Tag Archives: Video Lectures

Michael Price’s Approach to Investing


Mr. Price recommends the book, There is Always Something to Do by Peter Cundhill

ALWAYS something to do

Peter Cundill, a philanthropist and investor whose work has been praised by the likes of Warren Buffett, found his life changed forever when he discovered the value investment principles of Benjamin Graham and began to put them into action. There’s Always Something to Do tells the story of Cundill’s voyage of discovery, with all its ups and downs, as he developed his immensely successful investment strategies. In the context of recent financial upheavals and ongoing uncertainty, Peter Cundill’s wise and frequently funny reflections are more important than ever. In a seamlessly assembled narrative drawn from interviews, speeches, and exclusive access to the daily journal Cundill kept for forty-five years, Christopher Risso-Gill outlines Cundill’s investment approach and provides accounts of his investments and the analytical process that led to their selection. A book for everyday investors as much as professional investors and investment gurus, There’s Always Something to Do offers a compelling perspective on global financial markets and on how we can avoid their worst pitfalls and grow our hard-earned capital.

John Chew: I enjoyed the book, but there are no great insights for an experienced investor. But the stories of perseverance in the face of company problems/investments are helpful. 

Thanks to sfriedman@santangels.com, (ask to subscribe to his free emails–how can you ask for more!?).

P.S. Mr. Price presents his approach to value investing. Use what can help YOU in YOUR OWN approach. Price practices a form of special situation investing. There are as many ways to invest as people who practice value investing.

New VIDEOS (2011) of Buffett Lectures and MORE

Beware of geeks bearing formulas.

Chains of habit are too light to be felt until they are too heavy to be broken.–Warren Buffett


Buffett on an INVESTMENT PHILOSOPHY and the Four Filters in finding investments. He discusses search strategy, valuation and moats. 10 minutes: http://www.youtube.com/watch?v=JUba8FGvriM  This will get you started.

A great review of his life and investing principles–Buffett Lecture to UGA Students on July 2011 (1 hour and 20 minutes): http://www.youtube.com/watch?v=2a9Lx9J8uSs&feature=related

Buffett lectures on Valuation, Moats, and You to Graduate Business School Students in INDIA (101 minutes): http://www.youtube.com/watch?v=4xinbuOPt7c&feature=related

Repeats some of what he said to the University of Georgia students but the interaction with the Indian Students is educational.

If you are hearing Buffett’s lectures for the first time, I STRONGLY suggest you read his writings (The Essays and Lessons of Warren Buffett) FREE here: http://www.monitorinvestimentos.com.br/download/The%20Essays%20Of%20Warren%20Buffett%20-%20Lessons%20For%20Corporate%20America.pdf then go back and hear the lectures again.  Repeat as necessary.

For example, his attack on Beta is instructive for our discussion of skill vs. luck (Yachtman) that we will continue later. See his quote: The fashion of beta, according to Buffett, suffers from inattention to “a fundamental principle: Itis better to be approximately right than precisely wrong.” Long-term investment success depends not on studying betas and maintaining a diversified portfolio, but on recognizing that as an investor, one is the owner of a business. Reconfiguring a portfolio by buying and selling stocks to accommodate the desired beta-risk profile defeats long-term investment success. Such “flitting from flower to flower” imposes huge transaction costs in the forms of spreads, fees and commissions, not to mention taxes.

Charlie Munger

Charlie Munger (2 hour) interview: http://www.youtube.com/watch?v=K6RS_PqudxU&feature=related

Joel Greenblatt

Joel Greenblatt interviewed by Steve Forbes on investing–the problems with traditional mutual funds and indexing: http://www.youtube.com/watch?v=3PShSES5nBc

James Grant

James Grant’s 2010 Lecture to Darden Students (90 minutes): http://www.youtube.com/watch?v=W-uMM0j2LOc

The Best of Past Value Investing Videos (2 hours and 45 minutes)

Clips from interviews with Walter Schloss, Munger, Buffett, Klarman, and others. A good review and reinforcement of principles.

Part 1 (41 minutes) The best of Value Investing http://www.youtube.com/watch?v=jGlvLXE82ug

Part 2: (42 minutes) The best of Value Investing: Walter Schloss: http://www.youtube.com/watch?v=xLvEn_tnNIE&feature=relmfu

Part 3: (37 minutes) http://www.youtube.com/watch?v=e0kXOy8LFU8&feature=relmfu

Part 4: (30 minutes): http://www.youtube.com/watch?v=35u8hoVIguM&feature=relmfu

Part 5: (35 minutes) http://www.youtube.com/watch?v=v-7e_97icWY&feature=relmfu

The Danger of Gurus and Mentors

Beware of your Guru or Mentor; choose wisely (3.5 minutes): http://www.youtube.com/watch?v=1bBe7EwydgA&feature=related