I am joining your pay platform again even though I was never having the time to utilize it properly just to continue to encourage you to provide the top free content such as this review of margin of safety I have the book and have reviewed it and enjoy hearing your take on it I hope you will continue to find useful things to discuss
Back in business school I had a class in energy finance taught by senior analyst (it may have been the CFO) from Petro Lewis, a firm that financed there oil exploration with junk bonds. They maximized their efforts and when the price of oil dropped they were in trouble, not being able to meet their debt obligations. The final in the class was to develop a strategy to bail them out. I didn't do too well .
I love this series on Seth Klarman's book, thank you for that! I'm struggling to keep up with the pace you are making videos lately, but one at a time I'll watch them all for sure.
Yes, how about that business university. I did practically all my investment analysis using EBITDA. But there was no youtube back then. Thank you Sven for your brilliant videos. I've gone from subscribing to around 50 business channels, to only subscribing to a few, and mainly watching your videos, I find them very very enlightening
Thanks. Please keep it coming even though you might have lower likes! I really like that you are now talking about bonds now that they have a much higher rate of return!
Great video - thanks. I don't know how you keep up with all this activity lately. In between reading Margin of safety, following your youtube updates and doing my own research as an addition to the material on the research platform, I barely find time for anything else.
EBITDA was created by John Malone to value the viability of his telecom bussines, in that sector i find it useful, in other sectors it hiddes a lot of costs and should not be used
Thank you for this excellent summary of Chapter 4. It is interesting to learn more about the 1980s junk bond issue. I didn't know EBITDA is so unreliable. Lol of course Trump pardoned Milken -- rich criminals looking out for each other. I'm reminded of the movie The Wedding Singer, which takes place in the 1980s. The antagonist is a rich guy who made his money in junk bonds. I'm also thinking of a Futurama episode, which features an 80s business guy. He references hanging out with Milken and Boesky, and he arranges a hostile takeover of the Planet Express company. Now I have more historical context and I understand these pop culture references even better! I've never seen the movie Wall Street, so maybe I should watch that next...
I love the content, but you saying Shaq starting a Spac was an easy free throw for him was so funny because he’s notoriously known for being an awful free throw shooter
Thanks a lot for sharing Great advice! Do you believe that investing in shipping companies are good investments? And at what point do you think a shipping investment is a No brainer?
when you own a ship, then have the company go bankrupt, and then buy out the remaining holders for a quarter of what they paid for the ship! That is how the industry works !
Hi Sven, I read that Michael Burry used the metric EV/EBITDA in his early days as a starting point to do a loose screening of companies for value investing. What do you think of this metric as a screening method? Could you explain what it is supposed to do? I heard it is a pretty popular one too... If you think it is garbage, could you explain why some good investors use this one? I don't think Burry listened to investment bankers...
Sven, your videos are always value : maximum upside and never disappointing. May I propose you look into a specific stock? Swedish Climeon AB. Been following them since 2019, they are now at all time low, losing half employees, not making profit and diluting shares. At the same time their product (waste heat to green electricity converter) is amazing,they have almost no debt and there is positive tailwind from rewiring energy sectors worldwide. Curious to hear your opinion if they are value
@Sven I think you can summarize two chapters per week? Two days per week you can create videos, Plus we can move to next book faster! Appreciate the content!
Most Australian companies report EBIT and net income on income statement but I found one that reported EBITDA and net income, so I just subtracted it with D&A for my own reference. It’s a media company though and they tend to report EBITDA - is there a particular reason why?
These summary videos are so extremely valuable - but they simply don't provide the "pseudo-intellectual fast food" that apparently the mass of YT viewers is after. So maybe consider the low view numbers even as a quality signal in this case;) ...of course not implying here that your most watched clips are bad quality or content ;D
When is Charlie going to finally drop that bum Warren? He’s been riding his coattails for years and he’s gotta be sick of it by now. Also, a wise man once said “A sucker is born every minute” and Wall Street knows that and bets on that.
Shaq was crap at free throws. Teams actually used it against him. If late on in a game they where behind they would foul Shaq cause he's probably miss one of the free throws and you get the ball back with more time left on the clock
![Megan Thee Stallion - Neva Play (feat. RM) [Official Video]](http://i.ytimg.com/vi/TpYTyAaTRts/mqdefault.jpg)
Sven is back in full force. Intel, Copper and now Seth Klarman. Good going.
thanks!
Couldn't agree more!!!! It's videos like these as to why Sven is my most watched investor on TH-cam!!!
Better than a Netflix show, can't wait for the next episode to come out!
Shaq thought it was a slam dunk but it became a free throw for him! 😂😂😂
:-)))
Thanks for this book review. I've watched every chapter so far. I'm looking forward to 5
next week, likely on Wednesday!
Amazing. I'll like from two devices :) please keep the book chapters coming 🙏
thanks, will do, we have a chapter for every week till the end of the year!
@@Value-Investing 🔥🔥🔥
Quite revealing your comments on EBITDA. Thanks for your job. Keep it up.
Thanks, will do!
Sven this series is one of your best value videos ever. The fact that not many watch it is just stupid
I am joining your pay platform again even though I was never having the time to utilize it properly just to continue to encourage you to provide the top free content such as this review of margin of safety
I have the book and have reviewed it and enjoy hearing your take on it
I hope you will continue to find useful things to discuss
Back in business school I had a class in energy finance taught by senior analyst (it may have been the CFO) from Petro Lewis, a firm that financed there oil exploration with junk bonds. They maximized their efforts and when the price of oil dropped they were in trouble, not being able to meet their debt obligations. The final in the class was to develop a strategy to bail them out. I didn't do too well .
Petro, actually, was one of Milken's clients. They went bankrupt. I think my teacher went to another O&G company to perform more economic miracles.
Thank you for calling out the nonsense of EBITDA
:-)
I love this series on Seth Klarman's book, thank you for that! I'm struggling to keep up with the pace you are making videos lately, but one at a time I'll watch them all for sure.
thanks, great to hear! No worries, down to one a day from tomorrow! You'll catch up over the weekend!
Immense value.
Thank you, Klarman and Carlin.
As always, love your videos!!
Yay! Thank you!
Kuya your channel is awesome your helping thousand of people keep up the good work
Team “this and that and everything” 💪😄
Great content 👍
Thank you for the work that you put into these videos. It is very much appreciated 👍
thanks!
Sven, once again very informative and important information. Thank you very much for showing us these pitfalls.
thanks!
thnaks sven
:-)
Part 2 ! Thank you !
all parts are in the playlist in the description of the video
important video, thx Sven, great insight
Glad you liked it!
Just commenting to push the video 🤜🤜
Thanks!
Yes, how about that business university. I did practically all my investment analysis using EBITDA. But there was no youtube back then. Thank you Sven for your brilliant videos. I've gone from subscribing to around 50 business channels, to only subscribing to a few, and mainly watching your videos, I find them very very enlightening
wow, great to hear! will do my best to keep up with the expectations!
EBITDA, EBITDA, that's all folks!
Thank you for the content on Klarman!
This is what I enjoy the most!
Thank you 🙏 Love the book review and info sharing.
Great Video and great book
:-)
This is a great video thanks Sven
Glad you liked it!
When you think you can make something out of nothing, it is very difficult to resist
absolutelY!
Thank you for this video!
Hahaha, good video Sven. No bullshit here. Glad to see you picked up the reference to old Charlie boy
:-))
Thanks. Please keep it coming even though you might have lower likes!
I really like that you are now talking about bonds now that they have a much higher rate of return!
bonds are still negative in my book, but you never know!
@@Value-Investing
Thanks for your comment on the bond market.
EBITDA = Earnings Before Important Things that Destroy the value of our Assets
Good one!
Great video - thanks. I don't know how you keep up with all this activity lately. In between reading Margin of safety, following your youtube updates and doing my own research as an addition to the material on the research platform, I barely find time for anything else.
I just work, don't think:-))) Plus, replying and filming on weekends!
EBITDA was created by John Malone to value the viability of his telecom bussines, in that sector i find it useful, in other sectors it hiddes a lot of costs and should not be used
of course, it depends on the business!
This is a very good subject for our education! Thanks very much.
:-)
Great Series Sven! I Hate EBITDA too.... 🤬
:-))
Thank you for this excellent summary of Chapter 4. It is interesting to learn more about the 1980s junk bond issue. I didn't know EBITDA is so unreliable. Lol of course Trump pardoned Milken -- rich criminals looking out for each other.
I'm reminded of the movie The Wedding Singer, which takes place in the 1980s. The antagonist is a rich guy who made his money in junk bonds. I'm also thinking of a Futurama episode, which features an 80s business guy. He references hanging out with Milken and Boesky, and he arranges a hostile takeover of the Planet Express company. Now I have more historical context and I understand these pop culture references even better! I've never seen the movie Wall Street, so maybe I should watch that next...
good movie, enjoy it!!
@@Value-Investing Thank you!
Comment for the algorithm!
thanks!
Bellissima lezione druze Sven, grazie per il servizio
grazie!
Hello sven can you please do for use the fifth chapter example with the new IPO of porche and thanks
I just filmed, but I don't see the connection there :-(
I love the content, but you saying Shaq starting a Spac was an easy free throw for him was so funny because he’s notoriously known for being an awful free throw shooter
that was the goal :-)))
Beautiful content! what about FCF? how to interpret companies that have better fcf than ebit? and viceversa... thanks!
This is a great series reviewing the book.
Great to hear!
I have some cannabis stocks and although I think they will do well business-wise, part of my thesis is future hype when they are listed on NYSE. 🤷🏻♂️
could happen!
Great video Sven! Can’t wait for the whole book to be covered
By the end of the year we should be finished!
one chapter a week!
These are your best videos. Thanks!!
Glad you like them!
Thanks a lot for sharing Great advice! Do you believe that investing in shipping companies are good investments? And at what point do you think a shipping investment is a No brainer?
when you own a ship, then have the company go bankrupt, and then buy out the remaining holders for a quarter of what they paid for the ship! That is how the industry works !
0:39 ESG
:-)))
Hi Sven, I read that Michael Burry used the metric EV/EBITDA in his early days as a starting point to do a loose screening of companies for value investing. What do you think of this metric as a screening method? Could you explain what it is supposed to do?
I heard it is a pretty popular one too... If you think it is garbage, could you explain why some good investors use this one? I don't think Burry listened to investment bankers...
depends on what you are looking for!!
Sven, your videos are always value : maximum upside and never disappointing.
May I propose you look into a specific stock? Swedish Climeon AB. Been following them since 2019, they are now at all time low, losing half employees, not making profit and diluting shares. At the same time their product (waste heat to green electricity converter) is amazing,they have almost no debt and there is positive tailwind from rewiring energy sectors worldwide. Curious to hear your opinion if they are value
thanks for suggesting - sounds interesting!
@Sven I think you can summarize two chapters per week? Two days per week you can create videos, Plus we can move to next book faster!
Appreciate the content!
one a week is ok!
🔥🔥🔥
Most Australian companies report EBIT and net income on income statement but I found one that reported EBITDA and net income, so I just subtracted it with D&A for my own reference. It’s a media company though and they tend to report EBITDA - is there a particular reason why?
What is the more truthful earnings metric for you Sven? EBIT?
CASH FLOWS and real value for shareholder creation - every business is different!
These summary videos are so extremely valuable - but they simply don't provide the "pseudo-intellectual fast food" that apparently the mass of YT viewers is after.
So maybe consider the low view numbers even as a quality signal in this case;)
...of course not implying here that your most watched clips are bad quality or content ;D
:-))) Yes, the lower the views, the better is the content! That is how it works on YT!
I have a paperback copy of this book, and it’s for sale!
:-))
I’m literally saving of food to accumulate as much cash as possible.
Tried to order this book digitally on iphone and kindle. Not available on either. :(
just search for the PDF online
🙏🙏🙏
thanks!
Sven I'm loaded up in weed. It's stupid cheap because of the market makers. I'm ready to dump the next pump like 2021. Cha ching
have fun, hopefully the next pump will come!
@@Value-Investing Look at the lines at pot shops. No shortages of tokers. Lol. I don't use myself. I love trading and investing
When is Charlie going to finally drop that bum Warren? He’s been riding his coattails for years and he’s gotta be sick of it by now.
Also, a wise man once said “A sucker is born every minute” and Wall Street knows that and bets on that.
A sucker is born every minute:-)) Amazing one!
Make 1 recession fears video that will help lol. Then back to business.
:-))))
Shaq had a low fee throw percentage lol
:-))) yep!!!
Shaq was crap at free throws. Teams actually used it against him. If late on in a game they where behind they would foul Shaq cause he's probably miss one of the free throws and you get the ball back with more time left on the clock
I know that, that is why a SPAC turned into a free throw for him!!! :-)))
@@Value-Investing 🤦♂️I caught your meaning on the second listen
is this in audiobook form for troglodytes like myself?
I don't think so, that is why we have the summaries here!
Omg Sven, you are supposed to be an economist. You must understand what is EBITDA why and for what it's used.
:-))))
:-)))