Ben Gilbert: commitment

Transcript context

…I’m David Rosenthal, I am an angel investor based in San Francisco. We are your hosts. In our last episode, we told the story of Warren Buffett in the years of running his own partnerships. Those 12 years leading up through 1969, when he shut it down after his best year ever and returned all the money to his investors. Today, we will pick up right where we left off, telling the story of the declining suit liner manufacturer that he bought, Berkshire Hathaway. Today's story is one of an investment style in transition from a focus on cigar butts to focus on wonderful businesses, much of which was inspired by the man we've only briefly mentioned so far, Charlie Munger. Now, you may be thinking to yourself, boy, it'll be really great to get the other half of the Berkshire story. To understand where they are today. Unfortunately, you should know David and I better than that. We were foolish to think that we could tell the whole Berkshire story in a mere two episodes. This episode is our Empire Strikes Back. It will serve as a bridge between the early forces that made Warren and the mature Berkshire that we have today. What made Buffett start investing again after dissolving his partnership? And why on earth did he decide to do that inside of the shell of the declining Berkshire instead of just starting a new fund? Even so, how did he end up briefly as the Chairman of a Wall Street bank with a culture that he had criticized for his whole investing career? Here we are, part two of our Berkshire Hathaway trilogy. It really is The Empire Strikes Back. It's going to get dark at the end.…

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