We Study Billionaires - The Investor’s Podcast Network - TIP129: Bill Gates' Book Recommendation - Mindset by Carol Dweck (Business Podcast)

Starting point is 00:00:00 We study billionaires, and this is episode 129 of The Investors Podcast. Broadcasting from Bel Air, Maryland. This is the Investors Podcast. They'll read the books and summarize the lessons. They'll test the waters and tell you when it's cold. They'll give you actionable investing strategies. Your host, Preston Pish and Sting Broderson. Hey, hey, hey, how's everybody doing?

Starting point is 00:00:30 out there. This is Preston Pish, and I'm your host for The Investors Podcast. And as usual, I'm accompanied by my co-host, Stig Broderson, out in Seoul, South Korea. And today we have a book for you. And we're also going to cover some questions from the audience at the end of the show. And the name of this book is Mindset, The New Psychology of Success. And this book was recommended by billionaire Bill Gates. And he'd like this book quite a bit. I thought it was good. But maybe don't share this. same excitement as Bill Gates after reading it. I thought it was a good book, but it was a little repetitive for me. What's your opinion stick? What did you think? Yeah, I think we have the same thoughts on when a book is repetitive. And one thing I realized after reading self-developed

Starting point is 00:01:14 books for years now is that the author typically only has, say, one to five very different messages in the book. And it kind of seems to me like the length of the book is very often related to how many times the author repeats them. That being said, I really like the mindset book. And it definitely made me think about how I sometimes have a very fixed mindset and the consequences. So from a personal view, I think this was a book I really needed to read right now. But I also want to say that if it wasn't a book we were discussed on the podcast,

Starting point is 00:01:46 I would definitely skip the last few chapters. So if you guys want to pick up our copy of our executive summary that we typed up, It's four pages long. And it covers every chapter in a book, kind of an overview to just so you can print it off, stash it in your library next to the book if you end up reading the book. But if you sign up on our email list, we send this out to everybody that subscribes onto our email list. Completely for free, we do this for all of the books that we read on the show. So if you want to capture that, go to our website and you can sign up there.

Starting point is 00:02:17 All right. So let's go ahead and kick this off. Chapter 1. And the name of this chapter is called The Mindset. and what she's really talking about, and you're going to hear us say this a few times on the show because it's mentioned a few times in the book. And she talks about the difference between a growth mindset and a fixed mindset. So really, if you're going to describe a growth mindset, this is a person who doesn't care if they fail at something that doesn't even phase them. That's the growth mindset.

Starting point is 00:02:46 The person is open to trying new things. They want to learn. They're more interested in learning than they're. they are the potential to fail and to be perceived as a failure in the eyes of people that are around them. The fixed mindset relies more on natural talent, the person who says, you know, I'm just the greatest at whatever, or I'm really good at this. That person is going to have a much harder time accepting defeat or accepting failure.

Starting point is 00:03:15 So a lot of the times they might not even try something new because they're kind of scared that the person that might be viewing them as they're trying something new would have an opinion that maybe they're not so great at it. And so they're not inclined to try new things. And so that fixed mindset is very prohibitive in the growth of this person and how they can eventually succeed and become a lot better at something. So those two mindsets are really what she's talking about through the entire book. There's not like there's anything else. There's not something that really is new. She talks about the growth versus fixed mindset, but then she provides a ton of ton of different examples to basically illustrate how important this is to understand this key

Starting point is 00:03:55 critical mindset that a person can have. And if we just continue with the second chapter, which is called Inside the Mindsense, she's talking about how success is specific different from a fixed and a growth mindset. So if you have a fixed mindset, success is showing that you're not making any mistakes. Whereas if you have a growth mindset, success is that you learn something new. So as you can see, it's a very different way of perceiving the world. And I also think it's a good point in terms of how do you work with adversity. And that's something that we covered multiple times here on the podcast. If you think that it's important not to make any mistakes, it's really, really hard to cope with diversity.

Starting point is 00:04:36 Whereas if you think it's important to learn something new, you'll probably be more successful because no matter what you do here in life, you will be making mistakes. And the way she talked about that, and one of the examples she gave in terms of the students, was that, so to provide context to the story, she is a professor, I think is at Stanford, and she's teaching psychology. So she had a test. And after the test, she asked all the students if they wanted to know the right answers from the students that had all the answers correct, or if they wanted to be told the mistakes

Starting point is 00:05:07 that other students made that were making more mistakes than they were. And she said it was very, very clear. The students that had a fixed mindset, they just wanted to see other people making more mistakes than them, whereas people with the growth mindset, they wanted to learn. So they wanted to learn what's the right answer from the students that performed better than them, exposing yourself, basically saying to everyone, I've made a lot of mistakes, I want to learn from you. That's a big hurdle to overcome.

Starting point is 00:05:33 So I really like this example that you brought up with students. You know, I find it interesting that you brought up the word ego, because the whole time I was reading through the book and she's talking about growth versus a fixed mindset, I kept thinking that when you're talking about a fixed mindset, it's so closely tied to a person that has more of an ego because they can't put themselves in that precarious situation. They don't ever want to be the person who is viewed as not being sufficiently smart enough or physically strong enough or whatever the case might be. And so they don't ever put themselves out there in order to try new things.

Starting point is 00:06:09 And it has a whole bunch of other compounding impacts, especially when you start talking about ego from an adult, not from a child, but from an adult standpoint. You know, when you start talking about an egotistical boss, they have such an ability to prevent proper communication flow within an organization because the only thing that they hear from their subordinates or even from their peers is exactly what they want to hear because that's all people feel like they can tell them. because they've got this fixed mindset. This is what it is. They're not open to the possibility that there's multiple ways that something could be perceived. And so for me, I guess when I look at a fixed mindset, I almost always correlated that a strong ego is almost always tied to it. That's not something that she really talked about a lot in the book, which I was kind of

Starting point is 00:06:56 surprised by because for me, that's how I was reading it the whole time I was going through the book. I'm really happy you brought this up personally because I have a story about, the ego and the story about having a fixed mindset, especially in terms of defining what success is. So this is a gentleman and he was kicked out of a band, a band that he really, really liked and he was so frustrated. He pledged to himself that he would be a very, very successful musician and he pledged to himself that he would receive countless prizes and praises touring the world and breaking a lot of sales records. Now, the interesting thing is this. Just after he was kicked

Starting point is 00:07:33 out of the band, he actually did sign a really good contract with a record company, and he went out to sell more than 25 million copies of his albums. Now, whenever he was looking bad at his career in his late 40s, he said that he felt like he was a failure. And you might be thinking, how can that person like that consider himself a failure? The problem was that the gentleman's name was David Mustaine, and he founded Megadeth. And the band he was kicked out of, that was Metallica, and they sold 180 million albums. So he said, how can I consider myself success when Metallica sold 180 million albums?

Starting point is 00:08:09 And to me, it was such a touching story because I just found it so sad. I just heard that story and I heard it at the same time I was reading this book and I was thinking, what a very sad example of a fixed mindset. So kind of piggyback in on what I was saying earlier. And that was a really interesting story that you had there. Stig. I'd never heard that. Talking about ego is more of the fixed mindset.

Starting point is 00:08:30 When you talk about the growth mindset, for me, that's humility. That's a person who's just really humble and can take criticism is not so insecure with the way that they view themselves that, you know, if they fall down and they're walking, it's not a big deal. Or some people get really concerned of how that was viewed by everyone around them. And so there's a quote here that I want to read that I absolutely love. And this comes from Warren Buffett. He says, it is the person who thinks their IQ is something like 40 points higher than it actually is who creates the most havoc in life. And boy, you could not say that more eloquently than what Mr. Buffett has laid out there. And one of the things that him and Charlie Munger talk about a lot is they talk about temperament.

Starting point is 00:09:19 They always say, oh, well, we were just born with the right temperament to do what we do. And what I think that they're really getting at when they talk about temperament is they're actually talking about humility. They're talking about if our IQ is 150 or 140 or whatever their IQ is, I don't know what it would be. But they don't think it's 150. They think it's 130. They think that it's lower than what it actually is. And they treat themselves with that humility in mind that, yeah, I might have an IQ, but there's a lot of things I can mess up. That mindset, that line of thinking is a growth mindset for me.

Starting point is 00:09:57 And the author doesn't talk about that in the book. She just keeps referring to it as growth and fixed through every single chapter in the book, which I kind of found a little frustrating. But for me, it's more ego and humility and the way that you view yourself. Because when you're of that mindset, when you're a person with humility in mind, you're open to somebody else in the room being smarter than you. You're open to all these other ideas and that there's challenges out there for you, not that you're at the pinnacle of life and that there's nowhere else you can go. Let's take a quick break and hear from today's sponsors.

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Starting point is 00:14:28 Go to Shopify.com slash WSB. That's Shopify.com slash WSB. All right. Back to the show. Basically, I think it's a question about do you use other successes to motivate you or do you try to take that person down one way or the other? Are you really trying to come up with excuses while you haven't performed as well as that person or really speaking badly about that other person's skill?

Starting point is 00:14:57 I think that's probably really what it boils down to. And I think in continuation of this, if we go down to chapter three, this is titled The Truth About Ability Accomplishment. And she's again talking about students. And she's saying that, how do people react when you tell them they're talented for instance. Some people, when they were told they're talented, they basically stop doing anything because, again, they don't want to make any mistakes. And to circle back to what we talked about before, they're trying to take down other talents, for instance, athletes. They're trying to

Starting point is 00:15:29 take them down one way or the other instead of pulling themselves up. So what he's talking about is that if you have the chance to influence, it might be as a professor, you can influence students, it might be as a parent, you can influence your child, make sure. to give them a growth mindset. She actually says it's dangerous to tell people how talented they are. Instead, you should be telling them how good it is that they're making mistakes and that they're learning new things. And that they're working hard.

Starting point is 00:15:57 After reading this book, I did see myself the way that I talked to my son and my daughter who were real little. It almost always was, you're so smart. Oh, great job. You know, you're so quick. And after reading this book, I started amended that too. Oh, you really worked hard on that. Great job.

Starting point is 00:16:14 So instead of making them feel like they're naturally good at something, it then became an emphasis on their work habit and how well they struggled through a problem and how they solved it became the new narrative that I tell them whenever they're doing a good job. So the next couple chapters, we're going to kind of skip through these because what they're really doing is she's taking this same idea, this fixed mindset versus growth mindset. And she's applying it to different areas. So chapter four is about sports. She has a pretty cool story in here about Michael Jordan and how he didn't make his high school basketball team. And he obviously turned out to be maybe one of the best basketball players ever because he had a growth mindset. Then in chapter five, she goes through business examples of a growth mindset versus a fixed mindset where she talks about Enron and how they had a fixed mindset. She talks a little bit about Jim Collins book.

Starting point is 00:17:06 Then she goes to chapter six and she talks about relationships with a growth and fixed mindset yet again. and how you can apply it to your love life. And then chapter 7, fixed mindset versus growth mindset for parents and teachers and coaches, which we just kind of briefly talked about. And then we'll talk about the eighth chapter here, which is changing your mindset. So now that you're aware of this growth versus fixed mindset, how do you go about implementing this or changing this into your life so that you can start moving in a better and more positive direction?

Starting point is 00:17:39 So before we do that, Stighead something that you wanted to highlight from some of the stuff that I covered. Yeah, I really liked chapter 7, which was about parenting. Because one of the things that I really liked was the example of the nine-year-old Elizabeth, who was on her way to her first gymnastics competition. And even though that she did a nice job, she didn't get any ribbons in any of the disciplines, which clearly meant her sad. And then she would be asking, what would you do as a parent? You can again use this whenever you're influenced, whether or not you're a parent or a teacher or a leader one way or the I think the example she brings up here is really, really crucial. So she comes up with five different responses you can give her.

Starting point is 00:18:19 And the first thing you could tell her was that you could tell her that she was actually the best at the competition. Clearly, this would be wrong because it's into Cere and you both know it's not true. I mean, kids are pretty smart. They typically know if they're not the best person in the competition. You could also tell her that she was robbed of a ribbon. the judges were against them. That would also be wrong.

Starting point is 00:18:42 You shouldn't teach your child to place blame on others. The blame is basically on her. So the third thing would be, you could also tell her that gymnastics are not that important. And I really like that because I can see myself in this situation, for instance, when I'm talking about students, and I'd be like, well, this course might be or this part of the curriculum that you have a hot time solving, that's probably not that important. But that's also wrong to tell a child or student that because if you teach at least, to devalue something just because she's not good at it right away.

Starting point is 00:19:12 That's also a very damaging thing to teach her. So that was the first three options and there were no good. So the fourth option was tell her that she has the ability and surely would win the next time. I hear this all the time from parents. They would be telling the kids, you're really good. You didn't win this time, but you will win the next. That is actually the most dangerous thing to tell a child because you insinuate that she's a natural talent.

Starting point is 00:19:37 and you're basically handing over the fixed mindset to them because she basically doesn't have to work hard. She's just a natural talent, and she will surely win the next time. Actually, what you should tell her is that she doesn't deserve to win. And whenever I heard that the first time, I thought it was pretty, you know. I don't know if it was offensive,

Starting point is 00:19:58 because, like, you know, this poor 9-year-old girl, I mean, tell her that she's... You definitely don't have kids, stick. No, I don't have this. It seemed pretty harsh to me. But actually what you should say as a parent is, I know you're disappointed Elizabeth, but you have not earned it yet. Many of the other girls have been doing this for a longer time and they worked a lot harder than you. And then you should tell her if she really wants to be good at gymnastics, she needs to work really, really hard.

Starting point is 00:20:26 But if she also thinks that gymnastics is just for fun and she doesn't need to win, that's okay too. But she shouldn't expect to win because she's not good enough. To me, they sound a bit harsh, but I can see you, Preston. You have kids. You had this talk many times before. Well, no, I think that what you're bringing up is a really important point because you see this mistake made so much in America. It's crazy.

Starting point is 00:20:47 But I think that the key thing is you obviously console your child. You're like, you know, it's going to be okay. You know, you'll get through this. You did really good. You worked really hard. But then I think the key thing is, is, hey, if you want to win next year, we've got to work even harder if you're going to win. And I'm going to be there with you.

Starting point is 00:21:05 I'm going to help you get there. I'll help you every step of the way. but we just got to work harder next year. And if that's the message, that's, I think, hitting the intent here is that there's growth to be made. You know, to tell the kid that they don't deserve it, you kind of do say that, but just in a more indirect manner. Okay, so in the last chapter, she's talking about this changing your mindset.

Starting point is 00:21:27 So now you're aware of this growth or fixed mindset, but then how do you go about changing it? And to be honest with you, I didn't really particularly like the recommendation, which the recommendation was, you can do this. It's not easy. You have to work at it. Being aware of it is half the battle. And then you just have to, you know, work hard to change your mindset so you're more growth inclined. I don't necessarily think that that's the best advice. And maybe I miss some of the point there in the last chapter. But I think it comes down more to how do you teach a person to have more humility? How do you take somebody who has an ego and show them that they have an ego? Or, Or how do you, if you're looking at it from your own vantage point without having any outside actor help coach you in this, how do you recognize those traits and behaviors? I don't know that you can necessarily do that, especially for a person who's a lot older. Let's say you're 60 years old.

Starting point is 00:22:24 Somebody coming up to you and saying, hey, man, you have a big ego. You're not open to change in things like that. I think that's really hard to do. Now, where I think her book is very valuable, if you're listening to this and you're like, well, maybe I do have an ego. Maybe I don't have an ego. Maybe I am very, have a lot of humility. I would tell you, read this book and listen to the examples where she's telling you, this person

Starting point is 00:22:45 has a growth mindset, this person has a fixed mindset, and see if you find some of your own behaviors in here. With that said, I think some people will cling to the things that they think that they're naturally good at and ignore the things that they're bad at. But I think the book can maybe help some people as they're reading through this to identify. I do have a fixed mindset. You know, in the Gates notes, when Bill Gates was writing his overview of the book, which, by the way, we'll put into the show notes of this episode if you want to read Bill Gates's

Starting point is 00:23:13 comments about this book, he talks about a couple things that he had a fixed mindset on and things that he had a growth mindset. And he said that his biggest critique and his biggest issue with this book from Bill Gates's perspective was that she made it almost as if it was binary, as if you have a growth mindset or you have a fixed mindset and there's no in between. And what he says is most people are somewhere in between like both of these two behaviors, depending on what it is that you're talking about. So I think that's a fantastic highlight that he had. And I think that's something that maybe could be incorporated into future volumes of the book. There's been 1.8 million copies of this book

Starting point is 00:23:49 sold. So this is a highly read book. Sign up on our email list so you can get our executive summary where we outline every single chapter and we kind of hit the highlights of this book. 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 SOC 2 or running an enterprise GRC program, VANTA keeps you secure and keeps your deals moving.

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Starting point is 00:27:20 Back to the show. So at this point in the show, we're going to play some questions from the audience. If you want to record a question on our show, go to Ask theinvestors.com and you can record your questions there. And if we get it played on the show, you get access to a free course that Stig and I have designed that are paid courses on our website. So the first question that we're going to take is from Siddarson. And here it goes. Hey, President, Stig. I love your podcasts and video courses. Thank you for everything you guys are doing. I've got a question which struck me. when I was going through a value investing course. What would happen if every person on earth becomes a value investor? What would be the market conditions? Can you share your thoughts on that? I like this question because whenever I'm trying to solve a problem,

Starting point is 00:28:06 I'll often take on a mindset of what he just described, where you kind of hit the left extreme and then hit the right extreme to kind of understand your boundaries of what you operate within. I don't know what Stig's going to say, but my personal opinion is that it would stop working. If everybody's doing value investing, it would stop working. You know, we had Wes Gray on the show, and Wes is, oh, man, super insaneo smart. And he talked a little bit about what this question is really hinting at.

Starting point is 00:28:33 And he says the reason value investing works is because there's growth investors out there. There's momentum investors out there. And if everyone was a momentum investor or a growth investor, then the value side would be lopsided. So the thing that I find really interesting here is you're hitting at exactly what Wes hit at with his research whenever he wrote his book, quantitative value, where he highlights both of these two different approaches. And because so many people in the market are implementing those two types of approaches, they actually afford the other side, the opportunity to work. I really like this question too because it's very extreme. And I kind of like, as you're also saying, present, if you really understand the extreme example, very often it's also easy. to understand the nuance.

Starting point is 00:29:18 Because you might be thinking, so if everyone was following a value investing approach, what would happen then? Is that even relevant? Because as we guess, we know, not everyone would basically do that. But I think it's a very important question because it also highlights why is it that we have a fluctuating stock market in the first place? That's basically what it relates back to. And the reason why the stock market is priced different is because investors have different

Starting point is 00:29:43 perception of what a stock is worth. So if we assume that everyone, was value investors, I think you can still make money in the market because basically it would still be a question of being the best at evaluating the prices. Even when Preston and I are talking about stocks, and we have a very similar opinion on a lot of stocks, we still perceive it differently. So if I would be a value investor in Preston, it would be a value investor and I think we are, we would still price the stock market differently. So even in the event that everyone we're looking at fundamentals, I think you have a market that would work. And instead,

Starting point is 00:30:16 In some ways, it will work better and some way it would work worse. Even if you're a really good value investor, you probably wouldn't be as profitable because you wouldn't have the same difference to the intrinsic value. But I think it would be good for the financial markets because as a value investor, you will hold on to your stocks even if there's a crash. So I think you will see a lot more stable markets, and you will see a natural tendency not to buy too much whenever the prices would be too high. so you wouldn't see the same, you know, bubbles in the market.

Starting point is 00:30:47 So again, you might say it's not that realistic, but I think these more philosophical questions about the stock market, I think it's really important to ask yourself, really to also test yourself whether or not you understand the market mechanisms. And I also want to say that the course that he refers to, that's a course of pressing created, and you can find that for free on the MSS podcast. So we'll definitely make sure to link to that.

Starting point is 00:31:09 All right, so, Siddarsin, we're going to give you a free subscription to either one of our courses, the ETF course or the intelligent investor video course where Stig goes chapter by chapter through the book, The Intelligent Investor and teaches you everything that's in the book. But we're going to play one more question here. And the next question comes from Matthew. Hey, guys. This is Matthewite from St. Louis, Missouri.

Starting point is 00:31:30 Thanks for putting out the podcast. It's been a wonderful tool in helping frame my understanding of investing in the financial markets. Listening to Wes explaining how momentum investing is implemented, I could not help but think of Stanley Drunken Millett. And I wonder if you guys felt the same. It seems to me that his incredible record of never having a down year is due to his ability to be one of the first or quickest onto a particular momentum train. We'd love to hear your guys' thoughts. That's how you see it or if it's something else entirely.

Starting point is 00:31:57 Thanks again. No, Matt, I mean, you hit the nail on the head. In fact, that's exactly what I thought whenever Wes was describing momentum investing. I guess I just don't know how Stanley does it, to be honest with you. I don't know how he gauges when he's in the middle of something that's got more to run. That's what I don't understand how he's gauging that and what he's using is his metrics other than price. I mean, that's what Wes is using. But that doesn't mean that that's how Drunken Miller's doing it.

Starting point is 00:32:27 But I'm with you. That's how I saw it. I'm not a momentum investor. I don't necessarily understand it enough. I don't feel comfortable enough just using price in order to make selections. So for me, I think that Soros, I think Stanley Drunken Miller, I think you could maybe even make the argument that Jim Rogers, who also worked for Soros, would be a momentum guy. But, you know, I've read some other stuff on Jim Rogers. And I think he's a hard guy to pin down what approach he's using because some of the things that he talks about seem very value oriented.

Starting point is 00:32:59 And then other times they seem kind of momentum oriented. It's kind of weird to pin him down. For people who's not familiar with Jim Rogers, I'd say his personal net worth is somewhere. in the couple hundred million range. He worked with George Soros early on, had massive returns in the early years with Soros. This is before Drunken Miller started working for Soros. Jim Rogers went off on his own. He literally rode a motorcycle around the entire planet, two different times. Very interesting story. There's a book on Jim Rogers called Investment Biker, just some information on him. I'm going off on a tangent, so I'm going to throw it over here to stick.

Starting point is 00:33:34 So I really like what West is doing. I like what Drachmuller is doing. So I think, they have some similarities and also think they have some differences. So if we talk about, especially what Wes is doing and Preston already talked about it, so he would be buying into a bundle of stocks and he would be banning on them to continue performing really good in terms of price. He really doesn't look at the fundamentals. Now, if you follow an approach like that, and I definitely agree that drug mill also use the momentum, but you will have a lot of down years. Overall, you can empirical show that you will upperform the market. significantly, at least historically, but you will have some down years.

Starting point is 00:34:12 Drug Miller's approach is different. It must be, at least he hasn't really have any down years. So that's basically what you're talking about, Matthew. I think that what he really does really well is that he have a macroeconomic driven investment style. And he was a mix of securities both with a long and a short exposure. Basically, if you look at his portfolio throughout the years, you can see he has a very good understanding of a number of asset classes, including in gold and currencies and stocks. And when he sees a mispricing, he acts on it. And perhaps one of the most famous example of that is back in 92 when he was shorting

Starting point is 00:34:48 the pound together with George Soros. And it was a single trade and they were betting on the inherent instability of the fixed exchange rate between the British pound and the German currency. So basically, I think that's an example of where he didn't use momentum, at least not the momentum the way that West would define it. But I think it's a combination because you also see that he's very, very often first on the trend, as you're talking about. But it's typically a specific bet, for instance, it might be on gold.

Starting point is 00:35:17 It's not necessarily buying, say, 50 different stocks and then hope in aggregate that they will continue to appreciate the price. And another thing I also want to highlight that something that Rugged Miller has been really good at is that he uses leverage to trade futures in currency whenever he's doing that. Whereas someone like Wes, there'll be more be the more performance of those stocks. All right, Matthew, very observant with what you saw. I can tell you that Wes's book is very profound, probably one of the most researched and well-covered books in the entire market to cover momentum investing and not growth investing, but momentum investing. We talk about that difference in the episode when we were talking with Wes.

Starting point is 00:35:58 But the name of Wes's book is quantitative momentum for anybody that's interested in reading more about what we're talking about here. So Matthew, we're going to give you your pick of the ETF course or Stiggs, the Intelligent Investor Video Course. We'll shoot you an email and you let us know which one you want to have. So for anybody else out there, if you guys want to get your question played on the show, get free access to one of our paid courses on our website. Go to AsktheInvesters.com and you can record your questions there.

Starting point is 00:36:25 Okay, guys, that was all that Prest and I had for this week's episode of The Investors Podcast. We see each other again next week. Thanks for listening to The Investors 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.com. If your question is answered during the show, you will receive a free autographed copy

Starting point is 00:36:55 of the Warren Buffett Accounting Book. This podcast is for entertainment purposes only. This material is copyrighted by the TIP Network and must have written approval before a commercial application. Thank you.

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