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hello everyone welcome to justin best today and today i have a good video for you guys today we're talking about charlie munger and why he thinks lilu was so successful in investing guys and this is very important because he breaks it down he's telling you guys fish where the fish are and i'm going to be showing you a small clip of what charlie monger is saying and why fishing where the fish are are so important to making really strong returns in the market guys we already know that the market can be efficient at times but there's always opportunity when you know the market is never always efficient right so we look for opportunities where we can find those crevices and make those huge returns guys we know companies are very small they're not kind of all the people all the markets wall street they're not really looking at those small cap micro cap stocks or even kind of spin-offs or special situations there's always opportunities in the market and for example spin-offs what happened with ferrari when it spun off of fiat chrysler guys a lot of people are not paying attention to that people were as soon as ferrari came into the market as a spin-off as a separate company people just sold it off because they didn't really care for it they thought it was probably worth not much and that's what's creating these inefficiency in the market and that was a perfect opportunity to buy ferrari an amazing company at a very cheap price as soon as it span off and people were just selling the stock or selling the shares because it was just a part of fiat chrysler another special situation is opportunities lies when companies earnings misses guys we see this all the time our company misses their earnings and it drops 20 15 over one quarter can you imagine that look what happened with bill ackman bill ackman invested in domino's pizza right after the earnings drop and he was just like why did the earnings drop so much this this is an amazing company it dropped like 15 percent or like 20 and guess what happened he bought it at the bottom and went up to like it went up 30 guys so you can just see all these special situations where you can make these strong market gangs manchester bride just talked about in his new video about turkey where that's the best market to investing guess why because everyone's running away from that market currency was the currency it was going crazy and no one wanted to be there all the government strife that presents perfect opportunities for stocks and businesses fish where the fish are meaning cheap cheap companies that are really strong and selling at a good price for right now we're just about to go into this clip and you gotta listen to charlie munger's words why does lilu succeed so mightily well partly he's sort of a chinese warren buffett that really helps and and partly he's fishing in china not in this oversearched overpopulated highly competitive american market and there's still pockets of ignorance and lassitude in china that gave him some unusual opportunities that first rule in fishing has always been fish where the fish are and the second rule of fishing has always been don't forget rule number one and and lee lou just went where the fishing was good and the rest of us are like cod fishermen who are trying to catch cod where the fish haven't fished out it doesn't matter how much you work when there's that much competition every little idea i see in the world somewhere going after i sat once on an investment committee at the university of michigan and then came one of those successful investors located in london and what had this investor done in london he decided to invest in sub-saharan africa and the only marginal securities were a few banks that traded in the pink sheets so he would buy very tiny quantities of these banks and every time some poor person got tired of having the money in the mattress and put it in a bank he did a little better and of course he made a lot of money nobody else was investing in little tiny banks in africa but the niche was soon filled what the hell do you do for encore after you've put your class money in a bunch of little tiny banks in sub-saharan africa the niche gets failed quickly and i and how many wonderful niches are there going to be when some guy in london is buying all these tiny little bank stocks in africa it's hard and and then
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