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Speaker 1: Welcome to Had the Money. I'm Joel and I am Matt,

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Speaker 1: and today we're talking about buffetisms, Lessons from the Goat Investor,

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Speaker 1: and by the way, a goat as in the greatest

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Speaker 1: of all Time. We're not talking about how to make

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Speaker 1: money by investing in livestock. It also makes me think

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Speaker 1: it's tomorrow's podcast, The Men Who Stare At Goats? Did

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Speaker 1: you ever watch that? Who? Who? I don't think I did,

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Speaker 1: But that was Jeff Bridges, George Clooney. It was George Clooney.

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Speaker 1: I remember it was an all star cast. Like I

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Speaker 1: saw an odd one of those odd movies. Kind of

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Speaker 1: reminded me in my mind. It's very similar to Oh Brother,

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Speaker 1: It's just kind of like this odd, kind of quirky film.

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Speaker 1: Huh was that Cohen Brothers? That was Cohen Brothers. Yeah,

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Speaker 1: I do love the Cohen Brothers. They are a good duo.

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Speaker 1: But we are talking about an investor. We're talking about

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Speaker 1: what it is that you should be investing in, maybe

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Speaker 1: how long you should be holding your investments in generally speaking,

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Speaker 1: just how it is that you should approach investing your money.

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Speaker 1: And so, if this is something that you're looking to

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Speaker 1: brush up on. If this is something that you're wanting

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Speaker 1: to learn more about, well, we think that virtually everything

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Speaker 1: you need to know about investing your money you can

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Speaker 1: learn from the man himself, Warren Buffett. Yeah, he's been

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Speaker 1: doing it for a long time. And it's really tough

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Speaker 1: to call someone that goat if they've been in like

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Speaker 1: a league for a few years or something like that.

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Speaker 1: But Buffet's ninety two, right, he's seen it, done it

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Speaker 1: basically a hundred and I think he's for a century. Yeah,

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Speaker 1: we've been doing this and his like prowess has been

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Speaker 1: proved out over the decades. So we're going to kind

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Speaker 1: of run through some Buffet quotes and some Buffet history

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Speaker 1: to kind of talk about to extrapolate some ideas for

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Speaker 1: how we can be better investors and just kind of

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Speaker 1: better with our money totally. Yeah, specifically, we've got a

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Speaker 1: lot of Warren Buffett quotes for all today. But first, dude,

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Speaker 1: really quick, we need to make sure that we think

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Speaker 1: a listener. So this is Joshua Jones and he did

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Speaker 1: us JJ personally JJ he did as a massive favor.

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Speaker 1: So sometime last fall we mentioned how, oh, it'd be

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Speaker 1: so great if we had a spreadsheet of all the

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Speaker 1: different beers that we've had on the show, and obviously

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Speaker 1: we enjoy craft beer on the show, to demonstrate that

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Speaker 1: we can be smart with our money now, investing it

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Speaker 1: for the future while simultaneously enjoying some of it in

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Speaker 1: the present right, And Joshua emailed us and he said, hey, guys,

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Speaker 1: I'd be more than happy to kind of work on

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Speaker 1: that when I have some free time, and of course

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Speaker 1: we said that would be amazing, that would be fantastic,

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Speaker 1: And so he worked on it though over Christmas, like

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Speaker 1: over the holiday break, and he sent it over our

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Speaker 1: way and it totally got lost in the email. I

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Speaker 1: remember seeing it and realizing that he had did an

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Speaker 1: incredible workforce, but we never gave him a shout out.

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Speaker 1: We never thanked him here on the show. So ay, Joshua,

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Speaker 1: We wanted to publicly thank you, but b we want

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Speaker 1: to share that link with everyone out there who might

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Speaker 1: be interested in knowing virtually all the different beers that

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Speaker 1: we've had on the show over the past five years.

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Speaker 1: It's not necessarily ranked or anything star ratings by by us,

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Speaker 1: but you can see them all in order by episode,

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Speaker 1: or you can include a style type. Yeah, he include

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Speaker 1: the He's like, like, how about I include the ABV

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Speaker 1: as well as the style of beer in addition to

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Speaker 1: the brewery, what episode it was on. It's a it's

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Speaker 1: a sweet little database. But I'm not sure how many

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Speaker 1: of our listeners are trying to like drink every beer

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Speaker 1: well you've ever had. But that is now a lot

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Speaker 1: more possible for you to for you to do by

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Speaker 1: looking at this and seeing what your local bottleshop has.

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Speaker 1: But we'll link to yeah, this will this uh spreadsheet

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Speaker 1: in the show notes money dot com. It's a Google

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Speaker 1: sheet Yeah, so yeah, which is yeah, it's up there

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Speaker 1: for everyone, and honestly so because it kind of fell

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Speaker 1: off a radar, it means what we're actually kind of behind.

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Speaker 1: So I want to do my best to get on

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Speaker 1: there and start updating it as well. But that being

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Speaker 1: said it I want this to kind of be a

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Speaker 1: collaborative thing, and so if you see room for improvement,

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Speaker 1: or maybe you've seen that there is an episode or

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Speaker 1: two that hasn't been updated, feel free to hop in

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Speaker 1: there and update that information. Speaking with yeah, let's mention

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Speaker 1: the beer we're having on today's shows for episode six

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Speaker 1: forty one, this is Blender black raz and it's by

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Speaker 1: Newpark Brewing. And this one comes to us from listener Matthew. Matthew, thanks,

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Speaker 1: he sent some great beers and I'm looking forward to

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Speaker 1: drinking this Berliner Weiss today on The show Man. Absolutely. Yeah,

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Speaker 1: But let's get to the topic at hand, buffetisms. We're

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Speaker 1: talking about lessons from the Goat Investor and and I

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Speaker 1: mentioned earlier, Yeah, you don't call someone the greatest in

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Speaker 1: a sport if they've been playing for a couple of years, right,

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Speaker 1: you might say they've got potential or they could be

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Speaker 1: the next him Jay. I mean that's all that's always

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Speaker 1: what happens in with like a new basketball player or

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Speaker 1: something like that. Or Michael Jackson. Yeah, uh huh no,

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Speaker 1: Michael Jordan. There's Jordan, Baby, It's like he's got the

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Speaker 1: wingspan and the height. Then I don't know Kenny Duncan

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Speaker 1: the same way. We'll see. But like those debates are

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Speaker 1: just never ending about who's the greatest, like Lebron or

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Speaker 1: m Jay or should we throw Steph Curry in there?

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Speaker 1: Kobe obviously just like a once in a generation talent.

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Speaker 1: But then you're talking about like, well what about it?

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Speaker 1: What are including centers the dominant guys like Malajuan or whatever.

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Speaker 1: I will stop there because this is not a sports show.

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Speaker 1: But these are the kind of things that like sports

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Speaker 1: talk shows can talk about incessantly. And I used to

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Speaker 1: listen to sports talk until I realized, wait a second,

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Speaker 1: this is sore formulaic, and I can't stand to listen

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Speaker 1: to another second. I haven't listened to sports talk radio

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Speaker 1: and forever now. But I mean, you could do the

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Speaker 1: same thing and have just prolonged conversations about who the

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Speaker 1: greatest is in any sphere, like you talk about who's

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Speaker 1: the greatest musician. Is it m J Michael Jackson or

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Speaker 1: is it Beyonce or is it Bonnie There. I mean,

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Speaker 1: it just like depends on I thought you're gonna say

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Speaker 1: bon Jovie. Some might say I prefer Buddy There. Yeah. Well,

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Speaker 1: like again, so much of that is in the eye

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Speaker 1: of the beholder. But yeah, we all, I think, have

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Speaker 1: this desire to see what sets the greatest people in

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Speaker 1: their given field, apart from the ones who are just

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Speaker 1: really good and the greatest investor conversation, I would say

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Speaker 1: it's not nearly as fraught as maybe some of those

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Speaker 1: other ones. It certainly feels like Warren Buffett is the

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Speaker 1: goat in our eyes, right, he is the greatest of

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Speaker 1: all time, and we're certainly not alone in that assumption.

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Speaker 1: And it's not just because of the returns he's been

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Speaker 1: able to gain and garner over the years. His longevity,

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Speaker 1: his consistency, and his humility, we would say, are admirable.

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Speaker 1: And so yeah, today we're going to talk about the goat. Well,

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Speaker 1: we can learn from him, and we're gonna talk about

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Speaker 1: where he falls short too, because we are warm Buffett fans,

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Speaker 1: but he's also not perfect. Yeah, we're not going to

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Speaker 1: worship him, but we are devoting an entire episode to

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Speaker 1: we know what we can learn from a ninety two

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Speaker 1: year old investor, and partly because he's the antithesis of

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Speaker 1: a flashy investor and so investing fads have coming gone right,

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Speaker 1: but Warren Buffett has remained consistently relevant over the decades.

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Speaker 1: I don't think anyone has ever used the word sexy

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Speaker 1: to describe anything that Warren Buffett does, and so much

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Speaker 1: attention has been given to the sexy investments right like

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Speaker 1: the new and improved ways of investing in recent years,

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Speaker 1: we only need to look back to the explosion of

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Speaker 1: cryptocurrencies to mean stocks just a couple of years ago.

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Speaker 1: And the reason for this, the reason those investments got

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Speaker 1: all the attention, is because I think it's human nature

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Speaker 1: to want to try and find shortcuts. Folks want to

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Speaker 1: hit the easy button. And I get it right, a

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Speaker 1: lot of folks had a sense of fomo as speculative

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Speaker 1: investments just shot through the roof. But Warren Buffett, he

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Speaker 1: did not hit the easy button. And we don't want

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Speaker 1: our listeners out there to think that that is the

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Speaker 1: solution as well. And by the way, if you're wondering

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Speaker 1: what Buffet's thoughts were on crypto, here's our first quote

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Speaker 1: of the day. He said that they were basically rat

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Speaker 1: poison squared. Wait was that him or Charlie Munger? I

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Speaker 1: think it was him, Okay, I thought it was thought

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Speaker 1: Munger called it like the was some sort of Fox

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Speaker 1: hunt something like that. What stands on Neither of them

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Speaker 1: like it. Neither of them and Munger. By the way,

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Speaker 1: if you don't know, is Warren Buffets like a long

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Speaker 1: time best friend and fellow co conspirator and when it

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Speaker 1: comes to investing, so they're partners, they're best season partners.

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Speaker 1: And Munger is a little bit older. He's ninety nine exactly,

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Speaker 1: but regardless, wanted to mention that because crypto obviously that's

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Speaker 1: something that most folks should should probably stay away from. Yeah, so, yeah,

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Speaker 1: he avoids the speculative crazes, has been able to kind

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Speaker 1: of them consistently over time, and for the most part,

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Speaker 1: that's kind of what you and I suggested to We

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Speaker 1: didn't want HTM listeners go in all in on the

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Speaker 1: latest cryptocurrency or even on the most tried and true cryptocurrencies,

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Speaker 1: which are still relative newcomers. And you know the reason

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Speaker 1: I say that is because we feel that there's like

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Speaker 1: this behavioral psychological component to investing two by the way,

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Speaker 1: and it's incredibly difficult to sit on the sidelines while

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Speaker 1: you're seeing folks on social media or even just friends

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Speaker 1: in real life who are making bank while all of

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Speaker 1: your money was invested in the good old, boring index funds.

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Speaker 1: It can be tough to sit on your hands and

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Speaker 1: not do anything and just kind of stay the course.

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Speaker 1: And for this reason, we believe that it can make

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Speaker 1: sense for some folks who desire to invest in speculative

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Speaker 1: assets actually to have some sort of pressure release valve.

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Speaker 1: And we've talked about this over the year that what

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Speaker 1: that means is that we want you investing no more

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Speaker 1: than five percent of your overall portfolio in individual stocks

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Speaker 1: that you're excited about, or even in different cryptocurrencies. So

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Speaker 1: I think you can have a little bit of exposure

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Speaker 1: if you're curious and if you kind of just want

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Speaker 1: to scratch that itch. Warren Buffett, he would probably shake

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Speaker 1: his head if he knew that we suggests that, he

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Speaker 1: would say no, no, like he would be disappointed. He

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Speaker 1: would say that all of your money should be invested

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Speaker 1: in tried and true assets that are producing something right.

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Speaker 1: But yeah, we believe it is smart to make some

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Speaker 1: small allowances. If that means if that allows the vast

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Speaker 1: majority of your investments, yes, to be sitting in the

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Speaker 1: tried and true index fund, if that allows you to

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Speaker 1: stay the course kind of with the majority of the

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Speaker 1: money that you're putting into investments exactly. Yeah, there's just

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Speaker 1: more to successful investing than just doing the right thing.

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Speaker 1: We've got feelings, we've got emotions that unfortunately can get

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Speaker 1: in the way of the most proven ways of investing

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Speaker 1: our money. But another reason that we're discussing, Warren Buffett,

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Speaker 1: is because the annual Berkshire Hathaway Meeting that just happened

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Speaker 1: just over a week ago. So it felt like a

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Speaker 1: good time to cover some of the wisdom that he'd

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Speaker 1: doled out in his annual letter and to discuss the man,

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Speaker 1: the myth, and the legends brilliance here for a little bit,

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Speaker 1: and what it is that we can learn from him.

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Speaker 1: And by the way, I say learn and not emulate,

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Speaker 1: for a very specific reason here, right, just because Buffett

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Speaker 1: is the greatest investor of all time, that doesn't mean

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Speaker 1: that we should necessarily try and take his path. Specifically

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Speaker 1: makes me think back when Tim Ferris he stepped up

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Speaker 1: to the mic at one of the conferences and he

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Speaker 1: asked Warren Buffett about how it is that an amateur

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Speaker 1: investor should invest a million dollars, And this is how

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Speaker 1: Buffett responded. He'd say, I'd probably have it all in

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Speaker 1: a very low cost index fund. That's my warm Buffet voice.

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Speaker 1: By the way, I'd recognize the fact that I'm an

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Speaker 1: amateur investor, forget it and go back to work. And

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Speaker 1: I think that was from back in two thousand and

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Speaker 1: eight Tim Ferris asked him that question. But we obviously

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Speaker 1: think that the same advice holds true today. Yeah, and

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Speaker 1: that kind of continues to be Buffet's advice for investors

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Speaker 1: who have full time day jobs. Right. He doesn't suggest

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Speaker 1: that people try to replicate what he does, but his

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Speaker 1: suggestion makes sense for people who don't have the time

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Speaker 1: to scour market deal and don't have the capital to

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Speaker 1: really like invest in the way the Buffet does. And

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Speaker 1: this is the same reason math that you know war

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Speaker 1: Buffett has said that when he dies, the fund for

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Speaker 1: his widow will be ninety percent invested in an SMP

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Speaker 1: five hundred and next fund, which is pretty much the

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Speaker 1: path that we want most of our listeners to say,

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Speaker 1: right as well. Right, he knows that even though he's

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Speaker 1: been able to beat the overall market, there are very

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Speaker 1: few individuals who would be able to do the same thing.

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Speaker 1: And for one, Buffet was incredibly hardworking. Right as a

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Speaker 1: thirteen year old, he was earning more than many of

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Speaker 1: his teachers at the time, which which says a lot

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Speaker 1: about his industriousness. He was making around one hundred and

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Speaker 1: seventy five dollars a month, which adjusted for inflation, was

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Speaker 1: the equivalent of a forty thousand dollars annual salary. Today.

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Speaker 1: How many How many thirteen year olds do you know

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Speaker 1: that are that ambitious and hardworking that are making that

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Speaker 1: kind of income? Not many, right, But Buffett he also

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Speaker 1: had a natural gifting as well. He had the uncanny

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Speaker 1: ability to memorize long lists of statistics from baseball cards,

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Speaker 1: and he and his friend would sit down and they

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Speaker 1: would write the numbers from license plates of passing ours

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Speaker 1: just for fun. There there wasn't as much to do

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Speaker 1: back in the pre days, right, exactly, no Nintendo s,

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Speaker 1: which is none of that stuff. So, yeah, he was

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Speaker 1: drawn towards numbers in a way that there are very

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Speaker 1: few individuals can emulate. So I think there are lessons

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Speaker 1: that we can learn, but trying to emulate and do

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Speaker 1: what he's done is like something different altogether, and that's

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Speaker 1: not what we're suggesting here. Yeah, and so much of

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Speaker 1: life circumstances have to do with luck as well. He

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Speaker 1: readily admitted that had he been born in a different

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Speaker 1: country in a different era that valued different things like

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Speaker 1: physical strength, for instance, that he likely wouldn't have fared

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Speaker 1: nearly as well as he did being born here in

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Speaker 1: the US. When he was born Warren Buffett, he called

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Speaker 1: this winning the Ovarian Lottery that because he happened to

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Speaker 1: possess a unique set of skills that lent themselves to

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Speaker 1: the creation in the acquisition of businesses over the past century.

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Speaker 1: Here in the US, he's been financially rewarded, and he's

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Speaker 1: been rewarded quite handsomely, I might add, he's something like

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Speaker 1: the fifth richest person in the world, with a net

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Speaker 1: worth of around one hundred and six billion dollars give

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Speaker 1: or take a bill depending on what's going on the

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Speaker 1: market that day. I guess, right, exactly, Yeah, but you're right.

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Speaker 1: I think so much of our success hard work plays

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Speaker 1: a master role. But it's like that the final question

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Speaker 1: right in how I built this? The guy roz asks

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Speaker 1: every business person. He says, you know, do you attribute

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Speaker 1: more to luck or to skill? And I think, like,

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Speaker 1: you can't have one without the other. You need both

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Speaker 1: in tandem to achieve greatness or to even do wonderful things.

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Speaker 1: And Warren acknowledges that he realizes that the hard work

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Speaker 1: certainly plays a role, but so does timing too. Makes

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Speaker 1: me think of Bill Gates and how he wouldn't probably

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Speaker 1: have started Microsoft if his high school didn't have access

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Speaker 1: to a supercomputer one of like four high schools in

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Speaker 1: the country or something like that at the time. So

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Speaker 1: it's part of it is luck sometimes And another Warren

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Speaker 1: Buffett quote that fits in here. He said America would

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Speaker 1: have done fine without Berkshire, which is his company, Berkshire Hathaway,

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Speaker 1: but the reverse is not true. And so he just

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Speaker 1: admits that he's great, greatly benefited from the time in

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Speaker 1: place he was born. And if you're listening to this podcast,

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Speaker 1: there's a really good chance that you've won the Ovarian

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Speaker 1: lottery too, right, because of where you live, you have

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Speaker 1: more opportunity than a massive percentage of the people across

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Speaker 1: the globe. But even still, there's just this like microscopic

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Speaker 1: chance that you've got the skills necessary to make investments.

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Speaker 1: Like more on Buffett, and so we probably don't need

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Speaker 1: the humility to admit that there's gonna be a gap

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Speaker 1: there and none of us are going to be able

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Speaker 1: to achieve kind of what he's been able to achieve

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Speaker 1: the way he's done it. But here's the good news.

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Speaker 1: You don't have to be as smart as him, and

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Speaker 1: you don't have to be as hard working. You just

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Speaker 1: need to follow some of his advice, some of the

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Speaker 1: principles that he teaches, which is something that virtually anyone

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Speaker 1: can do. And we're going to spend the rest of

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Speaker 1: the episode discussing just that. We'll get to some more

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Speaker 1: buffetisms and what we can learn from them right after this.

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Speaker 1: All right, man, we are back for the break, talking

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Speaker 1: about how we can invest our money, how we can

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Speaker 1: grow our net worth, maybe not to like one hundred

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Speaker 1: billion dollars status by the time we're ninety two, but

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Speaker 1: you know, maybe a little having a little more of

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Speaker 1: the bick in twenty or thirty years, that'd be nice.

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Speaker 1: And so just before the break, we touched on some

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Speaker 1: of the key differences between Warren Buffett and the other

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Speaker 1: ninety nine point ninety nine percent of all investors out there.

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Speaker 1: But one of the key differences between Buffett and how

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Speaker 1: it is that others invest this is overall approach to investing.

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Speaker 1: He says that he's a business picker, not a stock picker.

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Speaker 1: So what he means by that is he's not looking

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Speaker 1: to see what's happening with the specific stock price of

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Speaker 1: a specific company over the last thirty days or honestly,

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Speaker 1: even over the last couple of years. What he is

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Speaker 1: doing is he's assessing whether or not it makes sense

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Speaker 1: to own a piece of that business based on the

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Speaker 1: fundamentals and how successful that business is likely going to

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Speaker 1: be moving forward, just giving a number of proprietary factors

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Speaker 1: that I'm sure that he keeps stored away in his mind,

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Speaker 1: but by the mind, Like, I just don't see Warren

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Speaker 1: Buffet making like a split second decision to buy something,

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Speaker 1: to buy a stock based on a Cramer recommendation on CNBC. Right,

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Speaker 1: Like Buffett is all about value investing, It's he followed

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Speaker 1: in the footsteps of his mentor, Benjamin Graham, But it

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Speaker 1: is about finding value. It's it's the ability to no

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Speaker 1: a deal when you see one. Yeah, essentially, except for

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Speaker 1: a lot of work on the investment front. Right. So

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Speaker 1: it's it's so much easier to spot seventy percent off

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Speaker 1: on like one of our favorite items of clothing. It's

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Speaker 1: more difficult to assess a company and say, wait a second,

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Speaker 1: everybody else doesn't see the value here. There's a gem

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Speaker 1: in the making. This company has what they like to

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Speaker 1: call like a moat. Right. If a company has a moat,

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Speaker 1: it means that it's going to be really hard to

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Speaker 1: compete with that company. Because they have like special ability

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Speaker 1: to make or create something. And so he's looking for advantages,

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Speaker 1: he's looking for value when it comes to the investments

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Speaker 1: that he's making, not not just the stuff that he's buying.

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Speaker 1: And I think it just goes to show how hard

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Speaker 1: it can be, though to find those great companies to

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Speaker 1: invest in, which which is why Matt, you and I

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Speaker 1: we basically opt to invest in basically all of them. Yeah,

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Speaker 1: it's just too hard to pull off the buying great

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Speaker 1: company's approach when this isn't the field you've dedicated your

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Speaker 1: life too, which just goes back to that Tim Ferris

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Speaker 1: question and Buffet's answer that we just talked about, and

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Speaker 1: in one of the best warm Buffett coats ever, by

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Speaker 1: the way, is you never know who's swimming naked until

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Speaker 1: the tide goes out. And so this goes to his

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Speaker 1: thoughts on kind of speculation and kind of how a

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Speaker 1: regular amateur investors should be allocating their investment dollars. And

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Speaker 1: it might look like speculators are getting rich for a minute, right,

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Speaker 1: and that US board investors are missing out on all

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Speaker 1: the fun. We're sitting on the sidelines while folks out

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Speaker 1: there are making just like bookoos of dollars. But that

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Speaker 1: is until market conditions change and folks who are making

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Speaker 1: arrant bets with no real plan, they didn't have an

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Speaker 1: investment plan. They were just kind of like flying by

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Speaker 1: the seat of their pants, Yosemite samming it right, Pu

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Speaker 1: Pu Pu, like I'm gonna I'm gonna try this and

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Speaker 1: give this a shot. Well, it can be kind of

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Speaker 1: tough to watch other people making lots of money, But

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Speaker 1: the thing is when the tide changes and when the

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Speaker 1: market conditions change course, well, I feel like we've all

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Speaker 1: just experienced a crash course on the impact of speculation

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Speaker 1: that it can have on the market and on individual investors.

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Speaker 1: I feel like even some of our listeners have been forthright, Matt.

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Speaker 1: They've reached out to us and they've told us like, hey,

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Speaker 1: I didn't put it at all risk, but I lost

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Speaker 1: more than I would have liked to in crypto. And

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Speaker 1: so I think Warren's take on speculation is something we

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Speaker 1: all kind of need to probably continually relearn, but especially

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Speaker 1: in an era like today's. Yeah, and honestly, just even

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Speaker 1: aside in addition to a speculation, just investing with single

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Speaker 1: companies because you just might you might have a terrible

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Speaker 1: quarter or a terrible year, a terrible couple of years,

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Speaker 1: or there's accounting was cooking the books, and all of

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Speaker 1: a sudden, you've got a company like Enron that was

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Speaker 1: a legitimate company. It wasn't necessarily speculation. They were producing

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Speaker 1: an actual product, right, Because that's Warren Buffett's criticism of

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Speaker 1: Crypto is that there's no there's nothing actually being created.

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Speaker 1: But even still, it can be difficult to know which

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Speaker 1: of these companies to pick. So, like you said, he

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Speaker 1: recommends is that, like, yeah, I'm readily admitting that this

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Speaker 1: is all very difficult to do. Instead, basically, bet on

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Speaker 1: the American economy. It's a sure bet Adidas, Right, you

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Speaker 1: never know when those celebrity partnerships are going to blow

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Speaker 1: up and then the stock's going to tank. Those are

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Speaker 1: the things you can't predict. But let's talk about another

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Speaker 1: way that you should be approaching your investments, and warm

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Speaker 1: Buffett is all about extending the time frame of his investments.

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Speaker 1: Here's another quote for you. Someone sitting in the shade

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Speaker 1: today because someone plants it a tree a long time ago.

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Speaker 1: What he's saying here is that by investing now, by

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Speaker 1: taking the long term approach. You are planting that tree

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Speaker 1: for quote unquote future you. And honestly, I think the

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Speaker 1: reason that somebody folks avoid investing, it's not because they

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Speaker 1: don't have maybe a few dollars, you know that, Like,

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Speaker 1: it's not that they don't have a few disposable dollars

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Speaker 1: that they could opt to sock away into their four

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Speaker 1: own k or into their roth ira. It's that they

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Speaker 1: have a hard time just conceptualizing that proverbial seed turning

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Speaker 1: into a big old shade tree. And so the more

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Speaker 1: that we can just connect our current actions to the

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Speaker 1: future possibilities, the future reality of what we're going to

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Speaker 1: turn into and what we are going to need our

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Speaker 1: portfolios to turn into in order to be able to

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Speaker 1: support us, I think the more likely that you know,

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Speaker 1: we're going to be able to make the smarter, but

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Speaker 1: often more difficult moves of prioritizing that future shade over

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Speaker 1: the current discomforts of taking the steps necessary to make

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Speaker 1: sure that shade happens. Yeah, I think you're right, Matt.

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Speaker 1: More people could be investing at least something. It doesn't

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Speaker 1: have to be a ton, right, and we'll get to

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Speaker 1: that too, But it does take starting and it does

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Speaker 1: take regularity to beat a great investor, and the warm

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Speaker 1: Buffet approach takes that longer timeline, right. It takes the

429
00:20:41,240 --> 00:20:43,879
Speaker 1: understanding that trees don't grow overnight, that it's going to

430
00:20:43,920 --> 00:20:46,919
Speaker 1: take many decades until the little bit of sapling you

431
00:20:46,960 --> 00:20:49,800
Speaker 1: plan it turns into something meaningful, a place it will

432
00:20:49,800 --> 00:20:53,440
Speaker 1: actually provide any semblance of shade. But it takes that

433
00:20:53,640 --> 00:20:56,520
Speaker 1: in addition to patients and something else. That something that

434
00:20:56,560 --> 00:21:00,040
Speaker 1: Warren Buffet's mentor, Benjamin Graham Matt said that in a

435
00:21:00,119 --> 00:21:02,439
Speaker 1: short run, the stock market is a voting machine, but

436
00:21:02,480 --> 00:21:05,240
Speaker 1: in the long run it is a weighing machine. And

437
00:21:05,320 --> 00:21:08,680
Speaker 1: Warren's even simpler way of describing that phenomenon is when

438
00:21:08,680 --> 00:21:11,240
Speaker 1: he says that the stock market is a device to

439
00:21:11,280 --> 00:21:14,760
Speaker 1: transfer money from the impatient to the patient. And he

440
00:21:15,000 --> 00:21:17,439
Speaker 1: lives out this reality. You know, we talked just a

441
00:21:17,440 --> 00:21:20,160
Speaker 1: few weeks ago on the Friday flight. We talked about

442
00:21:20,200 --> 00:21:23,359
Speaker 1: how the average investor holds a stock position for like

443
00:21:23,400 --> 00:21:25,800
Speaker 1: ten months these days. He used to be five years

444
00:21:25,800 --> 00:21:29,560
Speaker 1: back in the nineteen seventies. But Buffett's holding period is

445
00:21:29,680 --> 00:21:33,680
Speaker 1: on average seventeen years, which is a major gap years. Yeah,

446
00:21:35,119 --> 00:21:38,119
Speaker 1: not mune, So he's holding whatever, whatever he buys, whatever

447
00:21:38,160 --> 00:21:41,720
Speaker 1: his investment is, he's holding it twenty times longer than

448
00:21:41,760 --> 00:21:44,280
Speaker 1: the average individual. And there's just a that's a big gap.

449
00:21:44,280 --> 00:21:46,560
Speaker 1: And if we're going to learn one thing from the

450
00:21:46,560 --> 00:21:50,520
Speaker 1: goat investor, it's to worry less about immediate results and

451
00:21:50,600 --> 00:21:53,399
Speaker 1: to have a longer timeline when it comes to evaluating

452
00:21:53,400 --> 00:21:55,439
Speaker 1: our success. Yeah. Yeah, And you know, the great thing

453
00:21:55,480 --> 00:21:57,800
Speaker 1: about going that route and being more patient when it

454
00:21:57,800 --> 00:22:00,880
Speaker 1: comes to the results means that you just worry less

455
00:22:00,960 --> 00:22:04,240
Speaker 1: about the short term market moves. You can worry less

456
00:22:04,280 --> 00:22:07,399
Speaker 1: about that volatility, you can tune out the advice giving,

457
00:22:07,440 --> 00:22:09,560
Speaker 1: stop pickers. You can even avoid looking at your four

458
00:22:09,560 --> 00:22:12,520
Speaker 1: own case statement. Most of the time. You can just

459
00:22:12,640 --> 00:22:16,359
Speaker 1: remain blissfully ignorant, knowing that doing the right thing by

460
00:22:16,400 --> 00:22:18,679
Speaker 1: buying and holding for the long term, that that's going

461
00:22:18,720 --> 00:22:21,359
Speaker 1: to pan out decades down the road. You don't need

462
00:22:21,400 --> 00:22:23,679
Speaker 1: to sweat the small stuff. Makes me think of like

463
00:22:23,680 --> 00:22:26,080
Speaker 1: our kids. I think oftentimes we can be so concerned

464
00:22:26,119 --> 00:22:28,760
Speaker 1: about making sure that they're eating right, like did they

465
00:22:29,119 --> 00:22:31,600
Speaker 1: did they take their vitamin? Oh, they got to cut

466
00:22:31,680 --> 00:22:34,680
Speaker 1: making sure that they're healing up fine. We're concerned about

467
00:22:34,680 --> 00:22:38,440
Speaker 1: our kids development essentially right, And it can be so

468
00:22:38,520 --> 00:22:41,679
Speaker 1: difficult to see the progress that they are making, that

469
00:22:41,680 --> 00:22:43,919
Speaker 1: they actually are growing up until you see maybe a

470
00:22:43,920 --> 00:22:45,560
Speaker 1: friend that you know that you haven't seen in a

471
00:22:45,600 --> 00:22:47,880
Speaker 1: long time. They're like, oh my gosh, and they're not

472
00:22:48,080 --> 00:22:49,840
Speaker 1: doing it just to be you know, do tho, Oh

473
00:22:49,840 --> 00:22:51,359
Speaker 1: my gosh, your kids so a big thing. Like they

474
00:22:51,560 --> 00:22:55,439
Speaker 1: truly are amazed at how quickly our kids are just

475
00:22:55,640 --> 00:22:58,320
Speaker 1: sprouting up, or even when we're fed those like Google

476
00:22:58,560 --> 00:23:01,720
Speaker 1: memories and the from like three years ago, and it's

477
00:23:01,760 --> 00:23:05,919
Speaker 1: impossible not to think that happened quick Yeah, yeah, you're right,

478
00:23:06,000 --> 00:23:08,080
Speaker 1: And so I think on a day to day basis,

479
00:23:08,080 --> 00:23:10,280
Speaker 1: it's hard to see the progress. But when we step

480
00:23:10,320 --> 00:23:12,439
Speaker 1: out and we take a longer timeline, it's amazing to

481
00:23:12,440 --> 00:23:14,760
Speaker 1: see the kind of progress that happens just from a

482
00:23:14,880 --> 00:23:17,640
Speaker 1: human development standpoint with our kids, but but also with

483
00:23:17,760 --> 00:23:20,440
Speaker 1: like wealth building. When you look just month to month

484
00:23:20,520 --> 00:23:22,040
Speaker 1: or week to week, and if we're checking our statements

485
00:23:22,080 --> 00:23:24,280
Speaker 1: all the time, it can feel a little disappointing because

486
00:23:24,280 --> 00:23:26,280
Speaker 1: it doesn't feel like the progress is happening quickly. I

487
00:23:26,280 --> 00:23:27,960
Speaker 1: think it can be maddening. Yeah, right, Like what is

488
00:23:27,960 --> 00:23:30,800
Speaker 1: it a watchpot never boils Yeah, like you're you're just

489
00:23:30,840 --> 00:23:33,800
Speaker 1: like waiting for It's just like where the compound or turns.

490
00:23:33,840 --> 00:23:36,119
Speaker 1: I've heard about this this wonder, eighth wonder of the

491
00:23:36,119 --> 00:23:38,600
Speaker 1: world or whatever, but there's just some frustration because it's

492
00:23:38,600 --> 00:23:40,919
Speaker 1: not happening as quickly as you might, you know, as

493
00:23:40,960 --> 00:23:43,160
Speaker 1: you might hope it would. Yeah, okay. So the lady

494
00:23:43,200 --> 00:23:46,520
Speaker 1: who wrote his biography, her name was Alice Schroeder, and

495
00:23:46,560 --> 00:23:49,400
Speaker 1: she had this quote in there and said it said

496
00:23:49,480 --> 00:23:51,960
Speaker 1: life is like a snowball. All you need is wet

497
00:23:51,960 --> 00:23:54,800
Speaker 1: snow in a really long hill. And that just defines

498
00:23:55,000 --> 00:23:57,880
Speaker 1: I think Buffet's approach to investing and approach to kind

499
00:23:57,880 --> 00:24:01,200
Speaker 1: of the reality of compounding, And for some reason made

500
00:24:01,200 --> 00:24:02,920
Speaker 1: me think of like Forrest Gump, Like life it's like

501
00:24:02,920 --> 00:24:05,160
Speaker 1: a box of Chocolate's life is like a snowballs lack

502
00:24:05,200 --> 00:24:08,800
Speaker 1: of snowball, but like compounding is just under if Forest

503
00:24:08,840 --> 00:24:11,040
Speaker 1: Gump would be allowed to be released today. Oh that's

504
00:24:11,040 --> 00:24:14,000
Speaker 1: a good question. Makes me want to go back and

505
00:24:14,000 --> 00:24:16,280
Speaker 1: watch it. Yeah, it's been so long. Yeah, it's same. Well,

506
00:24:16,680 --> 00:24:18,720
Speaker 1: I mean it just it helps you realize just that

507
00:24:19,040 --> 00:24:22,360
Speaker 1: the compounding really comes about by investing regularly, but then

508
00:24:22,400 --> 00:24:26,720
Speaker 1: also just by your ability to be incredibly patient. And

509
00:24:27,400 --> 00:24:28,919
Speaker 1: it reminds me of a story I saw about a

510
00:24:28,960 --> 00:24:30,879
Speaker 1: mother Matt like, but she wasn't just a mother, she

511
00:24:30,960 --> 00:24:34,160
Speaker 1: was a grandmother and then a great grandmother as well.

512
00:24:34,200 --> 00:24:36,600
Speaker 1: As it turns out, not only did she have eleven

513
00:24:36,680 --> 00:24:39,119
Speaker 1: kids of her own, but those kids had fifty six grandkids,

514
00:24:39,560 --> 00:24:42,000
Speaker 1: which first of all, let's just start with eleven kids, Like,

515
00:24:42,040 --> 00:24:44,760
Speaker 1: that's just that's kind of mind numbing, that's hireful in

516
00:24:44,760 --> 00:24:47,040
Speaker 1: procreation right there, right, Yeah, that's a lot of kids

517
00:24:47,040 --> 00:24:50,040
Speaker 1: to have. But and then like then fifty six grandkids.

518
00:24:50,080 --> 00:24:53,080
Speaker 1: But then those kids had one hundred great grandkids, which

519
00:24:53,520 --> 00:24:55,520
Speaker 1: equals his family of one hundred and sixty seven, not

520
00:24:55,560 --> 00:24:59,080
Speaker 1: even counting spouses. And that's crazy. I think it's physically

521
00:24:59,080 --> 00:25:02,480
Speaker 1: impossible for an individual mother to give birth to that

522
00:25:02,520 --> 00:25:04,480
Speaker 1: many children on her own. But with a little time

523
00:25:04,480 --> 00:25:05,960
Speaker 1: and patience, you're talking about a lot of people. And

524
00:25:05,960 --> 00:25:09,680
Speaker 1: so it's just kind of a goofy example. But similarly,

525
00:25:09,680 --> 00:25:11,520
Speaker 1: like when a snowball starts from rolling down a hill,

526
00:25:11,760 --> 00:25:13,880
Speaker 1: that snow attracts more snow, you've got this like really

527
00:25:14,040 --> 00:25:17,719
Speaker 1: large snowball over time, and the same thing happens with

528
00:25:17,880 --> 00:25:20,960
Speaker 1: our money. It feels small, it feels incremental, especially in

529
00:25:21,040 --> 00:25:23,760
Speaker 1: those first year, the first the first decade, and we

530
00:25:23,840 --> 00:25:26,800
Speaker 1: talk to any investor and it's that first hundred thousand

531
00:25:26,920 --> 00:25:29,000
Speaker 1: or whatever that's the toughest to get to. And then

532
00:25:29,000 --> 00:25:31,160
Speaker 1: it's amazing, like a few years later that money working

533
00:25:31,200 --> 00:25:34,000
Speaker 1: on your behalf started gain in speed. Yeah, it's this

534
00:25:34,080 --> 00:25:38,280
Speaker 1: speed happens. The rapidity of your asset accumulation starts to

535
00:25:38,280 --> 00:25:40,520
Speaker 1: happen so much more quickly. Yeah. And this so sort

536
00:25:40,520 --> 00:25:41,720
Speaker 1: of like going back to the mother, it's not the

537
00:25:41,800 --> 00:25:43,560
Speaker 1: number of kids that well, in her case, she didn't

538
00:25:43,560 --> 00:25:45,399
Speaker 1: have a lot of kids. I guess like eleven kids,

539
00:25:45,400 --> 00:25:47,880
Speaker 1: but she definitely didn't have one hundred and whatever sixty seven.

540
00:25:48,160 --> 00:25:50,480
Speaker 1: It's not that she had all those kids. It's that

541
00:25:50,560 --> 00:25:54,000
Speaker 1: her kids and then those kids that they all had kids, right,

542
00:25:54,040 --> 00:25:56,600
Speaker 1: and so it's not necessarily the very fertile family. So

543
00:25:56,720 --> 00:26:01,000
Speaker 1: we're talking about so we're talking about gains upon your gains. Right,

544
00:26:01,040 --> 00:26:03,320
Speaker 1: it's not the fact that you are going to have

545
00:26:03,359 --> 00:26:06,879
Speaker 1: the ability to earn millions of dollars, but the money

546
00:26:06,960 --> 00:26:09,320
Speaker 1: that you do earn and the money that you do invest, well,

547
00:26:09,480 --> 00:26:11,119
Speaker 1: it's going to work for you. It's you're going to

548
00:26:11,160 --> 00:26:13,119
Speaker 1: see a return on that money, and then that money

549
00:26:13,160 --> 00:26:15,600
Speaker 1: is gonna combine with the money that you did set aside,

550
00:26:15,600 --> 00:26:19,080
Speaker 1: and it's all gonna build upon itself. And compounding is

551
00:26:19,080 --> 00:26:20,240
Speaker 1: just one of those things that I think we have

552
00:26:20,280 --> 00:26:23,600
Speaker 1: a hard time grasping. We understand incremental growth, but when

553
00:26:23,600 --> 00:26:26,920
Speaker 1: you start layering and adding things upon other things, that's

554
00:26:26,920 --> 00:26:29,679
Speaker 1: when it kind of short circuits are brains to a

555
00:26:29,680 --> 00:26:31,480
Speaker 1: certain extent, and things go off the rails. Makes me

556
00:26:31,480 --> 00:26:33,760
Speaker 1: think about like my first my first real job. I'm

557
00:26:33,800 --> 00:26:35,800
Speaker 1: pretty sure my salary was like twenty four thousand dollars

558
00:26:35,840 --> 00:26:38,600
Speaker 1: a year. Like it was. It was not great, but

559
00:26:38,680 --> 00:26:41,960
Speaker 1: I had I was putting in six percent of my

560
00:26:42,040 --> 00:26:44,720
Speaker 1: paycheck and my employer match three percent. And when you think,

561
00:26:44,720 --> 00:26:47,159
Speaker 1: I'm just curious to know those dollars, I guess I

562
00:26:47,160 --> 00:26:49,359
Speaker 1: could go back and do the math. But those dollars

563
00:26:49,400 --> 00:26:52,080
Speaker 1: they felt very limited. But at the time, yeah, like

564
00:26:52,119 --> 00:26:54,399
Speaker 1: it's like I'm not doing a whole lot, but what

565
00:26:54,520 --> 00:26:57,560
Speaker 1: it was able to multiply into over the years, just

566
00:26:57,640 --> 00:27:01,840
Speaker 1: because by dint of in I started by like where

567
00:27:01,840 --> 00:27:06,160
Speaker 1: the market was basically eighteen years ago, Like those dollars

568
00:27:06,240 --> 00:27:09,720
Speaker 1: have probably tripled or quadrupled by this point in time,

569
00:27:10,040 --> 00:27:12,920
Speaker 1: which is I mean, pretty incredible to think about, even

570
00:27:13,240 --> 00:27:16,520
Speaker 1: even starting small, Like, I think that that gives me hope, right,

571
00:27:16,800 --> 00:27:19,080
Speaker 1: and that should give all investors hope. Then even just

572
00:27:19,119 --> 00:27:21,840
Speaker 1: when you begin with very little, it can amount to

573
00:27:21,920 --> 00:27:24,159
Speaker 1: a whole lot. Totally For early investors, I think it

574
00:27:24,200 --> 00:27:25,919
Speaker 1: can be really difficult. But even kind of where we are,

575
00:27:25,960 --> 00:27:28,040
Speaker 1: we're kind of like more in the middle of our careers,

576
00:27:28,080 --> 00:27:31,159
Speaker 1: and that's I think this is the period when you

577
00:27:31,200 --> 00:27:33,400
Speaker 1: do start to see some of that speed increase, Like

578
00:27:33,520 --> 00:27:35,720
Speaker 1: you start to see more gains, and you do get

579
00:27:35,760 --> 00:27:38,800
Speaker 1: to witness your money starting to work harder than you

580
00:27:38,800 --> 00:27:41,560
Speaker 1: would have ever imagined at working for you. Like honestly,

581
00:27:41,600 --> 00:27:43,359
Speaker 1: even just money that I've got set aside in a

582
00:27:43,359 --> 00:27:46,720
Speaker 1: savings account, a interest rates are going up, so it's

583
00:27:46,760 --> 00:27:48,760
Speaker 1: nice to see a higher return there. But just as

584
00:27:48,840 --> 00:27:51,560
Speaker 1: you set aside a fat emergency fund to handle in

585
00:27:51,600 --> 00:27:53,320
Speaker 1: our case, we'd like to keep six to nine months

586
00:27:53,359 --> 00:27:56,080
Speaker 1: worth of living expenses in there every month, it's really

587
00:27:56,080 --> 00:27:57,919
Speaker 1: cool to see the you know what it is that

588
00:27:57,960 --> 00:27:59,960
Speaker 1: we're earning on that money, and that's just on saving.

589
00:28:00,000 --> 00:28:03,400
Speaker 1: So we're talking about investing here, So let's keep talking

590
00:28:03,440 --> 00:28:05,399
Speaker 1: about some of these different lifeless lessons that you can

591
00:28:05,480 --> 00:28:09,440
Speaker 1: learn from Warren Buffet. Something else that's cool about Buffet

592
00:28:09,520 --> 00:28:11,159
Speaker 1: is that, you know, we kind of talked about his

593
00:28:11,840 --> 00:28:14,880
Speaker 1: partner in crime, Charlie Munger. Warren, I think he would

594
00:28:14,920 --> 00:28:18,000
Speaker 1: have been great without Charlie. He was fairly successful before

595
00:28:18,080 --> 00:28:20,000
Speaker 1: they met. I think talked to a solid start before

596
00:28:20,040 --> 00:28:23,240
Speaker 1: they like he was he was an attorney. But I

597
00:28:23,280 --> 00:28:25,440
Speaker 1: don't think either one of them would be what they

598
00:28:25,480 --> 00:28:28,280
Speaker 1: are today if it wasn't for that partnership. And so

599
00:28:28,320 --> 00:28:29,920
Speaker 1: I think there's a little lesson for us to tease

600
00:28:29,920 --> 00:28:34,480
Speaker 1: out here, because surrounding yourself with brilliant folks and honestly

601
00:28:34,560 --> 00:28:37,160
Speaker 1: individuals who challenge the way that you think about things,

602
00:28:37,680 --> 00:28:40,400
Speaker 1: that that can be so incredibly valuable. Warren Buffett. He

603
00:28:40,440 --> 00:28:42,920
Speaker 1: said at one point that we've had nothing but fun together,

604
00:28:43,640 --> 00:28:46,000
Speaker 1: and I think their relationship it's admirable, and I think

605
00:28:46,000 --> 00:28:49,200
Speaker 1: it's something that we can all learn something from. It

606
00:28:49,280 --> 00:28:52,080
Speaker 1: just makes me think of the power of community as well, Joe.

607
00:28:52,160 --> 00:28:55,080
Speaker 1: And when you've got individuals who you're you're doing life with,

608
00:28:55,200 --> 00:28:58,560
Speaker 1: you've got shared goals, Well, the way that you achieve

609
00:28:58,640 --> 00:29:01,560
Speaker 1: those goals might differ from person to person, but when

610
00:29:01,600 --> 00:29:03,880
Speaker 1: you have similar goals laid out off into the future,

611
00:29:04,400 --> 00:29:07,040
Speaker 1: I think that can be incredibly helpful when it comes

612
00:29:07,040 --> 00:29:10,240
Speaker 1: to the ability to keep you accountable. And one of

613
00:29:10,240 --> 00:29:13,320
Speaker 1: the cool things too about Munger, about Charlie Munger, Warren

614
00:29:13,360 --> 00:29:16,080
Speaker 1: and Charlie have both said that they're basically each other's

615
00:29:16,080 --> 00:29:19,240
Speaker 1: alter egos, and so I think what's cool about that

616
00:29:19,440 --> 00:29:23,520
Speaker 1: is they found in each other complimentary skill sets. And

617
00:29:23,760 --> 00:29:26,000
Speaker 1: what's cool is that I feel like you and I.

618
00:29:26,000 --> 00:29:27,920
Speaker 1: I don't know. I was just thinking that I don't know,

619
00:29:27,960 --> 00:29:30,520
Speaker 1: I get my Monger since I'm slightly older, you are

620
00:29:32,480 --> 00:29:36,640
Speaker 1: like the older, older route your guy with fewer words

621
00:29:36,680 --> 00:29:39,080
Speaker 1: to share. But I think they recognize that and they

622
00:29:39,120 --> 00:29:40,680
Speaker 1: were able to lean into that and in the same

623
00:29:40,680 --> 00:29:43,000
Speaker 1: way I think you and I man our relationship. I

624
00:29:43,080 --> 00:29:45,680
Speaker 1: guarantee that I would not be where I am with

625
00:29:45,720 --> 00:29:48,000
Speaker 1: my financial goals if I, you know, if Kate and

626
00:29:48,000 --> 00:29:49,960
Speaker 1: I hadn't met you and Emily, and yeah, you know,

627
00:29:50,040 --> 00:29:52,000
Speaker 1: I'm thinking maybe you say the same thing completely but

628
00:29:52,120 --> 00:29:56,120
Speaker 1: completely even just leaning into those complimentmentary skill sets, whether

629
00:29:56,120 --> 00:29:58,440
Speaker 1: you're looking for like a significant other or in our case,

630
00:29:58,480 --> 00:30:00,480
Speaker 1: like a business partner, I think that can be incredibly

631
00:30:00,480 --> 00:30:02,720
Speaker 1: when we started off as just friends and not business partners,

632
00:30:02,920 --> 00:30:04,640
Speaker 1: and that friendship has led to a lot of great things,

633
00:30:04,720 --> 00:30:06,840
Speaker 1: including just one of the byproducts, really I think has

634
00:30:06,880 --> 00:30:10,200
Speaker 1: been better financial habits, right as we've kind of like

635
00:30:10,280 --> 00:30:12,640
Speaker 1: challenged each other in different ways, but then growing the

636
00:30:12,640 --> 00:30:14,480
Speaker 1: business together. Like the business like what we're what we're

637
00:30:14,480 --> 00:30:16,360
Speaker 1: doing here wouldn't be the same if one of us

638
00:30:16,400 --> 00:30:18,440
Speaker 1: were trying to go it alone, that's for sure, and

639
00:30:18,480 --> 00:30:21,640
Speaker 1: so it initially it was more like small potata personal wins. Yeah,

640
00:30:21,640 --> 00:30:24,040
Speaker 1: we've kind of seen that like grow into like something bigger. Yeah,

641
00:30:24,120 --> 00:30:26,200
Speaker 1: for sure. Totally fun. I mean, I don't know that

642
00:30:26,240 --> 00:30:29,240
Speaker 1: we'll ever be as influential as as Warren and Charlie,

643
00:30:29,480 --> 00:30:32,960
Speaker 1: but pretty much guarantee that we won't. But it's cool,

644
00:30:32,960 --> 00:30:34,680
Speaker 1: like we get to enjoy what we do and we

645
00:30:34,720 --> 00:30:37,200
Speaker 1: get to help people every single week, which is something

646
00:30:37,240 --> 00:30:39,280
Speaker 1: we're passionate about, and we get to kind of like

647
00:30:39,680 --> 00:30:41,400
Speaker 1: enjoy it and spur each other on at the same time.

648
00:30:41,880 --> 00:30:44,040
Speaker 1: Something something else that I love about warm Bufett by

649
00:30:44,040 --> 00:30:47,320
Speaker 1: the ways that he's always willing to admit his mistakes

650
00:30:47,320 --> 00:30:51,320
Speaker 1: and he uses the word mistake a lot in his letters. Actually,

651
00:30:51,680 --> 00:30:54,560
Speaker 1: especially in this year, he used it quite a bit,

652
00:30:54,640 --> 00:30:57,360
Speaker 1: which just really shows to me that he's a humble guy.

653
00:30:57,760 --> 00:31:00,960
Speaker 1: And he says that studying the company's stakes with his

654
00:31:01,000 --> 00:31:04,400
Speaker 1: partner Monger is more important than analyzing their successes. And

655
00:31:04,440 --> 00:31:05,720
Speaker 1: I think there's a lot of truth in that. I

656
00:31:05,760 --> 00:31:08,160
Speaker 1: think there's a lot of benefit to analyzing your mistakes.

657
00:31:08,400 --> 00:31:10,280
Speaker 1: Not many of us want to do that or are

658
00:31:10,320 --> 00:31:12,880
Speaker 1: prone to do that, though, And while knowing what is

659
00:31:12,920 --> 00:31:15,959
Speaker 1: working is a helpful thing, well, I would say figuring

660
00:31:16,000 --> 00:31:19,040
Speaker 1: out why your endeavor fell short can be even more

661
00:31:19,080 --> 00:31:21,760
Speaker 1: helpful when it comes to moving forward and you know,

662
00:31:21,880 --> 00:31:25,320
Speaker 1: achieving more success in the future. That's right. Yeah, So

663
00:31:25,400 --> 00:31:27,160
Speaker 1: we're kind of talking about some of these life lessons.

664
00:31:27,200 --> 00:31:29,600
Speaker 1: I guess we're kind of veering off course from from

665
00:31:29,840 --> 00:31:32,680
Speaker 1: investing territory, but these are important to point out. I think.

666
00:31:32,720 --> 00:31:34,880
Speaker 1: I think it just shows that he's more than just

667
00:31:35,360 --> 00:31:37,560
Speaker 1: a great investor, Like he has other things to such

668
00:31:37,680 --> 00:31:39,680
Speaker 1: us about running a business, about how to live a

669
00:31:39,720 --> 00:31:42,800
Speaker 1: successful life. And we don't agree with or we're not

670
00:31:42,840 --> 00:31:45,479
Speaker 1: trying to, like you said, emulate everything that he's done,

671
00:31:45,680 --> 00:31:49,120
Speaker 1: but we also think he's got he's got more to give. Yeah,

672
00:31:49,160 --> 00:31:52,720
Speaker 1: than justified index. Yeah, and he's more than just a

673
00:31:52,720 --> 00:31:55,920
Speaker 1: great numbers nerd. But along the line again of life lessons,

674
00:31:55,920 --> 00:31:58,000
Speaker 1: I think one of the hardest things in personal finance

675
00:31:58,600 --> 00:32:02,600
Speaker 1: is to not move the goalposts. Specifically, I'm talking about

676
00:32:02,840 --> 00:32:06,080
Speaker 1: intentional spending here. It can be so easy to let

677
00:32:06,160 --> 00:32:10,520
Speaker 1: lifestyle creep increase, causing us to change our habits and

678
00:32:10,560 --> 00:32:13,680
Speaker 1: to start spending more than we should, and then we

679
00:32:13,760 --> 00:32:18,600
Speaker 1: just end up falling into consumeristic behaviors that ultimately undermine

680
00:32:18,680 --> 00:32:21,160
Speaker 1: our offancial progress, and they don't really lead to any

681
00:32:21,160 --> 00:32:24,320
Speaker 1: additional happiness. And it sure seems like Warren has been

682
00:32:24,360 --> 00:32:27,520
Speaker 1: able to avoid that lifestyle creep. He's been able to

683
00:32:27,520 --> 00:32:30,240
Speaker 1: avoid moving those goalposts, at least from where we're sitting.

684
00:32:30,640 --> 00:32:32,880
Speaker 1: I know he seems like he's still eats McDonald's pretty

685
00:32:32,960 --> 00:32:35,720
Speaker 1: much like every every single day. Yeah, I don't think

686
00:32:35,720 --> 00:32:40,720
Speaker 1: he's the font of healthy living in that regard. He would.

687
00:32:40,800 --> 00:32:44,520
Speaker 1: He would make a really bad TikTok nutrition influencer. He

688
00:32:44,560 --> 00:32:46,840
Speaker 1: lives in the same house in Omaha that he bought

689
00:32:46,880 --> 00:32:51,480
Speaker 1: back in nineteen fifty eight. Could he afford something bigger, something,

690
00:32:51,680 --> 00:32:56,040
Speaker 1: something a little more updated, something nicer. Absolutely, that's an understatement.

691
00:32:56,040 --> 00:32:58,760
Speaker 1: To say that he could afford a different house. And granted,

692
00:32:58,800 --> 00:33:01,000
Speaker 1: I'm sure he's got plenty of houses, probably all around

693
00:33:01,000 --> 00:33:03,120
Speaker 1: the world. I know he's got a beach house shopping,

694
00:33:03,160 --> 00:33:04,320
Speaker 1: but I don't know that he has a ton of

695
00:33:04,320 --> 00:33:06,320
Speaker 1: houses either. I'm not sure that's a good questions. But

696
00:33:06,560 --> 00:33:09,320
Speaker 1: considering he's the fifth wealthiest person in the entire world,

697
00:33:09,480 --> 00:33:13,720
Speaker 1: he could own entire countries. Yeah, essentially, it's it's okay

698
00:33:13,760 --> 00:33:15,640
Speaker 1: if he has a few house, if he's got a

699
00:33:15,680 --> 00:33:18,160
Speaker 1: beach house, or if he's got a mountain house. It

700
00:33:18,240 --> 00:33:21,560
Speaker 1: seems that he still takes joy in the simple pleasures

701
00:33:21,640 --> 00:33:23,480
Speaker 1: and that he's able to spend money in the ways

702
00:33:23,520 --> 00:33:26,120
Speaker 1: that bring him the most happiness. Yea, and not just

703
00:33:26,280 --> 00:33:28,360
Speaker 1: spending to try to fill a hole, to try to

704
00:33:28,560 --> 00:33:31,360
Speaker 1: make himself happier, to try to like get a dopamine rush,

705
00:33:31,680 --> 00:33:34,560
Speaker 1: which is what a lot of well, I sly a

706
00:33:34,600 --> 00:33:37,320
Speaker 1: lot of people are are are chasing right through their consumption.

707
00:33:37,840 --> 00:33:40,080
Speaker 1: Is that dope meine hit that's going to give them

708
00:33:40,080 --> 00:33:41,920
Speaker 1: a feeling for a short period of time, But then

709
00:33:41,920 --> 00:33:43,600
Speaker 1: you got to go back to the well and that

710
00:33:43,640 --> 00:33:45,479
Speaker 1: creates some of that livestock creep. It makes it really

711
00:33:45,560 --> 00:33:48,040
Speaker 1: hard it's and I'm not gonna lie. Like, even as

712
00:33:48,040 --> 00:33:50,560
Speaker 1: someone who's intentional about this or attempts to be intentional

713
00:33:50,600 --> 00:33:54,120
Speaker 1: about this, it's not easy right to spend intentionally to

714
00:33:54,160 --> 00:33:56,840
Speaker 1: not move the goalposts. I think it is human nature

715
00:33:56,920 --> 00:34:00,080
Speaker 1: to get more and then want more and so but

716
00:34:00,120 --> 00:34:02,080
Speaker 1: I think calling it out that the one of the

717
00:34:02,120 --> 00:34:04,160
Speaker 1: world's richest man has been able to keep this in check,

718
00:34:04,480 --> 00:34:07,240
Speaker 1: it just says like, hey, you don't have to inflate

719
00:34:07,280 --> 00:34:10,040
Speaker 1: your lifestyle just because you got a raise. You don't

720
00:34:10,080 --> 00:34:13,880
Speaker 1: have to change your desires just because you have more

721
00:34:13,880 --> 00:34:15,560
Speaker 1: money in the bank. And I think Warren Buffett is

722
00:34:15,600 --> 00:34:17,719
Speaker 1: a great example of that. And one of the things

723
00:34:17,719 --> 00:34:20,040
Speaker 1: he said, Matt, he talks about contentedness, and he says,

724
00:34:20,280 --> 00:34:22,799
Speaker 1: the big question about how people behave is whether they've

725
00:34:22,800 --> 00:34:26,320
Speaker 1: got an inner scorecard or an outer scorecard. It helps

726
00:34:26,440 --> 00:34:29,880
Speaker 1: if you can be satisfied with an inner scorecard. And basically,

727
00:34:29,920 --> 00:34:32,640
Speaker 1: if anyone could flaunt their wealth but chooses not to

728
00:34:33,200 --> 00:34:36,239
Speaker 1: because his inner scorecard is maxed out, it's Warren right,

729
00:34:36,280 --> 00:34:39,839
Speaker 1: And he's not trying to impress anyone. He's not wearing

730
00:34:39,880 --> 00:34:44,040
Speaker 1: fancy suits, he doesn't care about the fanciest new trends

731
00:34:44,160 --> 00:34:46,759
Speaker 1: in anything, And I don't know, I think that says

732
00:34:46,760 --> 00:34:48,440
Speaker 1: a lot about him, and I think that's something we

733
00:34:48,440 --> 00:34:50,160
Speaker 1: can all learn from. That's right. Yeah, I don't know

734
00:34:50,200 --> 00:34:52,520
Speaker 1: him personally, but it certainly seems like he's a very

735
00:34:52,520 --> 00:34:55,600
Speaker 1: content gentleman. But we have a few additional lessons that

736
00:34:55,600 --> 00:34:57,600
Speaker 1: we're going to get to here right after the break,

737
00:34:57,640 --> 00:35:01,399
Speaker 1: including the ability to focus on the things that matter.

738
00:35:01,440 --> 00:35:03,439
Speaker 1: Will get to that, plus a couple of others right

739
00:35:03,440 --> 00:35:14,960
Speaker 1: after this. All right, we're back. We're still talking Buffett

740
00:35:15,080 --> 00:35:16,840
Speaker 1: here and kind of talking about some of the lessons

741
00:35:16,840 --> 00:35:19,399
Speaker 1: that we can learn Buffet Bainter from the investment goat,

742
00:35:19,560 --> 00:35:22,600
Speaker 1: like he really there's just so much I admire about

743
00:35:22,600 --> 00:35:24,800
Speaker 1: Warren Buffett. But in just a second, we're going to

744
00:35:24,840 --> 00:35:26,759
Speaker 1: talk about the limitations of what he can teach us.

745
00:35:27,080 --> 00:35:28,960
Speaker 1: But let's let's hit a few more things, Matt that

746
00:35:28,960 --> 00:35:31,560
Speaker 1: we can all learn from one of the greats. Was

747
00:35:31,560 --> 00:35:35,080
Speaker 1: we're kind of assessing his life, assessing his investment style,

748
00:35:35,600 --> 00:35:37,440
Speaker 1: and so I feel like we've already done a lot

749
00:35:37,480 --> 00:35:38,920
Speaker 1: in the investment front, but let's hit a few more

750
00:35:38,960 --> 00:35:41,160
Speaker 1: things that we can all learn from one of the greats.

751
00:35:41,400 --> 00:35:43,719
Speaker 1: And one of those things that it stands out to

752
00:35:43,760 --> 00:35:47,640
Speaker 1: me is that Warren he realizes that taxes they just

753
00:35:47,760 --> 00:35:51,399
Speaker 1: mean that you've been successful, and you don't often hear

754
00:35:51,440 --> 00:35:54,040
Speaker 1: people get excited to pay their taxes. I still haven't

755
00:35:54,040 --> 00:35:56,560
Speaker 1: filed mine yet this year, and I'm not necessarily looking

756
00:35:56,600 --> 00:35:59,000
Speaker 1: forward to it. But Warren he said it this year's

757
00:35:59,000 --> 00:36:02,720
Speaker 1: annual meeting that at Berkshire, which again it's the company owns,

758
00:36:02,960 --> 00:36:05,200
Speaker 1: we hope and expect to pay much more in taxes

759
00:36:05,239 --> 00:36:08,840
Speaker 1: during the next decade. Hope and expect. I was like, dude,

760
00:36:08,920 --> 00:36:11,319
Speaker 1: the fact that you hope to pay more taxes. Again,

761
00:36:11,360 --> 00:36:13,439
Speaker 1: you never hear anybody's talk like that. And I think,

762
00:36:13,600 --> 00:36:14,960
Speaker 1: but I think it's a really good way of looking

763
00:36:14,960 --> 00:36:17,240
Speaker 1: at things. And I think it's a really good way

764
00:36:17,440 --> 00:36:20,879
Speaker 1: of kind of thinking about the even your tax bill right,

765
00:36:20,920 --> 00:36:23,840
Speaker 1: that's due coming up soon next month. And you know,

766
00:36:23,880 --> 00:36:27,120
Speaker 1: we live in an incredible country, basically full of opportunity,

767
00:36:27,320 --> 00:36:30,200
Speaker 1: and with great privilege comes great responsibility. What does that

768
00:36:30,280 --> 00:36:33,439
Speaker 1: spider man right, something like that? Yeah, right, Parker, Peter Barker, Yeah,

769
00:36:33,480 --> 00:36:36,160
Speaker 1: And so like it's it's more than okay, we would

770
00:36:36,160 --> 00:36:38,600
Speaker 1: say to use tax efficient vehicles and to be smart

771
00:36:38,640 --> 00:36:40,279
Speaker 1: on the tax planning front. We talk about that kind

772
00:36:40,280 --> 00:36:41,840
Speaker 1: of stuff on the show. We don't want you to

773
00:36:41,920 --> 00:36:45,680
Speaker 1: pay taxes unnecessarily or to avoid investing in the best

774
00:36:45,719 --> 00:36:49,240
Speaker 1: accounts because you are choosing to pay more in taxes

775
00:36:49,320 --> 00:36:51,239
Speaker 1: for some reason than you owe. But it's also good

776
00:36:51,239 --> 00:36:53,840
Speaker 1: to see that a bigger tax bill. It's not the

777
00:36:53,880 --> 00:36:55,600
Speaker 1: worst thing in the world, and it typically it means

778
00:36:55,640 --> 00:36:59,279
Speaker 1: that you're thriving inside of a really fortunate system that

779
00:36:59,440 --> 00:37:02,719
Speaker 1: does up a lot of people for success, right, And

780
00:37:02,960 --> 00:37:06,120
Speaker 1: so I think Warren's ability to see that, to recognize

781
00:37:06,120 --> 00:37:08,680
Speaker 1: that is a good thing, and it's something it's gonna

782
00:37:08,680 --> 00:37:10,319
Speaker 1: make It's gonna make me feel a little differently about

783
00:37:10,360 --> 00:37:12,279
Speaker 1: April eighteenth this year met By the way, I think

784
00:37:12,280 --> 00:37:15,719
Speaker 1: it's with great power comes great responsibility. Oh okay, my bad,

785
00:37:15,960 --> 00:37:18,480
Speaker 1: it could be privilege. I forget though. I think you're

786
00:37:18,560 --> 00:37:20,560
Speaker 1: right now. I think it's a great power. Yeah. But

787
00:37:20,600 --> 00:37:23,000
Speaker 1: then let's talk about what Warren does with the billions

788
00:37:23,080 --> 00:37:25,719
Speaker 1: of dollars that he's amassed. Well, we know he's not

789
00:37:25,760 --> 00:37:29,360
Speaker 1: inflating his lifestyle in a significant way. Instead, he is

790
00:37:29,400 --> 00:37:32,920
Speaker 1: giving a lot of that money away. He's actually given

791
00:37:33,120 --> 00:37:36,480
Speaker 1: away more than forty eight billion dollars at this point,

792
00:37:36,520 --> 00:37:39,600
Speaker 1: but he's not planning to stop there. He's signed the

793
00:37:40,120 --> 00:37:43,440
Speaker 1: Giving Pledge, and that means that he's committed to giving

794
00:37:43,480 --> 00:37:46,920
Speaker 1: away ninety nine percent of his wealth when he dies.

795
00:37:47,040 --> 00:37:49,239
Speaker 1: He signed that back in two thousand and six, and

796
00:37:49,280 --> 00:37:51,520
Speaker 1: when he signed it, he said that were we to

797
00:37:51,640 --> 00:37:55,200
Speaker 1: use more than one percent on ourselves, neither our happiness

798
00:37:55,440 --> 00:37:58,560
Speaker 1: nor our well being would be advanced. This ninety nine

799
00:37:58,560 --> 00:38:01,240
Speaker 1: percent can have a huge impact on health and welfare

800
00:38:01,280 --> 00:38:05,080
Speaker 1: of others. And I think that's true. Well, I mean,

801
00:38:05,120 --> 00:38:08,200
Speaker 1: when you when you are that wealthy, like what difference

802
00:38:08,200 --> 00:38:10,600
Speaker 1: will those additional dollars make in their lives? And he

803
00:38:10,640 --> 00:38:13,759
Speaker 1: even acknowledged how his gift is a less difficult commitment

804
00:38:14,200 --> 00:38:18,040
Speaker 1: than most families when when they are giving their money away.

805
00:38:18,480 --> 00:38:20,520
Speaker 1: And so we wanted to touch on this because I

806
00:38:20,760 --> 00:38:22,759
Speaker 1: feel like in the past we've sort of crapped on

807
00:38:22,840 --> 00:38:26,400
Speaker 1: Warren before just about the incredible amounts of wealth that

808
00:38:26,520 --> 00:38:30,640
Speaker 1: he has accumulated. But he has committed to giving it away.

809
00:38:30,640 --> 00:38:33,560
Speaker 1: He's signed the Giving Pledge, and we are all about giving,

810
00:38:33,560 --> 00:38:35,640
Speaker 1: and you know, we think it creates just a more

811
00:38:35,760 --> 00:38:38,440
Speaker 1: healthy relationship with your money. And we actually have a

812
00:38:38,440 --> 00:38:41,440
Speaker 1: great article up on the website. It details how it

813
00:38:41,560 --> 00:38:44,760
Speaker 1: is that you can go about giving away your money

814
00:38:44,760 --> 00:38:46,239
Speaker 1: and how it's an awesome thing. We'll make sure it

815
00:38:46,280 --> 00:38:48,960
Speaker 1: a link to that in the show notes for this episode. Yeah,

816
00:38:48,960 --> 00:38:50,480
Speaker 1: and we talk in that article about how to do

817
00:38:50,520 --> 00:38:53,440
Speaker 1: it effectively, because there are a lot of scams out there,

818
00:38:53,440 --> 00:38:54,839
Speaker 1: and there are just a lot of charities who aren't

819
00:38:54,920 --> 00:38:57,920
Speaker 1: using your money in the way that you think they are,

820
00:38:58,000 --> 00:38:59,840
Speaker 1: and so we want you to do your due diligence.

821
00:38:59,840 --> 00:39:01,239
Speaker 1: But before you start giving your money away, but we

822
00:39:01,239 --> 00:39:02,960
Speaker 1: also want you to give your money away. We think

823
00:39:03,000 --> 00:39:06,680
Speaker 1: that it creates like a healthy detachment from the money

824
00:39:06,680 --> 00:39:08,240
Speaker 1: that comes into your life. It gives you a proper

825
00:39:08,239 --> 00:39:11,520
Speaker 1: perspective on money, because money can't cure all your ills,

826
00:39:11,600 --> 00:39:13,480
Speaker 1: and there's lots of good that can be done that

827
00:39:13,560 --> 00:39:16,239
Speaker 1: you can actually see with your own eyeballs if you're

828
00:39:16,239 --> 00:39:17,880
Speaker 1: giving your money away in the here and now. So

829
00:39:17,920 --> 00:39:20,839
Speaker 1: I love that not only has Warren pledged to give

830
00:39:20,880 --> 00:39:23,120
Speaker 1: away the vast majority of his wealth in the future,

831
00:39:23,200 --> 00:39:25,480
Speaker 1: he's also doing it now. He's putting his money where

832
00:39:25,520 --> 00:39:27,960
Speaker 1: his mouth is, and he's giving away a lot of

833
00:39:28,080 --> 00:39:31,520
Speaker 1: money every single year, which is cool. So I think

834
00:39:31,520 --> 00:39:34,960
Speaker 1: that's something that we can all aspire to emulate. And

835
00:39:35,040 --> 00:39:37,160
Speaker 1: on that note, Map there's a good quote to end

836
00:39:37,160 --> 00:39:40,840
Speaker 1: this podcast episode on and Warren says, basically, when you

837
00:39:40,840 --> 00:39:43,000
Speaker 1: get to my age, you'll really measure your success in

838
00:39:43,040 --> 00:39:45,080
Speaker 1: life by how many of the people you want to

839
00:39:45,080 --> 00:39:48,560
Speaker 1: have love you actually do love you. I know people

840
00:39:48,560 --> 00:39:50,440
Speaker 1: who have a lot of money and they get testimonial

841
00:39:50,480 --> 00:39:52,680
Speaker 1: dinners and they get hospital wings named after them, But

842
00:39:52,760 --> 00:39:55,359
Speaker 1: the truth is that nobody in the world loves them.

843
00:39:55,440 --> 00:39:57,040
Speaker 1: If you get to high age in life and nobody

844
00:39:57,040 --> 00:39:58,719
Speaker 1: thinks well of you, I don't care how big your

845
00:39:58,760 --> 00:40:03,040
Speaker 1: bank account is, life is a disaster. And man, the

846
00:40:03,120 --> 00:40:05,799
Speaker 1: guy again not just a great investor, although he is,

847
00:40:05,880 --> 00:40:09,600
Speaker 1: he's the greatest, He's the goat. He has life perspective

848
00:40:09,640 --> 00:40:12,040
Speaker 1: at this point that he's accumulated that he's just sharing

849
00:40:12,040 --> 00:40:14,799
Speaker 1: with us regularly. I feel like through his shareholder letter,

850
00:40:14,840 --> 00:40:17,520
Speaker 1: through interviews that he does. And this is great perspective

851
00:40:17,560 --> 00:40:19,600
Speaker 1: to have, right. I Mean, obviously what he's been able

852
00:40:19,640 --> 00:40:22,399
Speaker 1: to achieve in his lifetime is admirable in a lot

853
00:40:22,440 --> 00:40:26,000
Speaker 1: of ways. But that dedication and singular focus, right that

854
00:40:26,080 --> 00:40:28,520
Speaker 1: it takes to a mass that kind of wealth. It's

855
00:40:28,640 --> 00:40:30,880
Speaker 1: I will say, it's just not something that I'm terribly

856
00:40:30,880 --> 00:40:32,960
Speaker 1: interested in. Matt, I don't think that's something that you're

857
00:40:33,000 --> 00:40:35,640
Speaker 1: interested in. We're not looking to accumulate. I think in

858
00:40:35,680 --> 00:40:37,319
Speaker 1: our the bio on our website it says like we're

859
00:40:37,320 --> 00:40:39,719
Speaker 1: not looking to accumulate billions of dollars of wealth. That

860
00:40:40,040 --> 00:40:41,960
Speaker 1: is not a goal that we have. And you know,

861
00:40:42,200 --> 00:40:44,640
Speaker 1: more power to you, I guess if that's what you're after.

862
00:40:45,080 --> 00:40:47,840
Speaker 1: But even if it means having an outsized impact on

863
00:40:47,840 --> 00:40:50,879
Speaker 1: a grander scale, sorry, like, that's just not the thing

864
00:40:50,880 --> 00:40:53,520
Speaker 1: that I'm going for. But I still think that this

865
00:40:53,600 --> 00:40:56,520
Speaker 1: is advice that's important to hear when we're younger because

866
00:40:56,520 --> 00:40:59,280
Speaker 1: the trade offs of a not so great family life

867
00:40:59,520 --> 00:41:04,120
Speaker 1: or not being active in our community, and they might

868
00:41:04,160 --> 00:41:06,640
Speaker 1: not be worth the additional dollars in the bank account.

869
00:41:06,680 --> 00:41:09,960
Speaker 1: Like if let's say you take a job that pays

870
00:41:10,320 --> 00:41:12,440
Speaker 1: fifty thousand dollars more a year, but it causes you

871
00:41:12,520 --> 00:41:15,000
Speaker 1: to be away from your family twenty days out of

872
00:41:15,040 --> 00:41:17,560
Speaker 1: the month, maybe it's worth it, and maybe it's worth

873
00:41:17,560 --> 00:41:18,880
Speaker 1: it for a short period of time. But these are

874
00:41:18,880 --> 00:41:20,400
Speaker 1: the kind of trade offs and things we have to

875
00:41:20,400 --> 00:41:22,800
Speaker 1: think about as people who want to be good with money,

876
00:41:22,920 --> 00:41:25,080
Speaker 1: but also don't want money to be the end all

877
00:41:25,080 --> 00:41:27,240
Speaker 1: be all in our lives. That's right. Yeah, and again

878
00:41:27,280 --> 00:41:29,840
Speaker 1: this is something that Warren has shared in his later years,

879
00:41:29,880 --> 00:41:32,640
Speaker 1: and I think we would all be served to listen

880
00:41:32,880 --> 00:41:36,560
Speaker 1: to that advice in the here now, because yeah, warrened

881
00:41:36,760 --> 00:41:39,319
Speaker 1: you know, he didn't have the greatest family life. His

882
00:41:39,400 --> 00:41:42,040
Speaker 1: relationship with his first wife. It was kind of weird that,

883
00:41:42,080 --> 00:41:44,239
Speaker 1: like they had an open marriage. Yeah, and that's not

884
00:41:44,360 --> 00:41:48,120
Speaker 1: something I'm interested in replicating in my own life. But

885
00:41:48,200 --> 00:41:50,480
Speaker 1: Warren Buffett, he's didn't you mentioned at one point, like

886
00:41:50,600 --> 00:41:52,080
Speaker 1: when you were reading the out of they didn't he

887
00:41:52,120 --> 00:41:53,640
Speaker 1: step over one of his kids who was throwing a

888
00:41:53,719 --> 00:41:55,440
Speaker 1: tantrum or something he feel like to go up to

889
00:41:55,440 --> 00:41:58,560
Speaker 1: his office, Because yeah, that was what it was like

890
00:41:59,200 --> 00:42:00,920
Speaker 1: as a father for for him. I mean, he was

891
00:42:00,960 --> 00:42:04,920
Speaker 1: singularly focused on business and on reading up on the

892
00:42:04,920 --> 00:42:07,680
Speaker 1: balance sheets of different businesses that he was basically looking

893
00:42:07,719 --> 00:42:09,799
Speaker 1: to scoop up at a deal. So if we're talking

894
00:42:09,800 --> 00:42:11,759
Speaker 1: about one thing, maybe that one of the things that

895
00:42:11,760 --> 00:42:13,600
Speaker 1: we don't admire about Warren, one of the things that

896
00:42:13,640 --> 00:42:16,480
Speaker 1: we don't desire is kind of the lack of balance

897
00:42:16,480 --> 00:42:17,839
Speaker 1: that he had at least for a bunch of years.

898
00:42:18,160 --> 00:42:20,719
Speaker 1: I think I saw something recently that he plays a

899
00:42:20,719 --> 00:42:23,080
Speaker 1: lot of bridge now apparently like eight hours worth the bridge.

900
00:42:23,160 --> 00:42:25,440
Speaker 1: He's always played a lot of bridge. Yeah, so even

901
00:42:25,440 --> 00:42:27,279
Speaker 1: when he was even when he's younger, it was something

902
00:42:27,360 --> 00:42:30,799
Speaker 1: he was infatuated with. Yeah, Well, I guess it wasn't infatuation.

903
00:42:31,000 --> 00:42:33,600
Speaker 1: It's a dedication, yeah, to a game that he loves,

904
00:42:33,600 --> 00:42:35,439
Speaker 1: which is great. I'm all about cheap hobbies and stuff

905
00:42:35,480 --> 00:42:37,200
Speaker 1: like that, but I think that's cool. But I guess

906
00:42:37,200 --> 00:42:41,040
Speaker 1: even while he had a hobby something that he enjoyed

907
00:42:41,080 --> 00:42:44,359
Speaker 1: doing besides just work, that work for a whole lot

908
00:42:44,400 --> 00:42:47,239
Speaker 1: of years definitely took away from, Yeah, some of the

909
00:42:47,280 --> 00:42:50,399
Speaker 1: relationships that I would imagine if you would ask him

910
00:42:50,480 --> 00:42:53,480
Speaker 1: in a personal context, he would say he wishes he

911
00:42:53,520 --> 00:42:57,080
Speaker 1: had dedicated more time and energy into I definitely think so. Yeah,

912
00:42:57,120 --> 00:42:59,800
Speaker 1: and yeah, we don't want a carbon copy and replicate

913
00:42:59,840 --> 00:43:02,600
Speaker 1: his life, and especially there's a zero chance that we

914
00:43:02,640 --> 00:43:06,040
Speaker 1: could even come close to his investing prowess, But there

915
00:43:06,120 --> 00:43:08,080
Speaker 1: is still a bunch that we can learn. At the

916
00:43:08,120 --> 00:43:09,359
Speaker 1: end of the day, we want you to be a

917
00:43:09,440 --> 00:43:14,279
Speaker 1: long term, widely diversified investor, not somebody who's jumping in

918
00:43:14,360 --> 00:43:17,680
Speaker 1: and out of stocks, who's watching all the latest headlines.

919
00:43:17,880 --> 00:43:20,640
Speaker 1: That's something that Warren recommended enjoy. That is how you

920
00:43:20,719 --> 00:43:24,080
Speaker 1: and I how we invest our dollars as well. Okay,

921
00:43:24,120 --> 00:43:25,680
Speaker 1: one last thing I appach about Warren is that it

922
00:43:25,680 --> 00:43:28,640
Speaker 1: seems like he's just always been an incredible teacher, right.

923
00:43:28,800 --> 00:43:31,920
Speaker 1: He shares his wisdom, and I think that's something that

924
00:43:31,920 --> 00:43:33,160
Speaker 1: you and I seek to do here on the show,

925
00:43:33,160 --> 00:43:35,960
Speaker 1: where we're seeking to help those who follow how the

926
00:43:36,000 --> 00:43:38,680
Speaker 1: money who listened to our show so and hope does

927
00:43:38,719 --> 00:43:41,240
Speaker 1: to a guy that we have mad respect for, completely

928
00:43:41,360 --> 00:43:43,239
Speaker 1: out there doing the doing the good work, and we

929
00:43:43,280 --> 00:43:44,640
Speaker 1: love the dude. I think that's what we're doing. I'd

930
00:43:44,640 --> 00:43:47,480
Speaker 1: love to meet him someday. I mean, love Warren. You're

931
00:43:47,480 --> 00:43:49,040
Speaker 1: welcome on the podcast anytime if you want to come on.

932
00:43:49,120 --> 00:43:51,400
Speaker 1: So glad we could kind of talk about our buddy,

933
00:43:51,520 --> 00:43:53,759
Speaker 1: our pal, Warren Buffet today on the show. That's all right, man,

934
00:43:54,160 --> 00:43:56,120
Speaker 1: Let's mention the beer that you and I enjoyed during

935
00:43:56,120 --> 00:43:59,080
Speaker 1: this episode. This was a blender and I guess black

936
00:43:59,160 --> 00:44:03,239
Speaker 1: raz that's the I'm guessing they make multiple different blenders,

937
00:44:03,320 --> 00:44:06,799
Speaker 1: but this is the Berliner vice that is brewed with

938
00:44:06,920 --> 00:44:09,960
Speaker 1: blackberries and raspberries. What were your thoughts on this beer, buddy?

939
00:44:09,960 --> 00:44:12,759
Speaker 1: Oh man, this was delightful. It was light where we are.

940
00:44:12,840 --> 00:44:17,359
Speaker 1: It feels like spring right now already and particular day that. Yeah,

941
00:44:17,400 --> 00:44:19,680
Speaker 1: it is quite warm, yes, and which is so this

942
00:44:19,760 --> 00:44:22,200
Speaker 1: is a perfect beer for that. It's like a delightful sour.

943
00:44:22,320 --> 00:44:24,719
Speaker 1: And I love berry sours. I will say my kids

944
00:44:24,719 --> 00:44:27,640
Speaker 1: would be disappointed that any berries went into a beer

945
00:44:27,680 --> 00:44:30,000
Speaker 1: and not brictly into their mouths. Like my kids eat

946
00:44:30,160 --> 00:44:33,360
Speaker 1: so much money's worth of berries this time of berry season. Man, Like,

947
00:44:33,360 --> 00:44:36,080
Speaker 1: oh my gosh. Yeah, granola with yogurt on it this morning,

948
00:44:36,280 --> 00:44:38,279
Speaker 1: topped with all the berries. Yes, they were like all

949
00:44:38,320 --> 00:44:41,560
Speaker 1: the all of it, like raspberries, blackberries, strawberries, like they

950
00:44:41,600 --> 00:44:44,440
Speaker 1: don't discriminate, they want them all and so but yeah,

951
00:44:44,040 --> 00:44:46,200
Speaker 1: I love some good berries in my beer. And this

952
00:44:46,280 --> 00:44:48,759
Speaker 1: was I kind of like the black ras combo. Yeah,

953
00:44:48,760 --> 00:44:50,360
Speaker 1: it was tart, it was fruity. I feel like it

954
00:44:50,400 --> 00:44:52,879
Speaker 1: had the right amount of sweetness going on to kind

955
00:44:52,920 --> 00:44:55,520
Speaker 1: of back the flavor of those berries. But I also

956
00:44:55,560 --> 00:44:57,600
Speaker 1: had the right amount of wheatness as well. So this

957
00:44:57,680 --> 00:45:00,520
Speaker 1: is a berliner vice, which is stuff like that wheat. Yeah,

958
00:45:00,560 --> 00:45:05,000
Speaker 1: sweetness and weakness. Berlin device is a so a German

959
00:45:05,040 --> 00:45:08,600
Speaker 1: style wheat and so oftentimes the flavor that you're left

960
00:45:08,640 --> 00:45:11,759
Speaker 1: with in your mouth after you swallow and you're kind

961
00:45:11,760 --> 00:45:14,480
Speaker 1: of sitting there doing the kind of thing, it's like

962
00:45:14,520 --> 00:45:18,000
Speaker 1: this we weediness. It reminds me of Captain Crunch, specifically

963
00:45:18,239 --> 00:45:21,279
Speaker 1: oftentimes with Berlin devices. So definitely picked up some of

964
00:45:21,280 --> 00:45:25,000
Speaker 1: those notes with this one and I liked it. So, Matthew,

965
00:45:25,120 --> 00:45:28,680
Speaker 1: thank you for donating yet another fantastic beer here to

966
00:45:28,719 --> 00:45:30,799
Speaker 1: the show. Again. I don't know why you just made

967
00:45:30,800 --> 00:45:35,000
Speaker 1: me think of Katie Perry, like, but what, I drank

968
00:45:35,000 --> 00:45:37,759
Speaker 1: some Black Rats and I liked it. I got you.

969
00:45:38,719 --> 00:45:41,200
Speaker 1: But yeah, this is a beer by New Park Brewing,

970
00:45:41,560 --> 00:45:43,680
Speaker 1: and that's gonna be it for this episode. We will

971
00:45:43,840 --> 00:45:46,400
Speaker 1: link to some of the different resources that we had

972
00:45:46,480 --> 00:45:48,920
Speaker 1: mentioned and you can find those show notes up on

973
00:45:48,920 --> 00:45:51,840
Speaker 1: our website at how to Money dot com. But dude,

974
00:45:51,840 --> 00:45:53,640
Speaker 1: that's going to be it for this one. Until next time,

975
00:45:53,800 --> 00:46:02,640
Speaker 1: Best Friends Out, Best Friends Out. M