957 to 1969, he compounded his investors' capital at 23.8% net of fees relative to the Dow Jones returning just 7.4%. We talk a lot on the show about the big bets that Buffett is making today. But I think what's more interesting is studying what he did in his first 10 or 20 years as an investor and how his investment approach evolved over time. Brett did a phenomenal job detailing 10 investments Buffett made during the 1950s and 1960s, and on today's episode, I'll be outlining three of them.

Philadelphia and Reading, Disney and American Express. There are certainly interesting takeaways from each of them, and they also happen to be very fascinating stories. The story of Philadelphia and Reading has unusual parallels to the way Berkshire was structured years down the line. Disney was an off the beaten path investment with a visionary leader in Walt Disney, but they operated in a below average industry and had fairly unpredictable earnings.

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