Slow weekend. Nothing beats a good short interview with Micheal Price on a few stock case studies and how he sees the market.
Notice that there are no technical analysis, not much talk on PE relative to the markets.
- 09:10: Its not about company at PE 12, Market is at PE 15, its about finding out how much as a businessman you will pay for a business
- 09:40: On Waiting
- 10:45: Waiting for bad news to happen is big for value investor
- 11:33: Hospira (HSP) consistent grower – Growth people selling to Value people
- 14:30: Sometimes value guys make mistakes, but onus is wait for bad news
- 15:00: Most of the work is preparing, finding out the yardstick rather than going in to buy
- 16:30: Companies that stumbled but have build up intrinsic value
- 16:31: Hess(Hes) Corp – Proxy fights and poorly run company
- 24:10: Banks in USA (UK banks have done lots of rights issue and run up)
- 26:40: Berkshire Hathaway will have a lot of questions such as tax, pensions. It is not a value stock in his books
- 28:40: Songbird Estates (SBD:LSE) – Property Stocks, NAV
- 31:06: Who Micheal Price taught:Seth Klarman (he says best financial writer, better than berkshire), David Winters (wintergreen)
- 34:00: How much cash to hold in the portfolio
- 35:30: On Europe Investing
- 37:20: On selling losers, On JC Penney, On the opportunity in JC Penney bonds
- 38:45: Illiquid stocks for institutional investor
- 40:30: If you did your due diligence, why only diversify to only own 2%, don’t put your eggs in one basket
Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.
Readers also follow Kyith to learn how to plan well for Financial Security and Financial Independence.
Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory firm Providend. All opinions on Investment Moats are his own and does not represent the views of Providend.
You can view Kyith's current portfolio here, which uses his Free Google Stock Portfolio Tracker.
His investment broker of choice is Interactive Brokers, which allows him to invest in securities from different exchanges all over the world, at very low commission rates, without custodian fees, near spot currency rates.
You can read more about Kyith here.
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