00:00The world's most successful investor is from the company's company, but in the farewell message, he doesn't give a big
00:06investment tip, nor a new stock, nor a market prediction.
00:11This is why Warren Buffet investors tell us that their real destiny is what kind of things are.
00:17This is why the market crash is not the most important thing, but they have a checklist for investors, which
00:42is one of the most important things in the world.
00:50This is why Warren Buffet has been the most important part of the company's chairman of the company, and will
01:04become the director of the company.
01:06They will become the non-executive chairman of the company.
01:11Warren Buffet has been the largest in 1965, and in the meantime, Buffet is a struggling textile company.
01:19Buffet has been the insurance, railways, energy, manufacturing, and consumer businesses about $1 trillion of the company.
01:28In the beginning of the year, Buffet had been the CEO of Greg Abel.
01:32Now, after leaving the chairman, the formal succession has been further.
01:39Tell you that Buffet wrote in his letter, Father Time Always Wins.
01:45That means, he has to shut up every time.
01:48But he also said that the time has been very strong.
01:53To understand Buffet's ability, it is very necessary to see the performance of the Buffet.
01:57In the Buffet, Berkshire Hathaway has given the shareholders on an average of about 19.7% of the compounded
02:08return.
02:08This long term, the annual return of S&P 500 is less than 2% of the Buffet.
02:13However, the biggest benefit of the Buffet was not only the return.
02:17They have made this way that the company is not dependent on any product or one sector.
02:21Not dependent on the insurance business.
02:24The float, or policy holders, was given to long term investments and acquisitions for long term investments and acquisitions.
02:31The company has bought many more businesses.
02:34And they have held long time.
02:36This was the core model of Buffet.
02:38Buy a good company.
02:40Don't give a high quality company.
02:41Don't give them long time.
02:42Don't give them long time.
02:44Don't give them long time.
02:45Today, Berkshire has only $300 billion.
02:48The cash reserve won't lead to multiple Conservatives.
02:51This is a conservative strategy for Buffet's Buffet.
02:53And now, Greg Abel has a great responsibility to do.
02:56The question of this the amount of cash needed?
02:59Where?
03:00And where will it be produced?
03:02If you talk about Buffet's enemy list, this is not a competitor's list.
03:09This is the list of habits, habits and emotions that they are waiting to create wealth.
03:16So, today, we will tell you about Buffet's enemy list in detail.
03:22And tell you, who is the biggest enemy of investors' wealth creation?
03:28Let's start with the first enemy.
03:31Speculation.
03:32Buffet always invest in speculation.
03:35Investment means to understand someone's business and to buy it.
03:39Speculation means to buy it that there is another way to buy it.
03:46If you buy a stock because they are going up to the top,
03:50then you are not in the price movement.
03:54And when the price goes, there is no fundamental reason for you.
03:58If you buy a stock, you can buy a stock.
04:00That is the second enemy.
04:01Leverage.
04:02You can invest in your profits.
04:05But you can also get a lot of damage.
04:07You can buy a stock.
04:11If the share price of 20 or 30% is going up,
04:14then you can lose your original capital.
04:16You can lose a big amount of loss.
04:18This is also a very dangerous situation.
04:21When the lender is asking the margin,
04:22and the investors need to sell shares in poor markets.
04:26Buffet's principle is clear.
04:28Don't take risks.
04:30You lose that risk.
04:323. Herd Mentality
04:35When every person in the market is buying, the investor thinks that he will fall back.
04:40This is the FOMO, Fear of Missing Out.
04:44This is the stock of social media, television, or buying a big investor.
04:51This is not a reason for you.
04:54Buffet thought that the market is a servant for you.
04:59It is not a master.
05:014. It is not a master.
05:03If the investor doesn't understand how to earn money,
05:07what the competitive advantage is and how much its earnings are,
05:12then you don't want to look at the price of investment.
05:15Buffet's circle of competence says that every opportunity is not necessary for you.
05:22Some business can be very good, but if you don't understand them,
05:27it can be a risk for them.
05:57It can be a risk for you.
06:27Impatience.
06:465.
06:525.
06:54Greg Abel, how do you use this cash reserve?
06:56How do you use this cash reserve?
06:572.
06:58Do Berkshire make big acquisitions or make a cash reserve?
07:023.
07:03Do you increase the share buybacks?
07:064.
07:07Do Berkshire make the insurance business as well?
07:115.
07:11Do you have a company's conservative capital allocation strategy?
07:185.
07:18Now, keep this attention here that you don't copy the strategy of Buffet's strategy.
07:22No easy to copy the strategy.
07:22A investor has a cash flow, insurance flow, reputation or acquisition access.
07:29This means that they don't copy the investment from Buffet.
07:565.
07:565.
07:58Have a great day.
08:012.
08:02Ce
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