The John Johnston Lounge

In this episode I summarize and discuss selected parts of a recent Q&A session with value investor and fund manager Mohnish Pabrai. During the Q&A Pabrai offered his thoughts on investing mistakes and the reasons for the high average rate of investor errors, current Nvidia (NVDA) euphoria compared with Microsoft (MSFT) euphoria during the Dotcom Bubble, and what it takes to be a good investor.Timestamps:00:00 Mohnish Pabrai Q&A intro00:19 Investing mistakes and projecting Nvidia to infinity01:20 Microsoft stock during and after the Dotcom Bubble02:59 Amazon stock during and after the Dotcom Bubble03.27 Nvidia rhyming with Dotcom Bubble era Mircosoft05:11 The AI too hard basket and asking simpler questions06:54 The other reason for high error rates in investing07:58 What's needed to be a good investorRelated episodes:Mohnish Pabrai: Key Investing Lessons from "Circling the Wagons”https://youtu.be/TqC_m7-DPfMChuck Akre Said This About How to Find 100 Baggershttps://youtu.be/xoKe1AvquTIMohnish Pabrai Portfolio Update: Pabrai Buys BAM Stock! (Brookfield Asset Management)https://youtu.be/c5ivXtnz6-UWhy Druckenmiller Owns Nvidia Despite "Nosebleed Territory”https://youtu.be/QP496jwcumkMohnish Pabrai's Q&A with members of the Finance and Investment Cell at SRCC, Delhi on June 14, 2023 https://youtu.be/tYtG7ZvMSjMThe main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664Using a referral link helps support the pod, thanks!I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

In this episode I summarize and discuss a recent interview with legendary value investor Seth Klarman. During the interview Klarman discussed the “Everything Bubble” he sees unwinding, the investing opportunities that’s bringing, the nature of value investing in relation to growth, buying quality companies at the right price, how to get an edge in the competitive investing environment today, technology investing in inefficient markets, Bitcoin, the current macroeconomic environment, and more.Timestamps:00:00 Seth Klarman Intro00:37 Security Analysis revised 00:59 The Everything Bubble02:05 The Bubble timeline and investing opportunities: 4/1003:26 Then and now: railroads to SPACs and crypto04:44 What is value investing? Klarman's definition 05:48 How to think about growth in investing06:10 Not overpaying for quality companies06:54 Warren Buffett and buying the Index 07:37 How to get an edge08:15 Inefficient markets and mis-priced stocks: META09:09 Thoughts on technology disruption and crypto09:43 Is Bitcoin digital gold?10:32 Macroeconomic prediction and investingRelated episodes:Why Druckenmiller Owns Nvidia Despite "Nosebleed Territory” https://youtu.be/QP496jwcumkAre AI Stocks A Bubble? Druckenmiller, Greenblatt Said… https://youtu.be/KmlXeoM5LLYPeter Lynch's 2023 Advice on Buying Stocks - Rare Interview https://youtu.be/sZKt5j1Rwi0Investing Book referenced in this episode:Security Analysis, Seventh Edition: Principles and Technique, by Benjamin Graham, David Dodd, Seth Klarman - editor (referral link) https://amzn.to/444wP3KUsing a referral link helps support the pod, thanks!The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

This episode discusses recent comments by three stock market investors, including legendary fund managers Stanley Druckenmiller and Joel Greenblatt, focusing on the question: we know there’s an artificial intelligence (AI) boom going on right now, but is there an AI stock bubble? We look at what these investors are saying about AI stocks, Nvidia stock (NVDA), the current stock market, and how they think it’s going to play out. I also give my opinion on the topics.Timestamps:00:00 AI stock bubble intro00:14 Stan Druckemmiller: Separating the wheat from the chaff.05:17 Joel Greenblatt: Current opportunities rhyming with the Dotcom Bubble.08:57 Jim Bianco - Wealthion: AI stocks are “way out there in bubble-land...”12:37 My final thoughts: AI is a long term secular move but...Related episodes:Why Druckenmiller Owns Nvidia Despite "Nosebleed Territory”https://youtu.be/QP496jwcumkMicrosoft to Challenge Google Search Using OpenAI's ChatGPThttps://youtu.be/Vh42ZgADo5kThe AI Race is ON! Google Showcases New AI Productshttps://youtu.be/xL7MvGAjdewInterviews referenced in the episode:Bloomberg (June 2023): Druckenmiller on How AI is Dominating His Long Portfoliohttps://youtu.be/NERglanBMIkHFA Fireside Chat with Hedge Fund Manager Joel Greenblatthttps://youtu.be/utP9ZVog554Wealthion: AI Stocks Definitely In A Bubble Right Now | Jim Biancohttps://youtu.be/MazHnXttvQkThe main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664Using a referral link helps support the pod, thanks!I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

In this episode I summarize and respond to a recent Wall Street Journal article questioning the current Tesla stock market valuation. I also respond to popular investing YouTuber Joesph Carlson’s reaction to that Wall Street Journal Tesla analysis.Timestamps:00:00 Intro: The Wall Stree Journal hit piece and Joseph Carlson’s response01:40 Good company in a bad industry?03:02 Not just an auto company?04:11 Tesla ecosystem 04:49 Tesla destination: does it need Elon?05:43 Market valuation too expensive?07:35 Renewed enthusiasm for Tesla Stock (TSLA)08:53 Why the recent parabolic stock rise?09:51 Is Tesla an AI company?11:02 AI + Full Self Driving (FSD) + robotaxis  13:02 GM’s Cruse and Google’s Waymo robotaxis 14:46 Tesla Supercharging Network for all 16:14 Supercharging the Tesla ecosystem20:11 The destination for Tesla and its valuation20:57 Are small caps a better bet?21:32 Tesla the spawner company22:48 Elon Musk: Twitter distraction?23:56 To buy or not to buy?Related episodes:I Just Bought Tesla Stock for the 1st Time! https://youtu.be/YX76lZBp8X4Is Tesla Stock Going to $60? https://youtu.be/MqN_rnkGDnEThe Art of Value Tesla Stock playlist (8 episodes):https://youtube.com/playlist?list=PLrNjj1l3MS7UkaBPMBFJF26HHxpUgH9zQChuck Akre Said This About How to Find 100 Baggershttps://youtu.be/xoKe1AvquTIJoseph Carlson After Hours: The Wall Street Journal Attacks Tesla https://youtu.be/23pPMUOD2nYThe main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664Using a referral link helps support the pod, thanks!I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

In this episode I summarize and discuss an interview with legendary investor Chuck Akre, in which he lays out his three-legged stool investing approach that has enabled him to achieve multiple 100 bagger stocks, and many multi-baggers. We look at examples from Akre Capital Management’s portfolio, and how his investment strategy has achieved such impressive returns over the long term. Timestamps:00:00 Chuck Akre intro00:31 Akre Capital Management Portfolio01:45 Investing from a one traffic light town03:03 More qualitative than quantitative 03:34 Akre's three-legged stool approach03:52 First leg04:55 Second leg05:25 Third leg05:53 Not overpaying06:18 The art of not selling06:37 Portfolio company: Mastercard08:22 Importance of keeping it simple09:16 Importance of the businesspeople10:33 Portfolio company: O’Reilly Automotive10:59 100 to 1 in the Stock Market and 100 Baggers12:50 100 bagger portfolio company: American Tower14:53 Starting with small caps15:48 When Akre sells - broken stools16:19 OutroRelated episodesChris Mayer 100 Bagger Portfolio | Response to Stock Compounderhttps://youtu.be/vzjCkGWoJfsChris Mayer 100 Baggers: Stocks That Return 100 to 1!https://youtu.be/59CuGd2aAwgBrookfield CEO Just Said This Re: Stock Market, AI, China, Energyhttps://youtu.be/AWEvf2DcotIMohnish Pabrai: Key Investing Lessons from "Circling the Wagons”https://youtu.be/TqC_m7-DPfMMohnish Pabrai Talks Constellation Software & Mark Leonardhttps://youtu.be/xPI773-AE-IInvesting books recommended in the episode:100 to 1 in the Stock Market : A Distinguished Security Analyst Tells How to Make More of Your Investment Opportunities - Thomas W Phelps (referral link): https://amzn.to/3JoThMN100 Baggers: Stocks That Return 100-to-1 and How To Find Them - Christopher Mayer (referral link): https://amzn.to/3NH8OtTThe main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664Using a referral link helps support the pod, thanks!I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

In this episode I summarize and discuss a recent panel interview with Bruce Flatt, CEO of Brookfield and often referred to as the Canadian Warren Buffett. Flatt gave his thoughts on today’s stock market, what he thinks is currently overhyped, long term investing, investing in China, and the renewable energy transition.Timestamps:00:00 Intro: Bruce Flatt and Brookfield01:10 Brookfield’s super-investor shareholders02:20 What’s overhyped right now04:13 What's under-appreciated right now04:53 Compounding wealth and when to invest06:20 Outlook for the stock market, and investing positivity 06:50 Stock market distractions and private investing07:16 Investing in China09:06 The energy transition to renewable energy10:08 Final thoughts on long term investing  Related content:Why Druckenmiller Owns Nvidia Despite "Nosebleed Territory”https://youtu.be/QP496jwcumkFull Forbes Iconoclast Summit panel discussion with Bruce Flatthttps://youtu.be/iGnYQUplOOoThe main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664Using a referral link helps support the pod, thanks!I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

This episode summarizes and discusses a recent interview with legendary macro-investor Stan Druckenmiller. Druckenmiller talked about his current bullishness on AI stocks and how they’ve been dominating his long portfolio for the past few months. He also talked about the hard landing recession that he still sees coming, and his predictions for the economic environment. His comments are always worth listening to, as he hasn’t had a year of negative investment returns in 40 years.Timestamps:00:00 Stan Druckenmiller intro00:34 US-led tech innovation01:02 The AI boom02:04 Nvidia stock02:36 AI dominating is longs02:50 Lessons for AI from The Dotcom Bubble04:16 Where are the fat pitches?06:35 Hard landing recession ahead?08:52 What will sink?  10:50 When recession?Related content:Oct 2022: Stanley Druckenmiller Predicts Hard Landing Recession for 2023https://youtu.be/VxpoJnbD8yoMay 2023: Stan Druckenmiller Still Predicts Hard Landing Recessionhttps://youtu.be/8Ue-etn4E74Full Bloomberg invterview (June 2023): Druckenmiller on How AI is Dominating His Long Portfoliohttps://youtu.be/NERglanBMIkThe main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664Using a referral link helps support the pod, thanks!I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

This episode is an update on Alibaba’s ongoing spin-off plans for its various business segments, starting with the Alibaba Cloud Intelligence Group within the next 12 months, with others to follow. I explore what these business are, what they do, and what their prospects are as future individual companies.Timestamps:00:00 Intro00:37 First Spinoff: Alibaba Cloud Intelligence Group02:10 Next IPO plans02:28 China Commerce03:08 International Commerce03:38 Local Consumer Services04:08 Cainiao04:38 Alibaba Cloud05:14 Digital Media and Entertainment05:36 Innovations and Other Initiatives06:30 Final thoughtsRelated episodes:Alibaba Full Year Earnings Update | BABA Stockhttps://youtu.be/caAUsjmMGRwAlibaba Reveals Break-Up Plan! | Big BABA Stock Upside?https://youtu.be/spwgEGJlxmcMohnish Pabrai: Why I Switched from Alibaba to Tencenthttps://youtu.be/v27JsHlgPZUAre China Stocks UNINVESTABLE or HISTORIC VALUE OPPORTUNITY?https://youtu.be/qfrjfIEx1vwUsing a referral link helps support the pod, thanks!The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

This episode includes a summary and thoughts on Alibaba's Full Fiscal Year 2023 Results, the current China economic backdrop, Alibaba’s ongoing share repurchases, a brief update on Alibaba's planned spinoffs including Alibaba Cloud, some comments from the CEO and CFO, and the overall direction of company.Timestamps:00:00 Intro00:25 BABA the controversial stock01:20 Alibaba the company03:00 CEO & CFO comments04:30 Multiple spinoff announcements05:30 New business capital allocation priorities06:30 Substantial Free Cash Flow 07:10 Financial results overview08:20 Share buybacks09:19 Substantial net cash position Related episodes:Are China Stocks UNINVESTABLE or HISTORIC VALUE OPPORTUNITY?https://youtu.be/qfrjfIEx1vwMohnish Pabrai: Why I Switched from Alibaba to Tencenthttps://youtu.be/v27JsHlgPZU Using a referral link helps support the pod, thanks!The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.

A look at the portfolio updates of seven guru or super-investors from Q1 2023. The investors include Warren Buffett (together with Charlie Munger at Berkshire Hathaway), Mohnish Pabrai, Li Lu, Chuck Akre, Bill Ackman, David Tepper, and Thomas Gayner. See below for timestamps for investor sections, and related episodes.Timestamps:00:00 Intro00:15 Warren Buffett & Charlie Munger - Berkshire Hathaway    05:15 Mohnish Pabrai - Pabrai Investments09:00 Li Lu - Himalaya Capital Management12:08 Chuck Akre - Akre Capital Management15:40 Bill Ackman - Pershing Square Capital Management16:59 David Tepper - Appaloosa Management19:49 Thomas Gayner - Markel   Related episodes:Mohnish Pabrai: Key Investing Lessons from "Circling the Wagons”https://youtu.be/TqC_m7-DPfMWarren Buffett Interview: Banking Crisis? - Highlightshttps://youtu.be/2ysbmHbVVYsMohnish Pabrai’s thoughts on Constellation Software and Mark Leonardhttps://youtu.be/HR_gJ6WOe60Investor Li Lu is Buying MORE Google Stock | Why?https://youtu.be/is9frHZaGYgThe AI Race is ON! Google Showcases New AI Productshttps://youtu.be/xL7MvGAjdewIs OpenAI ChatGPT Disrupting Google? Founders Come Back!https://youtu.be/7dLT_CDITmgI Just Bought Tesla Stock for the 1st Time!https://youtu.be/YX76lZBp8X4Recommended book - mentioned in this episode:Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life, by William Green (refferal link) https://amzn.to/3WGcleJUsing a referral link helps support the pod, thanks!The main investment brokerage I use to buy international stocks, and to hold cash, is Interactive Brokers (referral link): https://ibkr.com/referral/john5664I use GuruFocus for historical, financial and valuation data, screeners, charts and comparison tools, to help me make smarter long-term investing decisions (refferal link):https://www.gurufocus.com/?r=2c95d5930bb2537b2e0265075fb66581Disclaimer: I am not a financial adviser. This content is for education and entertainment purposes only. Do your own analysis and/or seek professional financial advice before making any investment decision. Hosted on Acast. See acast.com/privacy for more information.