Now it’s also going to be, well, what happened during the pandemic and as building that portfolio, you’re going to have to build a portfolio that can weather a pandemic. Again, you can take some risks during a pandemic. Of course, I’m like… Chris Mayer: Well, for me, I don’t know. For me, personally, I don’t know if there’s anything that comes out of it specifically. I just think it’s a more general sense. You start to pay attention in a different way on earnings calls. You start to… When the management is speaking at conferences and new stories come up, you just… I don’t know if there’s necessarily any magic to it. It just feels like once you’ve owned something for a little while, you’ve gotten used to it. You’ve even seen how it trades and you’re just used to it and you’re more comfortable with it after you’ve owned it for a little while. Users simply buy or rent non-fungible token (NFT) sneakers to use the app. STEPN then awards the user with its native cryptocurrency, GST, for their healthy behavior. There are a lot of businesses that are not really that good they’re just mediocre. When you see businesses their return on assets is low single digits, the only way they get into a double-digit return on equity is they’re using a lot of debt. Businesses that don’t really have much of competitive advantage for there are lots of competitors and it’s nothing particularly special about it. Those businesses are easy to kill. There aren’t that many really good businesses around. Those ones are easy to kill, if there’s any whiff of that there might be some fraud or any whiff that there are accounting issues, I stay away from those, overly complicated things. Tilman Versch: Thank you very much for the great interview and thank you to the audience for the great questions, and have a great day or week as well. Thank you.

100 Baggers – Christopher Mayer | JM Finn Book review: 100 Baggers – Christopher Mayer | JM Finn

The beauty of metaverses is that there will be many of them, and they will be able to specialize for different audiences and interests.

Bleeding Edge

In today’s crazy world, finding companies multiplying their value by 100 might seem unlikely. Mayer’s great book outlines the ideas behind locating, buying, and holding these companies.

100 Baggers - Woodlock House Famil Hold Fast: Tips for 100 Baggers - Woodlock House Famil

I think if you come at it with the mentality that there’s always someone on the other side, trade gives you some pause. Think about it before you buy. Make sure you have a good thesis and you know why you’re buying, you know why someone might be selling it to you, and what the counter-thesis is to your thesis and you understand it. I think those things are very helpful. They’re not really talked about very much. Building positions Additionally, I’ve been reluctant to get involved with roll-ups, where these companies do a lot of acquisitions but I’ve changed that recently. As I wrote down the blog, there are some companies that have been very skilled at acquiring lots of companies, Constellation Software is one that I’ve written about I do not own. HEICO, of course, is another skill acquired. Brown & Brown is an insurance broker that I own, has proven to be a very good acquisition over a long period of time. Those are some ways to kill ideas. Chris Mayer: Oh, software as a service. I think those things can be great businesses. I don’t own anything in that sector right now, so I don’t know that my opinion is worth much there. Obviously, it’s a great business. It’s just always a matter for me of what’s the evaluation or how much can you pay. Advice for younger investors And while the recent volatility might have many investors anxious, I’d point out that all three examples survived and even thrived through past periods of market volatility.There are many examples of 100 baggers where you had a strong insider presence. Not all of course with lots of exceptions, but it’s also kind of a matter of taste. Tilman Versch: I hope we meet one day in Omaha because my plan was going there. I would have loved to meet you but… You can’t feel good because it’s up, and you can’t feel bad because it’s down. You just have to focus on the business. I’ve been to Taiwan more times than I can remember. Taking a flight from Tokyo’s Haneda airport to Taipei was as normal for me as a flight from Chicago to San Francisco.

100 baggers? - Good Investing Chris Mayer, how to hunt 100 baggers? - Good Investing

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Tilman Versch: Interesting to hear those points is also a kind of intense debate about masks in Germany, but I think most people are following the rules, and it’s not this kind of intense politicized debate as you have in The States. I hope there’s a turning point to that because it really helps to wear masks on that basis especially if you have a high virus load. The key is to seek companies with economic moats that allow them to outgrow other companies and dominate their industries. Industry stability is another factor in determining the durability of a moat. No moat is permanent and competitors may eventually figure out their way across. Also, Mayer does not consider great management a moat in itself. Families are generally a positive for me when there’s large family ownership in the business. There’s empirical research on this too that families, in general, are good stewards of capital because they tend to be less levered and less aggressive. They are more willing to invest long-term and not play the quarterly earnings game. Dealing with conflict of interest between the family and minority shareholders Tilman Versch: Do you have any ritual or something you do before you want to press the sell button?In the beginning, the multiples of 100 baggers aren’t too expensive, but as growth begins and continues, the multiples expand. A low valuation multiple. You need to combine this earnings growth with a low valuation multiple that can expand. Chris Mayer: Well, that’s right. You make a good point because nowadays is probably the easiest time in the history of investing to find ideas. There’s just so much. Just in the number of hedge funds and mutual funds that publish quarterly letters. There are tons of ideas there for you to look at if you wanted to just read there and you’re looking for certain things, you just look and you get a lot of ideas that way with all the computer screening processes that we have. There are just tons of ways to get ideas. Names to reconsider I’m not that concerned about whether Biden or Trump wins. I don’t think if you told me who the next president was going to be, and I know for sure, I don’t think I would change anything in my portfolio as a result. I’m sure, I wouldn’t. The US vs. emerging markets Growth, growth and more growth. This is a critical point; you want to find companies that have lots of room to grow into.