BAC Bank of America Corporation

Valuation

Big Five 3/15 tests ≥10%

Discussed on InvestED 8 episodes

• 259 · Jim McKelvey and The Innovation Stack
  Square co-founder Jim McKelvey explains his idea that rare, dominant companies are forced by their circumstances to solve many problems differently, forming an "innovation stack" that rivals, even Amazon, struggle to copy. He also gives views on CEOs, disclosure and staying within what you understan
• 141 · A Closer Look at Your Favorite Investing Gurus
  Phil explains how he curated his list of gurus to follow through 13F filings (value investors who hold few positions), why Graham's "buy 200 cheap stocks" style differs from Buffett and Munger's "wait for a few great businesses to go on sale" style, and what Berkshire's and Munger's filings do and d
• 145 · Phil's Favorite Gurus: Guy Spier & Prem Watsa
  Phil walks through the top five holdings of Guy Spier and Prem Watsa to show that real Rule #1 investors hold two-thirds or more of their money in five names, that gurus rarely overlap, and that you can start learning before you have any money.
• 204 · Short-Termism
  Professional managers act rationally for their jobs but badly for long-term results. Phil and Danielle trace how quarterly pressure runs through the whole chain of money, and then contrast Munger's hold-forever approach with Graham's and the young Buffett's sell-at-value approach.
• 233 · Michael Burry & Index Investing Fears
  Phil and Danielle finish the Burry discussion by explaining why index funds became popular (fees), why Phil thinks their size is now a risk, and what he would do instead: stay in cash if nothing is cheap, widen knowledge inside your circle, and keep a solid watch list ready for a drop.
• 262 · Market Volatility and Anti Fragile Companies
  Phil explains why index selling and credit contraction make crashes violent, argues that moat is what makes a company "anti-fragile", and offers a brainstorm list of companies to research (explicitly not a recommendation) for a depression scenario.
• 280 · Margin of Safety Valuation
  The third valuation method is a discounted-cash-flow style sticker price (grow earnings 10 years, apply a future P/E, discount at 15%, halve it), and Phil recommends using it as an upside check against 10-cap and Payback Time.
• 339 · The Investing Checklist in Real Life
  Phil and Danielle close their checklist series by explaining where the checklist comes from (a catalogue of mistakes), why inversion is the hardest part, and how to tell a real mistake from a pass that later looked wrong, using Buffett's baseball strike-zone story and two skipped Chinese stocks as e