The Net Worth Episode: Warren Buffet's GAAP Troubles & Building Wealth by Owning a Business

It's the second episode of the podcast 2.0 with my new co-host, David Leary!

We chat about Warren Buffet's "Accounting Nightmare." New accounting rules changes for 2018 require investments to be reported at fair value, resulting in an unusual net loss for Berkshire Hathaway. Buffet is a long term investor, so naturally he isn't a fan of including unrealized gains and losses in net income.

Also, David shares a really cool chart from Financial Samurai showing the net worth composition of people by net worth tier. It's fascinating how much wealth at the top end comes from business interests. Want to get rich? Own a business! Or two. Or more.

Show Notes

Mentioned in this episode:

• Buffett’s Berkshire Braces for ‘Wild’ Swings From New Accounting — Bloomberg
• Net Worth Composition By Levels Of Wealth: Build A Business Already — Financial Samurai
• The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers — Bloomberg
• Episode 823: Planet Monet — Planet Money

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Creators & Guests

Host

Blake Oliver

Founder and CEO of Earmark CPE

Host

David Leary

President and Founder, Sombrero Apps Company

What is The Accounting Podcast?

The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at https://earmarkcpe.com.