Kyle Grieve chats with Lawrence Cunningham about Warren Buffett’s focus on value, Warren’s unique long-term perspective, how the most successful managers utilize self-reflection to help reduce further mistakes, why capital efficiency metrics are so important to the success of a business and its incentive program, a great biological mental model called “security from obscurity” to help identify under the radar businesses, why quality shareholders are so important for public corporations, and a whole lot more!

Lawrence Cunningham’s seminal work was the book The Essays Of Warren Buffett: Lessons for Corporate America. He was a Professor of Corporate Governance for 15 years at George Washington University. He serves on the board of directors for several public businesses such as: Constellation Software, Kelly+Partners Group, and Markel Group. He’s published several other books on quality such as Quality Shareholders, Margin Of Trust, and Quality Investing.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

11:29 - Overcoming the challenge of assessing management decision-making.

19:12 - Why personal connections are so underrated in investing.

22:25 - The benefits of incremental innovation and who is doing it well.

33:36 - The role of trust in Berkshire Hathaway.

50:31 - The three different shareholder types and why you should be a quality shareholder.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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