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William, revisiting Bryan Lawrence's captivating interview for the second time compelled me to leave a comment. The first time when I watched the video, I liked it very much. However, what added an extra layer of significance to the second viewing was my recent encounter with Mr. Lawrence's wife, Jillian Segal, during the VALUEx event in Omaha, graciously hosted by your friend Guy Spier. Engaging with Jillian was a delight. Her kindness and charm left a lasting impression. Meeting her in person was truly a privilege. I also had the pleasure of meeting you shortly after, and you graciously signed a copy of "Richer, Wiser, Happier" for my youngest child. Your kindness and the wealth of inspiration you continually share through your videos are sincerely appreciated. Thank you, William!
Another amazing session William! I thoroughly enjoy listening to your thoughtful and insightful questions and of course their responses. I always look forward to your new posts and greatly appreciate your hard work! Thanks.
Brilliant Questions and Epic answers, very informative, time worth spent You mentioned annual reports a few times, tried searching but couldn't find it, Are they available in the public domain?
Excellent podcast on how to be a good investor and how to lead a meaningful life. I struggle getting my daughter to read books and these podcasts are god sent. Her favorite place for sourdough bread sandwiches is 60 miles away from home and so I queue up these videos and we all listen to it one way and on the return we discuss the same. It has been a good experience. Thank you William for the thoughtful questions and thank you Bryan for your candid answers!
Hi William, it;s a long video but love it sooo much, Time goes so quickly whilst you re pulling squizing out as much valuable info as possible from your Guest, another great video. Time flies so quickly. Thanks Much.
Really enjoyed the interview. His point about studying companies ~ building a list is so important as when there is a crisis or drawdown; you often don't have as much time as you think. You also have to prepare now for that period. As a real estate guy who has equity tied up in deals, it is always a challenge to have a bigger pile of money at the "right" time!
Glad William is back. 2 weeks later than before 🙂. If the numbers in the fossil fuel section are correct it is mind boggling. Should be archived and used as a bible.
Paying my "kids" 22 & 24 has worked to get them to watch what I consider required movies, many of the 70's, 80's and 90's. It's been hit or miss, though they have been pretty responsive. Though they have little interest financial matters and investing, I did pay them to read Housel's "The Psychology of Money," which I consider the minimal financial knowledge to have as a 20 something.
Lawrence asks the following six questions when evaluating a business: 1. Is this a business we understand? 2. Is it a good business (e.g. a natural monopoly, rational duopoly, or low-cost operator)? 3. Is it run by a management team that thinks like shareholders and will treat us like partners? 4. Is it cheap, demonstrably relative to its expected cash flows? Is it trading at an attractive valuation with an attractive internal rate of return (IRR) owning it from here? 5. Why is it cheap? Can we identify the reason why we are right and the market is wrong (the variant perception)? 6. If we're wrong (which can be expected at least 30% of the time), how much money will we lose?
The more deeply you think about individual stock investing, the more you realize how desirable index investing is. It’s unbelievable how good results you can get by being lazy and robotically investing in an index fund and tuning out panic about recessions and downturns
1:38:58 He had a point before he started saying Germany the country with the highest cost of electricity in Europe which is not because of renewable energy but because of the war in Ukraine and their high dependency on gas, renewable energy wise Germany is not that far up in Europe a better comparison would be to compare Scandinavian countries and Iceland Who all have over 50% renewable energy which just happened to have a comparable amount of electricity cost in eur per kwh 0.22 norway 0.33 sweden 0.24 in Finland 0.14 iceland 0.35 Denmark 0.17 America In 2023, Iceland which has 75% renewable energy is the lowest. Germany didn't even produce Enough electricity for itself importing from Denmark france and other sending prices high all over Europe in an effort to stop importing gas and oil from russia, Pre Ukraine war german electricity prices was 0.28 Its a terrible comparison not even to talk about electricity prices in Europe always been higher then America because we never produced our own oil or gas so everything is imported so it costs way more than America. not even talk about fossil fuels being heavily subsidised in America which is not the case in Europe where its heavily taxed Or even the in Germany we have a 2 speed energy system where where industry pay lower electricity cost at the expense of households which subsides it. Historically European prices have been double American prices only recently have gone closer he could have picked any country but he chose the country with the highest energy prices in Europe not even close to being the highest renewable energy,
For me, to worship an investor, the stocks in its portfolio must respect my severe investing criteria and his just don't... Only maybe TDG and GOOG but I don't allocate much to giants because they have a tiny to zero chance of making 100x in the future. Sorry ! Next ! (Chris Mayer is still the GOAT)
