On today’s episode, Clay reviews one of Warren Buffett’s favorite investment books called&nbsp;The Outsiders&nbsp;by William Thorndike Jr.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.01:56 - How we should evaluate the performance of a CEO during their tenure.03:01 - How Henry Singleton led Teledyne to deliver a 20.4% average annual return to shareholders during his 30 year tenure.09:18 - How most CEOs think like foxes, while Outsider CEOs think like hedgehogs.22:15 - What it means to be an exceptional capital allocator.26:17 - How Katherine Graham from The Washington Post delivered a 22.3% average return to shareholders from 1971 through 1993.&nbsp;32:40 - The unconventional decisions that led Warren Buffett to become known as the world’s greatest capital allocator.52:55 - How Buffett thinks about constructing a stock portfolio.57:24 - The most common themes in studying Outsider CEOs.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES<ul><li>William Thorndike’s book –&nbsp;<a href="https://www.amazon.com/The-Outsiders-William-N-Thorndike-audiobook/dp/B00F3HEXEO?keywords=the+outsiders&qid=1684416591&sprefix=the+outsid%2Caps%2C116&sr=8-6&linkCode=ll1&tag=tipnetwork-20&linkId=00e3753a2a3011eaddc034216d70affe&language=en_US&ref_=as_li_ss_tl" rel="noopener noreferrer" target="_blank">The Outsiders</a>.</li><li>Check out our newly released&nbsp;<a href="http://theinvestorspodcast.com/mastermind" rel="noopener noreferrer" target="_blank">TIP Mastermind Community</a>.</li><li>Check out our recent episode covering the&nbsp;<a href="https://link.chtbl.com/WSB551" rel="noopener noreferrer" target="_blank">2023 Berkshire Hathaway Shareholder Meeting</a>&nbsp;or watch the&nbsp;<a href="https://www.theinvestorspodcast.com/episodes/berkshire-hathaway-annual-shareholders-meeting-2023/" rel="noopener noreferrer" target="_blank">video</a>.</li><li>Clay’s previous episodes covering Warren Buffett’s full story –&nbsp;<a href="https://link.chtbl.com/TIP482" rel="noopener noreferrer" target="_blank">Part 1</a>&nbsp;&&nbsp;<a href="https://link.chtbl.com/TIP484" rel="noopener noreferrer" target="_blank">Part 2,&nbsp;</a>or watch the video&nbsp;<a href="https://www.theinvestorspodcast.com/episodes/how-warren-buffett-became-the-greatest-investor-to-ever-live-part-1/" rel="noopener noreferrer" target="_blank">here</a>&nbsp;&&nbsp;<a href="https://www.theinvestorspodcast.com/episodes/how-warren-buffett-became-the-greatest-investor-to-ever-live-part-2/" rel="noopener noreferrer" target="_blank">here</a>.</li><li>Follow Clay on <a href="https://twitter.com/Clay_Finck" rel="noopener noreferrer" target="_blank">Twitter</a>.</li></ul>NEW TO THE SHOW?<ul><li>Check out our&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/" rel="noopener noreferrer" target="_blank">We Study Billionaires Starter Packs</a>.</li><li>Browse through all our episodes (complete with transcripts)&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires/" rel="noopener noreferrer" target="_blank">here</a>.</li><li>Try our tool for picking stock winners and managing our portfolios:&nbsp;<a href="https://www.theinvestorspodcast.com/tip-finance/" rel="noopener noreferrer" target="_blank">TIP Finance Tool</a>.</li><li>Enjoy exclusive perks from our&nbsp;<a href="https://www.theinvestorspodcast.com/affiliates/" rel="noopener noreferrer" target="_blank">favorite Apps and Services</a>.</li><li>Stay up-to-date on financial markets and investing strategies through our daily newsletter,<a href="https://www.theinvestorspodcast.com/newsletters/" rel="noopener noreferrer" target="_blank">&nbsp;We Study Markets.</a></li><li>Learn how to better start, manage, and grow your business with the&nbsp;<a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/" rel="noopener noreferrer" target="_blank">best business podcasts</a>.&nbsp;</li></ul>P.S The Investor’s Podcast Network is excited to launch a&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">subreddit</a>&nbsp;devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">r/TheInvestorsPodcast</a>&nbsp;today!SPONSORS<ul><li>If you’re aware you need to improve your bitcoin security but have been putting it off,&nbsp;<a href="https://unchained.com/concierge" rel="noopener noreferrer" target="_blank">Unchained Capital</a>‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.</li><li>Have peace of mind knowing&nbsp;<a href="https://river.com/" rel="noopener noreferrer" target="_blank">River</a>&nbsp;holds Bitcoin in multi-sig cold storage with 100% full reserves.</li><li>What does happen when money and big feelings mix? Tune in to find out on the new podcast,&nbsp;<a href="https://podcasts.apple.com/ca/podcast/open-money-by-servus-credit-union/id1674940247" rel="noopener noreferrer" target="_blank">Open Money</a>, presented by Servus Credit Union.</li><li>Make connections, gain knowledge, and uplift your governance CV by becoming a member of the&nbsp;<a href="https://aicd.com.au/member" rel="noopener noreferrer" target="_blank">AICD</a>&nbsp;today.</li><li>Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with&nbsp;<a href="https://www.viator.com/" rel="noopener noreferrer" target="_blank">Viator</a>. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.</li><li>Join over 5k investors in the data security revolution with&nbsp;<a href="https://invest.atakama.com/wsb" rel="noopener noreferrer" target="_blank">Atakama</a>.</li><li>Apply for the Employee Retention Credit easily, no matter how busy you are, with&nbsp;<a href="https://getrefunds.com/" rel="noopener noreferrer" target="_blank">Innovation Refunds</a>.</li><li>Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with&nbsp;<a href="https://ndtco.com/" rel="noopener noreferrer" target="_blank">New Direction Trust Company</a>.</li><li>Send, spend, and receive money around the world easily with&nbsp;<a href="https://wise.com/tip" rel="noopener noreferrer" target="_blank">Wise</a>.</li><li>Beat FOMO and move faster than the market with&nbsp;<a href="https://alpha-sense.com/fs" rel="noopener noreferrer" target="_blank">AlphaSense</a>.</li><li>Support our free podcast by supporting our&nbsp;<a href="https://theinvestorspodcast.com/sponsors" rel="noopener noreferrer" target="_blank">sponsors</a>.</li></ul>HELP US OUT!Help us reach new listeners by leaving us a&nbsp;<a href="https://docs.google.com/presentation/d/1Rnl5KGxmrYISQ7UfbEREMN-AD6b40i6CwWUbXaTabmI/edit" rel="noopener noreferrer" target="_blank">rating and review</a>&nbsp;on&nbsp;<a href="https://podcasts.apple.com/us/podcast/we-study-billionaires-the-investors-podcast-network/id928933489" rel="noopener noreferrer" target="_blank">Apple Podcasts</a>! 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TIP555: Lessons from the World's Greatest Capital Allocators

We Study Billionaires - The Investor’s Podcast Network