Constellation Software Director & Vice Chair; Markel Group Director & Nom/Gov Chair; Weinberg Center Presiding Director; Buffett Essays Publisher
"Life begins at 60." --Buffett
Joined March 2013
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Larry Cunningham, Director, Prof., Author retweeted
My conversation with @DanielSLoeb1, his first ever podcast and one I've been wanting to do for years.
Dan started Third Point in 1995 with $3 million. Today the firm manages over $24 billion across equities, credit, venture, and insurance.
Along the way he wrote some of the most iconic activist letters.
We discuss:
- Why deep value stopped working
- The power of writing
- The Twitter and XAI credit trades
- Lessons from FTX and Danaher
- The Sony and Sotheby's stories
- What makes a great analyst today
- The importance of kindness
I feel lucky we all get to learn from one of the greats.
Enjoy!
Timestamps:
0:00 Intro
2:48 Macro Views and Tech Trends
5:13 The Roots of Third Point
10:30 Evolving to Quality and Thematic Investing
19:07 Market Psychology and Inefficiencies
24:10 Good and Bad Corporate Governance
29:19 Activism
31:23 Sotheby's
41:37 AI
44:28 Sony
52:50 Danaher's Operating System
56:31 Building an Insurance Business
59:25 FTX
1:05:17 What Makes a Great Analyst Today
1:07:24 The Next Decade
1:10:00 Kindest Thing
Larry Cunningham, Director, Prof., Author retweeted
🎧 Big Wins for Your Bookshelf (and Your Portfolio)
Looking to level up your investing game this February? We’ve got some fantastic news for our US-based listeners! 🇺🇸
Three of our powerhouse titles are featured in the @audible_com February Monthly Deal. If you’re an Audible Premium Plus member, you can snag these unabridged essentials at a massive discount all month long:
The Essays of Warren Buffett by @CunninghamProf – The definitive collection of wisdom from the Oracle of Omaha Warren Buffett.
Pathfinders by @JLCollinsNH – Inspiring stories of financial independence and the routes taken to get there.
Just Keep Buying by @dollarsanddata – A data-driven deep dive into why saving and investing doesn’t have to be complicated.
Larry Cunningham, Director, Prof., Author retweeted
'The Warren Buffett Shareholder' author Lawrence Cunningham reflects on life and legacy of the Berkshire Hathaway vice chairman on 'The Claman Countdown.'
@FoxBusiness @ClamanCountdown
foxbusiness.com/video/634201…
Larry Cunningham, Director, Prof., Author retweeted
You can’t make this up. Here I’m getting comfortable, ready to unwrap my new book, bookmark in my hand, I look over and my soon-to-be instant friend from Malaysia has the exact same book in her lap! Thank you! @CunninghamProf $BRK #OnlyInOmaha – at Omaha, NE
Larry Cunningham, Director, Prof., Author retweeted
Just posted: pointed critique of SEC Proposal on Climate-Related Disclosures for Investors, based on a letter to the SEC by @CunninghamProf, me, @PrawfBainbridge, @CParaSkinner, @ToddZywicki, et al. The "the publicly-expressed views of the executives of large asset managers...
Posted: Proposal on Climate-Related Disclosures for Investors, corpgov.law.harvard.edu/2022… #corpgov #SEC #ESG
Larry Cunningham, Director, Prof., Author retweeted
Some high quality books:
@morganhousel @CunninghamProf @williamgreen72 @chriswmayer @InvestmentBook1 and many more
Larry Cunningham, Director, Prof., Author retweeted
Professors from prominent law schools argue that proposed climate change disclosure rules are outside the SEC's authority - belong in EPA instead. Do average investors want more climate disclosure? Or is it driven by "activist" fund managers? #esg #corpgov ow.ly/1kNo30siuKY
Larry Cunningham, Director, Prof., Author retweeted
Know of any work on the performance of stocks that don’t split?
Happenstance, but three of my nine holdings have prices >$1,000.
And not splitting is one way companies can attract what @CunninghamProf calls Quality Shareholders.
Larry Cunningham, Director, Prof., Author retweeted
If you don't dance for Wall Street your stock will be a dog, they said...
"[Bezos said] in 2014 that he spends just six hours a year on investor relations [and] that he only meets with long-term investors 'with low portfolio turns.' wsj.com/articles/amazons-new…
cc: @CunninghamProf
Larry Cunningham, Director, Prof., Author retweeted
15/ Leonard’s only advice to anyone going public is “to pick your shareholders if you can, and to work at attracting those shareholders that you think you’d like to be associated with for the long term.”
Larry Cunningham, Director, Prof., Author retweeted
Promoting Quality Shareholders and Quality Investing! WSJ ran the attached item of mine one year ago. Book almost completed.
Larry Cunningham, Director, Prof., Author retweeted
Highlight: “Warren’s refrain all the time amid crises [is] ‘the short term can be catastrophic but the long term is typically stable and will recover,'" GWU Prof. Larry Cunningham says. "And that’s my prediction of the meeting today." #YFBuffett
Larry Cunningham, Director, Prof., Author retweeted
Quality annual letters - quality returns @CunninghamProf
Larry Cunningham, Director, Prof., Author retweeted
Congratulations to @CunninghamProf on his new book. It looks terrific -- another in a series of seminal investment books that Lawrence Cunningham has given us.
On April 14, my new book DEAR SHAREHOLDER will publish. It’s a collection of executive letters from top CEOs like Warren Buffett and Prem Watsa. All are long-term thinkers looking to the future. Get my views on April 14 Zoom book launch--register here now zoom.us/j/973778966?pwd=S2d2…
Larry Cunningham, Director, Prof., Author retweeted
Margin of Trust: The Berkshire Business Model can be pre-ordered now. An argument that trust is the essence of Buffett's management approach, an an approach that is undervalued in today's command-and-control corporate life. amazon.com/gp/product/023119…
Larry Cunningham, Director, Prof., Author retweeted
Lots of criticism of Buffett underperforming. Let’s actually compare apples-to-apples. Buffett’s stocks were up ~44% in 2019. S&P was +31.5%.
FinTwit Police: calculation only includes Berkshire’s largest public holdings and assumes buy & hold. Called but couldn't get his trades
Larry Cunningham, Director, Prof., Author retweeted
When you think about the ideal shareholder base, it helps to recall the insights of Phil Fisher, who likened companies to restaurants...they all offer a menu attracting a corresponding clientele. youtu.be/cQof4Op2-dM Excited for @CunninghamProf's new book to come out
Larry Cunningham, Director, Prof., Author retweeted
Congratulations to @UDelaware alum @CunninghamProf, winner of the @NACD's Lifetime Achievement Award!
This video features @WarrenBuffett and other leaders discussing why Cunningham is "the perfect choice" for this award.
For more, check out this Q&A: bit.ly/2RxMSFR
Larry Cunningham, Director, Prof., Author retweeted
Clement Thibault (@CT_Investing) picked:
The Intelligent Investor by Benjamin Graham
Security Analysis by Benjamin Graham & David Dodd
Little Book of Common Sense Investing by John Bogle
Thinking, Fast and Slow by @DanielKahneman
The Essays of Warren Buffett by @WarrenBuffett
Larry Cunningham, Director, Prof., Author retweeted
American CEOs are starting to speak out against the separation of families at the US border. Twilio's @jeffiel and Airbnb's @bchesky are among those leading the way work.qz.com/1309153/