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Berkshire Hathaway n.3

Leite ha scritto:
"Charlie" al meeting del Daily Journal:
Charlie Munger, Vice Chairman of Berkshire Hathaway, speaks at the Daily Journal Annual Meeting - YouTube
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la trascrizione:
Charlie Munger: Full Transcript of the 2021 Daily Journal Meeting


Question: Do you think value investing is still relevant in a GDP-decreasing world? And, what about passive investing?

Charlie Munger: Well, that is easy. Value Investing will never go out of style. Because value investing—the way I conceive it—is always wanting to get more value than you pay for when you buy a stock. That approach will never go out of style.

Some people think that value investing is you chase companies that have a lot of cash and they’re in a lousy business or something. I don’t define that as value investing. I think all good investing is value investing. It’s just that some people look for values in strong companies and some look for values in weak companies. Every value investor tries to get more value than he pays for.

What is interesting is that in wealth management, a lot of people think that if they have a hundred stocks they’re investing more professionally than they are if they have four or five. I regard this as insanity. Absolute insanity.

I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they’re way above average. I think it’s much easier to find five than it is to find a hundred.

I call it deworsification—which I copied from somebody. I’m way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.
 
leonzio22 ha scritto:
I RISULTATI TRIMESTRALI SEMBRANO PIU' CHE BUONI, ED I RIACQUISTI AVVENUTI NEL QUARTO TRIMESTRE ED I NUOVI PROGRAMMATI SEMBRANO MOLTO "PROMETTENTI" PER IL CORSO DELLE AZIONI.

PREVEDETE ANCHE VOI UN BUON RISCONTRO PER IL TITOLO ALLA PROSSIMA APERTURA DEI MERCATI?
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Scendere come tutto l’indice fino a metà marzo
 
Ho trovato la lettera molto interessante questa volta... meno noiosa e più romantica.
Bellissimi i richiami alle storie stra note della famiglia Blumkin, Clayton Homes, Geico , ecc.
 
io invece l'ho trovata un po' moscia rispetto ad altre anche recenti, la cosa notevole è che non ha citato il covid e l'unica vera notizia è che faranno il meeting a LA per far partecipare anche Munger a differenza dell'anno scorso
ricorderete che fino a poco tempo fa si misurava con il book value per share contro lo S&P500, più difficile ma il cui movimento mima meglio quello del valore intrinseco

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geico.jpg
 
Leite ha scritto:
io invece l'ho trovata un po' moscia rispetto ad altre anche recenti, la cosa notevole è che non ha citato il covid e l'unica vera notizia è che faranno il meeting a LA per far partecipare anche Munger a differenza dell'anno scorso
ricorderete che fino a poco tempo fa si misurava con il book value per share contro lo S&P500, più difficile ma il cui movimento mima meglio quello del valore intrinseco
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Anch'io questa l'ho trovata sottotono rispetto allo standard abituale; ripetitiva e con pochi spunti "didattici".
 
Leite ha scritto:
“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero.”

C. Munger


The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece | Mead, Adam J.
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presa la versione kindle, a dir poco... monumentale :D

il link sopra non funziona, questa dovrebbe essere la pagina ufficiale, dove si possono scaricare i file excel e altro: The Complete Financial History of Berkshire Hathaway - The Oracle's Classroom
 
Wiliam_the_Selfish ha scritto:
il link sopra non funziona
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prova a cambiare i DNS, un money manager canadese che non conoscevo:
Master Series: Francois Rochon — Investment Masters Class

su BRK:

“Warren Buffett is such a good steward of capital, he doesn't do anything risky. He doesn't use debt, he doesn't acquire companies by paying very high ratios. So of course in the last five years it's been hard for him to acquire companies because many other acquiring entities are using debt, are paying high ratios - the competition has been much less prudent than he is. Knowing Warren, that won't change his approach. Preservation of capital I think is still a cornerstone of his approach. He used to say that the first rule is don't lose money and rule number two rule is don't forget rule number one. He still is very prudent. This prudence has been probably one reason he has so much cash on the balance sheet, I think it's something like 140 billion dollars. That's a lot of capital because I don't know exactly the numbers but it would represent something, at least a quarter of the equity. So when a quarter of the equity is invested in something that yields close to 0%, it's hard for the whole thing to earn 10 to 12%. The rest has to compensate and it's very hard to compensate that much. That's been a drag on the return of Berkshire.”

“At some point I think until [company] valuations come back a little bit to more reasonable levels, I think the best thing he can do is buy back stock and return the excess capital to shareholders. If he continues to do that, and he's been doing that for the last two quarters very aggressively, I think it's nine billion per quarter in the last two quarters. From what the annual letter said he’s still doing this in the first quarter of 2021. That's $36 billion a year so that's about 7% of the market value of Berkshire. Well if you return 7% per year going forward, I think it's going to be a better stock than it was in the last few years, at least relative to the S&P 500 so I still think the whole thing can continue to grow at 5 or 6% annually at least. But if you add a 7% buyback, it's really a good return of capital to the shareholders. I think that Berkshire can do something like 12% going forward.”
 
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