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One of my favorite investing videos out there! Seth Klarman rarely does interviews, fortunately, he did this one. It's only ten minutes. Watch it before you go to bed tonight. It's worth it:

One of my favorite investing videos out there! Seth Klarman rarely does interviews, fortunately, he did this one. It's only ten minutes. Watch it before you go to bed tonight. It's worth it:

506,384 просмотров • 2 лет назад

If you’re an investing beginner, you MUST watch this video. If you’re an advanced investor, watch it as a reminder. Peter Lynch is the most successful Fund Manager of all time. He uses these 45 minutes to cover 95% of all of investing! My Key Takeaways: 1. Personal Edge - Look for the fields in which you have a knowledge benefit. Working in an industry, being a customer, all of that is an advantage. 2. The Key Organ for Investing: The Stomach - Investing is not about brains. It’s about having the stomach. “The real key to making money in stocks is not to get scared out of them.” - Peter Lynch 3. Categories - Categories and labels are guidelines, not hard rules. Successful investing is about flexibility. 4. P/E Rule of Thumb - Stocks follow Earnings Fairly Priced: P/E equals annual growth rate over the next 3-5 years. Expensive: P/E extensively higher than annual growth rate over the next 3-5 years. Cheap: P/E extensively lower than annual growth rate over the next 3-5 years. 5. Balance Sheet Rules of Thumb - Is the BS healthy? a) Cash should be higher than Short-Term Debt b) If Cash - Short-term Debt - Long-Term Debt is only 1/4 of Net worth, the BS is decent c) Total Debt should equal 20% of capitalization or less 6. Focus on Stories - Stock prices move with the stories told about the companies. Have a long-term story for every company you own and check if it plays out. 7. Profit from Chaos - A market decline of at least 10% occurs every two years. Pick up your high-conviction bets at a discount when this happens. 8. Forget about Macroeconomics - Focus on business growth, not GDP growth. “If you spend 13 minutes a year on economics, you’ve wasted 10 minutes.” - Peter Lynch

If you’re an investing beginner, you MUST watch this video. If you’re an advanced investor, watch it as a reminder. Peter Lynch is the most successful Fund Manager of all time. He uses these 45 minutes to cover 95% of all of investing! My Key Takeaways: 1. Personal Edge - Look for the fields in which you have a knowledge benefit. Working in an industry, being a customer, all of that is an advantage. 2. The Key Organ for Investing: The Stomach - Investing is not about brains. It’s about having the stomach. “The real key to making money in stocks is not to get scared out of them.” - Peter Lynch 3. Categories - Categories and labels are guidelines, not hard rules. Successful investing is about flexibility. 4. P/E Rule of Thumb - Stocks follow Earnings Fairly Priced: P/E equals annual growth rate over the next 3-5 years. Expensive: P/E extensively higher than annual growth rate over the next 3-5 years. Cheap: P/E extensively lower than annual growth rate over the next 3-5 years. 5. Balance Sheet Rules of Thumb - Is the BS healthy? a) Cash should be higher than Short-Term Debt b) If Cash - Short-term Debt - Long-Term Debt is only 1/4 of Net worth, the BS is decent c) Total Debt should equal 20% of capitalization or less 6. Focus on Stories - Stock prices move with the stories told about the companies. Have a long-term story for every company you own and check if it plays out. 7. Profit from Chaos - A market decline of at least 10% occurs every two years. Pick up your high-conviction bets at a discount when this happens. 8. Forget about Macroeconomics - Focus on business growth, not GDP growth. “If you spend 13 minutes a year on economics, you’ve wasted 10 minutes.” - Peter Lynch

493,303 просмотров • 2 лет назад

RIP to one of the best and brightest investors of all time, Jim Simons. Here's a 15-minute video of Simons talking about his life and passion, math.

RIP to one of the best and brightest investors of all time, Jim Simons. Here's a 15-minute video of Simons talking about his life and passion, math.

328,559 просмотров • 2 лет назад

Li Lu is one of the most successful investors of the last decades. But there are almost no public videos of him. But in 2006, he held a Valuation Class at Columbia. Here's the Video:

Li Lu is one of the most successful investors of the last decades. But there are almost no public videos of him. But in 2006, he held a Valuation Class at Columbia. Here's the Video:

305,547 просмотров • 2 лет назад

Phenomenal Speech by Warren Buffett on how to succeed in life:

Phenomenal Speech by Warren Buffett on how to succeed in life:

300,242 просмотров • 2 лет назад

Aswath Damodaran Masterclass on Investing:

Aswath Damodaran Masterclass on Investing:

267,282 просмотров • 2 лет назад

The internet is a remarkable place... You can literally be in the classroom of a Greenblatt lecture from 2005... See how he discusses an investment thesis and the way he looks at valuation:

The internet is a remarkable place... You can literally be in the classroom of a Greenblatt lecture from 2005... See how he discusses an investment thesis and the way he looks at valuation:

249,812 просмотров • 2 лет назад

Aswath Damodaran Lecture on the Worst Valuation Mistakes and how to avoid them:

Aswath Damodaran Lecture on the Worst Valuation Mistakes and how to avoid them:

246,628 просмотров • 2 лет назад

Listen to Jeff Bezos talking about business! He would've been an outstanding investor. He's the personalization of Buffett's principle: Think like an owner.

Listen to Jeff Bezos talking about business! He would've been an outstanding investor. He's the personalization of Buffett's principle: Think like an owner.

254,417 просмотров • 2 лет назад

An investing gem by Joe Greenblatt! One of the most comprehensive Investing lectures ever given. Here are my 6 favorite takeaways from this genius talk: 1. Not "Value" but "Valuation" Investing Low P/B or low P/S investing is what Morningstar labels Value Investing. That approach hasn't worked well for quite some time now. Momentum investing did work well over the last decade. But will it continue? Nobody knows. But there's one thing that'll always work: Valuation Investing. Investing based on sound valuation work. 2. Is Outperformance as an Active Investor Still Possible? There are so many smart people working in finance and asset management. There are more and more computers and AI systems. Is active Investing dead? Simple Answer: From 1997-2000, the S&P 500 doubled. From 2000-2002, it halved. From 2002-2007, it doubled. From 2007-2009, it halved. From 2009 to today, it multiplied sixfold. And that's just the index. Individual stocks were even more volatile. -> People are still crazy. There's still lots of opportunity. 3. Differentiate for Superior Performance Superior performance comes from differentiation. The main reason why so many people fail to outperform is because they fish in the same water. If you only look for S&P 500 stocks, where is the superior performance supposed to come from? The further you get away from the most famous stocks, the higher the chance for different performance. Yes, also for underperformance. Buying things right matters more than ever, then. 4. Valuation Look for "absolute cheap" in combination with "relative cheap." When assessing the absolute cheapness of a company, Greenblatt focuses on the FCF yield. FCF Yield: Free Cash Flow (per share) / Market Price (per share) Only after you've assessed a company "absolute cheap," you can also check for relative cheapness by comparing it to competitors within the industry. 5. Valuation is like Gravity If you're right with your valuation of the company, the stock price will follow, sooner or later. If you buy overvalued companies, >99% of them will come down. Only <1% will grow so significantly that you don't lose money on them. The problem is that people voluntarily look for those opportunities. They don't want beaten and off-the-path opportunities that are undervalued. They want Tesla to grow into an enormous valuation and then say:" I told you so!" And maybe Tesla is the one outlier out of 100. But why bet on that when there are so many less risky bets out there? 6. The Fallacy of Diversification The fact that people think you need to own at least 30 stocks shows that they didn't understand the idea of thinking like an owner. No one would call someone who owns six different businesses in your hometown a speculator. In the stock market, they do, because they think about pieces of paper and tickers on their screen. Not about businesses...

An investing gem by Joe Greenblatt! One of the most comprehensive Investing lectures ever given. Here are my 6 favorite takeaways from this genius talk: 1. Not "Value" but "Valuation" Investing Low P/B or low P/S investing is what Morningstar labels Value Investing. That approach hasn't worked well for quite some time now. Momentum investing did work well over the last decade. But will it continue? Nobody knows. But there's one thing that'll always work: Valuation Investing. Investing based on sound valuation work. 2. Is Outperformance as an Active Investor Still Possible? There are so many smart people working in finance and asset management. There are more and more computers and AI systems. Is active Investing dead? Simple Answer: From 1997-2000, the S&P 500 doubled. From 2000-2002, it halved. From 2002-2007, it doubled. From 2007-2009, it halved. From 2009 to today, it multiplied sixfold. And that's just the index. Individual stocks were even more volatile. -> People are still crazy. There's still lots of opportunity. 3. Differentiate for Superior Performance Superior performance comes from differentiation. The main reason why so many people fail to outperform is because they fish in the same water. If you only look for S&P 500 stocks, where is the superior performance supposed to come from? The further you get away from the most famous stocks, the higher the chance for different performance. Yes, also for underperformance. Buying things right matters more than ever, then. 4. Valuation Look for "absolute cheap" in combination with "relative cheap." When assessing the absolute cheapness of a company, Greenblatt focuses on the FCF yield. FCF Yield: Free Cash Flow (per share) / Market Price (per share) Only after you've assessed a company "absolute cheap," you can also check for relative cheapness by comparing it to competitors within the industry. 5. Valuation is like Gravity If you're right with your valuation of the company, the stock price will follow, sooner or later. If you buy overvalued companies, >99% of them will come down. Only <1% will grow so significantly that you don't lose money on them. The problem is that people voluntarily look for those opportunities. They don't want beaten and off-the-path opportunities that are undervalued. They want Tesla to grow into an enormous valuation and then say:" I told you so!" And maybe Tesla is the one outlier out of 100. But why bet on that when there are so many less risky bets out there? 6. The Fallacy of Diversification The fact that people think you need to own at least 30 stocks shows that they didn't understand the idea of thinking like an owner. No one would call someone who owns six different businesses in your hometown a speculator. In the stock market, they do, because they think about pieces of paper and tickers on their screen. Not about businesses...

247,511 просмотров • 2 лет назад

A clip from Li Lu's greatest-ever public speech. The Columbia Lecture for Bruce Greenwald's 2006 Columbia Class. Here are 9 Learnings from Li Lu's Investment Strategy: 1. Why Value Investing Works The market isn’t built for value investors. It is built in a way that increases the urge to speculate. That’s why businesses are so often misprized in the short term. Value investors can benefit from this circumstance. 2. Understand Who You Are You’ll be more interested in some industries/topics than in others. And in investing, you can choose in what industries you’ll look for opportunities. Investors should use this advantage and be sure about their circle of competence. 3. Be a Journalist Being an investor is a lot like being a research journalist. You have to dig into the company on a level that journalists do when they research their stories. You also need to clearly articulate your thesis and research and bring it to paper. 4. Find the Truth A journalist also has to find the truth before he publishes a story. Same goes for an investor. It could be fatal if he makes a decision before he knows “the truth” about a company. Thus, he has to avoid all sorts of biases and misleading influences. 5. Commitment Bias One of these biases is the commitment bias. To avoid this one, Li Lu rarely agrees to public appearances. The more you talk about investments, the more you talk yourself into them. The perceived knowledge about a company increases for no reason. 6. ROIC Just like Charlie Munger, Li Lu emphasizes the importance of ROIC as a metric for superior performance and competitive advantages. The longer your holding period, the more your return will equal the ROIC of the underlying company. 7. Volatility As explained before, stock prices are a lot more volatile than the business behind that stock. Investors, therefore, should pay attention to slow, long-term changes in the business instead of stock prices. 8. Self Defense To Li Lu, the Margin of Safety is a concept of self-defense. Even if the company is more valuable than the market gives it credit for, the management could destroy this advantage. This possibility is something investors have to look out for. 9. Uninvestable Some industries are impossible to value. Li Lu gives the example of restaurants. Even if the business is great, there are little to no durable advantages. Investors shouldn’t try the impossible and just focus on what can be valued. You can find the whole Lecture on YouTube. I highly recommend watching it!

A clip from Li Lu's greatest-ever public speech. The Columbia Lecture for Bruce Greenwald's 2006 Columbia Class. Here are 9 Learnings from Li Lu's Investment Strategy: 1. Why Value Investing Works The market isn’t built for value investors. It is built in a way that increases the urge to speculate. That’s why businesses are so often misprized in the short term. Value investors can benefit from this circumstance. 2. Understand Who You Are You’ll be more interested in some industries/topics than in others. And in investing, you can choose in what industries you’ll look for opportunities. Investors should use this advantage and be sure about their circle of competence. 3. Be a Journalist Being an investor is a lot like being a research journalist. You have to dig into the company on a level that journalists do when they research their stories. You also need to clearly articulate your thesis and research and bring it to paper. 4. Find the Truth A journalist also has to find the truth before he publishes a story. Same goes for an investor. It could be fatal if he makes a decision before he knows “the truth” about a company. Thus, he has to avoid all sorts of biases and misleading influences. 5. Commitment Bias One of these biases is the commitment bias. To avoid this one, Li Lu rarely agrees to public appearances. The more you talk about investments, the more you talk yourself into them. The perceived knowledge about a company increases for no reason. 6. ROIC Just like Charlie Munger, Li Lu emphasizes the importance of ROIC as a metric for superior performance and competitive advantages. The longer your holding period, the more your return will equal the ROIC of the underlying company. 7. Volatility As explained before, stock prices are a lot more volatile than the business behind that stock. Investors, therefore, should pay attention to slow, long-term changes in the business instead of stock prices. 8. Self Defense To Li Lu, the Margin of Safety is a concept of self-defense. Even if the company is more valuable than the market gives it credit for, the management could destroy this advantage. This possibility is something investors have to look out for. 9. Uninvestable Some industries are impossible to value. Li Lu gives the example of restaurants. Even if the business is great, there are little to no durable advantages. Investors shouldn’t try the impossible and just focus on what can be valued. You can find the whole Lecture on YouTube. I highly recommend watching it!

244,879 просмотров • 2 лет назад

Charlie Munger explains in less than 10 minutes why Buffett did what no one else could:

Charlie Munger explains in less than 10 minutes why Buffett did what no one else could:

240,431 просмотров • 2 лет назад

Young Warren Buffett breaks down successful investing in 5 minutes:

Young Warren Buffett breaks down successful investing in 5 minutes:

230,255 просмотров • 2 лет назад

Sir John Templeton annualized a 14% return over 38 years. Yet I haven't seen an interview of him before this one. It's from 1997 and full of life and investing lessons:

Sir John Templeton annualized a 14% return over 38 years. Yet I haven't seen an interview of him before this one. It's from 1997 and full of life and investing lessons:

197,878 просмотров • 2 лет назад

Howard Marks explains how he invests in asymmetrical bets and deals with risk:

Howard Marks explains how he invests in asymmetrical bets and deals with risk:

164,196 просмотров • 2 лет назад

Charlie Munger's outstanding speech on Human Misjudgment at Harvard in 1995:

Charlie Munger's outstanding speech on Human Misjudgment at Harvard in 1995:

159,465 просмотров • 2 лет назад

Warren Buffett's legendary speech at the University of Georgia. This speech is a great piece on business and investing. But I specifically enjoy it for Buffett's humor and life lessons. Here are some of my favorite points: 1. Don't work for your Resume - Work for someone you admire. Not to upgrade your resume. Working jobs that you hate first sounds to Buffett like: "Saving up sex for when you're old." Focus on learning on the job! 2. Qualities to focus on in Life - Buffett's Thought Experiment: Look around in your classroom, which classmate would you choose when you could keep 10% of his earnings for the rest of your life? Also, think about the inversion of this scenario: Who would you sell short? The characteristics that you focus on when answering these questions are the ones you should focus on in your own life. 3. The Best Compounders are Stable Companies - "The internet won't change how you chew gum." Buffett's biggest successes come from companies that aren't disruptable. Industries that are subject to disruption are a bad spot to look for long-term investments. 4. Go Short Horses, Not Long Cars - Investing is not about spotting the disruptors. In most cases, it's obvious when a life-changing product comes up. The question is, who profits from that change? It was a matter of time before cars replaced horses. But out of hundreds of car companies, only a handful actually succeeded. The same happened in the airline industry. 5. Managing your Circle of Competence - According to Buffett, the key to successful investing is to manage your circle of competence. It's not how big that circle is. More important is that you know your boundaries and always stay within them. 6. The Birds in the Bush - "A bird in the hand is worth two in the bush." However, an investor should also ask: 1. How many birds are in the bush? 2. When will they come out? 3. How sure am I? Investing is all about answering these questions. What investing lecture/speech/video can you recommend to me? If you enjoyed this tweet, please Retweet and Like it!

Warren Buffett's legendary speech at the University of Georgia. This speech is a great piece on business and investing. But I specifically enjoy it for Buffett's humor and life lessons. Here are some of my favorite points: 1. Don't work for your Resume - Work for someone you admire. Not to upgrade your resume. Working jobs that you hate first sounds to Buffett like: "Saving up sex for when you're old." Focus on learning on the job! 2. Qualities to focus on in Life - Buffett's Thought Experiment: Look around in your classroom, which classmate would you choose when you could keep 10% of his earnings for the rest of your life? Also, think about the inversion of this scenario: Who would you sell short? The characteristics that you focus on when answering these questions are the ones you should focus on in your own life. 3. The Best Compounders are Stable Companies - "The internet won't change how you chew gum." Buffett's biggest successes come from companies that aren't disruptable. Industries that are subject to disruption are a bad spot to look for long-term investments. 4. Go Short Horses, Not Long Cars - Investing is not about spotting the disruptors. In most cases, it's obvious when a life-changing product comes up. The question is, who profits from that change? It was a matter of time before cars replaced horses. But out of hundreds of car companies, only a handful actually succeeded. The same happened in the airline industry. 5. Managing your Circle of Competence - According to Buffett, the key to successful investing is to manage your circle of competence. It's not how big that circle is. More important is that you know your boundaries and always stay within them. 6. The Birds in the Bush - "A bird in the hand is worth two in the bush." However, an investor should also ask: 1. How many birds are in the bush? 2. When will they come out? 3. How sure am I? Investing is all about answering these questions. What investing lecture/speech/video can you recommend to me? If you enjoyed this tweet, please Retweet and Like it!

138,549 просмотров • 2 лет назад

This talk by Terry Smith is only 10 minutes. It deals with one of the most vital questions of Investing: How to invest in the best companies without overpaying? I highly recommend you take 10 minutes today to listen to this:

This talk by Terry Smith is only 10 minutes. It deals with one of the most vital questions of Investing: How to invest in the best companies without overpaying? I highly recommend you take 10 minutes today to listen to this:

129,051 просмотров • 2 лет назад

6. "I always build a position slowly." You never know a company until you own it. There's a lot of truth to that. It's part of what Bolton is getting at when he talks about looking at and understanding the chart.

6. "I always build a position slowly." You never know a company until you own it. There's a lot of truth to that. It's part of what Bolton is getting at when he talks about looking at and understanding the chart.

14,432 просмотров • 1 год назад

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