A Margin Of Safety In Stocks & Life w/ Fred Martin (RWH020)

Рет қаралды 23,628

Күн бұрын

William Green speaks with Fred Martin, the lead portfolio manager at Disciplined Growth Investors. Here, at age 76, he looks back on half a century as a hugely successful investor & shares hard-earned lessons on how to survive & thrive over the long haul by mitigating risks & respecting the fundamental laws of investing.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:06:48 - What Fred Martin discovered about mitigating risk as a Navy officer in the Vietnam War.
00:11:14 - How he handles the pain & discomfort of difficult periods in the stock market.
00:30:12 - Why he thinks Tesla’s stock is overvalued & what he thinks it’s really worth.
00:33:54 - Why it’s critical for investors to be skeptics who never let down their guard.
00:39:01 - What insights he drew from studying Benjamin Graham & writing a book about him.
00:47:34 - How Fred applies a consistent three-step process to every business he analyzes.
00:51:01 - How to win as an investor by waiting for intrinsic value & the stock price to “true up.”
00:59:45 - Why he regards a legendary free soloist climber as the world’s greatest risk manager.
01:10:14 - How flying planes has helped Fred to refine his understanding of the margin of safety.
01:15:01 - Why he’s given three younger colleagues the authority to veto his stock picks.
01:20:10 - Why he “seals the exits” before buying a stock, assuming that he’ll own it forever.
01:31:45 - Why fund managers should sacrifice their own interests for the sake of their clients.
01:35:45 - What advice he’d give to people who are looking to hire an investment adviser.
01:40:34 - Why he believes that relationships & purpose are the two most important things in life.
01:44:47 - What he’s done to build good health so that he’s still going strong at age 76.
01:46:37 - How his religious faith has made him a better investor & a better steward of assets.
01:51:43 - What he’s learned about how to endure sorrow & tragedy.
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📖 BOOKS MENTIONED:
- Benjamin Graham and the Power of Growth Stocks by Fred Martin: amzn.to/3vxOYY9
- The Psychology of Money by Jim Ware: amzn.to/3ifpnQz
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On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.
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Пікірлер: 49

@WeStudyBillionaires Жыл бұрын

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@pkozanov Жыл бұрын

William, since yesterday afternoon, when you posted this video on KZfaq and on your podcast , I have listened to it twice. But it's so enjoyable and educational that I will listen to it again and again. I even shared a few excerpts with my wife because I knew she would love them too. Have you ever read a book, seen a painting, listened to a piece of music or watched a movie that was so damn good, that you say to yourself: "I'm good for the year, I got all I need to keep me going and growing and help me find my way through life for awhile"? Well, this is how watching this and many other of your videos felt like. They are gold, William! Pure gold! And just when I think I got all I need, you always deliver another knockout interview, and I am wonderstruck again! THANK YOU!

@RicherWiserHappier Жыл бұрын

That's lovely to hear. Thanks so much! Fred Martin has a lot of deep, hard-earned wisdom share. He's a remarkable person. Wishing you all the very best -- William

@BradKaellner Жыл бұрын

Fred reminds me of a young Buffett walking with bent knees to minimize falls. Always watching the downside. Great attribute for a fund manager!

@1973superdad Жыл бұрын

Im from MN, and I heard of Fred from Eaglebrook church. Loved his story, searched him on youtube and found this podcast, and listened while im driving. Im going to relisten, take notes, write down every book, and read them all. I'll dig into your other content, too. Great podcast. Thanks for this!

@WeStudyBillionaires Жыл бұрын

Thank you so much for the support, it means the world to us!

@RicherWiserHappier Жыл бұрын

Thanks a lot! He wrote a book on Benjamin Graham and growth stocks, which is well worth reading. I also wrote about him at some length in a couple of chapters (especially Chapter 8) of my book, "Richer, Wiser, Happier." Good luck!

@1973superdad Жыл бұрын

@@RicherWiserHappier I ordered your book from Amazon, you're a fantastic interviewer, I watched this twice and the time just flew by. So much wisdom here. Thanks again!

@RicherWiserHappier Жыл бұрын

@@1973superdad Many thanks! That's very kind of you to say. Hope you enjoy the book. Warm wishes, William

@Datapoint90 Жыл бұрын

I thoroughly enjoyed listening to your conversation. Thank you for sharing!

@WeStudyBillionaires Жыл бұрын

Glad you enjoyed it!

@kevinboutsen Жыл бұрын

These interviews are truly amazing just like your book. Read it twice already. The Alex Honnold story reminds me of how my dad would prepare for formula 1 racing in the 80s. He would live with risk in mind all the time. Your interviewing and preparation is truly amazing. Thank you for sharing this knowledge on youtube!

@WeStudyBillionaires Жыл бұрын

Thank you for the kind words, Kevin!

@WilliamGreenRicherWiserHappier Жыл бұрын

Thanks so much, @kevinboutsen! I really appreciate it. Warm wishes, William

@damarissanders4433 10 ай бұрын

It's called Tactical Patience

@WaTeMwandi Жыл бұрын

This is phenomenal. William is there a way to get these interviews in transcript form? I don’t think I am the only one who is willing to pay for those transcripts. You are a treasure. It’s unreal.

@WeStudyBillionaires Жыл бұрын

Thank you so much! You can find the transcripts of the episodes on our website. Here's the link for this episode: www.theinvestorspodcast.com/richer-wiser-happier/the-disciplined-growth-investor-w-fred-martin/ 😀

@WilliamGreenRicherWiserHappier Жыл бұрын

Many thanks for your kind words! Warm wishes, William

@MrDavid1863 Жыл бұрын

Outstanding interview. Inspiring, educational and emotional. Makes me strive to improve my investing skill and to improve personally. Bravo to William and Fred. Thank you both.

@WeStudyBillionaires Жыл бұрын

So happy to hear that, David!

@WilliamGreenRicherWiserHappier Жыл бұрын

Thanks a lot, @MrDavid1863. Warm wishes, William

@tekootianderson Жыл бұрын

Candid interview. Loved listening to the ups and downs. Reality indeed.

@WeStudyBillionaires Жыл бұрын

So happy you enjoyed the video!

@maxreisman9595 Жыл бұрын

Alex Honnold would be great on the podcast!

@adrianking2937 Жыл бұрын

This was a wonderful episode from start to finish. I enjoyed every story and every lesson that came with it. Thank you so much to Fred for being willing to share.

@WeStudyBillionaires Жыл бұрын

So glad you enjoyed the episode, Adrian!

@WilliamGreenRicherWiserHappier Жыл бұрын

Many thanks, @adrianking2937! Warm wishes, William

@mmm-cake 4 ай бұрын

I really liked the interview- haha - man, I wish I knew half of what he knows. Dang. Inspirational. Take it easy

@WeStudyBillionaires 4 ай бұрын

Much appreciated! 🙏

@david.seholm Жыл бұрын

Probability of expected future returns. That is a fascinating concept. It would be interesting to know how many outcomes they are postulating, whether that is a fixed number or if it varies. I could ask questions about this all day long. It opens up being able to more accurately apply game theory around bet sizing though.

@WeStudyBillionaires Жыл бұрын

Thanks so much for watching, David!

@easternhair 8 ай бұрын

great one, thank you

@WeStudyBillionaires 8 ай бұрын

Glad you liked it!

@nomad3002000 Жыл бұрын

Liked, subscribed

@WeStudyBillionaires Жыл бұрын

Welcome aboard, Aaron!

@cjdch6604 Жыл бұрын

Nice guy - i looked at his 13F. The 'rocket' he talks about is SMCI - which is a cyclical at peak margins so watch out - that is why it looks cheap. If its going to go up it will by end of Q1 so u could buy with 5% stop loss - but sell end march as downside is circa 40% in next 12-18 months if the prior cycle peaks (and resulting troughs) of 2010 and 2015 are a guide. Only stocks i would buy (today is 8 Jan 2022) out of his portfolio are: PSTG and ANET.

@userjoe4321 5 ай бұрын

Hindsight...

@cjdch6604 5 ай бұрын

@@userjoe4321 Out of his 35 stock portfolio at the time i picked what ended up being over the last 12 months his 2nd best and 5th best performers. Not bad. I wrongly didnt trust SMCI given its very cyclical history -- never strayed about 1.5X book, 0.5X P/S for longer than 18 months in its past and now is 10X PB and 5X P/S.