30 Years of Berkshire Meetings in 60 Minutes

Alex Morris is the author of Buffett and Munger Unscripted, a topic-by-topic organization of three decades of Berkshire Hathaway shareholder meetings, and he writes TSOH Investment Research, where he publishes his portfolio and discloses every change before he makes it. He spent roughly twenty years investing, most recently at a firm managing over a billion dollars, before going independent in 2021.This discussion took place live on September 10th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Alex explains how the Ted Williams "fat pitch" idea shapes a portfolio of ten to fifteen names where the largest positions run north of 10%, and why he makes only a handful of changes a year. He walks through Microsoft and Dollar Tree as investments that worked, and Comcast and Disney as theses he held too long, including what he missed on fixed wireless taking share from cable broadband. He also describes writing to Warren Buffett for permission before starting the book, what three decades of meetings revealed about how Buffett and Munger weighted capital allocation, and why he thinks their 2000 warning about the internet making American business less profitable has aged well.✉️ Share your feedback - david@microcapclub.com✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters00:00 Introduction to the episode and guest02:48 The science of hitting and its analogy to investing04:28 Origin of the TSOH name and its significance05:44 Investment philosophy and portfolio construction08:40 Shift towards smaller companies and micro caps11:19 Case study: Microsoft as a formative investment13:32 Case study: Dollar Tree and strategic evolution16:57 Dealing with large gains and position management21:17 Lessons from bad investments: Comcast and Disney24:56 Understanding long-term investment horizons and patience28:31 The importance of macro perspective and market timing29:46 Writing the Warren Buffett and Charlie Munger book34:01 Charlie Munger's 2009 market insight35:21 Market outlook and macroeconomic views48:36 Misunderstood aspects of Warren Buffett's approach54:55 Lessons from Warren Buffett's early valuation methods01:00:00 Buffett's quick decision-making and industry knowledge01:01:49 Evolution of Buffett's valuation approach01:04:12 Learning from Buffett's experience with brands and acquisitions01:05:14 The value of decades of experience in investingDisclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.