In this edition of the Yet Another Value Podcast Book Club, host Andrew Walker reunites with Byrne Hobart of The Diff to revisit The Snowball, Alice Schroeder’s biography of Warren Buffett. Triggered by Buffett’s recent retirement, the two reflect on how their views have evolved since first reading the book in their 20s. They unpack Buffett’s complex personal life, his early financial maneuvers, near-catastrophic risks, and lasting investment philosophies. Key discussions include Buffett’s detached family dynamics, calculated leverage, deep value tactics, and overlooked geopolitical caution. With a balance of admiration and critique, Andrew and Byrne present a thoughtful, analytical take on the man often mythologized as America's greatest investor.

______________________________________________________________________

[00:00:00] Podcast intro and book overview

[00:02:05] First impressions of Snowball reread

[00:04:28] Buffett’s emotional and family struggles

[00:05:57] His early business brilliance questioned

[00:08:41] Risks nearly tanked early ventures

[00:10:17] Byrne reflects on insurance troubles

[00:13:44] Buffett’s dual investing motivations

[00:15:27] Shady dynamics of Buffett’s PA

[00:17:45] Hustling to raise initial capital

[00:21:12] Best wins: control and distress

[00:23:36] Early Buffett vs modern strategies

[00:26:54] Why he avoided foreign stocks

[00:28:17] Could modern Buffett act similarly?

[00:30:52] Gray areas in early arbitrage

[00:33:57] Incentives, risk, and bad bets

[00:35:22] Buffett’s paradoxical driving style

[00:36:51] Solomon drama and reputational play

[00:40:33] Was Solomon really near failure?

[00:43:36] Role of Buffett’s presence in bailout

[00:45:10] LTCM: Buffett’s ultimate near-miss

[00:49:40] Snowball ends during 2008 crisis

[00:50:52] Experience shapes Buffett’s crisis style

[00:53:31] Is he great at market timing?

[00:56:14] Tough negotiator in private deals

[01:01:34] Reconciling bearish macro with buys

Links

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Darren McLean of Muddy Waters about investing in the mining sector. Darren shares how informational edges and a deep understanding of data can yield outsized returns in a space often overlooked by generalists. They discuss the inefficiencies in mining markets, the value of unconventional data analysis, and why mining offers compelling alpha for those willing to do the work. Darren also explores the evolution of mining capital, the brain drain in the industry, and the outsized rewards of discovering and developing world-class assets. Tune in to uncover the realities of resource investing and how expertise can change the game.

_________________________________________

[00:00:00] Andrew introduces podcast and Darren McLean

[00:03:15] Why Darren sees alpha in mining

[00:04:50] Examples of unconventional data collection

[00:07:46] Darren discovers major inefficiency firsthand

[00:10:23] Lack of diligence in asset qualification

[00:15:51] The post-China supercycle mining collapse

[00:20:57] Why mining offers inevitable investment returns

[00:24:03] The Bre-X scandal and manipulation

[00:27:42] Why supermajors avoid early-stage projects

[00:31:26] When site visits are essential

[00:38:47] Brain drain and generational void in mining

[00:39:18] Can generalists invest in mining successfully?

[00:43:17] Montage Gold: A re-rate case study

[00:46:17] Value of strong reputations and strategic entry

[00:51:13] Darren’s track record and strategy success

[00:53:36] Why mining gives clear investment feedback

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Nic Bustamante, founder of FinTool, an AI-powered platform designed for equity analysts and investors. They probe how AI is transforming investment workflows, from memo creation to screening and qualitative analysis. Nic shares examples of institutional adoption, discusses nuanced challenges like bias in management conversations, and forecasts how AI could evolve investor roles. Whether you're deeply entrenched in AI or just starting out, this episode provides grounded insights into its growing role in finance.

______________________________________________________________________

[00:00:00] Andrew introduces podcast and guest

[00:01:50] Nic explains AI task delegation

[00:04:10] Home Depot memo AI example

[00:06:59] Uploading memos to train AI

[00:08:13] Pattern matching with past investments

[00:10:39] Small sample size challenges

[00:13:10] Buffett’s approach vs. LLM potential

[00:16:08] Investing skill shifts with AI

[00:18:00] Qualitative work amplified by AI

[00:21:19] Gumshoe research vs. AI insights

[00:23:21] Amplifying analyst strengths with AI

[00:25:59] AI freeing up research time

[00:27:37] Future of autonomous investment agents

[00:30:10] Training AI with personal track record

[00:31:59] Data diversity needed for edge

[00:33:38] Qualitative investing with AI portfolios

[00:36:02] AI advantages in news trading

[00:37:36] Losing insight through automation

[00:39:21] Hybrid strategy using AI summaries

[00:41:40] Identifying non-standard compensation

[00:42:53] Spotting off-cycle stock grants

[00:45:36] Edge cases needing human oversight

[00:47:48] Tesla and extreme market narratives

[00:49:22] Fragility of company valuations

[00:51:16] Reliability of company filings

[00:53:31] Expanding Fintool’s data sources

[00:54:11] When and why to upload documents

[00:56:25] Private data and unique uploads

[00:58:14] Bias risk from selective inputs

[00:59:38] Recording calls for richer context

[01:00:23] Generating insightful questions with AI

[01:01:35] Framing management conversations for AI

[01:02:49] Extracting insight through competitor focus

[01:03:46] Using peers to understand companies

[01:04:43] Keeping pace with fast AI evolution

[01:07:02] AI as necessary but not sufficient

Links:

Yet Another ValueBlog: https://www.yetanothervalueblog.com

See our legaldisclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

FinTool:https://fintool.com/