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how many of you really consider yourself a value investor or or more predisposed into value investing how many of you sort of know for sure you're going to be kind of asset management business so roughly the same number of people who really want to be an asset management business who sort of already consider yourself as a value investor so who can really tell me what are the one or two things that really sort of defines a value investor from everybody else anybody yes chase one of the things that i that i think about is that usually their performance depends on the underlying performance of the business right other than multiple expansion trading and going out by the stock based on settlement so for that reason they have to have a longer term uh time so in other words you think that uh you sort of feel yourself as more of an owner of a business in a sense and therefore your fortune rise up and down with the nature of the business and how it things to add please yeah you're sort of you you demand a margin of safety in a sense anybody else right right right well that's pretty summarized that uh they're basically three attitude streaked out of the teachings of ben graham that a you think yourself as basically not a uh a paper shuffler in a sense you you really think yourself as as owner of the business and b you're sort of you know you you demand a huge margin of safety when approaching investment and see that uh somehow you sort of think everybody else is different so this this is where the mr market analogy come in uh there's the three things actually kind of they all you know come into really coming from one perception which is you know is you you think yourself as an owner of business rather than kind of a a kind of owner of a piece of a paper and and and you own a small piece and therefore you really don't control the business and therefore sort of is almost self-defense to demand a large margin of safety because whatever value you perceive may not be there because you can't control it uh and then because you thought you're really owning a business and therefore you really don't care you know if your owner business you don't trade that all the time and so therefore you think that you're somewhat different from just about everybody else in the market participant but then the question is you really feel your own business why do you want to be the stock market the stock market is not created for this type of people is that right the stock market is created is a fractionalized so that everybody can go in and go out is that right anybody have a view on that one who can tell me that asset you think is really kind of managed by value investors anybody have any guess with that kind of a perception we just talked about there's no real study but there are a number of attempts of a study including one actually by a professor next door at the law school a low low esteem yeah and which really kind of put it roughly under five percent of all asset that actually is consistent from what we just talked about it now you're really not to the majority you're actually a very very minority and the stock market is really not created for you it's created for the 95 of all the other people and that's really where your opportunity is and that's where your challenge is so to understand that before i go into management business is really extraordinarily important and that's really when i that's what i first learned when i when i came here and listened to above it uh that's one thing that stick in my mind and that really sort of helped me to position where i am because i really know by then what kind of a person i am i think most of your challenges especially those of you who really want to end up in the managed management business and i'm actually tonight primarily addressed to that group of people sorry for those people that that are not um you are your biggest challenge is really to understand whether you are that five percent of the per people or you're the 95 of the majority and you might think that because of the training because you do this you sort of you know intellectually or theoretically biased to also that small minority group of people you'll be amazed you know how much you would have changed you know my career is sort of take a little twist as well i always kind of ride my own fun you know part of the time when bruce sort of mentioned with julian was really sort of when he invited me to really share office with him because he sort of invited a whole bunch of managers that he invested in and also share stor uh share ideas and that's when i sort of get a much better understanding of how the 95 of other people really operated and you know it is tempting because you know why 95 of the people don't do you know what you guys are here try to do despite the spectacular success of warren buff and charlie monger why is that anybody have a reason why is that why there's only yes emotionally it's very difficult yeah emotionally is very difficult but if you think that you know it's very convincing that value investors over a long period of time really have much much better uh kind of returns you know you think that's where the money is you know even if it's emotionally difficult you think they wouldn't change it any other reason right right actually to that point right right we actually are very close to the point i think that the real answer is that's really where the money is why that's where the money is because the market is really created for those group those kind of people who are really thinking of trading in and out all the time and therefore that they will pay attention to the short term and therefore that if you put up with that requirement that's really where the asset is going to find you and so as a result that's a statistic despite at the huge discrepancy of a performance of that five percent have a spectacular return consistently over a long period of time ninety-five percent of the money or something close to that probably would always reside to somewhere else and if if that's where the money is you know most of people naturally would end up there so my first kind of a point i want to leave with you is really to understand who you are because you will be tested throughout this period of time through your future career development that you're going to really have to really face to to to ask yourself whether you're value investor or you're not value invest now if for whatever reason that your personality is built to be a value investor that probably means that you're somehow you know genetically mutated throughout the the process of evolution that a you're very comfortable being in the minority which is not really very uh natural to human beings you know throughout our human evolution process the most of us survive it because we stick with the group in phase of large mammals that's the only way we can we can survive and so it is really over you know tens of thousands of years of evolution it really is you know deeply ingrained into your genes uh but occasionally you will find a small percentage of people really survive despite the fact that they really have a different kind of a gene it's almost through a mutation process that that group of people survived so that's the first thing you have to really be very very comfortable uh you know being very much by yourself and therefore you would naturally adopt the additivity or right not because other people agree with you but because your reason your evidence are right it is common sense but of course as people said common sense is at least a common commodity most people don't think that way and secondly that you would probably spend most of your time truly being an academic researcher instead of so-called a professional investor most of the time you're going to spend as a professional investor as a value investor not a professional investor is really to be an academic to be a researcher to be a journalist actually to basically be have insatiable curiosity to really and try to figure out how just about everything works because investing really the more you know the better off you are as an investor and so you you just have to be naturally interested and curious just about everything any kind of businesses politics science technology uh humanity history poetry literature everything really affected your business basically so you almost have to wait you know that i don't want to scare off people you don't have to put it away it will help you it will help you and then occasionally you would have finally feel insight that all of those studies that really give you tremendous opportunities that other people just for whatever reason couldn't deal with either psychologically somebody said or because of the limitation of the thinking or because of the institutional imperative of the institution they belong to all sorts of different reasons and then you go through find out is the business that opportunity you're given is that cheap is the business a good business is the management of somebody that i can trust either because they're good or because the external checks are sufficient and what else is missing and why this opportunity presented to me so you go through all this checklist and you feel comfortable and then you'll just have to really go over the last psychological barrier to basically do it
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