10 Timeless Investment Lessons by Thomas Gayner | Inside the Mind of Warren Buffett's Apprentice
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- เผยแพร่เมื่อ 31 พ.ค. 2024
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In this video, we uncover 10 powerful investing lessons from one of the financial world's hidden gems - Thomas Gayner, the Chief Executive Officer of the Markel Group.
Lesson 1: Compounding
Tom Gayner is an accountant by profession and his own investing journey started at the age of 14 with $700 and it’s a number that continues to grow showing the power of compounding and common sense
Lesson 2: Profitable, Efficient & Deleveraged
Tom Gayner looks for companies that are profitable, exhibit a strong return on capital, and avoid excessive leverage. These are lessons that stem from past mistakes
Lesson 3: Talented & Principled Management
Two attributes matter most - character and ability. An ethical, talented management team is non-negotiable for Gayner, as character without ability, or vice versa, leads to failure.
Lesson 4: Reinvestment Dynamics
A company's ability to reinvest profits effectively is crucial. A business should reinvest to create compounding value
Lesson 5: Buying at a Fair Price
While many investors begin with quantitative measures like PE ratios, Thomas Gayner emphasizes the qualitative aspects of a business. Start with the business's qualitative attributes and then validate them with supporting quantitative data
Lesson 6: Importance of Focusing on What’s Knowable and Important
In a world filled with economic uncertainties, elections, inflation, and geopolitical conflicts, Gayner advises investors to focus on what's knowable, important, and controllable. His "Switzerland" approach in investment philosophy helps weather the ever-changing macroeconomic environment
Lesson 7: Aggregation of Marginal Gains
For Gayner, compounding isn't just about returns; it's about the compounding nature of inputs. He includes patience, skill, craftsmanship and adherence to discipline as the key inputs in investments that can lead to epic results over time
Lesson 8: Importance of a Robust Process
Gayner encourages writing down ideas, frameworks, values, and principles. It serves as a reminder and helps clarify thoughts, making them more scalable
Lesson 9: From Spotting Value to Spotting the Creation of Value
Gayner advises investors to shift their focus from what a company is worth today to its potential for growth over time
Lesson 10: Role of Patience in Investing
Gayner's mentor once told him that the secret to success in investing is lasting the first 30 years. Patience is a significant part of successful investing, helping investors gain insights into market cycles, valuation, and personal behavior.
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👉 Video Chapters:
00:00 Who is Tom Gayner?
01:16 Thomas Gayner and the Markel Group
03:01 1. Start Your Investing Early
04:08 2. Profitable, Efficient & Deleveraged Companies
06:16 3. Character & Ability of Management
07:41 4. Reinvestment Dynamics & Capital Allocation
09:32 5. Buying Companies at a Fair Price
11:43 6. EBITDA
14:34 7. Decision Making in a Dynamic Macro Environment
15:55 8. Respect the Investing Process
17:19 9. Spotting Value to Creation of Value
18:40 10. Patience in Investing
👉 Additional Reading material:
‣ Security Analysis by Benjamin Graham (book link): amzn.to/3RRGlnD
‣ • Unprecedented Returns:...
‣ • Tom Gayner, how do you...
‣ • Coffee Can Investing |...
‣ • How To Succeed In Busi...
‣ • The Evolution of a Val...
#tomgayner #thomasgayner #markel #investors
Disclaimer: I am not a SEBI registered investment advisor or research analyst. I am not registered with PFRDA or IRDA either. The content posted on this platform is purely for educational purposes and none of it constitutes investing or trading advice. Viewers should do their own research and diligence before investing or acting on the information presented. Some of the links I have posted in the video, the description, the comments and other related resources might be affiliate links
You have helped me a lot in using the screener for screening stocks, made my investing journey easy and fun. Thanks and keep making such content.
Yeah this man is a genius.
Most welcome. I am happy to be playing a small part in your financial journey. Wishing you the best!
Can u provide the link to that video please?
@@xeesimxee I read Coffee Can Portfolio and basic implementation of which becomes a lot easy when i watched a video on his channel th-cam.com/video/uZERd4pJnRY/w-d-xo.html
The statement that "investment analysis is 80% qualitative and 20% quantitative" are words written in gold. The importance of finding out why a business will do well in future, which is entirely a qualitative pursuit, cannot be overstated.
Very true! 🙌
Thanks
Thank you very much Murali for your appreciation and this kind gratuity 🙌
I'm your early subscriber, watched all your videos
You are really an amazing teacher and good human Thank you so much
Thank you very much for the kind appreciation and your continued patronage, Barathi 🙌
Thank you❤
You're welcome 😊
Beautiful learnings. You never disappoint!
Glad you like them! Thanks
Great information
Glad you liked it
I helped me lot in short listing stock and adding to my watch list and will add in my portfolio later .
Great to hear!
Wonderful & Useful Video 📸
Many thanks
Very nice and exclusive analysis sir, thanks a lot
Always welcome. Glad you found it useful
I wish, you reach soon millions of subscribers, so as many people can learn from you... and btw I followed you from ET money times
Thank you for your kind words and for your continued patronage. I'm happy to be playing a small part in your financial journey
Awesome video sir, thanks a lot 🎉
So nice of you. Glad you liked it
Unique content 👌🏻
Glad you liked it!
Good informative video
Thank you very much!
Great content Shankar ji ! Keep it up 👌
Thanks a ton
Hi sir .am planning to start a new mutual fund ..should I start nifty momentum and value fund
Great research and hard work for mango 🥭 people
Thank you very much
9:48
Can u name the screener one u hv mentioned in the Template behind?
I remember using that screener a year back, unfortunately i forgot the website name, will be very much helpful if u say.
Hi. This was just a sample screener (a dummy image), I don't use it. Don't recall the name, sorry!
Shankar is a genius!
Thank you!
Great content as always. Request to make a video on Axis report - why investor return are less than funds and what should they do to maximize it. Thanks
Thanks. Attaching the report here: www.axismf.com/cms/sites/default/files/pdf-factsheets/Thinking%20Aloud%20-%20Using%20your%20Mutual%20Funds%20More%20Effectively.pdf .. it's a simple 3 page report with the message that investors often buy at expensive valuations (out of FOMO & euphoria) and sell when the markets are relatively cheap (out of panic)
Sir pls analyse Logistics sector
Thanks for the suggestion
So nice ❤❤❤❤❤
Thanks 😊
👍
Hi sir..how to select a nifty 500 momentum mutal fund...there are 5 such mutal fund...should i select based on aum or low expenses ratio?...how to select a small cap mutal fund ....is momentum fund is better than actively managed small cap mutal fund..return vise...
I don't think too much when picking index funds. Personally, I side with a high AUM fund as it means there are dedicated fund managers/traders for it that can reduce tracking error
@@shankarnath sir I am planning to start a fund...should I go with momentum and value index fund and actively managed small cap fund...sir do you conduct any webinar or class..
What's your thoughts on Bitcoin?
suprerb
Thanks!
Can we get a video on Jim Simons ?
Thanks for the suggestion
Sir do you have any courses..or telegram channel
Hi, not currently. I'll come up with a course soon.
Hi sir , pls analyse Gold related sector ( jewellery company, gold loan company, gold mining company)
Thanks for the suggestion
Bhai iska part 2 banao, a pura dadu podcast he. Or avishek bhai tum stock market scam ke upar book likhotum me bahot knowledge he
very nice approach of analysing ace investors and the best part is you are taking investors round the globe... your efforts are highly appreciated and i eagerly await for your data rich videos
p.s.= recently added you on linkdin too so if u could also make a video on how to grow linkdin would be much appreciated
1. Thank you very much. Personally, I find the best ideas & insights after listening to the less-popular investors. They have originality and spend a lot more time on a problem than the more accomplished ones
2. I don't use much Linkedin myself so I won't be the right person to make something related. If the situation changes, then I'll circle back to this
So I have to wait for 30years!
Amazing video! Please make more videos wherein you make the framework of big investors on Screener. (like you made Peter Lynch's framework in the past videos) It's of tremendous value! 🤩👍🏼
Thanks! I can try .. however I have a different thought process around it. It's my view that a screener-led framework can't be developed for most accomplished investors .. which is perhaps why they make a lot more money than the average investor. It's a bit like that warplane damage example I often see on random Linkedin posts i.e. the real stuff on the parts we can't see (please read more on that on en.wikipedia.org/wiki/Survivorship_bias)