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    Home Unlabelled Value Investing CNBC's Full Interview with Warren Buffett [2hrs]

    Value Investing CNBC's Full Interview with Warren Buffett [2hrs]

    February 26, 2019

    Value Investing CNBC's Full Interview with Warren Buffett [2hrs]

    CNBC's Full Interview with Warren Buffett [2hrs]

    Posted: 25 Feb 2019 10:54 AM PST

    Necessary Arrogance

    Posted: 25 Feb 2019 12:14 PM PST

    At the root of value investing is the belief, first espoused by Benjamin Graham, that the market is a voting machine and not a weighing machine. Thus an investor must have more confidence in his or her own opinion than in the combined weight of all other opinions. This borders on arrogance, the necessary arrogance that is required to make investment decisions. This arrogance must be tempered with extreme caution, giving due respect to the opinions of others, many of whom are very intelligent and hard working. Their sale of shares to you at a seeming bargain price may be the result of ignorance, emotion or various institutional constraints, or it may be that the apparent bargain is in fact flawed, that it is actually fairly priced or even overvalued and that the sellers know more than you do. This is a serious risk, but one that can be mitigated first by extensive fundamental analysis and second by knowing not only that something is bargain-priced but, as best you can, also why it is so. (You never know for certain why sellers are getting out but you may be able to reasonably surmise a rationale.) This is the position in which investors should, over and over, want to put themselves (and an astonishingly different type of consideration than the great majority of today's investors are bothering to make).

    Taken from Seth Klarman's fantastic article, "Why Value Investors Are Different."

    WSJ: https://www.wsj.com/articles/SB918877044971819500

    Outline: https://outline.com/k7Gqnh

    submitted by /u/GatorGuy5
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    GE Sells Bio-Pharma Business to Danaher for $21.4 Billion

    Posted: 25 Feb 2019 06:29 AM PST

    Bain Global Private Equity 2019 Report

    Posted: 25 Feb 2019 02:06 PM PST

    How to play IMO 2020?

    Posted: 25 Feb 2019 12:31 PM PST

    The International Maritime Organization (IMO), a UN agency with regulatory powers, decided in 2008 that the sulphur content of ships' fuel should be reduced from 3.5% to 0.5% from 01 January 2020.

    A few figures to contextualize the regulation:

    • The shipping industry accounts for ~ 7% of transport oil demand.

    • The shipping industry accounts for 90% of Sulphur dioxide (SO2) emissions.

    • 15 of the biggest ships emit more SO2 and NOx than all the world's cars combined.

    • One million cars emit as much particulate as one cruise ship produces in one day.

    ​

    I've heard a few fund managers talk about this but its not my area of expertise. Any thoughts on the best way to play it? One pitch i heard was higher tanker rates benefiting low cost shipping companies (in bulk and oil). Or buy refiners who can handle the switch (I have no idea who). Scrubber makers like Alfa laval will get more order but that is probably already in the price. Also I think it will be a nice demand boost for oil as ships wont be able to use their current feedstock and will have to use some other oil product.

    submitted by /u/abeecrombie
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    Buffett Explains His Kraft Mistake (CNBC interview)

    Posted: 25 Feb 2019 05:39 AM PST

    Writeup on Pershing Square Holdings and Central Securities

    Posted: 25 Feb 2019 06:37 AM PST

    CDS Strikes Again (Aurelius and Windstream)

    Posted: 25 Feb 2019 07:49 AM PST

    Could Residual Income Valuation still work?

    Posted: 25 Feb 2019 07:44 AM PST

    Residual Income Models (RIM, EVA) has been said as more practical way than DCF. because it starts with book value while DCF's largest portion of the intrinsic value is terminal value. meanwhile Berkshire Hathaway has announced that they're going to abandon book value from their annual letter. i think biggest reason for this decision is their share repurchase plan. nowadays too many firms are repurchasing their shares thus their book value goes down. within this inevitable phenomenon could residual income model still work? or should we abandon it as well?

    submitted by /u/Simplessence
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    China's tech ambitions

    Posted: 25 Feb 2019 06:47 AM PST
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