Thank you for checking out Excess Returns. If you found this episode valuable, you might also enjoy our interview with legendary value investor Joel Tillinghast. Check it out here ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-p3ZDE8p1agE.html
Wonderful interview by Mr. Davis, questions and answers were great! One of the best discussions I have listened about what is the stock market . Several pearls of wisdom about Mr. Buffet and Mr. Munger. And humility.
Really good episode! I hope I'm as enthusiastic about my career as he is when I reach his age. I love how he highlighted his own struggles, and told us about how boards of companies should work. I could listen to him for hours
The description on how Amazon initially looked like it was losing money in its early years reminds me on how in the mid to late 2010's people (myself included) didn't want to purchase TSLA because it had negative cashflow and respected value investors drilled into investors that companies with negative cashflow eventually go broke.
If the rules of the mutual fund industry forces investors to trim concentrated positions in a quality holding when it has a run up in order to rebalance, then wouldn't it be better to have a vehicle like Berkshire, Fairfax or Markel or Brookfield that would allow such concentrated positions ?
I think it's a fallacy to think Apple is more vulnerable to change than their peers. From IBM to Microsoft to Apple, the prior product leader didn't get the next product even though the next product was just a smaller version of the same product. People see change when the most amazing thing is the continuity over decades. Apple is the 1st computer company to succeed in the last (PC) and the next (mobile). I expect the same reasons that allowed them to leverage past advantages is likely to allow them to succeed in the next. But you'd have to be able to enumerate the advantage they have that allowed them to do that to have any way of betting on whether they will or not. In fact, in 2 weeks or so they begin selling the 1st computers built on a spatial paradigm.
