18 Burst results for "Mr. Market"

"mr. market" Discussed on Biz Talk Radio

Biz Talk Radio

07:59 min | 3 months ago

"mr. market" Discussed on Biz Talk Radio

"On out there. Dow Just middling around today. Nothing crazy down 24 a couple of weeks ago. On Friday, the Dow closed at 29,000 and I thought 30 was the bottom of the support under 20 cataclysmic results on Monday. Luckily, Joe Biden called in 10 Republicans, Mr Market started thinking, all right. Maybe they'll come to a stimulus plan, which they did $1.9 trillion stimulus plan. Bernie Sanders is not happy with it some others and not happy with it. But the market overall is held at bay by more. To a little later on, but Robin Hood in and short sellers and who squeezed them. And why What happened to break that down and more I'm drawn, joined right now by George say he's with Annandale Capital, and George Robin Hood is the hot, new shiny object. Pretty big for the last few years, But now they're going to be dragon Vlad in front of Maxine Waters. What do you think will happen from this well, any time Congress starts meddling in the financial markets unless toe punished, people engaged in broader and vengeful mother. Other Really bad behavior. I get quick. They don't know anything about the markets. They don't understand them. They don't have to ask questions about him. So I'm a little dubious on this Robin Hood in this fax and Stocks like seeing the ball given credibility. We're kind of reliving the late nineties again now whether this goes on another two or three years or in soon, who knows? But Robin is a great They even if people cast dispersion on retail investors and say they're just gambling, and they're gonna lose a lot of money doing stuff like game stopped, and I am seeing other things like that. I'm all about freedom in investments and people are adults, and they make their own decisions and Hedge funds could play any role in getting trading restricted on people on the Robin Hood flat. So act The short sellers were on these stocks. I do think that that needs to be looked into existence dead wrong and no question about it. And look, you don't know this about me. But I spent 25 years and the securities lending business. That's what my background is. So I know basically every short seller on the street. And these shorts. I'm they tend to lay on stocks for no reason. Just because they think they're weak on guy found it as a free market capitalist. I found it disgusting to see. I've never seen a brokerage firm say you cannot buy a stock. On Git made me start thinking. Well, Who are these regulators really captured by? It's not Robin. Hood sells all their order flow to sit it down and virtue. So is it sitting down virtual who are really telling the regulators what to do? It looks It looks pretty bad on the surface. I really hope there wasn't collusion between the hedge funds and Robin Hood because we need is much freedom as possible in the markets and the little guy quote unquote. Was Gambling. That's that's his or her choice. That's the way the market's workers you should be able to get in there and do what you want and not cash judgment or wag your finger at people like that. The actual the little guy retail investors in a lot more right about the market the last five or security. He's it's official hedge funds that has tons of 12 the market just horribly the last decade or more. Stand, how anybody except someone he doesn't want bull market exposure uses them with the high fees and the tax inefficiency and then the bad performance. So about three years ago, Maxine Waters And the House Financial Services Committee had a big hearing with the heads of all the banks. J. P. Morgan Morgan Stanley Go away These banks. She had them all in there. We're talking about college lending and predatory college loans and stuff. And Maxine Waters. The head of this committee asks Brian Moynihan from bank America. Well, let me ask you. What have you done about predatory college lending? And he said, Well, ma'am, we've exited the college lending bit. And then she went to the guy from Wachovia. And she said, Well, what are you doing? He said, Well, we exited that business two years ago, and I'm sitting there thinking shouldn't the head of the Financial Services Committee Have someone check out these people before they come on before she asked him what they're doing about student lending. She should know they're not even in the business anymore. So what is it really Vladimir in front of the in front of the committee. She doesn't know anything. It's laughable and and I don't remember those hearings. Your mission. Ng very, very well and out ignorant in the NFL's hearings were because they didn't know what they're talking about. The other thing that's in after that. Work left controlling Congress right now, hoping that changes in the hat Is that the trying to get all student loans forgiven, which would be about a $1.6 trillion hickey on the U. S taxpayer And the reality is is that a lot of most of the most of people have been borrowed money to finance their University education, graduate level education on upper middle class or affluent people is And took him onto pursuit. Very glitzy grace to lead the high paying salary. So it's not like you're helping thing that downtrodden here in the lower class or people are really struggling or suffering in society. You're given a softer way to millennial emergency voters. They're pretty affluent. So it's pretty disgusting. The whole thing. Hey, George, a lot of What negative interest rates are because, like me, and you do, um, weren and error right now, where banks need so much money on reserve that they actually People have to pay them to leave their money in the bank. It's the weirdest thing ever. Right? So now you have negative interest rates were banks up. Some people toe believe money with him, and at the same time the deficits just keep piling up. Is the next Armageddon. The U. S dollar Well, there's a lot of really smart people this year place. It's a pretty heavy bad Stanley Druckenmiller comes to mind immediately on basically a weaker dollar in rampant Interest rates, and we really are living in a period where Indian team modern monetary theory was laughing. It is recently the year and a half two years ago, and what kind of living through it right now, the stimulus payments during repent, then they are almost like the universal. Basic income dream of the Democrats come true already. Yeah. Nn T This this money printing and reckless running a federal deficits and increasing the federal debt works until it doesn't And if you do the math If interest rates on Treasuries go from, you know, roughly on average 1 to 1.5%. Right now it's little is 4%, which is historically still pretty low. Over a trillion dollars in in government spending just to service our debt, and that's unsustainable. That's higher than the Department of Defense budget. And it's about 30 to 40% of the overall federal spending, so it doesn't matter until it does, And I'm very, very concerned. It's gonna matter. Syrian people think Bardo. It is the big magic printing press in the sky. Most people don't realize there is no real printing press. This is just all you know, digital dollars made out of the air and we keep printing them. Um And all that does is devalued. The dollar was seen inflation and building material see inflation on a lot of We keep killing the dollar. Joe Biden seems to be starting off two trillion in his first month, so I think it could be worse. And if you're watching at home, you may need a great adviser like George say from Annandale Capital. A George, Thanks so much for joining us today really appreciate your insight. Here. Thank you, Brother. Appreciate very much great to be on happy to have you, George say from Annandale Capital..

Robin Hood George Maxine Waters Joe Biden Annandale Capital Congress Bernie Sanders Mr Market Dow Brian Moynihan J. P. Morgan Morgan Stanley Wachovia Financial Services Committee Stanley Druckenmiller
"mr. market" Discussed on Biz Talk Radio

Biz Talk Radio

06:37 min | 3 months ago

"mr. market" Discussed on Biz Talk Radio

"Bring me a garden state host of eyes on NJ and politically politically direct on eyes on NJ. Fernando join us a little later in the hour. We're lucky enough to have Ah! One of Donald Trump, one of the top men on Donald Trump's economic team. Stephen Moore joining us in just a moment here. 1 25 Mr. Market likes the fact that this $1.9 trillion coming in, I don't but these are things we're facing here and As you see more and more and more spending on dit looks like the magic printing press in the sky is gonna be running for quite some time now. Global institutional players like Black Rock, the largest asset holder, asset manager in the world. $7.1 Trillion, announced just two weeks ago that they're gonna let some of their funds stopped by crypto currency, namely Bitcoin, the woman most widely adopted at this point. You know, way back in the day old people who are afraid of that. They would buy gold on. I think some younger people are looking at Bitcoin as the new gold and If you continue to see unchecked spending from the new administration than we can expect the dollar to work full. As you see, the dollar is Global oil prices are spiking and many Of the allure of the major commodities in the world are priced in you. It Priced in U. S dollars, and I think the little bit of a full of the dollar is causing also rising commodity. Someone who knows a heck of a lot more about this stuff than I do. Joins us right now. Stephen War with us once again. Mr Moore. I am scared for the dollar. And I know Donald Trump had to do some emergency spending to get us out of the pandemic, but another two trillion on top of it. I think this is Really going to hurt the dollar and I think You know global commodity prices. I think you're right about that. You know, we've seen Look what's happened to the 30 year Treasury, you know? Well, now, Tonto close to 2% on that Now That's a really great you know, in historical terms, but still you know what was less than 1.5%. No, no. It's a pretty significant rise. If we continue to see these interest rates rise by the way, then obviously the cost of federal borrowing rises every 1% point increase. In the in the interest rates causes a trillion dollars increase in our debt load on, so you know, you become a dog chasing its tail where you're just paint. Just to pay the interest on the debt. You know, I also worry about the dollar. I also worry about, You know, inflation. You mentioned oil prices up. I've noticed that I don't know if you notice it where you are, But in the DC area where I live, you're starting to see gas prices go up. They Bruce about 25 to 30 cents a gallon over the last Answer. The reason for that is simple. When you reduce the supply of something what happens to its price? It goes up and all of these assaults against American energy or very negative my opinion, not just for jobs, but also these, you know, important companies like Exxon and Chevron and the small drillers. Yeah, and, Yeah, I was seeing it here in New York like lickety split. That the pump of flying up the other thing that scared me and you meant mentioned inflation. A lot of my audience. They're small business owners and entrepreneurs and a lot of them are in the construction field, and they're telling me J T. The prices for building materials are through the roof right now, um and you know Jack Terry, with Donald Trump Highest home ownership from minorities highest on new stuff. New starts for new homes on Tao Building materials and inflation could even put that to an end. Now that I mean, obviously be more expensive to build new homes, and that means that the houses Will be obviously. Doesn't cost more to build them. It's interesting because we're gonna economy that is teed up. Ready to just you know, like a golf already be hit $250 yards right down the middle of the fairway if we don't screw it up. With new regulations, more energy costs, more taxes, more death, But so I am worried about this. The 1.9 Trillion, by the way, I think you know this, but it's worth repeating. I think they said this on your show last week. We have the Children dollars out there in Kobe relief money that still hasn't even been spent. Environments, Russia out of the gates to spend another one point not 90 Million. That's absurd to me. Why don't they first spend the money we body authorized and Back in six months, and we can debate this, But this is really not a covert relief bill. This is a bill that's really worried it towards helping left wing groups like helping the blue states get bailed out because of their problems. The teachers unions want $150 billion more, even though they're illegally on strike in place, But Many states haven't even been in front of the classroom for 11 months now, so the keys of Get the economy opened in the business is open in these blue states, Get the school's open and get the vaccine out. There we do those things. I think you get up five or 6% road for the rest of this year. I wish Donald Trump were still in office of Like, many like Other Americans, But you know, I could see a place. You know. Randi Weingarten, the head of the American Federation of Teachers, and Michael Mulgrew, here in New York, the biggest teachers union in pretty much the country, the UFT. They're acting like mob bosses right that they basically saying we are not gonna honor Because we don't want to vaccinate our teachers. Now many nurses, health care workers, X ray technicians air out their frontline workers. They get in the vaccine and do what they gotta do. Um I almost feel like if Donald Trump was in there he do a Ronald Reagan with the air traffic controllers and say, All right, all you teachers unions, you're gone. Anybody who wants Back, But Joe Biden is not going to do something like that. You know, great minds think alike. I've been saying exactly the same thing. I remember when I first came to Washington. It was right about the time that Reagan fired day or traffic controllers because they were illegally striking. Had you know they were putting our nation's you know, health and safety of risk..

Donald Trump Stephen Moore NJ New York Ronald Reagan Fernando Mr. Market Joe Biden Russia golf Stephen War Washington American Federation of Teacher Exxon Randi Weingarten Tao Building
"mr. market" Discussed on Biz Talk Radio

Biz Talk Radio

08:26 min | 3 months ago

"mr. market" Discussed on Biz Talk Radio

"This whole hour about your money lots going on these executive orders that I think will have a macroeconomic effect on the markets, Certainly on jobs and wages with allowing all these you know illegal immigrants to stay here that doubles the quad the opportunity pull out their people looking for jobs. Cancel the keystone Pipeline. Price is gonna go. And so I think there's some bad Mac rose out there. Um and I have been suggesting since October that if the Mr Market and the institutions out there see some really crazy progressive spending I think we could have up to a 20% correction the market because a lot of people went into year under profits, but you need to keep it up. And that's all that matters and someone who knows a heck of a lot more about this stuff than me. Joins us right now. Michelle Snyder is with us. She is with Market gauge group and she's the author of Plant Your Money Tree. Uh, Michelle, I I've been telling people since before the election that I thought if they have We took him away and staying cash to stay a little nimble. Um, But what could people do right now? To plant the money tree that you know, has a longer term thing on it like a just Talking away, maybe and look at it in a few years. We've been really heavily focused on commodities even Kids in the whole silver thing blew up in the last couple of days. For a lot of reasons. Now the dollar has bounced a bit, but it's still down quite a lot from its peak. The interest rates, of course, the federals saying they're going to keep them near zero for the indefinite future. Money thought supply continues to grow. The supply chain issues continue to disrupt the environmental problems with La Nina. That's causing some of the food growing areas with food prices already up high I think that if the economy actually does manage to come back, the man could surge. All of these reasons have given us a big focus on on the commodities in general, so we've It's five things like wheat, corn, soybeans, sugar, coffee, silver, gold and gold miners have been lagging, but but we've been looking at all of that and even big coin, so that's really weird. My heavy focuses Of course, is a tremendous amount of other stuff going on in the market in general. Couple of years ago, there was Almost like this, You know, different type of thing Everybody was chasing after these pots, stocks, the cannabis stocks that won't crazy till Ray was one of the big ones that really, you know, found some institutional ownership. What do you think about that space for people looking for a little growth? I think it's fantastic, actually, and Has become probably more bipartisan than many of the other issues that all out there floating around right now in that the country wants legal pot. This is until Ray is a medical cannabis company. It's located in Canada. And we've had some We will get back to the US in a moment. But France is doing an 18 to 24 months. Study on the use of pot medical pot using till Ray Portugal just came out as the and it's the person on Lee Company that it's dealing with the medical cannabis. Yeah. You picked a good one when you mention till right but getting back to the United States. We just had an election with five more states went legal at this point. I think we have 31 states. They're medically legal. And if you pull the country they want legalization. And then, of course, on the more partisan side. Sure. Just came out and said that they're looking at doing a bill that will give states the authority to legalize it, which makes it Government might get out of the way s Oh, that would be great. Tentacles. Go ahead. I'm sorry. So I want to just get to this because you know the hot new crazes how hedge funds again attacked by the little man and everything. Your book is how to plant your money tree. Um, and one might ask, you know, can you Money tree. Is it really hidden in the hedges, Meaning the hedge funds? Um What do you What do you make of Way the hedge funds a painted as such evil doers in the markets. Let's try and I try to get away from the platitudes because they're dangerous for trading. I'm talking with your friends. But if you want to actually make money, you kind of have to put them aside. And the hedge funds have given didn't given a lot of leeway. Obviously, with the interest rates being zero, they've been able to Violet. No money. They've been able to buy back their own stock until recently. During the pandemic, they pay very little. Would say s so I can see where they could be developed as sort of the social evildoer right. But the truth of the matter is a lot of people have their money's talking up in head ones. Ah, lot of the time in accounts are tied up in hedge funds. And so even though they will be social phenomenon now is And the ready kids and they're they're really the new heroes. We have to remember that there is obviously a lot of other people that you don't hear about that. Don't even look at therefore one statements until this year when the reason investors started coming back into the market before the institutional guys did in April. Right, And you know a lot of people. It's in the weeds a little bit for most people, but if you and I, we get it. A lot of people don't realize that some of the biggest buyers of stocks in the country of the world of the public employees retirement Systems Many of those public employees retirement systems have you know, anyway between 10 and 25 ish percent in alternative They take that money, and they invested holy into a hedge fund. So most of the retirees in this country are actually invested in hedge funds and the guys that are trying to beat up the hedge funds right now. It's almost like they don't realize they're hurting many of them. Probably themselves or their parents. Okay? Um, well, yeah, Absolutely. So that means that like everything. It's complicated, and we are not a hedge fund. I mean, we are much more actively. Traders were not. We never believed in passive investing anyway. We don't like necessarily think that you just buy and hold and sit through a 15% downturn or possible. Potentially a stagnation of the economy that can affect the market going sideways fingers. That's just not us, but in terms of what's going on, there is a couple of interesting things that are coming out of it that I think you're good. I mean, besides the fact that you have some kind of a cohesive movement that caught covers the cross section off every You know, so it doesn't matter what side they are on politically, It doesn't matter where you know whether they're put rich. You're poor. They all sort of band together to do what to invest in the market. Now, of course, some of the motivation is to stick it to the man as you say, but a lot of the motivation is just to make money. So the media is going to pick up on the more controversial things of Brings into question is the free market. And what should we be allowed to trade? What which should be the allowed to do when should the government be allowed to step in? I mean, I'm hold on old enough to remember the original short squeeze in silver. Mm hmm. E will admit you. Don't look it, but thank you. The commodities exchange in 1980 when my brothers started to corner, the silver market. And so they went from $5 to $50, which by today's standards sounds silly, but it's still 1000% increase in price. And then what happened? Comics daughter raising the margins. And then the A man and prevented anybody from buying silver. The hunt brothers went broke. Actually, the company I was working for. I rest my job. I had a seat for Conte commodities that was brokering the hunt Brothers silver position. And, of course, so we went down, and it's stagnated until really kind of sort of recently, while 2012 real A lot of people..

Michelle Snyder Ray Portugal United States Mr Market Market gauge group medical cannabis executive keystone Pipeline France cannabis Canada hunt Brothers La Nina Lee Company
"mr. market" Discussed on Tesla Daily: Tesla News & Analysis

Tesla Daily: Tesla News & Analysis

04:56 min | 9 months ago

"mr. market" Discussed on Tesla Daily: Tesla News & Analysis

"I wanted to just sort of get your thoughts on this because I think you know this perspective or this this particular metric in isolation to me isn't all that particularly meaningful us are wanted to you just sort of get your take on why Joseph Start off with this and then get sort of my thoughts as well. Yeah, we're just sort of a level center to get a sense of how rich the expectations are and in just to give some perspective our approach valuation is is as I say, tomato analysts. Would you rather be a fortune teller or critic before to tell her and we see Mr Market or the stock market is a fortune teller. Here, she is giving us a price every day, and what we do new constructs is reverse engineer what the future cash flows, the revenue, the margins, the capital efficiency, the business, all that we reverse engineer with those need to be to justify the price and so. What we like to do is kind of begin be objective perspective on evaluation is and that's what we see in this chart like there's a big disconnect. It's not to say that Tesla can't achieve these expectations but for right now, there's a lot of credit given to what the company will do in the future. Sure and I think you know even the most stringent of decibels wouldn't argue that you know it's obviously not based on the prophet flow today or the cash flow today it's based on the growth opportunity for the future and that's why you see the premium valuation and things like that One thing that I did want to add to this. So it looks like on this chart you have Fiat Chrysler Ford GM Honda. Toyota. there are other automakers that are actually priced higher per card than Tesla's your. So sorry, for example, their market cap is around forty, nine billion dollars and they sold you know ten thousand cars last year. So if compare that to Tesla on this chart, you know Tesla is eight,.

Tesla engineer Mr Market Joseph Fiat Honda Ford GM Toyota. Chrysler
Rob Maurer Of Tesla Daily And David Trainer Of New Constructs

Tesla Daily: Tesla News & Analysis

05:28 min | 9 months ago

Rob Maurer Of Tesla Daily And David Trainer Of New Constructs

"Everybody, Rob Power here. Today we have the good fortune to be joined by David trainer of New Constructs David. Put out a note last week with his team on Tesla that was relatively bearish. So I thought it would be a good opportunity to have somebody on the podcast. Maybe give a different perspective than what is sort give day to day and hopefully. We can both learn a little bit throughout the course of the conversation So David a former analyst with credit. Suisse. And then for the last couple decades, he is the founder and CEO of new contracts on investment research firm so David Nathan, you want to add to that in terms of your workings INS specifically this note on Tesla. Yes sure. No. We we're an independent research firm. So we don't doing any investment banking or trading There was a time when I ran a hedge fund will be don't do that anymore. So there's there's no short position in Tesla and honestly there's there's no axe to grind here. I'm flattered to to you on the show and I'm also a big fan of cars and I think beautiful. And I think would Elon Musk has been. Has Been Great for our world. I. Think he was really a tipping point in enforcing the big autos to to move more toward electric vehicles. What let's face it. You know one has to question why they never really wanted to do it on their own how they needed external government pressure to to increase gasoline efficiency. When that at the end of the day, we just lowered the cost of ownership for their product, which is a good thing but yet they didn't do it want us to wonder why that is. So I think he lawn. With respect to Tesla Electric Vehicles and our environment has done the world huge service. Insides one lead that fan I think the cars are beautiful. I wish I had one of my kids always rave about how much how awesome they are when they ride in one of their friends parents Tesla's it's funny in in. So I think there's a lot of good that has come out of what you musk is done at this space as well as other spaces. And the beautiful green cards. So you guys are kind of approaching it from a just an overvalued perspective on the company right now. Yeah. It's it's really kind of an old school throwback to the fiduciary in investor as opposed to the speculator the trader. Look there's no doubt you know as Jim, Cramer said he he's a fan test left for the last eighteen hundred points right? I mean look the momentum. The trading aspect here's Banal and it's been a huge wealth creator. An Art perspective is very narrowly focused on the fiduciary and decide the of risk. In, a market that's been such a strong performer. Since the The deer in in March you know, I think some people we got some feedback that people were kind of looking at how to manage whether or not we're at the top or or not in this market and we thought you know look. The first thing you do is identify where there's the most risk in your portfolio. So we kind of went through we cover around three thousand stocks as well as ETF's mutual funds and we looked for like, okay where's this? Where's the where's the risk extreme and then you know especially with Tesla, you gotta take into account all these sort of the optionality, all these great things that that Tesla might do. To, justify the future cashflows embedded in the stock price. And we went through the checklist and we thought, okay, we think there's a fair case to be made here for those with fiduciary responsibilities and produce responsibilities. To Take into account. Or. Consider. The risk in the stock relative to fundamentals. Sure. I know that that's a big part of your note later on. So definitely get through to some the valuation stuff So I thought probably the best way to kind of just kind of structure. This was to go point by point. I've had a lot of listeners that have read your note and have sort of asked me to give my my thoughts on it. So I thought you know what better way to do that than have the man himself here to discuss with me so Sweet. So you've got a lot of I mean this is probably a few thousand word article here. So let's just start right at the top. So you start off by saying. Really comparing the devaluation of tesla per car sold versus other automakers. I wanted to just sort of get your thoughts on this because I think you know this perspective or this this particular metric in isolation to me isn't all that particularly meaningful us are wanted to you just sort of get your take on why Joseph Start off with this and then get sort of my thoughts as well. Yeah, we're just sort of a level center to get a sense of how rich the expectations are and in just to give some perspective our approach valuation is is as I say, tomato analysts. Would you rather be a fortune teller or critic before to tell her and we see Mr Market or the stock market is a fortune teller. Here, she is giving us a price every day, and what we do new constructs is reverse engineer what the future cash flows, the revenue, the margins, the capital efficiency, the business, all that we reverse engineer with those need to be to justify the price and so. What we like to do is kind of begin be objective perspective on evaluation is and that's what we see in this chart like there's a big disconnect. It's not to say that Tesla can't achieve these expectations but for right now, there's a lot of credit given to what the company will do in

Tesla Fiduciary David Nathan Tesla Electric Vehicles Elon Musk Founder And Ceo Rob Power Engineer Analyst Mr Market Joseph JIM Cramer
"mr. market" Discussed on Capital Allocators

Capital Allocators

11:37 min | 1 year ago

"mr. market" Discussed on Capital Allocators

"If you would ask that question in two thousand and eight I would have brought off a lot of important things but mostly to do with Mr Market. Here's the confirmation bias. They're suffering from. Here's the ambiguity of Persian. Here's the representatives zennis bias. Here's here are the things that are preventing them from seeing what we see and we want to take advantage of that and that would be our approach and it still is. But we've you've now realize actually reading through thinking fast and slow. Dan Economists Book. This is the Baylor's mentor. And he's the one that came up with a lot of these things things that we all do as human beings and I remember the most interesting passage to me and the whole book was talking about. How even he still commits these same errors himself itself? And so if Danny comments commits these errors himself. How do Dixon not going to? So what can I do. I can try to set up a culture where it's okay to make mistakes. It's okay to recognize those weaknesses in have investors with similar time horizon so that you're not affected by other folks as much as even if you don't think you're being Troubled by someone. That's asking you how you're doing the first week of the month. It's affecting you so if you have folks that don't ask those questions. It just interested in the process not that particular outcome Of this position then it's okay for us to be more objective about things back to the point about launching it the bad time we're anchored by large university endowment for our our launch and we had brexit a couple of months later. It was As you know certainly for us it was terrible are invested. Didn't call us once didn't check in didn't say how you doing. We had an update call maybe late August or September aid you. I bet you found some great ideas. Yeah we did. It was nice to how things we did obviously recover. But it's those times those periods especially kind of environment that we're all in now and even the markets have been going dead up if you've had the wrong kind of factor exposures or if you've had the wrong positions you get a lot of all tilleke and you have to have a stomach Ford. It's much easier if you recognize that. Hey this is what your investors are in for the and for the long term and also you can we do things ourselves to be bias our own decision making so that maybe the down days the down months. The down quarters down years aren't as bad as they would. Because we're objective about identifying we're making fundamental mistakes. Let's start breaking down strategy. You're playing in Europe. What's different about stock? I picking in Europe from say the. US The behavioral stuff's all the same. We all make the same mistakes. I have the same biases that I try to shed. My team tries to shed. Mr Market has the same Bisi say overreact. To bad news vivid recent information they under react to things which confirmed previous theses. That's good in Asia or Europe or the US and from a company level we tend to focus on more mid to large cap companies. And so when you have these multinational businesses very little difference in stock picking from that fundamental perspective I will say hey there's some nuance across different regions in terms of when you do have conversations with management teams or with suppliers or competitors if someone says maybe in Sweden it means jazz if someone says maybe in the UK it means no So you do have have a little bit of experience with that over the years and we've been doing it for so long that you know in some cases we're on our fourth or fifth management team. So that helps to some degree but broadly accounting systems are fairly reasonably harmonized is to spend a Lotta time by diving down these rabbit Abbott Holes of trying to figure out the exact specific line item. That was going to make my some of the parts model. Look good or bad but the more you're in this business is the more you realize. Your success in these positions is more different by what's happening to the fundamentals over the intermediate to long term and is Mr Market cottoned onto that yet or not. And and he hasn't if you're buying stock for prejudice seller as you build your portfolio. You get to win. And that's the way we look at it do you. Biases in terms of the kinds of stocks are looking for the. I probably do have a little value bias when I'm looking for and maybe that's the time that we all grew up in the kinds of things we read at a certain age and I'm sure someone started their careers in in two thousand eleven has the opposite buys. Why would you do that? Why wouldn't you buy all these great businesses which are going are all ICEES and exhilarating rate? So I have to guard for that and even though I do guard for it we still in having a value we kind of portfolio but we've been able to outperform not just value but the market overall. But but I think that's just a consequence of a having a very concentrated best ideas portfolio rather than something that's more diversified and sensitive to those factors and be. It's having this back to this culture thing where we've defined where we might lose money in particular positions then we're looking for information and if it's okay for me or for the guys has on my team to hold their hand up and say you know what my conviction this is lower. I just saw this thing happened. We wrote about this as a potential threat to the to the case and I wouldn't have seventy five percent conviction in this probably closer to sixty five now. What does that mean for expected returns and if it turns out it means that we should known as much of the stock or any of it will go and that doesn't matter to us if we bought it five five years ago or five seconds ago? I think we're really good at making sure. We have the portfolio that we WANNA have today as if we launched the fund today. Where do your ideas this come from? So we have a European universe. That's basically got seven hundred fifty companies with mark of a billion dollars in higher. We eliminate innate about half those the ones that are more top down nature so with this never any minors or emp companies or banks even in the portfolio. We try to stick to sectors where there's a lot of dispersion of returns lot of winners and losers within a sector so that can be industrials consumer media healthcare equipment technology and the analysts on the team will be assigned sectors. Here's our sub sectors within those groups in the Gulf for us in our investment process is to go through our research by sector and try to generate what we call the Alpha Europe focused list and that focus list is going to be a group of sixty to seventy five companies which we think will be the most dynamic in those sectors could be good could be bad. Hey defining dynamic doc that's as much art as science could be new management teams. It could be a change in strategy it could be a huge profit warning wherever when those baby out with the bathwater. And oh well maybe that's no reaction. Let's have a look. It could be a company meetings where we're having meeting with the CEO of a company and increasingly these conversations. We have the companies the most value added from those is actually hearing them talk about others in their sector in the ecosystem. They're much more open and less biased. When they're talking to you about like that so we could ideas through that? Oh let's do some more work on that and we'll put it through what we call our game process. was you just a four letter acronym. GAM and in the gather stage were just meeting with company's competitors suppliers. Everyone does that everyone everyone you talk to every manager out there as what we do we meet. We kicked the tires. Yes so what we all do that but moving into step a okay was any of this information helpful in hey stands for what analyze just analyze the information. Can we take anything out of this. Fire Hose of information that we've been bombarded with and pick out the right bits that that matter One of the analogies I use of if we have a bunch of cards on the table that are turned up and we know which we think we do a pretty good job trying to identify which two or three cards of the ones that matter. It's never ten cards. It's never overcomplicated. It's always two or three cards that matter two or three fundamental things about a business. We'll pick those cards out and start working on it and part of that process is to see if MR market picks up the same three cards if they do. There's nothing for us to do. But they're picking up different cards ignoring our cards. Then we you have a chance to see if we can be more objective about how we analyze these things and it's hard again back. Not overly quote. Ben Grab another one of my favorite quotes from his which he wrote in nineteen eighteen thirty four by the way the analyst must not be misled by the availability of a massive information into making elaborate studies of non essentials which is a long winded way. They've saying watch out for information overload. This is in nineteen thirty four. This is before real time quotes before CNBC before everyone's barking at you on the cell sizing by this and saw that and that's a real trick for the good analyst sort of okay. That doesn't matter that doesn't matter that does let's work on it in that process of analyzing the information. That's in front of you. How do you balance than being robust and thorough with focusing on the few things that matter I think think again? That's it's it's as much art as science to that whole process when we do that. Analysis will. We're not just trying to figure out what the things that matter will will. Almost build to models will build. Here's what the financial model will look like based on these three key drivers if certain company is launching a product which is going to do this or if third divesting of this which might mean that and we'll build a shadow model. This is kind of the short side. How with this company be a great short and by doing those things you start almost started helping each other out a bit in terms of flexing things a modeling things and seeing how we get to the crux of what's actually driving the story? And sometimes the things which affect the short case are different different variables than the things which might be affected by K.. So that helps and then putting all those things together we effectively emerged with conviction figure. You know if I so one hundred of these I think we'd get sixty five percent of them right. Seventy fifty five eighty. We'll never go higher than eight even if we think we have a sure thing but those then become probabilities as for us. And then we'll assign a probability to the by case into the cell case and combined with a few other metrics that helps us to come up with this notion of okay which of these names and the focus list. I actually are qualified to be in a best ideas portfolio. What do you constitute a thorough analysis of a company? It's basically the whole game process ossis. So it's you have to have a strong sector construct knowing what drives the competition knowing that an Amex of WHO's competing against to when how each of these companies in the group makes money and then it's a matter of staying on top of that and maintaining this framework as competition happens and businesses evolve and management teams come as management teams. Go and when we find things which are basically just changes. Hey this is the way things used to be. They're going to be different now. That is the kind of thing that makes us when a dive in and understand what is going to be different and as we do that ultimately we wanted to be expressed in some change in a financial financial metric it could be sales lie it could be the margins it can be earnings something in a a year from now two years from now two and a half years from now where we see the earnings or cash or whatever is going to drive Mr markets appetite if we see them potentially markedly surprising. The consensus investor. Then we have a chance to take advantage of that. So that's going to be a lot of financial model. We build financial models for all the companies in the focus. That's the that's the modeling rolling. And that's a fidelity thing it's a lot of managers thing but that's the only thing we did a lot of FIDO and it's still a big part of me and that's how I get the the conviction again. We don't try to get too to bog down in rabbit holes and say Oh if you do this and they do that and then they do that and then this happens in this might work it just more about going through the lies okay if these products are successful in from the doing the look like they might Ip. What could happen to Ernie's happened gross margins? How much does that fill down? We've been successful historically in a large automobile manufacturer that with Gary Is. CEO that embarked on a campaign of value creation and it was such a shock to the system for the people that were perishing the company they refuse to process it and then if you looked at what they were doing in their footprint there were changing around the kinds of cars they were making and we'd just a very simple stuff..

Mr Market Europe Dixon Danny Gulf Sweden Bisi US Asia Ernie Gary Ben Grab UK Alpha Europe CNBC
"mr. market" Discussed on Invested: The Rule #1 Podcast

Invested: The Rule #1 Podcast

12:09 min | 1 year ago

"mr. market" Discussed on Invested: The Rule #1 Podcast

"Okay so I'm going to give you. An example of a company. Bought was exactly that situation all right because I I do occasionally and it did go into the risky Biz portfolio. But that's Google so it came public. I don't know just under a hundred bucks or something something back in the day and I didn't really understand it so I didn't buy it at the IPO. Even though it had several years of track record was cash. Low positive is it if I bought it at two hundred so I bought it after it had already doubled once so he was at its historical high and I still bought it. So this is the exception that proves the rule in my view is that this is this was to me a pretty easy call because I use their product a lot and I came to understand it and I think understanding it was not something a lot of people had done yet. They didn't understand how it's business model worked and it was so new that it didn't fit the criteria for a lot of what fund managers put money in. So there's the exception all right. I'm I'm okay with that exception I could figure out Google and I still love it. It's still an amazing company. I couldn't figure out Amazon and neither could Buffett and Munger too hard even though some Wall Street people did all right. I couldn't figure out what they screwed up on that one. Yeah they screwed up on it. You're GonNa have to let some stuff go. You're going to realize that we screw up a lot more than than we want to say but our screw ups are are errors of omission. We don't do something we could have. Maybe done those are screw ups. I can handle. I don't mind not making money on something I wasn't sure are about even though it goes up and I'm telling you I have to deal with that all the time my my analysts will pick something and they'll look at it and they'll go. This is going to blast off. If I don't I don't get it. I don't buy it and then doubles right and I'm just like well. That's the way she goes when you're following this strategy of six inch bars you're GONNA have companies. You didn't buy into that took off. Yeah we did talking about that. I'm so so. Unity grasping has been. Are you agreeing with me here. That as basic strategy if that thing hasn't had an event that creates fear you're in all of those analysts as they jockey quarter to quarter for. WHO's the best within event? That's going to last a year to three years. It's GonNa kick almost all the fund managers out of that business because they don't want to be in it for a year of losing money. They are going to go and when they do. Then we've got something. It's more of a of a six inch bar. Not all of them are six bars but enough of the mar that we can make an incredible rate of return by being patient. And I'm not trying to be better than Mr Market at picking high prices and saying that they're on sale. Yeah I mean I agree. I also so think that there are a lot of companies that have been have been underpriced at points at which They may be didn't look underpriced. And I find those intriguing well. Yeah just don't intriguing into your portfolio. I mean this is. This is to to our our to our whole population of investors. There's who have a huge range of skills and a huge range of of Different kinds of passions and things are interested in that the basics of our style of investing are so fundamental. And if you stick with him you are going to get rich. There's no way you won't it's stepping out of the boundaries of of of our skill set. That's what gets you losses and the violation of rule number one where you think you know the thing is that high price but you think thank you know. What's on sale all right? So if you're GONNA do that sort of thing going to jump in and buy something you think is on sale Even though now the market is screaming that they don't think it's on sale just at least take a step back and be humble for a moment and say. Wow maybe be. There's something going on here. I don't understand. Maybe they know stuff. I don't know because they've got contacts in New York and they've got friends everywhere and they talked to venture capital guys who've whatever right. They totally are networked in ways. We aren't very different thing from being smart. It's it's just different information. It's an information symmetry. The point is that this whole thing about like how they are smarter than us is like so contrary to the whole thing of their dumber than us and therefore they miss price stocks. All the time and I'm just this whole sort of dichotomy constantly like who's smarter and WHO's dumber. I just feel like it's kind of silly and it's really about the amount of information that people have. I I think you and I and a lot of people listening to this. PODCAST are very smart and if we put our minds to it we can do this That's what I've learned and this idea that like these mysterious faceless. People are like dumber smarter. I just don't find that useful. But maybe maybe it's tasteful to other people. Well I think it's very useful. I think you should really listen to your dad really and be a little humble Lina situation to all the same schools. You're not intimidated by all these Ivy League. My Point my point is that you started out my education. Shen telling me that those people were dumb and we spent like a year debating whether or not they were dumb. I was arguing for their intelligence. And now so you're telling me they're really smart not trying to argue for their dumbness. But I'm trying to say we are just as smart well. I'm pretty sure sure I've never said that. Those Harvard graduates are dumb. A pressure teeth. Reassure her her in the context of fear they do dumb things and that's very different. Now I distinctly remember you say the people must be stupid. Why else would they do what they do if I said it it's hyperbole because I know they're smart people? It's just that fear makes people do dumb things. It really does not right. I mean when you don't have to be doing something you do it anyway or as we spent a bunch of time talking about it's not it's not dumbness or smartness or fear even or our bravery or whatever it's it's different incentives than what we have and I think actually here again I would would make the same point so in this situation. What you're saying is that people who are professional in the finance world tend to have maybe more sort sort of scuttle but talk on the street type of now you've got me using the word scuttle but scuttled the talk on the street type of information of like Oh so and so it was going to quit? But you know we're like Won't be at the company next year for whatever like gossipy reason and we who are sitting in our houses on Main Street. Don't have that information which is totally correct and again it's just different As an asymmetries instead of being incentives it's information mission and I think that that's really important to acknowledge and actually I'm really glad we're making this point that there is different information From what from what I have you know sitting in my house looking at the Internet and reading newspapers compared to To somebody on Wall Street it is different and sometimes times that information makes them act in your words dumb because because they go and they make decisions based on some week weekly thing or monthly thing or quarterly thing and sometimes it makes them take decisions that are in your words smart because it makes them. I'm not buy into a stock where the CEO's about to quit and And just being aware that that information is different I think is actually really important. I'm really talking about it and having a bit of an Aha moment right now. Okay so you could have this that Ben Graham so many years ago ninety years ago made an incredible sort of had incredible insight And that incites said that in the long run the stock market is away in machine. It is GONNA properly value each company but in the short run. It's a voting machine and by that he meant it's about momentum and emotion right in the short run and and so we know that because of momentum emotion momentum momentum down it can be momentum up an emotion is fear and greed the short run pricing on stocks can badly off of their value. So we know this is the general thesis that we follow as ruler investors. That stocks could be badly off of their their actual value for some relatively short period of time and over the relatively long pretty time. They're going to be properly balanced. They're probably priced. Which is why I think you you emphasize so much? The historical high part of that. He's exactly right because if the company is historically not gone above this price point ever and there's no visible event. Then where's the emotion coming from. There's no momentum carrying it forward forward at this point because it's peaked out. It's all been momentum to this point. Where's the emotion? Where's the fear? and where's the greed. It's drained out of the market and when it straightened out of the the market you're GONNA be looking at a company that Mr Market is looking at pretty objectively and it may be priced properly. He maybe Aby Wayne that company actually pretty properly for what's going on there so I really think we should wrap this this around a bit but I would love you to think more seriously. Disley take it more seriously that if you really don't identify the fear and the event that's driving the fear be very very careful. Roll before you pull the trigger on a company where it doesn't have that I've just written down for myself which I think might make it onto my checklist. Where is the emotion whereas the fear? Where's the greed? I'm not sure I've actually pinpointed like that. That angle to it. It's like. Oh what's the event what's happening with it. Why do you know whatever ever Blah Blah Blah but not like? Where is it like if you're looking at a company that's just been on a really lovely steady upswing whereas the emotion? It's like you're right there isn't there's no fear there's no greed is just sort of everything's great. Everything's good Except that accept that. Maybe it's not because Kerr not pricing higher. Well we got another question. Yes we next time another quick question. Yeah we're GONNA knock five or six of these in one shot but we don't so the next one I think is really cool and it's a really good question about Public companies in bankruptcy. Yeah all right so we'll be back next week with that and thanks everybody. Thanks for bearing with my brain fog. It'll probably be here for another few.

Mr Market Google Amazon Lina Ivy League Harvard Buffett New York Kerr Munger Shen Aby Wayne Ben Graham
"mr. market" Discussed on 790 KABC

790 KABC

05:25 min | 2 years ago

"mr. market" Discussed on 790 KABC

"La. And of course, we are very proud of that. And it is extremely important to us to be ethical and to be fully disclosing everything and honesty above reproach. And we believe that we are fiduciary also as a registered investment advisor. But at the same time, this does not mean that the Better Business Bureau is recommending us to be your financial adviser, just so you know, they're just talking about. That's all anyway, we are back and we're talking now about our philosophy. So since we work with clients who are primarily as I mentioned retired or retiring soon who are over fifty our philosophy is that we want to protect principle. I that's job number one for us. And this is actually contrary in many ways to the notion of buy and hold okay? Because buying hold says that you have diversified portfolio of quality investments, you rebalance them. Maybe prianti to keep them in the risk profile that you're supposed to be. Be in. And then your job is done. We'll see the problem with that is that if you have a bear market such as thousand eight or why do k and many others, then you're violating the rule of rule number one. Which is don't lose money. Right. Protect principle you're violating their rule, and that's a role we have. And so therefore, we believe that you should have a strategy of buy hold and protect okay? I believe there is no doubt. So you we want to protect your principal, and one of the things that is always very nice for me is when somebody who's way smarter and way better at all this stuff, and I'll ever be agrees or has agreed to it to what I our philosophy. Right. And so one of the things that we have all of our advisers, go through is the charter retirement planning counselor designation. Okay. We we put them through that professional designation, which is to be a retirement planning counselor to be chartered in that in that regard. And so I'm going through the program myself, and one of the things that I came across was this discussion about different investment, philosophies that are good for retired people and one of them that I came across was exactly what we talk about. And I was like, wow. This is really cool. So this is Benjamin Graham, okay? So Benjamin Graham is the father of modern. Security analysis and his a lot of the things that he came up with are still used by a lot of money managers today. And so he he actually was born in eighteen ninety four died in nineteen seventy eight. And he was the leading contributor in. I'm reading here from the college of financial planning chartered consultant retirement planning counselor booklet, but Benjamin gray was a leading contributor to the science of investing. He he entered a field where decisions were made on the basis of dubious tips hearsay inside information, and intuition and left it with a methodology worthy of true, profession Graham, not only developed the methods of modern security analysis used throughout the investment industry, but he pioneered the strategy of value, investing and Graham was extremely careful and thorough investor and he held safety of principle as the first requirement protect principle. I after that, you can do whatever you want. But that's the first one. And so he also I really found this to be interesting. He there's a parable here that I wanna read to you Graham, use a parable of Mr. market too ill. Straight importance of his philosophy. Okay. So in the example, that he used the stock investor is a partner in a business with other partners. One of whom is Mr. market, Mr. market can be very emotional and subject at times to extremes of euphoria and depression. I would say that's true. Each day. Mr. market offers the investors opportunity to buy or sell the investors stock to him. Sometimes Mr. market is your fork, and some and therefore it will trade the stock at a very high price to partner the investor at other times, Mr. market is very despondent. And we'll trade the stock at depressed prices much below its true value, Mr. market does not care if he takes advantage of the investor nor does he care if the investor takes advantage of him. It is up to the investor to understand these mood swings and use them to make smart profitable trade with Mr. market. Okay. So that's Benjamin Graham, and that is what we believe as well. Our belief system is that you need to be aware that Mr. market can become very depressed. And when Mr. market becomes depressed. He goes way way down as in SNP down fifty seven percent in the talk market crash of oh eight and forty nine percent in Y two K and other times we had. Big drops. And when Mr. market is depressed, you need to not be in the market taking a beating when that's happening. That's. It is very interesting. That's why we believe you should have a buy hold and protect strategy to get out when Mr. market is depressed because why rule number one don't lose money. Am I alone on this? Does anybody agree with that? So if you're retired or retiring soon, I think it is so important to preserve your principal. And we talked about it a lot on this show and with our clients, and that is that the five years.

Mr. market Benjamin Graham Better Business Bureau principal partner La. fiduciary advisor Benjamin gray consultant fifty seven percent forty nine percent five years two K
"mr. market" Discussed on KTRH

KTRH

06:44 min | 2 years ago

"mr. market" Discussed on KTRH

"And of course, we are very proud of that. And it is extremely important to us to be ethical and to be fully disclosing everything and honesty above reproach. And we believe that we are fiduciary also as a as a registered investment adviser. But at the same time, this does not mean that the Better Business Bureau is recommending us to be your financial adviser, just so you know, they're just talking about ethics. That's all. But anyway, we are back and we're talking now about our philosophy. So since we work with clients who are primarily as I mentioned retired or retiring soon who are over fifty our philosophy is that we want to protect principle. I that's job number one for us. And this is actually contrary I in in many ways to the notion of buy and hold, okay? Because buying hold says that you have diversified portfolio of quality investments, you rebalance done maybe prianti to keep them in the risk profile that you're supposed to be in. And then your job is done. We'll see the problem with that is that if you have a bear market such as two thousand and eight or why do k and many others, then you're violating the rule of rule number one. Which is don't lose money. Right. Protect principle. You're violating that rule. And that's a rule we have. And so therefore, we believe that you should have a strategy of buy hold and protect okay? Doubt about there is no doubt. So you want to protect your principal. And you know, one of the things that is always very nice for me is when somebody who's way smarter and way better at all this stuff than I'll ever be agrees or has agreed to it to what I our philosophy. Right. And so one of the things that we we have all of our advisers, go through is the charter retirement planning counselor designation. Okay. We we put them through that professional designation, which is to be a retirement planning counselor to be chartered in that in that regard. And so I'm going through the program myself, and one of the things that I came across was this discussion about different investment, philosophies that are good for retired people and one of them that I came across was exactly what we talk about. And I was like, wow. This is really cool. So this is Benjamin Graham, okay? So Benjamin Graham is the father of modern. Security analysis and his a lot of the things that he came up with are still used by a lot of money managers today. And so he he actually was born in eighteen ninety four died in nineteen seventy eight. And he was the leading contributor in. I'm reading here from the college of financial planning chartered a consultant retirement planning counselor booklet, but Benjamin gray was a leading contributor to the science of investing. He he entered a field where decisions were made on the basis of dubious tips hearsay inside information, and intuition and left it with a methodology worthy of true profession Graham, not only developed the analytical methods of modern security analysis used throughout the investment industry, but he pioneered the strategy of value, investing and Graham was extremely careful and thorough investor and he held safety of principle as the first requirement protect principle. I after that, you can do whatever you want. But that's the first one. And so he also, and I and I really find this to be interesting. He he there's a parable here that I want to read to you Graham, use a parable of Mr. market too ill. Straight importance of his philosophy. Okay. So the example that he used the stock investor is a partner in a business with other partners. One of whom is Mr. market, Mr. market can be very emotional and subject at times to extremes of euphoria and depression. I would say that's true. Each day. Mr. market offers the investors to buy or sell the investors stock to him. Sometimes Mr. market is your fork and some time and therefore will trade the stock at a very high price to his partner. The investor at other times, Mr. market is very despondent. And we'll trade the stock at depressed prices much below its true value. Mr. market does not care. If you take advantage of the investor, nor does he care if the investor takes advantage of him. It is up to the investor to understand these mood swings and used them to make smart profitable trades with Mr. market. Okay. So that's Benjamin Graham, and that is what we believe as well. Our belief system is that you need to be aware that Mr. market can become very depressed, and when Mr. market becomes depressed. He goes way way down as in SNP down fifty seven percent in the talk market crash of eight and forty nine percent in Y two K and other times, you know, we had. Big drops. And when Mr. market is depressed, you need to not be in the market taking a beating when that's happening. That's interesting. It is very interesting. That's why we believe you should have a by hold at protect strategy to get out when Mr. market is depressed because why rule number one don't lose money. Am I alone on this? Does anybody agree with that? So if you're retired or retiring soon, I think it is so important to preserve your principal. And we talk about it a lot on this show and with our clients, and that is that the five years before you retire after are the single in our opinion, the single most important decade of your entire financial life because if you lose forty or fifty percent of your money during that decade, many studies have shown that you could run out of money during your lifetime. Certainly you'll be difficult for you to retire. If you wanted to when you when you wanted to a lot about things come with that that we don't want for you. Okay. So here's what I'd like for you to go to our website. It's money matters dot net. Moneymatters dot net. And when you're there what you'll see is you can sign up for one of our seminars, or you can meet with an adviser what we want to do at the seminar is talk with you about social security when and how to take it. In fact, we're gonna talk about the fact that the IRS. Out. Yeah. Those guys they want attacks eighty five percent of your social security benefit. Did you know that eighty five percent? We'll show you how to beat it. If it's at all possible. We want to talk about your 4._0._1._K. We want to talk about where to get income. Do you have enough money to retire on? And we're gonna talk about reducing your income taxes five strategies to do that. We have a lot of information that we believe that someone who is over fifty retired or retiring soon would find beneficial. So if that's you money matters dot net is the website moneymatters dot net. All right. We're gonna take a break. And when we come back, we're gonna talk about how to pass on to your spouse, the fruits of your joint or separate labor. So stay tuned. This is money matters..

Mr. market Benjamin Graham Better Business Bureau principal fiduciary Benjamin gray partner consultant IRS eighty five percent fifty seven percent forty nine percent fifty percent five years two K
"mr. market" Discussed on KFI AM 640

KFI AM 640

05:24 min | 2 years ago

"mr. market" Discussed on KFI AM 640

"And of course, we are very proud of that. And it is extremely important to us to be ethical and to be fully disclosing everything and honesty above reproach. And we believe that we are fiduciary also as a as a registered investment adviser. But at the same time, this does not mean that the Better Business Bureau is recommending us to be your financial adviser, just so you know, they're just talking about ethics. That's all. But anyway, we are back and we're talking now about our philosophy. So since we work with clients who are primarily as I mentioned retired or retiring soon, we're over fifty our philosophy is that we want to protect principle. I that's job number one for us. And this is actually contrary in in many ways to the notion of buy and hold okay? Because buying hold says that you have diversified portfolio of quality investments, you rebalance them maybe prianti to keep them in the risk profile that you're supposed to be in. And then your job is done. We'll see the problem with that is that if you have a bear market such as two thousand eight or y two K and many others, then you're violating the rule of rule number one. Which is dull lose money, right? Protect principle. You're violating that rule. And that's a real we have. And so therefore, we believe that you should have a strategy of buy hold and protect okay? I believe there is no doubt. So you want to protect your principal. And you know, one of the things that is always very nice for me is when somebody who's way smarter way better at all this stuff, and I'll ever be agrees or has agreed to it to what I our philosophy. Right. And so one of the things that we have all of our advisers, go through is the charter retirement planning counselor designation. Okay. We went are we put them through that professional designation, which is to be a retirement planning counselor to be chartered in that in that regard. And so I'm going through the program myself, and one of the things that I came across was this discussion about different investment, philosophies that are good for retired people and one of them that I came across was exactly what we talk about. And I was like, well, this is really cool. So this is Benjamin Graham, okay? So Benjamin Graham is the father of modern soc-. Curie analysis and his a lot of the things that he came up with are still used by a lot of money managers today. And so he he actually was born in eighteen ninety four died in nineteen seventy eight. And he was the leading contributor in. I'm reading here from the college of financial planning chartered a consultant retirement planning counselor booklet, but Benjamin gray was a leading contributor to the science of investing. He he entered a field where decisions were made on the basis of dubious tips hearsay inside information, and intuition and left it with a methodology worthy of true, profession Graham, not only developed the unethical methods of modern security analysis used throughout the investment industry, but he pioneered the strategy of value, investing and Graham was extremely careful and thorough investor and he held safety of principle as the first requirement protect principle. I after that, you can do whatever you want. But that's the first one. And so he also, and I really find this to be interesting. He he there's a parable here that I wanna read to you Graham, use a parable of Mr. market too ill. Straight the importance of his philosophy. Okay. So in the example, that he used the stock investor is a partner in a business with other partners. One of whom is Mr. market, Mr. market can be very emotional and subject at times to extremes of euphoria and depression. I would say that's true. Each day. Mr. market offers the investors opera tuneD to buy or sell the investors stock to him. Sometimes Mr. market is your fork and some and therefore will trade the stock at a very high price to his partner. The investor at other times, Mr. market is very despondent. And we'll trade the stock at depressed prices much below its true value, Mr. market does not care if he takes advantage of the investor nor does he care if the investor takes advantage of him. It is up to the investor to understand these mood swings and used them to make smart profitable trade with Mr. market. Okay. So that's Benjamin Graham, and that is what we believe is. Well, our belief system is that you need to be aware that Mr. market can become very depressed. And when Mr. market becomes depressed. He goes way way down as in SNP down fifty seven percent in the talk market crash of oh eight and forty nine percent in Y two K and other times, you know, we had. Big drops. And when Mr. market is depressed, you need to not be in the market taking a beating when that's happening. That's. It is very interesting. That's why we believe you should have a buy hold and protect strategy to get out when Mr. market is depressed because why rule number one don't lose money. Am I alone on this? Does anybody agree with that? So if you're retired or retiring soon, I think it is so important to preserve your principal. And we talk about it a lot on this show and with our clients, and that is that the five years before.

Mr. market Benjamin Graham Better Business Bureau principal partner fiduciary Benjamin gray Curie consultant two K fifty seven percent forty nine percent five years
"mr. market" Discussed on KTAR 92.3FM

KTAR 92.3FM

06:48 min | 2 years ago

"mr. market" Discussed on KTAR 92.3FM

"La. And of course, we are very proud of that. And it is extremely important to us to be ethical and to be fully disclosing everything and honesty above reproach. And we believe that we are fiduciary also as a as a registered investment adviser. But at the same time, this does not mean that the Better Business Bureau is recommending us to be your financial adviser, just so you know, they're just talking about ethics. That's all. But anyway, we are back and we're talking now about our philosophy. So since we work with clients who are primarily as I mentioned retired or retiring soon who are over fifty our philosophy is that we want to protect principle. I that's job number one for us. And this is actually contrary in in many ways to the notion of buy and hold okay? Because buying hold says that you have a diversified portfolio of quality investments, you rebalance done maybe Priyadarshini to keep them in the risk profile that you're supposed to be. Be in. And then your job is done. We'll see the problem with that is that if you have a bear market such as two thousand eight or why do and many others, then you're violating the rule of rule number one. Which is don't lose money. Right. Protect principle. You're violating that rule. And that's a rule we have. And so therefore, we believe that you should have a strategy of buy hold and protect okay? No doubt about it. I believe there is no doubt. So you we want to protect your principal, and one of the things that is always very nice for me is when somebody who's way smarter and way better at all this stuff than I'll ever be agrees or has agreed to it to what I our philosophy. Right. And so one of the things that we have all of our advisers, go through is the charter retirement planning counselor designation. Okay. We went are. We put them through that professional designation. Which is to be a retirement planning counselor to be a chartered in that in that regard. And so I'm going through the program myself, and one of the things that I came across was this discussion about different investment, philosophies that are good for retired people and one of them that I came across was exactly what we talk about. And I was like, wow. This is really cool. So this is Benjamin Graham, okay? So Benjamin Graham is the father of modern security analysis, and his a lot of the things that he came up with are still used by a lot of money managers today. And so he he actually was born in eighteen ninety four died in nineteen seventy eight. And he was the leading contributor in. I'm reading here from the college of financial planning, so chartered a consultant retirement planning counselor booklet, but Benjamin gray was a leading contributor to the science of investing. He he entered a field where decisions were made on the basis of dubious tips hearsay inside information, and intuition and left it with a methodology worthy of the true profession Graham, not only developed the analytical methods of modern security analysis used throughout the investment industry, but he pioneered the strategy of value, investing and Graham was extremely careful and thorough investor and he held safety of principle as the first requirement protect principle. I after that, you can do whatever you want. But that's the first one. And so he also, and I really found this to be interesting. He there's a parable here that I want to read to you Graham, use a parable of Mr. market too ill. Straight the importance of his philosophy. Okay. So in the example, that he used the stock investor is a partner in a business with other partners. One of whom is Mr. market, Mr. market can be very emotional and subject at times to extremes of euphoria and depression. I would say that's true. Each day. Mr. market offers the investors in opportunity to buy or sell the investors stock to him. Sometimes Mr. market is your fork and some and therefore will trade the stock at a very high price to his partner. The investor at other times, Mr. market is very despondent. And we'll trade the stock at depressed prices much below its true value, Mr. market does not care if he takes advantage of the investor nor does he care if the investor takes advantage of him. It is up to the investor to understand these mood swings and used them to make smart profitable trades with Mr. market. Okay. So that's Benjamin Graham, and that is what we believe is. Well, our belief system is that you need to be aware that Mr. market can become very depressed, and when Mr. market becomes depressed. He goes way way down as in SNP down fifty seven percent in the stock market crash of oh eight and forty nine percent in Y two K and other times, you know, we had. Big drops. And when Mr. market is depressed, you need to not be in the market taking a beating when that's happening. That's interesting. It is very interesting. That's why we believe you should have a by hold at protect strategy to get out when Mr. market is depressed because why rule number one don't lose money. Am I alone on this? Does anybody agree with that? So if you're retired or retiring soon, I think it is so important to preserve your principal. And we talk about it a lot on this show in with our clients. And that is that the five years before you retire in the five years after are the single in our opinion, the single most important decade of your entire financial life because if you lose forty or fifty percent of your money during that decade, many studies have shown that you could run out of money during your lifetime. Certainly you'll be difficult for you to retire. If you wanted to when you when you want it to a lot about things come with that that we don't want for you. Okay. So here's what I'd like for you to go to our website. It's money matters dot net. Moneymatters dot net. And when you're there what you'll see is you can sign up for one of our seminars, or you can meet with an adviser what we want to do at the seminar is talk with you about social security when and how to take it. In fact, we're going to talk about the fact that the IRS. Out. Yeah. Those guys they want attacks eighty five percent of your social security benefit. Did you know that eighty five percent? We'll show you how to beat it. If it's at all possible. We want to talk about your 4._0._1._K. We want to talk about where to get income. Do you have enough money to retire on? And we're going to talk about reducing your income taxes five strategies to do that. We have a lot of information that we believe that someone who is over fifty retired or retiring soon would find beneficial. So if that's you money matters dot net is the website moneymatters dot net. All right. We're gonna take a break. And when we come back, we're going to talk about how to pass on to your spouse, the fruits of your joint or separate labor. So stay tuned. This is money matters. And I am Ken moraif..

Mr. market Benjamin Graham Better Business Bureau principal partner Priyadarshini La. fiduciary Benjamin gray Ken moraif consultant IRS eighty five percent five years fifty seven percent forty nine percent fifty percent
"mr. market" Discussed on KTRH

KTRH

07:23 min | 2 years ago

"mr. market" Discussed on KTRH

"And we are back. This is money matters with Ken moraif. And of course, I am your host Ken moraif. Thank you, Jack. I have been a certified financial planner professional for the last twenty marvelous wonderful and very exciting years. And all of the ideas that we talk about on this show. These are the very same ideas that we talk about with our beloved and most valued clients, and we are a firm that specializes in retirement planning. So our clients are primarily people who are over the age of fifty who are retired or retiring soon and actually for the second year, we've been nominated twice by the north central Texas Better Business Bureau for the torch award for ethics, and in fact, this last year we actually won the award for for ethics torture award for ethics from the Better Business Bureau. And of course, we are very proud of that. And it is extremely important to us to be ethical and to be fully disclosing everything and honesty above reproach. And we believe that we are fiduciary also as a as a registered investment adviser. But at the same time, this does not mean that the Better Business Bureau is recommending us to be your financial adviser, just so you know, they're just talking about ethics. That's all. But anyway, we are back and we're talking now about our philosophy. So since we work with clients who are primarily as I mentioned retired or retiring soon who are over fifty our philosophy is that we want to protect principle. I that's job number one for us. And this is actually contrary in in many ways to the notion of buy and hold okay? Because buying hold says that you have diversified portfolio of quality investments, you rebalanced them maybe prianti to keep them in the risk profile that you're supposed to be in. And then your job is done. We'll see the problem with that is that if you have a bear market such as thousand eight or why two K and many others, then you're violating the rule of rule number one. Which is don't lose money. Right. Protect principle. You're violating rule, and that's a rule we have. And so therefore, we believe that you should have a strategy of buy hold and protect okay? I believe there is no doubt. So you we want to protect your principal, and one of the things that is always very nice for me is when somebody who's way smarter and way better at all this stuff than I'll ever be agrees or has agreed to it to what I our philosophy. Right. And so one of the things that we we have all of our advisers, go through is the charter retirement planning counselor designation. Okay. We went are we put them through that professional designation, which is to be a retirement planning counselor to be chartered in that in that regard. And so I'm going through the program myself, and one of the things that I came across was this discussion about different investment, philosophies that are good for retired people and one of them that I came across was exactly what we talk about. And I was like, wow. This is really cool. So this is Benjamin Graham, okay? So Benjamin Graham is the father of modern. Security analysis and his a lot of the things that he came up with are still used by a lot of money managers today. And so he he actually was born in eighteen ninety four died in nineteen seventy eight. And he was the leading contributor in. I'm reading here from the college of financial planning chartered a consultant retirement planning counselor booklet, but Benjamin gray was a leading contributor to the science of investing. He he entered a field where decisions were made on the basis of dubious tips hearsay inside information, and intuition and left it with a methodology worthy of true profession Graham, not only developed the analytical methods of modern security analysis used throughout the investment industry, but he pioneered the strategy of value, investing and Graham was extremely careful and thorough investor. He held safety of principle as the first requirement protect principle. I after that, you can do whatever you want. But that's the first one. And so he also, and I really find this to be interesting. He he there's a parable here that I want to read to you Graham, use a parable of Mr. market too ill. Straight importance of his philosophy. Okay. So the example that he used the stock investor is a partner in a business with other partners. One of whom is Mr. market, Mr. market can be very emotional and subject at times to extremes of euphoria and depression. I would say that's true. Each day. Mr. market offers the investors inoperability to buy or sell the investors stock to him. Sometimes Mr. market is your fork and some time and therefore will trade the stock at a very high price to his partner. The investor at other times, Mr. market is very despondent. And we'll trade the stock at depressed prices much below its true value, Mr. market does not care if he takes advantage of the investor nor does he care if the investor takes advantage of him. It is up to the investor to understand these mood swings and used them to make smart profitable trades with Mr. market. Okay. So that's Benjamin Graham, and that is what we believe is. Well, our belief system is that you need to be aware that Mr. market can become very depressed. And when Mr. market becomes depressed. He goes way way down as in SNP down fifty seven percent in the talk market crash of oh eight and forty nine percent in Y two K and other times, you know, we had. Big drops. And when Mr. market is depressed, you need to not be in the market taking a beating when that's happening. That's interesting. It is very interesting. That's why we believe you should have a buy hold at protect strategy to get out when Mr. market is depressed because why rule number one all lose money. Am I alone on this? Does anybody agree with that? So if you're retired or retiring soon, I think it is so important to preserve your principal. And we talk about it a lot on this show and with our clients, and that is that the five years before you retire in the five years after the single in our opinion, the single most important decade of your entire financial life because if you lose forty or fifty percent of your money during that decade, many studies have shown that you could run out of money during your lifetime. Certainly you'll be difficult for you to retire. If you wanted to when you when you wanted to a lot about things come with that that we don't want for you. Okay. So here's what I'd like for you to go to our website. It's money. Moneymatters dot net moneymatters dot net. And when you're there what you'll see is you can sign up for one of our seminars, or you can meet with an adviser what we want to do at the seminar is talk with you about social security when and how to take it. In fact, we're gonna talk about the fact that the IRS. Out. Yeah. Those guys they want attacks eighty five percent of your social security benefit. Did you know that eighty five percent? We'll show you how to beat it. If it's at all possible. We want to talk about your 4._0._1._K. We wanna talk about where to get income. Do you have enough money to retire on? And we're gonna talk about reducing your income taxes five strategies to do that. We have a lot of information that we believe that.

Mr. market Benjamin Graham Better Business Bureau Texas Better Business Bureau Ken moraif principal Jack fiduciary Benjamin gray partner consultant IRS eighty five percent five years two K fifty seven percent forty nine percent fifty percent
"mr. market" Discussed on Invest Like the Best

Invest Like the Best

04:27 min | 2 years ago

"mr. market" Discussed on Invest Like the Best

"So it was an example of private capital in Iraq taking this ailing franchise and transforming it into the strong very profitable business that we find today. What's this guy's name? I probably shouldn't say his name just because he tries to stay away. He still has a stake in the business, but he's not running it anymore, and he just likes to stay out of the spotlight. But the guy running it now is actually better than he was he sleeps at the factory. Although I guess Elon Musk sleeps at tesla. So I'm not sure that's necessarily a good thing. But I guess that doesn't necessarily mean that you're going to have an efficient operation, but. We found that there were examples like this at these guys were profit-driven, they're really looking to capitalize on the economic turnaround that was taking place in the country, and they were looking for these sort of distressed, but very promising companies, and they're putting private capital at work to transform it. And doing it in a way that very much resembled what you would find in the west. It's one of the great success stories and the Iraqi stock market emission Bank grammar earlier, and I've seen interviews with you elsewhere, this idea that maybe the voting weighing machine thing holds true in the west. But may not always hold trillion on the same time scale in markets like this. So even with a company like the soft drink company or there's an epoch turnaround does price accurately and over some period reflected. Snow not in our experience, not yet at least our existence as a fund has been characterized by completely inefficient pricing of these assets. You have very severe mis pricings of these stocks stock could be misprint. Just by being overvalued or undervalued. And fortunately for us. It's been strictly undervalued you wanna stick around long enough to get to the point where Mr. market gets manic, and as very optimistic view and starts assigning, very high multiples to companies earnings, but to just explain the concept of voting machine is this idea that in the short term stocks are driven by popularity and sentiment which is not a very good or officiant way of pricing and asset but over the long run, Ben Graham guest believed that fair value Vanessa would be reflected in the stock market because market participants are going to accurately way its value. We've just been sort of stuck in the voting machine phase where we have just local investors who are more interested in rights offerings and stock dividends than they are about company fundamentals and very few foreigners have come in. The follows. I don't mean to say this insulting way. But the fact of the matter is you have an unsophisticated group of locals. Who are more or less determining the price level on any given day, and they're not relying on fundamentals to do that. So it's been a bit frustrating in that regard because Baghdad soft drinks its revenues of I believe tripled in the last ten years and cash flow from operations per share as compounded at about twenty percents for the last decade. But the stock is maybe doubled in if Baghdad soft drinks was called. I don't know like Pakistan, soft drinks, it would be trading twenty five or thirty times earnings. It would have had a significant rerating. There was even a point in time in Nigeria when you would find companies like this trading at twenty or thirty times trailing earnings and what's frustrating from our point of view is Nigeria and weighs more screwed up than Iraq. Is they have a problem with Al Qaeda or Kaieda filial Boko haram that controls the northeast part of the country. Their oil production has been declining for decade. They're g. GDP per capita is well below in rocks. And the rockets got a measure of macro stability that Nigeria. Really never has. And people get really excited about Nigerian because we're product companies because there's huge Margaret. Yes, he's market, exactly. And it's new relatively new. So they get excited about the potential growth, but the risks in Nigeria are in a way greater than the risks you face in Iraq. But because Iraq has this sort of enduring negative perception people just stay away from it. It's really become the leper of the frontier emerging market investment universe. How do you? Compare sentiment about Iraqi equities today relative to when you started. And then the second part of this question is kind of a John Malone question..

Nigeria Iraq Baghdad Elon Musk tesla Mr. market John Malone Pakistan emission Bank Vanessa Ben Graham ten years
"mr. market" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:41 min | 2 years ago

"mr. market" Discussed on Bloomberg Radio New York

"Little, Mr. market. Call them to the principal. Right or Madame market exchange that minorities came out more specifically addressed the volatility in going into that December meeting the s&p was down about twelve percent. And they raised rates anyways and promised more where that came from and no change the balance cheap policy in the market said enough. And I think that the fact that it's hard to sort it all out, I guess a lot of people say in the end, it makes perfectly good sense for the fed to stop now for a while and watch and see what happens stressed their data dependence. I'm still struck by what Charlie Evans president Chicago fed told me week before last he said all these great things about the economy, and I really pushed him on. Well, how much how much of a role did the stock market play? Oh, well, he just listed that whole long list of things for them to pause. But when but he did say he would not be surprised to see rates higher at the end of the year than they are. Now, I think that to me says a lot that there is a consensus view is, of course, even Esther George who's a very hawkish fed Bank president from Kansas City fine with a pause for now. But they're betting they're probably betting to trade yoga's past government shutdown all that gets resolved. And at some point you can step back from all that. And then I think they figure that this predominance has strengthened the economy research itself, I think the big question. So when we see manufacturing slowing down as it has not just. In the US. But in other countries when you see that you just kind of wonder how quickly the economy will shrug all this off once it is going again. But then again, are we supposed to see a job a good jobs report on Friday? We should see good jobs report on Friday. I think as we think about the trajectory of twenty nine thousand nine it is very much the mirror image of two thousand eighteen twenty eighteen started off very strong. And then things kind of faltered in the back half of the year twenty nineteenth going to be the mirror image. So the opposite of that. We're going to see kind of a tough slog in the first half of the year. So maybe the shutdown takes a little bit of a toll on economic confidence and whatnot which we saw in the consumer confidence numbers. It was all forward expectations at tier rated present conditions held up just fine. But we're looking at this probably a little bit of a wobble in corporate profits and earnings in the first half of the year. Maybe that impacts sentiment in hiring an investment and all those things. But by the time, we get to mid year and realize we're not heading into recession that was. Just a soft patch, and we'll get through it the second half of the year. I think could look much more vigorous and mind, you were still below four percent on the unemployment rate. So if we're looking at the back half of the year, the economy's growing north to two percent, the unemployment rate is potentially into the low three percent territory that's an environment where the fed should continue. I think the question the way is all on the economy. Now, Carl laid out the case for we're gonna have a stronger, second half labor market gets even stronger, at least as strong or stays solid. But if we don't get there. That's when I think the that's when the fed has to really consider if they've done enough, right and Narayana Lakota who's a former Minneapolis Bank fed president. And I'm pretty well respected monetary economists had his bed yesterday. Our Bloomberg view saying the fed should actually be looking at the possibility you haven't he says, they haven't met their mother employment target. I don't get that. But I understand when he says they didn't meet their inflation target yet. But even that I would say I would probably personally disagree with him on. Well, we don't know yet. We don't know enough about where the economy is going to go to you guys and listening to your Carl or seems pretty optimistic outlook, and I'm thinking, wait a minute. Wasn't it just a few months ago? People were talking about recession in two thousand twenty like, so how does that fit in do you? Do you see at some point twenty twenty twenty twenty one? There will be a recession in the future. Well, yeah, I'm going to be not the immediate. But a lot of things in the future. I just don't know. Exactly. So it's all about the time. I think author still very low of a recession in twenty one thousand nine hundred twenty timeframe is long even twenty twenty as long as we have our eye on the ball and realized that tax policy fiscal policy is fading. The economy's moving towards two percent and don't set monetary policy for an economy growing at three percent chance Yankee said recently. No, he doesn't he he thinks recessions don't don't die of a natural death or expansions excuse me. They get murdered. And the idea is the fed makes a mistake. That's one thing that could help pushes into recession. That's why this is so critical say it was such a tricky time right for fed policy. Kathleen Hayes, thank you so much global economics and policy editor check her out at daybreak Asia tonight at six PM and Carl Riccadonna our chief economist Bloomberg economic all right? Let's get some world and national headlines after that we're going.

fed Carl Riccadonna president Bloomberg Madame market Mr. market principal Charlie Evans US Chicago Esther George Kathleen Hayes Kansas City Narayana Lakota Yankee chief economist
"mr. market" Discussed on WGN Radio

WGN Radio

01:43 min | 2 years ago

"mr. market" Discussed on WGN Radio

"We've just given the office mishmash. Mickey kinda wants to speak to you. I'm sorry to bring back here at this on this me because of the passport is that it I'm not interested in your call. When did you last see Harry line two weeks ago? I want the truth. We know that line is alive. What did you say? Sorry. I just come from the cemetery. Another man was better than his place. He's a very Harry is what we want to find out. Do seem able to understand anything you say, I guess live. This is doing something Reno. He's somewhere in the Russian zone in a few minutes. Captain Brodsky would be questioning you about your papers told me where line is do. Not know if you will help me, I'm prepared to help you always said you were. City lime gone getaway heightened she would would be safe from all of you. Minore tentative. All right. I didn't Brodsky. I called on Dr ankle early the next morning. I told him I wanted to talk to Harry line every line, Mr. Martins, are you? All right. I'm mad. I've seen a ghost. You just tell Harry, I want to see him today this afternoon reasonable. How can you stand there? And I saw Harry last night. I passed the park a few blocks from here on news mkaku tell Harry, I'll meet him there. You can arrange it your cooks. A great deal for granted, Mr. market. Do I go Sony ride by night, Dr Pinkus?.

Harry Captain Brodsky Dr ankle Dr Pinkus Mickey Reno Sony Mr. market Mr. Martins two weeks
"mr. market" Discussed on KFI AM 640

KFI AM 640

11:11 min | 2 years ago

"mr. market" Discussed on KFI AM 640

"Reason for that which we will get into in a minute or so, but a happy Friday eve to you at all the listeners in you're ready. Are you ready? What I what I ask a question typically respond. What's into it? Radio typically doesn't work too. Well, we call that dead air. I want to say hi to a good people in Fillmore Fillmore. Hello everybody in Fillmore this morning. Forty eight hours. There was a bar in the Fillmore. If you recall, I did not remember that. But you're right. Quite anytime you with the deep dive there. Well, anyway, good morning. So the house has to spending package and will avoid a government shutdown for now wish thank God. You know again. So in my world, what does it mean to the markets is really where you're going in again. This is just this is what we've seen over the last few years now, they just continue to push this thing forward. Nothing really get solved. They just put it off to another day. And they hope that they can continue to put it off until the next administration takes office. And it's his or her problem, and that's been the I mean that's been the routine and the markets for whatever reason seem to like that. There will come a day when Mr. market wakes up and say, you know, what this is untenable. This can't continue we need to do something about this and Mr. market will have a sell off. But we're not seeing that. Now, the market is good word. This is a Harvard word, and I mentioned that for another reason the market is impervious to all bad news. It's a brilliant word. You know, I'm not that bright. But I looked it up in my dinosaurs thing that helps with words l book thing, but the dust on it on yourself that thing. Yeah. This I mean, we've got Chinese tariffs this week. We've got the cavenaugh hearings. We've got Rosenstein, we've got the house spending Bill and the markets are the futures are up this morning. Grind grind higher. Just I we had a sell off yesterday in the back of the fed decision. The fed decided to raise rates again. That was not a surprise. They telegraph that quite well. They didn't say anything that was that out of the ordinary in terms of what they saw going forward. But the market did have this whatever some commensurate so up which we typically say, but to your point this morning, it's business as usual. And again, that's great. But you mentioned I mean, everybody seems to think everybody beating the market seems to think everything with China will go swimmingly, and there will be a deal. They'll be in accord, you'll see president Xi and President Trump arm-in-arm either in the rose garden or someplace else. But what I've said, and what I will continue to say is I think the Chinese are a much different adversary. I think they're not playing the five-month game that plane the fifty year game. And I don't see any reason for them to acquiesce and to make a deal. I think I think the Chinese pose a different type of problem for President Trump. You can't use the same playbook every frigging game. And that's what your buddy has decided. Also, you can't run with the same playbook. Every time you leave your house or the same shorts or the same shorts. That was the worst. I've ever done. You gotta you gotta change your sort. Now, you mentioned that for reasons. So I met this young man. I listen Twitter is a wonderful world. Right. And every once in a while people follow me on my who is this guy or gal following me. So I looked at your one gentleman up. His name is Terry white. And he followed me, and he is a Harvard. Grad lacrosse player at Harvard. I will say this really good looking guy. He could have done. One hundred different things after college could have gone to law school med school been a model. Go to Wall Street hedge fund startup Silicon Valley. But you know, what he decided to do? He decided abuse his entrepreneurial spirit to start a company, and I gotta tell you something he's through the trials and tribulations his built himself, a wonderful company. And I think we have Terry on the phone is that correct, please tell me that's correct. That is correct. Good morning. Hey, guys. Thank you for having me. I think guide needs to either be your I don't know man, crush or your agent. I haven't quite decided, but he is your biggest fan. I'm telling you. Yeah. We're we're still working on that we had to define the terms define your relationship. I read so tell us about first of all tell us about what inspired you to come up with the product that you have made. No, I think for me it was kind of combination between looking for that kind of post collegiate filming in purpose that really drove me to ultimately of take action. But but honestly, the Genesis of my brand it's called Warwick. Oh and changed our way of life athletic company, really just came from leaving my apartment when I was in new new graduate living in York City, and and not having a place to store a phone. So that I can listen to music while running or my apartment. Was talking my partner Keith into my socks. And I just simply said to myself, you know, there's gotta be a better way here. And that's when the idea for compression shorts with sweat proof compressive pockets built into it came into my mind, and kinda wanna hand that I that was really my lightbulb moment if you will. And as you kind of it consume media idea of building a brand, especially active apparel space. I felt like there's a lot of opportunity. This is about four four and a half five years ago when I had the idea so just excited me and and push me to poke around and eventually the ball, really studying wrong. And so literally, this is your sweat and tears in your product right now, which is a brilliant idea. And I think that you know, they always talk about how necessity seems to be the Genesis of a lot of things that our life. But that is true. I mean, I I wear these stupid rose gold colored fanny pack when I go out because they don't want to have like wet money. Well, it's good to say that one more time rose, gold colored fanny pack does your husband know, event that no I try and like hide it from member put it under my shirt or something really good. Then Quasimodo with a big Hong on the back. I think we should. Okay. So that's why Terry is gonna hook you up with some swag. I apologize for jumping and Kyrie. That's what I'm saying is ugly. What I have to wear your right? I stuck my key and my sock in it's all nice and sweaty or I'll put my five bucks like around my waist, which is always great and sweaty and gross when you have to stop somewhere. So the the idea of a compression short with a sweat proof pocket is brilliant. Thank you. I mean, the the crazy thing about it is that I think, you know, it's simple, right? Like, it's. Yes, it's brilliant a lot of ways because the applicant will to a lot of people. But I think the simplest ideas, often get overlooked, and and and in many cases, that's where the opportunity lies. I was looking on your website to and you've got t shirts. Do they have that same sort of pocket in them? You know, we've. We look at this is a I think the thing that really drives me as kind of the opportunity to to build a brand that can impact a lot of people in a more holistic way. And you know, starting with an literally like nine inch in seem compression short one singular product out of the gate instinct, really really focused on that for a couple of years is what's now giving us the luxury of being able to go and and expand our product offering just within the Activa, curl states, generally. And so it's it's not just shorts. It's it's you've got pants of like the kind of the the shorter. I don't know what they call the Capri style all the way down to the lake regular full length and those do have the pockets in right? Yes. See we've expanded that compression offerings all eight four different links kinda comedy seasonality, and and just preference of of our customer, and it's been that really has been the heartbeat of the business, and you know, really putting our foot down when it comes to quality of instruction. You know, all of our compressions also made here in the Los Angeles area and allowed us to really have that take that hands on approach. And you know, you have a generation of people that I think have are starting to have a much higher standard for the product that they consumed enough, but on top of that the brand that they affiliate listen, and you know, I think they expect a little bit more of a personal touch from the brands that they did they interact with and and that they purchased from. And that's something that we're trying to do and trying to deliver through forms of media and content. Even, you know, physical accusations within the big markets that that where we have critical massive of customer. Well, Terry, I think you reaching out to guy Adama was one of the also smartest things that you've done because he is a hero here in southern California. We love to have him on. So when he said, my Buddy's got a great product. I said, let's do it. Thank you guys. It's awesome to chat, and you know, we're out here in LA for just for about six days. And it's our second markets in New York City, and it's been a very organic gravitation of kind of customer to to our brand. So we we thought why not come out here and meet as many people as we can and and just kind of engage with the market. So thank you guys for for taking time. Absolutely. Thank you. And I put up a link on my Twitter feed at JJ L KFI. You can get all of Terry's information, go right to the website and get see all of the different products that he's got Terry. Thanks so much for joining us this morning. Thank you guys. Have a good day. Thanks you too. Horrible. Line. I'm trying to help the entrepreneurs of this country one at a time. You know what I'm saying? And listen, I couldn't get into Harvard. If they if if if I if I paid my way in with with Bill Gates's money, but this kid, you know, did the whole thing plays lacks. Gotta you gotta admire that the entrepeneurship spirit in this country is alive and well. Absolutely. What's your tip of the day? Here's my tip of the day. It's sorta all works. You can see Titus altogether. Okay. The only obstacles in life are the ones we put in front of us. Amen to that meant to that. The only pockets that we put in front of us are the sweaty ones until Terry comes along and make short shorts that don't sweat. But when you go home today, whatever rose colored, what'd you call that thing pack. Yeah. Do like burned an effigy something. I'll I'll put it in the fire pit out. Guy. I'll talk to you next week. Thanks again. For Terry later when we come back. We will talk with ABC's. Karen Travers, the president is supposed to meet with deputy attorney general rod Rosenstein this morning. There was potentially was gonna fire him a lot of people said don't fire him because of the head of the midterm elections would be horrible timing was making of timing. Now, you've got the cavenaugh hearings today, and the president might just say, you know, what rod we're gonna put this meeting.

Terry white Fillmore Fillmore Fillmore Twitter rod Rosenstein Bill Gates LA Harvard fed Mr. market President Trump president ABC China president Xi New York City Silicon Valley
"mr. market" Discussed on The Crypto Street Podcast

The Crypto Street Podcast

04:29 min | 2 years ago

"mr. market" Discussed on The Crypto Street Podcast

"Fifty. Eight hundred range maybe sixty. Two hundred guys don't want the key areas. I think like sixty seven hundred. I think we're just going down though. You know, the one thing that I've really kind of watched and this is something whenever crypto Twitter, it gets a little too onto something a setup and the whole crowd is onto it. Usually it's gonna flop. This is just something you know what? I'm sure many other people have noticed before too. When the whole crowd gets onto one setup in one play, it's usually not gonna work in favor of the crowd who's Mike is just a Muffin around your face. This is just terrible. Dale fixate, Luke fix him, Luke Martin. But here's the thing, right? So everybody's been going on about the Wyckoff accumulation phase. Everyone in their dog is posted a charter boat, right? Oh, look this where we're now going up and we're going to go up and we're going to go over thirteen k and boom. You know what? We've just finished the spring. Well. Everyone's watching that everyone is seeing the same thing. Right? And now you got all of crypto Twitter, getting all excited about this too. So what you know Mr. market wants to flip the bird to as many people as possible. Well, again, let's just dump it as everyone thinks. You know, it's like I think we're setting up to be in that l. l. p. s. zone which would have been, you know, kind of throwback and then it would have gone higher from there and we were getting this throwback. I think there was a lot of people loading up right saying, okay, well, let's get some long because this is the LVS throwback on the Wyckoff accumulation phase is kinda sketch what is now PS throwback that either Nydia last point support or something like that. Fuck of asked me, but it's PSE look at this look at the schematic and. Schematic you look at it. Okay, damn. And everybody is going for this whole point and it's like right on point. It's got to be the exact at up, right? And now it's just gone way low and I think people are like, oh, crap, maybe that's not. Are we going to get another spring another white offspring because everyone was talking about the spring awhile ago. You know, it could have been the spring, but I don't know. Is it going to be the spring or we're gonna have a new spring who the hell knows. Right. So this is the thing when everybody gets a little too onto something little too excited for something. Maybe you gotta start wondering about it. Barney. Yeah, Barney message me and said, why do you guys have to start at three AM. Barney the boy anyways. Yeah, so prince, I can't believe you didn't know that abbreviation you're talking about it. I'm guessing what last point support or something like that? It's been awhile since I really dive deep into Wyckoff, so. Okay. What are you? You don't know what it is that do I asked. Well, don't ask me stupid shipment as stupid questions. Get stupid answer right. Prince, you had a deep why coffees for like all about why it was good for a while until everybody else got into it. Prince crowd in the trades. Why was it was really good for a while and it just it's like, I don't know, you know, and I wasn't the first one to notice it. And this was a few months back there is somebody else on Twitter notice it as like, oh, shit, okay, that's kind of interesting. And then and it was it was, you know, it was playing out and it was playing out nicely. But yeah, whenever somebody whenever the one thing gets a little too crowded, you know, you kind of go to get a little worried and the same goes for coins. Whenever you see a coin, just getting talked about non-stop non-stop. Yeah, yeah, nonstop yet you gotta be a little concerned when you know it's like, okay, everybody in their dog is in this trade with me, is it really going to be that profitable if everybody is in it with me? Well. Yeah, out Rick. Go to hell. So here's someone said in here, bitcoin is tanking because of the delay that would be low roller scratcher, said that, what are you guys thinking that I go ahead and wait until after?.

Twitter Wyckoff Barney Prince Nydia Luke Martin Mike Mr. market Rick l. l. Dale thirteen k
"mr. market" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:25 min | 4 years ago

"mr. market" Discussed on Bloomberg Radio New York

"That seems to be what many people many people do they do but if they had been car congress black track like the professionals i seek the blackjack ball once a year if if they had been if they had that expert since the they wouldn't flinch at all so in the book you describe sort of your first tentative ventures into markets after the vegas experienced tell us how you you began investing well after i had made money both from book royalties from card com ending at blackjack and becker at in las vegas after i've done that money to invest for the first time my wife hit amix weren't paid a whole lot authen and they're not pit whole lot now my problem was the figure out how to invest the money so knowing nothing i made my collection of mistakes i paid of mr market is rather expensive tour russian to learn about her basic things that i describe in the book things that behavior of finance people understand as foolish mistakes men i sat down for whole summer enroute everything humor could on finance in a big bookstore in beverly hills you describe to summers of of of learning in the library and in the books yes how many books did you plan through what we reading world of my i go round the for summer was to read whatever they had him a big martin bills bookstore in beverly hills so it was newspapers investment books charting fundamentals or kinds of advice which which leads me to ask a question and again it's a quote of yours most stock picking stories advice recommendations are completely worthless was that was that your take way back then your is that something you learned over the years well it was wasn't my in some take away but it was something i came to fairly rapidly ploughed through all these things in what what is it that lead you to the conclusion which i completely agree with that a lot of what's out there is just either conflicted or selfinterested or noisy or not wellinformed commentary well i had a science background and i tend to draw conclusions based on information facts evidence that sold school we don't do that it's now it's all about the facts of fake news through our side gone on business news all that stuff um it's like a water running off a.

vegas amix mr market becker beverly hills martin