Moe Capital

This is probably the deepest and enlightening interview ever made about Warren Buffett. Please pay particular attention to parts 2–4 as they will have never before discussed topics regarding Warren Buffett. It’s best for those who have read or intend to read Warren’s authorised biography, The Snowball: Warren Buffett and the Business of Life book by Alice Schroeder.

Part 1: The Forging of a Skeptic- From Accountant to Buffett’s Voice on Wall St

Interviewer: Hi Alice Schroeder. I would like to start by thanking you for taking the time to talk with me.

Alice Schroeder: It’s a pleasure.

Interviewer: You have a very interesting background. You were an auditor at Ernst & Young, a regulator at the FASB, and an analyst at Oppenheimer, PaineWebber, and Morgan Stanley. How has this background shaped your perspective?

Alice Schroeder: It was a slow build. I didn’t set out to have a career in finance. I started as an accountant because I liked numbers and I thought it would be a stable job. But as I went along, I realized that accounting is the language of business, and if you understand the language, you can understand how businesses actually work.

Part 2: A Behind the Scenes Look at Wall St Morgan Stanley

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Part 3: Meeting The Oracle of Omaha

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Part 4: Will The Real Warren Buffett Please Stand up

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Part 5: Buffett- The Investor & Businessman

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Part 6: Curve Ball— Surprising Facts About Warren Buffett

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Noah Holdings NYSE:NOAH

Current Price $10.30

Target Price $20+

P/E 3.66

Noah is an investment advisor to high-net-worth Chinese clients. China's 8th largest wealth manager.

Captial-light fee-generating advisory business.
43% of Revenue generated outside mainland China.
Cash dividend policy (10.3% yield in 2023).

Nu Bank NYSE:NU

The growth engine for Nu is wonderfully simple. It generates revenue via interest income, interchange fees and some commissions.

CAC is $7 (85% lower than incumbents).
Cost to serve is $0.90 per month.
40% loan-to-deposit ratio vs 100%+ for typical Brazil banks.

“nanos gigantum humeris insidentes”

Stan Druckenmiller once said that the best way to understand an industry is to look at every company in it. I’ve found that this (mostly) works for people too. To understand people, read everything they’ve ever published, and listen to every talk they’ve ever given.

**Notes:
– Asterisks signify compilations by other people
– Investors listed in alphabetical order by last name
– Unlinked names are works in progress

Special Editions:
Lu Li, Himalaya Capital
Jeremy Liew, Lightspeed Venture Partners
Ho Nam, Altos Ventures
Sarah Tavel, Benchmark/Greylock/Bessemer
Josh Wolfe, Lux Capital
Josh Wolfe_Volume 2, Lux Capital

Venture Investors:
Marc Andreessen, a16z/Ning/Netscape/Mosaic
Marc Andreessen “Lost Essays” Edition, Netscape
Marc Andreessen (official ebook)*, a16z
Bill Gurley, Benchmark Capital
Bill Gurley “Lost Essays” Edition, Benchmark Capital
Ben Horowitz*, a16z
Steve Jurvetson, Future Ventures/Draper Fisher Jurvetson
Vinod Khosla, Khosla Ventures/Kleiner Perkins
Mitch Lasky, Benchmark Capital
Jessica Livingston, Y Combinator
Jeremy Levine, Bessemer Venture Partners
Michael Moritz, Sequoia
Naval Ravikant, AngelList
Danny Rimer, Index Ventures
Chris Sacca, Lowercarbon/Lowercase
Sheel Tyle, Amplo/NEA/Bessemer
Peter Thiel, Founders Fund
Don Valentine, Sequoia Capital
Fred Wilson*, Union Square Ventures

Technical CEOs:
Sam Altman, Y Combinator/OpenAI
Marc Benioff, Salesforce
Sergey Brin and Larry Page ft. Satya Nadella, Google/Alphabet
Morris Chang, Taiwan Semiconductor
Michael Dell, Dell
Jack Dorsey, Square/Twitter
Bill Gates, Microsoft
Jensen Huang, Nvidia
Elon Musk, SpaceX/Tesla/Hyperloop/Neuralink
Pierre Omidyar ft. Meg Whitman and John Donahoe, eBay

Value Investors:
Warren Buffett, Berkshire Hathaway
Michael Burry*, Scion Capital
Joel Greenblatt*, Gotham Funds
Bruce Greenwald*, Columbia University
Seth Klarman*, Baupost Group
Peter Lynch*, Fidelity
Howard Marks, Oaktree Capital
Michael Mauboussin, Counterpoint Global/Credit Suisse
Bill Miller, Miller Value Partners/Legg Mason Capital
Charlie Munger*, Berkshire Hathaway