The Evolution of a Value Investor | Tom Gayner | Talks at Google
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- Опубликовано: 28 июн 2015
- About the Talk
Tom Gayner is the CIO of Markel Corp, where he manages the company's investment portfolio. He talks about his journey as an individual and value investor. A recent Wall Street Journal feature on Mr Gayner's investing style mentions: "He has an outstanding investing record. He works only for Markel and doesn’t take outside clients, but every investor can learn from him.You never would know any of this [extraordinary success] from listening to Mr. Gayner. After a good year, most portfolio managers beat their chests even harder than they beat the market; Mr. Gayner’s 2014 report merely said, “our overall equity portfolio earned 18.6%,” without even mentioning that the S&P 500 was up 13.7%.Instead of trying to mimic the inimitable brilliance of Mr. Buffett, maybe more investors should emulate the common sense and patience of Mr. Gayner."
About the Author
Tom Gayner is the president and Chief Investment Officer at Markel, and a Director at Graham Holdings, Colfax, the Davis Mutual Funds as well as The Community Fund of Richmond and the Bon Secours Health System. Mr. Gayner, who is a CPA, worked as an accountant, a stockbroker and an equity analyst before joining Markel in 1990.
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
That's so true. but if i may ask, do you trade all by yourself?
I have been investing in stocks for over 10 years now and I have made a lot of money. My portfolio has grown exponentially and I can't thank stocks & TERESA JENSEN WHITE enough for such an amazing way to make money!
How can this person, TERESA JENSEN WHITE be reached please...
*TERESA JENSEN WHITE,* that's her official page name you can do a web search to get in touch with her
Wow! I just looked up this person out of curiosity and I'm super impressed with her qualifications. Thanks for sharing.
Things to seek from business are:
- Profitability,
- Less debt,
- High return of capital,
- Character/integrity & ability of management &
- Dynamic investment / growth potential - easy to replicate for re-investment and development and finally is
- Price / value.
Great speech. Thank you.
Perfect summary
Start with Price / value and you will save time!
I know Im asking the wrong place but does any of you know a way to get back into an instagram account??
I was dumb lost the account password. I appreciate any assistance you can give me.
Tom Gayner is an excellent speaker and is very very likable. He's the main reason I bought shares in Markel.
Golden rule- “Profitable business that yields good return on invested Capital over longer periods without much leverage “ At 9” listen 👂
Lots of wisdom in this speech!
Impressive insight at 15:00. Thank you @TomGayner
That's a Smart smart man. I loved the metaphor he did about dating and evaluating the management. Thanks Google for providing this content!
Fantastic talk!!! Something which a commoner like me can understand
Agreed Raj - great talk!
Fantastic lecture
Tom, the secret of success in investing is lasting for the first 30 years.
Pretty good lecture. Investing is a challenging pastime.
For an investor, it is difficult to find the growth driving stock from an intrinsic value what assest of business driving the demand and price is what matters. Great speech sir
Speaker: I look all over this room and all I untapped potential.
Everybody in the room is on their cell phone
A real Candid person and investor
Wonderful lecture....begins around 2 minutes
Masterful business genius
Worth watching.
What was the name of the book about him that was quoted from during his introduction?
Tom has such a good vibe hahaha
I like this. Lots of common sense. And - tbf - not a lot I can disagree with (and who am I to do that anyway - with Tom's track record). But I see - looking at the last 10 years - Markel did brilliantly 'til the summer of 2018 and has been flat ever since while the S&P500 has soared by +110%. This is intriguing. Does anyone know why it's suddenly all gone flat? Is it Value vs Growth? Is it because he's not good at Big Tech - and they've had their biggest spurt in that time? Has he 'lost his touch'?
Thanks!
I feel like the growth side is more important then it was back in grahams days. Not saying his theories aren't important anymore but the game has changed. Its not good enough to just apply his theories, you have to apply fishers theories more then before.
Profitable business with good returns on captial that doesn’t use a lot of leverage to do it
That part about dating.. lol
I'm a HUGE fan of Gayner and MKL. That said, the stock is currently slightly overvalued. Also, he has started to overthink things and his returns have suffered. 53:33 I could tell that just from his performance, which has suffered because of it. Carmax (KMX) has been a mistake. While it's definitely a good company that will have acceptable returns to the average investor, it wasn't a value when they entered and price at entry makes a huge difference in total return. Gayner is chasing growth more and more these days rather than value, and his returns have suffered from it.
Very interesting Leggo - what do you think of Markel at the moment?
@@extramild1 did you see the stock price of today vs 2 years ago? Invest in smarter people not people who think they are smarter.
Saraha's Father was Abraham and Saraha's Mother was Sarah //nd.D english zion
great.
"I'm more interested in dollars than numbers."
Understand what he means as an accountant.
map8888sea cash baby!!!
What book about Markel and Gayner was the Google host at the beginning talking about?
What did he say about it?
What's the point of dating 👉27:16
God is the best ever
Low cost broad market index funds
Buffer of safety.
Mimic buffet
wal yu investing
111
This guy is a total dope. He was buying BAC in 2007 due to its yield. He just copies what other people do. LIGHTWEIGHT INVESTOR.
+Cenk Fearing Liberal You have to be generous. No one is perfect. Are you?
Whats wrong with copying someone elses ideas in investing when you do your own research and confirm it a good idea? I dunno any law from the SEC that says you cant buy someone elses stock choices
I'm doing more than 20% a month.
Uh....not my cup of tea!
honestly guys before to give a judgment on a topig try to learn something abou ! this Talk is pure rubbish... quote at 54:00 he say : "now every morning we look at the company that had a new hight" what f***K are u talking about ?
1 so is it that way that u find undervaluate company (wich is the basic principle of Value Investing) ?
2 is it buy looking at prices that you calculate the intrinsic value of a company (wich is another basic principle of Value Investing) ?
You make no sense.. Wth are you talking about?
+Masaki Hirata well I make my point if u can't bring an alternative to may point just keep ur opinion for u... people who watch value investing videos don't care of of opinions but just on valuables analyses
Please learn to form a coherent sentence before commenting.
***** hi whitesnow ;) I remind you that in the real game of life and investissement criticism is one of the most important skills and that Do Not means to be négatif but simply to be able to question every assomption that others take as True... and BTW.... Google is not an expertise Tool but a Mass-Media... infos for MASSES
+Marco Davide I'll suggest you to learn English first. Investment comes later. period.