Buffett At His Best
by ValueWalk - April 12th, 2018 2:35 pm
By csinvesting. Originally published at ValueWalk.
Bear with me as I share a bit of my history that helped me create SkyVu and the Battle Bears games. The University of Nebraska gave me my first job after college. I mostly pushed TV carts around, edited videos for professors or the occasional speaker event. One day, Warren Buffet came to campus to speak to the College of Business. I didn’t think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for. He’s addressing business students at his alma mater, so I think his style here is a bit more ‘close to home’ than in his other speeches. Hopefully many of you find great value in this video like I have. Sorry for the VHS flickering line on the right side.
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Here are my take aways:
- Accounting is the language of business.
- For founders, nothing can beat painting your own painting.
- Apply the “Newspaper Test” to all your decisions.
- Know and take care of your Durable Competitive Advantage.
- Choose your heroes carefully because you will become them.
- You are your children’s natural hero, embrace that role.
The post Buffett At His Best appeared first on ValueWalk.
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Jim Chanos on Tesla: Musk Will Leave
by ValueWalk - April 11th, 2018 9:36 pm
By Jacob Wolinsky. Originally published at ValueWalk.
Jim Chanos on Tesla Inc TSLA future from today – see the video and an informal transcript below
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So they are dependent despite what the CEO says they’re dependent on the Capital Markets stay open and then make a very big they get a lot of faith in Elon Musk when a lot of this is about the mystique of the one must you think that that’s misplacement what’s to stop someone from if they are having their struggles can’t tap the capital markets come in and say you know what I’m going to buy it just because I want to get my hands on the line. Well I think you’d probably have to ask you must that because he’s spending more and more of his time in his other ventures and I think that’s one of the concerns is that I think he’s actually going to probably move on at some point. His latest compensation package actually specifically says he keeps his compensation if he leaves to another company. The CEO and stays as non-executive chairman. So my suspicion is is he’s going to be working on his Mars project sooner rather than later. It’s a little bit sexier than making cars. But the problem is the liability is a market cap. This is a 60 70 billion dollar company. This is not just some small I’m going to buy Elon Musk acquisition. You’re paying big big money to lose money. And I don’t know that that almost any company wants to run that risk.
……………
So the people that punt their money down a few years ago are hoping to get a car…
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Jim Chanos on Tesla – Musk Will Leave
by ValueWalk - April 11th, 2018 9:36 pm
By Jacob Wolinsky. Originally published at ValueWalk.
Jim Chanos on Tesla Inc TSLA future from today – see the video and an informal transcript below
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Get our entire 10-part series on Carl Icahn and other famous investors in PDF for free! Save it to your desktop, read it on your tablet or print it! Sign up below.
So they are dependent despite what the CEO says they’re dependent on the Capital Markets stay open and then make a very big they get a lot of faith in Elon Musk when a lot of this is about the mystique of the one must you think that that’s misplacement what’s to stop someone from if they are having their struggles can’t tap the capital markets come in and say you know what I’m going to buy it just because I want to get my hands on the line. Well I think you’d probably have to ask you must that because he’s spending more and more of his time in his other ventures and I think that’s one of the concerns is that I think he’s actually going to probably move on at some point. His latest compensation package actually specifically says he keeps his compensation if he leaves to another company. The CEO and stays as non-executive chairman. So my suspicion is is he’s going to be working on his Mars project sooner rather than later. It’s a little bit sexier than making cars. But the problem is the liability is a market cap. This is a 60 70 billion dollar company. This is not just some small I’m going to buy Elon Musk acquisition. You’re paying big big money to lose money. And I don’t know that that almost any company wants to run that risk.
……………
So the people that punt their money down a few years ago are hoping to get a car…
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Social Security Is Doomed. Now What?
by ValueWalk - April 4th, 2018 1:56 pm
By The Foundation for Economic Education. Originally published at ValueWalk.
There’s no way to sugar-coat it. Social Security is going to fail. There are, of course, ways to possibly extend its life for a few years, or even decades, but ultimately, like all Ponzi schemes, it will collapse. By the federal government’s and the Social Security Board of Trustees’ own admissions, the Social Security program will be paying out more than it takes in in just 4 years. At current rates (and assuming the federal government fully pays back the more than $5 trillion it “borrowed” from Social Security’s accounts), the program will be completely out of money in about 17 years. What does this situation mean for current working Americans? Is there any way to solve this problem? Join Antony Davies and James Harrigan as they discuss this and more on this week’s episode of Words and Numbers.
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Quick Hits
Splitting up Amazon
Former Walmart US CEO says Congress should consider splitting up Amazon
www.cnbc.com
National pencil day
NATIONAL PENCIL DAY – March 30
nationaldaycalendar.com
Foolishness of the Week: Cancer warnings on coffee, vacancy tax
Why California’s Lawsuit Industry Wants You to Think Coffee Causes Cancer | Walter Olson
fee.org
Cancer Warning Labels Based on California’s Proposition 65
www.cancer.org
Judge Rules Coffee Needs Cancer Warning, Giving Starbucks & Dunkin’ Donuts Jitters
www.refinery29.com
De Blasio eyes vacancy tax for greedy landlords seeking top-dollar
nypost.com
Topic of the Week: Social Security
Social Security Administration Spending Tops $1 Trillion for First Time
www.cnsnews.com
Summary: Actuarial Status of the Social Security Trust Funds, July 2017
www.ssa.gov
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Steve Eisman At Oxford Union
by ValueWalk - April 3rd, 2018 2:44 pm
By Jacob Wolinsky. Originally published at ValueWalk.
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Steve Eisman | Wall Street Debate | Opposition (4/8)
OxfordUnion
Published on Apr 3, 2018
Now the reason why they made more money every single year was that the firms made more money every single year but their firms made more money every single year because the leverage of the firms was going up every single year. And really what was happening was they mistook leveraged for genius. And the problem that emerged was that if you had gone to any of the executives of these firms and I did and said to them listen the entire paradigm of your career is wrong. The response would have been Listen kid I made 50 million dollars last year. What did you make. It’s very hard to tell someone who thinks he’s God that he’s wrong. Subprime mortgages you know people today not even remember really what a subprime mortgage was all about. It was a mortgage that had a two or three year teaser rate and there was Reise price upward for the next 27 or 28 years. And most mortgages originated between 2002 and August of 2007 had a teaser rate of 3 percent and a go to rate of 9 percent 3 percent 9 percent. The industry and Wall Street underwrote the loans to the teaser rate which is a fancy term that means that the underwriters knew that the consumer could only afford to pay the 3 percent for the 2 to 3 years he or she could not afford to pay the 9 percent. Now why would anyone write a loan a 30 year loan where the customer can only afford to pay the teaser rate for the first two to three years. And here’s the second great lesson of the financial crisis. Incentives trump ethics. Almost every time. The reason why this happened was that the the consumer would take out a loan and would pay three to four points upfront for the privilege of getting the loan.
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Best Warren Buffett Speech – University of Nebraska – Newly Uploaded
by ValueWalk - April 2nd, 2018 3:14 pm
By VW Staff. Originally published at ValueWalk.
Warren Buffett 1993 speech – see the full video and informal transcript below – first an intro from the uploader
Bear with me as I share a bit of my history that helped me create SkyVu and the Battle Bears games. The University of Nebraska gave me my first job after college. I mostly pushed TV carts around, edited videos for professors or the occasional speaker event. One day, Warren Buffet came to campus to speak to the College of Business. I didn’t think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for. He’s addressing business students at his alma mater, so I think his style here is a bit more ‘close to home’ than in his other speeches. Hopefully many of you find great value in this video like I have. Sorry for the VHS flickering line on the right side.
Also see
Breaking Down Buffett
Warren Buffett Books: Recommended Reading List
Buffett CNBC Interview – Highlights
Get The Full Warren Buffett Series in PDF
Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues
Here are my takeaways:
- Accounting is the language of business.
- For founders, nothing can beat painting your own painting.
- Apply the “Newspaper Test” to all your decisions.
- Know and take care of your Durable Competitive Advantage.
- Choose your heroes carefully because you will become them.
- You are your children’s natural hero, embrace that role.
You know what I came down today it’s been it’s been 50…
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(Webinar Replay) CAPE Fear: Why CAPE Naysayers are Wrong
by ValueWalk - April 2nd, 2018 10:38 am
By Research Affiliates. Originally published at ValueWalk.
Rob Arnott discusses US CAPE ratios which are at levels previously reached only in 1929 and during the tech bubble. Should we fear the lofty valuation multiples, or should we fear the CAPE ratio itself because of its notorious unreliability in picking market peaks and troughs?
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Get the entire 10-part series on Timeless Reading in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.
CAPE Fear: Why CAPE Naysayers are Wrong
Article by Research Affiliates
The post (Webinar Replay) CAPE Fear: Why CAPE Naysayers are Wrong appeared first on ValueWalk.
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Yale’s Shiller Says U.S. Mid-Term Power Shift Could Bring Market Down
by ValueWalk - April 1st, 2018 11:21 am
By VW Staff. Originally published at ValueWalk.
Yale University Professor Robert Shiller and Howard Ward, chief investment officer of growth equities at Gabelli Funds, discuss bear markets and the potential impact of the U.S. mid-term election. They speak with Bloomberg’s Tom Keene on “Bloomberg Surveillance.” (Source: Bloomberg)
[REITs]
The post Yale’s Shiller Says U.S. Mid-Term Power Shift Could Bring Market Down appeared first on ValueWalk.
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Podcast: Eric Balchunas’s Adventures In ETF Land (Wes)
by ValueWalk - March 31st, 2018 3:56 pm
By Alpha Architect. Originally published at ValueWalk.
Here is a link to our podcast on Behind the Markets
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ETF guru Eric Balchunas discusses his adventures in the ETF industry and where he thinks the industry is heading.
You can listen to the podcast via the link below:
- The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Alpha Architect, its affiliates or its employees. Our full disclosures are available here. Definitions of common statistics used in our analysis are available here (towards the bottom).
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The post “Podcast: Eric Balchunas’s Adventures In ETF Land (Wes)” appeared first on Alpha Architect.
The post Podcast: Eric Balchunas’s Adventures In ETF Land (Wes) appeared first on ValueWalk.
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Passive Investing May Not Work For Fixed Income. But What Does?
by ValueWalk - March 31st, 2018 2:38 pm
By Columbia Threadneedle Investments. Originally published at ValueWalk.
Gene Tannuzzo explains why a strategic beta approach makes a lot of sense in fixed income, particularly relative to traditional passive strategies.
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Passive investing poses a tremendous risk in the fixed-income market, says Senior Portfolio Manager Gene Tannuzzo. A traditional bond index is weighted toward the most indebted issuers and may not provide the risk diversification investors need. Tannuzzo describes a strategic beta approach as an alternative — one that uses rules-based filters to target a better balance of yield, quality and liquidity.
Transcript
In the fixed income market, I think passive investing actually poses a tremendous risk.
There has been a shift from active to passive investing across asset markets. So over the last year we’ve seen over $70 billion move into passive strategies that track the Bloomberg Barclays U.S. Aggregate Index.
I think it’s important for investors to understand what that index is. Often it’s tempting to think about that as “the S&P 500 of bonds,” but I think investors need to understand that bond indices are built a bit differently than equity indices. You get the largest exposure to the most indebted issuers.
So let’s think about what that means for the U.S. Aggregate Index. For example, the U.S. Treasury had $9 trillion of public debt outstanding before the financial crisis. Today it has $19 trillion. So that has more than doubled, and that exposure is directly reflected in the exposure in passive fixed income indices like the U.S. Aggregate. So, for example, the U.S. Aggregate Index is very concentrated in interest-rate risk. Most…
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