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hi everyone my name is Robin speale and I'm the national bestselling author of Market Masters today I'll be sharing with you the 13 investing lessons from Bill Amman my full interview with Bill Amman of persing square originally appeared in my national bestselling book Market Masters which is available at Chapters Indigo and Kohl's as well as Costco and amazon.ca and.com here are Bill Blackman's 13 investing lessons number one I was a passive investor and then I saw an opportunity for a company to do something that would create more value and that made me into a shareholder activist which wasn't planned two for us the most important thing is what we call business quality we're looking for a simple predictable free cash flow generative dominant company three the Moe is usually created by Brands unique assets long-term contracts Market position or perhaps some combination of all of these factors four we've done a couple of real turnarounds but in most cases it's about optimizing a business as opposed to completely transforming it five with most of our investments we're investing in a great business that has perhaps gotten a bloated cost structure or that has not thought about his business correctly and maybe overinvestment in parts of the business or is not allocated Capital correctly or perhaps has lost focus and owns assets it should actually sell six in a market most stocks are based on people's estimates of next year's earnings analysts estimates seven if there's one business making $2 billion and another business or another subsidiary losing $1 billion people will look at it and say oh it's got $1 billion of earnings but that's not the right way to think about it eight if you take a more skeptical view CEO compensation tends to be correlated with the size of the company that you're running so you get to be paid more if you're running a bigger business you can also justify a bigger airplane nine in relation to the turnaround Str strategy the key things are one finding a good Target a good Target is a great business that's undervalued because of under management two figuring out and finding the right person to run the company and then a big part of the execution which is three is getting ourselves in a position where we can install the management and have meaningful influence going forward over the company 10 we've had a very favorable experience in Canada in pretty much everything we've done now when I interviewed bill this isn't aside it was in 2015 and that was um when he first started taking on his investment Valiant um recently in March of this year 2017 he completely sold out of that Valiant position uh his total loss was $4 billion number 11 you can't necessarily buy at the activist's price but once they announce the investment you can invest in it alongside them and often times stocks don't go straight up so there's an opportunity to buy it again and a cheaper price 12 we've avoided businesses that are hard for us to predict with a degree of confidence 13 I would really encourage people to invest in the highest quality businesses that they can identify in the market make sure you buy them at attractive prices and hold them for the long term thanks for watching please subscribe to my channel for new videos visit my blog on robin.com and buy my book Market Masters all links are in the description to this video Happy investing you everyone
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