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Creighton value investing panel 2022 movies

creighton value investing panel 2022 movies

On Friday, fellow Fool Andy Louis-Charles and I attended the value investor panel put together by the portfolio practicum class of Creighton University. “Therefore, offering a value investing panel on the Creighton campus the evening before the Berkshire meeting is a logical move.”. This year, for the fourth time, I was on the Value Investing Panel at Creighton University. For an hour and a half, I had the immense. WORLD PLAYER OF THE YEAR BETTING WEBSITES

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D23 Expo has a lot for fans to be excited about, with the expo's schedule featuring back-to-back panels over its three days. So, here is a complete schedule of every confirmed movie and TV show panel at D23 Expo Starting in , D23 Expo has acted as Disney's version of Comic-Con , with the expo being more akin to a massive fan celebration rather than a series of press conferences.

However, Disney is finally back with D23 Expo , and the company is gearing up to have more announcements than ever. While D23 Expo does feature a variety of events, such as concerts, cosplay contests, and more, the vast majority of D23 Expo is dedicated to new announcements. D23 Expo has over 60 panels across its three-day run, meaning that a lot of massive news will surely be dropped.

The daily studio showcases will be the biggest panels by far, but D23 Expo's other panels are sure to feature all kinds of smaller announcements and goodies. Here is a list of every panel that D23 Expo viewers and attendees can look forward to. A lot of people are familiar with this bank. All he needs to make money is for them to reach book value. Why is book value relevant? It used to be that the mark to market value was close to book value.

In theory, you used to be able to analyze all of the assets and liabilities and then figure out true book value. Once these banks convert they often sell and he wants their companies to sell in 3 years. Question 6: Mark Mowat- Can you each describe a mistake you made in your career and how you turned it into a benefit that exceeded the initial cost? Everyone was laying cable in anticipation of a telecom boom.

However, the Baby Bells had cash flow that dwarfed that of Level 3. How could Level 3 compete with them when the company had to borrow money and the Baby Bells were printing money? He had faith in the tried and true franchises that were printing money. The Baby Bells also had high dividends and high returns of capital. But, they were laying a lot of fiber optic cable and when the tech bubble burst, they got killed.

Their traditional cash flow was actually declining as they were feeding their investments and trying to convert to a new technology. All he saw were the increasing dividends and strong cash flow generation. But the truth was that cash flow was declining, Whitney Tilson: One of the most vivid mistakes has come in past 8 months.

Accordingly, he is feeling really dumb these days. The mistake they made was that the short book was too large. They were drawn into to shorting momentum stocks and got burned. The main lesson is that shorting is a horrible business that requires a lot of skill. But these are not the same skills as are required to be successful on the long side—analytically or psychologically.

The truth is that shorting kept them in business in They could have been out of business due to the draw down in the long book. The wrong lesson to learn from that experience was that shorting was a good business. They now have learned the hard way that they were not great short sellers. As such, they are now are running a smaller short book and are not stepping in front of freight trains. They understand that there is no limit to how expensive an already expensive stock can get.

Vitaliy Katsenelson: Said he has learned similar lessons. He bought shares in a company and understanding it got so complicated that he needed a CFO to help him read the financial statements. For example, Computer Associates had a 15 page presentation on how to understand the accounting. If understanding a company becomes too difficult, just move on. There are 10, stocks out there. Patrick Brennan: If you are involved in a highly levered situation then you better know your stuff— where the cash is and what the covenants say.

They think you are so dumb. But investors never get to see what you did day-today in March of , for instance. At that time he really liked CBS Corp. They could have made a brilliant call. Whitney Tilson: These are errors of omission versus errors of commission, as Buffett always says. He just got annoyed that it went up immediately. He knew it was cheap but stopped buying because of the move.

Being able to understand your emotions and the psychological traps is as important as your analytical skills. Vitaliy Katsenelson: Suggested that young investors take a little bit of money and invest it. You have to be fine with losing the money so you can learn from the mistakes.

This is the only way you can learn how to invest. Whitney Tilson: Suggested to do it on a small scale, but to go out and invest. Question 7: John Manginn- Is buy and hold dead? Is momentum investing taking over? Michael Green: What we are seeing more of today are day trading outfits. There was a recent piece on 60 Minutes on one of these outfits.

They are trading s of thousands of shares day. This has caused a lot of volatility. If you are going to stick to fundamentals you can buy and hold. The market will flash crash, but over time the market has proved that 9 out of 10 times the crowd is right. Good companies will return value over time as the price gets bid up. The vagaries of the market are going to get worse unless controls are put it.

He is more cautious now due to trading volume concerns than he ever was in the past. US investors have it tougher. They now need to know stuff outside of traditional company valuations. But his firm will continue to hold stocks over the long term. He is still a buy and hold investor. Vitaliy Katsenelson: Said he is a buy and sell investor. Why is that? Buy and hold is not dead—it is in a coma. Why do stocks go up? If investments were always fairly valued, then the chart of the Dow Jones would look like a straight line with wiggles due to recessions and economic factors.

But, investors are not rational and thus you have cycles. Stocks move from undervalued to overvalued and through normalization. When EPS and multiples expand, then you can make a lot of money. This is what happened after the tech bubble—market multiples contracted after the bust. Traditional buy and hold is dangerous because he believes the market multiple is too high right now and may decline. However, he uses the same principles as other value investors.

He wants to analyze a company and then sell it when it becomes fairly valued. It may take years but you want to sell it then. Buy and hold is dead until we get back to an environment like the aftermath of the tech bubble. Question 8: Mark Mowat- We are taught that diversification is important. But is it hard to beat the market without concentration? For example, a JP Morgan client wanted exposure to Brazil and have some diversification as well.

Instead, he wants to hold a concentrated portfolio of business and invest accordingly. Also, the academic answer may not be completely accurate—you can get sufficient diversification with companies. He sleeps better at night because he feels good about the companies he owns.

The lesson is that you want to have a small number of stocks, but not too few. Every decision you make should matter. You want to be black swan proof. Owning 20 stocks provides enough protection in his mind. Question 9: Audience- How do you find stocks? Whitney Tilson: Said that there is not just one way. Experience counts a lot because he now has a mental database and he reads a lot. Sometimes major business publications help him find stocks.

Sometimes they study a stock and then buy it years later. Glenn Tongue gets the Value Line paper version that covers companies. They also run some stock screens. This tactic was fruitful in and when there were lots of statistically cheap stocks. He also trades ideas with other investors and view the work they both do as a competitive advantage.

Next, they often look at the top 20 holders and call people they know. But they know they have to be careful of group think. It makes sense to follow Fs of great managers with great track records. If they see that Seth Klarman is buying something they might look at it, especially if it is down since he bought it.

Question Audience- Can you explain the selling side of investing? As stocks approach intrinsic value things can get irrationally exuberant. Is there a way for value investors to take advantage of that? Patrick Brennan- Selling is very tough.

It is a lot easier to get in than out of a stock. What they try to do is look at how much a stock has gone up, look at their original assumptions and new info to figure out when to sell. You have to accept that as a value investor. It is part of the discipline process. In terms of the experience with CBS, everything was cheap then—stuff you owned and everything else too.

Part of the discipline is that you are going to have to sell stocks that are cheap to buy cheaper ones. This is very hard because you can be generating tax liabilities and they usually want to minimize tax costs. But, there are some situations that are so compelling that it is worth biting the bullet and selling. They are reluctant sellers and buy and hold investors.

But they have to sometimes sell things they are not crazy about selling. When you follow the company and talk to management you become attached and it can be hard to sell. John Maynard Keynes said that when the facts change, he changed his mind. He has respect for Whitney in saying that he was wrong on Netflix after writing up an 18 page short report. Said that you should forget about your ego and think to yourself, would I make the same decision again today?

If not, then sell. Michael Green: This business is not an exact science—you need intuition. He has accepted that he will never catch the top or bottom. As such, value investors should not be concerned with those times. You want to identify a company selling below intrinsic value.

Sometimes companies they buy go down and then they have to decide to either hold on or buy more. But it is very hard to know when to buy stocks. They sell stocks knowing that they do not know where the top is. Their holding period is not forever. The fundamentals can be fine but you need to have the discipline to know when to sell. Question Audience- Said he thinks that large cap stocks are very cheap.

But what is the variant perception here? Is there too big a crowd in these stocks now? Whitney Tilson: A Legg Mason portfolio manager just cited evidence that suggests that mutual fund flows do not support that there are a lot of people buying large cap stocks. The Russell just hit an all-time high. Investors project the immediate past in to the future—they drive looking in the mirror. This provides an opportunity for people to make money who have a different view of the future.

This is why he likes it. Then people started praising Buffett when the tech boom crashed and he look like a genius. Not every large cap is cheap and not every small cap is expensive. He sees value in special situations. The dividend yield on some stocks is higher than the yield on 10 year corporate bonds. Dividends at these companies have gone up for many, many years and have a chance to increase further.

In contrast, these 10 year pieces of paper have zero chance of the yields being increased. So, at a certain point it makes a lot more sense to buy these dividend-paying stocks than 10 year bonds. Question Audience: Is money all that investing is about? Whitney Tilson: Silence…. When he was younger, he had no interest in the stock market. He never used to read the C-section of the Wall Street Journal.

For the 1st time in his life after business school he had money in his account that he had to invest. He had to learn about investing out of necessity. He then found out that he loved the game. No one in this room is going to have to worry about putting food on the table. But there are billionaires who are miserable—money has been a curse for them.

His advice is to find something you are passionate about and do it.

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2022 Seminar on Value Investing and the Search for Value Guest Speaker: Jeff Stacey

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