You know, i can show you a fifth avenue pen house with beautiful views and lovely rooms, but if i ask you to pay in 25 billion dollars for it, you're going to tell me to go pound sand. You know, at some point anything is too expensive. I wouldn't have the right to call myself a value investor if i didn't believe that the price i was paying was an essential input of the value i was ultimately getting. And our network actually had bill miller on orcho. He bought amazon at the i o and he bought even more during the tet crash, after the two thousand tech bubble.
IN THIS EPISODE, YOU’LL LEARN:
02:01 - Why the game has changed for traditional value investors.
06:17 - Why Apple is the only sizable tech position Berkshire Hathaway has taken.
13:10 - Why does Adam looks at the price last during his investment process.
14:55 - The #1 thing Adam looks for in a quality company.
22:38 - Why Adam likes Apple, Microsoft, Amazon, and Google, but avoids Netflix and Facebook.
29:30 - Why you can’t consider the GAAP financial statements at face value when analyzing tech companies.
42:34 - How Adam considers a fair price to pay for his value picks.
53:57 - How the higher growth companies might perform during a rising rate environment.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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