In one sentence: A replay of the closing part of the Guy Spier interview already covered in 086, with a short new intro from Danielle about the break and what comes next. Nothing new is taught, so use the original notes.
Key ideas
- It is a rerun. The interview content (admit fear, find people who know, cloning with understanding, inner scorecard, intent and small repeated acts, being invested, paying for a rising path of intrinsic value, Danielle's $300 Whole Foods "experience") matches 086. Read that note for the ideas. [01:00–41:00]
- What's new: the intro. Danielle says she and Phil are on a short break while they work on a project to be announced later. She says the next episode covers the Berkshire annual meeting, and that she wants to take tech stocks seriously because Buffett said he missed Amazon. That sets up 112. [00:00–01:00]
- What's new: the outro. The hosts say the following episodes go back to basics and move on to management, where Guy has more to say. [41:00–42:00]
- Teaching as learning. In the closing minutes Guy says that explaining Munger's principles on the show teaches the hosts as much as listeners, as the students who teach at Phil's workshops find. [40:00–41:00]
How it maps to RuleOne
- Same as 086: /holdings/ shows whether small positions are deliberate "tuition", and 13F cloning is a Radar idea with the caveats from 001.
Buffett, Munger and Graham links
Words to know
- Rerun / "from the vault": a replayed older episode. Check the earlier note before repeating the work.
Try this
Re-read your answer to the 086 exercise, then check the letter or meeting transcript of the investor you chose against the holding you picked. Did your guess for why they own it match?
Check yourself
- Where are the main ideas of this episode?
Answer
In note 086, because this episode replays that interview. - What topic did the hosts say would come next after the break?
Answer
The Berkshire Hathaway annual meeting, with a look at Buffett's comments on tech stocks (see 112).
Short quotes
"Teaching is the learning process." (paraphrase of Guy, ~40:30, auto-transcribed)