Bill Ackman Asks Warren Buffett and Charlie Munger How To Analyze Financial Statements
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- Опубліковано 21 тра 2020
- Warren Buffett and Charlie Munger describe how they analyze financial statements at the Berkshire Hathaway Annual Shareholder’s Meeting. The question is asked by Bill Ackman of Perishing Square. Buffett talks about the Balance Sheet and Income Statement. This process is important in Warren Buffett’s investment strategy of calculating the intrinsic value of a company and deciding which stocks to buy.
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The single downvote is from Carl Icahn
This is my favorite comment so far haha
😂😂
The other 5 are from Herbalife
Keonda Kuhhh they are haters
@@InvestorCenter warren is the best
Bill Ackman has come a long way since he was asking questions at Berkshire Hathaway meetings.
He really has!
True!
All the way to being a fraud
@@arabidaif1734 how so?
@@successfulusername look it up, look up his dodgy affair with herbal life it's all exposed live
“We will be watching your career closely young ackman”
Enjoyed the interview? Make sure to subscribe for more investing content!
Beautiful content, I love listening to both the old grand masters speak. Warren's long answers and Charlie's short answers, the wisdom is so huge. Many thanks.
chooselife3000 I truly appreciate the support! Thank you so much!
The best is when Munger hits you with something out of left field like a mail order bride with aids.
I just bought more of these a few minutes ago. Tying up money due to an apocalyptic stock market crash is also not a smart move. Life is a risk and it's better to take risks than to do nothing, you can't always expect to make huge profits all the time, people have so many opinions about a recession/depression. In just 5 months my portfolio grew by $300,000 in gross profit, the main thing is to expand your portfolio and you will see amazing results by investing
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You are best at providing insightful content! Thank you for your exceptional work.
Bill had heard the answer and became rich
Was already rich! Rich since the 1990s.
Great channel!! Well done
This channel is great. Very informative videos. Just subscribed.
Complexity, by its nature, provides more opportunities to be fraudulent.
Even more for financial institutions.
Bingo
Charlie summed it very well
Hey great work! Would like to see more of these and also some clips of some great quotes that they said in these meetings ..
Lakshanth Reddy thank you for the support! I will upload more of those! Make sure to subscribe to the channel if you haven’t already :)
These clips are great!
What year was this annual meeting? It's not in the video description.
When was this interview from?
Admiro su naturalidad de diálogo, un hombre con potencia física 💌
what ratios should we use while analizing then?
Didn't realize I wasn't subbed yet. Saw you were only 10 away from being able to monetize your vids. Decided I should say thank you for all of this wonderful content you post (recognizing most of it is buffet and munger's advice and questions) but when you put your own vids out, I would like to support you. Here is to making you one step closer. Only 9 away my friend. Keep up releasing this awesome older (yet useful) content. Thanks!!
Cody Cannon I truly appreciate those kind words! I look forward to continuing to provide you with value and great content!
When was this?
Buffett answered for 5:50 mins and Charlie for 30 seconds- outcome same. Charlie simply explained that like a gas company has a lot more explosions than a sand company, financial companies have a lot more financial issues (errors, explosions) than non-financial ones!
Charlie's answers are always concise and insightful!
Which year’s meeting was this?
The right question would be - knowing that financial institutions are prone to accounting shenanigans and misstatement...how can one still find opportunities in them? What factors should one evaluate as the pros and how does one get a realistic assessment of the cons to make a decision in the case of financial institutions?
This is a very good point!
What year was this ?
Very useful information thanks for sharing this 💯
Thanks for the support! Make sure to subscribe for more useful content :)
Buffet always gives great advice! Keep in touch.
Yes sir!
I have a life, history and success lesson all in 1 video....this is good
Thanks!
Glad you enjoyed it!
Great video!! Three GOATS in one room!! Keep up these awesome videos 👍
Thanks for the support!
Howard Marks points out some red flags of being at the top of a bull market (and I added in what is happening currently that correlates with it)
Lots of credit liquidity
Very low interest rates
A new financial instrument that is difficult to quantify and has no history = bitcoin (last time it was mortgage backed securities)
New offerings get ridiculous valuations - AirBnb - Doordash
Very high valuations - low returns (and high risk)
That is what I can recall off the top of my head
Really good points! Thank you for those!
This comment aged well.
Hey OP, can you let me know when this video was shot? Would be nice to get the date (or at least year) to build context
Mr. Uncertain spring of 2005! Make sure to subscribe to the channel for more investing content :)
"If we don't work with them they'll go to our competitors"
What year?
The single best piece of information about analyzing financial industry :)
It is very insightful!
I think they should have mentioned the logical conclusion that complicated financial firms shouldn’t be rated AAA. That is where the ratings agencies are still messing up.
BluffaloSoldier 100% agree with that statement.
That is the least logical conclusion within the context of how markets mechanics work, materiality thresholds and confidence intervals, the fact that sophisticated parties on the buy-side have the intellectual bandwidth to properly analyze/price these securities, etc.
MahanFan1 You may be right. I am not an expert, and perhaps you are. But an intuitive account would be that it is problematic for a rating agency to say that there is little risk associated with highly leveraged and complex organizations that they don’t understand. Is your point that the ratings agencies can just trust market to correctly price risk? This may sound very naive, but the periodic crashes and volatility of the market makes me skeptical that the market is all that wise (even if investors are “sophisticated”). Or maybe u mean something else?
Misleading title
This video helps explain part of the reason why the 2008 financial crisis happened.
True!
Great video!
Thank you!
The fascinating thing Is that Bill by that time he was very likely analyzing MBIA, triple Aaa rating Company at that time, that Bill short It and earn an Amazing return (One of his most succesful trades)
That trade really helped Bill Ackman make a name for himself!
Good question Mr. William Ackman
Thanks for the post. Unless I missed it, could you give the date of this session. Would be interesting to see how long until the meltdown.
2005! Make sure to subscribe for more investment content if you haven’t already :)
I assume this is before Bill Ackman has become famous
WB should have hired Bill Ackman after hearing his question and logical thought process
Ackman would have been a great addition to the Berkshire team!
He should asked about the role played by Moody’s in the GFC and al the fraud they failed to downgrade. Moody’s is owned by Berkshire.
Nice vid 👍🏻
Thank you!
Hi let’s support each other, I subscribed for you can you do the same for me too new friend 👍🏻😊
Hey, can someone tell me when this was??
Jimmy Waltone this was the 2005 Berkshire Hathaway Annual Meeting
David Alejandro Gonzalez Romero this was the build up to the financial crisis
A young Bill Ackman!
Crazy!
He would have been almost forty, by which time he had been in the business for thirteen years. I wonder whether Charlie and Warren knew of him by that time...
Alex G he has been a frequent attendee of the Berkshire annual meeting and has asked questions at multiple meetings. I think Warren and Charlie probably knew him by this time.
@@InvestorCenter The meetings were slightly smaller in those days too.
when was this?
Spring of 2005! Make sure to subscribe to the channel if you aren’t already :)
1:50
The year is 2023 , he is right , again.
Well it's more relevant now after what happened to svb.
yea
Which am is this?
When was that? :0
2005
i tried reading Wells Fargo FS - I gave up. It's so complicated.
Just buy coca cola
The master speaks.
Pick your master. Ackman, Buffett, or Munger?
The irony of ackman talking about ethics. See what he did to PSTH, his spac.
Omg I just realized....
Is this channel a reference to investor center in Wolf of Wall Street?
Maybe ;)
When was this happened?
This took place at the 2005 meeting! Make sure to subscribe to the channel for more investment content if you aren’t already :)
UA-cam is so great.. I got many answers
I’m glad you found value in the video!
It's really funny hwo Ackman is asking those 2 the questions. The faces of Warren and Charlie look a bit more stern as usual..
Woot woot!
Oh yeah!
Well he got MBIA right, so why was he asking? He knew the answer lol.
What year was this? Was Ackman a billionaire at the time?
This took place in 2005. I’m not sure if Ackman was a billionaire yet, but he did manage a relatively large hedge fund at the time.
What year was this in?
2005! Make sure to subscribe for more investment content if you haven’t already :)
In the end bill just say f it, MBIA i'm shorting you!
From this to the greatest trade ever. 2.6 Billion in 30 days
He’s come a long way; that’s for sure!
Is that that bill ackman ?
Yes sir
Was this from 2008 cuz this sounds like 2008...
BTW I love the product placement. Go Coca-Cola
So what you're saying is, accountants suck at their job?
Ackman lost all respect after valeant lmao "why don't the agencies per form due diligence"
The video title has nothing to do with the content
financial companies are hard to read!
Yes they are! Especially when the accounting rules and regulations were different prior to the financial crisis.
Keep it simple. Check the CFs and ALM
🌟 The Investor Center - Learn Investing things got a lot more strict but for good reason. It’s really hard to fix people 🤷🏻♂️
5:24 what hes saying doesnt make sense. why wouldnt you blame the ratings agencies. if as buffet says the ratings agencies have no idea what the ratings of the complicated financial institutions are, they should state as such and give a NA rating or something. rating these complex financial institutions AAA when theyve really got no idea how to audit them is the very definition of misleading!
Jon Sm I agree! However, the rating agencies don’t want to not receive the fees they get from rating these companies. There is a conflict of interest inherent in the process.
can't turn on notifications.
your channel is in kids mode.
Thanks for making me aware of this. I believe I have corrected the issue. Can you turn on notifications and let me know if they work? Thank you!!!
Seddit Guy thanks for the support!
@@InvestorCenter My pleasure. Love the content.
Tl;Dl
It CAN go tits up..
....and it likely will eventually
I will make 10 million dollars in the next 10 years
100 bill in 5 years....#adjustyouraim
Slartibartfast pray that you do. im just saying you set the bar too low
🔺
🧡💛💚💙 I'm long Bitcoin. Hold my beer 🧡💛💚💙
Warren, if despite you owning and have access to all the primary sources of a company, can not make the determination if something is a positive or a negative, and that it can differ wildly in either direction - then that means that the whole financial architecture is flimsy, a mess, unreliable.
If Warren can’t figure it out, you know something is messed up.
Could be that some of the companies are just too big to analyse well
Simple: go on CNBC and cry how Hilton was going to zero and how frightened I am of people I love dying from COVID-19, and then hedge it.
So it's all BS!?!
What year is this from?
which year was this?
2005!
What year was this?
2005! Make sure to subscribe for more investing content if you haven’t already :)
What year is this from?
2005! If you haven’t already, make sure to subscribe to the channel for more investment related content :)
What year was this ?
2005! Make sure to subscribe to the channel for more investment content if not already :)