We Study Billionaires - The Investor’s Podcast Network - TIP 001 : Warren Buffett Investing Basics (Investing Podcast)

Starting point is 00:00:00 This is episode one of The Investors Podcast. Broadcasting from Bel Air, Maryland. This is the Investors Podcast. They'll take complex things and make them seem insanely simple. They make your boring drive to work feel exhilarating. They give you actionable investing strategies. Your host, Preston Pish and Stig Broderson. All right.

Starting point is 00:00:32 How's everybody doing? This is Preston Pish, and I'm your host for The Investors Podcast, and I'm accompanied by my co-host, Stig Broderson. Hello, everyone. Preston and I are just so pleased that you chose to spend the day with us. All right, guys, so let's go ahead and kick off this first show, and we have two segments for the first show. Segment one, we're going to give you a brief introduction of who we are

Starting point is 00:00:55 and our goals for the podcast. And then when we move into the second segment, we're going to be talking about what it is that's made Warren Buffett, the great investor that he is today. And for anyone out there, Warren Buffett is a very famous stock investor who's amassed about $66 billion. So that's who we're going to be talking about first. So Stig, let's go ahead and start off the intro and the goals here. So go ahead and introduce yourself. Okay, guys. So thanks for the introduction, Preston. My name is Stig Bruterson. I have a background in valuation from Howard University. I had also been a commodities trader

Starting point is 00:01:28 at the training floor, actually. Right now, I'm a college professor. I'm teaching accounting. I'm teaching economics, but most importantly, stock investing. All right. Stig. Perfect. So my introduction, my name is Preston Pish. I graduated from West Point with a degree in aerospace engineering. Later on, I really took up a lot of interest in investing and particularly investing with the approach that Warren Buffett uses. Through the years, I've studied every book that Benjamin Graham who is one of Warren Buffett's professors that he attributes to all of his success in the stock market. I've studied all those books that Benjamin Graham has written, and so has Stig. And between the two of us, we started a website online called Buffett's Books.com.

Starting point is 00:02:13 And the aim of the site was to take all these complex books and make them simple and easy for people to understand. And so we created this website. We've written a couple books. And so now we're standing up a podcast to give you a different medium to learn this information. as you're driving to work or any other time that you don't have to sit down at a computer and learn. So in addition to teaching our listeners how to invest like Warren Buffett, we're also going to conduct many interviews and have discussions about books by billionaires. So Stig and I would like to refer to these episodes as the Billionaires Book Club episodes.

Starting point is 00:02:49 About every other week, Stig and I will choose a very interesting billionaire entrepreneur or a highly successful investor and have a discussion about the books and high points and overall philosophy that has made that particular person such a financial success. So in summary, our goal is to teach you how to think and invest exactly like Warren Buffett. And in addition to that, we want to explore the thought patterns and ideas of other billionaires and highlight their most valued guidance and secrets to their success. So that's what we're trying to accomplish here. All right.

Starting point is 00:03:19 So let's go ahead and move into the second segment. So in the second segment, what we're going to do is we're going to talk to you about the basics. We're going to teach you from the ground level up, give you a really good foundation on how it is that you can invest exactly like Warren Buffett. Okay. So the first point that we've got in order for you to invest just like this billionaire is that you have to treat these big multibillion dollar companies the same way that you would treat a small business just in like your local town. So that's the first leap. That's the first thing that you've got to understand. And if you don't treat it in that respect, you're going to have a hard time investing like him and some other, you know, billionaires that use this value-based approach that Buffett's professor, Benjamin Graham, had taught them.

Starting point is 00:04:05 So before we go any further, let's go ahead and talk about that in a little bit more detail. Let's go ahead and say that, let's try to figure out what the value of, like, a small business in your local town would be. And then we'll kind of step it from there into like a larger scale business and then ultimately how you would value stock. Okay. So when you look at a small business in your local town, if you were going to go and you were going to buy a small business, what would be one of the first questions that you would ask? So, like, let's say that I, you know, you're trying to buy a business in a local town here in the U.S. What would be one of the first questions that you would ask the owner of that business if you were trying to buy it?

Starting point is 00:04:44 Okay, guys, I really need to live with you here because I am mainly interested in profit. I guess I'm like everybody else here. If I need to buy something, if I need to buy a business, I would always ask, as a first question, how much profit is the company making? Okay. So that's obviously a great question. You know, so you would look at the business. You'd see what it's doing. And like Stig said, one of the first things you want to know as an investor, if you're getting ready to own this business, let's just call it a coffee shop on Main Street. You're not going to go and buy this coffee shop if it's not even profitable. Okay. And I can tell you right now that might sound like a really basic question and something that doesn't seem like it'd be, oh, well, that's, that's obvious. But it's not obvious because when you go onto the stock market and you look at businesses, you know, you might find that 30% or even higher are not even profitable. Okay. And I think a lot of people have no idea and they really don't understand that. So Stig asked the question, how much money is this small business making? How much is this coffee shop making? Okay. And so let me just come up with a generic figure to go back to him.

Starting point is 00:05:50 Well, my coffee shop is making $10,000 a year after all of my employees are paid. That's the money that's sitting in my cash account, in my bank account, there's $10,000 of profits sitting there. So then Stig, how would you, you know, how would you handle that when you think about that response? Well, yeah, so first of all, I would need to make sure that it's $10,000 every year. And of course, here in life, there are no certainties. But do we expect the coffee shop to be something that we can hold for the long run? Preston, do we expect $10,000 every year?

Starting point is 00:06:22 Yeah. And I think that for the basic scenario that we're talking here, yes, let's make that assumption that every year, let's say like last year it was 9,500. This year it was 10,500. And you're kind of, you're right in between that 10,000 mark every year. As far as like in the town, you're the only coffee shop. You don't really see the potential for competitors. Just to kind of keep this scenario really basic and understandable. Okay. So if I could make $10,000 every year by owning this coffee shop, I would probably say something like $100,000. I guess I would multiply it by $10. That's a really good rule of some. Okay. So what Stig did here is in investing, you'll typically hear things called a

Starting point is 00:07:04 PE ratio. And we're not going to get too in depth into some of the terminology because we'll do that in following episodes. But what the PE ratio is is the price compared to the earnings, the price divided by the earnings. So when we talk about profit and investing, this is probably one of the most important terms that you can understand. And this is something that you definitely want to take away from this episode. The profit, the bottom line, what the company's making, that is often referred to as earnings or net income. So those are two terms that you absolutely got to understand. And don't forget, because when you hear earnings or net income, that means profit. That's that bottom line. Okay. So in this situation, the PE or the price to earnings, that is 10.

Starting point is 00:07:49 So that means I am spending $100,000 to get $10,000 back in one year. Or you might also just say cost me $10 for every dollar of the profit in the company. Let's take a quick break and hear from today's sponsors. All right. I want you guys to imagine spending three days in Oslo at the height of the summer. You've got long days of daylight, incredible food, floating saunas on the Oslo Fjord. And every conversation you have is with people who are actually shaping the future. That's what the Oslo Freedom Forum is. From June 1st through the 3rd, 2026, the Oslo Freedom Forum is entering its 18th year bringing together activists, technologists, journalists, investors, and builders from all over the world, many of them operating on the front lines of history.

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Starting point is 00:12:10 Back to the show. Okay. So whenever you're investing, and so you might hear people at work, they're constantly saying, Oh, what's the PE ratio? What's the P.E. on that company? Well, that's exactly what we just described. Okay, that's the price to the earnings of the company. And the thing that you really got to think about is what does that ratio represent when you say the P.E is 10. Well, that's the multiple. That's 10 times the earnings or the profit that you're willing to pay for the company. So when you look at that in that light, what you can do is you can quickly understand what's your return. Okay. If that $10,000 of profit or earnings, remains constant year after year and he paid $100,000 to own it. Well, his return is 10% because 10,000 divided by 100,000 is 10%. So you can quickly see how, you know, whenever you're buying that small business on Main Street, the first thing you want to know is how much money is this thing going to make or you're just not going to buy it?

Starting point is 00:13:06 I mean, if he was trying to buy this company and he knew that the profit was 10,000 and maybe he paid 300,000 for it, Well, he's already handicapped his future return because he's only going to make a three or four percent return by owning that coffee shop because of the high price that he would have paid. So that's the thing that really sets Warren Buffett apart from any other investor is he always does this value equation. He figures out what is this company worth before he goes out and buys it. And that's what a lot of people, they never make that step. They'll go and buy a stock and they'll buy that stock because they like it or because it, you know, if it's an Apple phone, I really like my Apple phone in my pocket. And so they'll just go buy Apple. But they never think about, well, how much is this company worth?

Starting point is 00:13:54 What am I buying this company for? And when you're doing that on Main Street, you're doing that with that small business. The first question you ask is, what's it worth? And unfortunately, in stock investing, that's the last question people ask. And that's what sets Warren Buffett apart from them is he asked that. question first instead of last. And he treats it just like any other small business that you would find in your local town. So Stig, you had something that you wanted to add. Yeah. So we talked about that it's really important to ask the first question here,

Starting point is 00:14:23 which is how much money is the company making? But as Preston is saying, the question you need to ask just after that is how much do I need to pay for that? And this is really where this price earnings comes into the picture. So what Warren Buffett is doing is that he wants to find company with a low price to earnings ratio. Now, clearly that we have a lot of different metrics here, but this is one of the most important one, to have the lowest price to earnings as possible. And, you know, as we get into further episodes,

Starting point is 00:14:53 we're going to further define this, because it's just not, I mean, we've made this sound extremely simple, you know, and it is pretty simple. But there are further metrics in order to come up with a proper valuation of a company. So I just don't want people to go out and just start acting on some of this information

Starting point is 00:15:07 without going into further episodes or doing more research. But the important part is you have to figure out what's it worth, okay, first, and then second of all, you have to say, well, what's the person willing to sell it for? Because, you know, you might determine, hey, I'm willing to pay 10 times earnings for this small business, which will give me a 10% return. But if you go to the owner and they want to sell it for 300,000,

Starting point is 00:15:31 you know right then and there that because of that purchase price that the person wants to sell it for, if you buy it at that price point, you're already handicapped to a 3% return on your money. So you've got to think of investing. Anytime you buy anything, you need to think in those terms first. What is the return that I'm going to get? First and foremost, that's up front, okay? Because you know that if you're going to get a 3% return or a 1% return on something

Starting point is 00:15:56 that's high risk, your analysis can stop right there. You don't have to spend any more of your time in order to research that. You can just cut all ties. So, yeah, go ahead, SIG. Yeah, and that's really the beauty about stock investing. You don't have to buy. I think Warren Buffett refers to this as you don't have to swing in every pitch. So if you don't like the price, if you really only want to buy shares in companies with

Starting point is 00:16:20 the price earnings below 10, which means you get a 10% return, then you can just choose to buy these companies or you can just wait until really good companies are very cheap. Yeah. So, and real fast, let's, and we gave you a scenario where the price would have been higher. which would have been 30 times earnings at 300,000. But let's just say that the price that the person came back, let's say they were willing to sell it for $50,000. Okay.

Starting point is 00:16:44 So right there, now you're in a completely different situation where you're going to get 20% return on your money because you're going to make $10,000 on the purchase price of $50,000. So without talking into too much of the specifics, I think you really understand what we're trying to get at here is you have to understand what the profit of the company is versus what you're paying for it. And that is first and foremost how Warren Buffett sees.

Starting point is 00:17:05 things. So the next thing that we want to talk about here is we want to talk about how one share of a business is exactly the same as owning all of the shares of the business. Okay. And that's the next thing that separates Warren Buffett's thinking from the rest of, you know, a lot of investors is when he buys one share of Coca-Cola, he looks at that ownership of that one share as in the same exact light as if he owned every single share of the business. And when you make that leap, when you make that jump, it's literally like a quantum leap in understanding for stock investing because what you're going to start doing is you're going to value that one share as if it's an entire business itself.

Starting point is 00:17:51 Okay. Go ahead. Yeah. So what Warren Buffett is doing is that he is making business decisions. He's not making stock decisions. And I think they're distinguished, just distinguish between those two. I think that's really, really important. So if he buys stock in Coca-Cola, for instance, he's making a business decision, that he likes

Starting point is 00:18:11 Coca-Cola that he thinks is a great business. And that's really not the same as doing stock investing. Well, again, that depends on how you define that. When a lot of people are thinking about stock investing, they think, okay, I buy a stock for $100, hopefully it will increase to like $110 in a week from now. But that's not how Ron Buffett looks at it. He looks at the business. And if he likes the business, and if that business generates profit,

Starting point is 00:18:37 well, he will benefit that with the higher stock price later on anyway. Yeah. So I think what a lot of people don't understand is what is a share, okay? And what a share is, is it's a proportional ownership of equity in a business. So going back to our main street coffee shop, okay, that coffee shop, let's say Stig was purchasing that coffee shop for $100,000. Let's also say that we take that company, that one company, and we divide it up into a bunch of shares. Let's divide it up into 10,000 shares.

Starting point is 00:19:11 So one share is the same as owning all 10,000 shares from a proportional valuation standpoint. So if we would divide that 100,000 company, let's say he bought that business for $100,000. If we divided into 10,000 shares, each share, is going to be worth $10 a share based on that purchase price. So that's how things get a little confusing for people is they would, let's say that it was on the stock market and you could buy it for $11. Well, if you could buy that one share for $11, that basically changed the valuation of the company to $110,000 immediately.

Starting point is 00:19:48 Okay. And that's where people will kind of lose sight of this is they don't treat that individual share price in the same proportional. light that you would value the entire business. But when you understand that one share is the same as owning all the shares, all of that starts to change. Okay, it's all proportional. And I think that's, that's because when it's a share, it's only part of the company. And I think that that's difficult for many people to get a grasp on. So say that you want to buy a car, for instance. Well, some people might think that the cars were 10,000 or 11,000. But most people have a general idea of what,

Starting point is 00:20:27 how much is a car worth? When you're buying a fraction of a company saying that you're buying one million of Apple, well, how much is that really worth? And that's much harder for people to evaluate. That's spot on. That's exactly the part that you really need to understand. Taking away from this episode, that's what we need to hammer home is that point right there. One share is exactly the same as all the shares, and you need to do the valuation of what

Starting point is 00:20:53 you think that that one share is worth. And when you do that, you're going to be thinking in this. same space, the same light that Warren Buffett thinks whenever he makes a business decision, has so eloquently said. Let's take a quick break and hear from today's sponsors. No, it's not your imagination. Risk and regulation are ramping up, and customers now expect proof of security just to do business. That's why VANTA is a game changer. VANTA automates your compliance process and brings compliance, risk, and customer trust together on one AI powered platform. So whether you're prepping for a stock two or running an enterprise GRC program, VANTA keeps you secure

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Starting point is 00:24:16 This and other information can be found in the income funds prospectus at fundrise.com slash income. This is a paid advertisement. All right. Back to the show. So the next thing that you're looking at whenever you're buying stock is now that we understand this idea that one share is the same thing as owning the entire business, now all of a sudden we want to start buying quality businesses.

Starting point is 00:24:41 We want to buy businesses that have low amounts of debt. We want to buy stable businesses. We want to buy businesses that we understand. And so whenever you understand what it is that a share actually represents, it's amazing because your whole mindset, the way that you see things truly start to take an immediate turn from the way that you might have been previously investing. So let's quickly talk about this quality aspect of investing. So whenever you're buying a business, do you want a business that has a lot of competitors that has a product that has low margins? And I think the answer is obviously no. So when you buy a company that is high quality that has a good brand that you feel is going to be around for the next 20 years, that's a business that's worth owning.

Starting point is 00:25:29 And that's a business that's going to continue to give you those returns that you have a general idea of what you think you're going to get back, like the coffee shop. And that's when you can really start seeing long-term success. And Stig, I saw you had a point you wanted to say. Yeah. Yeah. If you ever listen to an interview with Warren Buffett, you will often hear him talk about moat. And we're talking about moat. This is actually another word for a competitive advantage. So Preston was saying before, do you want a company that has a lot of competitors? Well, clearly we don't. But in the end of the day, almost all companies have competitors. But if you have a moat, it doesn't matter as much. And I think that Coca-Cola could be an example of that, Preston. Yeah, well, and so when Stig says a moat, what Buffett's referring to as a moat, when you go back into like the medieval times and you had a castle, the way that they would defend the castle is they put a moat around the outside of the perimeter of the castle because anyone that was trying to come and conquer that castle, the moat provided more standoff range so that whenever they're shooting archery or things like that, it was difficult to attack that castle. So the wider the moat, the more difficult it was for somebody to come and attack you. And so when Buffett calls it a moat, what he's saying is, does this company have some type of defense mechanism to it to protect it from competitors?

Starting point is 00:26:57 So when you look at a company like Coca-Cola, well, its moat is the fact that it has an incredible brand. It has a secret ingredient or secret sauce to how it's made. that is the moat. When you buy a business, when Buffett buys a business, he tries to find a business that has a large moat so that it can protect itself from future competitors. So these are some of the quality aspects. Yeah, go ahead, Stig.

Starting point is 00:27:24 So for instance, if we need to continue about speaking about moat, a company like Walmart, for instance, and I got to say at the moment when Buffett both owns stocks in Coca-Cola and Walmart, But if you look at a company like Walmart, they also have a wide mode. And the reason why they have a wide mode is because they have a very low cost. It's very, very hard to find another retailer in the world that has the same low cost structures Walmart. Because how can they actually do that?

Starting point is 00:27:52 It's really not impossible because Walmart can buy in so large quantities. And even though if you can stand up a retailer selling exactly the same thing as Walmart, you probably won't have a chance to buy as cheap from your suppliers. so you won't have a chance to sell it as cheaply as at Walmart. So in short, okay, you're hearing different companies that Warren Buffett owns and kind of his thought process and buying businesses with the shares that he purchases. And the thing that you've got to really understand is that you're not going to make a whole lot of money really fast. You're not going to turn around in two years from now and be a millionaire. That's just not going to happen.

Starting point is 00:28:29 That's fine. It's the approach. It's making good, solid picks time and time again so that you don't lose. your principle. If you work really hard and you make $10,000, the last thing you want to do is lose that $10,000. And I think the thing that you're really going to take away from this podcast is you're going to feel enlightened. You're going to sleep better at night because you're going to know what to do with your money and you're going to be putting it into ownership of businesses that are safe, stable, sound businesses that have good returns and they're

Starting point is 00:29:01 giving you a much higher return than you'd get in your savings account. I really come to think of a quote here, Preston. It's a quote by Warren Buffett. And it goes like this. Rule number one, don't lose money. Rule number two. Don't forget rule number one. And really love that quote.

Starting point is 00:29:19 Yeah. And you know that you couldn't have concluded kind of what we're talking about here in this first episode better than that. We're going to try to help you protect your principle. And you're going to make a return in the process. You're not going to become a millionaire next year by listening to this podcast. but what you will have is the principle and the money that you initially invested because you're going to be making strong business decisions and you're going to be acquiring more and more equity,

Starting point is 00:29:45 more and more shares of these businesses over time. And eventually it's going to become a weighing machine and not a voting machine. And you're not going to be, you know, logging in to check your Scott Trade account and trading day to day. You're going to be just making decisions and checking it from time to time and you're going to continue to see your equity grow in each of these, you know, fantastic businesses that you would select. So one question that is always really good to ask for making a business issue is,

Starting point is 00:30:14 do I really want to own this stock if the stock market closed for like five years? And if you can answer yes to that, then you'll probably have a very good business. Yeah. Okay. So we'll go ahead and conclude the first episode, kind of with that note. To hit the highlights, Warren Buffett, he buys businesses, big businesses, billion dollar businesses, the same way he buys small businesses is on Main Street. He always starts off with what's the value of this stock that I'm buying?

Starting point is 00:30:44 And then he looks at what's the market offering me on the price to purchase it? Always start with what do I think it's worth and what can I buy it for? He treats one share exactly the same as owning all of the shares. It makes no difference. It's all proportional. It's divided up. It's like eating one slice of pizza would be the same taste. is the whole pizza itself.

Starting point is 00:31:05 The taste doesn't change. He's trying to find a very high quality business with a low amount of debt. He's trying to find something that's stable and understandable. And we'll go into a lot more depth and discussion on all this stuff as we go in the future episodes. But those are the high points. So the one thing that I want to say is we kind of wrap things up is that if this podcast is helpful, we would really appreciate your help and your support. The best way to keep us motivated is to leave a review on iTunes.

Starting point is 00:31:33 This way we can continue to help you learn more things about Warren Buffett, Benjamin Graham, who is Buffett's professor at Columbia, and countless others. You can also go to Buffett's Books.com and you can watch some of the videos that Stig and I have created. Also, everything on this site on the Buffett's Book site is completely free and it's all video-based. So if you want to watch and see how things move dynamically and maybe it would be more understandable for you, you can go to Buffett's Books and check that out. If you'd like to be a guest on our show or you would like to advertise on our show, you can do that by going to Theinvestorspodcast.com or you can go to Ask TheInvesters.com and ask your questions. And we're going to be able to play your questions. There's a device there to record your question. We can play your question on the air. And if that happens, we'll send you a free signed copy of Stigginized book, the Warren Buffett accounting book. And we'll send that in the mail to you. All you got to do is just record your question or type up your question at Ask. theinvestors.com and send that off to us. And we'll play it on the show. All right. So we really appreciate you guys joining us for this first episode. We look forward to learning more and teach them more in the second episode. And we'll see you then. Thanks for listening to The Investors

Starting point is 00:32:46 Podcast. To listen to more shows or access to the tools discussed on the show, be sure to visit www. www.com. Submit your questions or request a guest appearance to the Investors Podcast by going to www. www. asktheinvestters.com. If your question is answered during the show, you will receive a free autographed copy of the Warren Buffett Accounting Book. This podcast is for entertainment purposes only.

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We Study Billionaires - The Investor’s Podcast Network - TIP 001 : Warren Buffett Investing Basics (Investing Podcast)

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