May 5, 2025 • 11 mins
Listen on:
Apple Podcasts:https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608
Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i
Watch on: https://www.youtube.com/@WatchdogOnWallstreet/featured
Chris reflects on Warren Buffett’s exit as Berkshire Hathaway CEO at 94. From his shrewd business tactics to timeless investing principles, learn why Buffett’s “boring” advice—compounding, buying great companies, and avoiding market timing—works. www.watchdogonwallstreet.com
Apple Podcasts:https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608
Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i
Watch on: https://www.youtube.com/@WatchdogOnWallstreet/featured
Chris reflects on Warren Buffett’s exit as Berkshire Hathaway CEO at 94. From his shrewd business tactics to timeless investing principles, learn why Buffett’s “boring” advice—compounding, buying great companies, and avoiding market timing—works. www.watchdogonwallstreet.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Farewell to Warren Buffett this past weekend at the called
the Woodstock of Capitalism. Warren Buffett said, he's you know,
at the end of the year, he is going to
be stepping away from the CEO role at Berkshire Hathaway.
He's still going to work, still going to go into
work every day, ninety four years old. Why not, I'll
(00:38):
be doing the same thing, God willing, I'm alive at
that point in time. I don't ever see myself retiring.
I mean, I've written a lot about him over the years.
I've talked a lot about him here on the program.
He without a doubt, is a character in our society.
(01:03):
I've called him, I've called him a shark because he's
a shark. It's a very very smart guy. Again, they
always like to present Warren Buffett as I He's the
folks guide, eats dry queen and has his cherry cokes
and you know, lives in the same house since the
(01:23):
nineteen sixties or whatever. And that's true. But he's shark.
He is a He is one shrewd businessman and I
respect him for that. One of the things the misconceptions
about Warren Buffett is he just you know, buys stocks.
He buys companies. He buys companies. He knows how to
(01:48):
play the system, knows how to utilize the rules. I've
talked about this in the past with his purchase of companies,
family owned businesses over the years that weren't prepared properly
when it comes to the estate tax, and he's able
to buy these things because they've got they got to
(02:08):
pay the tax man and within a year's period of time,
and he's able to swoop in and buy these companies,
oftentimes on the cheap. He also understood this as well,
as he's in the insurance business, also writing insurance policies
to protect these families from the estate tax. He's talked
(02:31):
over the years about understanding motes and regulatory capture. He's
a shark. He is well connected in Washington, d c.
And understands the rules and the regulations that are put
into play that can hinder a company. But also make
a company omnipotent or too big to fail. With that
(02:57):
being said, that being said, his advice over the years
has been fantastic for individual investors if people actually paid
attention to what he had to say. My first book,
my first book that I wrote, I never published it,
never published it. I almost finish it, and I just
(03:20):
got bored with it. I just got bored with it because,
you know what, this is the last thing the world
needed at the time was another investing book. I have
written essays over the many, many essays and stories and
anecdotes when it comes to investing. Years ago, you know,
(03:42):
they oh, Chris, you got to do an investment book.
Speaker 1 (03:44):
And I just.
Speaker 2 (03:47):
I did it, and it bored me, and I never
put it out. Never put it out now, you know obviously,
by the way, thank you everyone who has gone and
been I've been purchasing my book work and effort. I
do appreciate that. But anyway, neither here or there back
to the book thing, I don't well doesn't need another
investment book. There's lots of books that have Warren Buffett's
(04:11):
name attaching. You know, he didn't write any books. There're
a lot of essays a guy did writes his annual
letter every year, which is a great read, and he
puts out fantastic lessons. But the things that Warren Buffett
does that makes him successful, the same things that we
apply to our portfolios at Markowski Investments are timeless. And
(04:37):
I've talked about this for a long time, the fact
that my investment advice is freaking boring. Okay, it's boring.
I know it's boring. Buffett's advice is boring. He doesn't
have some sort of magic algorithm or anything like that.
Ninety six percent of his this net worth was acquired
(05:02):
after the age of sixty five. What's rule number one? Okay,
Compounding is the royal road to riches. Yeah, that's rule
number one on our process at Markowski Investments. Understanding that
you need to spend time in the market, not trying
to time the market. He learned from Benjamin Graham, the
(05:27):
intelligent investor. We've talked about Benjamin Graham here again. He
is a compiler of wisdom and that's what we try
to do here as well. Understanding that stuff works, has
worked for thousands of years. Why would it stop working?
(05:51):
Why would it stop working? I gave him that example
when I go to a traveling and I go to
a new town and I'm not familiar with the town,
and I go downstairs and I need to find a restaurant,
and the concierge is like, well, we got this great
new restaurant in town. I was like, no, no, no, no, no, no,
don't don'tn't give me a great new restaurant. Tell me
(06:13):
the really great old restaurant, the one that's been getting
it right and doing it right for a generation or generations.
That's that's the place that I want to go to.
And that's the advice you should follow. And that's Warren
Buffett did. I'm going to share with you some of
(06:35):
the things that we've written about. Again this is right.
That's the reason why I didn't put out the investing book.
That's why I did essays on it instead. He talked
a lot about being again being not being a stock buyer,
but being a great company buyer. And that's what we
(06:56):
do at Markowski Investments. We want to build ownership in
great businesses with great ideas, businesses that have certain niche advantages,
firms that have great management. We own great companies based
upon our expectations of performance over time, We don't try
to time the market. If it is a solid business
(07:18):
that we feel valued properly, we're going to buy no
matter what the market's doing. We're not stock pickers or
market tireers. We are great business owners and buyers, same principles,
same principles. Trying to push people away from assessing about
trying to time the market. It's actually interesting. I wrote
(07:40):
an essay, an essay about a and this is This
came out in two thousand and seven. It was his
annual letter to shareholders in two thousand and seven, which
read read like a help wanted ad. And he wrote it.
He said, wanted a young man or woman with the
potential to manage a very large portfolio. The ideal candidate
(08:05):
must be someone genetically programmed to recognize and avoid serious risks,
including those never before encountered. Other key requirements independent thinking,
emotional stability, and a key understanding of both human and
institutional behavior. Again, this helped wanted notice again was put
(08:26):
in his annual report. It was simple, but it's applicable
to every investor in who you should be, in essence
working with and how they're going to go about handling
your portfolio. Are Markowski Investments Financial Independence top twenty one
of the things I put in there as well. You know,
when people ask you investment advice, you bore them. You
(08:51):
bore them. I try not to make it boring. I
try to put stories into it. But again, we don't
do anything exciting. We don't We don't do anything exciting.
We just do what works. Some interesting tidbits that he's
talked about this past weekend, again more just simple wisdom.
(09:14):
The more sophisticated the system gets, the more unpredictable the shocks.
That's part of the stock market, and that's also what
makes a good place to focus your energy if you
are the right temperament. How often have we talked about
this on the program? Again, we are compilers of wisdom,
you know. Daniel Kannman talks about this and behavioral finance
(09:37):
and how people act. Markets are a terrible place to
be if you panic, panic when they go down, and
just go nuts when they go up. He says, I
don't mean to sound critical. I know people are emotional,
but when you invest, you have to check those emotions
at the door. Again. Uh, you know talked about the
(10:02):
world is not going to adapt to you. You're going
to have to adapt to the world. Some other highlights,
you know, from you know, his thing. What was basically
talking when it comes to investing. You know again talked
about volatility and the fluctuations in the market, and you know,
(10:23):
I can go on on and on. I have celebrated
Warren Buffett and Charlie Munger and you know, highlighted many
of the things he said. We're going to definitely spend
some time this weekend on the radio discussing him as well.
But not just compounding wealth over time, you compound wisdom
over time. You take the buffets, you take the mongers,
(10:44):
you take the talents, you take all of these people
Condom and Benjamin Graham, and you read them and you
learn from them. And what's interesting is their wisdom. It's
all intertwined into twine. And I said, I've talked about
this in terms of the lessons in the Bible that
talks about investing and prudent investing in it all goes together.
(11:11):
So I say, everything in life that has meaning, value
in worth involves work, time and effort. There's no shortcuts.
He didn't take any shortcuts. We don't take any shortcuts.
Watchdog on Wall Street dot com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Farewell to Warren Buffett this past weekend at the called
the Woodstock of Capitalism. Warren Buffett said, he's you know,
at the end of the year, he is going to
be stepping away from the CEO role at Berkshire Hathaway.
He's still going to work, still going to go into
work every day, ninety four years old. Why not, I'll
(00:38):
be doing the same thing, God willing, I'm alive at
that point in time. I don't ever see myself retiring.
I mean, I've written a lot about him over the years.
I've talked a lot about him here on the program.
He without a doubt, is a character in our society.
(01:03):
I've called him, I've called him a shark because he's
a shark. It's a very very smart guy. Again, they
always like to present Warren Buffett as I He's the
folks guide, eats dry queen and has his cherry cokes
and you know, lives in the same house since the
(01:23):
nineteen sixties or whatever. And that's true. But he's shark.
He is a He is one shrewd businessman and I
respect him for that. One of the things the misconceptions
about Warren Buffett is he just you know, buys stocks.
He buys companies. He buys companies. He knows how to
(01:48):
play the system, knows how to utilize the rules. I've
talked about this in the past with his purchase of companies,
family owned businesses over the years that weren't prepared properly
when it comes to the estate tax, and he's able
to buy these things because they've got they got to
(02:08):
pay the tax man and within a year's period of time,
and he's able to swoop in and buy these companies,
oftentimes on the cheap. He also understood this as well,
as he's in the insurance business, also writing insurance policies
to protect these families from the estate tax. He's talked
(02:31):
over the years about understanding motes and regulatory capture. He's
a shark. He is well connected in Washington, d c.
And understands the rules and the regulations that are put
into play that can hinder a company. But also make
a company omnipotent or too big to fail. With that
(02:57):
being said, that being said, his advice over the years
has been fantastic for individual investors if people actually paid
attention to what he had to say. My first book,
my first book that I wrote, I never published it,
never published it. I almost finish it, and I just
(03:20):
got bored with it. I just got bored with it because,
you know what, this is the last thing the world
needed at the time was another investing book. I have
written essays over the many, many essays and stories and
anecdotes when it comes to investing. Years ago, you know,
(03:42):
they oh, Chris, you got to do an investment book.
Speaker 1 (03:44):
And I just.
Speaker 2 (03:47):
I did it, and it bored me, and I never
put it out. Never put it out now, you know obviously,
by the way, thank you everyone who has gone and
been I've been purchasing my book work and effort. I
do appreciate that. But anyway, neither here or there back
to the book thing, I don't well doesn't need another
investment book. There's lots of books that have Warren Buffett's
(04:11):
name attaching. You know, he didn't write any books. There're
a lot of essays a guy did writes his annual
letter every year, which is a great read, and he
puts out fantastic lessons. But the things that Warren Buffett
does that makes him successful, the same things that we
apply to our portfolios at Markowski Investments are timeless. And
(04:37):
I've talked about this for a long time, the fact
that my investment advice is freaking boring. Okay, it's boring.
I know it's boring. Buffett's advice is boring. He doesn't
have some sort of magic algorithm or anything like that.
Ninety six percent of his this net worth was acquired
(05:02):
after the age of sixty five. What's rule number one? Okay,
Compounding is the royal road to riches. Yeah, that's rule
number one on our process at Markowski Investments. Understanding that
you need to spend time in the market, not trying
to time the market. He learned from Benjamin Graham, the
(05:27):
intelligent investor. We've talked about Benjamin Graham here again. He
is a compiler of wisdom and that's what we try
to do here as well. Understanding that stuff works, has
worked for thousands of years. Why would it stop working?
(05:51):
Why would it stop working? I gave him that example
when I go to a traveling and I go to
a new town and I'm not familiar with the town,
and I go downstairs and I need to find a restaurant,
and the concierge is like, well, we got this great
new restaurant in town. I was like, no, no, no, no, no, no,
don't don'tn't give me a great new restaurant. Tell me
(06:13):
the really great old restaurant, the one that's been getting
it right and doing it right for a generation or generations.
That's that's the place that I want to go to.
And that's the advice you should follow. And that's Warren
Buffett did. I'm going to share with you some of
(06:35):
the things that we've written about. Again this is right.
That's the reason why I didn't put out the investing book.
That's why I did essays on it instead. He talked
a lot about being again being not being a stock buyer,
but being a great company buyer. And that's what we
(06:56):
do at Markowski Investments. We want to build ownership in
great businesses with great ideas, businesses that have certain niche advantages,
firms that have great management. We own great companies based
upon our expectations of performance over time, We don't try
to time the market. If it is a solid business
(07:18):
that we feel valued properly, we're going to buy no
matter what the market's doing. We're not stock pickers or
market tireers. We are great business owners and buyers, same principles,
same principles. Trying to push people away from assessing about
trying to time the market. It's actually interesting. I wrote
(07:40):
an essay, an essay about a and this is This
came out in two thousand and seven. It was his
annual letter to shareholders in two thousand and seven, which
read read like a help wanted ad. And he wrote it.
He said, wanted a young man or woman with the
potential to manage a very large portfolio. The ideal candidate
(08:05):
must be someone genetically programmed to recognize and avoid serious risks,
including those never before encountered. Other key requirements independent thinking,
emotional stability, and a key understanding of both human and
institutional behavior. Again, this helped wanted notice again was put
(08:26):
in his annual report. It was simple, but it's applicable
to every investor in who you should be, in essence
working with and how they're going to go about handling
your portfolio. Are Markowski Investments Financial Independence top twenty one
of the things I put in there as well. You know,
when people ask you investment advice, you bore them. You
(08:51):
bore them. I try not to make it boring. I
try to put stories into it. But again, we don't
do anything exciting. We don't We don't do anything exciting.
We just do what works. Some interesting tidbits that he's
talked about this past weekend, again more just simple wisdom.
(09:14):
The more sophisticated the system gets, the more unpredictable the shocks.
That's part of the stock market, and that's also what
makes a good place to focus your energy if you
are the right temperament. How often have we talked about
this on the program? Again, we are compilers of wisdom,
you know. Daniel Kannman talks about this and behavioral finance
(09:37):
and how people act. Markets are a terrible place to
be if you panic, panic when they go down, and
just go nuts when they go up. He says, I
don't mean to sound critical. I know people are emotional,
but when you invest, you have to check those emotions
at the door. Again. Uh, you know talked about the
(10:02):
world is not going to adapt to you. You're going
to have to adapt to the world. Some other highlights,
you know, from you know, his thing. What was basically
talking when it comes to investing. You know again talked
about volatility and the fluctuations in the market, and you know,
(10:23):
I can go on on and on. I have celebrated
Warren Buffett and Charlie Munger and you know, highlighted many
of the things he said. We're going to definitely spend
some time this weekend on the radio discussing him as well.
But not just compounding wealth over time, you compound wisdom
over time. You take the buffets, you take the mongers,
(10:44):
you take the talents, you take all of these people
Condom and Benjamin Graham, and you read them and you
learn from them. And what's interesting is their wisdom. It's
all intertwined into twine. And I said, I've talked about
this in terms of the lessons in the Bible that
talks about investing and prudent investing in it all goes together.
(11:11):
So I say, everything in life that has meaning, value
in worth involves work, time and effort. There's no shortcuts.
He didn't take any shortcuts. We don't take any shortcuts.
Watchdog on Wall Street dot com
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