💤 “Snooze Pod” — We read Warren Buffett’s Shareholder Letter (to put you to sleep) 😴

Summary

Podcast Summary: "Snooze Pod" Episode of The Best One Yet

Podcast Information:

• Title: The Best One Yet
• Hosts: Jack Crivici-Kramer & Nick Martell (Nick & Jack Studios)
• Episode: 💤 “Snooze Pod” — We read Warren Buffett’s Shareholder Letter (to put you to sleep) 😴
• Release Date: March 8, 2025

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Introduction

In this uniquely themed episode titled “Snooze Pod,” hosts Jack Crivici-Kramer and Nick Martell embark on an unconventional journey to make Warren Buffett’s extensive shareholder letter the perfect lullaby. Aimed at listeners seeking a blend of business insights and relaxation, the hosts promise a blend of in-depth analysis and the soporific charm of Buffett’s writing.

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Reading and Analyzing Warren Buffett’s Shareholder Letter

Acknowledging Transparency and Responsibility (03:36 - 05:34)

Warren Buffett emphasizes the importance of transparency in corporate communications. He states:

"Our goal is to communicate with you in a manner that we would wish you to use if our positions were reversed." (04:42)

Buffett candidly admits to making mistakes, highlighting the significance of acknowledging errors to foster trust:

"Mistakes? Yes, we make them at Berkshire... They require action, however uncomfortable that may be." (04:42)

The Story of Pete Legal and Forest River (05:34 - 09:56)

Buffett shares a personal anecdote about Pete Legal, the founder of Forest River, to illustrate the value of trustworthy management:

"Pete assured me that he wanted to keep running the business but would feel more comfortable if he could assure financial security for his family." (07:03)

This story underscores Buffett’s investment philosophy of partnering with exceptional managers who align with Berkshire Hathaway’s values.

Investment Philosophy and Capital Allocation (09:56 - 17:16)

Buffett delves into his approach to capital allocation, emphasizing long-term investments and the importance of owning substantial equity in high-quality businesses:

"Our horizon for such commitments is almost always far longer than a single year. In many, our thinking involves decades." (14:34)

He reflects on Berkshire’s diverse portfolio, balancing controlled and marketable equities, and the challenges posed by the company’s large size:

"With marketable equities, it is easier to change course when I make a mistake." (17:16)

Berkshire’s Tax Contributions and Corporate Responsibility (17:16 - 19:27)

Buffett highlights Berkshire Hathaway’s significant increase in tax payments, marking a departure from past practices:

"Berkshire last year made four payments to the IRS, and that totaled $26.8 billion. That's about 5% of what all of corporate America paid." (16:03)

This shift underscores a commitment to corporate responsibility and alignment with broader economic expectations.

Equity Activity Ambidexterity (19:27 - 21:12)

The concept of "Equity Activity Ambidexterity" is introduced, illustrating Berkshire’s dual focus on controlling and marketable equities:

"In one hand, we own control of many businesses holding at least 80% of the investee's shares. In the other hand, we own a small percentage of a dozen or so very large and highly profitable businesses." (16:03)

Buffett explains how this strategy allows flexibility in capital deployment, balancing between comprehensive ownership and strategic minority investments.

Capitalism and American Economic Growth (21:12 - 22:53)

Buffett extols the virtues of capitalism and its role in America's unprecedented economic growth:

"The sensible, better yet imaginative deployment of savings by citizens is required to prevail an ever growing societal output of desired goods and services. This system is called capitalism." (20:11)

He reflects on the historical impact of American savings and investment culture in shaping global economic landscapes.

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Insights and Analyses

Hosts’ Commentary and Reflections

Throughout the episode, Jack and Nick provide insightful commentary on Buffett’s letter, elucidating complex financial concepts with relatable anecdotes and humor. At [14:34], Jack humorously describes the enormity of Berkshire’s tax payments:

"If Berkshire had sent the Treasury a $1 million check every 20 minutes throughout all of 2024... we would still have owed the federal government a significant sum at year end." (16:03)

Nick reinforces the gravity of Buffett’s transparency:

"If you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well." (05:34)

Their discussions bridge the gap between high-level financial discourse and everyday understanding, making the content accessible to a broader audience.

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Conclusion and Takeaways

In this episode of The Best One Yet, Jack and Nick successfully transform Warren Buffett’s detailed shareholder letter into an engaging and insightful narrative. By navigating through Buffett’s reflections on corporate responsibility, investment strategies, and the essence of capitalism, the hosts offer listeners a comprehensive understanding of Berkshire Hathaway’s ethos. Notably, the episode underscores the importance of transparency, ethical management, and long-term planning in business—a testament to Buffett’s enduring legacy in the investment world.

Notable Quotes:

• Warren Buffett (04:42): "Mistakes? Yes, we make them at Berkshire... They require action, however uncomfortable that may be."

• Warren Buffett (07:03): "Pete assured me that he wanted to keep running the business but would feel more comfortable if he could assure financial security for his family."

• Jack Crivici-Kramer (16:03): "If Berkshire had sent the Treasury a $1 million check every 20 minutes throughout all of 2024... we would still have owed the federal government a significant sum at year end."

• Nick Martell (05:34): "If you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well."

This episode not only serves as a deep dive into Warren Buffett’s strategic mindset but also reinforces the foundational principles that have guided Berkshire Hathaway’s success over decades.

Transcript

[Nick]

This is Nick.

[Jack]

And this is Jack.

[Nick]

And today's pod is the sleepiest one yet.

[Jack]

We're here for our second annual stock market snooze. Pod.

[Nick]

Yetis, you're about to lose one hour of sleep because of daylight savings.

[Jack]

So, besties, we're gonna help drift you off to bed. Get some great sleep with the boringest business story that we could find.

[Nick]

Because Jack and I are about to read, word by word, line by line, number by number, the entire corporate annual report of one surprise company.

[Jack]

We're about to read the latest shareholder letter written by Warren Buffett.

[Nick]

The letter, written by the greatest investor in the world.

[Jack]

He published it last week, but we'll put you to sleep with it tonight.

[Nick]

You could grab some warm milk, or you could pop a melatonin, or you.

[Jack]

Could listen to us read 2,436 words from Berkshire Hathaway's annual shareholder letter.

[Nick]

We're making business news for your beauty rest.

[Jack]

We're turning Wall street into Wall sleep.

[Nick]

So shut your eyes and open your ears.

[Jack]

Besties, close your spreadsheets and open your bed sheets.

[Nick]

Let's travel back to Omaha, Nebraska, as.

[Jack]

A 94 year old Warren Buffett describes how he makes every single investment of his life.

[Nick]

Yetis, today's pod is the best one.

[Jack]

Yet because today's pod is the sleepiest one yet.

[Nick]

Jack, let's hit our one story.

[Jack]

You're either gonna be really fascinated by this letter or it'll put you right to sleep. Let's hit it, Jack.

[Nick]

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[Jack]

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[Nick]

Warren Buffett's 2025 annual shareholder letter to the shareholders of Berkshire Hathaway, Inc. This letter comes to you as part of Berkshire's annual report. As a public company, we are required to periodically tell you many specific facts and figures. Report, however, implies a greater responsibility. In addition to the mandated data, we believe we owe you additional commentary about what you own and how we think. Our goal is to communicate with you in a manner that we would wish you to use if our positions were reversed. That is, if you were Berkshire CEO while I and my family were passive investors trusting you with our savings. This approach leads to an annual recitation of both good and bad developments at the many businesses you indirectly own through your Berkshire shares. Mistakes? Yes, we make them at Berkshire. Sometimes I've made mistakes in assessing the future economics of a business that I've purchased for Berkshire, and each a case of capital allocation gone wrong.

[Jack]

A decent batting average in personnel decisions is all that can be hoped for. The cardinal sin is delaying the correction of mistakes, or what Charlie Munger called thumb sucking problems, he would tell me, cannot be wished away. They require action, however uncomfortable that may be. During the 2019-2023 period, I've used the words mistake or error 16 times in my letters to you. Many other huge companies have never used either word over that span. Amazon, I should acknowledge, made some brutally candid observations in its 2021 letter. Elsewhere, though, it has generally been happy talk and pictures. I have also been a director of large companies at which mistake or wrong were forbidden words at board meetings or analyst calls that taboo, implying managerial perfection always made me nervous.

[Nick]

If you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well. Pete Legal One of a Kind Let me pause to tell you the remarkable story of Pete Legal, a man unknown to most Berkshire shareholders, but one who contributed many billions to their aggregate wealth. Pete died in November, still working at 80. I first heard of Forest river, the Indiana company Pete founded and managed on June 21, 2005. On that day I received a letter from an intermediary detailing relevant data about the company, a recreational vehicle RV manufacturer. The writer said that Pete, the 100% owner of Forest river, specifically wanted to sell the Berkshire. He also told me the price that Pete expected to receive. I liked this no nonsense approach. I did some check in with RV dealers, liked what I learned, and arranged a June 28 meeting in Omaha. Pete bought along his wife and Sharon and daughter Lisa. When we met, Pete assured me that he wanted to keep running the business but would feel more comfortable if he could assure financial security for his family. Pete next mentioned that he owned some real estate that was leased to Forest river and had not been covered in the June 21 letter. Within a few minutes we arrived at a price for those assets as I expressed no need for appraisal by Berkshire, but but would simply accept his valuation.

[Jack]

Then we arrived at the other point that needed clarity. I asked Pete what his compensation should be, adding that whatever he said, I would accept. This, I should add, is not an approach I recommend for general use. Pete paused as his wife, daughter and I leaned forward. Then he surprised us by saying, well, I look at Berkshire's proxy statement and I wouldn't want to make more than my boss, so pay me $100,000 a year. After I picked myself up off the floor, Pete added, but we will earn X. He named a number this year and I would like an annual bonus of 10% of any earnings above what the company is now delivering. I replied, okay, Pete, but if Forest river makes any significant acquisitions, we will make an appropriate adjustment for the additional capital thus employed. I didn't define appropriate or significant, but those vague terms never caused a problem. The four of us then went to dinner at Omaha's Happy Hollow Club and lived happily ever after. During the next 19 years, Pete shot the lights out. No competitor came close to his performance.

[Nick]

Every company doesn't have an easy to understand business, and there are very few owners or managers like Pete and Of course, I expect to make my share of mistakes about the businesses Berkshire buys and sometimes Erin, evaluating the sort of person with whom I'm dealing. But I've also had many pleasant surprises in both the potential of the business as well as the ability and fidelity of the manager. And experience. Our experience is that a single winning decision can make a breathtaking difference over time. Mistakes fade away. Winners can forever blossom.

[Jack]

I never looked at where a candidate has gone to school. Never. Of course, there are managers who attended the most famous schools. But there are plenty, such as Pete Legal, who may have benefited by attending a less prestigious institution or even by not bothering to finish school. Look at my friend Bill Gates, who decided that it was far more important to get underway in an exploding industry that would change the world than it was to stick around for a parchment that he could hang on the wall. Read his new book, Source Code. Not long ago I met by phone Jessica Tunkel, whose step grandfather, Ben Rosner, long ago ran a business for Charlie and me. Ben was a retailing genius and in preparing for this report, I checked with Jessica to confirm Ben's schooling, which I remembered as limited. Jessica's reply? Ben never went past sixth grade. I was lucky enough to get an education at three fine universities and I avidly believe in lifelong learning. I've observed, however, that a very large portion of business talent is innate, with nature swamping nurture. Pete Legal was a natural.

[Nick]

Now, a quick word from our sponsor.

[Jack]

The best one yet is sponsored by BetterHelp.

[Nick]

Well, Yetis. How's that New Year's resolution looking? Cause it's almost time for your mid year's resolution. It's pre summer. It's time for a check in. What's going on, Jack?

[Jack]

My New Year's res this year was to end my bad moods quickly.

[Nick]

Oh yeah, get into a bad mood. It happens to us all. And Jack's learning in therapy to figure out what triggers his.

[Jack]

For example, if I do something I think deserves praise, but it's met with critique instead, that's gonna trigger me. But Nick, instead of letting it ruin the whole day, possibly the whole weekend, I'm learning to cope quickly.

[Nick]

There is so much therapy jargon in that sentence. Jack, I know you've been going to therapy and I know what Jack's RVF looks like. And I'm happy to report they are melting away quicker this year.

[Jack]

There you go. Therapy isn't just something that impacts your personal life and it impacts your work performance too.

[Nick]

Well, I happen to be Jack's lawfully wedded work husband after all. So I've seen all of this live.

[Jack]

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[Jack]

Maybe late April is when both basketball and hockey playoffs begin.

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Prize picks Run your game. Last year's performance in 2024 Berkshire did better than I expected. Though 53% of our 189 operating businesses reported a decline in earnings, we were aided by a predictable large gain in investment income as treasury bill yields improved and we substantially increased our holdings of these highly liquid short term securities. Our insurance business also derived a major increase in earnings led by the performance of geico. In five years, Todd Combs has reshaped GEICO in a major way, increasing efficiency and bringing underwriting practices. Up to date, GEICO was a long held gem that needed major repolishing. And Todd has worked tirelessly in getting the job done. Though not yet complete, the 2024 improvement was spectacular. In general, property casualty insurance pricing strengthened during 2024, reflecting a major increase in damage from convective storms. Climate change may have been announcing its arrival. However, no monster event occurred during 2024. Someday, any day, a truly staggering insurance loss will occur, and there is no guarantee there will be only one per annum.

[Jack]

All told, we recorded operating incomes of $47 billion in 2024. We regularly, endlessly, some breeders may groan, emphasize this measure rather than the GAAP mandated earnings that are reported on page K68. Our measure excludes capital gains or losses on the stocks and bonds that we own. Whether realized or unrealized, over time, we think it highly likely that gains will prevail. Why else would we buy those securities? Though the year by year numbers will swing wildly and unpredictably, our horizon for such commitments is almost always far longer than a single year. In many, our thinking involves decades. These long termers are the purchases that sometimes make the cash register ring like church bells.

[Nick]

Surprise, surprise, an important American record is smashed. 60 years ago, present management took control of Berkshire. That move was a mistake, my mistake, and one that plagued us for two decades. Charlie, I should emphasize, spotted my obvious error immediately. Though the price I paid for Berkshire looks cheap, its business, a large northern textile operation, was headed for extinction. The US treasury, of all places, had already received silent warnings of Berkshire's destiny. In 1965, the company did not pay a dime of income tax, an embarrassment that had generally prevailed at the company for a decade. That sort of economic behavior may be understandable for glamorous startups, but it's a blinking yellow light when it happens at a venerable pillar of American industry. Berkshire was headed for the ashcan. Fast forward 60 years and imagine the surprise at the treasury when that same company, still operating under the name Berkshire Hathaway, paid far more in corporate income tax than the US Government had ever received from any company, even the American tech titans that commanded market values in the trillions. To be precise, Berkshire last year made four payments to the IRS, and that totaled $26.8 billion. That's about 5% of what all of corporate America paid.

[Jack]

Huge numbers can be hard to visualize. Let me recast that $26.8 billion that we paid last year in taxes. If Berkshire had sent the Treasury a $1 million check every 20 minutes throughout all of 2024, visualize 366 days and nights, because 2024 was a leap year, we would still have owed the federal government a significant sum at year end. Indeed, it would be well into January before the treasury would tell us that we could take a short breather, get some sleep and Prepare for our 2025 tax payments. Where your money is is Berkshire's Equity Activity Ambidextrous. In one hand, we own control of many businesses holding at least 80% of the investee's shares. Generally, we own 100%. These 189 subsidiaries have similarities to marketable common stocks but are far from identical. The collection is worth many hundreds of billions of dollars and includes a few rare gems, many good but far from fabulous businesses, and some laggards that have been disappointments. We own nothing that is a major drag, but we have a number that I should not have purchased.

[Nick]

In the other hand, we own a small percentage of a dozen or so very large and highly profitable businesses with names such as Apple, American Express, Coca Cola and Moody's. Many of these companies earn very high returns on the net tangible equity required for their operations. At year end, our partial ownership holdings were valued at $272 billion. Understandably, really outstanding businesses are very seldom offered in their entirety. But small fractions of these gems can be purchased Monday through Friday on Wall street, and very occasionally they sell at bargain prices. We are impartial in our choice of equity vehicles, investing in either variety based upon where we can best apply your and my family's savings. Often nothing looks compelling. Very infrequently we find ourselves knee deep in opportunities. Greg Abel, the future CEO, has vividly shown his ability to act at such times, as did Charlie. With marketable equities, it is easier to change course when I make a mistake. Berkshire's present size, it should be understood, diminishes this valuable option. We can't come and go on a dime. Sometimes a year or more is required to establish or divest an investment.

[Jack]

Despite what some commentators currently view as an extraordinary cash position at Berkshire, the great majority of your money remains in equities. That preference won't change. While our ownership and marketable equities moved downward last year from $354 billion to $272 billion, the value of our nonquoted controllable equities increased somewhat and remains far greater than the value of the marketable portfolio, Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities, mostly American equities, although many of these will have international operations of significance. Berkshire will never prefer ownership of cash equivalent assets over the ownership of good businesses, whether controlled or only partially owned. Paper money can see its value evaporate if fiscal folly prevails.

[Nick]

In some countries, this reckless practice has become habitual. And in our country's short history, the US has come close to the edge. Fixed coupon bonds provide no protection against runaway currency. Businesses as well as individuals with desired talents, however, will usually find a way to cope with monetary instability as long as their goods and services are desired by the country's citizenry. So too, with personal skills. Lacking such assets as athletic excellence, a wonderful voice, medical or legal skills, or for that matter, any special talents, I have had to rely on equities throughout my life. In effect, I have depended on the success of American businesses and I will.

[Jack]

Continue to do so one way or another. The sensible, better yet imaginative deployment of savings by citizens is required to prevail an ever growing societal output of desired goods and services. This system is called capitalism. It has its faults and its abuses, in certain respects more egregious now than ever. But it also can work wonders unmatched by any other economic system. America is Exhibit A. Our country's progress over its mere 235 years of existence could not have been imagined by even the most optimistic colonists in 1789, when the Constitution was adopted and the country's energies were unleashed. True, our country in its infancy sometimes borrowed abroad to supplement our own savings. But concurrently, we needed many Americans to consistently save, and then needed those savers or other Americans to wisely deploy the capital thus made available. If America had consumed all that it produced, the country would have been spinning its wheels.

[Nick]

The American process has not always been pretty. Our country has forever had many scoundrels and promoters who seek to take advantage of those who mistakenly trust them with their savings. But even with such malfeasance, which remains in full force today, and also much deployment of capital that eventually floundered because of brutal competition or disruptive innovation, the savings of Americans have delivered a quantity and quality of output beyond the dreams of any colonist. From a base of only 4 million people, and despite a brutal internal war early on, pitting one American against another, America changed the world in the blink of a celestial eye.

[Jack]

In a very minor way, Berkshire shareholders have participated in in the American miracle by foregoing dividends, thereby electing to reinvest rather than consume. Originally, this reinvestment was tiny, almost meaningless. But over time it mushroomed, reflecting the mixture of a sustained culture of savings combined with the magic of long term compounding, Berkshire's activities now impact all corners of our country, and we are not finished. Companies die for many reasons, but unlike the fate of humans, old age itself is not lethal. Berkshire today is far more youthful than it was in 1965.

[Nick]

So thank you, Uncle Sam. Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024. Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life. They deserve better. And never forget that we need you to maintain a stable currency and and that result requires both wisdom and vigilance on your part.

[Jack]

The annual gathering in Omaha I hope you will join us for is on May 3rd. We are following a somewhat changed schedule this year, but the basics remain the same. Our goal is that you get many of your questions answered, that you connect with friends, and that you leave with a good impression of Omaha. The city looks forward to your visits. We will have much of the same group of volunteers to offer you a wide variety of Berkshire products that will lighten your wallet and brighten your day. As usual, we will be open on Friday from noon until 5 o' clock with lovable squishmallows, underwear from Fruit of the Loom, Brooks, running shoes and a host of other Berkshire items to tempt you. Again, we will have only one book for sale. Last year we featured Poor Charlie's Almanac and we sold out 5,000 copies disappeared before the close of business on Saturday. This year we will offer 60 years of Berkshire Hathaway.

[Nick]

My wise and good looking sister Birdie, of whom I wrote last year, will be attending the meeting along with two of her daughters, both good looking as well. Observers all agree that the genes producing this dazzling result flow down only the female side of my family. Saab birdie is now 91 and we talk regularly on Sundays using old fashioned telephones for communications. We cover the joys of old age and discuss such exciting topics as the relative merits of arcanes. In my case, the utility is limited to the avoidance of falling flat on my face, but Birdie regularly one ups me by asserting that she enjoys an additional benefit. When a woman uses a cane, she tells me, men quit hitting on her. Birdie's explanation is that the male ego is such that little old ladies with canes simply aren't an appropriate target. Presently I have no data to counter her assertion, but I have suspicions at the meeting. I can't see much from the stage and I would appreciate if the attendees would keep an eye on Birdie let me know if the cane is really doing the job. My bet is that she will be surrounded by males. For those of a certain age, the scene will bring back memories of Scarlett o' Hara and her horde of male admirers in Gone with the Wind.

[Jack]

The Berkshire Directors and I immensely enjoy having you come to Omaha, and I predict that you'll have a good time and likely make some new friends. February 22, 2025 Warren E. Buffett, Chairman.

[Nick]

Of the Board.

[Jack]

Okay, I think that's it, Nick.

[Nick]

Jack, I think that's it too. I think I'm ready for some shut eye.

[Jack]

Your pop of Melatonin.

[Nick]

Somewhere in between Warren saying investment thesis and insurance premiums, I've popped two melatonins.

[Jack]

Jack Yetis have a good 23 hour day tomorrow. Nick and I. We'll see you Monday. If you like the best one yet, you can listen ad free right now by joining Wondery plus and the Wondery app or on Apple Podcasts.

[Nick]

Prime members can listen ad free on Amazon Music.

[Jack]

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