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hey everyone and welcome back today's video is of course stock market q day for the month of september 2020. we are almost through the year we're getting through the year this year has flown by even though there really hasn't been that much to do but uh in today's video we're going to do something a little bit different to our typical q a video so typically we take four or five questions and i go quite in depth in answering those questions today because we had so many questions come in on the post on the community board i wanted to answer as many as i possibly can so i'm going to do a little bit of rapid fire for some of the questions uh some of them may require a little bit of in-depth explanation so i'll still go into that for some of them but i'll try and get through as many of your questions as possible and as always if you're wondering how you can get a question in next month's video then it is very very simple the first thing you need to do is be subscribed and then next to the subscription button you will see a little bell icon that represents your notifications click that bell icon and turn on post notifications and once you have post notifications turned on you will be notified when i make the question post on the community board and you can expect that of course in about four weeks time i'll make that post you'll get notified then you can leave your comment on that post on the community board and then i go through and hand select a couple of questions to answer in the video so with that said if you do enjoy today's video the best thing you can do is leave a like on the video and let me know your thoughts down in the comment section below about the video in general or about any specific question that i answer in today's video but for now let's jump straight into the first question so the first question that we've got here comes from nicholas why do you think it is that as high as 95 of active fund managers failed to beat this market uh what has helped you to be able to beat the market yes so to answer the first part of your question i think there's a number of different factors that play into why fund managers are unable to beat the market one being that they're using a modern portfolio theory which i think has many flaws within it that we won't really discuss today that'll take way too long another reason is that they're usually operating with a substantial amount of money and it's just inherently harder to outperform the market and reduce your costs when you're operating with a substantial amount of money in the market but i think one of the most influential factors is that they're constantly at the scrutiny of retail investors who don't understand that the market fluctuations are normal and are necessary often in order to outperform the market because what you might have seen with some of my investments is that when i'm investing in a company that i think is a great long-term investment usually it's when the stock is going down and as a result after i buy that stock a lot of the time it continues to go down and that is something that an active fund manager just can't do most of the time because the retail investors who are handing their money off to these fund managers are expecting returns every single quarter they're expecting their portfolio to continuously go up or at least to continuously stay in line with the the market and as a result they end up going down this road of of building a portfolio that is pretty much exactly what the an index fund would do invest your money broadly um but has those active managed funds fees associated with it which is why most end up not outperforming the market so i guess just to quickly finish this question i think that you need to be willing to see your portfolio be negative or see a position in a stock be negative for a certain period of time in the short term if you're going to outperform the market that is a reality and if you're trying to have a portfolio that never is significantly negative then you probably won't outperform the market you might have less volatility but it's unlikely that you're going to be able to make investments that do much better than the market average the next question that we've got here comes from investing with tom uh chipotle or mac is drive through what's the future come on tom you know chipotle all the way and if you don't know what that joke reference is then clearly you haven't been listening enough to the young investors podcast so go check it out it's linked down in the description below the next question that we've got here is from jack hi hamish how do you find your initial idea for a business that will be worth researching for a potential investment how did you come across thor industries or corporate travel management and why did you decide to look into them with a view to potentially making an investment in the business uh thanks for the great content mate yes so a lot of the time what i will be doing is i'm thinking about the industries that i deeply understand already so areas that i've worked in areas that i'm just passionate about and then i'm looking for businesses in those areas although that's not always the case so in the case of something like corporate travel management for example that was a business that one of my students in loan by example actually brought to my attention so in that case it was kind of the nature of what i do that made me stumble across that investment but in terms of most of the other investments in my portfolio it's based off uh my personal understanding my areas that i understand and seeking out businesses in those industries the next question that we've got here is from aaron uh hey what are your opinions on 5g stocks such as a t and t they are trading well below intrinsic value with a healthy dividend but do you see long-term potential um well the first thing i would say is if you think that it's trading below intrinsic value i would say you would have to think that it would have long-term potential because the intrinsic value to me of a business is uh basically its future potential all the cash flows that that business can deliver to you in the future so um but in terms of 5g stock specifically it's an area outside of my area of competence at least at the moment it might be an area i look into in the future like a lot of industries um however it's currently not one that i deeply understand enough to analyze businesses in that industry the next question that we've got here is high hamish apple announced share buybacks in one quarter and split their shares in another isn't that against to each other um no it's not actually so let me first explain the stock split so when apple splits their stock the number of shares doubles which is true but each individual shareholder also sees a doubling in the number of shares so it's basically as if every one share that you owned turned into two shares and that means that nothing has happened right it's as if you had one piece of pizza out of the out of the whole pizza and uh you just cut it in half right you still have the same amount of pizza you just have two pieces now instead of one and that is distinctly different to when a company issues more shares right because when a company issues more shares like fly center for example doubled the number of shares outstanding in the same way that when apple split their stock the number of shares doubled but the difference is that apple shareholders have twice as many shares now so that their ownership has not changed whereas in the flight center for example and other companies that issue more shares there are new shareholders that have those new shares which means that as an individual shareholder your your share your number of shares has not changed uh but the total number of shares has which means that you have been diluted your percentage ownership has gone down um so the correct opposites are a share buyback and share issuing a stock split kind of sits in the middle where nothing happens uh if a company repurchases stock there are less shares outstanding each individual shareholders ownership goes up uh if the company issues more shares your percentage ownership goes down if there's a stock split like what apple did nothing happens a stock split means absolutely nothing except that the the stock price changes and the number of shares that you have changes but your percentage ownership stays the same the next question that we've got here is uh do you clone some famous investors via 13f um no i don't do that at all um there's a couple of reasons why i think first of all it's i mean this is probably the most important thing uh is that if you're ever investing in an individual business you need to deeply understand it if you don't understand that business you won't know how to behave uh when holding that investment you won't know what to do if the stock goes down and you might think well um i can just wait for the next 13f to come out and see what warren buffett did with this stock did he sell it after it fell 30 or after it went up um 30 uh but the 13f filings are so delayed that this could just end in you making a horrible decision right the stock might go down and you might not find out about what warren buffett for example did with that stock for 3 months and 45 days so it could be a very very long wait between those 13 fs and ultimately if you're holding individual businesses i think that you need to deeply understand it so that you know what to do with that investment over time the next question that we've got here is uh where do you get the company's debt numbers from and how do you take debt into consideration during your analysis yes so the company's debt numbers are always found it will in the annual report first of all so if you head over to the company's investor relations page you'll be able to find the annual reports and in those annual reports the main financial statement that shows you their debt position their financial position is the balance sheet or sometimes it's called the statement of financial position i think but also further down in that annual report or sometimes it's before the balance sheet um but somewhere in that annual report there will be a section dedicated to debt specifically where they talk about how much debt they have what the interest payments are when that debt is due what is the nature of that debt what are the interest rates attached to that and that sort of thing so um the annual report is your go-to for all debt information and in terms of how do i take it into consideration well as an investor who likes to reduce my risk and look for areas where i can reduce uncertainty avoiding companies with high levels of debt is a very very easy way to eliminate a lot of uncertainty so something i talk about with my students quite a lot is that there are many companies that make a lot of money they grow substantially and they have a lot of debt right there's no doubt about that that some companies do really well using a lot of debt but the reality is in that basket of companies that have a lot of debt there are companies that go out of business and that lose shareholders everything so an easy way to just eliminate that risk is just to avoid companies that have a lot of debt there are plenty of companies that have very small amounts of debt or no debt at all and sticking to companies like that just eliminates entirely the risk that a business uh can go bankrupt well not entirely but for the most part eliminates the risk that a business can go bankrupt i think um peter lynch has a famous interview where he's talking about um a business that had no debt and he said that it's very very hard for a business to go bankrupt if they don't have any debt sometimes they try to go bankrupt but or it seems like they try but it's very very difficult for a company to go bankrupt if they have no debt and it's very easy just to eliminate that risk by avoiding those companies now i learned this very early this might be a breakthrough for some people it's very hard to go bankrupt if you don't have any debt it's tricky some people can approach that it's a real achievement and then the final question that we have time for today here is uh how do you evaluate companies that do not generate profit uh such as b y and d sq tdoc etc do you invest on those high growth stocks yes so um how do i evaluate them i i don't and i i don't think that you can a lot of the time um and it's not just non-profitable companies companies that are losing money uh there's a lot of businesses that i don't know how to evaluate i would say 99.9 of businesses i don't know how to evaluate i know how to evaluate a very select few industries uh and even within those industries a select few businesses within them um and that's where i stick i have a i stick to those areas um and unprofitable companies they're just it's very challenging to figure out what their future cash flows will be because they have no track record of producing profit in the first place or maybe they have in the past but now they're no longer profitable which brings into question will will they get back to profitability so i like companies that are consistently profitable have a long track record of profits and growth among other things of course um and i think it most of the time at least um and this has been 100 of the time for me up until this point businesses that don't make money are too challenging for me to analyze so that is all we had time for today and as i said at the start if you have a question and you want to ask a question on next month's video then it's really simple first you just need to hit subscribe then hit that bell icon next to the subscribe button that will turn on your post notifications and that way when i make the post on the community board you will be notified and you just have to leave your question below that post i'll be making it in about a month's time right in about four weeks time but um i hope you guys enjoyed today's video and if you enjoyed a little bit more rapid fire i know i still went in depth to some of those questions but if you enjoyed me going through a few more questions and being a little bit quicker for some then make sure you let me know down in the comment section below but other than that i
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