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hey friends this is fi here welcome back to another amazing video so this time i thought let's do something really really different okay so i need around 10 to 15 minutes of your time maximum so you know what we're going to do we're going to watch warren buffett's one of first warren buffett's interviews ever okay so all of us know warren buffett he's one of the greatest investors of all times so we can call the warren buffet or warren buffett uh i call him warren buffett okay so uh we not only learn things about investing from him but we also get to know uh a lot of other things about life okay so are you guys ready if you guys are ready let's watch it together now for this simple requirement is make sure that you have a pen or pencil and have a nice sheet of paper where you can write down a few notes right if you don't you have not had any of this right now just pause this video bring it sit down around say and make sure that you watch this video so let's let's try to watch it till the end let's make some notes and then probably then i'll see that if we can have an exercise a small homework for all of us to do and then probably it will work out really well okay all right then let's begin the video okay friends here we go others with a more secular approach who have also been very successful let's take warren buffett of omaha nebraska if you would put ten thousand dollars in 1965 into his company berkshire hathaway you would have one million today warren was a chapter in my 1972 book supermoney so i've known him a long time he learned his trade with ben graham the original dean of security analysis at columbia university i don't think warren has ever been on television until this interview and he has certainly never courted publicity but recently he got a lot of it when he emerged as the key figure in the takeover of abc by capital cities warren will be the largest shareholder of the new company and his own net worth is now far in excess of 500 million dollars but when i spoke with him last fall in his office in omaha he very characteristically made his investment style seems so perfectly simple the first role in investment is don't lose and the second rule of investment is don't forget the first rule and that's all the rules there are i mean that uh if you buy things for far below what they're worth and you buy a group of them you basically don't lose money lauren what do you consider the most important quality for an investment manager it's a temperamental quality not an intellectual quality you don't need tons of iq in this business i mean you have to have enough iq to get from here to downtown omaha but but uh you do not have to be able to play three-dimensional chess or be in the top leagues in terms of bridge playing or something of the sort you need a stable personality you need a temperament that neither derives great pleasure from being with the crowd or against the crowd because this is not a business where you take polls it's a business where you think and ben graham would say that you're not right or wrong because a thousand people agree with you and you're not right or wrong because a thousand people disagree with you you're right because your facts and your reasoning are right warren what do you do that's different than ninety percent of the money managers who are in the market certainly most of the professional investors focus on what the stock is likely to do in the next year too they're all kinds of all kinds of uh arcane uh uh methods of of of approaching that but they do not really think of themselves as owning a piece of a business that the real test of whether you're investing from a value standpoint or not is whether uh you care whether the stock market is open tomorrow if you're making a good investment in a security it shouldn't bother if they close down the stock market for five years all the ticker tells me is the price and i can look at the price occasionally to see whether the price is outlandishly cheap or outlandishly high but but prices don't tell me anything about a business business business figures themselves tell me something about a business but the price of a stock doesn't tell me anything about a business i would rather value a stock or a business first and not even know the price so that i'm not influenced by the price in establishing my valuation and then look at the price later to see whether it's way out of line with what my value is my god you know what it's so amazing to listen to this right as investors we always focus on the price um including me right i mean so many times we look at the price and we get influenced by the price movements but warren clearly tells us that the moment we look at a business uh as a piece of a business owning a piece of a business and then it doesn't matter whether the cloud agrees with you or disagrees with you because then we can take an independent view okay so i think what he's trying to say is value versus price okay amazing so buffett chose to stay in this world omaha nebraska where corn grows just minutes from downtown now omaha is a nice town but nobody claims it's a world financial center here the only thundering herd is actually on four feet don't you find omaha a little bit off the beaten track for the investment world well believe it or not uh we get mail here and uh we get periodicals and we get all the facts needed to make decisions and unlike wall street you'll notice we don't have 50 people coming up and whispering in our ear that we should be doing this or that this afternoon you appreciate the lack of stimulation i like the lack of stimulation we get facts not stimulation here how can you stay away from wall street well if i were on wall street i'd probably be a a lot poorer at uh you get overstimulated in wall street and uh you hear lots of things and and you you may you may shorten your focus and a short focus is not conducive to to long profits and here i can just focus on what businesses are worth and i don't need to be uh in washington to figure out what the washington post uh newspaper is worth and i don't need to be in new york to figure out what uh some other company has worked it's it's it's simply it's an intellectual process and the less the less static there is in that intellectual process really the better off you are what is the intellectual process intellectual processes is defining your level defining your area of competence and valuing businesses and then within that area of competence finding whatever sells at the at the cheapest price in relation to value you know what uh one thing i could take away from this was omaha was a very small town uh most of us are in small small cities small smart towns right but today we have information all across we have annual reports we have all the information so isn't it so much easier for us to study sitting wherever we are in whichever part of the world and ensuring that we are able to study and understand the business that's number one second thing uh one says that if he was in the wall street then probably he would have been part poorer uh if i if i want to relate that to today's context it's probably that we are made of age of social media there is so much of noise but we have to figure it out the more the noise the more the actions so we put out we need to be inactive then probably we need to shut down from all the noise filter out and then probably we can become better investors and there are all kinds of things i'm not competent to value but there are a few that i am confident have you ever bought a technology company no i really haven't in 30 years of investing not one i haven't understood any of them so you haven't ever owned for example ibm marvelous company i mean a sensational company but i haven't owned ibm okay so this was probably three and a half decades back uh it's amazing that warren is one of uh a large shareholder of a technology company called apple now so that clearly shows us that there's nothing wrong in increasing our circle of competence in expanding our circle of competence over a period of time and that's one of my biggest takeaways from this that circle of competence can be this much but over the years we can slowly expand the circle of competence and we can also figure out which parts of which sectors really do not fit in our circle of competence and so here is this technological revolution going on and you're not going to be a participant going right past me is that all right with you it's okay with me i don't have i don't have to make money in every game i mean i don't know what cocoa beans are gonna do i don't you know there are all kinds of things i don't know about and that may be too bad but uh you know why should i know all about them i haven't worked that hard on them in securities business you literally every day have thousands of the major american corporations offered you uh at a price and a price that changes daily and you don't have to make any decisions you have to make that nothing is forced upon you so you there are no called strikes in the business the pitcher just stands there and throws balls at you and uh if you're playing real baseball and it's between the knees and the shoulders you either swing or you got a strike call on you if you get too many call i knew you're out in the securities business you sit there and they throw us steel at 25 and they throw general motors at 68.
you don't have to swing at any of them they may be wonderful pitches to swing at but if you don't know enough you don't have to swing and you can sit there and watch thousands of pitches and finally get one right there where you want it something that you understand and then you swing and so you might not swing for six months you might not swing for two years isn't that boring it would it would bore most people and and certainly boredom is a is a problem with most professional money managers if they if they if they try to sit out an inning or two not only do they get somewhat antsy but their clients are starting to start yelling swing you bum you know from the from the stands and that's very tough for people to do lauren foreign okay you know what it's it's so awesome that you know today we have so many listed companies and then uh many times what happens is we own a stock and except our stock all the other stocks are running right uh how many of you have experienced this right i think most of us have experienced this and uh it's so awesome that end of day a person like warren buffett right or warren buffet he um he swings so rarely is what he says right and i think only a true owner can really do that we can't own all the businesses in the world we just want some good businesses and wait for them to probably perform at some point of time but the earnings are so key okay that's my table approach seems so simple why doesn't everybody do it well i think partly because it is so simple that uh the academics for example focus on on uh all kinds of variables partly because academics you mean professors right yeah the data is in business school sure and the data is there so they focus on whether if you buy stocks on tuesday and sell them on friday you're better off or if you buy them in election years uh and sell them in other years you're better off or if you buy small companies there are all these variables because the data are there and and they learn how to manipulate data and as a friend of mine says to a man with a hammer everything looks like a nail and once you have these skills you just are dying to uh to utilize them in some way but they aren't important uh if i were being asked to participate in a business opportunity would it make any difference to me whether i bought it on a tuesday or saturday or an election year or something it's not what a businessman thinks about in buying businesses so why think about it when buying stocks because stocks are just pieces of business welcome back you know what uh i think it was fun watching this so just before you end the video right i just thought uh it would be nice if all of us as a homework right can put down our comments uh in this particular video all right what are our biggest learnings what are our biggest learnings in this particular video if you can just put down i'll put on my learnings as well okay that's something which i would love to do and as long-term investors i think that uh you know it's amazing to own a business rather than looking at the price every single day okay that has been one of my biggest biggest takeaways here all right so friends if you think that this kind of video uh brought some value i can do more such videos where we can watch something together and then we can kind of have uh you know heart to heart connection on watching this particular piece right uh if you really like this video please give a nice like okay because the moment you press that like button i think the youtube algorithm makes sure that a lot of other people also can watch this video and then take benefit from it okay so great then i'll be waiting for your comments and my email is always open right uh my email will be there in the description just send me any kind of thoughts whatever you feel please send it across to me no stock specific stuff and no recommendations nothing right it's just pure discussions and then we'll have a great time together okay all right then see you next time take care bye
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