In this episode, Stig Brodersen speaks with Tobias Carlisle — founder and managing director of Acquirers Funds — about Warren Buffett’s timeless approach to risk. Drawing from Tobias’s new book, Soldier of Fortune, they explore how ancient wisdom, especially from The Art of War, reveals the deeper logic behind Buffett’s biggest and most misunderstood investing decisions.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 Intro
00:02:03 Why the deal between General Re and Berkshire Hathaway was a masterstroke
00:16:48 What the ancient text of the art of war can teach us about today’s financial markets
00:27:28 Why did Buffett buy BNSF when it’s highly capital-intensive
00:36:28 Why Apple was – perhaps – the best trade Buffett ever made
00:56:04 Why Buffett’s investment in Japan is in total alignment with the culture of Berkshire Hathaway
01:12:36 If Berkshire Hathaway is more or less risky than the S&P 500
And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
 <li>Tobias Carlisle's book, <a href="https://www.amazon.com/Soldier-Fortune-Buffett-Ancient-Risk-Taking/dp/B0FTFBQTGR?&linkCode=ll1&tag=tipnetwork-20&linkId=0a59f4d61eddeb5107adccb911177977&language=en_US&ref_=as_li_ss_tl">Soldier of Fortune</a> – read reviews of this book.</li>
 <li>Tobias Carlisle's podcast, <a href="https://acquirersmultiple.com/podcast/">The Acquires Podcast</a>.</li>
 <li>Tobias Carlisle's ETF, <a href="https://www.acquirersfund.com/">ZIG</a>.</li>
 <li>Tobias Carlisle's ETF, <a href="https://www.etf.com/DEEP">Deep</a>.</li>
 <li>Tobias Carlisle's book, <a href="https://www.amazon.com/gp/product/0692928855?ie=UTF8&linkCode=ll1&tag=tipnetwork-20&linkId=1b1d4fae095a98b8665904135fe30a78&language=en_US&ref_=as_li_ss_tl">The Acquirer's Multiple</a> – read reviews of this book.</li>
 <li>Tobias Carlisle's Acquirer's Multiple stock screener: <a href="https://acquirersmultiple.com/?ref=5&campaign=TheInvestor%27sPodcast">AcquirersMultiple.com</a>.</li>
 <li>Tweet directly to Tobias Carlisle: <a href="https://x.com/Greenbackd">@Greenbackd</a>.</li>
 <li>Related <a href="https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network">⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠</a> mentioned in the podcast.</li>
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