Episode 35: Todd Finkle – Warren Buffett: Investor and Entrepreneur
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I had the pleasure of hearing Prof. Finkle speak in Omaha earlier this year, and he was kind enough to join me for today’s discussion. It was a real joy to have him on the show, and learn a lot more about our shared hero, Warren Buffett from a different perspective.
Todd A. Finkle, Ph.D. is the Pigott Professor of Entrepreneurship at Gonzaga University. He is also an investor, entrepreneur, speaker, and consultant. His research interests include entrepreneurship, famous entrepreneurs, and the business methods and career of Warren Buffett.
His most recent book, published by Columbia University Press, is Warren Buffett: Investor and Entrepreneur. Todd won an award (Bronze Medal) for the best business biography for the Axiom Business Books Awards.
It traces the entrepreneurial paths that shaped Buffett’s career and how he developed it into a global conglomerate through the imaginative deployment of financial instruments and creative deal making. By viewing Buffett as an entrepreneur, Finkle’s book offers readers a fresh take on one of the world’s best-known financial titans. Dr. Finkle is a native of Omaha, having graduated from Omaha Central High School. He earned his undergraduate and doctoral degrees from the University of Nebraska-Lincoln and an MBA from the University of Wisconsin-Madison.
1. We talked about Dr. Finkle's journey, delving into how his childhood and upbringing influenced his relationship with money and led him on the path to become a renowned expert in entrepreneurship.
2. We discussed Dr. Finkle's riveting book "Warren Buffett: Investor and Entrepreneur", exploring how it came into existence and the unique insights it provides on Buffett’s entrepreneurial ventures.
3. We dove into Dr. Finkle's passion for teaching, and he shared fascinating stories about his experiences bringing students to Omaha to spend a day with Warren Buffett.
4. We unraveled a captivating parallel between a young Buffett scavenging for discarded racetrack tickets and his early investment strategies, reflecting the principles of Benjamin Graham’s cigar butt investing.
6. We unpacked the idea that Berkshire Hathaway's colossal success did not stem from a masterplan, but rather from Buffett’s consistent presence and seizing new opportunities, akin to a snowball gathering momentum.
7. We explored Dr. Finkle's perspective on the entrepreneurial hunger and how it is an innate trait that can't be taught, but can significantly influence an entrepreneur's journey.
8. We delved into the entrepreneurial appetite for risk, as Dr. Finkle elaborates on the balance between embracing ambiguity and exercising pragmatism.
10. We reflected on the resilience displayed by Buffett during various crises, and Dr. Finkle provided insightful anecdotes of how Buffett navigated through tumultuous times.
11. We talked about the importance of surrounding oneself with smarter individuals, and how Buffett, a genius in his own right, attributes part of his success to this principle.
13. We discussed the human aspect of entrepreneurship, focusing on the responsibilities and challenges faced when having to make tough decisions that affect employees’ livelihoods.
14. We delved into the serendipitous nature of how Buffett discovers investment ideas.
15. We dissected some of Buffett's notable mistakes and how they neither derailed nor defined him, but rather offered valuable lessons.
16. We delved into Buffett’s distinct philosophy regarding inheritance and philanthropy, examining how his views diverge from conventional notions.
17. Finally, we ended the conversation by discussing Dr. Finkle's personal definition of success, inspired by a quote from Buffett about loving what you do and the people you do it with.
Links:
https://www.linkedin.com/in/todd-a-finkle-phd-a59888b6/
https://www.gonzaga.edu/school-of-business-administration/faculty/detail/finkle
https://twitter.com/ToddFinkle
https://www.toddfinkle.com/
---- Crisis Investing: 100 Essays - My new book.
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IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, neither my firm nor I have independently verified all such remarks. The content of this podcast is for general, informational purposes, and so are the opinions of a member of a registered investment adviser and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results.