He Beat the Market over 25 Years: Bill Nygren Interview

In this incredible interview I spoke with legendary investor Bill Nygren, who has beaten the market over a 25 year period by around 200bps. This is an extremely hard and rare feat. In our wide-spanning conversation Bill tells us about everything from his investment process and valuation framework to how to value a cyclical business, the importance of management, investing lessons from Netflix & Meta, as well as what a lot of value investors get wrong. We even had time to talk about his Salesforce and Airbnb postions a bit. We hope you enjoy! ** Free trial and *15% off of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/ ~*~ I worked at Goldman Sachs and an investment fund that managed hundreds of billions of dollars. In this channel I will teach you everything I know, including how to analyze a business, how to invest, the differences between bad and good businesses, and other finance topics. Follow us to learn 1) how to become a better investor and 2) how to analyze and understand business! ~*~ Chapters 0:00 — Intro 1:43 — Bill Nygren’s Investment Philosophy 5:06 — Valuation Timeframe 10:14 — Is There a Thing as Fair Value? 13:10 — Investing in Banks 18:22 — Why Haven’t We Had a Normal Recession? 20:17 — How to Value a Cyclical Business? 24:50 — How Confident Can You Be on Your Downside? 25:28 — Does the Quality of Management Matter? 27:20 — How Important is ROIC? 29:25 — Should an Investor Buy & Hold Forever? 40:12 — The Role of Talking to Management in Your Investment Process 42:46 — Research Process 45:46 — How to Gain Confidence in Your Research 53:19 — Investing Lessons From Meta & Netflix 1:04:42 — Portfolio Analyst Relationship 1:07:40 — Portfolio Diversification 1:10:58 — Salesforce and the AI Risks 1:14:47 — What to Do About Deferred Revenue in Software Stocks 1:18:35 — Why Bill Owns Airbnb Over Booking Holdings ~*~*~*~*~*~ Drew Cohen is a Registered Investment Advisor and he also runs an investment research firm that caters to professional investor and hedge funds. You can find out more about the research firm at www.SpeedwellResearch.com Drew also has a podcast called The Synopsis. The Synopsis is aimed toward professional investors and covers stocks, investing, and various other topical business news. Follow the Podcast on Spotify here: https://open.spotify.com/show/3lGqHRK... Follow the Podcast on Apple here: https://podcasts.apple.com/us/podcast... ~*~*~*~*~*~ Nothing here is financial advice. See channel disclaimers. ~*~*~*~*~*~ #investing #stockmarket #finance