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Ep. 4 | Buffett's views on stock splits, beta, diversfication | Stories of GEICO, American Express

A single Berkshire Hathaway share is bigger than most people's entire investment portfolios. Still, Berkshire shares have never been split. Money managers saw an opportunity in this—they started mutual funds that would pool money from smaller investors to clone Berkshire’s portfolio. Warren saw the risks faced by smaller investors in this and found an alternative to stock splits. Warren Buffett has unconventional views in almost every aspect of investing. He dismissed the use of beta as a measure of risk, did not think he needed diversification to manage risk and called growth investing speculative. In this episode, covering Buffett’s letters from 1992 to 1996, we travel back in time as we discuss two of his star investments: GEICO and American Express. 00:00 Introduction 00:55 Berkshire’s share price 02:52 Berkshire avoided stock splits 04:15 Agenda and economic scene 05:27 Investments in 1990s 06:09 Fully acquired GEICO 09:02 American Express 10:35 Types of businesses preferred by Buffett 12:25 Not-so-diversified portfolio 14:24 Buffett disliked Beta 17:06 Value vs growth investing 20:15 Is size a problem or an advantage? 23:09 Buffett’s investing mistakes 25:47 Earnings target for 2000 27:27 Alternative to stock split 32:08 Summary Previous episodes: Episode 1:    • Ep. 1 - Investment Philosophies of Bu...   Episode 2:    • Ep. 2 | How Warren and Charlie acquir...   Episode 3:    • Ep. 3 | Warren and Charlie's 25 Years...   Other Important Links You can put your stock market knowledge to the test by taking the Varsity Certification test here: https://zerodha.com/varsity/certified/ Open Zerodha Account - https://zerodha.com/open-account?c=ZM... Social Media Twitter - https://x.com/ZerodhaVarsity Instagram - https://www.instagram.com/zerodhavars... #warrenbuffett #charliemunger #berkshirehathaway #investmentrisks #beta #diversification #americanexpress #buffett #zerodha #zerodhavarsity #shareholder #value #growth