THE INTELLIGENT INVESTOR SUMMARY (BY BENJAMIN GRAHAM)
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- Опубликовано: 31 май 2024
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This video presents the 5 greatest takeaways from Benjamin Graham’s classic, The Intelligent Investor. This is value investing at its greatest.
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Also, for my private stock portfolio & revealing insights into my investment strategy, head over to: / theswedishinvestor
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A playlist that will help you in mastering Benjamin Graham’s art of Value Investing: bit.ly/2Txvxgd
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Top 5 takeaways from The Intelligent Investor:
0:00 Intro
0:48 1. Meet Mr. Market
2:59 2. How to invest as a defensive investor
5:25 3. How to invest as an enterprising investor
8:10 4. Insist on a margin of safety
9:54 5. Risk and reward are not always correlated
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TL;DW:
- Firstly, the market tends to be overoptimistic and too pessimistic from time to time. Don’t let this influence what you think that the true value of your assets are. Instead, see it as a business opportunity, where you get to deal with a person who has no idea of what he’s doing.
- Secondly, the defensive investor should go for a diversified portfolio of stocks and bonds, where the stock-category consists of primarily low-priced issues.
- Thirdly, the enterprising investor should also aim for stocks that show lower price tendencies. If he can find a company that is trading below its net working capital, he might have found his El Dorado.
-The forth takeaway is that the intelligent investor should insist on a margin of safety when acquiring an asset.
- And finally, takeaway number 5 is that risk and reward aren’t necessarily correlated.
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My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
What do you think of Graham’s advice? 💡 Are they still as applicable today as they were back in the 1970s? 🤔 Share your thoughts with other viewers in the comments below! 👇
Correction: Just like @Samuele Grisi pointed out, there’s been a slight mistake at 07:25. The term "Net Working Capital" should be changed for "Net Current Assets".
Net Working Capital is calculated by deducting Current Liabilities from Current Assets. Net Current Assets, on the other hand, which is what we are interested in in the video, is calculated by deducting Total Liabilities from Current Assets. Graham was never fond of how companies inflated their Long-term Assets (buildings, machinery, goodwill), but by insisting that the price of the company is lower than the Net Current Assets number, you can be quite sure that you're not paying an overprice for those assets ... As essentially, you are paying nothing at all 👍
A playlist that will help you in mastering Benjamin Graham’s art of Value Investing: bit.ly/2Txvxgd
Yes, still relevant. Thanks for the excellent summary.
Yes.
Haha, the problem is that Warren Buffett has made most of these concepts fairly mainstream (or at least mainstream among professional investors), so everyone kind of uses these filters now and there's less of a competitive advantage. But yes, still relevant.
The thing most people need to realize is that back in the day, Warren Buffet was able to find many opportunities of vastly undervalued investments and capitalize on them. Today we have all the books, experience, and the most sophisticated valuation algorithms that factor in every variable imaginable. Not saying the opportunities aren't still there, but certainly, they're fewer and farther in between.
Butternut squash so true, and this is more so why timing is absolutely everything
The biggest thing I learned from thisbook was 50% of investing is buying good companies at good prices and the other 50% is controlling your emotions when mr. market is moody.
Great take from the information
I need to work hard on the 2nd issue....🙃
Should i read the book or?
Thank you sir . You are very good at understanding most complicated manuscripts in one sentence .
Kindly rewrite idea given in this book in simple language it may turn out to be best seller .
I'm miss Anna Antwain Origin from Ukraine Please I want you to assist me in investing a total amount of ( **** ) which I inherited from my late parents I lost my parents during this war going on over here in Ukraine, I am 22years old I am seeking for your assistance I have no business idea, I would like you to help me get this fund invested in your country while I will come to stay with you and continue my education in your country.
"Risk comes from not knowing what you are doing"
So true.
Not completely tho. There's also inherent risk in things you cannot influence
@@Robin-theoneandonly Otherwise stated, it’s a great attitude, but entirely false as a matter of fact. Risk comes from the fact that all that’s possible to truly analyze and know is the past and the present; the future is unknowable and uncontrollable for us mortals.
All talk of risk is in the degree of risk.
Calculated risk
True!
@@markr8250 h v1 svnmu
Dear Swedish, there are thousands of bullshit content on investment and you are one of the very few high quality ones. Thank you for all your work and time.
ruclips.net/video/qooUpuROyTc/видео.html
@Millennial Money what
@cryptoteacher stocks thank what? The comment wasn’t for complimenting you lol..
How do you know which one is bullshit which not?
@@guitar300k You could reach my financial advisor Mr Mark hugo for a profitabkr and benefiting mentorship . Look him up in the net Markhugoeric .he is finra verified
If there is just one thing you should take away from this book, it is that you should not allow yourself to be influenced by Mr. Market, i.e. the mood of the market. Doesn't mean acting emotionally but rather objectively, based on data and facts.
The wisest thing that should be on every wise individual's list is to invest in different stream of income that don't depend on the government to bring in money especially now the pandemic is hitting economy pretty hard.
@Benjamin Bailey Yeah you're right Investment is good but investing in the right thing is the actual key to success.
@Benjamin Bailey I have heard a lot about Forex, is it really profitable as people say it is?
@Benjamin Bailey Wow, that's a good return on investment right there😲 please what strategies do you use and how I can start up Forex Trading??
Make a video on these books:
1) Buffetology
2) richer, wiser and happier
3) joys of compounding
4) why stocks go up and down
5) how to raise your salary by napoleon hill
Cause there are very few and incomplete videos on these books.
The truth is most people regard stock investment like the lottery tickets: get rich fast schemes. Value investing takes time and patience.
No one wants to get rich slow
@@ziphelelekhumalo9429 🙄❤️💯
@@ziphelelekhumalo9429 Then you shouldn't be investing in the stock market or be here at all.
if you look at the past developments of several large companies its everything but slow. you get 10 times your money in 5 years with surprisingly many companies
@@witoldschwenke9492 And after the 5 years the masses buy because 'duuude, what a growth'
In MBA, you're taught if you want a bigger reward, then you need more risk. I thought this was true, but, there are many lies taught in the educational system.
Indeed, it's a very good idea to question this risk vs reward idea. I've been taught the same thing, but luckily I hear the wisdom from Buffett, Graham, Howard and the likes before that, so I was never indoctrinated 😉
Academia teaches you theory, experience teaches you practice...both have their value
@@kylen6430 There is no knowledge set in stone. That is why you should take it with a grain of salt.
Marvin Agustin
Equities are riskier than bonds therefore if you have more time to ride the ups and downs of the stock market, the more your portfolio needs to be shifted to equities. Equities grow the most.
Marvin Agustin obsolescence
To achieve greatness, you need to start working towards it. Investing remains the smartest way to prepare for the future. Been into this for 8years and I'm extremely pleased with the good returns. The good news is, it's never too late to start investing.
The first step to success is figuring out your goals and risk tolerance - either on your own or with the help of a financial advisor. If you can get the facts about savings and investing with a well detailed plan, you should be able to gain financial security over the years and enjoy the benefits of managing your income.
Financial life is more comfortable and safer when you have good risk management skills, if you know how to trade you can make a ton of money no matter where you find yourself
This is the first video that I haven’t skipped a single ad. Thanks for your hard work and precise explanation. Kudos to you mate.
I like this book. Also, 'The richest man in Babylon' is a great book for personal finance
Read that book also really teaches how to value money
I can't read it because my English reading isn't good enough. Do you think I should try it anyways?
@@simonlindermeier3894 it’s a very tough book to finish. You don’t have to read the entire book, you can just read chapter 8 and 20 and move on to another book. However, you must have some prior knowledge of investing and reading financial statements before u start on this book.
@@simonlindermeier3894 try an audio book
@@simonlindermeier3894 u can look for a translated book of your language or just give it a try, like how I did when I was reading Rich dad & Poor dad, I looked for every word that I don’t know and slowly understood what the book was trying to tell by reading the second time. It’s worth a try , don’t let "it" be your excuse to not reading. Getting started is the first step you need. GOOD LUCK !
I read this book a year ago, and it's a pretty "heavy" book to read, but this video simplifies it in such a great way :) great job!!
@@m.k.2221 A lot of percentages of how much the different investors should have in stocks, bonds etc.
ruclips.net/video/s7a9vGRvIcI/видео.html
Please please please please read this bookif not then please watch this video click on the above
do you have this book? i just bought it (the red cover one) but im not sure mine was original, is the cover of the book doesn't has emboss title and the cover feels rough?
@@absurdian7542 ruclips.net/video/39TqkH-bjkg/видео.html
Please follow this channel , subscribe bell icon.
Presently serieses are going on with concept.
@@mr.travelexplorervlogs u r not answering my question :)
I love the important explanation about the market price may not represent the value of a share. Thanks for the informative video.
Thanks a ton! 😁
The market price you see is actually just the last trade made, so it doesn't represent the value of a a share but just the last trade made
Retire Certain ruclips.net/video/V5OQ5G97YOA/видео.html
i just finished reading the book, and it is a tough book to read as the english is not modernised. However, the points made in the summary video are everything you need to know. Very good.
I too found it difficult to digest since t is older English. Glad to see you were still able to get the points across.
It's supposed to be hard, people. Investing in the stock market is very hard. If it's easy, you'll do the same as everyone else and get the same poor results as them.
These are all the points you need to know if you want to waste your time in the market. People like Warren Buffett make money due to INSIDE information. They are well connected billionaires and have access to information we don’t.
You need to study Efficient Market Theory. It won the Nobel Prize after proving it is impossible to “beat the market@
The first takeaway is wrong , and any student of finance will be able to explain why.
Efficient Market Theory has proven that the Market is completely accurate on pricing businesses. You need to study this principle before spreading misinformation that could cause people to lose money.
Its been mathematically proven that randomly selecting stocks WILL yield the same return on average as investigating each stock individually.
You can’t just ignore mathematical proofs like this.
@@kitnoCCLol you’re an idiot, the initial comments are more than likely about how the book was worded, not the actual information being hard to understand you moron 😂 John Bogle would say otherwise about investing being “hard”. Different strategies for different goals buddy.
This is extremely detailed and important stuff. Thanks for making this video! Subscribed in the first minute.
Interesting...
*Yolos entire life savings on GME calls*
Gets burnt
Lmao same. I learnt though and it has set me up a path to learn about this subject
it hurts
Thank you for your feedback, endeavor to write as soon as for more info on crypto investment👇
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I'm halfway on this book and only written a few summaries about it and I haven't fully understand the others..it's pretty heavy book to learn for investing but you learn from the wise Mr.Graham. thanks to this all over summary on the book
In the age of disruptive shifts in the tech-World I believe the modern "intelligent" investor should study and understand value investing and apply it in modern markets but the difference is that you have to do your DD far more often since the market giants from yesturday could disapear tommorow. To stick to large companies means missing beeing an early investor... similar to just invest if the company pays dividends...
For me the Ideal Formula is to put ca. 20% in "growth stocks" and riskier considered investments. The remaining 80 % are invested conservative without exorbitant ROI expectations... basicly the 80/20 rule applyed to investing and riskmanagement.
Dude you broke down the Enterprise value and ebida definitions so many times that I finally got it on the last one. Fricking amazing patience on your part. Ty. Subbed
Thank you very much for the explanation. I am a big fan of your channel now. It takes lot of efforts on your part to read and present summary in such a nice way. Many of these books are on my list of reading. Your summary gives me idea and I can decide order in which I can go on reading. Wish you get many more subscribers for your great work. Big thank you from India.
Damm, this is probably the most informative video I’ve found on investing yet... well done
ruclips.net/video/nuj2nkuH_VY/видео.html checkout these books!
2:56
"Ignore him and move on with your day"
*Inserts tinder logo*
The app is garbage, delete it and move on with your day.
Marlon hello from the future
I like how many men this resonates with lol
Haha I was about to comment this 😂
This book is definitely the Bible of Investing. Amazing book.
Mr. Market is the most helpful analogy I have ever heard in regards to being a shareholder. Mr. Market is a schizophrenic man who has no idea wtf he is doing, and because of him you can become a billionaire if you are smart about it.
He’s short term schizo... long term Vulcan 🖖!
Great work summarizing such a legendary book and investor! Thank you for doing this.
Swedish! I have read the book and as many have mentioned, it is a tough read! I tend to skim over it every now and again for a refresher! But being a visual person this helps far better especially when you are reminding yourself of the key takeaways during crazy times like now! Thanks for creating such a great summary!
Possibly the best summary video channel I’ve seen so far and many are appearing. Point to Swedish investor. Keep reading !!
I just bought the book last night can’t been watching your summary for a year almost every day!
Your opening scene is phenomenal i have seeen it 100 times already but enjoy it every time
Marvellous ! This is my all time favourite book. Thank you sir for this video. God bless you.
I find it fascinating that some people believe that just because the advice of Graham was popularized that it is actually commonly implemented today. The past 12 months have blown that theory completely out of the water, unless you are only digesting advice that is geared toward value investors. A simple analysis of the P/E ratios or NAC of the top companies in the NYSE over the months prior to the Coronavirus impact (and many even still) shows that people can be exposed to great advice and yet still not follow it.
You are d best on d planet swidish!!!u v developed me from 10 to 60,,u are my mentor,,,I give u all d respect,,,keep teaching me am will to pay,,God bless
*•F/o/r T/r/a/d/i/n/g and p/r/o/f/i/t/s*
*•M/a/k/i/n/g w/h/a/ts/a/pp* *US+•13853500687"🇱🇷•*
Nice video man. As Benjamin Graham says about investing "“You must never delude yourself into thinking that you're investing when you're speculating." such a
Thank you for your brief and intelligent takeaways. You have explained it perfectly. I believe Mr. Graham's principles still apply to value investing. I would add that some people (present company) have a bit of both defensive and enterprising strategies in today's market. 60 % defensive and 40% enterprising. :)
This channel is legendary ☺️ I love it!!
Wonderful 🙌 I appreciate it Ong Xuanzong!
Keep making more and more videos. Just because of your videos may be not millions but at least 100s of peple will definitely change their life and become a 💰 millionaire. Will always be grateful to you. Count me in.
great video; nicely summarised! thank you for uploading!
M M thank you! 🙌
Excellent analysis. Would like to see an analysis of Robert Shiller’s works on behavioral finance.
Thank you for summing up this book, that was very useful.
great video pal - thanks for posting that!
"we were always committed to the quantitative approach. We wanted to make sure that we were getting ample value for our money in concrete, demonstrable terms. We were not willing to accept the prospects and promises of the future as compensation for a lack of value in hand"
-The intelligent investor
Tesla and SpaceX left the chat!
Nvidia left the chat. all cyberstocks left. all hydrogen stocks left. etc. its not intelligent to ignore technological and societal trends.
great channel, very interactive. I have almost finished the book and your summary is very good to recap. definitely subscribe! wish you al lot of succeess, keep up good work!
Dmitry Mrykhin thank you very much for these kind words. Glad that the video turned out to be a good complement to reading the book! 😁
Boyggt the book. Using this before and after reading the book
How much do you think does the book add value after watching the video? I many times feel the books are too streched out. Would you still recommend it after watching this really good summary?
@@MrSlapp 90% of the book talk about the detail of why and how each approach is taken in investing to make you understand more and believe in these techniques. If you are passive and can 99% trust what this summary is saying and willing to sacrifice your wallet for it then it's ur own choice
@@exotic5035 got you, just not sure why you end your comment with a slight negative touch.
Graham advice is timeless.
Great content, thanks for puting in the work. Really apreciate it!
Thanks for summarising. Looking forward to this (hopefully) great read.
Thank you for your feedback, endeavor to write as soon as for more info....
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Brilliant summary, because I could never finish that book
If you think it you’ll do it
You have very good and explanatory content here in this channel. Keep it going.
I like the buying setup. Everything makes perfect sense. The issue is when to sell. You should not wait until RSI gets to 10
or 90 depending on a Buy/Sell order. A stock may consolidate
for weeks and then your are stuck.
l use 6 MA as a sell trigger when price falls and BB when rises.
I would love if you did a video on each one of these. I would a more indepth analysis and examples. This video was amazing! But I am still very new to all of this, so I think I may need more to internalize it. This book has been on my list of things to read. I am glad to have these points to help me as I make my way through the book. Thank you so much for all your time and for your wonderful video.
We should make a group chat to make help each make money
Just finished the book and needed a great summary to recap. Thanks for making this.
Thank you for your feedback, endeavor to write as soon as for more info on crypto investment👇
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Thank you so much for making this great review!! Perfection 💖
Excellent summary thank you
this channel feels like an trailer for books, Amazing work brother !!
Thank you so much 😀 Cheers!
i would've loved an elaboration on the calculations back and forth with the Graham Formula. That is value at a certain growth, and the implied growth at a current value.
Thank you for these reviews. I often prep myself for reading these books by first watching your reviews.
thanks for all your videos!
Your channel is a hidden treasure mate! Great videos.
Great work. Love the attention to detail and the focus on takeaways. Lets you grab the core idea of great (and long) books in a few minutes! Keep up the good work! Thanks!
Holger I really liked this comment, thank you 👌
Very good summary, but be careful with the margin of safety formula value= current earnings x (8.5 + 2g. Graham warns in a footnote (which I believe is only found at the end of the book on the recent edition) that this formula DOES NOT actually calculate the intrinsic value of a business and that projected growth is almost impossible to accurately predict. He only uses the formula to illustrate his case that some companies are grossly overvalued.
Cheers Mr.Who! I 100% agree that this should only be used as a ballpark figure. At times, it can show that something is overvalued, and at others, that something is undervalued. But I'd rather use a DCF-analysis for this to be honest.
Another great summary, thank you! Will have to re-watch again :)
Risk and reward are not necessarily co-related. That's my greatest takeaway. Thanks.
Happy to have seen this summary!
Glad you like it Paula Marcela! 🙌
Excellent video! Thank you
I suggested your channel to my friends. Love from Bangladesh.
I am from Spain, my friend in Texas referred me to this channel you make a lot of sense but I do not understand anything until she referred me to a financial counselor in USA that help me to craft my portfolio and over a year we have been working together making consistent profit enough to get me a new apartment and care for parents.
Hi who is your financial counselor and how does he help? I need your honest guidance
hi, it is not a he. It is a lady. I see most things she says and use to carry out trades are done by Steve. that is how I know she knows what she is doing. in her technique of over night trading she says she use stop loss and take profit strategy. She trade on her account and it reflects on your own
who is she? how can I reach out to her? Can she help me?
Her name is Joanna Maliva Lee. Look her up on the web, she is quite popular in the U.S and a certified financial adviser. God bless Joanna for what she is doing in my life.
thanks for sharing, I am currently on her website and what I see is impressive. her resume and her experience is just awesome. I hope she replies me
Replace bonds with precious metals and I agree.
wow thanks for all the effort and great job!! excellent video!
The difference between defensive investing and enterprising investing is huge
Thank you for your feedback, endeavor to write as soon as for more info....
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This is great! I have thoroughly read all of these books and most books about Warren Buffet and Charlie Munger as well. The methods shown in this video make up the "Secret Sauce " of my investing Partnership group. Mr Market is one of the best analogies and ways to see that it is just an "OFFER" not a must have. Warrant Buffett has another awesome metaphor for this and mentions standing at a baseball plate and watching lots and lots of balls being pitched …. and when one comes through his sweet spot! he Strikes and strikes as hard as he can to hit a home run!
Great Job with this by the way and thanks for taking the time to do this. Cheers Westy
Patience and Conviction with your assessment are two other very very important factors. The other I have learned from experience is that if you have a big GULP moment when one of your stock picks (Company Selections) plummets in an over correction (Mr Market having a bipolar negative influence day!} I always... Always revert back to my evaluations and case for selecting the stock and then review its financials.... once that is out of the way ...I Know I have either made the right choice, or I may have made a mistake.... time will tell. Cheers
Awesome Westy! Thank you for sharing this 🙌
Thanks for sharing! Awesome video!
One of the greatest online investing page put there. Keep it up. From South Africa!
Great video, a concise break down of a complex book
Patrick, thanks a lot! 😀
This is the greatest investment book all time.
do you have this book? i just bought it (the red cover one) but im not sure mine was original, is the cover of the book doesn't has emboss title and the cover feels rough
thanks for brief but comprehensive take away
Swedish , thanks a lot for the great summary. Much of the content is still valid nowadays . Blessings.
Good job! I really enjoyed the video!
Thank you for your feedback, endeavor to write as soon as for more info on crypto investment👇
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This book has so much information
Thank you for your feedback, endeavor to write as soon as for more info on crypto investment👇
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This is the summary and visualization I needed after reading this! Thank you!
Thank you for your feedback, endeavor to write as soon as for more info on crypto investment👇
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Thank you!
There was an interesting article I was reading that mentioned this book: Extraordinary Popular Delusions and the Madness of Crowds. I think it would be insightful if you gave it a go through.
ruclips.net/video/nuj2nkuH_VY/видео.html checkout these books! For sure, you'll like it bruh- best books for trading revealed
Great information, thank you.
Thank you for your feedback, endeavor to write as soon as for more info on crypto investment👇
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Thank you
Another one, thank you so much. Love your work, I’m watching two of your videos every day and I appreciate It more then money.
Thank you for your feedback, endeavor to write as soon as for more info....
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This is, by far, the best review of the Intelligent Investor, thanks a lot chief
🌟
I have read the book a couple of years ago. One thing that I remember from it: stock prices are unpredictable. I mean, really really unpredictable. Several times people thought that stocks were overvalued, a crash was imminent. And then prices continued to rise for many years.
Video is absolute best ! Thanks !!
Great Video! Incredibly helpful.
Investing in different streams of income that don't depend on the government to bring in money especially now the pandemic is hitting the economy pretty hard will be the wisest decision anyone can make.
Wise words you have spoken, I totally agree with you.
There are so many investment options out there, one has to be very careful in picking out a good one.
investment requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself.
That is the exact reason I advise both new and old investors to trade with a professional who understands the market quite well that way maximum profit is guaranteed I myself trade with expert Salman hassan, and I always worry less about loosing out on stock because he has so many years of experience.
Could you please share his contact info?
nice work
excellent video, thanks! subscribed
The best thing I ever did was find a good wealth management firm. Let experts do what they are good at… then we can focus on whatever it is we are good at!
THANK YOU FROM INDIA...
Thank you Guruprasad, hope you enjoyed it! How's investing in India these days?
I’ve been starting to trade for a week now and feel like a 9 year old with adhd
hows it going
u make any money or lost it ?
trading is not investing
After 8 months now, how do you feel?
@@SuperTsogo he lost his access to internet
@@ameljasarevic5194 LMAO 🤣
Thanks so much 🙏
Excellent summarised...
Great summary. I'm giving The Intelligent Investor another read. The book never gets old and the principles become magnified throughout time based on where the economy and market are. If it hasn't been asked so already, a review of A Random Walk Down Wall St. is my request. I will look at your videos to see if it's already there. Cheers!
What a nice summary. I'm planning to re read the book after 4 years and be a dedicated follower of value investing. Currently trying the in Philippine Stock Market ;)
Wonderful Iresh Rie Dacian! 😁 Philippine market sounds very interesting, there should be lots of opportunities there 👍
@@TheSwedishInvestor Indeed there are as a growing economy. Though principles of investing will be the same, regulation, taxation and culture are huge factor. Before I venture to other stock market, this is a good playground to learn your fundamentals. :)
Listening to Mr. Buffet today during the Berkshire meeting talk about Mr. Graham I had to revisit this.
Great video. 💯👏👍. Explained well