Lessons From Warren Buffett's 2021 Annual Letter

In this episode, we discuss the major points Warren Buffett covered in his 2021 annual letter and talk about some lessons investors can learn from them. 

We discuss: 

- the importance of recognizing mistakes and learning from them

- why operating earnings are a better measure of Berkshire's business than GAAP earnings

- the evolution of Buffett's investment approach over time

- why Berkshire's approach differs from most other conglomerates

We hope you enjoy the discussion.

ABOUT THE PODCAST

Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

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