443 TIP. Buffett’s Biggest Blunders w/ David Kass

Dr. David Kass is a PhD economist and professor at the University of Maryland. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). His blog on Warren Buffett has gained notoriety from features on Bloomberg, CNBC and Fox and David is often quoted in the NYT, WSJ and Washington Post. So, he is the perfect guest for todays exploration of Buffett’s biggest blunders.

0:00:00 – Intro
0:01:29 – David’s background
0:09:33 – The story of how Buffett bought Berkshire after letting his emotions get the best of him and why it was originally a huge mistake
0:09:33 – How he could have made hundreds of billions more had he simply invested in insurance
0:14:28 – Waumbec Mills
0:16:55 – His position in Conocophillips that resulted in a loss
0:18:25 – Why buying Dexter Shoes was, in Buffetts words, the worst purchase he ever made.
0:20:55 – Competitive advantage and margin of safety
0:26:06 – How he missed out on Google, Amazon and others
0:30:12 – Discount cashflow and intrinsic value
0:32:53 – His overpayment for Precision Castparts
0:37:40 – Most surprising questions that David’s students ask Buffett in Omaha
– And how even through all of that, 1 single dollar invested with Buffett in 1965 would now be worth $3.65 M

David is such a wonderful and gracious guest. He shares his stories of visiting Buffett in Omaha with his students and so many other great insights. I really hope you enjoy it as much as I did. Without further ado, here is my conversation with Dr. David Kass.

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– Trey’s Twitter Account – https://twitter.com/TreyLockerbie
– David’s Twitter Account – https://twitter.com/drdavidkass?lang=en
– David’s Blog – http://blog.umd.edu/davidkass/

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