On today’s episode, Clay reviews Warren Buffett’s shareholder letters and shares his takeaways, and distills some of the biggest lessons he learned. If you asked a lot of value investors, they would tell you that reading Buffett’s letters is equivalent to an MBA on value investing and business. Buffett has a lot to teach us as investors as he has grown the value of Berkshire shares by over 3,600,000% since he took control of the business in 1965.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro07:44 - What Berkshire’s “Big Four” businesses are.13:16 - What Buffett looks for when investing in a business and what he looks for in a management team.14:19 - Why Buffett loves share repurchases and why they give me further vindication that a stock is cheap.18:28 - Why it pays to treat your colleagues and shareholders like partners.24:49 - Why industries with constant change should be avoided by investors.28:36 - How Buffett views cash and leverage in his capital allocation strategy.49:28 - What Buffett looks for when selecting him and Charlie’s successors.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESThe Essays of Warren Buffett by Lawrence Cunningham.Listen to Clay’s review of The Education of a Value Investor by Guy Spier, or watch the video.Tune into the recent We Study Billionaires’ episode covering The Dhandho Investor by Mohnish Pabrai, or watch the video.Learn more about our free social events in Omaha here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet personalized, expert advice that helps you see things clearly with ATB.Take stock of your finances and investing strategy with Betterment.Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.Send, spend, and receive money around the world easily with Wise.Let an expert do your taxes from start to finish so you can relax with TurboTax.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.