Clay dives into Alex Morris' Buffett and Munger Unscripted, a book that's a treasure trove of timeless investing wisdom from decades of Berkshire Hathaway annual meetings. What you’ll learn here: 00:00:00 - Intro 00:00:50 - Why Buffett and Munger believe there’s no such thing as non-value investment. 00:06:51 - Why Buffett avoids complex financial models and sticks to common sense. 00:07:10 - The traits that define a truly great business—and why those are so rare. 00:14:07 - How capital allocation drives long-term shareholder value and Berkshire’s success. 00:19:54 - How Buffett thinks about share buybacks and dividends. 00:21:41 - The importance of understanding and trusting management and company culture. 00:36:18 - Why most of Berkshire’s success came from just a handful of decisions. 00:43:31 - How Buffett and Munger handle market volatility and avoid emotional decisions. 00:50:15 - The role of temperament in investing and why intelligence alone isn’t enough. 00:51:40 - Why short selling rarely works and why index funds are still a powerful tool. Transcript & Guest Info: https://www.theinvestorspodcast.com/episodes/buffett-munger-unscripted-by-alex-morris/ Join our highly vetted community of value investors: https://www.theinvestorspodcast.com/mastermind/ 🤝 Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here: https://www.theinvestorspodcast.com/summit 💎 Explore a new business weekly and decide if it deserves a spot in your portfolio. https://www.theinvestorspodcast.com/intrinsic-value-podcast/ ▶️ Related Episodes: - The Secret to Buffett’s Business Success w/ Lawrence Cunningham: https://youtu.be/riEZlQ5Tx88 - Warren Buffett's Top Lessons From The Intelligent Investor by Benjamin Graham: https://youtu.be/vyjfPscCO7U - How Charlie Munger Built a Billion-Dollar Fortune | Lessons From Damn Right! By Janet Lowe: https://youtu.be/JRxFresrF70 📖 Books Mentioned: - Buffett and Munger Unscripted by Alex Morris: https://amzn.to/3EQzUNp - The Essays of Warren Buffett by Lawrence Cunningham: https://amzn.to/3Ysc1T4 - Common Stocks and Uncommon Profits and Other Writings by Philip A. Fisher: https://amzn.to/42PHKyQ Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/we-study-billionaires/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ Disclaimer: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting. #WarrenBuffett #ValueInvesting #BerkshireHathaway #CharlieMunger #LongTermInvesting