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hi welcome to my channel my name is gil rossi investor and funds manager today i want to show you a compilation i have made from charlie manger's discussion with shareholders in the daily journal shareholders meeting i have done a compilation um charlie manger is the vice chairman of uh berkshire and the the partner of warren buffett both of whom i have been following for a long time so i want to share with you uh his his views of investing and of the the world in in general so let's let's go and see it value investing the way i regard it will never go out of style because value investing the way i conceive it is is always wanting to get more value than you pay for when you buy a stock and that approach will never go out of style some people think that value investing is you chase companies which have a lot of cash and they're a lousy business or something but i don't define that as value investing i think all good investing is value investing it's just that some people look for values in strong companies and some look for values in weak companies but but every value investor tries to get more value than he pays for what is interesting is that in wealth management a lot of people think that if they have a hundred stocks they're investing more professionally than they are if they have four or five i regard this as insanity to absolute insanity i find it much easier to find four or five investments where i have a pretty reasonable chance of being right that they're way above average i think it's much easier to find five than it is to find a hundred i think the people who argue for all this diversification by the way i call it divorcification and which i copied from somebody and and i'm way more comfortable owning two or three stocks which i think i know something about and where i think i have an advantage could you provide your systems for selling securities well i so rarely hold a company like byd that goes to a nosebleed price that i don't think i've got a system yet and so i'm just learning as i go along i think you can count on the fact that if we really like the company and like the management and that is the way we feel about byd we're likely to be a little too loyal and i don't think we'll change on them so the key points from this section value investing all all investing is value value investing is a redundancy like saying a free gift um all investing is value because what you what you're doing when you're investing is trying to get more value than what you put in and if you see that's also the definition of speculation in essence because the moment you can't define what value is of of where you where you are investing or betting then that means that you are speculating and the other thing he talks about it's interesting is about that diversification you don't need to over diversify if you're buying 100 companies it's good because you're going to have average returns and your mistakes are going to be cancelled out with your successes but the the problem with that is that you you have to if you are doing it the way he is doing it which is analyzing companies and you will have to follow 100 companies for him it's easier to find what five six good companies that he knows where he has a competitive advantage to understand them and to understand the value that he can get from them uh rather than hundreds and in fact if you see the daily news portfolio it has not more than five stocks so for him it's much better to really understand the business where you're investing rather than spread all your investments into hundreds of stocks which of course will be like an insurance policy for not knowing what you're doing in essence about selling he's still learning and this is great because he's 90 years old or something like that and he's still learning and he hasn't yet figured out a system for selling but he he and buffett both tend to not sell any business for value for price reasons if the business still meets their quality requirements like management good management and and the good business in this second section charlie mango discusses about booms busts free trading or free commission trading momentum trading gambling specs and timing the market so let's let's watch it well these things do happen in the market economy you get crazy booms remember remember the dot-com boom when every little building in silicon valley rented a huge price and a few months later they were about a third of them were vacant there are these periods in capitalism and and i've been around for a long time and my policy has always been to just ride them out in fact what shareholders actually do is a lot of them crowd in to buying stocks on frenzy frequently on credit because they see that they're going up and of course that's a very dangerous way to invest that's the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would on in betting on racehorses and that's what we have going in the in the uh stock market and the frenzy is fed by people who are getting commissions and other revenues out of this new bunch of gamblers and of course when things get extreme you have things like that short squeeze it's not generally noticed by the public but clearinghouses clear all these trades and when things get as crazy as they were in the event you're talking about there are threats of clearinghouse failure so it gets very dangerous and it's really stupid to have a culture which uh encourages as much gambling in stocks by people who have the mindset of race dog racetrack batters and of course it's going to create trouble as it did and i have a very simple idea on this subject i think you should try and make your money in this world by selling p other people things that are good for them and if you're selling them gambling services where you rake profits off the top like many of these new brokers who specialize in luring the gamblers in i think it's a dirty way to make money and i think that we're crazy to allow it robin hood trades are not free when you pay for order flow you're probably charging your customers more and pretending to be free it's a very dishonorable low-grade way to talk what do you think of all of the specs and the promoters pushing them well i don't participate at all and i think the world would be better off without them i think this kind of crazy speculation and enterprises not even found or picked out yet is a sign of of an irritating bubble it's just that the investment banking profession will sell shed as long as shed can be sold many observers see market behavior that reminds them of the dot-com bubble wild speculation endless facts and ipos soaring on their first day of trading do you agree that there is a close parallel to the late 90s and this is therefore quote this therefore quote must end badly yes i think it must end badly but i don't know when well it's it's most egregious in the momentum trading by novice investors lured in by new types of brokerage operation like robin hood and i think all of this activity is regrettable i think civilization would do better without it you'll remember that when the first big bubble came which was the south sea bubble in england back in the 1700s it created such havoc eventually when it blew up that england didn't allow hardly any public trading and securities of any companies for decades thereafter it just created the most unholy mess so human greed and the aggression of the brokerage community creates these bubbles from time to time and i think wise people just stay out of them the main takeout for me a couple of takeouts from me are the first one is that he's gone through many booms and busts in the stock market he has quite a history he has quite an experience and his strategy is to to write them out meaning just to wait until they pass the other part i like is when he's asked whether this must end badly and he's talking about speculation not generally in the market as a whole but in specific i think spots in the market and his he answers well yes it it it mastered badly but i don't know when and there you can see that um what he's saying is it's impossible to time the market nobody can do it so don't try in this third section he talks about tesla bitcoin and gold let's watch it i do think that a properly run bank is a great contributor to civilization and that the central banks of the work were like controlling their own banking system and their own money supplies so i don't think bitcoin is going to end up the medium of exchange for the world it's too volatile to serve well as as a medium of exchange and it's really kind of an artificial substitute for gold and since i never buy any gold i never buy any bitcoin and i recommend that other people follow my practice bitcoin reminds me of what oscar wilde said about fox hunting he said it was the pursuit of the uneatable by the unspeakable which do you think is crazier bitcoin at 50 000 or tesla's fully diluted enterprise value of 1 trillion well i have the same difficulty that samuel johnson once had when he got a similar question and he said i can't decide the order of presidency between a flea and a laos i don't know which is worse so the main takeouts i i see here are really connected with the first section which was about value investing and you can see here that he's applying value investing into his views of bitcoin of gold and of tesla in essence tesla you can calculate the value but in his view the the value of tesla is not higher than the the the price he's putting in in the case of bitcoin he doesn't see any value he cannot calculate any value because it can have any value for as a mean of exchange it's too volatile and you cannot use it for any other thing so um and gold is the same thing in this fourth and last section he talks about interest rates high multiple valuation in companies inflation and biology so let's watch it we prefer owning common stocks to holding cash in under current conditions and and it's kind of an accident that we have so much in marketable securities well no i don't think we have a bubble in treasury securities i think they're a bad investment interest rates are this low and i i didn't i never buy any of the daily journal well i think everybody is willing to hold stocks at higher price earnings multiples when interest rates are as low as they are now and so i i don't think it's necessarily crazy that good companies sell at way higher multiples than they used to on the other hand it as you say i didn't get rich by buying stocks at high price earnings multiples in the midst of crazy speculative booms and i'm not going to change i am more willing to hold stocks at high moldables than i would be if interest rates were a lot lower everybody is so far the evidence would be that maybe the monetary modern monetary theory is right put me down as skeptical business success long term is a lot like biology and in biology what happens is the individuals all die and eventually so do all the species and capitalism is almost as brutal as that think of what's died in my lifetime just think of the things that were once prosperous that are now in failure or gone whoever dreamed when i was young that kodak and general motors would go bankrupt that's the nature of capitalism it's like evolution and biology new species are created and old species are dying and of course it's hard to negotiate in such a field my main takeaway here is that he doesn't see the market really overvalued because he says that interest rates are so low that it is not crazy to pay higher um price earnings multiples for for different companies but he mentions that he didn't become rich by investing in highly priced companies in crazy speculative is increasing speculative booms but i don't think we have a crazy speculative boon now and i think that some companies with high price earnings you still get value from from those investments because interest rates are so low investing in treasuries is not a good business and in fact he is not investing in treasuries or in bonds and neither the daily journal that's that's also an interesting uh view of uh you know every every everything everything goes back to the first section where he talks about value investing and in essence he's not investing in treasury bonds because treasury bonds he can calculate the value and the value is below the price that you're paying because if you invest today in low interest rates world if you invest in treasuries you're not even getting paid for to cover inflation so i think that it's it's quite consistent if you think about it everything that we have been everything that has been this everything that he has talked about in this section and is mainly mainly we mainly we can we can we can all summarize week so so he's quite consistent i think even though you think that he's talking about different things everything can be summarized in in in the definition of value investing or investing in essence and his first uh few comments of this video that i've made so well i hope that you like it i hope that if you didn't know mr munger you now have a better idea of who he is and there's heaps of books and interviews and things to read from him and letters shareholder letters in the daily journal you can i encourage you to get to know this person and learn from him probably not 100 of what he says but he is a very good thinker and i'm going to make a second video with more um with content related more to life and and other general principles about about investing and about life in general and so stay tuned and well don't forget to subscribe and touch that alert button so you can get notified when i upload a new video in this case in a couple of days i'm going to upload this second portion of charlie mango's interview and well thanks very much for watching and see you next time
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