Value Investing with Jason
Value Investing with Jason
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文字记录 - 李录 - 全球价值投资与时代 - 2024年12月
这是李录先生在北京大学第三次分享:(前两次可以看过往视频)
1. 2015年 - 价值投资在中国的展望 (
2. 2019年 - 价值投资在实践中的知行合一 (
3. 2024年 - 全球价值投资与时代
本次分享内容:
1.我们时代的困惑主要是什么
2.对这些困惑的思考,它的原因和本质
3. 关于中等收入陷阱、中等收入国家的跨越,还有对当今国际关系的一些看法
4. 作为一个全球价值投资人,如何应对当今时代的挑战。
มุมมอง: 1 508

วีดีโอ

段永平 - 浙江大学学长分享会 - 2025
มุมมอง 51519 ชั่วโมงที่ผ่านมา
核心观点如下: 1.像巴菲特和芒格这样的投资高手,他们并不怕错过一些机会,更重要的是不要踩雷。部分投资者缺钱的原因,可能就是因为想赚快钱的心理。 2.好赛道是不会进入低毛利的,低毛利的都是商业模式比较差、产品差异化很小的产品。 3.做事情要尽量想长远,不要让重要的事情变成紧急的事情。我觉得这很重要。 4.创新其实是在弥补需求上的不足,差异化不是简单的不同,而是满足用户需求。模仿和创新之间没有冲突,没有一个创新的例子不是从模仿开始的。 5.信息差对炒股没有太大影响,投资不是零和游戏,而信息差就是零和游戏,用信息差提前赚钱,或许有点不道德。 6.最重要的不是勤奋,是看对本质。不能因为怕错就不做事,因为怎样做都会错,但明知是错的事情就不该做。有人说过,什么东西最重要,他说勤奋最重要,我说不是,我说做对的事情最重要。 7.价值投资不等于长期投资。投资时,要看商业模式、未来的现金流,确定能挣钱...
Li Lu on Charlie Munger’s Legacy, AI, and the Genius of Elon Musk
มุมมอง 25728 วันที่ผ่านมา
In this video, I summarize key insights from Li Lu’s recent interview (in Mandarin) where he discusses the legacy of Charlie Munger, the rise of AI, and the fascinating similarities between Elon Musk and Munger’s thinking. Key Points Covered: 1. The Transformative Power of AI • AI has the potential to redefine human productivity, much like fire, agriculture, or the steam engine. • However, its ...
文字记录 - 李录专访:关于芒格,马斯克, AI
มุมมอง 2.7K28 วันที่ผ่านมา
“为什么李录如此成功?我觉得部分原因在于,他可以说是中国的沃伦·巴菲特。”这是查理·芒格2019年在每日期刊公司年度股东大会上演讲中的一句话。 查理·芒格视李录为“房间里最聪明的人”,将其部分家族资产直接交由李录打理。李录先生也与芒格保持了亦师亦友的关系。 李录先生的喜马拉雅资本自1997年成立以来,成绩显赫。也应了芒格最喜欢的那句话 “我的剑传给能挥舞它的人”。 今年11月28日,在查理·芒格去世一周年之际,我们与李录先生进行了一场跨太平洋的访谈,李录先生回忆起与芒格在一起的岁月,以及芒格作为现实中榜样的言传身教;我们聊到了芒格的价值投资与人生理念,也聊到很多内幕花絮,比如马斯克与芒格见面时的思想碰撞……当然,还有更深层次对AI和人类文明的思考。 TimeCode: 00:00 - Introduction 01:14 - 芒格去世这一年 04:24 - 再谈价值投资 12:23 ...
PSBC - Li Lu Sold Some! Why might that be?
มุมมอง 317หลายเดือนก่อน
t’s been a while since I last talked about PSBC, and with the recent news that Li Lu has sold part of his position, I wanted to share my thoughts. If you’re feeling anxious about this development, you’re not alone-it had me reflecting on my own position as well. In this video, I discuss why I’ve been considering selling a portion of my PSBC stake, partly for tax-loss harvesting to offset capita...
Sable Offshore - Li Lu's latest position
มุมมอง 1Kหลายเดือนก่อน
With markets at all-time highs, I’ve been bargain hunting in unexpected sectors. One standout? Sable Offshore Corporation (SOC), where Li Lu, the renowned value investor, initiated a surprising position. If you’re wondering why the only money manager Charlie Munger trusts would bet on this company, this video is for you. Here’s what we’ll cover: • Li Lu’s Investment in SOC: His significant 4.6%...
2018 - 与李录先生的交流 - 董宝珍
มุมมอง 308หลายเดือนก่อน
在2018年夏天,投资家李录与董宝珍先生进行了深刻的跨洋语音交流. 两位探讨了成功投资的内在精神因素、个体心态对投资决策的影响,以及在面对市场波动时如何保持理性。 视频亮点: 董宝珍分享了对芒格和巴菲特投资哲学的理解,指出成功源于持续的内在修养。 李录深入剖析投资的本质是对未来的预测,强调品行与心态在长期投资中的关键作用。 探讨了财富的本质,强调理性思维在投资决策中的重要性。 讨论了在大幅高估的市场环境下,如何评估投资机会的关键策略。 无论您是投资新手还是资深投资者,这场对话都将为您提供具有启发性的见解,帮助您更好地理解投资与个人修养之间的深刻联系。 #价值投资 #投资大师 #李录
段永平 - 《波士堂》采访:投资、人生开悟,经营企业心得 - 2007
มุมมอง 130หลายเดือนก่อน
段永平,广东步步高电子工业有限公司的创始人,也是一位成功的投资人。他在中国商业界有着举足轻重的地位,被誉为“股神”。在他的职业生涯中,他创立了小霸王和步步高两大知名品牌,并在投资领域取得了巨大成功。 在这段视频中,我们将深入了解段永平的投资理念、企业经营哲学以及他对人生的独特见解。他强调安全经营,注重长期投资,反对盲目追求规模和速度。他认为企业应该追求健康长久的发展,而不是短期的利益。 此外,段永平还分享了他对创新的理解。他认为,创新不应该只是空谈,而是要紧密结合消费者需求和市场实际。这种务实的态度让他在商业世界中取得了巨大的成功。 除了事业上的成就,段永平还非常注重家庭。他选择在美国定居,主要是为了孩子的教育。他认为家庭是人生中最重要的部分,应该给予足够的重视和关爱。 在视频的最后,我们还将探讨段永平对其他企业家的看法,以及他对未来的展望。他欣赏巴菲特的投资理念,认为松下幸之助在企...
段永平 - 北京大学分享 - 2003
มุมมอง 50หลายเดือนก่อน
段永平先生在北京大学分享企业诚信的重要性,探讨诚信在商业中的基础性作用、在企业运营中保持平常心与野心之间的平衡,以及成功管理企业所需的素质。 段总通过个人经历和实际案例,强调了诚信不仅仅是一种策略,而是驱动长期成功的核心价值观。他将讨论在面临挑战时,如何维持道德标准以及个人品德与职业诚信之间的密切联系。 讲座还将设有互动问答环节,解答关于道德困境、领导实践和快速变化的商业环境中的未来发展等关键问题。无论您是经验丰富的企业家、管理专业的学生,还是对企业伦理感兴趣的人士,本次讲座都将为您提供宝贵的见解,帮助您构建一个以诚信为基础的成功组织。 #段永平 #价值投资 #投资大师
iHuman - Buying I am! Taking advantage of Mr. Market.
มุมมอง 80หลายเดือนก่อน
Discover why iHuman, also known as 洪恩, is a standout in the educational app market for children aged 3-6, focusing on math, logic, and Chinese language skills. In this video is a follow up on my previous video, with commentary based on my discussion with management, where I go a better understanding of #ahaworld #bekids along with dicussions of #shareholdervalue creation based on buybacks, divi...
Why Did Berkshire Sell Bank of America?
มุมมอง 2.2K5 หลายเดือนก่อน
In this video, we explore the intriguing question of why Berkshire Hathaway, led by Warren Buffett, is selling its stake in Bank of America. With a cash reserve of around $270 billion, it's clear that Berkshire isn't in need of funds. Buffett has a deep understanding of financials and has historically shown loyalty to Bank of America, so what has changed? We delve into Buffett's recent comments...
李录 《红周刊》 对话 - A Discussion with Li Lu with ENGLISH SUBTITLES
มุมมอง 2.9K5 หลายเดือนก่อน
李录是查理· 芒格的合伙人、是查理· 芒格所说的“一生中三个最成功的投资之一”、是外界盛传的芒格衣钵的传承者。他就是李录,美籍华裔投资家、美国喜马拉雅资本创始人及董事长。 今年5月份,《红周刊(博客,微博)》报道团队远赴美国奥马哈对伯克希尔股东大会进行全程报道,并于奥马哈时间2018年5月6日下午对查理· 芒格先生和李录先生进行了长达两个小时的深度专访。之后,本刊又于北京时间6月14日对李录先生再次进行补充采访。 与芒格先生合作15年的李录感慨,芒格先生对他最大的影响就是出世和入世的完美结合。芒格先生和巴菲特先生对工作有极大的热情,而且淡泊名利。在李录看来,他没见过单纯以赚钱为目的的人会创造出超凡业绩。 李录一直关注着中国的投资机会,他和芒格一起在中国投资已经有15年。他认为正处于转型交合期的中国,价值投资将扮演重要角色。
Baidu Beyond Search - RoboTaxi & Ernie! Investing Opportunity?
มุมมอง 9886 หลายเดือนก่อน
In this video, we dive deep into Baidu's evolving landscape, not just as a search giant but as a major player in the AI and autonomous vehicle sectors. Baidu, often referred to as the Google of China, has piqued my interest for reasons beyond its dominant search position. Let's explore why. Key Points Covered: 1. Search - The Cash Cow: - While Baidu's search engine remains a significant revenue...
李录 - 如何做到价值投资的知行合一 - 2019
มุมมอง 1.3K6 หลายเดือนก่อน
价值投资在实践中最主要的困难可能来自另外两个概念,一是市场先生的假设,二是能力圈的建设。 李录精彩语录: 对投资者而言,如果投资的公司遇到一个可以累进、持续增长的经济,它的利润和投资回报会持续增长。 对投机者而言,如果只是猜测他人在短期之内的买卖行为,到最后只可能有一种结果:赢和输必须相等,也就是零和的结果 这个市场中所有的投机者买卖股票所获得的利润和亏损加在一起,其净值一定为零。 资管行业存在的一个很大的根基,就是因为无知税的存在。大批的人能在这个行业里存活下来,主要是靠信息剥削。 你是选择去做一个投资者,还是一个投机者?当然这是个人的选择,没有好恶,唯一的不同是它对社会的影响。投资者的确会让社会的所有要素进入一种正向循环,帮助社会进入到现代化。所谓现代化,其实就是一种经济开始进入到复利增长的状态。 对我来说,投资的经历让我真实感受到了人的熵减过程。投资,尤其是在正道上的价值投资,...
Why Did Li Lu Buy the Postal Savings Bank?
มุมมอง 4946 หลายเดือนก่อน
In this video, we delve into why renowned investor Li Lu bought into the Postal Savings Bank of China, breaking it down into three comprehensive parts. Part 1: General Overview and Background We start with an in-depth overview of the Postal Savings Bank of China, the largest retail bank in China with numerous locations in remote villages. This section explains the unique business model that all...
Why is Berkshire Buying Occidental petroleum (OXY)? What do they see in it?
มุมมอง 4.5K6 หลายเดือนก่อน
Why is Berkshire Buying Occidental petroleum (OXY)? What do they see in it?
CBS - Benjamin Graham Columbia Lecture (1955)
มุมมอง 706 หลายเดือนก่อน
CBS - Benjamin Graham Columbia Lecture (1955)
All Things China- Housing & E-commerce’ Landscape
มุมมอง 1126 หลายเดือนก่อน
All Things China- Housing & E-commerce’ Landscape
Podcast: Todd Combs on Charlie Munger’s Legacy
มุมมอง 1.5K7 หลายเดือนก่อน
Podcast: Todd Combs on Charlie Munger’s Legacy
Are Chinese Bank Wonderful Businesses? Identifying using Buffett’s metric
มุมมอง 1517 หลายเดือนก่อน
Are Chinese Bank Wonderful Businesses? Identifying using Buffett’s metric
Alibaba Convertible Bond & Return on Net Tangible Assets
มุมมอง 2567 หลายเดือนก่อน
Alibaba Convertible Bond & Return on Net Tangible Assets
Tencent & Alibaba 2024 Q1 Earnings | What you need to know!
มุมมอง 4717 หลายเดือนก่อน
Tencent & Alibaba 2024 Q1 Earnings | What you need to know!
All Things China - 2024 Q1 Banking Update
มุมมอง 1718 หลายเดือนก่อน
All Things China - 2024 Q1 Banking Update
Why Is Berkshire Buying Liberty Sirius XM? What does Ted see in it?
มุมมอง 3.1K8 หลายเดือนก่อน
Why Is Berkshire Buying Liberty Sirius XM? What does Ted see in it?
Diabetes & Weight Loss - investment idea - Ozempic vs Mounjaro vs Pemvidutide vs VK2735
มุมมอง 2448 หลายเดือนก่อน
Diabetes & Weight Loss - investment idea - Ozempic vs Mounjaro vs Pemvidutide vs VK2735
All Things China - Alibaba at inflection point?
มุมมอง 4139 หลายเดือนก่อน
All Things China - Alibaba at inflection point?
All Things China - Bank Earnings And Quick Takes
มุมมอง 4399 หลายเดือนก่อน
All Things China - Bank Earnings And Quick Takes
NFM Podcast with Todd Combs 2023.05
มุมมอง 8289 หลายเดือนก่อน
NFM Podcast with Todd Combs 2023.05
Why I am NOT BUYing BABA | Alibaba has lost it way!
มุมมอง 6919 หลายเดือนก่อน
Why I am NOT BUYing BABA | Alibaba has lost it way!
Why I am BUYING Tencent | Tencent Earnings Analysis and outlook.
มุมมอง 5509 หลายเดือนก่อน
Why I am BUYING Tencent | Tencent Earnings Analysis and outlook.

ความคิดเห็น

  • @tengma7849
    @tengma7849 18 ชั่วโมงที่ผ่านมา

    When Li Lu speaks, you shut up. Why you kept saying "en", "ah" and interrupting while Lu is talking?

  • @bredzhang
    @bredzhang วันที่ผ่านมา

    能换个主持吗

    • @ValueInvestorJason
      @ValueInvestorJason วันที่ผ่านมา

      估计是先生会啥的… 肯定不如专业的

  • @pchawk
    @pchawk 2 วันที่ผ่านมา

    谢谢分享❤

    • @ValueInvestorJason
      @ValueInvestorJason 2 วันที่ผ่านมา

      很开心你也喜欢. 那一段对你印象最深刻?

    • @pchawk
      @pchawk วันที่ผ่านมา

      每一段儿都很棒,个人感觉比19年和15年的更精彩。如果有现场视频分享就太棒了🌟

    • @pchawk
      @pchawk วันที่ผ่านมา

      现场的原版的音频也会很好,如果能分享的话还会再听两遍😊

    • @pchawk
      @pchawk วันที่ผ่านมา

      现场的原版的音频也会很好,如果能分享的话还会再听两遍😊

    • @ValueInvestorJason
      @ValueInvestorJason วันที่ผ่านมา

      19年 - 李录 - 如何做到价值投资的知行合一 - 2019 th-cam.com/video/BHNSk671CZ0/w-d-xo.html

  • @pengfan645
    @pengfan645 2 วันที่ผ่านมา

    谢谢你的分享,很受益❤❤❤❤

    • @ValueInvestorJason
      @ValueInvestorJason 2 วันที่ผ่านมา

      太好了,让我们一起在实践上探索. 这次李录的分享有什么让你印象最深的吗?

  • @anangrydog
    @anangrydog 3 วันที่ผ่านมา

    难怪说,清北培养的都是精致的利己主义者,这种水平也能被清北追捧吗?演讲的这哥儿们,说实话,不就是经历奇特一点(89学潮遗珠),且遇到了贵人吗(巴菲特,芒格)。这些言论,你在B站混半个月,很多up主,除了没他名气大之外,多了去了的比他敢说,比他说的深刻的。这家说的,老弹老听老掉牙了吧

    • @ValueInvestorJason
      @ValueInvestorJason 3 วันที่ผ่านมา

      能总结,能实践,能分享是好事. 有多少人听了巴菲特的课,能坚持,能得倒贵人相助? 经历一部分是运气另一部分是要有才能. 巴菲特,芒格, 说的很多的内容其实并不新,但我们真的能做到知行合一吗?

  • @Daniel_9527
    @Daniel_9527 4 วันที่ผ่านมา

    听了10分钟看了4次广告。。。。。。。。。。。。。。。。

    • @ValueInvestorJason
      @ValueInvestorJason 4 วันที่ผ่านมา

      Google插播了这么多广告?!

  • @touziwudao
    @touziwudao 5 วันที่ผ่านมา

    现在全网都是文字版 如果你有视频版 肯定流量大增

    • @ValueInvestorJason
      @ValueInvestorJason 5 วันที่ผ่านมา

      嗯, 分享中那些点对你最有共鸣?

    • @touziwudao
      @touziwudao 5 วันที่ผ่านมา

      @ 英国给的礼物香港 相信相信的力量

    • @ValueInvestorJason
      @ValueInvestorJason 5 วันที่ผ่านมา

      这不算礼物吧, 归还. 但对于香港的地位确实有点意外.

    • @touziwudao
      @touziwudao 4 วันที่ผ่านมา

      @ 你说的对 我同意 是归还 我讲的是那套资本和信用体系是一个大礼包 李光耀是伟大的人 对的坚决复制执行 不对的尽量避免

  • @Arturiozor
    @Arturiozor 5 วันที่ผ่านมา

    If possible could you give a brief summary of key points in english. thank you a lot

  • @bjsl4474
    @bjsl4474 6 วันที่ผ่านมา

    Hi Jason. Thanks for sharing , I missed Todd’s breakfast piece. It’s a good read.

    • @ValueInvestorJason
      @ValueInvestorJason 6 วันที่ผ่านมา

      Glad to hear! What’s your favorite interview thus far?

  • @theunderdoginvestor
    @theunderdoginvestor 6 วันที่ผ่านมา

    I did a video on this about a year ago. Might be time for an update given the recent departure of Bruce Berkowitz from the board, and the big price drop.

    • @ValueInvestorJason
      @ValueInvestorJason 6 วันที่ผ่านมา

      Good idea. In short, I have been adding, I like when things go on sale.

    • @theunderdoginvestor
      @theunderdoginvestor 6 วันที่ผ่านมา

      @ValueInvestorJason it's my third biggest position and although I'm trimming some other things, when it drops another dollar I just say "that's ridiculous" and buy a few more shares 😂

    • @ValueInvestorJason
      @ValueInvestorJason 6 วันที่ผ่านมา

      Mr. Market’s irrationalism is our opportunity.

  • @ValueInvestorJason
    @ValueInvestorJason 7 วันที่ผ่านมา

    核心观点如下: 1.像巴菲特和芒格这样的投资高手,他们并不怕错过一些机会,更重要的是不要踩雷。部分投资者缺钱的原因,可能就是因为想赚快钱的心理。 2.好赛道是不会进入低毛利的,低毛利的都是商业模式比较差、产品差异化很小的产品。 3.做事情要尽量想长远,不要让重要的事情变成紧急的事情。我觉得这很重要。 4.创新其实是在弥补需求上的不足,差异化不是简单的不同,而是满足用户需求。模仿和创新之间没有冲突,没有一个创新的例子不是从模仿开始的。 5.信息差对炒股没有太大影响,投资不是零和游戏,而信息差就是零和游戏,用信息差提前赚钱,或许有点不道德。 6.最重要的不是勤奋,是看对本质。不能因为怕错就不做事,因为怎样做都会错,但明知是错的事情就不该做。有人说过,什么东西最重要,他说勤奋最重要,我说不是,我说做对的事情最重要。 7.价值投资不等于长期投资。投资时,要看商业模式、未来的现金流,确定能挣钱才敢投,看长远,找到好公司就持有,这样才能愉快。 8.发现错误要立即改正,买错股票要立即抛掉。每个人需要自律,发现错误要立即改正,股票也一样。 9.不要用你需要的钱,去赌你不需要的钱。 10.我觉得苹果的生意模式,主要是iPhone,比可口可乐要好。 11.我对AI的看法简单来说就是不明觉厉,我确实觉得它厉害,但也确实不是很懂。

  • @willwang3688
    @willwang3688 8 วันที่ผ่านมา

    虽然大名,这个采访和回答比较浅俗让人失望

    • @ValueInvestorJason
      @ValueInvestorJason 8 วันที่ผ่านมา

      要想想面对的人群…说太深也不一定听得懂. 另外,有可能是是进步了所以希望得到更深层思考🤔

    • @bredzhang
      @bredzhang วันที่ผ่านมา

      只能说大学生水平不行啊

  • @willwang3688
    @willwang3688 8 วันที่ผ่านมา

    关于中美对立,回答得太虚伪了!或者真的是黄皮美国人的真实想法?

    • @ValueInvestorJason
      @ValueInvestorJason 7 วันที่ผ่านมา

      我错过了这个吗? 在几分钟?

    • @willwang3688
      @willwang3688 7 วันที่ผ่านมา

      @@ValueInvestorJason 17:17

    • @ValueInvestorJason
      @ValueInvestorJason 6 วันที่ผ่านมา

      @@willwang3688 完全忽略了, 主要这个问题太无厘头了。 中美对立创业机会在哪里。。。更希望是中美沟通合作共赢。

    • @willwang3688
      @willwang3688 6 วันที่ผ่านมา

      @@ValueInvestorJason 也许无厘头,不过作为美国大富翁,完全可以客观地评论,不至于让人听着像是一个精神美国人的言论。至于中美对立的创业机会,其实是很显然的,比如这几年有利于突破芯片禁运的制造技术、软件技术的很多创业公司都获得了崛起的机会

    • @bjsl4474
      @bjsl4474 6 วันที่ผ่านมา

      这是段的风格,他更注重投入到生活中,比如他一直说他花大部分时间打球,专注享受人生。 可以说是个顽童。 你可以看一下李录上个月在北大的演讲,李录追崇士大夫精神,他也更有社会责任感,讲的非常好。

  • @adamzhu7894
    @adamzhu7894 8 วันที่ผ่านมา

    什么问题都问他 以为他是谁呀😅😅,应该多提问他能力圈里的问题

    • @ValueInvestorJason
      @ValueInvestorJason 8 วันที่ผ่านมา

      是的, 尤其你看他在雪球回答的问题. 五花八门

  • @adamzhu7894
    @adamzhu7894 8 วันที่ผ่านมา

    这些他之前都说过

    • @ValueInvestorJason
      @ValueInvestorJason 8 วันที่ผ่านมา

      大部分核心内容之前都说过, 巴菲特也说过. 最有趣的是那些小故事, 例如可口可乐/百事 & Apple,全球化的拼多多与超级碗广告等等

  • @geolab6193
    @geolab6193 8 วันที่ผ่านมา

    两个个问问题的很喜欢曲解段学长。

  • @Mens-Wisdom
    @Mens-Wisdom 14 วันที่ผ่านมา

    Hi Jason, just subscribed as you are one of the Few consistently covering Li Lu. Ive just started a copycat strategy using his 13f and HKSE filings. What do you think of this strategy?

    • @ValueInvestorJason
      @ValueInvestorJason 14 วันที่ผ่านมา

      You can, but without knowing why you may have a hard time when positions are down substantially, for example if you bought Sirius XM if you attempt to copy Ted Weschler.

  • @thomashesser9005
    @thomashesser9005 15 วันที่ผ่านมา

    If the hydro test goes well and they are able to restart oil production in the first half of next year as hoped, what would you expect the share price to be? Obviously target prices are a very haphazard thing, but I hear the phrase multi bagger used and wonder if it's more likely to land around, say, $45/share or $65/share by the end of 2025 if all goes to plan. Big if, of course. I notice that Jane Street and Citadel, among others, are buying some calls on this. While also hedging thoroughly by buying puts in varying proportions to their cautiously bullish views on this

    • @ValueInvestorJason
      @ValueInvestorJason 15 วันที่ผ่านมา

      Don’t think in terms of where this will land in a year, as value investing you are looking for something to compound longer, unless you are looking at a cigar butt. I would encourage you to think of opportunity cost, what other great idea do you have and what is the probability that will go up. Here, you are looking at perhaps one of the lowest cost US oil production, with proven reserves. If management can stick to operating and pay off debt and return to shareholders, we are essentially looking at a high yield bond for the foreseeable future. That bond is likely to pay double digits based on todays prices, where it will ultimately end will depends a lot on oil prices, interest rate (they have that 10% financing provided by Exxon) and so forth.

    • @thomashesser9005
      @thomashesser9005 15 วันที่ผ่านมา

      ​@@ValueInvestorJason Thank you for your response, especially for mentioning opportunity cost and its importance over the long term. I agree 100% with looking towards a long time horizon for most things. With Sable, however, there is a notable wrinkle because of the Jan 1, 2026 deadline giving Exxon the option to repossess the asset. I guess the thing most uncertain to me is what they would do if that deadline came around. Conversely, if oil production gets up and running next year vs. if it doesn't and the project gets scrapped is a practically binary event. But the odds Exxon neglects to repossess the asset given the opportunity to do so if oil isn't produced next year is uncertain to me, as well as how much longer it would take to get it online if this occurs. So at the moment I see it as, say, 90% binary with a 10% chance of this happening and an unknown outcome? Maybe? I can't say how to factor the small chance of potential delays into this but I think it is a low chance the future of Sable will still be undetermined 12 months from now, come what may. Would be quite curious to hear your thoughts on how likely this is since it is the biggest mystery to me about all this. How certain is it that Exxon won't take it back? Naturally I own some shares already at ~$22. The oil field is an impeccable asset, premium pricing since near California, strategically located, with potential for higher output and also natural gas production after additional upgrades have been made. Could last 50+ years easily due to low extraction cost. Maybe $10 billion total value to the asset or more. Politically I think federal is favorable, the US strongly wants to increase oil production in the short term and reduce dependence on e.g. Ecuador and Iraq oil in California. While the state governor is term-limited from running again which lessens the incentive for him to block this. As an aside, this is particularly true if he has presidential ambitions (the company could donate later) and wants to seem more like a pragmatist, which is the path he ought to take as a Californian if he chooses to do this. To me Sable represents an incredibly lucrative asset run by a small oil company that solely does business in this one state and owns no other production sites. Meaning that the state government has the ability to put pressure on the company for various reasons, and might look favorably toward this arrangement as something over which they have complete control. In contrast to dealing with Exxon or Chevron etc. They can make Sable do what they like in the future with regards to environmental requirements and so on much more easily. And Sable has to be extremely careful since all their revenue comes from this one asset. So for the state government this is the optimal scenario for bringing the Santa Ynez unit back on if they wish to do so at all. And since this all hinges on political approval, a key way to analyze this is through a political lens. At least at the start. The big hitters here are James Flores and Christopher Sarofim, who have long and impressive track records in this industry, but the unusual nature of this case limits the ability to derive conclusions from that. Flores would become a newly minted billionaire if this works, and seems to be as heavily invested as possible. Anyways, as a Value investor my primary strong opinion nowadays is that BTI is extremely underpriced at 6.5x P/E these days (IMBBY and MO less so though with some similarity), but tobacco is highly controversial to many in value investing for various reasons. That industry as a whole had a something like a mini melt-up this year due to optimism about nicotine pouches and more thorough enforcement of regulations against counterfeit vapes. I've mostly dealt with tobacco lately but this foray into oil, my first, has been very interesting so far. Cheers!

    • @ValueInvestorJason
      @ValueInvestorJason 15 วันที่ผ่านมา

      Wow you packed a lot. Exxon couldn’t do what Sable was doing, else it would have done it already no? They may restructure the deal if no oil is pumped prior, perhaps paying more and require another round of share sales. That said, I am optimistic that hydro test will pass, follow by a shutting down of appeals in Feb. but the timing of when oil will be pump I am more pragmatic, it may not happen in Q1, given all the red tape and lawsuits. On tobacco, it is a wonderful business that any idiot can run (quoting the GOATs - think Altria and how much value is burned). I think the RRP (basically the modified iQOS, pouch, baking) is interesting, based on my research the economics is even better. But, the problem has always been management for the industry, they always paint a good picture, but execute like crap summarized by Altria (JUUL, Cronos, etc)

    • @thomashesser9005
      @thomashesser9005 13 ชั่วโมงที่ผ่านมา

      @@ValueInvestorJason Yes hahaha the saying from Buffett that "I like to invest in businesses so wonderful that even an idiot could run them, because sooner or later, one will" applies perfectly to tobacco. It's mostly been terribly run for a long time and still mostly done well. Altria got cut down by the whole JUUL thing badly, a case of tall poppy syndrome whereas I'm not sure management could be blamed for that. Lately BTI had been infuriating to the owner of the main tobacco blog I read (and to me as well) because their pouch product in the US, Velo, was so atrocious. But very recently they came out with a far improved version of it, and appear to have fixed the error. So I'm optimistic again after slowly losing patience with them. Regarding Sable, all hell is breaking loose in California because of these fires now. Newsom looks heavily over-medicated, on the brink of losing sanity. My very, very tentative guess is that this is ok for Sable since the state is paralyzed dealing with the aftermath of these fires: insurance claims, lawsuits, criminal cases etc. And they will want tax revenue sources wherever they can get them to help cover some of the catastrophic costs this will entail. But of course I have no clue exactly what goes on inside the government apparatus there or if these fires will lead to a reflexive blame on all fossil fuel industries and so forth. In general I suspect the money shortfall now will outweigh other concerns. Whole thing is a mystery. Anyone bullish might take advantage of the discount these next few days, not sure what effect this will ultimately have on the stock price. Perhaps a delay on the appeals shut down?

  • @harshilc
    @harshilc 21 วันที่ผ่านมา

    Can you explain 1.34 million shares equating to 4.6% of the company? As of June 30th, 2024 the total shares outstanding is 64,845,435. That's only 2%?

    • @ValueInvestorJason
      @ValueInvestorJason 21 วันที่ผ่านมา

      Yes, you are correct. I manually removed the new offerings shares(double counted)

  • @kuang-chengyushankao1395
    @kuang-chengyushankao1395 22 วันที่ผ่านมา

    謝謝!

  • @gursharnsekhon07
    @gursharnsekhon07 24 วันที่ผ่านมา

    Management has projected $1 a share by end of 2025, however before any major returns to shareholders, CEO is likely deleverage the balance sheet and pay off all the debt. The Fire Marshal has approved the waiver (this was step 4 out 6 steps for pipeline restart), hydro test is 5th step that is likely to be done in January (this is basically water flowing in pipelines to test any spills leakages, followed by presenting startup plan by Sable offshore and restart of pipeline in Q1. The potential to return to production could yield upwards of $1.3 billion in revenue by 2029 if production is ramped up to 60,000 barrels per day, given the upgraded technology. After accounting for capital expenditures of approximately $300 million, the company could potentially return $800 million to shareholders, equating to $8 to $10 per share in dividends. Dividends, Buybacks would eventually increase considering the life production of this unit (20 to 70 years, extreme conservative or optimistic basis).

    • @ValueInvestorJason
      @ValueInvestorJason 24 วันที่ผ่านมา

      Great holiday gift with the waiver. How are you playing this? Just buy and hold? Or are you using options ?

    • @gursharnsekhon07
      @gursharnsekhon07 24 วันที่ผ่านมา

      I have bought shares only, no leaps/options.

    • @ValueInvestorJason
      @ValueInvestorJason 24 วันที่ผ่านมา

      Got it!

    • @MrKT410
      @MrKT410 23 วันที่ผ่านมา

      The company like you said is projecting roughly $1.3B in annual revenue by 2027 (assuming $70/b) and capex as high as 300m but declining over time. Are they including all operating expenses under capex?

    • @gursharnsekhon07
      @gursharnsekhon07 21 วันที่ผ่านมา

      @@MrKT410 It only includes development workover/drilling, facilities capex, and rig refurbishment capex, so No Opex. Management has cut (as per investor presentations) capex guidance ranging $300 to $400 million from 2026 to 2028 to under $300M for 2026/27 and then avg. $150M for rest of years. There is a substantial upfront investment of capex as the company revamps production, but it will soon come down as the unit starts. The extraction cost is thrown around its historical figure of $16 - $17/barrel. Tbh, I think it's way too early for a company to give any sort of idea/estimate for operating expenses, once the unit starts and asset base is recognized with its capacity etc.. picture will become more clear. The fog is slowly lifiting.

  • @ValueInvestorJason
    @ValueInvestorJason 25 วันที่ผ่านมา

    12/20 - Berkshire just bought more Sirius XM, about 5 million shares

  • @ValueInvestorJason
    @ValueInvestorJason 25 วันที่ผ่านมา

    Another 9 million share bought after a long hiatus. 🎉

  • @ValueInvestorJason
    @ValueInvestorJason 26 วันที่ผ่านมา

    Yipee! On December 17, 2024, the California Office of the State Fire Marshal (“OSFM”) approved Sable Offshore Corp.’s (“Sable”) implementation of enhanced pipeline integrity standards for the intrastate pipeline segments, Lines CA-324 and CA-325A/B (the “Pipeline”). In recognition of these robust measures, OSFM granted state waivers of certain regulatory requirements related to cathodic protection and seam weld corrosion for the Pipeline. The state waivers represent a significant milestone achievement in satisfying the requirements of the federal court ordered consent decree, which includes the granting of these waivers by the OSFM as a condition for restarting the Pipeline. Sable expects to begin hydrotesting the Pipeline in January 2025 in advance of a potential restart of production from the Santa Ynez Unit offshore platforms and the associated Las Flores Canyon processing facilities in the first quarter of 2025.

  • @patrickglass1866
    @patrickglass1866 27 วันที่ผ่านมา

    What do you think Li Lu's estimated probability of successful restart for Sable is?

    • @ValueInvestorJason
      @ValueInvestorJason 26 วันที่ผ่านมา

      This isn’t shared unfortunately, but my guess is when not if. Environmental legal groups will fight it, appeal and drag it out for as long as they can. Santa Barbara has settled, Fire Marshall has pretty much gave its nod if the valves is installed, but work has been halted due to the cease and desist order. Federally, with Trump coming in, unlike to be an issue. We will know more about his conviction likely in the next 13F where if he adds, will signal a strong conviction as he probably stayed under 5% in the last filing to avoid the radar.

    • @patrickglass1866
      @patrickglass1866 26 วันที่ผ่านมา

      @@ValueInvestorJason Thank you for the excellent video. I pretty much only buy low cost etfs. But I have to say that Sable has caught my eye as a long-term buy and hold that could 2x to 5x. Even a fool like me can understand the moat and durable competitive advantage haha.

    • @ValueInvestorJason
      @ValueInvestorJason 26 วันที่ผ่านมา

      Low cost ETFs, you will likely beat 90-95% of all fund managers in the long run. So it’s a good strategy. What drew you to Sable?

    • @patrickglass1866
      @patrickglass1866 26 วันที่ผ่านมา

      @@ValueInvestorJason Low production cost per barrel compared to other US resources like Permian. Low carbon emissions per barrel compared to other California import sources (Alaska, Iraq, Saudi, etc.). The fact that Santa Ynez unit owner will not need to do exploration or much cap-ex to tap the asset. The fact that this is a proven reserves / high margin play not a Brent price play. Cherries on cake of potential of nat gas, carbon capture, data center. Even if CA stops pipeline or refinery they can still do FPSO. The oil will flow one way or the other, question of when not if, as you said. Li Lu stake gives me even greater confidence. He is one of the best and most thorough American investors of all time. His discipline and analysis are world class. Whether they do dividend or buybacks, the fact that Li Lu is on board makes me believe that the Sable management will keep their word to aggressively return value to shareholders.

    • @MrKT410
      @MrKT410 23 วันที่ผ่านมา

      ​@patrickglass1866 what mind of operating expenses are you expecting? The company projects capex but nothing about general operating costs.

  • @ValueInvestorJason
    @ValueInvestorJason 28 วันที่ผ่านมา

    Wonder what you guys find most insightful or interesting from the interview? 好奇大家觉得在这次采访中觉得最有启发或最有趣的内容是什么?李录分享了很多宝贵的观点,期待听到你们的看法!”

  • @junhongxu4477
    @junhongxu4477 29 วันที่ผ่านมา

    Thanks for sharing, didn't know his daughter passed away, Must be tough to lose the two most important person in his life in a short time

    • @ValueInvestorJason
      @ValueInvestorJason 29 วันที่ผ่านมา

      Yea, I felt bad when I read it too. It’s a good reminder to be grateful for those around us and cherish our loves one especially in the holiday season.

    • @tinhb1992
      @tinhb1992 23 วันที่ผ่านมา

      hi, I'm not good at chinese, can you highlight which part is this mention?

    • @ValueInvestorJason
      @ValueInvestorJason 23 วันที่ผ่านมา

      In the beginning when he said it was Charlie’s anniversary. For other parts, if you need English highlights: th-cam.com/video/cerSI14HHew/w-d-xo.html

  • @junhongxu4477
    @junhongxu4477 หลายเดือนก่อน

    Have u tried to convince the management that the best use of their capital is to buy back shares? Did it sound like they care about shareholder returns or not really? Lots of HK/CN companies are overcapitalized and they kept throwing money at trash instead of giving back to shareholders, very infuriating.

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      Yes, I talked to them about buybacks. They want to buyback more but said they are restricted due to an SEC cap rule. Hence, in some sense the more we trade (liquidity) the more they can buy. That said, I also talked about doing a tender, dividends and the sorts, we will have to see at the end of the month to see if we can get any hints to see how much they have taken to heart.

    • @ValueInvestorJason
      @ValueInvestorJason 19 วันที่ผ่านมา

      In case you are interested, they just file earnings report. A lot were expected, like continued profitability, extending share buybacks (which looks like they bought 210k in stock in the quarter, hopefully it picks up in Q4). www.sec.gov/Archives/edgar/data/1814423/000110465924131456/tm2432044d1_ex99-1.htm

    • @junhongxu4477
      @junhongxu4477 18 วันที่ผ่านมา

      @@ValueInvestorJason Thanks! Nice to see they are doing some buybacks. Do you think their revenue decline is stabilizing? Any potential to be growing again after the covid boom?

    • @ValueInvestorJason
      @ValueInvestorJason 18 วันที่ผ่านมา

      Haven’t have a chance to reach out to them yet, but a lot ride on consumer confidence. Chinese consumers are cutting out discretionary spending (cautious consumers). My hunch is the kindergarten partnership is their way of introducing their products and get more subscribers, while other initiatives are trying to increase life time value of the current user base, while we can expect little to no contribution from international.

  • @FX-oc1snF
    @FX-oc1snF หลายเดือนก่อน

    As a potential buyer of PSBC, I'm confused. I doubt that Li Lu would sell his stocks due to short-term issues. He mentioned in his speech at Columbia Business School(th-cam.com/video/TGkExEid7kA/w-d-xo.html) that he would not sell a stock unless the enterprise had fundamental changes or there were other better opportunities. So I guess the answer to your title is probably a) Li Lu has found his insights of PSBC do not hold anymore; or b) Li Lu has found another investment opportunity that is better than PSBC, even counting tax influence; or c) Li Lu is simply disappointed by how they are running China's economy

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      I think it is B and/or C.

    • @Mens-Wisdom
      @Mens-Wisdom 14 วันที่ผ่านมา

      @@ValueInvestorJasonjust subscribed and loving the Li Lu content and your insights

    • @ValueInvestorJason
      @ValueInvestorJason 14 วันที่ผ่านมา

      Thank you!

  • @lukabrahsi
    @lukabrahsi หลายเดือนก่อน

    They don’t have promising earning why you think they will be successful?

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      They are suppressing their earnings by increasing marketing for AHA World and BeKids. If we strip out the international business, you can see that the earnings based on their flagship product (iHuman Chinese)is quite stable (remember 40million in cash is deferred revenue!). My point to the company is that they should increase their investment in their iHuman Chinese to drive more adoption by making small changes, and pushing it in the greater China market and South East Asia., where there is a large overseas Chinese population. Moreover, there are actions that they can take ton increase penetration domestically. Both actions are much more cost effective than AHA and BeKids. The beauty for the company is that they can afford to do both, there is some merit in Aha, it helps diversify and reduce China risk and the traction they are seeing, relative to Toca Boca (a key competitor that has a successful exit) shows that this could pay off in the longer term.

  • @junhongxu4477
    @junhongxu4477 หลายเดือนก่อน

    Did Li Lu buy iHuman? Just looked at the company, seem like its drowning in cash 😅

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      No Li Lu did not buy iHuman. I did :) It’s way too small for him, it’s only a 90 million market cap company with only 35% floating.

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      You may be interested: iHuman - Buying I am! Taking advantage of Mr. Market. th-cam.com/video/iz8htepRwJI/w-d-xo.html

    • @junhongxu4477
      @junhongxu4477 หลายเดือนก่อน

      @@ValueInvestorJason yeah forgot to look at market cap 😂

    • @Mens-Wisdom
      @Mens-Wisdom 14 วันที่ผ่านมา

      I think li Lu will sell all. He’s not one for trimming loosing positions.

    • @ValueInvestorJason
      @ValueInvestorJason 14 วันที่ผ่านมา

      He may, but he hasn’t file any new sales and the stock is above when he last sold… so perhaps it is redemption? Or some small adjustments?

  • @FX-oc1snF
    @FX-oc1snF หลายเดือนก่อน

    谢谢上传。有个问题想谦虚地向您请教:采访里董宝珍问到李录先生关于投资股票利润的来源究竟是价格向价值的回归,还是价值本身长期不断的增长?李先生提到,“长期来讲,投资人在公司的回报会无限接近于公司的资本回报率。”(当然还有芒格先生,此前也说过类似只要是好公司,哪怕买入价格高一点,长期来看收益率和低价买入的投资者比起来也不会差太多)。 我对此(看董老师最近的言论,恐怕董老师也是)一直想不明白--比如以5元买入一支价值10元的股票,随后这支股票涨到20元,那么以5元买入的投资者,相较于以10元买入股票的投资者,的的确确是多了200%的收益率呀,为什么李先生和芒格先生都说“长期看价值真正的来源是公司本身价值的增长”?

    • @FX-oc1snF
      @FX-oc1snF หลายเดือนก่อน

      思来想去,如果以李录先生和芒格先生一直强调的“Owner’s Mindset”或者公司整体来看这个问题,可能就能够解释了:以5亿元买入价值10亿的企业,随后企业一直创造价值,最终成为了一个价值100亿的企业。那么从5亿增加到100亿的过程中,有5亿是来自于价格向价值的回归,但是另外90亿是来自于企业实打实地增长?可我感觉董先生也没有错:董先生主攻A股,最近一直以近年的券商等股票的走势结合盈利情况来说明,他和股民赚的钱大多是来自于PE的增加(他理解为价格向价值的回归),而非盈利能力的提升。。。有点晕了,不知道有没有表达清楚,望赐教。

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      这就是芒格先生对巴菲特先生的影响. 从捡烟头到买好公司, 一个更长久尤其是对资金庞大的机构来说. 记得后续也有阅读到Graham在去世前统计这一生投资赚来的钱主要来自Geico,验证了芒格的看法.

  • @FX-oc1snF
    @FX-oc1snF หลายเดือนก่อน

    Hello, recently Li Lu sold his PSBC shares, do you have any thoughts about this news? thx.

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      Yes, he did. Your question is the topic of my next video. All in all, understandable given the news out of China. Bank earnings will be impacted significantly given the role it plays in system. Longer term the thesis is still intact, just expect depress returns for the next few years

    • @diseasefire
      @diseasefire หลายเดือนก่อน

      @@ValueInvestorJasonI just looked at the hkex filing and he sold a very minor stake. He still owns over 5% of the whole company

    • @kcyu-cz1hl
      @kcyu-cz1hl หลายเดือนก่อน

      Do you think Mr Li will sell all the PSBC?

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      That is correct, I think 20 million shares or about 100m HKD which is like 12.5 million USD, a drop in the bucket for him. But I think the symbolism is more worrisome.

    • @ValueInvestorJason
      @ValueInvestorJason หลายเดือนก่อน

      This is difficult to assess, as he may buy and sell more lots of reasons. He is not someone that buy and sells often, I believe he will remain prudent and monitor what is coming out of China. Perhaps, just perhaps, he is raising funds to buy more Sable?

  • @gursharnsekhon07
    @gursharnsekhon07 3 หลายเดือนก่อน

    Great interview!

  • @ValueInvestorJason
    @ValueInvestorJason 3 หลายเดือนก่อน

    Berkshire’s stake falls below 10%. They don’t have to report within 2 days anymore. So we won’t know much about the stake until 2025, the next 13F will be outdated. www.cnbc.com/2024/10/10/berkshire-slashes-bank-of-america-stake-to-under-10percent.html won’t be surprise if he eventually sells it all

  • @ValueInvestorJason
    @ValueInvestorJason 3 หลายเดือนก่อน

    Berkshire keeps on buying… investor.siriusxm.com/sec-filings/all-sec-filings/content/0000950170-24-114414/ownership.html

    • @ValueInvestorJason
      @ValueInvestorJason 3 หลายเดือนก่อน

      Roughly 32% of the shares are now owned by Berkshire. Ted also reported that he owned shares in his personal account prior.

    • @ValueInvestorJason
      @ValueInvestorJason 2 หลายเดือนก่อน

      Another purchase in the filings - investor.siriusxm.com/sec-filings/all-sec-filings/content/0000950170-24-115720/ownership.html

    • @ValueInvestorJason
      @ValueInvestorJason 2 หลายเดือนก่อน

      Now up to 33% www.sec.gov/Archives/edgar/data/908937/000095017024119748/xslF345X05/ownership.xml

  • @readwithGizmo
    @readwithGizmo 3 หลายเดือนก่อน

    Yeah Berkshire will be fine

  • @224dot0dot0dot10
    @224dot0dot0dot10 3 หลายเดือนก่อน

    In regards to this NASDAQ: SIRI stock that you are talking about in your TH-cam video.... I was reading a book called "Zero to One : Notes on Startups" by billionaire Peter Thiel and Blake Masters (have you read this book before?) and I have my college university microeconomics textbook out.... and I am trying to figure out if SiriusXM is a monopoly structure in micro-economics (because billionaire Peter Thiel says that "you should always go for monopoly") and how does this monopoly status or lack of monopoly status in microeconomics affect the income statement and the balance sheet and the cash flow statement and the statement of retained earnings? Maybe SIRI is not a real monopoly because they maybe compete with some type of Apple car service for entertainment inside the automobile or maybe SIRI competes with Spotify and this is maybe why SIRI has barely any revenue growth combined with a lack of growth in E.P.S. or Earnings Per Share? Please help me out here. Do you think that Sirius XM has the type of monopoly pricing power in microeconomics that would make an investment in this NASDAQ : SIRI stock invincible over the long term ?

    • @ValueInvestorJason
      @ValueInvestorJason 3 หลายเดือนก่อน

      You pointed to the issue at hand. It is a monopoly in satellite radio, but if you look at the bigger picture they compete with Spotify, and perhaps TH-cam, basically anywhere people can get music through the internet. The problem is that new subscribers uptake rate is below that the pandemic, which signals a temporary problem or perhaps a more demo shift. The solution is content, do Sirius have content that will entice people to join and keep users? While new car sales are really just a way to keep paying for distributions and trials. Your positions on the above will determine whether you will buy and hold or perhaps watch from afar.

    • @224dot0dot0dot10
      @224dot0dot0dot10 3 หลายเดือนก่อน

      @@ValueInvestorJason Someone kept telling me that a product called "Apple Car Play" already competes with Sirius Satellite radio from Sirius XM Holdings for radio shows in an automobile that are not geographically restricted to the limited broadcasting range of one single radio antenna. Do you know if this is true or not?

    • @224dot0dot0dot10
      @224dot0dot0dot10 3 หลายเดือนก่อน

      ​@@ValueInvestorJasonAnd thank you for your reply!

    • @ValueInvestorJason
      @ValueInvestorJason 3 หลายเดือนก่อน

      They are different technologies, Apple CarPlay is basically a way for you to connect your phone to your car. As such you can play music and the sorts from your phone. While the satellite is well received content directly to your car like a radio, it is built in so to say.

  • @ksmi1091
    @ksmi1091 3 หลายเดือนก่อน

    Awesome video! I’m glad some else likes JOE.

    • @ValueInvestorJason
      @ValueInvestorJason 3 หลายเดือนก่อน

      Whoo hoo! Welcome aboard JOE Train!

  • @Emergingvalue
    @Emergingvalue 4 หลายเดือนก่อน

    You obviously have good business analysis but it's not including numbers and valuation enough. Also, in tech, it's quite easy to change pricing or user experience strategies. It's a few clicks away, and this is why we will see the market balance towards oligopoly

    • @ValueInvestorJason
      @ValueInvestorJason 4 หลายเดือนก่อน

      Thanks, but I don’t think it is as easy as you said. For example, in recent times Alibaba management has says it is going back to GMV based approached then orders approached saying it was a mistake. Now, they say they can provide better user experience, the same argument that they used to move to orders based. While both could be true dependent on the user base, a lot of culture related issues are more ingrained. All the companies changed as they grow and mature, Eric Schmidt talked about this at Google, in an AI talk. Don’t get me wrong, Alibaba is still huge, and the market share is real, it just are we moving towards more fragmentation or concentration.

  • @ciaranbrk
    @ciaranbrk 4 หลายเดือนก่อน

    They popped september 10th went from $2.70 to $27.50 after a listing change.

    • @ValueInvestorJason
      @ValueInvestorJason 4 หลายเดือนก่อน

      There is a reverse stock split of 10 for 1, causing a spike of 10x. If you bought Liberty Sirius, you will need to multiple by 0.8375 to convert your old Liberty Sirius Shares for the new company.

    • @ciaranbrk
      @ciaranbrk 4 หลายเดือนก่อน

      @@ValueInvestorJason thank you or your reply 😀

  • @kialim
    @kialim 4 หลายเดือนก่อน

    Would enter at $55

    • @ValueInvestorJason
      @ValueInvestorJason 4 หลายเดือนก่อน

      Thinking of picking some up myself.

  • @sampek
    @sampek 4 หลายเดือนก่อน

    Thank you so much for this. What a hidden gem of a video.

  • @cowboydelnorte3078
    @cowboydelnorte3078 5 หลายเดือนก่อน

    Baidu product services offer no real value.

    • @ValueInvestorJason
      @ValueInvestorJason 5 หลายเดือนก่อน

      It’s still the dominant search engine in China, at least in PC. Value is in the eyes of the users, and its usage frequency

  • @ren2512
    @ren2512 5 หลายเดือนก่อน

    Hi Jason, I hope you’re doing well! I’ve been following your insights on deep value investing, and I have to say, your perspective really resonates with me. It’s refreshing to see someone so passionate about uncovering true value in today’s market, and your approach aligns perfectly with a software I’ve developed specifically for value investors. This software is designed to streamline the analysis process, helping investors like yourself identify undervalued opportunities more efficiently. I believe there’s a lot of potential for us to collaborate and bring even more value to the investment community. Whether it’s through a partnership, feedback on the tool, or brainstorming new ideas, I’d love to explore how we can work together. Let me know if this is something you’d be interested in! Looking forward to hearing your thoughts.

    • @ValueInvestorJason
      @ValueInvestorJason 5 หลายเดือนก่อน

      Glad to hear you find it insightful! As to the software am good for now, thanks for thinking of me.

  • @buzzlightyear3715
    @buzzlightyear3715 5 หลายเดือนก่อน

    Put aside the marco econ issues, BOA took all the covid lockdown customer deposit abd made a bad leveraged bet. BOA disclosed 2 months ago the bank has unrealized lost of ranging from $100-350B, suggesting the bank got into some kind of leveraged complex bond "investment" and lost. That was very public information. Google it.

  • @chaz4609
    @chaz4609 5 หลายเดือนก่อน

    Jai Hind. After the Yen Carry meltdown, what the Funds could be doing is Pump & Dump. So when Buffett sold off his stocks, Be beware of the Bear trap.

    • @ValueInvestorJason
      @ValueInvestorJason 5 หลายเดือนก่อน

      This is why Value investing is so important, you don’t have to strike until the pitch is right. I like the dump part.

  • @azndreamerboy
    @azndreamerboy 5 หลายเดือนก่อน

    my suspicion is that it was a opportunistic valuation trim. at $40+ per share it was trading above 13-14x forward earnings which is historically very high relative to the SPX multiple. couple that with the weaker gdp read, consumer slow down, uptick in DQ rates to pre pandemic levels - loan losses seemed likely to go up rather than down. yet for a while BAC was trading at peak values - the market valuation seemed out of whack with a deteriorating macro environment. i had been considering trimming my position personally for these reasons but he beat me to it. GOAT

    • @ValueInvestorJason
      @ValueInvestorJason 5 หลายเดือนก่อน

      Perhaps. My hunch is an elephant is in sight and the recent sell off is likely going to increase the odds

  • @Njsrufrider
    @Njsrufrider 5 หลายเดือนก่อน

    Is he buying preferred stock, common stock or bonds?