Value Investing Podcast

Replay of EP46 - Risk Arbitrage Checklist

Knowing What You Don't know in Howard Marks’ book – The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Patient Opportunism in Howard Marks’ book – The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Advice from Legendary Value Investors

Chapter 12: Finding bargains in Howard Marks’ book – The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Chapter 11: Contrarianism in Howard Marks’ book – The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Chapter 10: Combating Negative Influences in Howard Marks' book - The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Chapter 8: Everything is a cycle in Howard Marks' book - The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Chapter 6 & 7: Recognizing and Controlling Risk in Howard Marks' book - The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

Chapter 5: Understanding Risk in Howard Marks' book - The Most Important Thing (Link to buy from Amazon: https://amzn.to/2ZYx6rO).

I talk about a book called The Most Important Thing By Howard Marks (https://amzn.to/2ZYx6rO).

I discuss how hedge fund managers are using alternative data for their investing decisions.

16 Investing rules by a legendary value investor John Templeton https://www.franklintempleton.com/forms-literature/download/TL-R16

Warren Buffett defined the earnings called “Owner Earnings” that is more relevant to the valuation of a company than the reported earnings on the income statement.  The owner earnings can be calculated by adjusting the reported accounting earnings in the following ways: Owner Earnings = (a) Reported earnings + (b) depreciation, depletion, amortization and certain other non-cash charges – (c) the average annual amount of capitalized expenditures for plant and equipment = cash flow from operating activities – capital expenditures Reference Documents: 1986 Berkshire Hathaway Shareholder Letter Donate: https://valueinvestpodcast.com/en/donate/

16 Investing rules by a legendary value investor John Templeton https://www.franklintempleton.com/forms-literature/download/TL-R16  

This episode covers the advantages and disadvantages that retail investors have over institutional investors such as hedge fund and private equity fund managers.

This episode is a reply of EP7 which was originally aired on April 28, 2018. In this episode, I discuss the following two topics. 1) Basics of insurance business in terms of how insurance companies make money and why Buffett likes them 2) Warren Buffett’s investment on an insurance company called GEIGO Two key terms for the valuation of insurance companies “Float”, or available reserve, is policyholder money held, but not owned, by insurers, which comes about because there exist time intervals between received premiums and incurred losses to be paid out, usually more than a year. Float = Policy holder money held (Liability side) – Policy holder money not held yet (Asset Side) = [loss and loss adjustment reserves + unearned premium + fund held under reinsurance assumed + other policy holder liabilities] – [premium receivables + loss recoverable + deferred policy acquisition costs + deferred charges on reinsurance + prepaid taxes] Combined ratio = (Incurred Losses + Expenses) / Earned Premium Podcast websi

I talk about Amazon CEO Jeff Bezos' Management Philosophy illustrated in 2016 letter to Amazon's shareholders (https://www.sec.gov/Archives/edgar/data/1018724/000119312517120198/d373368dex991.htm) Podcast website (https://valueinvestpodcast.com)  

I discuss four behavioral biases that stem from the following emotional errors. Loss aversion Overconfidence Self-control bias Endowment bias Regret aversion Status quo bias https://shareinvestmentideas.com/ https://valueinvestpodcast.com/

I discuss four behavioral biases that stem from cognitive errors. Website: https://valueinvestpodcast.com