Great point on SBC! Valuable walk through a super investor's letter with us! Joseph, what do you think about Capital Leases when calculating debt ratio? Should we remove it from liability?
I really love how you add features to Qualtrim based on what experts think matters. One question, do you think that you will ever add filters to it so we can quickly scan through stocks tat have quantitative aspects that we like. Being able to filter the entire stock market to everything with a ROCE of 25% or better would be incredible. Regardless you earned my $10/month
One thing he isn't transparent about is the Fundsmith expense ratio. He's very quick to point that about other fund mangers but not Terry Smith. Remember if Terry Smith makes you money or not he'll ccollect his fees and make money anyways.
Terry Smith has been a hero of mine ever since he exposed the shady accounting practices of Grand Met (to the discomfiture of the then CEO) and went on to write his book, "Accounting For Growth". The Investing fraternity needs many more of his calibre to displace the entrenched belief among many of us that the yachts in the harbour only belong to the stockbrokers. I've sub'd, after discovering you, Joseph. Stay true and (as a Northern Soul fan) KTF (Keep The Faith).
Great video! I love Terry Smith and you do a great job reflecting on his thourgths and show their relevance. Thanks! Also, I realy like the way you develop as an investor and keep insisting on learning from mistakes instead of covering them up. I have been investing a few years and made a lot of mistakes (sad to say, but CVNA and ROKU among my first buys in early 2021 - but the good thing is I will not forget the lessons i learned!) but am also adjusting towards a high quality/long term holding approach, with names such as V, SPGI, ADBE, WST, ZTS as core positions, picked up at what I think will prove to be reasonable prices during dips the past year. Now for the hard part: Doing nothing, besides adding sloooooowly and and maintaining a solid candidate list instead of chasing short term uptrends and cheap stocks.
I've made plenty of mistakes too man. Including constantly selling at a loss as I think the market will continue to go down. Taking $1k losses as I "trim" positions, losses that will be very hard to recoup elsewhere. I try to ask myself "if I take this 10% loss now, and lose $1.4k (for instance), could I profit $1.4k with the proceeds in a reasonable amount of time? Answer is usually no, but sometimes I panic sell anyways as I continually try to time the market. Sucks getting into Google so high up haha.
Great content! A request I’d like to propose is that you cover more companies that are not in your portfolio (Home Depot, Johnson & Johnson, etc). I think this would be helpful to get your perspective on other heavily invested in stocks. I definitely love the coverage of your portfolio but would like more variety in the companies you review. Thanks again for all your hard work!
Terry's Smith's book is great if anyone's interested. Easy read with some wicked dry British sarcasm laced through it. I think Smith has a strange advantage investing in the S&P as he's looking at it from afar, and outside the American hype bubble. He's someone who doesn't have the wool pulled over his eyes easily and sees through the BS. V smart and savvy investor. Great video break down to Joseph, thanks!
Standing ovation on this video, JC. I normally game while watching/listening and seeing you get to the nitty gritty of digging into the numbers behind P/E ratios made me drop the controller and pay attention. Great video and very fitting of your 300th episode. Well done, super informative upload!
I'm going to do just that, in Qualtrim 2.0 (going to be updated in 1-2 months) It will have an Adj. Free Cash Flow graph (Free cash flow - stock based comp), and Adj. Free Cash Flow Yield. Which is the free cash flow yield, again, adjusted for the impact of SBC. This will help normalize valuation company to company. I won't have to do this math in my head anymore. It will be super easy to compare Apples to Apples.
To my understanding this just proves how much we need an edge as investors especially always in the beginning of the year because playing the market like everyone else just isn’t good enough, its 2023. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market.
I'm fascinated with the market as a single parent because juggling all these things are quite difficult. I tried putting in some $ in few sectors but haven't seen any profit yet. Don’t know what I’m not doing right
@@emmacreame4889 Just because there are opportunities in the market doesn’t mean you should go in blindly. To understand the potential factors that contribute to your financial growth, I'll advise you to seek the help of a professional investment coach
@@kendrickdonor2017 They are solid at their jobs, I've had the opportunity of working with one in and it has been immensely helpful, I had an overall portfolio restructuring. Carissa Wallin Palm is the coach that guides, you probably might've come across her before, she's quite known in her field, look her up
Good businesses need not have to be good investments. 80% of the stock returns come from 1.3% of the companies. Are you saying Terry smith exactly picks those 1.3%. He just picks good companies which a 8 year old nowadays can. But the question is, did he pick them at the right valuations and before the right trading days where 90% of the returns are positively skewed. For example, Coca cola is a great company, but all of its returns where concentrated before 2000s. That's why buffet admitted he bought coke at the right time but failed to sell coke at the right time. That's why its impossible to beat the market. Maybe some extra weighting on small cap value etf would do with some extra volatility. That's the max anyone could do.
great episode, great channel! Just a question: how do you determine stock based compensation in financial statements? I made my research but did not find proper information in financial statements. How do you do it in Qualtrim?
Great video. Would you consider adding an additional line on you app as “Adjusted free cash flow yield” to take the stock compensation into account. That would be so useful. Thanks.
Last year was a rough year for everyone. We just gotta stay the course and we can all come our a bit richer here in the end. I went hard into Bonds and picked up United Healthcare at $501, gonna DCA while its under $500, I think it's such a great strong stock.
Hi Joseph, thank you for the great videos, never miss your single video. I have a question this time around, you mentioned you sold half of your positions in Starbucks, however, in your previous video you mentioned you marked Starbucks as overvalued at 130 and that's where you will be looking to sell it. So my question is what has changed in the past months, why did you decide to sell it now? Many thanks for the time and effort you put into making these awesome videos!
So are they reporting their non-GAAP figures. That doesn’t even make sense. I thought public companies have to abide and report their financial statements in congruence with GAAP.
Congratulations on episode 300! It's been a fantastic ride. Always interesting to hear what Terry Smith has to say, even better with your analysis on top.
Great video, i really like Terry smith and the way he explains stuff - Hopefully soon you will tallk about some of his boring top holdings and why you haven't bought them yet - like ADP and IDXX
You keep bringing up Stock Based Compensation but isn't an employee enrolling into their Employee Stock Purchase Program going to be accounted for in the Stock Based Compensation data point. Every employee has the option to enroll into the program and those companies that offer a generous ESPP will have large amounts of salaries funnelled through SBC because of the employees taking advantage of the stock discount through the program.
Thanks for pointing this out about the hidden in plain sight expense of stock based compensation. It's definitely something to keep in mind for the future!
I like it. A lot of people only see the consumer facing spice part of the company, they don't realize that a huge portion of the revenue comes from selling flavor (weird business I didn't really even know existed until reading their reports).
Took a hard look at McCormick a while back - just kept concluding that the global spice market will likely only grow at the same rate as global GDP. No secular tailwinds.
This stock based companesation fraud really needs addressing. Thanks for highlighting this growing problem, hopefully more and more investors are being made aware of it. It's wrong.
@Joseph Carlson As EBITDA is known to be one of the most popular non-GAAP earnings measures. I am always aware of any non-GAAP/EBITDA/etc after I listened years ago Charlie Munger at 2003 BRK shareholder meeting saying 'Every time you hear 'EBITDA' substitute it with 'bullsh*t earnings''. There is a reason for him to think that way I am pretty sure of that. 😂😂
Remember that do nothing means that he doesn’t want you to be dealing for the wrong reasons. He does expect that you are still studying companies both new opportunities and the ones you already own.
I would be retiring or working less in 5 years and I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $165K per year but nothing to show for it yet.
I’m also hoping Nelson Peltz can turn things around at Unilever. I bought some shares last year January after they announced their disastrous bid for GSK’s consumer arm. Got the shares at a great price. But was definitely disappointed at management’s performance. Nelson Peltz’s involvement is definitely welcome. Hopefully they can do to Unilever what Trian did in P&G
But Joseph, maybe I'm not smart enough yet to understand this. But if a company does not report their stock based compensation, how does your program still know how much it is?
They take it out of their non GAAP earnings. They still have to report SBC to the SEC. My program looks at the SBC and makes it represented in their cash flows as a financing activity. Which it should be.
@@JosephCarlsonShow very cool. Thanks. I always watch every video of yours. Not always when they premiere. But they go on my watch later list. And eventually I see them. Of all the TH-camrs that talk about stocks. You make the most sense and I learn the most of. I'm not a member of your program because I'm foreign, and also own international stocks. So it was joyful when I heard that you are bringing that to the platform.
If your goal is to increase passive income, and you decided to increase the amount you dca weekly, why even sell out of Starbucks if it gets close to its fair value if it's a company you believe to grow into the future and pays a dividend?
Joseph, excellent video. In line with your New Year's resolution, I would suggest editing the video to highlight the text in the article as you read along. It's sometimes tough to follow along with which words are from the article and which is your personal commentary. Maybe cut the video to show your face during the commentary portion and just the article during reading...? Idk, but great quality content. Keep it up! 😁
@@musa7606 only if you’re a dum leftist. Idc I sold and more than doubled my money but I still believe fossil fuels will continue to outperform as leftists and people in power have put way too many expectations upon future technology.
@@musa7606 yea I don’t think I ever said buy and hold forever. Oil is not a buy right now but it was a helluva trade before Russia invaded and Joseph couldn’t see the opportunity. He posted several vids of how bad the company is while the stock price was on a rocket ship. I was so confused. Jump on for the ride and then sell. I am now in precious and rare earth mining metals companies. I probably won’t succeed.
@@musa7606 Joseph’s investing strategy is hilarious cause we don’t know what it is. It’s constantly changing. He’s all in on Jepi and then he’s all in on church Dwight and then the next video he talks about how bad jepi is for taxes and then talks about how church Dwight doesn’t have pricing power. All I know is he’s trying to outperform the S&P 500. Joseph has bought Verizon and Abbvie and t Rowe price which is a terrible company imo.
Stock based compensation is bad. I would prefer companies to not do that at all, especially not for executives. They already get paid an enormous amount in salary. No need for more money. They're not worth it. Also stock based compensation incentivises the whole pyramid model of manipulating results from top to bottom. And it's not good for the sustainability of a company. It's painful to see how companies try to save money by firing workers, while the money is lost at the top.
This is a great presentation. I have one disagreement with you - about Tesla. About the rest, I admire your methodology, conviction and consistency. While I am much older and currently have a smaller brokerage account, certain shifts in strategy have been influenced by your presentations,
I'm invested in Fundsmith because of Terry. Great talker and his returns have backed up his talk. I must get to one of his annual shareholder meetings one of these days. They're always a good watch
Very helpful Sir Carlson! I've never heard of Terry Smith, and I just found better companies to invest in now. It's funny I was listening to all the TH-camrs who were hyping all the bad company stocks and know I know why. It pays to do your own research and listen to good investors.
I wonder how he is going to deal with the new Environmental Social Governance sponsored by the government which is incentivizing investing in ideology over performance to the detriment of investors.
Happy Friday everyone! Hope you all enjoy your weekend!
Great point on SBC! Valuable walk through a super investor's letter with us! Joseph, what do you think about Capital Leases when calculating debt ratio? Should we remove it from liability?
Joseph, can you share with viewers how you access the 13F information for your videos?
@@ZanderMan175 www.dataroma.com/m/home.php
Great video Joseph, I love your transparency, I've been watching your videos since early last year, well done!
Thank you!
I really love how you add features to Qualtrim based on what experts think matters. One question, do you think that you will ever add filters to it so we can quickly scan through stocks tat have quantitative aspects that we like. Being able to filter the entire stock market to everything with a ROCE of 25% or better would be incredible. Regardless you earned my $10/month
Love the transparent and informative aspects of this channel.
One thing he isn't transparent about is the Fundsmith expense ratio. He's very quick to point that about other fund mangers but not Terry Smith. Remember if Terry Smith makes you money or not he'll ccollect his fees and make money anyways.
One of my favorite episodes of all time. Wonderful job Joesph!
Terry Smith has been a hero of mine ever since he exposed the shady accounting practices of Grand Met (to the discomfiture of the then CEO) and went on to write his book, "Accounting For Growth". The Investing fraternity needs many more of his calibre to displace the entrenched belief among many of us that the yachts in the harbour only belong to the stockbrokers. I've sub'd, after discovering you, Joseph. Stay true and (as a Northern Soul fan) KTF (Keep The Faith).
Had no clue Terry Smith wrote a book. Might pick it up if I see it.
Would love to see a sit down face to face podcast with you and Terry Smith.Might have to go to Mauritius to do it but would be well worth it.
why Mauritius? I had to google where that was. Looks amazing.
Terry lives in Mauritius?
@@SR-vk3fv Most of the year Yes
@@jeffbarrett791 Thats where Terry Smith lives most of the time.
@@allanroberts4387 Gotcha. Looks amazing as I said.
Fundamental analysis content is never enough, please keep them coming. This is episode is a gem, thanks 🔥
Great video! I love Terry Smith and you do a great job reflecting on his thourgths and show their relevance. Thanks! Also, I realy like the way you develop as an investor and keep insisting on learning from mistakes instead of covering them up. I have been investing a few years and made a lot of mistakes (sad to say, but CVNA and ROKU among my first buys in early 2021 - but the good thing is I will not forget the lessons i learned!) but am also adjusting towards a high quality/long term holding approach, with names such as V, SPGI, ADBE, WST, ZTS as core positions, picked up at what I think will prove to be reasonable prices during dips the past year. Now for the hard part: Doing nothing, besides adding sloooooowly and and maintaining a solid candidate list instead of chasing short term uptrends and cheap stocks.
I've made plenty of mistakes too man. Including constantly selling at a loss as I think the market will continue to go down. Taking $1k losses as I "trim" positions, losses that will be very hard to recoup elsewhere. I try to ask myself "if I take this 10% loss now, and lose $1.4k (for instance), could I profit $1.4k with the proceeds in a reasonable amount of time? Answer is usually no, but sometimes I panic sell anyways as I continually try to time the market. Sucks getting into Google so high up haha.
Great content! A request I’d like to propose is that you cover more companies that are not in your portfolio (Home Depot, Johnson & Johnson, etc). I think this would be helpful to get your perspective on other heavily invested in stocks. I definitely love the coverage of your portfolio but would like more variety in the companies you review. Thanks again for all your hard work!
Great idea!
I second that - maybe some kind of watch list and how you maintain a watch list could be a theme?
I'm a simple man. I see Terry Smith in the thumbnail, I click, I like, I leave a comment and enjoy the video 👍
I just hit $1,200 in my investing account today! Excited for the future. Happy Friday!
The amount of Value you add is insane! Keep up the Good Work
What was the website to see fcf and stock based compensation? Qualtrics do you have to subscribe for that?
Joseph, can you share a link to Terry Smith’s letter?
Great information! Will read Terry Smith's annual letter as well.
Terry's Smith's book is great if anyone's interested. Easy read with some wicked dry British sarcasm laced through it. I think Smith has a strange advantage investing in the S&P as he's looking at it from afar, and outside the American hype bubble. He's someone who doesn't have the wool pulled over his eyes easily and sees through the BS. V smart and savvy investor. Great video break down to Joseph, thanks!
Standing ovation on this video, JC. I normally game while watching/listening and seeing you get to the nitty gritty of digging into the numbers behind P/E ratios made me drop the controller and pay attention. Great video and very fitting of your 300th episode. Well done, super informative upload!
What are the 45 companies?
I love this stuff I can't get enough of this type of content. How often does he release this report.
It's the annual report, so annually. Not sure if he has ones more frequent, though.
Yeah, I agree. Usually around february he release the annual meeting on youtube and the fundsmith website. I suggest you to watch it
Already episode 300 ??? Time goes fast... Congrats 🎉 Such a high quality content channel !!!
Maybe you should add under "Free Cash Flow Yield (TTM)" another metric of "True Free Cash Flow Yield (TTM, incl. SBC)" in Qualtrim.
I'm going to do just that, in Qualtrim 2.0 (going to be updated in 1-2 months)
It will have an Adj. Free Cash Flow graph (Free cash flow - stock based comp), and Adj. Free Cash Flow Yield. Which is the free cash flow yield, again, adjusted for the impact of SBC.
This will help normalize valuation company to company. I won't have to do this math in my head anymore. It will be super easy to compare Apples to Apples.
To my understanding this just proves how much we need an edge as investors especially always in the beginning of the year because playing the market like everyone else just isn’t good enough, its 2023. I've been quite unsure about investing in this current market and at the same time I feel it's the best time to get started on the market.
I'm fascinated with the market as a single parent because juggling all these things are quite difficult. I tried putting in some $ in few sectors but haven't seen any profit yet. Don’t know what I’m not doing right
@@emmacreame4889 Just because there are opportunities in the market doesn’t mean you should go in blindly. To understand the potential factors that contribute to your financial growth, I'll advise you to seek the help of a professional investment coach
@@kendrickdonor2017 They are solid at their jobs, I've had the opportunity of working with one in and it has been immensely helpful, I had an overall portfolio restructuring. Carissa Wallin Palm is the coach that guides, you probably might've come across her before, she's quite known in her field, look her up
Bad bot.
Good businesses need not have to be good investments. 80% of the stock returns come from 1.3% of the companies. Are you saying Terry smith exactly picks those 1.3%. He just picks good companies which a 8 year old nowadays can. But the question is, did he pick them at the right valuations and before the right trading days where 90% of the returns are positively skewed.
For example, Coca cola is a great company, but all of its returns where concentrated before 2000s. That's why buffet admitted he bought coke at the right time but failed to sell coke at the right time. That's why its impossible to beat the market. Maybe some extra weighting on small cap value etf would do with some extra volatility. That's the max anyone could do.
Love ur work dude 😎
great episode, great channel! Just a question: how do you determine stock based compensation in financial statements? I made my research but did not find proper information in financial statements. How do you do it in Qualtrim?
Hello, where can I find stock based compensations of the company?
cash flow statement
Great video. Would you consider adding an additional line on you app as “Adjusted free cash flow yield” to take the stock compensation into account. That would be so useful. Thanks.
Still the best communicator in the industry.
Everything is great here, but I wish you included technical analysis
Thanks for the video
What do you mean by doing a down side risk of a company?
Thank you for sharing and explaining the impact of share based compensation on free cash flow.
Great content Joseph!
Can I invest in smithfunds from my Schwab account?
Last year was a rough year for everyone. We just gotta stay the course and we can all come our a bit richer here in the end. I went hard into Bonds and picked up United Healthcare at $501, gonna DCA while its under $500, I think it's such a great strong stock.
Love Terry Smith's general philosophy.
Great video. I learned something new about stock based compensation!
Great video and congrats for the 300 episode 🎉
Hi Joseph, thank you for the great videos, never miss your single video.
I have a question this time around, you mentioned you sold half of your positions in Starbucks, however, in your previous video you mentioned you marked Starbucks as overvalued at 130 and that's where you will be looking to sell it. So my question is what has changed in the past months, why did you decide to sell it now?
Many thanks for the time and effort you put into making these awesome videos!
Thanks for this great episode
You’re a beast! Thank you for the thought and effort!
Loved this video
Can you put a legend in the charts & graphs?
Terry Smith selling Johnson&Johnson before the split, I will have consider my holding into the split.
So what is Terry's 2023 outlook? I saw a hint that it was going to be a challenge, aka bad.
How does it say, Mastercard(MA) is up 65%, when you just brought it? the returns calculated on F1 seems weird
I think it was Bianco that also spoke about companies having to be more efficient in this type of market which is good.
So are they reporting their non-GAAP figures. That doesn’t even make sense. I thought public companies have to abide and report their financial statements in congruence with GAAP.
Read this letter on SA earlier this week and was wondering how long before you tackle it on the channel. Great one for #300!!
What's SA?
Congratulations on episode 300! It's been a fantastic ride. Always interesting to hear what Terry Smith has to say, even better with your analysis on top.
well done.
easy to follow and understand.
revenue matters a lot to me. its unpopular lol
Great video, i really like Terry smith and the way he explains stuff - Hopefully soon you will tallk about some of his boring top holdings and why you haven't bought them yet - like ADP and IDXX
I am boycotting paypal.They quit collecting for ezra levant and are hence some sort of a woke company.
That'll be a great addition to the software!
Very good video !
How to invest in fund smith from USA?
Nice vid
You keep bringing up Stock Based Compensation but isn't an employee enrolling into their Employee Stock Purchase Program going to be accounted for in the Stock Based Compensation data point. Every employee has the option to enroll into the program and those companies that offer a generous ESPP will have large amounts of salaries funnelled through SBC because of the employees taking advantage of the stock discount through the program.
Well done. You are on it.
Thanks for pointing this out about the hidden in plain sight expense of stock based compensation. It's definitely something to keep in mind for the future!
Sneaked in the $VICI flex @ 5:42
hi Joseph, Where are you at on Mcckormick right now?
I like it. A lot of people only see the consumer facing spice part of the company, they don't realize that a huge portion of the revenue comes from selling flavor (weird business I didn't really even know existed until reading their reports).
@@JosephCarlsonShow Guess who supplies the flavors for the snacks from PepsiCo at a worldwide level? You are right, that is from McCormick
Took a hard look at McCormick a while back - just kept concluding that the global spice market will likely only grow at the same rate as global GDP. No secular tailwinds.
This stock based companesation fraud really needs addressing. Thanks for highlighting this growing problem, hopefully more and more investors are being made aware of it. It's wrong.
Thank you for this great video :)
Two bangers in a row.
Free cash flow yield includes the total outstanding shares (which increases with SBC) in the denominator.
i love his criticism of the SJW stuff lol. but yea his letters and presentations are very informative and great for learning
"Not overpaying" is timing the market
100% correct.
So is using a ‘dip finder’ or dollar cost averaging when you have a lump sum ready to invest.
I have some real estate I can sell you?
Nope. It's paying precisely what the stock is 'worth' at the time you buy it.
WHAT? you can do what Unilever did? just not include them?
cash flow yield included stock based compensation, earnings yield or p/e is better comparison
@Joseph Carlson As EBITDA is known to be one of the most popular non-GAAP earnings measures. I am always aware of any non-GAAP/EBITDA/etc after I listened years ago Charlie Munger at 2003 BRK shareholder meeting saying 'Every time you hear 'EBITDA' substitute it with 'bullsh*t earnings''. There is a reason for him to think that way I am pretty sure of that. 😂😂
Congrats on the 300th landmark!
Nice explanation Joseph , you are the only honest person in market. God bless you.
And thats why i always only use GAAP
300!!!
Remember that do nothing means that he doesn’t want you to be dealing for the wrong reasons. He does expect that you are still studying companies both new opportunities and the ones you already own.
JEP, the do nothing part, is hard for Mr. Joseph
I would be retiring or working less in 5 years and I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $165K per year but nothing to show for it yet.
I’m also hoping Nelson Peltz can turn things around at Unilever. I bought some shares last year January after they announced their disastrous bid for GSK’s consumer arm. Got the shares at a great price. But was definitely disappointed at management’s performance. Nelson Peltz’s involvement is definitely welcome. Hopefully they can do to Unilever what Trian did in P&G
But Joseph, maybe I'm not smart enough yet to understand this. But if a company does not report their stock based compensation, how does your program still know how much it is?
They take it out of their non GAAP earnings. They still have to report SBC to the SEC. My program looks at the SBC and makes it represented in their cash flows as a financing activity. Which it should be.
@@JosephCarlsonShow very cool. Thanks. I always watch every video of yours. Not always when they premiere. But they go on my watch later list. And eventually I see them. Of all the TH-camrs that talk about stocks. You make the most sense and I learn the most of. I'm not a member of your program because I'm foreign, and also own international stocks. So it was joyful when I heard that you are bringing that to the platform.
Free cashflow is so hard to read because it is so lumpy and inconsistent.
Go WOKE go broke! I cancelled all 3 PayPal accounts and Disney +.
If your goal is to increase passive income, and you decided to increase the amount you dca weekly, why even sell out of Starbucks if it gets close to its fair value if it's a company you believe to grow into the future and pays a dividend?
Joseph, excellent video. In line with your New Year's resolution, I would suggest editing the video to highlight the text in the article as you read along. It's sometimes tough to follow along with which words are from the article and which is your personal commentary. Maybe cut the video to show your face during the commentary portion and just the article during reading...? Idk, but great quality content. Keep it up! 😁
Was telling you to buy Exxon Mobil but you said it was a bad company and it’s up like 50X
@@musa7606 only if you’re a dum leftist. Idc I sold and more than doubled my money but I still believe fossil fuels will continue to outperform as leftists and people in power have put way too many expectations upon future technology.
@@musa7606 they own and export one of the most valuable commodities in the world right now.
@@musa7606 yea I don’t think I ever said buy and hold forever. Oil is not a buy right now but it was a helluva trade before Russia invaded and Joseph couldn’t see the opportunity. He posted several vids of how bad the company is while the stock price was on a rocket ship. I was so confused. Jump on for the ride and then sell. I am now in precious and rare earth mining metals companies. I probably won’t succeed.
@@musa7606 Joseph’s investing strategy is hilarious cause we don’t know what it is. It’s constantly changing. He’s all in on Jepi and then he’s all in on church Dwight and then the next video he talks about how bad jepi is for taxes and then talks about how church Dwight doesn’t have pricing power. All I know is he’s trying to outperform the S&P 500. Joseph has bought Verizon and Abbvie and t Rowe price which is a terrible company imo.
@@musa7606 he also doesn’t like IBM cause he says he doesn’t “understand” it.
Excellent and insightful! Love the longer videos.
Triskadekaphobia? Methinks Terry Smith might play Magic: The Gathering.
A free cash flow yield of under 5. That’s terrible. Peter lynch says that a free cash flow yield of over 10 percent is considered undervalued.
Spot on episode. Well done.
Nelson Peltz is an activist who is not necessarily interested primarily in profitability. Beware.
Stock based compensation is bad. I would prefer companies to not do that at all, especially not for executives. They already get paid an enormous amount in salary. No need for more money. They're not worth it. Also stock based compensation incentivises the whole pyramid model of manipulating results from top to bottom. And it's not good for the sustainability of a company. It's painful to see how companies try to save money by firing workers, while the money is lost at the top.
Stock options for the actual workers.
The cashflow statement tells you what the free cashflow of a company is. Stock based compensation is already included in the formula.
but it adds SBC back.
Hi from Argentina! I really appreciate your content, thanks!
This is a great presentation. I have one disagreement with you - about Tesla. About the rest, I admire your methodology, conviction and consistency. While I am much older and currently have a smaller brokerage account, certain shifts in strategy have been influenced by your presentations,
I use to watch your channel a lot, every video as they came out. Then TH-cam stopped showing your videos in my recommendations. Not sure why this is.
Great content as always - Thanks!
I'm invested in Fundsmith because of Terry. Great talker and his returns have backed up his talk. I must get to one of his annual shareholder meetings one of these days. They're always a good watch
Very helpful Sir Carlson! I've never heard of Terry Smith, and I just found better companies to invest in now. It's funny I was listening to all the TH-camrs who were hyping all the bad company stocks and know I know why. It pays to do your own research and listen to good investors.
I wonder how he is going to deal with the new Environmental Social Governance sponsored by the government which is incentivizing investing in ideology over performance to the detriment of investors.
Hey Joe. I made a video about my top 5 finance youtubers... and you my friend are on it.