Whether you’re a Buffett disciple, a fan of focused investing, or just curious about how great investors think, this is a conversation packed with insight.
🔍 Topics Covered:
• How Robert accidentally became a money manager
• What Buffett’s 1983 letter taught him about investing
• Lessons from 14 years working with Bill Miller
• Why absolutes in investing can be dangerous
• How Robert learned to truly read later in life
• Buffett vs. Modern Portfolio Theory: The real debate
• Why investors misjudge tech stocks and “value”
• Hagstrom’s framework for judging long-term compounders
• The real reason most active managers fail
• Why private equity returns are misleading investors
• The emotional difficulty of running a concentrated portfolio
• What Buffett’s surprise CEO handoff really means
⏱️ Timestamps:
00:00 Intro: "Drawdowns don't matter"
01:35 Falling into money management by accident
04:55 The Berkshire letter that changed everything
07:00 Lessons from Bill Miller and pragmatic investing
09:50 Why rigid value investing missed a decade of returns
12:10 Learning how to read and consume information deeply
14:55 Charlie Munger's feedback on Robert’s books
18:00 Buffett’s surprise retirement as CEO
21:00 The legacy Warren still brings in a crisis
24:00 Why Buffett’s consistency stems from deep reading
25:25 Why focus investing works—but is hard to live through
27:45 Performance vs. volatility: Slugging % vs. batting average
33:45 Why active management fails—and how to fix it
36:50 The false promise of private equity for retail
44:55 Why public markets offer better opportunities
50:30 The hardest lesson Hagstrom had to learn
53:00 Why competitive advantage duration is mispriced
55:00 Why investing is Darwinian—and selection still matters
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