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Previous Speakers

Bill Smead
BSS 2023

Bill Smead

Chief Investment Officer; Smead Capital Management

TOPIC: Value Investing from Graham to Munger

Takeaways

1) As of April 2020 we have pivoted toward Graham and away from Munger 2) The challenge in the marketplace is to find meritorious businesses that are Graham oriented 3) It's important to remember Munger's concept that you need ignorance avoidance

Bill Smead
BSS/VIC 2023

Robert Miles

Executive in Residence, University of Nebraska at Omaha

Opening/Closing Remarks

Takeaways

1) Welcome participants from 6 continents and 33 countries to the 20th Annual Value Investor Conference 2)Thanks to our guest speakers and to our global audience for attending the Berkshire System Summit and Value Investor Conference. 3) Hope to see you next year for the Genius of Warren Buffett Course on April 29 - May 1; the Berkshire System Summit, May 2; and the 21st Annual Value Investor Conference and Dinners, May 2 & 3, 2024

Bill Smead
VIC 2023

Joseph Shaposhnik

Portfolio Manager; TCW's New America Premier Equities fund

TOPIC: Against the Odds: Building a Compounding Machine

Takeaways

1) Importance of predictable businesses and management incentives as a part of building a compounding machine

Bill Smead
VIC 2023

Chris Cerrone

Partner, Akre Capital Management

TOPIC: Good Judgement Comes from Experience, and Experience comes from Bad Judgement. A conversation with Chuck Akre and Chris Cerrone about lessons

Takeaways

Chuck and Chris will focus on some of the hardest aspects of the investing journey, including 1) the difficulty of correctly evaluating people, 2) recognizing the good ones early enough, and 3) getting distracted from what really matters by all the noise.

Bill Smead
VIC 2023

Oliver Talbot

Partner, Talbot Sayer [Australia] with Charles Jennings, CEO, Stonehouse Corp [Australia]

Topic:

"Systemic Buttresses for a Disciplined Investment Operation"

Takeaways

Takeaways:

1) The need for discipline in an investment operation 2) Developing a system to buttress one’s discipline 3) Lessons from the Stonehouse system

Bill Smead
VIC 2023

Francois Rochon

President, Portfolio Manager; Giverny Capital [Canada]

TOPIC: Lessons from my first 30 years of Value investing

Takeaways

1) The importance of not trying to predict the stock market 2) Aim for the "middle of the road" in investing 3) Develop the right behaviours: Rationality, Humility and Patience

Bill Smead
VIC 2023

Todd Finkle

PhD, Professor, Author

TOPIC: Buffett: Investor and Entrepreneur

Takeaways

1) Omaha connection: Is there something in the water? 2) Surprises from writing the book 3) Entrepreneurship and Buffett: Lessons learned

Bill Smead
BSS 2023

Rakesh Gupta

COO, THREE, biBERK

Topic: "Berkshire System and culture, how various insurance and non-insurance subsidiaries interact, developing the direct to consumer model for small business insurance, competitors, future opportunities and more."

Takeaways

Takeaways:  1) Comparing Berkshire's culture to other conglomerates. 2) Developing an insurance subsidiary from scratch. 3) What is insurtech? 4) One of the most innovative products in Small Commercial Insurance in many years.

Bill Smead
VIC 2023

Bob Robotti

Founder & CIO Robotti & Co

TOPIC: Revenge of the Old Economy and Restoration of Active Management!

Takeaways

1) Investors need to radically reallocate capital based on a different economic environment. 2) Globalization 2.0 - not JUST China 3) Creating a decade plus of economic capital investment activity with new, continuing, and persistent inflationary pressures. 4) Old economy business have become better business, with barriers to entry, trading at cigar butt prices 5) VALUATION matters 6) Reinforcing the need to reallocate capital for this new environment

Bill Smead
VIC 2023

Mario Gabelli

Chairman and Chief Executive Officer of GAMCO Investor, Inc.

TOPIC: Why Warren and Charlie Still Have It

Takeaways

1) Research Analysis - will it survive in a world of quants, algos, moms, and AI 2) What is private market value - does it work?

Bill Smead
VIC 2023

Rob Darby

CEO, Berkshire Hathaway Homestate Companies, Workers Comp Division

TOPIC: Understanding the Berkshire System

Takeaways

1) How do you define the Berkshire System? 2) Why is insurance the most important subsidiary of Berkshire? 3) What are the unique opportunities and challenges of workers compensation insurance?

Bill Smead
VIC 2023

Chuck Akre with Chris Cerrone

Managing Member, CEO, CIO.; Akre Capital Management

TOPIC: Good Judgement Comes from Experience, and Experience comes from Bad Judgement. A conversation with Chuck Akre and Chris Cerrone about lessons learned the hard way.

Takeaways

Chuck will focus on some of the hardest aspects of the investing journey, including 1) the difficulty of correctly evaluating people, 2) recognizing the good ones early enough, and 3) getting distracted from what really matters by all the noise.

Bill Smead
VIC 2023

Dr. Robert Cialdini

Author, Influence

TOPIC: Building Your Influence by Building Your Relationships

Takeaways

1) Acquire a clear understanding of the seven universal Principles of Persuasion that, when employed ethically, will result in more agreement with requests, recommendations, and proposals. 2) Learn which three Principles lead to stronger and deeper relationships that, in turn, lead to favorable and efficient long-term partnerships. 3) Know the smallest changes to their persuasive approaches that produce the largest increases in their persuasive success.

Bill Smead
VIC 2023

Mark O'Hare with Charles Jennings

1. CEO, Stonehouse Corp [Australia] 2. Partner, Grant Thornton Australia

TOPIC: Replicating the Berkshire System Model in Australia

Takeaways

1) What is your understanding of the Berkshire System? 2) What are the key components of Berkshire's model that others must get right to develop a similar system? 3) What are the major advantages and disadvantages of the Berkshire System?

Bill Smead
BSS 2023

David Sekera

CFA, Senior U.S. Market Strategist; Morningstar

TOPIC: Deep Value in a Rocky Market

Takeaways

1) Identifying where to find value in today's market 2) Where the crossroads meet: economic moats & Morningstar's deepest value stock plays 3) Value meets Growth: undervalued stocks leveraged to long term secular growth

Bill Smead
VIC 2023

Andrew Linkhart with Rakesh Gupta

Chief Claims & Financial Officer, Berkshire Hathaway Homestate Companies

TOPIC: Berkshire System and culture, how various insurance and non-insurance subsidiaries interact, developing the direct to consumer model for small business insurance, competitors, future opportunities and more.

Takeaways

1) Comparing Berkshire's culture to other conglomerates. 2) Developing an insurance subsidiary from scratch. 3) What is insurtech? 4) One of the most innovative products in Small Commercial Insurance in many years.

Bill Smead
VIC 2023

Adrienne Fay

VP, Borsheims Jewelry

TOPIC: Audience Q&A

Takeaways

1) What is the Berkshire System? 2) How does Berkshire's Culture compare to previous employers? 3) How does Borsheims benefit by being part of the Berkshire Family of Businesses?

Bill Smead
VIC 2023

Ron Olson with Jonathan Stempel

1. Berkshire Director, Managing Partner, Munger, Tolles & Olson 2. Journalist, Thomson Reuters

TOPIC: Q&A

Takeaways

1) What is the Berkshire System? 2) Berkshire's latest acquisitions and updates. 3) Berkshire's latest board appointments. 4) Succession

Bill Smead
VIC 2023

David Rolfe

CIO, Wedgewood Partners

TOPIC: Institutionalizing Buffett's 20-Punch Card

Takeaways

1) Focus investing as a Competitive Advantage and Repeatable Edge. 2) Can institutional Imperatives be avoided? 3) Trials and Tribulations of Institutional Clients

Bill Smead
VIC 2023

Jon Brandt

Research Analyst; Ruane, Cunniff & Goldfarb with TBA

TOPIC: Conversation with a Long Time Business Owner

Takeaways

1) An inside look into RCG investment process. 2) Necessary ingredients to being a long term investor. 3) Our investment in Berkshire Hathaway.

Bill Smead
VIC 2023

Charles Jennings with Oliver Talbot

CEO, Stonehouse Corp [Australia]

TOPIC: TBD

Takeaways

1) How Stonehouse Corp is similar to Berkshire 2) How Stonehouse Corp is different from Berkshire 3) Australia's cultural and economic characteristics that affect Stonehouse's investment environment and approach

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