The Art of Value Investing | John Heins & Whitney Tilson | Talks at Google
HTML-код
- Опубликовано: 9 дек 2014
- “John Heins and Whitney Tilson, co-founders of the Value Investor Insight newsletter, have done a thorough job of explaining how to look for stocks that are trading at significant discounts to what they are worth - the concept known as the value style of investing.…the authors present a clear framework for ferreting out undervalued companies.”
-The New York Times
About the book:
In The Art of Value Investing, John Heins and Whitney Tilson offer a comprehensive set of answers to the questions that everyone investing seriously in the stock market should have thought through clearly before committing his or her hard-earned capital to the endeavor. What market efficiencies will I try to exploit? What analytical edge can I hope to have? How specifically will I decide to buy or sell? For answers, they call on market-beating money managers - including such investing luminaries as Seth Klarman, David Einhorn, Bill Ackman, Howard Marks, Mason Hawkins and Julian Robertson - who have graced the pages over the past ten years of their highly regarded newsletter, Value Investor Insight. To illustrate one of the equity investor’s most important tasks - how to value a company - they will present a particularly relevant current case study … on Google.
About the authors:
John Heins is the co-founder and President of Value Investor Media, Inc. and Editor-in-Chief of Value Investor Insight and SuperInvestor Insight. Previously, he served as CEO of Bertelsmann AG’s U.S. magazine subsidiary, ran AOL’s Personal Finance business and was a reporter and staff writer for Forbes magazine. He holds a bachelor’s degree in Economics from the University of Pennsylvania’s Wharton School and earned an M.B.A. from Stanford University.
Whitney Tilson is the co-founder and Chairman of Value Investor Media, Inc. and founder of Kase Capital, which manages value-oriented private investment partnerships. Prior to launching his investment-management career in 1999, he co-founded with Harvard Business School Professor Michael Porter the Initiative for a Competitive inner City, was a consultant at The Boston Consulting Group and was a founding member of Teach for America. He holds a bachelor’s degree in Government and an M.B.A., both from Harvard University. 
Развлечения
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $589k in months. You have to seek for help in the right places.
I think it's not always about fear. Sometimes realistic factors discourage people from reaching their goals in life. For example, I have tried to invest in the stock market several times, but have always been put off by fluctuations in the value of shares.
@@bernisejedeon5888 Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $780k in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.
@@yolanderiche7476 That's amazing! My portfolio has taken a severe hit, so I could really use their knowledge. Who is the one directing you?
@@edelineguillet2121 "JEFFREY HAROLD STARR" is his name. I initially came across his on a CNBC report then on an investment newsletter and at once searched his on the internet, best decision I've made to stay afloat these crazy times. he has been exemplary.
@@yolanderiche7476 he really seem to know his stuff. I found his online-page, read through his resume, educational background, qualifications and it was really impressive. he is a fiduciary who will act in my best interest. So, I booked a session with him.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
Wow, that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
Thanks Google for sharing these sessions free of charge for the wider audience globally!
So sad that the room is empty! I would have killed to be there.
Key take away:
1. Know why you are buying a stock and stick to your story.
2. Wait till the price is right to buy which could take years. Then wait out till the company actually reaches its full value before selling.
3. If you sell it at profit, don't be sad if it grows 20x ten years down the line. You still made a profit.
4. Patience!
Beyond those 4 points, the guys in the Suit and tie are only making it sound complicated.
Whitney Tilson is an excellent speaker. I could listen to him for days.
Whitney Tilson nailed Facebook & Netflix well in advance. Respect! :)
All I can say is that I LOVE learning things. And this video is teaching me a LOT of things. Great seminar!
This is one of the best talks on Talks at Google. Love it
Tilson founded and managed the hedge fund Kase Capital (formerly T2 Partners and the Tilson Growth Fund) from 1999 to 2017. The fund closed in September 2017 after underperforming the market for a number of years.
LOL.
People laughed at Buffet during the late 90s
Google engineers probably going back after the presentations; working out an algorithm to pick value stocks.
There are better doctors and there are better pilots, but investing isn't a science it's an art, many individuals are doing much better than professional hedge fund managers, if you think u can not beat the market you are right, if you think you can beat the market you are also right.
As we can learn from Johns Apple storie it´s important to know, when to buy but also when to sell!
11ㄱ8 8545
58:42 If you can really dig this, then you are already way ahead of the rest as experience has thought me.
Don O you are a very wise person
Despite the massive size of 300B 8 years ago, google is almost 4 times in last 8 years with once being 8 times until we saw this 40 percent drop. Wow. What's the lesson? There is no end to which a good business can grow and don't anchor too much to market caps.
Really awesome video
"I dont think buying Tesla, Netflix or Apple. today is the wisest thing" LoL
Shows he isn’t right on tech companies or broadly speaking, it is very difficult to evaluate growth companies with existing frameworks or ones that work for stable companies with long term track record
@@maddysydney just because something works in the short-term doesn’t necessarily mean it was a wise investment.
@@ioelaurelius9475 Have you looked at the fundamentals of Tesla, Netflix or Apple recently? Buying Apple at that time (~$25 split adjusted in December 2014), will be like buying at 5x PE now (TTM EPS ~$5); and that's before dividends.
Try doing the same for Tesla and Netflix, and then re-evaluate your statement.
Today tesla is 2nd fastest company to reach $1 Tr. market cap.
@@wildreams true, but don’t agree with Tesla
Good one!
Don't forget to add $BFI, I feel like the fundamentals and stock itself can see $25-$30 soon. With the DebtIncome Ratio, Etc.
Tilson closed his fund because of low returns. The bull market is still alive, but volatility is increasing, in Q1 2018.
The Art of Value Investing is alien to Wall Street, which in reality is Las Vegas.
At the height of the bull market, yes. Everything is overvalued, capital starts flowing into speculative ventures.
This video is called value investing, yet all the stocks mentioned were companies in which most people know about. You want a real value play, you gotta look where others aren’t looking or are too big to plug $$ into
If what I hear is correct Sir James Goldsmith sold out before 1987. President Kennedy's father Joseph P Kennedy Jr sold out before 1929. Knowing when to sell is indeed difficult. The part of the talk that included the Peter Lynch philosophy of beating the street as adjusted for Google employees in the know should be fortified with a message on insider trading. Whatever insider trading is.
anyone know of any frameworks to evaluate growth/ small caps companies?
Groth companies rn are overvalued nlt worth it and it is very difficult to evaluate them.
Tilson is a good teacher, but a horrible practitioner.
Listen and learn.
It’s funny to hear someone recommend insider trading.
18:57 Something really bad must have happened in the next 3 years - because he closed down the fund (2017), citing poor performance.
Came here after hearing his taas sales pitch video.
Tilson is doing a talk on Value investing yet not suggesting anyone try and pick their own stocks or “ever attempt a short”. The dude is so biased. He runs a hedge fund. He’s not in the business of telling people they can invest their own money. It’s like he showed up just to boast about what he’s accomplished and what he knows.
It's pretty sound advice actually, you'd know that if you studied the matter in more depth. An average stock underperforms t-bills, contrary to what is considered common knowledge, it's a handful of outliers that outperform.
From caring comes courage. Lao Tzu
Market cap today is about $1 trillion dollars more xD
It is curious listening to Whitney Tilson lecture others about the wisdom of investing in index funds. It is advice that Tilson should heed himself since the S&P 500 has absolutely thrashed him over the last 10 years.
As someone said below, Tilson is a convincing teacher but a very flawed practitioner.
In a bull market, every indexer is a genius. Only a bear market will bring forward your true skill and what your philosophy is worth.
thanks google
Maybe value investing was possible back in the 80s and 90's before the Internet boom, but now information is available so quickly that finding an undervalued stock that hasn't been bought up already is sheer luck or inside information. Index investing is the only smart option unless you have thousands you are willing to wager in the speculation game.
If you have a fast growing company growing at say 30% per year i think a pe of 20 is dam good personally
*****
shoes that become cheaper in quality year by year as we've already seen. Nike and NB use to produce far better shoes back in the 90s, and now we're only seeing the higher quality materials from the smaller companies trying to take ground. Most shoes won't last 3 months when worn by an average jogger.
HermannTheGreat I think the only way to make high roi's is to be a global value investor and a contrarian. You need to find neglected industries that have unrecognized value but bad short term earnings.
Value investing isn't easy. The purpose of the strategy isn't to find market-beating stocks every week or even every month, the best managers maybe discover one or two good ideas a year. As a result, the vast majority of their time is spent endlessly searching for bargains...often with little success. It is patience and resilience that makes value investing a viable option.. not its attractivness.
As long as human nature is involved- (the game) no matter how much it changes the more its the same.
This is an ad for Google; where is the value proposition?
Alphabet Inc 5X since.
Your a salesman!!....We are Given 2 ears & 1 Mouth for a reason!!!
@Talks At Google
Beat the market!
Beat the market!
Beat the market!
That's ALL you hear about is beat the market!
I don't give a shit about beating the market!
I'm much MORE interested in knowing DOWNSIDE RISK and VOLATILITY!
Yes, I'm sure the average investor wants to beat the market and make money.
Hell, of course I want to beat the market. But, more importantly I want an idea of how much of my money I could possibly LOSE!
If I'm retired and the value of my stock portfolio is beating the market and I'm making money, great!
However, what if there is a drop and I lose thousands of dollars?
My point is, yes, I want upside. But, I also want to know about downside risk and volatility as measured by geometric standard deviation.
***** Sorry about not being polite. It's just that when I posted those comments, I wasn't in a particular good mood. :)
I think a good way to go as far as beating the market, people just follow Buffet's advice: Buy when others are scared and sell when others are buying.
Efficient market I don't think so :D, This is not a time for a value investor, as most stocks will be overvalued, due to the overall uptrend in the market.
Lockon Gamer what about value- short sellers
Probably some value opportunities in the small cap niche, if any.
@Talks at Google
Tech stocks are NOT value stocks!
What a HORRIBLE Google Talk!
You do realize that "value" is not a characteristic of the industry a stock belongs to?
44:30 A bit of cringe alert. So he's basically saying, that picking stocks is hard (even uses image of scars on his back, as if sitting in air conditioned rooms, drinking coffee and reading income statements can be compared to being a whipped slave... !). He's not a programmer, so why should programmers pick stocks?! Ouch. For starters, it takes hundreds, probably thousands of hours to become a functioning programmer. But all you have to do to be an 'investor' is opening an account and flipping a coin sucessfully twice in a row. I know in the long term, a skilled investor will set himself apart from coin-flippers, but you catch my drift - It sounds like sb is trying to justify himself infront of smart people "look, I'm smart, I can handle things!"
I just read Whitney Tilson shut down his fund, because of poor performance. This reminded me of this video. I've just re-listened to the part at 44:30 and boy, still sounds terrible - he actually mentions he graduated top of his class at Harvard Business school. You want fries with that? :D
But I was flippant and I have great respect for demonstrated investing champions (I'm even reading Security Analysis by Benjamin Graham). This Whitney-talk just rubbed me the wrong way. And now he's out of the game (with other people's money that is).
Typical techie arrogance. Get back to me when you write a code that beats the S&P on a consistent basis, THEN we'll talk about how easy it was.
basically he doesn't want anyone investing in sticks because he is much smarter than anyone else.. I don't buy it.
Em... where does he say that? Or is that your interpretation of his thesis that most people should leave stock picking to the professionals just as they would in writing code?
He decided to sell all his portfolio when Trump was elected and he got rekt. I think he even retired
Ive Turned $20,000 into $64000 in 3 years.....am i doing Alright??
If you have a sound mind and are willing to invest the time it takes to learn. You to can learn to pick stocks. Yeah Whitney is good but he to started from a point of inexperience so for him to say don't try it yourself. Was to me disingenuous and arrogant.
Heins isn't a particularly good presenter.
I've been doing this for 16 Years...stop repeating yourself!!...self promotion does not suit you!!!
You are both salesman promoting your own fund & in my eyes you are NOT really trying to Educate!!!