저자: RamaneetKundra · 외국인
요약 보기
결론: 출연자는 워런 버핏의 투자 철학(장기 보유 신화의 실체, 가치·성장 기반 안전마진, 역량범위 확장)을 해설하며, 특정 자산에 대한 1~3개월 가격 방향 예측은 명시하지 않았다. 첫째, 버핏의 '영원히 보유'는 목표이지 처방이 아니라고 주장한다. 버핏 본인도 수백 개 기업을 거래했고, 매도 보유기간 평균은 약 2.5년이며 상당수는 6개월 내 매도했다고 설명한다. 코카콜라 사례는 1989년 PER 15배 매수 후 47배까지 올랐으나 매도하지 않은 것을 실수로 인정한 사례로 소개한다. 둘째, 코카콜라 투자 논리로 맛 기억(taste memory)이 없는 소비 반복성, 아시아·인도네시아·베트남·중국·인도 등 해외 확장 여력, 성장률 15%→10% 가정 기반의 2단계 배당할인모형을 제시한다. 안전마진이 자산이 아닌 기업의 성장에서 나온다는 관점이다. 셋째, 가이코(GEICO) 사례로 1951년 첫 투자 후 1965년 재매수, 1995년 잔여지분 인수까지 장기간 집중한 과정을 설명한다. 1976년 전후 급락(약 97% 낙폭) 시에도 구조적 원가 우위를 근거로 추가 매수했다고 한다. 넷째, 웨스턴 시큐리티, 샌본 맵 등 소형 저평가 종목 사례와 피복·제복 업체 등 점착성(stickiness) 높은 사업 모델을 소개하며, 버핏 파트너십이 소수 종목에 자산을 집중했다고 설명한다. 다섯째, 개인 투자자에게 상장사 전체 목록을 A부터 읽어보라는 버핏의 조언과 주주서한·책 독서를 권한다. 리스크: 출연자는 시장 밸류에이션 붕괴 시 미래 수익률이 저조할 수 있다고 경고하며, 과거 성공 종목에 대한 편향(확증 편향)을 경계한다. 영상 중 스폰서 증권앱 광고가 포함되어 있다. 출연자 전망: 특정 자산의 단기 방향 발언은 없음.
다듬은 글
Investment Second Forgets All the R Everyone Talks About Buffett as a Buy End Hold for ever kind of a guy but he Basically said it was a mistake. People say buy and hold investors. Is. But the average holding period was around 2.5 years and if their partnership which you Even when I was telling you, it was very high There used to be a turn or high turnover ratio.
Either he gains 50-50% in each year I would send it to him. Our guest today is Ramaneet Kundra. Chief Investment in DSP Pension Fund He is an officer. Today he praised Warren Buffett Investing Style Completely Decoded And he bought all of Warren Buffett's annual I have read the shareholder letters and all the books.
Whatever has been written on them, they have written today Summarized in the podcast. Bashar is offn Considered Buffett's Greatest Investment Right like so as an investor it was good It Turned Him to a CEO How Is That Investment is a good investment he did Want to operate the company he just wanted to Invest and have a good outcome for Himself Which two or three businesses or sectors There were some things that he did not like at all and why?
He said like if Oril Wright was shot in the Foot at the time of the first flight he would Have Saved Shareholders a Lot of Money Buffett still thinks retailing Business is not a good business. still seems Charlie Mong when he was at Alibaba If I had invested, it did not pan out. Well and He Said Aliba Mistakes I Ever Think About I Gave Position Chinese Internet I Did Stop Realize Still I Gum You need guts when stocks are going down Gone from $20 to $1 You're down 95% Pay your first purchase and still Buying Who does this Buffett does.
No, we cannot do it. But if we take the example of Coca Cola, that too is bye And hold it was. That will hold for decades. was done . So how did that play? Out? So if you go to Buffett's annual meeting If you listen to it, he has said that India is currently the fastest growing Large Economy in the World.
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and you Have been one of the big admirers. Plus you Read all of Warren Buffett's shareholder letters Has happened. I have read all his books. So I thought I'd do a podcast. Understand Investing Philosophy and Style of Warren Buffett and Charlie Munch. Off Course his entire journey of Baksh Hathaway.
So what documents did you have or How many things have you read about them? In. so everyone also gets to know that you Are the best person to help us understand His Investment Philosophy. So Like everybody knows right Everyone Talks About Buffed as a Bi End Hold for Ever Kind of a Guy But I Think Like I would also like to hold a stock For ever and that sounds very good in theory but that's not a prescription it is something that you're for that's a goal to own a Stop forever and why would you own A stock forever?
because the business Fundamentals keep improving. Second Thing Is market dependent where valuation Doesn't go completely haywire where your Returns are abysmal. Future Returns R Abysmal from that starting Valuation. And that has happened. that has happened on various occasions and happened Even with Buffed Himself.
So when Buffett talks It is basically buy and hold. Telling you is telling us that by the end Hold on because you have his nose I don't have that skill. Right? because Probably Buffett Himself Traded More Than 200 300 companies. Right? and ah there are some Numbers which are pegged at something like above 800.
Over a period of 60 years. Right? Private and public milla ke bineses and from that 60% off the businesses that trade They have held it for less than 2 years and Out of that also 50% businesses which is 60% He sold 50% of that business in about 6 months. I sold it. So buy and hold ends up Being the goal not the prescription.
if he I would have been buying and holding the rest as well. Stocks are worth $1 trillion. Market cap has been much less because You need to pay capital allocation and all those premiums. I don't get what little I get But if we take the example of Coca Cola, that too is bye And it was a hold, it would hold for decades.
If it did, how did that play out? So if you don't know Buffett's 2007, 2008 If you listen to the annual meeting, he It is said that Coca CaC is sold for Cola 99 Should have given. Right? it was a mistake too Keep Owning It Stock Two Level Soli Wonderful Business Price Time [sound of clearing throat] Safety [sound of clearing throat] on the stock Now the thing is that the amount of money he had invested He is getting that much dividend.
which is A Great Outcome to Have But the Thing Is Incremental ROIC Has Been Abysmal Since 1999 Right that if he took the capital and Someone else would have found it somewhere Opportunity Like Something Like Apple Joe He did a letter on and many more Stocks that were in his Circle of Competence were inside.
But he did not invest because He was taking to CC Cola because his hole thesis in 1989 when he was buying coca Cola for $1 billion of stock rights Was that the first time 15 times Giving earnings for a company First and meaning may be second and third time Right, when it's giving 15 times earnings It was like a really big deal for Buffett that I am paying 15 times my earnings For the company to have so much growth Wali Hai His One of His Key Insights at That Time was Coca-Cola doesn't have taste Memory.
So you can have Coca-Cola four Times, Five Times, Six Times a Day And still feel the same resentment that comes With Drinking Cook Right Sugar, Caffeine and That Fuzzy Feeling in Your Mouth. There is no test memory. what does it mean that sleep Can't even tell. Yes, you forget that I have already consumed it before.
Like If you consume like dal and rice right like that next what will happen now that you You will tell your mom that brother, now I This dal and rice will last for two-three days or four days. I don't want to eat for five days, right? I am bored of not eating. I will order Something. Right? This is not the case with Coca Cola.
You Can Keep Having Coke at Coca-Cola Every single day multiple times. that was One of the Key Insights. Right? and another Insight was that only the US has captured It has happened. It has been captured in the West only. Now! Asia's potential is not tabulated. Indonesia has such a huge market. There is such a huge market in Vietnam.
China India nothing is tapped. So International Expansion Was One of the Keys Insights that he had that right now it is 19-20% It will continue to grow comfortably. If you're in The Warren If you read Buffett's way, he explains it inside. Does the two-stage dividend discount model Through. that if I grow at 15% Coca-Cola's earnings for 10 years Compared with Something Like You Know 56% Which a normal company grows your GDP Growth plus inflation Cola Can Grow At 23x The Multiple and What He Did Was That He The growth that CaC Cola has planned for 10 years She kept 15%.
Then 10% within perpetuity kept. He was very different from how he Head operated previously. Right? so you could Tell Here It Was the First Time the Margin of safety actually came from the growth of The company assumes like expected growth of The Company Not From The Asset Itself. and in 1981 Go I Think It Was 1981.
Gozuta Robert Goyzueta Ah was the CEO. So Coca Kola had gone inu like you know fishing Farming of Farms and Prawns And all of that expands inside him Given they were low ROE businesses. So Goizoeta Came In and Started Cleaning That up. So Buffed Already Was Observing That and liking that. Right? And he was a Pepsi Drinker Himself.
He used to take Pepsi and put cherry syrup in it and he Used to drink that. So add cherry syrup He used to drink Pepsi after adding it. You know now Cherry Coke also comes. So It Was When Buffed Investors Got Thereafter He had done that lunch. Oh right. So Cherry Coke was kind of an idea. Taken from like there were certain groups where people figure out like you know that in There is something.
Like you can put a cherry in a cherry Flavor in the fizzy drink. and then at the Same time as when Buffett invested that Investments Basically Kind of Worked Out Like you know six seven times and maybe Ah in the in the next 10 years and it Kind of 10 Ne Ex Including Dividends. Yeah. Now I think he mentioned one of the AGMs That Are CaC Cola Holdings Vent From $1 billion in value early, to $.4 billion dollars at year in 1998, and Then it declined to let's say yes, cricket And then it declined to $8.1 billion.
Going forward. So he mentioned this in his. Or right? So the stock basically went from 15 Times Earnings in 1989 Trailing to something like 47 times Wright and How much multiple is available in this industry? will usually Usually 20 times good and at that time 15 If you had seen, it would have been liked only 16 times.
Hershey's All The Consumers Tables Hershey's Ho At that time there was General Mills which Used to make like cereal call all these Companies Used to Trade at Something Like 16 17 Times Earnings Despite Growing Much Higher and Some of the Companies Like you know ah General Mills was a stalwart At that point that used to trade at 21 Times.
So that was the maximum. Coca-Cola Cola vent to 47 at one point. and then Buffett Did Not Sell It. And that was a huge Mistake which he said that inside a 208 I had it in my mind that this was continuously It will continue to grow. But you know sometimes you Make a mistake. When some stock has Actually Made You Money, You Get a Little Bit Bias.
Right? That was what he was Implying. I don't know exactly what he said, but he basically said it was a Mistake. He confessed to that. Ah so ya There are many things to know about such investments. Much has been said. About Apple People talk. About Coca-Cola People talk. Talking about IBM We do. Is a mistake right?
So butt butt No one talks about partnership deals In. Right, what happened in 1951? Like Think about there is a 20 year old guy. 20 He is a year old boy. reading an mdes manual Is. just what is written in the mesdes manual Has it happened? The stock price is written. Company The name is written. and EPS of the company It is written.
ROE is written. Dept. It is written. Net Day to Ebid Kind of Matrix matrixes are written. and that The guy keeps turning it over. 20 years old Boy Ok? flip it continuously He keeps doing flips and he figures out and is reading By the Way for the second time. That 1000-page manual right once Buffett Someone had asked that small investors What should I do, he said start With the Edge Start with the Edge meant that From a company that starts with A Start and take all the companies under your control.
Read inside the stock exchange We You will figure out something right, so he said Tha start with the so because he said thats What I did. So were there a lot more stocks than A, is that why? No no no start with a. means whatever Name Se Jao One By One Pick Every Company And Figure Out What the Value Is And You Will Find Out Some Great Companies Eventually because that's how you learn.
So, You were saying, go start with s and end And at ji basically like that end tak saari Read Companies and You Will Be An Investor. you will you will do something that I did. So he says that but no one does it. Such that no one goes through So that was the whole message that you should Start learning about all these companies.
Right? And in fact, I was reading another thing that Fun fact was like okay people would say That is a buy and hold investor. But Average The holding period was around 2.5 years and If they have the partnership that you were describing So even then there is a very high turn or high There used to be a turnover ratio.
either that one I used to sell it after making 50-50% profit in a year. Stocks. Now this happened a lot of times. Like If You Think About Gyco Insurance The company Everyone Knows About It. float Provides insurance. What exactly do these people do? So Automobile Insurance Right? and PSC from PNC Insurance PNC Property & Casualty Insurance Se They Turned Into Like Auto Insurance and everything Ah got into it.
And today it is the second largest auto Insurance Company in the US Right a First Is Progressive So a What Happened to Gayko Was in 1945? 1951 In When Buffed Himself Was 20 Years Old Old Wright He Went to an Office and There Pay There was a generator, I would talk to him for a long time. Raha and he gave him a lot of knowledge about Like How Insurance Companies Kind of Work Because Buffett Kept on Asking the Questions And he ended up investing.
at that time His net worth was $00 and he ended up Investing Most of It in Gaico Stock. Gained 50%, sold it the same year with in a Year. Sold it at 50% gain. letter he said That yes, this was probably a small mistake. So And then now you look at the mental agility of this Person. Usually you and I when we sell Including the fund managers and everyone Else right like we treat sale s just one Decision I took just one decision and sold the cow.
50% off purchases we made money and we There was money to be made in Just Tell Other People No Right He Goes In 1965 Right Now He Is 45 Years old he figures out singers have a lot Dirty bad means bad drivers ah a It has been insured. in the wrong way Underwriting is done. Stock Collapse From 61 to $2 Right 99 means how much yes means 96 97% Near drawdown came.
Drawdown close to 97% Came in stock. And Still He Was Just Looking at the Company. The Customers Actually Preferred Gecko because it had a structural Advantage in terms of cost. it just Underriding had been really, really bad. So What Buffett Does Is Buy GCO Again at the Edge Of the 45, the company that was sold after 20 years is 45 Pay is buying again.
because he It is going to be bankrupt. And Buffett Can't If anything has happened to resist the chip, I Should I buy that? Like it's in his nature Ingrain, it is not that he I overpowered you and made it so that I know you are cheap I will leave the stocks and just buy the good ones. I will continue to buy only quality businesses.
It Just kept adding to the circle of Confidence. First that circle of confidence I had to buy cheap things. cheap one Part to continue but quality layer kept Additions also continued. And then he understood more About Terminal Value How far can a business go? then seize Candies was another thing which gave him a you No one inside on prying power of a Company.
Ok? So Anyway So He also sang for Benjamin Graham. Made a lot of money in singing. Haz Mentor So So Graham's Partnership Graham & Dot partnership I think they own close to 25% off Gayko. So in 1965, Buffett ended up Buy 51% off Ah Geeko over a period of Time. I think at that time I bought 40%. Was. But until 1995 he had already turned 51% of Gaico and he paid 2.3 billion then Inside to Buy Out the Rest of the 1995 The Gaico Stick and the Underlying Profits At that time he had grown.
Like again in 1999 He also produced the Gecko of Gecko Which Is Was The Gecko mascot. To this day, he remains the mascot. One It is a reptile. It Just Says Geckos Gecko Like basically Many companies do that like they have their own Mascots. Right? So when he launched, he said $3 Underlying profits went from $1 billion to $40 billion.
Billion. And remember this was in 1945 from $00 This guy bought the company in 1951. In 1965 he bought the company again for some $45 In million. Dena then for 2.3 billion The remaining stake has been bought. and Total Company Its investment in inflation Adjusted probably to about 56 billion. But it can generate a profit of 40 billion.
Has been. 40 billion Generating a profit of $40 billion Is. Underwriting profits. Wow. Right? So These Are the Kind of Companies Like We don't talk about buffed as if he was I used to buy very cheap stocks and lot of it was quantitative only a Qualitative inside was very low at that Point of time. Now I Was I Will Go Back To that story.
I was telling that in 1951 You think about a guy who is reading a moody's is reading the manual. It has a thousand pages Inside. I have read it once. second time again From Read Comes Across a Security Called Western Insurance Securities. A It is such an obscure company that its only There are 300 shareholders.
300 Shareholders Inside Cancerous Fords Fords is a city. Inside the CSS there She operates the company. What is the Right EPS? Is? How much is a $16 stock trading for? $20 One Time Earning Right. So He ends up buying that stock. Now to him Stock is out of stock as only 300 are available. There are shareholders.
What does he do? local Taking out advertisements in newspapers Is. We Buffett takes out advertisements. local By offering people $00 inside the newspaper Which is going for $20 stock. by offering $100 that sell me the stock because he knows According to him, he also wrote an article. The Security I Like Best.
So there was a $20 stock and that Hitting EPS of $16. Yes. what he said that basically Buy me 100 for $1 right now. I am also ready to buy it for $1. Meaning I will pay five to six times. Six It's great for the people at Times No. Running stock at $20. paid $ He. We Right? So I released an ad for $1 later.
when $16 No one was coming in for $20, no one was coming in for $25. that's it Kept increasing the price. So I took out an ad of up to $1. Right? and then some shareholders started Gaining. 50% of his total net worth he put it In that stock. 50% and he had another company which The insurance company was Under Western By separately turning on a float within the insurance was being and The company was also making a profit of $1000 The right and he paid like miscue penises For the stock at a book value of $86 So this was it, if you look at it 92% Western Casualty & Insurance This company also owns insurance.
According to Buffett, this is the EPS of the company The potential was $30. And how many Buffett I am saying bye? Buy the stock for $20 He keeps doing it. Right? $17 and by the way when he starts buying at 20 right end Offering $100 in stock and everything the Stock Actually Went to $1 Because market head view of this company It is going to be bankrupt.
But according to Buffett This company which has security like the Best he wrote the article, inside it a Packed for $30. His normalized EPS earnings power basically up to $1 that If he continuously kept buying then his The average I think was around $15-16 and eventually the stock Bounce from $1 to 95 That stock bottomed 95 times, going from $1 to 95.
Bana Ke Write And Then Buffett Sold We so like a lot of deals like this That's what Buffett has done. So give this company Inside the Called Sanborn Map Company Right 1958 So what the Sanborn Map Company did was basically Maps were available before fire insurance. So I've told you what's going on whole City map of your entire city in this way It is made that there is a possibility of fire here and there.
There are chances. So that whole thing is mapped out. and that property end He sells maps to casualty insurance because they have mapped it out Where are the break points of the entire city? There are fire points, where are the problems? May be. So that whole end is in someone's also Line of Action and Emergency Line of These maps were useful during action.
So Now these maps are coming in handy. So this company Has an Inherent Power and Buffed Figure Out that its switching cost is very high And no one will be able to map it out. If If I can do it, I won't get contracts. So easily because this company has been in The Truncheons for a Very Long Time. Right?
So now the securities of this company The portfolio itself is worth $2.5 million. End Buffett Starts Buying the Stock. 4.7 million, the whole thing is complete. Acquires a stake in the entire company Is. Around 35 you know 23% stake and 35% off The Whole Partnership. This partnership is a whole partnership.
Buffett Partnership. Good 35% of Buffett Partnership's Assets Are Now in One stock. Sanbon Map's Was there a partnership earlier? Like There was the Buffett Partnership. Buckshaw Hathaway hasn't arrived yet. Baksh will come now in 65. Ok. Right. So So Buffett Partnership was the name of the company.
His His Fund. He runs like a hatch fund. Like Long only hedge funds and only long Only pretty much but like he was doing Some Arbitrages Here and There End Everything. So basically 72% ah of the shares Ah exchange for the portfolio. So de boat a lot of you know these kinds of companies which Are obscure and this float eventually was Used to buy other companies.
Right? So Charlie Munger once said that you know there is this very interesting concept that people talk about that you know Most of the time that cost of capital is one of If there is a concept then we do not even know our What is the cost of capital? It is negative because we have done everything The money generated from the float itself, so what this Company So Like If You Look At Gyko The Three Bill Like National Indemnity Insurance which was another company that he had boat right The Whole $17 Million Float Has Today Gone To something like 164 billion 17 million 17 million float at that time has gone to 164 billion Float edge in these non-promoter holdings No no float this is that one this is that one float No, this is an insurance float.
what does it mean So what is insurance float when you pay premium When your liability comes, there is a The difference in the premium you are paying now You paid consistently, suppose you You give your mediclaim, it is fine for you I don't need you for a year There's no accident, nothing is happening.
God bless everything is going well That's the thing right like and that's how Insurance company is work one day someone One day Kushal will have to bear someone's liability. No hospitalization may be required That's the float and the money on that float premiums have come from Kushal to reinvest it We So when there was a normal insurance company Which can grow float only at 10-12% Or it can grow its float only at 6-7% No premium is paid for that capital But Buffett knew I was I can grow it at 25, 30, 40%.
So intrinsic value kept growing Because they invest that float properly. I was able to do it, you will see normally. What do insurance companies do when they The float comes when those premiums come It either puts them inside the treasury or Inside the US Treasury or the Company Company Divides that slightly US Treasury Will put it in.
A little bit of you know dividend The edging will insert into the stocks. take a little Will put it inside volatile assets. This Will put it inside REET in a proper manner. Companies Would Do Something Like That But Buffett Kept Investing in Stuff Like Coca-Cola Cola, American Express, Apple That Kind of thing.
Right? So That Kept Growing. So in Buffed, he There was investing progress. He was managing the Float like a fund manager. And no one else was doing that. So when this company Under the Bashar If there was no under the Bashray holding then They did not get any premium etc. As Soon As They Used To Be Under Bugshears Umbrella because Buffett's investing It is proven.
They used to be worth more over a period of Time. Right? So this was one of the companies that he had boat like you know something like what it was something like a Just Two Times It Securities Portfolio While the Company Was Itself Making $1000 in Profits Right so I did a lot of buying like this. It has happened.
And then you know then he's kind of Transition to a Quality Over Time Wear Basically Charlie Munger came in and said that Dude, this is not scalable at all. Idea Right and Still But Buffett Would You Know In 1961 62 period also he would buy stuff like deemster milk ah de deemster mill ah Manufacturing Company This Company Used to Create like you know windmills and Irrigation Systems.
A So what happened inside it? Inside the company Buffett saw that there was a lot of inventory. And it is not selling at all. means a lot of time It seems. So he installed one of the CEOs. Right? And That CEO Ended Up Turning the Inventory and the Inventory Turnover Basically Went Up and Became a Company Much more profitable.
And this is also less than book. It was a company acquired at value. Right? So cheap companies come first. Quality The one is much later. Right? and quality Then he started buying it at a cheap price. Did. Like for example, buy Apple I was doing it 9.5 times at a time. Free cash flow pay. Who would look for Apple?
Is? 9 and 1/2 times free cash flow pay. Today Apple Trade Has 30 Times Free Cash. Right? The Multiple Also Expanded Earnings also grow everything. So his Insight Was Not Only on the Cheapness of the Business than he added circle of confidence in terms of a getting the quality of the Business. So its quality Understanding of the modes and Improved a lot overtime.
So Apple's What story? So 9 and a half times free Cash flow also trades at 30 times. So what is the ratio usually? what is The Meaning of Trading at 9 and a Half Times Free cash flow. How you interpret all? So there is no interpretation. Free Cash Flow Numbers are reported. So What a Free Cash Flow for People Free Cash Flow So Free Cash Flow Is Your Net Income which is your pet a plus your Depreciation and Amotization Because It Not an actual cost that is going out of the Business in cash it's a cost it's an actual cost but it's not going out of the Business because you have already bought the equipment If he is getting his D&A done then he is you You add it because in the income statement That minus is happening in your stomach But you add it to your pet.
You readjust, so you added it. And then you subtract the capex. thats Your free cash. So, in the hands of the shareholders I will get the money, which we call free cash flow. Let's say. We Right? So that's 9 and a half times free cash I was going with the flow. By the way, today's date I'm running at 30 times free cash flow.
Is. 31 32 times. So it is overvalued more than 30 31 times. Could it be possible? Like if it does not grow So it may be possible. Like if it grows low then It is possible butt 9 and half time free cash Flow Pay By Karna When People Had Like So Many Concerns About Who Steve Jobs Is Now Not there. Any new Apple product I am not coming.
at the same time you know a I am not able to grow. In the services business What will happen? We don't know. Right? So in 2016 Those were all concerns. At That Time Buffett Basically stepped in and started buying stock and did a buying of $37 billion stock. $14 Billion Dollar Is the Value Today off that stop right like so this way Investments that are cheapness to date Has not abandoned.
So by quality and Buy Real High Quality Business and Hold Them for ever at what price. That's the The Most Important Thing. The price is very high. So Buffed never abandoned that thing Did. That's What Separates Him From Others Investors. Other investors are willing To pay 20 times, 25 times, 26 times.
You No Because They Have Like Different Mandates Right? Like if as a fund manager you Can't find stocks to buy You end up buying the cheapest of the lot. And You end up buying and someone who is in Momentum Ends Up Buying the Highest Amount Trading stocks. Right? like that also is A Fair Way of Making Money When You Are Running a Fund.
But Buffett basically ah ah Mutual Funds Ah Construct and Any Fund Hatch Fund and even pension fund for that matter is Renting the Capital from Someone That Can Fly off at any time right your perogative But if you don't understand then you have lost your money. The unit holder and the investor withdrew Buffett doesn't have any such problems.
He continues to create capital consistently. He is talking about the float, so he said that many times that we created capital right that we who If it had float, they would just increase it. I used to live by investing properly and that What became Bashar in eventually So Bashar is Hathwa's story, like Woh Kabhi Acquire Kiya And Bashar Hathaway Is Not He acquired his own company and gave it to changed or it has a whole long history ah wow It was a textile company, so Bashere basically The stated book value was $20 at that time.
At the time, the stock was trading at $7 1/2 a pound. Started acquiring ah and ah ah ah When Buffett Started Acquiring a You Know The internal shareholders like the board Basically approach Buffett that man who is this to us The guy is saying bye to him, we are saying bye to him. If you get out, Buffett decides Price that something like $150 cents he If you bought shares at $7, then you would get $150 cents at $1.5 The price discussed was that we will buy back Buffett's Stock Right But Which was management.
When he c Reverted the offer made by Seabury Stoughton. When the CEO reverted the offer, he Said we want $1375.35375 Will give cents. So behind 12 1/2 cents Buffett Got So Furious He Ended Up Buying Company Even in Anguish. that time pe it was An emotional decision for him. So Buffett He said that I left the entire company in anger.
I did it. Why? Why did you get angry? Because they were paying 12.5 cents less. Now! He verbally agreed to me 11. Will meet. Now he gave a price 1.5% lower. No, I didn't understand for a minute. So at $1.5 It was agreed. 11 more offers Buffett Was Going to Acquire He Was Going To sell. He is selling it.
He is selling it. Selling the board. The board told him that you have so much stock It has been acquired. So Buffed cracked the deal that with them your book value is $20 Is. I'm asking for $1. If you give me $1 You will give me I am okay with it. I will leave the Stock in Your Hand. What have I got?
Like in when they offered $138 Given by sense. Which is $35 12.5 cents Ended up acquiring more Company. And It Was Pure Out of Like Few Like he was very furious. Butt Furious Why? Because you have agreed to something. Well, they first agreed to $1.5 Pay So why are you giving me less money? We So he was like that I am the whole board of this I will replace it.
So they fired the CEO. Yes. Then Then he fired the CEO. Took over the company which he says was a very risky thing to do because mere ko na I don't know anything about textiles. Know if it has pricing power Is. I don't know anything about business dynamics. about. We but slowly slowly s buffed understood that Like you know over time what ended up Happening was that he figured out how horrible Textile Business Was It Required Investing Every Year in New Fabric Ah plant and you know ah ah in the union that their inflation-adjusted wages would go up They are doing this, they are doing that.
So the cost is Like you know basically either constant or Growing Up But You Have No Pricing Power. Because you are competing with the same ego Kind of a competitor. So, there is no Pricing power. So, he was like this is, This is like ah ditch where I'm just Putting in more money and money and money everywhere Singles Day, But It Turns Out It Doesn't Return Anything.
But Bakshar is of course Considered Buffett's Greatest Investment, Right? Like That It Went From $7.5 Around 1962 and today it is worth $750,170 And the market cap went from 20 million Two of course now $.077 trillion which is Capri about 20% No, but he had to control his faith. So the investment was not good, right?
Right, as an investor, it wasn't good. Turn Him Into a CEO How Is That Investment is a good investment he did Want to operate the company he just wanted to Invest and have a good outcome for Himself and the shareholders but That didn't happen, over time he took over the Company and Understood the Operations Capital He knew the allocation very well.
And that's because of capital allocation, which The money kept coming, his wisdom was that whatever Money kept coming in, that was the insight that money kept going out. Will come back from this business to this business Do not invest and invest a little bit also He kept reinvesting little by little.
As for So That You Know, the employees' house runs. and everybody understood the company was now Dyeing Right? So he went to him and said, you know national? Indemnity Insurance and Other Companies We also see the future today. So what is this? This is very interesting. Head I Purchased a Comparable Insurance Operation Directly with the Capital Burkholders Share Shoulders Wood Have Been Twice as Rich And that delta up to today's market The cap is well over 200 billion.
Right? What does it mean? So it was in that Basically if I buy any other company Because he is calculating that my capital was being compounded on that His capital was compounding over time. He was compounding it at 50-60% every year. Right and when he was compounding on that So he wasted a lot of time here.
Two takes to fix Bakshar in Finding Out the Capital and Capital Allocation Other Opportunities Coming From the Cash It. Right? So its an opportunity cause Estimates suggest that this is a $200 billion mine. The partnership must have incurred a cost. Its today's money inflation at So would you agree that Bagshead Hathaway was is Then not a great investment he If you don't, it would have been better Today?
See who knows like the thing is that if Meaning if it is not a great investment Is it a bad investment is my Question. So As an investment, it wasn't a good idea To Buy a Textile Company Just Purely Based on like that it is at 35% book value I am getting it. that is not a good idea Was. And then it's good to be angry at him.
Had no idea that 12.5 cents someone gave you Fewer offers have been made. 1 2% less offers have been made. So You are buying a company out of fury. yes. Just because you don't like the board. So That was the first pure like not first But like one of the active kind of an Investment where basically he was like that Get the CEO out of here.
Like I Can't Stand This Board So what did you do after that? Then after that. What did he do? He became the CEO himself. went and turned the entire company around or Then you did not get it out, then stop the textile. Diya textile so that was a smart thing to do that slowly slowly it took actually 11 12 Years for Baksh to Jo Textile Mills was to completely disappear, Yes, that's what he's saying, it's it was igniting I didn't want to be a CEO I was an investor good thing is I Got to be an investor in Bakshasar How Much Percentage of Steak He Had Before Acquiring the Entire Company Stake Off Bakshar Athway Ah I think before acquiring he ended he had already ended a buying close to you know 11 12% off the OK Got It and Then in 1965 he Bought the entire stake and got 100% Yes almost Got it and then fired the CEO and Then for 11 years you have been saying that he Textiles was running but it was completely closed.
and after that it became The Investing Work Share then again and during this time whatever Money was coming in, go do small acquisitions Had been The insurance company was a national Indemnity Insurance Company The and Then You No, there were small companies that he was buying. There Was This Company Called Hawks He also invested in World Disney Inn 1966 There Was a Company Called Blue Chip Stamps That He Bought in 1968 That Was Basically, Bluechip stands as another company which also belonged to Charlie Munger's portfolio Part of Charlie Munger's portfolio 63% of the stock was blue chip stocks So Blue Chip Stan Wasn't the Mistake World Is What is this, three small deals three?
Permanent Lesson Permanent Lesson So the three are like good good Investments No so Hawkstyle was a retelling a. Retailer. So Nebraska Furniture Mart He had bought it. So Nebraska Furniture Basically the lesson was that man in the mart Furniture and furniture retailing are very It is a good business.
Then on buy HKSE I did it. Then they realize no no no. this is He is becoming successful because of Mrs. B. Rose Blumkin, who was the operator of Nebraska Furniture Mart Co. Had bought it. She was 103 years of age until When like even the last day of her ah ah Life yeah all like of her life she basically was like a few days ago she was at the Store selling furniture.
Right? So I said bye to him. So everyday by everyday Blumpkin Herself Was the Driver of That Business. So Buck Buffed learned the lesson that Retailing is a good business. But not so Was. Hawkstyle who on curry usko at a at Break even sales had to be made after three to four years. Wright was bought for $ million and 12 It sold for only a million after some time and That's a quote from Charlie Munger, right?
Charlie Mang Told Warren Buffett That Don't Buy Like don't by fair companies at wonderful Price by Wonderful Businesses at Fair Price So people took it completely the wrong way. Right like he said at that time that friend Money is spent in businesses like retailing It is not necessary that you get fair price every time.
Pay to Now the perception of fair price also There may be a change. Now Buffett's Fair Price Key Perception Is That Apple's 9 and a Half Times Pay Tax Do or 15 for Coca Cola Pay it to the Times. People are taking here The lesson you know from Buffett was that he He is saying this because you are learning the wrong lesson.
Don't take it. Right? He keeps saying that you Don't trade. That's what he is saying. He is not saying that go and pay fair price For every company. And you wouldn't know what Fair price is. Fair Price to Perception Isn't it?. If I invest 40% of any company I will project growth for the next 10 years.
For example, the fair price is infinity. So what is the lesson in this that after 4 years He started the retailing business at break even. So this is what retailing business is actually like. A bad business. Like mostly it's just everyday Blumpkin, he ran his business well. However, this does not mean that retailing Overall the business is a very good business.
Retailing Is a Very Thin Margin Business Until you know CSCO and Walmart Companies like Jim Senegal of CSCO and Sams WTin of CCO of Walmart Come in and Change the Industry and Operate It. So Buffett still thinks retailing Business is not a good business. Still feels like it. Like now Charlie Charlie When Meng invested in Alibaba So it did not pan out well.
Right Like and He said that I forgot it's still a god them Retailer I regard Ali Baba One of the Worst Mistakes I Ever Made in Thinking about Baba I got four with the idea of their position on the Chinese Internet I Did Stop to Realize Still I Got Them Retailer or he said that right that means how how great Alibaba Is in China and How Good of a Reputation It Has But It Still A Got Them Retailer.
That's why I lost money. So Buffett Would Never Invest in Retail Businesses. Even today He does invest in retail businesses. But Like her perception is much more insightful, Right? Like He Is Much More Insightful About Retail Businesses and Than an average person. So you and I going and picking a retail business and that Becoming a Success Is Much Lower We then what he would a be So at Walmart and Cosco they You didn't invest then, right?
So I did it in Cosco. Done at Walmart Was. I did it in both. Cosco cosco's Price, Buffett once said that I Think it was pre-split. So it said I thought I started buying at maybe 139. I did it and the price went up to 141 so I Stop Kar Diya By Karna And To Charlie Manger I was sitting with Charlie Munger Kept convincing through Lee Manger was on the Board of Cosco Charlie Manger of Cosco Was a board member.
So he kept saying that Cosco Buy Karo Cosco Buy Karo But the Thing Is that Buffett because the price went up by $2.5 Had gone. Buffett could not pay up. So he said that so think about this right like we best I am talking about the investor who is saying That is buy and hold forever and $2 price Buffett goes up and says bye.
I will not do Or Same lesson for right-seeded candies Right, he paid $2 million. Think at that time he said that four So once Buffett said that if I don't If you were asking for an extra $ million, right? So I probably wouldn't have paid Charlie Munger Was sitting together inside the AGM Bakshi Hathway would have said that if he had $1 lakh If you had asked for unnecessary things, you would have walked out.
I would have done it. you were that stupid right that we Didn't we have an insight on the siege? Candies how it kind of pans out. What are See's candies called? I mean I know I love those chocolates. But if you can Explain the audience. So See's Candies is a very unusual one. California is a different kind of business.
Inside. So their very beautiful There are stores. those luxury chocolates and Sell candies. So Buffett basically Acquired the company for 25 million in 1972. Right? So one of the inside. So at that time The company's pretax earnings were $2. It was worth a million. And today the cumulative cash That company has generated it.
$1.9 billion What is she doing? Right? And I think it does close to Year Every Year 1.9 billion this is cumulative cash since I have generated so much till now but I think it still does close to you know a Something Like in 1992 Basically 1972 He had bought that in 1992. was 42 million a in ebit it was generating We Right, so a company you've completed 25 million After 20 years, he has doubled his cash.
It is generating the same. What is this? 76x cash on cash. So cash on cash returns he got 25 Paid a million dollars. We Right, he has received cumulative cash 76 times. Is. $1.9 billion ok by the way Right? So So what was the thesis and what was the story? How did you identify it? What happen? So Charlie Munger said, "Dude, this Charlie..." Manger used to live in California at some Point.
Right? Like he was running his loss Na Ya Mangar Toles and All Sun. Right That Was The Name of Halofham That in fact people don't know this but He was also an architect, right like he is one of the Architect's Letter on One of the Passion Vases Like to Build Homes Letter on So still Charlie Munger has these many Hospitals and dormitories are his His Charlie Munger trust He gives donation only when Charlie Munger He says I will design this, is it Or else he is a very good designer like him Understood Architecture to Like Great depth Or I think he understands humans Psychology very very well.
means their Favorite subject is human How Psychology Absolutely. So so all those basic things people I have studied a lot. Like the Hole Inside of This Conversation That We Are Having right now is what he has never done It was cheapness, it was not abandoned. They Haven't done it till date. Like now he is not Investing in your own You know in your own way in your own capacity in Bash.
So coming back to See's Candies, what's in it? What was the actual story? like how did they Identify and Then What Exactly What happened in this? So in terms of like so Charlie Mang As seen you know Chuck Huggins is the CEO of See's Candies. so basically So what was the most interesting thing about it?
What is in chocolates that chocolates do not It is localized that if a city has one It is going on inside the state, don't you? Travel Much. Right? So he did international I tried all this expansion. In the US Invested outside California. Tried in New York. They Weren't That Successful. But Buffett Once Quipped Right Like If you go on your first aid and if you give The Girl Sees Candy, You Will Have Your First What.
So Buffett basically said that and he said That's because Sea's had that brand image ah in California And Charlie Munger said that its volume There is growth, it comes consistently at 2-3%. It will remain and we can increase the prices by 6-7%. And that's exactly what happened. Right? That volume growth used to come from 12%.
because It was a very saturated market in California Only. So much population It used to grow with just a little of that. Volume grows in multiplier effect used to go. And Buffett's insight was that How to Work Unit Economics On that the pound price should go up. as much as We are also selling candies.
So on the pound Price like here was that a 2% There has been a consistent increase and from 5-6% But the pound volume continued to grow. and then Pound price would have grown by 5-6% per year remained. So earning 8 to 9% every year It continued to grow consistently. So 10 years After the company she was ebit, she 25 million and after 10 years what he The company was paying EBIT of Rs 24 million.
Has been. So basically 10 years out you had Paid only one time earning. And then $2 million 10 years later. $2 million and cumulative cash thereafter Out Is Close To $2 Billion. Imagine you I paid ₹25 to a company and it I have already given you ₹2000. Who thinks like that? That exponentiality. That Kind of Insight Is Not There in Many Ficus religiosa.
And Buffett didn't have that insight either. Regarding the sea scandal. After that he I started to understand that quality What happens? We But they internalize it until we Don't make mistakes in the stock market There is no good experience. Until Until you make money in mutual funds We think that's how it all works.
What will be the maximum number of likes? In investing? Investing wrongly What does it mean to be? Like internalization then It doesn't even come. So internalization that C What is the quality of the SCDI and What is prying power? Right? So in this you have written that so Mangal Push ki Warren This is a god damn fine business.
Pay Give them the money and then the sellers blink. Fortunately. So Buffett Was Not Agreeing To Invest in This Big and Charlie Mang I convinced them that whatever price they get You should do that on yourself Buffett Was Not Ready to Pay Higher Price So Buffett Was Ready to Pay $25 Million I think he was negotiating even less than that.
This was Mangar, he pushed and took 25 million Went Okay, so the lesson here is praying. Power Plus Low Capex Plus High Incremental returns until the capacity ceiling then stop reinvesting and Return the Cash Most Managers Have Seen in Step One And Fail Step to Increase ROIC Incremental Capital Matters More Than ROE Can you explain this on the basis?
So ROIC on Incremental Capital Matters More Then ROE on the base. So incremental capital like I just bought a Coke I gave an example of this when we initially talked were doing so what did Buffett do that Invested 1 billion in Coke. Right? That's 13-14 billion in 1998. Inside. Now he feels that brother from here Money will also be made.
That's Not the Right Thing to Do Think. Right? He is thinking like this. That At the time, he was thinking about $1 billion. That's what we have done. So we are already 13 There are 14 billion pay. 1 billion dollars so this It will give dividend one day. Right? But That's not the way to think, right?
like that You need to make returns on 13 billion now. Have to think. Incremental Capital Pay Your Now Your cost ROE is 13.1 billion. It is being made on dollars. Right? because the same Equity has gone into the business. But ROIC will be formed at 13 billion. Understood? Correct. Right? If you buy a house, you If he has bought a property worth ₹5 crore, tomorrow he If the right becomes worth ₹10 crores then you The returns are calculated on Rs 5 crore.
keep doing that, that's not the right thing to do You will check incrementally and not every year How much is being made Or right and I think here also you have this It is written that from Sigard vous to wonderful Businesses so these two things which are basically lessons The from this investment Or so like it was, Buffed clearly said.
that if I mean thank God for seas basically Like you know if we didn't buy See's Candies If it had happened, we would never have bought Coca Cola. By the way, that American Express is probably also 92 I will not say goodbye again and he will probably be a singer. Don't pay too much for this. So this was a huge lesson.
In h in h learning to become like you know a Quality Driven Fundamental Investor. We Right? So that was a big lesson. What is this? cigars cigars Invest Cigarbuds basically say that like The companies that are very, you know, on the verge About to fail but there are still some puffs left I am a cigar lover.
Right? You can also use cigar butts to When you smoke, you throw it away. So The cigar butt that remains is called a buffer seed. That there were always some puffs left in it. So cigarette him was given the name that at the end whatever its value is extracted Maybe extract it and then Sell it out.
So basically if the company means exactly like Almost dead or at a very high price If it has reduced a lot then something must be happening. In that we can turn around. So start turn around not turn around something Don’t want to do. So in the end he is saying that If it has any remaining land, then sell that too and In this it means every asset is going to B.
Monetize So he was basically called Cigarbhat. that this company is absolutely we know that in No life is worth much but its assets It's still worth our money We will get some return Hum Got It So Which Company Example There will be cigarette investing All the cigars were before like six Candies and like even bash hathaway itself us Was the textile mill was a cigar butt right That $20 is its book value.
$5 It is going on. So Buffer realized this too. At that time I said, man, the market is stupid. It is not that much. Meaning it is made money Exploiting this inefficiency. Butt Market It's not so stupid that if it costs $20 Someone has a book value, assets. So that's going for $7.5. Because he has every I need money for a year and all those books.
The value will go to zero. We Because the business is repeatedly asking for money And there is no prying power. So R who this Wala lesson came ROIC is more than ROE. So someone put a factory on a busher That he invested $. But at the same time now Joe It would be better if you earn money incrementally.
It will happen eventually by investing. Like it can't be that I pay only $1. I keep doing it. We Right? So Buffet Cigars was this was a Cigarbutt then you know western insurance. securities that we talked about It was said that one time earnings were paid so that was a sort of a cigar because the Stock Went From You Know It Was A $1 EPS Companies Buy It for $20 Run Aids in the Paper Western Insurance Security To Ran ads in the paper and buy it then it's $1 The stock had gone down when Buffett started buying From there, the stock fell 80, 90, 90%.
Right but he kept buying and then he left from there 100 x is 95 times right and then it Sold it you told me American Express Even if he doesn't say goodbye, if this is not If it were, what about American Express? Story Tha and American Express How He identified So American Express means a lot of talk.
It is about investment. So American What basically happened on the Express was that Stock had a salad oil scandal. What was the Salad Oil Scandal about? Express Key, which was the warehouse key. There were receipts, he had pledged ah that Our salad oil is filled inside it. So you do that and get $150 million American Had taken a loan from Express.
If you have have seen the video yet so I will just Request you to hit the subscribe button Because that will motivate our team to bring you the best of the best guest and give you the Most Valuable Content in the Shortest Amount of time. So salad oil and American What is the relation of express? So Salad So Salad Oil and American What was the relation of Express?
So what happened? Was? There was a trader. We So they used to trade a salad oil in Futures. Right? He had pledged it with receipts Against. and 150 from American Express Take out a million dollar loan. Ok. Ok. and 150 from American Express When actually investigate when all three De Angelis guy did that blow If you do this then American Express Investigators went to check the inspectors Went to check what was going on brother?
So When they check, there is water on it. And there was no salad oil even in name. So the whole bottom was filled with water and the top He had added some salad oil. so that it doesn't taste Very quickly. So basically a $150 million scandal. Happened. Soybean oil, whatever your vegetable is Used in oils.
quadrilaterals and Used inside sausages. Same Kind of The oil that is still used today is your soybean. Oil. So, at that time, you know they know It turned out that it was completely filled with salt water. It is full, so to speak, below and above There is salad oil for this. So this is the whole There was a scandal.
The Stock Basically Crashed From 65 to 35 And then Buffett entered into American Express. And Buffett once before You know, I've studied American Express. It was like how great that franchise is. So He found out that while still that The Franchise Is Worth a Lot How Did He Figure It Out That out he vent to you know multiple retail stores and then he figured out that less Customers are still using our travellers Check out American Express's end credit Cards.
So the Company Is Still Kind of Solid. There is no problem in that. No problem with customer perception Is. It's just visible in the stock market Is. So its value proposition is still It is strong. Like company is on a strong Footing. Salad oil is a Temporary Kind of Undone Up Investing In American Express and that became like a Big Holding Eventually in 19 This Was This Was an investment made in 1964 1965 but Then in 1992 Buffed bought again American Express added to stock If you look inside he said Totally Sorry 2016 Buffed had said inside the AGM that Bakhshar Hathaway That Last Year We Got the Same Amount of dividends from American Express What we spent on American Express The basis was given.
And at that time they had acquired only 8 and 1/2% of the company As of today, that's 22% I think in 20 30% off on American Express without selling a single time because they Kept buying back the stock. Oh wow. So here it is written consumer Franchisee Was Untouched. So basically consumer There was more focus on franchise.
Sir That was the man. So with American Express, he also has this That like you know what matters is over Perception and Value of Time Customer Proposition also matters a lot in the market Key Perceptions About a Business Might be possible. A But If Consumer Franchise He is strong. So there are intangibles At Work.
So Buffed then intangibles I started valuing it. that Coca Cola It was also translated into. This Was It Since 1964 There is investment between 68. and the coca The Cola incident happened in 1989. So there he One, See's Candy's Lesson, came out in 1972. And This American Express lesson was See's Candies came into use.
See's Candies The lesson was used everywhere. We Right? And eventually, the American Express I used that too, sea scald and coca That was a derivative of cola. So customer behavior is the data and the income Statement Is the Lagging Index Yes. So that was really a great insight right Like you'll find out about the numbers later.
inside we Now first of all you go and see that the customer Actually using American Express are you doing it or not Or so these are basically the five behaviors. Which basically belongs to Warren Buffett. So What are these parts? Behaviors. So one thing is that I belong to Math Boundary. Concentration Like I Said That Western Insurance securities are provided to him by the company Buffett didn't know anything about it.
Like Looking at the MDES manual, he saw that $16 Key's EPS is doing that and it's $20. Then when the company studied it was found that $30 Can also do EPS of Rs. But the stock is Trading you know at $20 and eventually Falls to $1 and Buffett Keeps Buying. Now you Need Guts That When Stock It is going down.
Gone from $20 to $1. $95% down on your first purchase and Still buying. Who does this? We Makes profit. I don't like it Get. Right? It will be very difficult for us. Like we will give up because the The Market Knows Something That We Don't Know. Right? That our valuation itself is wrong. This was not the case with Buffett.
So Math Bound With concentration and 50% of personal net worth Put it inside it. Isn't that risky to put 50-50%. C Buffett also once said that no one Get Rich on Their Seventh Best Idea Right, so if you don't concentrate Forget Being Richwich So Like It's Diversification So he doesn't believe in that like he does It is clear, isn't it, like in the beginning, absolutely For diversification, look at Charlie Munger.
Now you can get 63% off Charlie Munger Head Charlie Munger's Holding Partnerships He was running his partnership Investment Partnership when he Buffett of Blue Chip Stamps 63% holding was inside 63% of the partnership money he vented through a 60% drawdown in this fund and that ends Eventually, that fund bounced back four or five times.
Times right but Charlie Wager said that he so It was a painful experience that I had to re-invest. I don't want to run after people and I just enjoy it. Bashat But Warren Buffett says, Invest in index funds to isn't this contradicting Because he knows it's beyond your control. That's what he's doing.
You are not Warren Buffett Yes, he knows, so tell him. [sound of clearing throat] I have been. Exactly it's it's it's an advice For the Masters and It's a Great Advice Right below, buy index funds Go and when it falls down, a little more Put the money in. We That's that wonders like it's it's a Great Advice We And he learned that from John Bogle also Right Jack Bogle the Guy Jack Who Built a Vanguard He Was the First Index Guy Right Like He They build the first index one then and How did Charlie Marshall and Warren Buffett meet?
A I think I think they new like their family Members New Each Other and Something Like That And they got introduced and when they First Mate They Kept Talking for Hours A so I think that's the story that I can I don't remember the full details right now. that like that I think Warren Buffett was 28.
Charlie Munger Was 35 35 or Charlie Munger Was Almost Broke He was going through a divorce He Had a Kid He Had a Kid Who Passed Out Of leukemia at the age of nine and then He was already losing his one eye and Charlie Mangad Charlie Mangad or Charlie Mangad Still Did Not I have one eye, that one eye was fake This did not happen Ya Ya He Was Blind From One Eye Still Ended up reading so much so what are we doing Are Shalim Manglar means one eye blind one eye yes yes like hee lost it at so hee hee Red so much under the sun that one that's different There is light that shines directly on your face.
The projection light is so red so much under It actually impacted his eye. And the California Sun Didn't Help Him Didn't used to bear any sunglasses Sun It used to roam around in normal glasses Always Sunny in California like most of The Times Or And The Sun Just Cuts Through It's Not good for your eyes so that's also kind of Impacted him and then he red a lot right?
Ended up losing one eye. My God. Or At the Edge of Like This Happen Together Like he was dying, he was getting a Divorce End He was losing one eye and then he had lost A lot of money in the stock market. that's it Was Broke. He was going through a Divorce. Ah lost one sun, lost one eye. If you have any problem then learn from Charlie Munch So Buffett always says no Charlie Munger Is the Architect of Bash After his death, he said for the first time He always used to say like you know Charlie Played a pivotal role like you know I am I would have been so stupid that I would not have done the scale.
Pata like obviously he was humble like you No Humble Enough to Say That Like I Was Stupid And all of that but like buffed it was buffed Who was a genius? Charlie Munger Was Just a Guy Who Had Like Red Different Disciplines And he understood that this was not going to scale. Wali strategy. I Red One Very The interesting thing is that Charlie Munger told Warren Whenever Buffett would have his disbursements Were Warren Buffett and Charlie Munger's.
So Charlie Munger Used to Go to Warren Buffett And He Used to Tell Him One Thing That Warren I know you are going to agree with me because I know you're smart and I'm right. Or Exactly. He always says this or so that was a very funny thing and another lesson from Buffett is also Like You Know People People Always Think Usually Like that's the narrative that Buffett is always Allows managers to run Independently, Buffett is right.
But he went to a much later stage and did this. started doing that whoever is the CEO Let him run and deal with the same company. Did he crack it or did he buy it in the same company? used to do which He is confident with the operators that Otherwise he did not use to invest and Before that he used to do activism He like Bashar Hathaway as he over through the CEO Wright, he was furious and the whole thing happened.
The whole thing is like you don't have to run a company. Come let me no let me run it and then ah Ah you know dum ah this ah this company ah there Was this Deemster Mill Company which used to Make a Irrigation Systems and Wind Mills Right? What we were talking about is that The inventory was kind of bloated.
Husband's younger brother Not able to sell it. He also boarded it A lot was replaced. Right? So only Vaz Very sharp and very forceful whenever The Need B. So It He Wasn't Like a Grandpa That We Know of Him in the Later Stages. We and this is your consumer franchise MX Had given an example of. What is this?
Holding Company Optionality Sir like you know he used to run like Multiple Vehicles Like You Know Like Blue Chip Stamp Right Blue Chip Stamp There used to be a float. So Like Whenever So Blue Chip What did the stamp do that it was a Stamps were issued to customers and Customers could redeem them for a gift and a Reward letter on but his float already arrived I used to go because you bought the stamp You will get the reward very late, right?
What normally happened was that people bought stamps Now I bought a $100 stamp Now I can go and make $200 or $300 some day. I will take the reward when it is worth that much Blue Chip Stem also has that whole The float would come and some people would forget the stamps. also used to go. Stamps would get lost.
You Know That money would have remained in blue chip stamps. Was. So that was also a bugger like Structure initially which was taken under Bugshare letter on. So he consolidates only then Had These Things When It Made Sense. Otherwise he let every holding company run Independently. We Right? So Blue Chip Stamps was one of two Companies.
And then this was merged into Bashar. Yes, then it was merged into bash and then Vasco was a company that Charlie Manger ran. used to do it at one time merged with it So these many companies were merged. in Bakhsh They used to do it, so the entire hold was the model. Na so what they did was throughout that over Time de merge a lot of company like Bakshar is an amalgamation of all the companies Consolidated over a long period of time.
There are 100s of companies. We And there are probably 10s of companies That died after giving you money. We just have a quick question in this. Like the congomates in India, one The concept is to hold a discount on that. Holding Company Always Trades at a Discount to all the sum of the parts of the Subsidiary companies.
So in Baksher's case it is like this What played out was all these amalgamations. Even after mergers and acquisitions, it was like Trading at a high valuation. End If I compare it with India, how? Actually, it was trading rarely at a high valuation So it trades at a discount. Discount Discount Pay So Mostly Bakshar Buffett always said that I will stay for one time.
What was that book value was the Right Major Buffett used to say that book value Whatever our intrinsic value is The book value of the company is far surpassed She does it. We right but he always kept book value as a Garden Right, that's the valuation floor. if $ is moving inside the stock market and If the book value is our $80 Probably the stock is fairly valued According to him, 25% hire is going on.
Right? But if the book value is 100 and the stock also 100 is than you know we will buy back the Stock Because We Think It Offers Some Value. We Right? And eventually that floor was moved From one time book value to 1.2 times We also bought at 1.2 times the book value. do. And it is also true that they do not have any capital like this.
I like only light businesses. Is that true? The lesson of Capital Light came from C, right? Capex was not required. prying power that Candy already exists for him I will increase the price. Peanut Brittle to Same $ is on sale today. I will give you its price tomorrow. I'll increase it to $16 but pounds and acres of it Volume growth will also come.
We Right? So Capital Business Capital Lite Business should be the thing. otherwise He'd never own Clayton homes like home. Builder Home Seller Right and at the Same Time He would have never owned Bashar Hathaway Energy Very Capital Intensive Energy Business Utility Business ROE of 11% Right Otherwise He'd never have owned Burlington Northern Inside Santa Fe Railroad Business 208 Extremely Capital Intensive Business Right so such Which two or three businesses or sectors are which they don't like at all and why a You said retelling.
that's it Are there airlines too? Right? Airlines or so he said like If Orville Wright was one of the Wright Brothers Brothers was shot in the foot at the time of the First Flight He Would Have Saved Shareholders a lot of money. 102 Airlines Have Gone Bankrupt We Right and over time it has been great Invention for Humanity But It's Been a Disaster for Shareholders Because ROE It doesn't work.
When it starts to form Some disaster or the other happens and leverage It becomes so much. and there are many Variables. Sometimes the oil price moves Sometimes the aluminum price moves, Sometimes steel prices move. Sometimes when There are component suppliers, their monopoly The price increases. So and whatever the Enticement for Airline to Never Send An Airplane You Know Ah Having Like Empty The last seat is very cheap.
It is filled in only. So, he also did Like that part because it was a Commoditized industry. like how do you Book an airplane? Whether you're in business class Whether you take economy, which is the cheapest You go into it and take a reasonable time. May it reach there. That's the only consideration.
There is nothing else. You have no love Is it Indigo or you don't love it? Is from a specific airline. there are some Airline People Would Rave About Like You Know Then I go to Emirates and something Like that. But over time, you know the price is The Dictating Factor. So he did not like Any industry which where the price was the Dictating factor like people but he go example of for example like you know coca Cola itself said that if you stand at a shop You are drunk and you go to buy Coca CC Cola.
He says no, I have Jose Cola. that I don't have CaC Cola so you You cross the road and you take Caoca C Cola Will you come? You will not drink J Joe C Cola. because Mouth is a secret place. We You Don't Put Anything in Your Mouth Right Just Like That You Put The Trusted Brand Brands Product. Right? Same thing About Wrigley Stringham as well.
Right? So He's basically saying if your customer base It's like he'll cross the road for you. He will come to buy the product by paying more money. Then you are a good business. otherwise you are A commodity business. Apart from airlines, what other such businesses What don't you like? So Buffett's very interesting.
Part know whether he in such dictums It doesn't last. Nothing is out of scope Right? If he gets cheap farmland also He will still say goodbye. Like in his Personal Portfolio He Was Shorting You Know Copper Vans So he's shorting copper. personal Portfolio on personal portfolio only Used to do leverage also a lot.
You would have made a good leverage. Take full. so all those things that you hear that Doesn't happen like this. it does not. because only Was very intelligent. He was mathematically Great mind. He still is a great mind. Right? And people think that people Refuses to take leverage because again Because we must understand Warren Buffett is not.
They say like this that smart man go Broke because of three ales ladies liquor and And leverage so and then you know Charlie. Ah so Buffett so it was Charlie Manger who Headed that smart man go broke He also gave an example from one of his friends. Isn't it Rickon? who went broke because of the left Or because he wanted to get rich fast.
Yes. Right? So and Buffett basically was sing Next to Charlie when he Charlie said That Charlie said my friend just like the Alliteration of This Whole Thing Is Leverage. So, the whole thing is like saying to people brother you are making money in index one Put it. Read the company carefully. 20 punches Use cards inside life.
What is? 20 punch cards what is that 20 in life Investment If you see yourself behaving like this You should invest while investing in your You just need to invest 20 If you behave like this in life then you You will study the company well. So inside it The lesson is not to make 20 investments. Is. The lesson here is that good methods Read this before investing.
Right? So the lesson in this is also that It is saying that you should not take leverage. You index Invest in the fund. When you are in companies If you invest, think well about them. Read it from He tells you all these things Do what you can. He gives you anything I am not speaking. If you are told that copper go short you will be like what Is happening over here.
People Will Start Turning into Speculator and Then People Will Also stop listening to him. like because That's not applicable. Are we right? And Not Everyone Can Launch Rockets like Elon Musk. Like the thing is Today you can take a probably you can Can You Dream of Becoming Something Like Mr. Dhirubhai Ambani and Mr.
Mukesh Ambani: I invest money in this way If I do it, I will become like this, right but you can Not a dream of becoming Elon Musk, that's a different mind right you I mean someone can but I think I can't write because I know my Limitations I Don't Understand Rocket Science I Don't Understand Physics That Well So leverage, then they used to take like He used to run this partnership also on Leverage a Lot of Time And Charlie Munger is also Charlie Munger Was Also a Fan of Leverage Like All These Guys Use Leverage Charlie Munger Letter On Buffett When He Broke Then He Was Stop Using Lefez Sometimes it was when he was 34 35 ever or when he just met him or or Good So Charlie Mong Lafayette did not say that.
that derivatives are weapons of mass Mass restriction is for the people, right? It is not for buffets but it is for use buffets So when Charlie Mong just bought Alibaba Inside the Daily Journal Corp. So Charlie Mung You Know There Is A Company Called Daily Journal cop a Charlie Munger used to run that Company We Right DJ CEO is his ticket symbol so Basically, when Charlie Munger, under his If so, his portfolio which Constructed was $1 billion worth of 1 billion No, $240 million dollars.
was then only in company the full $40 million The reason for that was because he used leverage To Buy Aliba Stock We wow These guys use leverage left, right and center No it's like irresponsibly that's it. So let's do one interesting thing towards The End of the Segment. So what have I done? that I didn't answer their most Googled questions.
Removed. Ok. So Warren Buffett's related Joe There are also most Google queries which If I want to know people, I brought them out. And then let's try to answer them one by Forest. Done. Ok? So simple question there are some Questions that can be answered in one word Will go. There are some questions in which a little Details may be needed.
So whatever you know may Be You Know We Can Just Help the Audience Answer this. What Is Warren Buffett's Net Worth In 2026? Ah, I think it's probably above 200. Billion dollars? Right and market cap of this is $1 trillion Dollar? See only 19f% of Bashar in hand right so now one trillion If the market cap is in dollars, then according to that I said it Right Has Warren Buffett Retired Yes, he has a like, but or but still he is Taking some cause like Google was one of his Bias He said that Google was one of his decisions just recently which Google invested Google just invested 18 billion Oh, or 34 billion, so Apple has Second biggest investment by the public So in Google they invested 18 billion Invested and became 34.
No No 34 I invested only this, that is, in the last quarter There was 18 inside, now it has become 34. Why are you doing it in Google now? Invest? He knows something that you and I don't 34 And maybe he is wrong, he was late actually To the party. Why does one share of Bashar have to cost $ Lakh. $700 Thousand Plus.
So everything is intrinsic value you know. So it doesn't matter whether the stock is $7000 If I split that $1000 Times It Will Be a $7 Stock How Does It matter So this means it was never done Thinking of doing like splits etc. No, no, there is one such person, Baghshahar. Bagshahar is the class of Hathway, voting inside it rights are Voting Rights are also available in BB but There are certain characters That is worth Rs 400-500, right?
That 400 Come low price so and by the way that That's why it was created. It is a very fun story. There was a hedge fund that was running Leverage Pay and only Bakshi Hathway stocks I used to invest in. Good Yes, that and he keeps beating the SNP 500. Had been We And it had garnered a lot of AUM to 19 I think 1998, 97, and 98 when Buffett was Like that friend create another class for me have to do Because This Guy Is Just People Have Started Creating Vehicles Who Were Just Investing in Bakshasar Hathway and beating the SNP 500 That's This in General What Books Does Warren Buffett Recommend How Many Hours a Day De dus hee reed reed.
So it's a lot of people It is said that it used to grow by 500 pages a day but 500 pages a week. Good. So first of all, this is what Talk Comms has It was also clarified that it was 500 pages a week. Like don't be stupid that 500 pages a day He is reading. It's not like that. so he is Reading 500 pages a week and he was.
I don't think he reads now because his eyes I also have a problem. at the same time Recently in this interview with Becky Quick said that he hasn't learned about many Industries in a very long time. So me It's been five six seven years. He Learn anything about a new industry Didn't do it. So Anyway So What Was The Main Question here?
No, this was it. How Many Hours Does He Read? Or so what books does he recommend? So the books that he recommends is one is the Intelligent Investor which he most I had read it before. And there is another book which Is a very funny book called Where are the Customers yox this is so basically this It's a It's a Funny Book About a Fund Manager And you know where the customer is because Fund managers are taking over the field so far.
Then another book that he recommends is the- The Business Adventures So It's a Book by John Brooks who was a who was ah ah a Journalist and He Has Like Multiple Stories about different businesses. one of them Ford's story is a Model T Key Like How It Launched and It Was A Spectacular Failure and Then You know there are multiple stories about Different businesses.
So these three or four books came like this Remember Why Does Warren Buffett Live in the Same House Only Boat in 1958? What do I know, man? [laughs]. Is this true? or It's True Same House or He De Boat it for $31500 they still live in that House o ya so usko tha that like I am still Happy and Staying Away from New York Really Helps From Wallstree and like the rest of it, I I don't know why he He still eats a McDonald's burger every day.
or or I Buffett I I Buffett I I have read it. I am not close to Buffett. Am. Buffett doesn't know me, man. Have you ever tried to reach out to them? Is? No, I never tried, you should know like this Come meet in Omaha and do it's the stuff That he has to stay here is all out there Fair, so in this, right now on this slide you have 10 Greatest Buffett and Mangad Stories List Downed.
Give the most interesting or What are the three stories? So firstly this is the story that you know He pestered so much that a janitor To the singers that ended up taking a stake Who discusses generators for 4 hours? Along with like that too about a business right kept So like that just talks about like you know Your Humility and Your Open-Mindedness and zero Like Arrogance Zero Zero Institutional Air and also Likeability right, how likeable he is Must have been that a generator standing from it Wright kept talking for so long.
The person who will be lovable is the one you consistently see. You've been talking for hours and the generator is an answer. is going to tell you about a company And you get to gather so much insight that you and Up Investing Your Net Worth in It But Zerber What would you have talked about with these four people?
of the hour Exactly then he says this saari Gives advice because we're not Buffett Right he was able to extract something That we won't be able to And Then You Know Seuss's Lesson Is Very Interesting to me were basically Manger basically said that like even if that $1000 If you had asked for something extra, we might have walked out.
That Was a Stupidest Thing We Did would have done Thank God those guys sold to us, otherwise we would have gotten so many good lessons that we could have that, that we did see and then You know Wang Chanfu Is there another cow, you know it, right? D Company Yes Whatever works in BYD is also available in India.
lives cars so you know the full form of Build Your Dreams Ok right so it's a it's basically Charlie Magar Met This Guy through He met with Wang Hu was through Lilu. The Wang Toufu Who Was the Founder of Bei De. So Charlie Munger Comes Back to Buffed and Says That man, I'm Jack Welch and Thomas Alva Edison Found by the combination of.
So Buffed got entry like this how to be Maybe like some I am who is really a A great inventor is also a great Businessman. Right? Jackwatch was a CEO of Ge who did well during his time. Hmm. And there are, there are, there are many Questionable Things That He Did Like Later on that came out but like he did well During that time.
And then ah Thomas al Edison as We Know Is the Inventor of Light Bulb and who figure the direct current but Nikola Tesla Did the Alternative Current at the Same time. So he said like which one Could it be the founder? And that was just a Bet on the Founder. They Ended Up Investing These BYD. It was not based on numbers.
So imagine this guy is doing mathematical Stuff Like Western Insurance Securities Then transition to something like sea candy. Transition to Something Like Coca Cola Transition to Something Like Gayko Transition To something like ah clayton homes then goes In to Bashar Hathaway Energy then goes into rail.
Roads End Now Invest in DYD Ah based like which is a new company and It's almost like it's not exactly Like a VC Kind of an Investment But Series D Kind of an Investment Right And this is this was a bet on founder and Ended up doing really well for them Wow These are the What is this, UT Students Gave Buffet Gym?
Claytons book, okay, did you give me the book? First Or so Jim Clayton Clayton's Book still Available on Amazon So Clayton Homes who had made So Buffett had read Clayton Holmes. was approached by Wow We want to buy you out Amazing and If Young Warren Buffett Started What would he do in India Today? this is interesting We Start With the Edge Right You can invest in all the companies of BSE and NSE.
Go a fortunately first when I start That's how I did it in India Started doing that to each company If I had gone and listened to the basics, I would have seen it. I saw that the message was in the manual. What all was there? So I made my own I created a table and then I populated it from Excel. used to do.
So like I think you would try to Do that but that's very hard because today's date Efficiencies are much more in the market. But it is not that you do not have ah stocks Will meet. Like you know there are some stocks Since Covid which have gone like 100 x. There have there are some stocks which have Gon 40 X 45 X.
Life Changing Wealth. One of the Stocks I Also Entered Upcoming 25 26 Times. Like We La Last Time We Talked About Right Persistence System. In my person, but ah, it did not Change my life because of the ah conviction Ah Wasn't Fully There Right Because You Can Call it lack of homework and you can call it and and may be call it lack of lack of Experience not lack of homework.
means I Understood Everything That Was There Too Understand about the company. So a young Warren Buffet today would probably go through everyone Single company in the small cap and micro Cap Space and Try to Figure Out and End Even Mid Cap and Try to Figure Out You Know Where the inefficiencies are hmm and that doesn't mean he would leave out a the Large cap space but he would go through everything Single company than what about these six.
points so what will she do so like You No Like Figure Out Like Family Successions Founder Lite Businesses Write That Founder Lite Businesses Tend to Do Well Buffed Understood that over time and similar CEOs Invest with Who You Would Actually Marry your daughter with the right one just like that Invest in Management Who You Are Willing to Marry Your Daughter With right so like basically he was talking about integrity and he was talking about the Character Right.
So that is a big lesson that if Even if you look at each company individually If you add these filters inside it Give the probability of you doing well Significantly goes up. But the first thing is to go through every single company that Listed and You Know And when you say go through every single The company's annual reports and No Annual Report Say No Like Just Basic Stuff like at first just a glance through Do like screener like picking up something you know Ah and capital mind like something ah picking up like ah you just ah Go through every single company's ratio like You know if a company starts with AA Like a triple A coming up with his name andar like one by one sort by names The complete list is available on BSE if you are If you have a company, you can start with Rs 500.
If you don't want to see then the entire BSE 500 Companies You Should Know About: 500 Companies You can see the entire data at once. Check its ROE and its asset base. Check what his liabilities are. How much is his debt, check his EBID Check it, check his PAT, revenue Check the growth. So all that basic stuff You should not over do it.
You will be able to Find Like You Know Easily Like Five 10 Companies out of which probably to will go Completely Bankrupt and Three Four Will Do Okay, and three to three could do really well. For you. Or Amazing I think this is how we end this. The Big Money Is Not in the Buying and the Selling But In the Waiting I think this quote is right by Charlie Munger.
So this is basically what people need to Understand Or definitely so definitely so one thing one thing is also so this is a very used quote which I had posted here but if you You will see that this is the most important thing till date Charlie or Buffett did not abandon Charlie then passed away, which Buffett has till date He did not abandon paying up for the company.
Like he is still buying cheap stuff he is Is Buying Good Quality Companies Cheap? Earlier It Was Just Cheap Companies Now It Is Just Good Quality Company Is Really Cheap or That's about it, so that's what it is. Always Better to Buy Wonderful Businesses at Fair price. Or So even if the price goes down, it will double.
She will take it down. Or Exactly. So like Ah Hee is still By the way, he is not paying fair. Price. We He is paying really low prices either if Someone needs more depth about Warren Buffett. I want to know his investing style. Which three or four books do you recommend? You will say that he should read it.
Snow Ball Read Warren Buffett's Alice Schoder Amazing Book The Making of an American Capitalist The Warren Buffett Way and Warren Buffett Portfolio by Robert Hagstrong Four Books You Will Be Done and the Thing Is Fifth Book Fifth Thing That You Should Be Reading is all his letters If You Do the Five Things I Think You Are No Already Ahead of 99% of the Lot Or that you read all the books.
I have read And I have read all the letters also. I have read the letters two or three times. three times Have you read it? I have read it three times. three times All the letters. Yes. Letters I Still Love. Like I Still Go Back to it. I think you know I never know anything Let's go into so much depth about Buffett Because you will understand it the first time.
I don't understand that you don't have that internalization. it occurs. You are trying for the second time also To you know, Google stuff to see what's going on. It is here. We So like there was a company like Faxmer doing a There was a company. Now you talk to Buffett normally. If you do, he is saying that commoditize Don't buy companies.
Butt Fackmer Company Used to make uniforms. He consumed it I bought Times Earnings. because There was a family called Heldman, you know, who She used to own it. So the Joe Family Head of Hellmann's He wrote to Buffett when he If you approach the company to buy it, He wrote that you know how much this It's a very sticky business and you can only You are talking about giving Times Earnings This that this is such a sticky business what do they do were firemen and policemen When I used to make uniforms, they say, "Diz." Are long term contractual businesses Are insanely sticky because if a police I made a policeman's badge and fireman that if I made the wires that There are gloves on them, you know?
One size one way and from one fabric if Banane lag gaya so you know they don't go away they Don't move from One One Company to the second Company These Are Government Contracts That We get right, so he ended up buying that. Company uniform company normally tells you I am saying that friend, buy capital light business.
It is also capital intensive. We Right and Seven Times Earnings Pay Also Buy doing. This is not one time earning There is no company. Just Understood The Stickiness of it. Right? The Company Ended Up And within three to four years the company ended up Tripling a for him in terms of like Giving out the earnings.
1999's I Think Ye Bought it in 1989. This business until 1999 The entire fuzz was out. Its earnings Stopped reporting. Because I had already made three to four times the money. So There are many businesses that are fed off You are already inside the company. by doing a close There was a company. Then there was this one, that one There were companies starting from cents.
So it was saying that if you take these seven companies to Bakshir Hathway The company that is inside is a close scout There was a company. Then Fack Hymer was another company. Whose uniform we have talked about. Ah Then there was so they were doing like total of Buffalo News was another one. So all the company Sea Skuddies was another one then.
There was this encyclopedia company a Scott Fedger So used to come to the Encyclopedia Books used to come, all those of encyclopedia Companies Like They Had Looked Different Products Consumer Products A So All These companies Buffett used to say if these seven If we look at companies today, ah I think 1980 inside ah 1990 and inside 1980 if we today Ah, if we make a Fortune 500 of those companies.
They rank at 100 in terms of Revenue. There would be that large. So over Time these companies all disappeared like under Buffer Hathaway. Wow, super interesting. a lot of fun Came. You explained it very well About the Insights of Warren Buffett Investment Philosophy. Ah last question which came to call the guest if you are in the shoes Of Kushal and if you are interviewing Ramnik.
What is one question? Would Like to Ask Him Towards the End So I would ask myself How do I usually think about life? So how do you usually think about life? What Do you think about life? So I think I think the purpose of life is to Just Grow And then you know happy, the purpose of life. Is Actually to Be Happy and Happiness Means just to grow.
So Weather It financially weather it You know your relationships, social relationships, Weather It's Your Bond With Your Family Members Everything Should Be Incrementally Better. So ROIC is better than R [laughs]. In this also you have made a relation of finance. ROIC Incremental ROIC Is Always Better than Total RE right right so I mean it's a Over time everything should just get better like If You're Going to Make the Same Money Next Year You're Probably Going to Not Like It That friend, there has been no growth at all.
Because you are hungry or you are greedy is Just because you're not seeing the scorecard Progress at the Same Time If You Don't Have More Depth of Relationship with the People You Have Ah born with ah you know you'll feel a little Bit empty like you should have even more Depth. You should know with each passing year.
You Should know your parents better. you should know your Siblings Better. You should know your spouses Better. You should know your friends better. So Or like social relationships like you know Financial Growth Ah Ah Family Relationships like those things are really Realient and they should always keep growing.
That's the purpose of life. Warren Buffett also Everyone follows this. I know he says like the definition the most The most important thing in life is not money But obviously he can say that because he has a lot of money but at the same time ah the The most important thing is when you Reach the end of your life People Who You Thought Loved You Actually Do Love You.
Wow! So Deep Ya That's what he says to people who thought Actually Love Love You Actually Actually Do I Love You? Wow so deep amazing thank you so much once again for doing this you too much Presented well on slides too And you have to like red a lot of things About Warren Buffett: A Thank You So Much Once again and I'm sure anyone who is watching This would have understood the investment In Philosophy and Probability Investing If it is a very big topic then you may not like it.
Next time we'll do another podcast on Another topic where we can help people Understand how investing works And Cycles How Because You Read So Many Books and You Read So Much It's the Best Too Have podcasts with you because you need knowledge. And I think people want to hear this Knowledge Of course any time and this presentation share pay taxes oh or actually so guys if you want to ah Like have access to this ppt so we Will Just Put This in the Description Box You can click on the link in the description box and you will get access to this Entire presentation so thank you so much for sharing that also means a lot and people a want to go through the entire ppt ppt They can go through it.
Off course. Thanks. Thanks Kushal. Thanks, thanks a lot. Thank you so much for watching this video till The end. Before we ended this video, I would Like to Thank You Grow for Being Our Title Sponsor with Support Like This, We Can Deliver Actionable Finance Content to Our Audience. So Go Ahead and Download the Groww App Today and tell us in the comments section which Guest you want so that we can invite them.
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