גלעד סלונים ויואב זליקוביץ - פרק #73 - לו סימפסון - האיש שניהל את הכסף של באפט

I'm going to be a good boy. - Ilan, good afternoon. I'm fine, within the borders of the Israeli State. Are you ready for the election this week, or are you still in the process of voting? First of all, I won't be here to vote on this date. I'm a little bit tired, I feel like I'm touching something. So that's one thing, but second thing, yeah, listen, it's a decision. Something that we can really influence in our lives. It's very difficult to predict, very difficult to understand, and of course we're not in the business of forecasting. I hope he goes in peace. We, yes, we always think about our eggs. And it seems to me that we are a single country, or outside the United States, that has a majority directly for Trump. Most Israelis are in Trump's camp. Like, people outside the United States or that have a majority of women. So we'll see what happens on Tuesday. Just for the record, in the United States, unlike Israel, Election Day is not a holiday. There are Wall Street employees as usual, right? Also the school, everything. The voting rate in the United States is traditionally much lower than it is here, It's just an anecdote that always concerns me, and I suppose it won't be much different. Yeah, well, the system is so complicated, because, let's say, someone told me, He said, listen, we're in the state of New York. There's no way that the state of New York, like, is going to be for Trump. So why go vote at all? Not in the direction, so, like, we don't affect, it doesn't matter. I don't understand, I have enough problems with Israel. I'm not trying to solve the statements of the Americans, But let's make a little disclosure, please, and get to our business. We have a great sunset today, sir, can you tell who will be born in the morning, Not alive, but still. He died not long ago, maybe a few years ago, right? Yeah, you learn from the dead, too, like Charlie recommends doing, when he was alive. A good friend, a podcast for the purpose of knowledge, compassion, Not to recommend, advise on, or perform any such or any other act in paper value, Do it anyway, any action requires personal consultation regarding the circumstances, It's in everyone's condition, It could be that I and my husband have an interest in the documents we mention here in the podcast, Remember this is a limited time, if you want personal advice you are invited to leave, There's a link to the message in the comments, And our sponsors, the interactive brokers, Israel Interactive and the World Interactive, Who wants to manage himself, you know, by the way, Did you check the manager's tools? We talked about it a few episodes ago, and I'm still researching and learning and interested, And you're going to be convinced, as far as I'm concerned, Without recommending of course what you said before, Yes, of course it's without recommendation, So for example, this client of mine told me, I can't buy it at the bank, Because the bank won't let you buy paper in Australia, there's no option, And the interactive rocker that you can, right, you checked and we saw you could buy it there, So Interactive also gives you access to women all over the world, Even much cheaper costs, even interest on your trust, On your horse that's there, and you're gonna change from the cheapest, You can buy broken records, you can make a permanent record, The money is outside Israel, in American banks, insured by Fediq, So who wants to start counting and solving there as the cheapest and most efficient smartphone we know, We have a link to this video below, you are welcome to register for fun, There's also a note of some $50 premiums, which is also very nice, But mostly it's a good way to manage investments as we see them in the world. Let me have a moment on my own, not that it should interest anyone, But I'm really learning all the time, I learned from Magia Spyr who was here with us, All the time to say thank you and meet, it doesn't have to interest someone at a business level, But really interactive in Israel, professionally speaking thanks to them I'm here at least, Because they accidentally, there was some guy and a friend we say hello to, I'm sure there was a salesman at Interactive, He turned to me one day when I was a guest and said come to our meeting, What do you care to open an account, and I said what I have here and there, And tell me what I need you to do, there's interactive, I was convinced, I got to the meeting, What I call the rest of history, And they're interactive at the investment house, That sitting with them then took me and gave me the stage to start my independent path, So I owe them a huge thank you, But tell me you know Kung Fu Fanda the movies you like? I know I haven't seen but I know, First of all, here we take the recommendation to the end, Listen to this, One of the series of The Amazing Champions. I'll give you a summary of the story as it relates to my comment on this thing, A wonderful story, A country of such beasts, Like China or something like that, And they have the Dragon Warrior chosen every time, And it's time to test the new Dragon Warrior, And you know there are plenty of people who practice, People are animals like, who practice to be the most sophisticated, And they have incredible abilities, Then by mistake we were chosen, There's this master who points with his hand. And he points erroneously at a fat man, And lacking all ability that just likes to eat, And the screen, And he says, This is the new Dragon Warrior, And everyone is struggling to accept it, Because how can I get the Dragon Warrior, You know, you're supposed to be Bruce Lee, And he actually chose you. And the great master said, Master Hogway, If I remember correctly, It seems to me that it is Master Hoguey, And he says, no mistakes, Nothing happens by chance, It's not by chance, And then the whole story, That's how he reveals his inner power, And his inner strength, And who is the true Dragon Warrior, It's not physical force, It is spiritual power, soul, I'm going to order. And I say the same thing here, In any case, If you've got there, You probably should have been, And this is your fate, And you had to go through what you had to go through, And what fun you've had so far, And you gave us all this knowledge, So I want, I remembered what I wanted to say, Also, Listen, what's the matter, I really talked to someone, This week, And then he says to me, Uh, you guys are recording more episodes, Send it to me. Why don't you send? And then I said, why, You're not following, It doesn't cost you? He said, uh, no, I didn't even know you guys were recording, What a beauty, I want to hear. So guys, Whoever heard this accidentally, And maybe I'll start mentioning it every episode, Do it now, In the meantime, Wherever you want, So that every time we update an episode, Take him away, Like this, I'll push you, Because we don't send in the initiative, So really, I should do it, Don't miss it, We are going hard, Up to a chapter almost every week, So enjoy this, And not miss it, And then, Let's start with the quote, That you have for us. It's fun, By the way, Who needs more persuasion to fall, Or further, We mean, too, Not just talk about investors, But also on specific companies, I recommend that you And here also seems to me to recommend, I'm going to meet, But enough with the spoiler, Exactly, I'm going to go. We sit and plan everything, And you come and put everything, So as you say, I'll tell you guys, One of the things we want to try, In the following chapters, Without too many commitments, It's a whole episode of trying, Of a really full analysis, of a friend, Like we did in the PCG, I'm going to the bottom, Really analyze, That's what he'll do to the company, And I will examine him on the subject, And so we can deepen our knowledge, Maybe even open it up for discussion, And share, We have all kinds of ideas, Hopefully we'll get to all of them. Oh, my God. So the quote where you said you asked, Today I checked who said it, I'm not going to lie. I'm sure some of you know him, The philosopher, In my opinion, That we may meet his judgments, So, the weekly quote, He says, in all affairs, In all kinds of fields, It's a healthy thing now and then, Every time, And I will again, Tie it up, The investments are not the investments, Sometimes it's better, Put a big question mark on it. About something you're thinking, You thought a long time, That they are clear. I mean, Not always, I'll leave you a lot of questions. People who aren't open, to change, Or get other ideas, Or we can tie this up, to all types of investment in the standard, Or certain ideas, It doesn't matter, In any field, Always come to the station, With a question mark, And be open, to hear their wisdom, of others, Or whoever it is. Writing to a great wisdom, I'm going to quote, The man in the mirror, That the human brain, He's like an egg, That once she's married, She's moved, I can't, For new ideas to come in, The challenge is all the time, to clean, wrongly identified, who have gathered in our thoughts, That make us make mistakes, It reminds me a lot, You know, You sent me a message, Maybe we can put it in the newster, This month, It's a great idea. of John Castle, With Grant Williams, I'm going to see you. I'm not going to tell you. He has a very successful channel, Very interesting, A man of great power, And then he talks about it, That the fact that he's angry, So many people, You can never watch, How their ideas will affect you, Suddenly you remembered two years after me, Something that's sitting in your head, And then the symbol falls to you, And close the corner for you, That is our thinking, She's always evolving. And how much you need to learn, And fill yourself with knowledge, And to listen and learn, Because you don't know when it's coming, The stage of awakening, I have a friend, A true friend, Not so much about him, The life took us as separate groups, But in very significant ways, We were living together, He's called a rock wolf. If he hears, And I remember once, You know I've been to India, About 25 years ago, I've been through all kinds of processes, He said to me, I'm taking it with me today. That he is strong, That's not my quote, I also have a quote, He said, Sometimes you say something to someone, And he's not able to fold it, And you feel, You said that for free, You explain to him, And he's like, I can't hear a thing. I don't understand, And you feel frustrated, Don't feel disappointed. That the man is not available at the moment, I'm not saying what you said, He's not worth anything. What you said, We're right there with him. And maybe, When the day comes, That it will serve him, Exactly what he needs, Many times, We want to get an immediate response, For the things we do, Like with eyes, You buy a watch, You want her to come up, No, I'm not. You'll see the result in a while, Same thing here, You say something to someone, Maybe right now he can't get it, It's not lost. It's sitting in his system, And maybe it will work someday, So it's all kinds of associations, I have your excellent quote, I want to bring a quote, Medium and our Lord, Howard Marks, He's a little long, I apologize in advance, But in my eyes he is very strong, I'll write for a while. You can make one successful prediction, And live from it for a long time, And to be considered a genius, And to succeed, And to make a lot of money from it, And the best of luck, The best of luck, Every morning, because, you know, I just talked to someone yesterday, A very wise man, whom I greatly appreciate, I said, wow, I talked to this one and this one, and his fund has made 40 percent since the beginning of the year. And he says, "I put my money in the bank, and I only got about 7 percent, And he got good orders for a dollar. And he says, how he earned a lot, and I earned a little. I told him, you can think like that. It doesn't mean anything. Like, if the market was going down exactly, and he would do minus 20, and you would do 7, Now, man, as much as he's not smart, as much as he doesn't understand intuition, that's what he sees. He's sitting with his friend, he's made 40, I've made 7, he's made X money, I've made Y, He earned better, and that's right, in this particular case. And you know, I remember exactly these days we're in the middle of the hearsay and the sales pitches, And it's remembered at 21. How everything was in the hay, and how at 22 everyone spoke differently. How wisdom changes, Chick Chick Chick, everything changes. And speaking of investments we're talking about today. It's so hard for us to distinguish what's really worthwhile from what's worthless, Because the surface just fits us, We've been talking about this for two years now, almost every episode, me and you, And no matter how much, it's still crazy true, And Marx writes it so accurately and consistently, And I really do. Speaking of the standards and the forms involved, the Golden Jack, I can't say I don't have a goal that I want to achieve. Except for the review, which many have talked about, The week that the next year the United States, Who can't go do two minutes, And in fact they watch about three percent a year, In the coming year, So maybe next year, Your friend, if it really will be, the order of the guards, Look how tricky Gladent is, I won't forget another thing. Here are the big names, People today think it's a one-brainer and that's it, I asked the same question with Chris Davis, That was here too, We talked about him, he was here on the podcast, We talked about him, One of the episodes, Look, the week of the ladies, Most of the big girls, There were excellent reports, With friends, with profits, I'm sorry, everything is fine, And then he was gone. Look how tricky this game is, I have to do something else in this regard. I quote from a friend, The man, He's an elected official in a public company. American, We won't mention her name, And he says to me, Listen to me, I'm in charge of 28 quarters, 28 quarter, I have inside information, I have all the information, There is no market, I know more than anyone else. I know the prices before, The cost of the meal, Our expenses, The salary of a job, I know all the information, And every time I appreciated, How the market will react to reports that are published, And I was appreciative, Because I knew what we were going to publish, I understood all the information, And I said, The rooms will be upstairs. The other side, According to the law, Of course not pay, Don't do that, And he said to me, listen, twenty-eight quarterings in a row, I made a mistake. I was wrong with all the information in the world, It's just funny, And people who say about the ability to anticipate, And understanding and foresight, If it goes up or down, It's just unusually funny, And here's the point, perhaps the most important, That you will finally write to Mr. Simpson we are talking about, The same man, There was a time when the mother was in a mental depression, There was a fear that there might be a chance he might go bankrupt, And the county dropped by about ninety percent, And then he bought, Of course, I'm very happy. Whenever he can and should, And they didn't wash their feet, And the woman has since done it ten times, Do you understand? So 18 times to watch what the manager will do in the next week, He didn't succeed, But knowing that she's a psychic in comparison to her inner self, He succeeded, And that's the way to make money over time in the stock market, And that's what we've been talking about all day. This is, I dug a hole, As he says in the words of the great poet, Talk to us about the Simpsons. Who is this, Lom Simpson? And why would Moran let him manage his own money? So if you really want to be a Simpson, American Lovers we really met two years ago, But until then, He had a truck that was already loaded with it, The use of the metric has been increasing for decades. of 7-8% higher than S&P over the same period, in my opinion, Almost 20% a year, 7% a year, Yeah, it's been years since we had a track record of him, When he was the chief investment officer, And the manager seems to be Geicoor, I don't think the director, He was the chief investment officer of the insurance company Geicoor, She, who doesn't know the story, Graham's insurance company, I know the man who drove there. One Saturday, He's standing on the door like this, He discovered the wonders of the insurance business, And he is a great man. Buy more and more from Gaykor, Graham was also stationed at the G.I.Y.C.R. in the past, And also, And that was beautiful, too. And of course, I don't know if that's a good thing, And hold on to your gram, buy and hold on, I'll buy and hold, And turned her into a company, Erase her from the trade, When he turned it into a wholly owned company of the Bakersfield, For days, until today she is a friend, One of the biggest girlfriends there, But she was a public company for many years, As in most of the old days, He was a Samsun. The Chief Investment Officer, He was responsible for the investments of the Fleet's funds, Basically on the funds of Geicoor's company, He wasn't folded, He was basically his boss's type, But Leor Samson was completely independent, I made a decision. I heard rumors that you were preparing to break up, That maybe in the blood, There was a fight between him and Buffett, Therefore, at the age of 74, He has his own family history, Until he died, Before I did something like this, Anyway, at this time, He did a great job of tracking, His investment style, And he very much remembers, Investors like the ones we talked about, But Buffett is so flattered by him, He says I don't write to her, When I talk about him, I look good to him, But he referred to him in his letter, In the end of 2004, And we also found some of his belongings, And we'll tie them up, We'll send links to anyone who wants to read, But I think you've learned, One sentence that reflects his investment method, It's a quote, I don't know if it's his, But in the podcast that talks about him, Bringing this quote, And it's accompanied me for many, many years, I've found a way to tell you about this. But the quote is this, I prefer, Now that Jeff has said this, But no matter who's originally, I prefer a non-fraternal form, I mean, a shape with two high-end devices, of 15% per annum, On the face of a bunch of people, It sounds obvious, But there are people, To get a 15% yearly profit, Can't hold in the swing, So you're surprised to make a mistake, I heard by chance, I won't say names, That's why I'm here. That we both know each other, That year, I really don't want to visit him, Because I understand him, But he says, That they invest, They invest a lot in sand, And because of the fluctuations of the dollar, The tense, That the meetings are in the administrative file, that paid on the currency exchange, Two percent of the year, It's not terrible for my peace of mind, That's why you're so nervous. Two percent a year, It's not much for a whole on Gydor, I don't know if he meant it, Because someone with an interest in the bank, The gaps in time, Between 15 and 13. 15 to 12, I wouldn't say such a thing. It's just crazy in my eyes, And I think that, It's very difficult to get even two percent more, Alpha, So for me, The Symphessen is mirrored, I've been very busy, You might want to tell us the numbers, In all the years, But over time, Yes, I must address the remark, You said about the good investment manager, And the cost of the course, I think it's, It's worth saying a few words about it, To our listeners, Because one of the things that's going around today in the market, It's all kinds of products made, Or all kinds, The investment documents, With the protections, Come invest in my money, With a guaranteed credit, How does that sound sexy, right? You can't lose, You invest in the snake, In any case you're making a profit, If you get the feathers, In this case you get the radius, And I want to address it in general, Of course, this is not specific advice, And the recommendation, And everyone needs to, And here and there I suppose, There are some cases, Of what we talk about, of good things, But I think most of them, The manufacturer of these products, If they're going to be so gentle, shit, And understand for a moment, The dynamic that works, Behind the process of creating these things, How do you work it, Why is the same investment manager, I'm willing to pay 2% on the cost of the surgery, Even though he knows the price of it, Because he refers, To his relationship, And he knows that he will be very very conscious, This customer will be hard to eat it, Then the client might make actions, Or leave, So he says 2% for the client's peace of mind, It's good, even though it's a huge loss, In the street, The same products are made, Without going into the depths of the mechanics, How do you put them together? You understand there is no report, Somewhere, If you get some protection, You pay for it, It's insurance costs, And that's insurance for everything in this matter, And this insurance has a price, And when you want to know the rules of insurance, You should ask yourself three questions, What are the chances of this happening? 2- If this happens, What's the harm if I can stand it? How much does it cost me? Now, if you need the money in a year's time, And if you have a drop, You're afraid and you want to protect yourself, Buy the insurance, Or else, don't be in the market, Because if you need the Hopside for a year, For the chance of a year. But if you don't need it within a year, What do you care if he falls, And the cost of insurance will make you very unhappy, If you're already taking a risk, then be in it. Therefore in most cases, Protection is something that serves the person who produces the product, And these products are usually complicated, The driver, You don't understand them, Whoever produces them understands them a thousand times, And he planned it so that before he wins, And they're making at least a couple percent profit. Within the product and within the protections, And I have a worldview, as a much more credible strategy, Be on the ground floor according to your exposure to risk, And the money you can carry, And be prepared to take the risk, And be of the profits, Don't look for a shortcut. It's not interesting, And be prepared to bear in mind, So I'll forgive me for having drunk, But let's see the performance, The Simpsons, And here we learn from this thing, And this is the result, I'll just say in your own good conscience, I'm just saying something else that's very interesting, Exactly what you said, Which reflects his teaching, Ask him, If I had to sum up your investment method in one sentence, What is it, he says, Simple things, I don't need all the preparations, And it's exactly the opposite of all these built-in products, You talk about them, Looks like he's already invested in a few companies, He really didn't do anything crazy, And he's not in time, Just, I've already talked about some investment principles, But just, If you can't explain it to a little boy, Don't go near it. - That's right. That's so true, Simplicity is worth it, Simplicity is also worth living, Once you're in trouble, And doing things that are still complex to operate, It's hard, It's still very difficult. They say they work with the city today, But all right, I don't think that's complicated, I think it's simple. The operation is a little difficult, But in essence, When I talk about something simple or something complicated, I'm talking about his essence, The Commission has already taken a number of steps to improve the quality of the product. You give me a built-in product, You don't know, What exactly, I sat there reading some of these products that I was trying to figure out, They said come, Market it, it's interesting, it's good, and you're not gonna get it. That's it, we'll pay you well. I said come on let's learn, Call, and then you say a moment, If it goes up, and it goes down, and it goes up, And he'll come 800 and have conditions, Now there is no chance that a normal person Will be able to understand and analyze all the forecasts, But who has no fear, I'm sure he has a very good eye, Analyze all the scenarios, all the situation, And make sure that in every scenario he profits. Therefore, Just so you know, insurance in general, As an insurance agent for 20 years, Just do what you have to. If you don't have insurance, Don't do it, I gave you the three questions first You should ask yourself, Ask them, it is important. Although the answer to these questions is yes, I mean, you need insurance, You must make the right insurance, I mean, if there's a high enough probability of damage, And the damage will happen, and you cannot stand it, And the price is reasonable, buy the insurance As it should be, don't save on insurance. I really don't want to cut back on insurance, But if you don't need insurance, Why would you do that? If only someone would sell you. So, the same in these terms. If you have the ability to absorb the declines in your investments, Be already long, And if you don't want to, If you can't be, So don't be in the market, be in the risk-free property. Don't do that to me. It's not a recommendation. I'm going to go to the hospital. That we have here data We found in the article, We'll also give him a link to the snouts, We see his arrows here, And I analyzed them against the comparison of his measurement. I'll say just one more thing, I was the one he loved most, And as far as I understand, It's more and more difficult to do, but important, He was very, very focused. My son's blood is on the reserves of an insurance company, It's five billion dollars, Notice in what years, In the year eighty years, You know what five billion dollars in the '80s was, It's a number of lawyers, It's a lot of money. And he holds 7 shares, 8 from the 10 from the bank. You guys understand what eggs need, What a convulsion. And what the judge said about him, He said that when asked, Well, at some point, I think in '95, Like you said, A press release completely bought Geiko, And waits for her at dawn, Then ask him, It seems to me at the next meeting, After we bought them, Say what, What will happen now with Lou Simpson, If he stays in office now when you are, Why would he need Simpson if he has you, And how will it be, He said that Simpson knows how to appreciate a friend, Better than me, He doesn't need to hear anything about this, He's done a wonderful job so far, He'll keep doing it, He doesn't need to report me, He doesn't need anything. Sometimes I know what he's doing, Because I read in the government report, And sometimes I read about it in the paper, And I trust him completely, Think about this. He is a light in the sky, Let you manage his money, It's a honor that he's huge, And amazing, So let's see his performance, Take note of data from 1980, up to 2004, And I'm sitting here, The average here, It doesn't appear here. He's 20 a year, When the SNP did in that period 17, He makes an average of 7% a year More than the SNP, And pay attention to what happened. For $100, who invested in the year 80, In both of them, The SNP has arrived. I'm not sure. $4,700 is a lot. Not exactly, And when the message arrived ל-10,100, More than two, I'm at 25. Let's take a look for a moment, Why, where did it come from, Well, I've been trying to open it, That's right, yes, it should be Area 14 in front of the 4, I've already checked here, What are my mistakes? You wanted to see me listen to you, okay. There's a situation, wait, but what, Yeah, that's the source of the data, That's right, Yeah, I'll check the mistakes, The difference is almost three times. He did more than he was supposed to. In this time, I'd just be missing here for a couple of hours, I'll figure it out. In short, It's very A very, very interesting job, But what's important to see, Wait, second, I'd like to show you the table again. It's that again, guys, The fact, Speaking of times like this, Understand that along the way, How did you say, it was a 15 amp? I mean, it was 15% a year, Or 20 percent a year. Who doesn't know what it is to be an amp, All the listeners who speak, But who knows, There's the hot potatoes, With the gums in and without, So in the U.S., The one with the bumps in it, And the smoothie is without the bumps, But in investments, of course, It feels a little bit much harder Than these guys. Pay attention to this. He did, B-87, minus 15 less From the market, think, the market has made 5, He did minus 10. He did, as usual, like all value investors, In the 90s, -10 below the market, -13 below the market, Even in his first year, He made minus 8 to the market, Take note of this thing, He's been in the bunker for three years. Made 30% below the market, From his fate, Like, you know, It's just people, you can't withdraw his money, We'll be grateful to the insurance company, Not private money, But notice how much it pays off over time, Really? Something that Really unusually impressive, What he did. I'm just saying, I read something interesting. I'm glad someone wrote, You're the best form of him, And of the people of the land. Today, unless, You're doing something very, very different. You can't do that, you're a big money manager, Yeah, well, people say, I'll have them in the form of a present, yes no, So I say, our big advantage, That we don't manage billions, You're managing billions, really today, in my opinion, It's hard to recover the numbers of these companies, And it's just managers who manage, Until only, but not most will be managers, That do it with little reservists, It's really hard today to do things like that, And yet, even then it was crazy, But today, In my opinion, even more difficult. Let's open this discussion, Because he is a very important man to me, Because, you know, All the big ones we're talking about, We call them before the 21st century. Okay, if this is Templeton, If it's three, if it's a cause, If it was even a pet at the time, And this, he did in another era. "He was in front of them, The information There was a lot of lots of lots. Less accessible, Therefore, the ability to find friendships, And there were a lot fewer players in the market. Think about how many people invested In the US stock market, From the world, Now, you can't almost invest, It wasn't, people didn't have the money either. So personal and so kind, that they invest it in stocks, It was a different world. And the question we ask here a lot, Does that mean it's irrelevant? What is this thing? And my answer is that he's a lot of fun, That's my opinion, Yes, she is. It's much harder to do that today, And it's wearing a different shape, And much more of a challenge. Because still in essence, The best way, You're not gonna invest your money in me, She's buying a girlfriend, I'm sure, We call this, I'll expand on what I think is a safe company, Speaking of which, I'm excited. From the top of the tower. At a reasonable price, It's less than I'm happy about. But that's exactly the point, to succeed in finding things, The chances of them crashing are higher. What the situation is today is low, And their price is not like that. It's very very hard to do, But it's not impossible. Today too, By the way, you would expect if people They have more information, So they're supposed to be smarter, So they're supposed to do a lot less action, And trade and all, And you see that just the other way around, average retention period, of the United States, Go and see, Once upon a time, a few years ago, Today is a few days. Speaking of which, I'll be back in a minute. Not to mention talking about him, It's not that he was a buyer manager and not known, He had a relatively high turnover, But he was very, very nice, And that's really the principle, I put it here, I took his notes, The five principles, The first one is not, To talk too much or too much, Don't get too distracted, It's basically a long-term investment. We have three cases. Even buy the best company, D" to invest in companies, They have a high return, Or a higher salvation for the fortune, That they manage them, Or management thinks to the shareholders' law, This is a very important principle, You should always ask yourself, And speaking of Thursdays in general, to think independently, So these are his principles, One more time, Let's call them, to invest for the long term, Even to the best company, Not to pay too much, reasonable price, to invest in companies that are high-return, As a high-value savings, that manage them for the benefit of the shareholders, And fifth, Thinking for yourself, Good fellow shareholder, Save the house, A reasonable price, And not be too scattered, Now come on a second, We'll take this thing apart, And with that thinking, And in this matter, And some simple, But let's think, What's the logic, the first level of thinking, Of the people, When you're the owner of the academy, They come and say, When you invest in a company, There's a chance she'll get a foot in the door, So if you invest in a single property, There's a chance he'll just walk away, However, So the solution is, Invest in a lot of stocks, You then reduce the risk, Because statistically, If you ever step foot, And you only have one passenger, You really earned less, And that's right, Having said that, This idea would be stupid, When you come and say, Okay, I'm not even going to check, What are the chances, That company, Just walk, But I'll just buy a whole bunch of friends, And then I'll reduce that risk to zero, So you really hurt your ability to make a high bid, And that's what we showed him, That's what you do, Concentrate, of quality shares, And you're not wrong, You're a big success, Now it's very challenging, I don't necessarily come in and say, Make a file of 5-6 shares, One of the great stories we talked about here, of a file centered, And the other one is a prophet. I can't pronounce his last name, He went to them with a bomb with a bag of 3 shares, That played her, After that, I think, Leave one of them, Tomorrow, I don't remember, I was just thinking. It was Amazon, Barça and Cosco. And then one of them tomorrow, I think maybe Amazon or something, And buy the Zaphus, The walk was closed, So also a wise man, Successful, huge, like Nick Slip, With all the knowledge in the world, I'm not wrong. Even with his attitude, It's not that I'm wrong, He doesn't say he's not wrong, But in a fight, even if you have one that's simple, And he had a companion named Lillian, That really went well, These things are supposed to make up for mistakes you make, But it depends on how concentrated you are, If you're in three ways, But in ten, Even if one goes to the pits, And also in the example of these three, Glade said, What's left of Amazon, Cosko and Clark, who cost so much, I know that in good shape, He's a bit of a pain in the ass. So you think I should do a three-man I.K.? Three is a little too much, But you said academy, I think we mentioned it here, He found it important, It doesn't suit everyone, It's more suitable perhaps for professional investors, But in 16 books, Your spine, He's good enough, For the enjoyment of the dispersed, And not to harm the scientist in any way, Split over, This number, He's already been in the majority opinion, I'll tell you again, The investment manager is a lot more than that, But I understand my limitations, And I felt maybe a little different, But even those who are in favor of the split, The professionals will tell you, That's about 15-20, It's already too much, As I said in my sin, If you have the punch'cle, You have 20 menkubi for life, You're not investing in your 21st idea, Because you're 20, You make sure they're so good, You, what you call, will have high convection, But again, not everyone's running, Maybe three is extreme, But I don't need much more than that, And again, you can replace, It's not buy and hold, This is a discussion that has no right answer. Not right, But math is so great, And if you have ten min, And one went to zero, With the other will be strong and more powerful than you, So, too, Math works like this, That you'll still be okay. I understand, I agree. I think it's a necessary condition, To whoever really wants to do it More significant doses compared to the average, If you really want to, You need to be in high convection, Without too much, I think it's very individual, As much as anyone wants to be, Because we are human beings, And if you have two shares, Suddenly I'm caught in the middle of a case of Ten or seven shares, Very tough, And I'll say one more thing, Very difficult, To really know what's going on in the company, You don't really know, All that information, you're not really that, It's scary, and you need to trust me very, very much. The managers, and do a lot to be, A very focused case, But let's say, I think that when I see, תיקים של עשרים, עשרים וחמישה מניות, Thirty shares, that you choose them correctly, And that's the point I want to focus on, In the eyes of the thing that is, What are you holding, And know when he's gonna sell too high, And maybe worth living, and others, And to aim it, It's definitely important, And what that means, But the point is here, - I'm not sure. What is today is everyone's house, Just buy a lot of shares, It comes and says, As long as you're in the dark, In the middle, It will be difficult for you to make another order, And again, We live in an age of The last twenty years, The threat is gone, All the indicators are good, I need to close, That it doesn't always have to be this way, I'll do it again. I'll open the matter as I see it, It's a little, you know, From Macro, we usually don't have more I'm working on it, but this, If there's something I can tell you, It's very annoying in my opinion, In life, This is, How will the economy survive all this? Because we live in the time, That printed dollars, In a legal way, I'm going to have to pay you a lot of money. We've reached trillions upon trillions On the trillions, of printing dollars a year, The American debt, Increases at an exponential rate, Now, You know, by the way, we talked, you and I, About an interesting investor you were on a podcast with, who invests in the financial sector, And when he made amazing shapes, And this is a gift, And ask him, How do you invest in the financial sector, The reduction in value The dollar, By printing the money, He said, look, there are a lot of population factors, The globalisation, and technology, And that's right, that's right, That in fact, you can't ignore the fact, The money, As soon as he leaves, I'll give people a moment, A little bit of macroeconomics, Not that I'm an expert on this, But actually, what's the point? When you print money, And he's just going to waste, It increases inflation. But if money is invested, If you think of you, If you borrow money to buy More clothes, more food, more this, You're actually raising inflation. But if you take money, invest it Buying a new machine, or making one, Or developing a new technology, Or create something that creates value, So long as it stands to hell. Now, this price, He eventually, How did you say Tony Dean, A promise to pay is not an asset. The big debt, That's right. He is only truly valuable if he is respected. And only if We are a global company, As a human being, we know We'll work together to make it grow. But as soon as I'm not going to be a big fan of the world. In the system, By some great war, or change Great powers, or Civil War in the United States, Or third or fourth cat war, I'm going out. From the assumption, that sometime this will happen? Could be another hundred years. But you see how the world works. We didn't ignore the wars of the world. It didn't happen. It will happen sometime. And then how the world will survive this, And how the world will grow, and what is the country And this is a very difficult dilemma. Hard, to deploy capital, to invest money, to put money, When the basic principles are so hard. So in these places, Very difficult. that in my eyes is very small, And dangerous, as if I really knew How things have been stable over time, And it's a challenge. So I did a little I'm going to go to the bathroom. But this is My associates. This is the macro. It's important, You know, but we don't do business It's always, as Peter Leitz said, If you've been doing it for more than a few days At a certain time of the month, So it's time to spare. I'll let people To ease what you say, And also before we die. It is, as we said, There was access. The investment case, and he had to publish What he's holding. So I managed to locate, I don't know how much it was updated before he passed away, The Commission I was in the investment case. His family office, The name of SQ Advisors, It is interesting to note that he I already... It's updated. For a while, It's from 2019, He also owns Apple, Like the buff, His colleague, He also holds shares in Berkshire, Two famous companies To me, maybe a little less, to the audience, I'll be here too, He's got Schwab by the way, Even the broker that you may know, He's known to be a competitor of Interactive, He owns a company called Amtek, I can't hold it. But you interest me very much, A-M-E-T-E-K, The company is there, And the company we said was composed, And all these friends that do All sorts of complex business you don't understand, And you say, it's better not to pay them, But I always say, If you're in the business of making money, If you can understand more or less, The business, The business of love, In the case of this company, Brookfield is running business for others, I think I mentioned this company here before, But maybe he'll also hold me in his future, I got this company, I've been investing in her for years. A Canadian company called Brockford Asset Management, They have some girlfriends, The main flight is BN, A company that manages hundreds of billions of dollars, Mostly in the country, They have a bright future in Israel, You know them, Gledor? You heard the name that they're not just from me? - What? Yes, I did. I don't know what their activities are in Israel, But I know they have a... There are markets here. I think they have a little something here too. The holdings are also going up. Uh, it could be, obviously. Company with management, I'll put a link to the idea with the guy's manager, My name is Bruce Frack. Guys, this is really in the... I'm with Howard Marks. And they bought the day too. The investment house of Howard Marks, right? He's also in there. The family. Also very wise friends, He's on his own. Also Hold them, so whoever wants I'll get some ideas. The investment, although already he is not In my opinion, these are not friends. He was bought and sold, but he was in possession. I'm not afraid. So this is it, So wait, I'm referring to... First of all I must say that the man was Philanthropist great, He donated 250 million. Dollar to my opinion, And he served in the army. But why did he contribute? That's what I'm into. Before I write you, that he Apparently separate from Geico's investment management. Or like this, He had hair because he wanted to spend time And in consideration of Philanthropy, he is The best universities In the United States, they set up research departments of Bio and Research In fact, things are very very Some people are interested in him and he believes in them. What better way to go than... Yeah, so he also said that he He was a slave. In philanthropy, that is, he really Not just give money, but how And to work, he does the deployment of the capital There, too, so it's something that he Very amazing. One of the things I heard For his investment in Charles Shaba And again, to learn from it And, my, he said that he He was a client of Charles's. He knew his antiques. The business is very deep and it was good. And he was a friend of Charles himself. He's the one who started the business, you know? From the bronze of the bronze But when he wanted to learn the business He didn't go to talk to the landlord. He went to talk. With the people who work in the field With the service personnel, with the service personnel. Check that they're good, check that they're quality. Check that they're here, that's the thing. What are they? He went to check. Then he decided to keep his holdings So you understand how Comes to a position that holds Seven shares in the bag, when you know The things to do I'm going to be so By the way, I want to put on a nice face. A good biography of Charles Shaw. The Jewish biographer who founded the This company, I will put a line to the biography His, I read it a few years ago A good book, interesting by the way. He was doing it, he was in the wrong place he was in the wrong place. Not a little, that was all The trouble with the banks two years ago I wonder what he would have done in that situation. But... Yes, it is. The man We're glad to be Warren's money man. And really They said that the judge After 2020 but they said if I Something was happening to Charlie. He was the judge. Ask him one. The conference, ask the judge if We're going to make a decision. On investments in non-public companies That's a good song. That is, in private investments. So he said listen to him He can do it very well. He knows how to appreciate business, he knows how to do It's all right, but... I have no plans to give it to anyone. That was it. In the 90's Well, you have a tip to let us finish. Today I didn't think of that. There are many recipes but something More general Lifes long up to 120 I was thinking about the way today I hear about these big ones. which is no longer in And you say you hear about diseases People who don't like us It's a little obvious in general. I hope that most Mostly the parents I thought we weren't young anymore. And the parents won't be more than 120 We'll find it as much as possible to hug mom and dad. To devote time And hear them and satisfy I read it was someone who really Really wrote Head of the chapter to sit with his daddy And interview him and ask him For all he did And in the past life One day there is nothing to do We will miss you. And we should appreciate it as much as possible. That's the general thought of those who still listen. To our advice This is it. It's to remember that we We are who we are. Not alone but Father and mother before all else. Daddy and Mom and Grandpa and Grandma That means you are a product of your history. You didn't come into the world in a vacuum. You keep going in a certain way You understand. You bring such recommendations to the court And I'm choosing the advice About Mexican food. No less important but Mexican food is very important. We got out. I drove here a couple of days ago. And we were hungry and we found some restaurant That looked good and we went in now. I hardly eat Mexican food. Just out in Israel. It's not so common. Right. It's the most delicious food. There's no Mexican food. What a variety. What a beautiful day. meat I'm going to be a little bit more careful. It was. Not just a girl like you. I'm holding the line to hold It's not even something Mexican. It's an American Mexican. Americans did it. Go to Mexico. It's delicious. I don't know. Let's go check in Mexico. Good friends thank you for your food Remember to make sure that it jumps to you And I wish you would. I know it's quiet. And all I come to earth I hope you close Salute brings the kidnappers back very quickly All the reservations are gone home. We 'll close the corner. I'm a coach. Friends. See you next week. Good bye Mexican food.