10 Lessons from Warren Buffett's Annual Letter | Munger, Apple and the Challenges of Scale

10 Lessons from Warren Buffett's Annual Letter | Munger, Apple and the Challenges of Scale

Warren Buffett recently released his 2024 annual letter. And this one was a particularly notable one since it was the first since the passing of Charlie Munger. Buffett wrote a beautiful tribute to Munger in the letter and as is always the case also shared many timeless investing lessons. In this episode, we share our biggest takeaways from the letter and the lessons we think investors can learn from it.

00:00 - Intro
03:27 - Buffett's tribute to Charlie Munger and the importance of humility
06:69 - Bertie the high-quality shareholder
12:30 - The importance of focusing on the proper financial metrics
14:42 - The importance of taking a long-term view
16:38 - Buying wonderful businesses for the long-term
18:34 - The importance of capital allocation
21:17 - The importance of finding people who disagree with you
23:14 - Buffett's support of America
31:47 - Buffett's realism about future returns
33:51 - The importance of building a lasting organization
35:49 - The extreme limitation of Berkshire's massive scale
38:26 - The double buyback
39:49 - The importance of learning from your mistakes
44:08 - Buffett's foray into Japan
47:27 - The letter and annual meeting after Buffett

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