Manage episode 341471174 series 1394353
IN THIS EPISODE, YOU’LL LEARN:
- 02:17 - What Tom Russo learned from a life-changing encounter with Warren Buffett in 1982.
- 09:53 - Why “agency” cost is one of the greatest risks facing all investors.
- 14:02 - Why Tom favors companies that willingly endure pain today for gain tomorrow.
- 16:02 - How he rode Berkshire Hathaway from $900 to more than $430,000 per share.
- 21:08 - Why Buffett’s team of successors should do fine when Berkshire is in their hands.
- 27:17 - What Tom learned while working for investment legend Bill Ruane.
- 38:16 - Why Tom immediately sold Wells Fargo & Altria after realizing they’d lost their way.
- 48:46 - Why Tom loves brands where consumers believe there’s “no adequate substitute.”
- 53:39 - Why Tom is bullish about Heineken’s long-term future, even after owning it for 36 years.
- 01:07:08 - How Tom succeeds by resisting short-term temptations & deferring gratification.
- 01:16:09 - What Tom failed to understand about Alibaba & the political risks of investing in China.
- 01:23:11 - How Tom thinks about moral questions like whether it’s okay to own tobacco stocks.
- 01:25:51 - How innovators like Nestlé & Heineken are helping to combat climate change.
- 01:35:13 - How Tom’s investment success is fueled by his insatiable curiosity.
- 01:37:41 - What Tom learned from Charlie Munger about the importance of trusting your gut.
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Thomas Russo’s 2018 Google Talk on “Global Value Investing.”
- Warren Buffett discusses Bill Ruane, who ran the Sequoia Fund & helped train Tom Russo.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- William Green’s Twitter.
NEW TO THE SHOW?
- Check out our We Study Billionaires Starter Packs.
- Browse through all our episodes (complete with transcripts) here.
- Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
- Enjoy exclusive perks from our favorite Apps and Services.
P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!
- Get up to 3% Daily Cashback on everything you buy with Apple Card. Apply now in the Wallet app on iPhone and start using it right away. Subject to credit approval. Daily cash is available via an Apple Cash card or as a statement credit. See Apple Card customer agreement for terms and conditions. Apple Cash card is issued by Green Dot Bank, Member FDIC. Variable APRs range from 13.24% to 24.24% based on creditworthiness. Rates as of August 1, 2022.
- Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
- Private assets represent 98% of companies in North America but are absent in most portfolios. Reconstruct your portfolio with private markets with Mackenzie Investments.
- Build a plan that helps you strengthen your financial security with RBC Wealth Management. RBC capital markets LLC, member NYSE, FINRA, SIPC.
- Throw out the old traditions and get progressive. Discover the complete package - smart design, lots to love under the hood with Genesis.
- Explore fractionalized investments in the top of the contemporary art world with Masterworks. See important Regulation A disclosures at masterworks.com/cd.
- Make backing up and accessing your data astonishingly easy with Backblaze. Sign up for a free trial today.
- Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
- Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
- Help empower girls to break free through education, healthcare, child protection, and other wonderful benefits by being a World Vision child sponsor today.
- See the potential of your business. Find solutions that work for you, that tick bigger boxes and help you grow with Square.
- Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.
- Start your free 14-day trial today and leave your limits behind and discover what you can accomplish with Monday.com.
- Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
- Take the next step in your working life or get ready for a change, by being a Snooze franchise partner.
- Support our free podcast by supporting our sponsors.
HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!