Dr. David Kass is a PhD economist and professor at the University of Maryland. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). His blog on Warren Buffett has gained notoriety from features on Bloomberg, CNBC and Fox and David is often quoted in the NYT, WSJ and Washington Post. So, he is the perfect guest for todays exploration of Buffett’s biggest blunders. IN THIS EPISODE, YOU'LL LEARN: 0:00:00 - Intro 0:01:29 - David's background 0:09:33 - The story of how Buffett bought Berkshire after letting his emotions get the best of him and why it was originally a huge mistake 0:09:33 - How he could have made hundreds of billions more had he simply invested in insurance 0:14:28 - Waumbec Mills 0:16:55 - His position in Conocophillips that resulted in a loss 0:18:25 - Why buying Dexter Shoes was, in Buffetts words, the worst purchase he ever made. 0:20:55 - Competitive advantage and margin of safety 0:26:06 - How he missed out on Google, Amazon and others 0:32:06 - Discount cashflow and intrinsic value 0:34:13 - His overpayment for Precision Castparts 0:39:00 - Most surprising questions that David's students ask Buffett in Omaha - And how even through all of that, 1 single dollar invested with Buffett in 1965 would now be worth $3.65 M David is such a wonderful and gracious guest. He shares his stories of visiting Buffett in Omaha with his students and so many other great insights. I really hope you enjoy it as much as I did. Without further ado, here is my conversation with Dr. David Kass. ☕ Get the freshest roasted and ethically sourced beans from America’s best local roasters with Trade Coffee. Plus, a total of $30 off your first order and free shipping — that’s more than 40 cups of coffee for free! To get started, take the quiz at https://drinktrade.com/TIP, and start the journey to your perfect cup. ✔️ Subscribe to Bitcoin Fundamentals/We Study Billionaires podcast show: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access our free show notes and transcript here: https://www.theinvestorspodcast.com/episodes/buffetts-biggest-blunders-w-david-kass/ 📖 BOOKS MENTIONED: - Supermoney by Adam Smith - https://amzn.to/3KgDU6B Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😁 💡OTHER RESOURCES: - Trey's Twitter Account - https://twitter.com/TreyLockerbie - David's Twitter Account - https://twitter.com/drdavidkass?lang=en - David's Blog - http://blog.umd.edu/davidkass/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ LISTEN 🎧 TO OTHER SHOWS FROM OUR NETWORK: ₿ If you're interested in Bitcoin, checkout our Bitcoin Fundamentals podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F8wOLjjwNCM5B1qFdrtTdTZ 📚Dive into value investing and learn more about billionaires with our We Study Billionaires podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F9dDPFYGAHRbrWoToCe2uoU 🏘 Learn the ins and outs of real estate investing with our Real Estate 101 podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F8Yw_8xO2nk-RD7fhb3yktn 💸Get introduced to the world of investing with our Millennial Investing podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F_p00VYv3psJ8rhDAGOvR5W ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ FOLLOW US ON SOCIAL MEDIA📱: 💻 Facebook: https://www.facebook.com/groups/theinvestorspodcast 👔 Linkedin: https://www.linkedin.com/company/the-investor's-podcast 🐦Twitter: https://twitter.com/tip_network ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ Download Stig & Preston's 1-page checklist for finding great stock picks: https://www.theinvestorspodcast.com/form-youtube-checklist/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 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.