Vitaliy Katsenelson’s presentation from the Value Investing Conference.
Q1 hedge fund letters, conference, scoops etc, Also read Lear Capital: Financial Products You Should Avoid?
Vitaliy Katsenelson - The Value Investing Conference
Transcript
Let me tell you the story. This is true story happened literally three days ago. I was talking to my British for the great value street selling them to Europe. Know about volume of the sessions. You got to tell them you got the best with this. This is not me saying this my British friends say that Europeans understand. And cool but the like. Where you able to do that. Oh yes. No I get what. Yes yes. So anyway so we thought this was us anyway. So could could get a complete thrill. So let me tell you this story. So in 2011 I went to Guy Spier conference ValueX. Well yes and it was incredible then and I should do one and the other one. So I decided to get to conference in Vail Colorado which I call a better version of Klosters. So nice. OK. So Wale is a beautiful town. It's very easy and inexpensive. So no problems conference I didn't get the email I think it was European guy who said Vitali This is like so not value investing because this is expensive. All those expensive everything is expensive. And for about five minutes I thought maybe he's right. But then I realized that maybe I should have the kind of things like Mattel's the. That wasn't the kind of a girl like somewhere above the airport or something but they don't realize this guy is wrong. And here's why. This is how people perceive this.
You know basically thought that you know the cheap three dollars a day. Tell us what people think about the nastiness and there where he was why. Thank you very much. OK. If you read this it's like that one. So if you read the first two books that were mentioned and you get out of this that you should buy low price shorting stocks price to sales thug's size tweak at a low price to bukan and that's what this would bring if you get this message out of the intelligence business or huge analysis you did not get the message. OK. In fact she was another story I wrote the other article were basically called Charlie Munger Warren Buffett syke. OK I get it. I get e-mail from a friend whose name is Jeff Matthews. Incredible book called pilgrimage to Omaha. It's a great book about Warren Buffett. I really like him and you read so and Jeff says he wrote. Not cool. Cholon Munger Warren Buffett's sidekick because Charlie Moncur changed the way Warren Buffett invests so the 90s. Charlie Munger it's not just the Warren Buffett to cover letter that Charlie Munger wrote a long time ago which explicitly explicitly said if you keep doing this you cannot kill Berkshire Hathaway. Just think about it for a second. Berkshire Hathaway was this kind of stock white it was a single digit price joinings kind of stock and ended up in complete failure basically. So he said if you continue to do this you're going after you and you won't be able to secure Berkshire Hathaway. So this is what I would call a one dimensional investor. OK. Just looking for one cheap.
Statistically this is important statistically an expensive stock. OK. I'm not saying it's a cheap Tulfo with 0 6 but hell I mean what else makes hotel free though they may actually be expensive if you know if you've done that once the cockroaches.
