Charley Ellis on How America Actually Got Built (Investing in America Series) | #633

About this episode

Charles Ellis discusses American investments and historical initiatives that shaped the nation.

My guest today is Charles Ellis, founder of Greenwich Associates, longtime member of Yale’s investment committee, and author of more than 20 books, including the classic Winning the Loser’s Game. In today’s episode, Charley reflects on writing the first major book on share repurchases 50 years ago, when the idea was so foreign that Goldman mailed it to 1,000 corporations as a “legitimizer.” Charley also walks us through his new book, Great American Investments: A History of the Bold Initiatives that Shaped a Nation, covering 14 audacious public investments from the Louisiana Purchase to the Marshall Plan. He explains how each came down to one or two obsessed individuals, why Alaska turned out to be the bargain of the century, and how Frances Perkins muscled Social Security into law. As the episode winds down, he shares the lunch with Sandy Gottesman in the early 1970s that led him to buy Berkshire Hathaway at $700 a share — and hold it ever since. (0:00) Starts (1:54) Charley on stock buybacks (8:06) Current state of investing and behavioral economics (11:37) Advice for young investors and long-term strategies (16:41) Charley's new book: Great American Investments: A History of…

People in this episode

Host: Meb Faber

Guest: Charles Ellis

Topics covered

• investing
• American history
• stock buybacks
• social security
• entrepreneurship
• behavioral economics

Keywords

• investing in America
• share repurchases
• Louisiana Purchase
• Marshall Plan
• Berkshire Hathaway
• social security
• AI investments

Sponsors

Ivy Invest

Mentioned in this episode

Organizations: Greenwich Associates, Yale, Berkshire Hathaway

Books & works: Winning the Loser’s Game, Great American Investments: A History of the Bold Initiatives that Shaped a Nation

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