In one sentence: A rerun of 178, replayed because inflation was in the news in 2021; read the original note for the full content.
Key ideas
- Same audio as 178. The transcript is the earlier "Inflation Kills" episode (Bitcoin, owner earnings, pricing power) behind a short new intro from Danielle. [00:00–00:40]
- Show notes differ from the audio. The posted show notes describe a 401(k) retirement worked example with 6% versus 15% returns. I couldn't hear that example in this audio, so it is not recorded here. Check the show notes or episode 030 for the compound-interest version.
- What's new in context. Danielle introduces it as relevant "because it's on inflation and that's on all of our minds", and says Munger quotes would continue the following week. Phil and Danielle develop the inflation thread live in 320. [00:00–00:40]
How it maps to RuleOne
- See 178: pricing power on a stock page (steady margins in past inflation) is the evidence for a moat.
Buffett, Munger and Graham links
Words to know
- Rerun: an earlier episode replayed under a new title.
Try this
Do the exercise in 178: pick a business whose main input cost jumped, and check whether gross margin held.
Check yourself
- Which earlier episode does this repeat?
Answer
178, "Inflation Kills".