More book recommendations from Warren Buffett & Charlie Munger
HTML-код
- Опубликовано: 24 янв 2019
- Warren Buffett and Charlie Munger answer a question on Disney and recommend books at the 1996 Berkshire Hathaway annual meeting.
Book recommendations;
The Selfish Gene by Richard Dawkins: amzn.to/2HADMC9
The Blind Watchmaker by Richard Dawkins: amzn.to/2O8DGmn
Common Stocks and Uncommon Profits by Phil Fisher: amzn.to/2XOCU2v
Paths to Wealth Through Common Stocks by Phil Fisher: amzn.to/2XNZg4d
The Intelligent Investor by Ben Graham: amzn.to/2XP3Hvo
The Money Masters by John Train: amzn.to/2F6YUNF
(The above are affiliate links.)
1. Think of investing as owning a business
2. Attitude toward market movements
3. Margin of Safety
Circle of competence: (find a good definition)
Hubris: (find a good definition)
Disney, Coca Cola, Gillette
Distrust projections; especially in the motion picture businesses.
Books:
- the selfish gene
- common sense and uncommon profits (phill Fischer)
- money masters (John T.)
- intelligent investor
- blind watchmaker
3ideas:
Think of investing as owning a business
Get the proper attitude toward market movements
Have a careful margin of safety
They were old before I was even born
Rob self-invest LOL
People will say that about you too, eventually lol.
hahahahah Right
Intelligence trumps age.
"It isn't the learning that's so hard, it's the unlearning." Said around 4:50.
The selfish Gene,blind watchmaker,comman sense and uncomman profits,intelligent investor,money masters
Books don’t start until 4 mins. You’re welcome
Amen!
thanks
Thank you
Thanks!
Bro!!!! Thank you..
3:56 about the books.
1:50 -- pure gold
1:30 great metaphor, stay in your circle of competence!
Thank you so much for sharing such data. Greatly appreciated!
5:44 Investment Books
Thank you for posting this
4:22 Charlie correctly predicts words like "meme" entering the English language from Dawkins' books.
i was thinking that exact same thing. man this guy was reallllllyyyyyy ahead of his time
had to check the comments when he said that
He even remembers what chapter you mist read wtf i cant even remember what my cat’s name is
haha
One up on Wall Street, Margin of Safety
Raymond well I could go on about discounted free cash outflows, treating stocks as if they are high grade government treasuries with a certain “yield”, buybacks, the necessity of a margin of safety, compounding cash internally within the business, increasing ROE/ROIC (again compounding at an increased rate), insider buying, the requirement of a wide moat for business, competitive advantages, using long term treasury rates as a discount rate - mimics inflation, again inflation is the only thing that wears down the value of money over time, PEG, Cash after debt, book value acting as a matchstick for baseline value, ultimately the most important thing being the idea of turning stocks into government treasuries/bonds will a certain percentage yield (like a bond) ie add all your projected future cash flows for the business (use a long term CAGR) for a given number of years, sum them up, divide by the number of years and measure as a percentage of market cap ‘the price of the business’. This will give your expected percentage yield per year for your ‘bond’ . Now what I like to do most is take the expected payout in cash out per year and divide by a percentage I want back in return say 20% (so 0.2). I’ll take the cash out per year, divide by the percentage and get the required market cap. Then I’ll divide by the number of shares and get my own unique intrinsic value. However I go one step further and I’ll only buy when the price of the stock is 2/3 of my own calculated intrinsic value thus giving me a good margin of safety which takes into account any unprecedented declines in income/cash in the future. Although this is a good method of analysis (in my opinion) you can’t really just do this one step. You have to take into consideration how financial secure the company is ie current ratios, quick ratios, leverage, cash after debt. Also to have any confidence in your future cash outflow CAGR over a number of years , you’ll need to know the companies competitive position and the basic economics of the business/sector. And yes, sometimes looking close to home can be a very good way of making wealth as shown in countless examples which I’ve known for years like dominoes, monster etc but I never cared about looking into them because well I’m 19 years of age and before now I’ve been very ignorant like you are being. Anyways good luck 👍
Guys enough already with this back and forth. I’m the one in the middle of this getting all the unnecessary updates on these comments. Have a good day!
What is the second phil fisher book?
Can you mention the Date also on the Title of the video. So we can know on what circumstances the questions are asked. Like in this Clip the person Asks About Eisner and his competence but we cannot relate on which circumstance was his competence questionable. Thank you and yes you are doing a great job.
Buffetts wit is so sharp its uncanny
6:43 Never seen Warren do DCF 😂
Just buy $voo and $fmagx
There are some great books on this list. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger is another good book.
seen
One book he talks about is ‘common stocks and uncommon profits’.
What does he mean by a fingers and toes style at Berkshire?
He's saying that for all Warren talks about discounted cash flow analysis, Berkshire isn't really analytically driven (i.e. if they can't figure out the math by counting on fingers and toes, then they'd rather keep looking until they find a more obvious investment).
@@EtepBeyard I've thought this for a long time about Buffett. Everyone is looking for a formula, but he has explained many times that no formula is needed (or used).
@@tomdallas3690
Formulas are fantastic when they involve simple things with real world meaning but when formulas start to try and predict the future that is when they become useless and vague.
A formula that is used to figure out how much cash a business has or how much of a drag an asset has on a business are fantastic when they are used simply.
How many businesses could have been brilliant and worth billions but destroyed by bad relationships and 'me' behaviours. Buffet and Munger are not only above-the-rest investors but one-of-a-kind long-term (hold and buy) partners.
"Meme"
Never sir never
Always young ( brain)
Please
Don't mind
I highly doubt he doesn't do DCF.
Emmanuel Reyes He does it in his head.
@@l4k yeah Maybe a simplified version if the formula.
He does copious amounts of DMT
If you've got a growth rate, and a P/E your pretty much there. For example a biz that grows at 30% Yoy and trades at 16 x earnings is cheap. Or 10% and its selling at 8 x earnings, that's decent. Its a soft skill more than a exact science, the math isn't necessary. Moats and management analysis is the real skill in my opinion.
what’s the best edition of this book? 1st 2nd 6th which?
2:05
2:39
3:12
4:41 Selfish gene Book
5:31
5:45 Books the Warren recommends
6:43
I would highly recommend reading everything on Zerodha Varisty. Google it and go to their website. Each and every word of each and every module by Karthik Rangappa is super helpful and valuable. It's Free btw !!
I also recommend two books 'Stocks to Riches' and 'Value Investing and Behavioral Finance' by Parag Parikh.
@Raymond haha.. no
good one !!
@Raymond
What I like about reading books on investing is not just to get rich but also to safeguard what I already own.
@Raymond you are fascinated with the term "billion".
If you have to inject a billion dollars to safeguard your existing investments then you have made the wrong investments.
You definitely are reading the wrong books !!
Raymond dude you’re dumb, reading books is to everyone not just billionaires.
You should read books - The Intelligence Investor is one of the best book in earth - nothing to do with being rich or poor.
@@ipamaj1gt The intelligent investor is not a good book if you don't know anything about the stock market, maybe a random walk down wall street?
Charlie is very weird
Because he think before he talks, "is it useful and nice what im about to say?"
never knew how racist every1 was till this. sw was wrg there is "no hope" -- this show shows different pple so it suks? imagine jail & u only get beans everyday... ya it stinks. acolyte is fresh new and takes the sw universe to new places i like it.