John Heins & Whitney Tilson: "The Art of Value Investing" | Talks at Google

“John Heins and Whitney Tilson, co-founders of the Value Investor Insight newsletter, have done a thorough job of explaining how to look for stocks that are trading at significant discounts to what they are worth — the concept known as the value style of investing.…the authors present a clear framework for ferreting out undervalued companies.” —The New York Times About the book: In The Art of Value Investing, John Heins and Whitney Tilson offer a comprehensive set of answers to the questions that everyone investing seriously in the stock market should have thought through clearly before committing his or her hard-earned capital to the endeavor. What market efficiencies will I try to exploit? What analytical edge can I hope to have? How specifically will I decide to buy or sell? For answers, they call on market-beating money managers – including such investing luminaries as Seth Klarman, David Einhorn, Bill Ackman, Howard Marks, Mason Hawkins and Julian Robertson – who have graced the pages over the past ten years of their highly regarded newsletter, Value Investor Insight. To illustrate one of the equity investor’s most important tasks – how to value a company – they will present a particularly relevant current case study … on Google. About the authors: John Heins is the co-founder and President of Value Investor Media, Inc. and Editor-in-Chief of Value Investor Insight and SuperInvestor Insight. Previously, he served as CEO of Bertelsmann AG’s U.S. magazine subsidiary, ran AOL’s Personal Finance business and was a reporter and staff writer for Forbes magazine. He holds a bachelor’s degree in Economics from the University of Pennsylvania’s Wharton School and earned an M.B.A. from Stanford University. Whitney Tilson is the co-founder and Chairman of Value Investor Media, Inc. and founder of Kase Capital, which manages value-oriented private investment partnerships. Prior to launching his investment-management career in 1999, he co-founded with Harvard Business School Professor Michael Porter the Initiative for a Competitive inner City, was a consultant at The Boston Consulting Group and was a founding member of Teach for America. He holds a bachelor’s degree in Government and an M.B.A., both from Harvard University.

Comments

1. Islam is shit!
2. It is curious listening to Whitney Tilson lecture others about the wisdom of investing in index funds. It is advice that Tilson should heed himself since the S&P 500 has absolutely thrashed him over the last 10 years.
   
   As someone said below, Tilson is a convincing teacher but a very flawed practitioner.
3. Efficient market I don't think so :D, This is not a time for a value investor, as most stocks will be overvalued, due to the overall uptrend in the market.
4. Invest like the billionaires and buy using the fundamentals. Make investing easy, check this out: http://finviz.com/?a=97368225
5. 44:30 A bit of cringe alert. So he's basically saying, that picking stocks is hard (even uses image of scars on his back, as if sitting in air conditioned rooms, drinking coffee and reading income statements can be compared to being a whipped slave... !). He's not a programmer, so why should programmers pick stocks?! Ouch. For starters, it takes hundreds, probably thousands of hours to become a functioning programmer. But all you have to do to be an 'investor' is opening an account and flipping a coin sucessfully twice in a row. I know in the long term, a skilled investor will set himself apart from coin-flippers, but you catch my drift - It sounds like sb is trying to justify himself infront of smart people "look, I'm smart, I can handle things!"
6. Whitney Tilson is a clown and is massively overrated...
7. The "one" fund he was willing to endorse is this one https://www.google.com/finance?q=MUTF:TILDX
   
   On 10 Dec 2014 it was 14.17, On 12 Dec 2014 it was 13.01 (-8.2%), On 12 Jun 2016 (today) it was 12.57 (-11.2%)
   
   I hope you didn't follow this advice.
   
   Lesson 1 I seem to get from investing is that there are times when you can do no wrong (e.g. 2009-2013), and there are times when you can do no right. Another thing that has stayed constant, even through 2008. Stock GAAP multiples go from 12-20 or so and back. We are currently surprisingly above 20. Get the fuck out of the stock market until the inevitable crash happens.
8. basically he doesn't want anyone investing in sticks because he is much smarter than anyone else.. I don't buy it.
9. All I can say is that I LOVE learning things. And this video is teaching me a LOT of things. Great seminar!
10. 58:42 If you can really dig this, then you are already way ahead of the rest as experience has thought me.
11. As we can learn from Johns Apple storie it´s important to know, when to buy but also when to sell!
12. jesus christ dude and the number of quotes. wtf!!!
13. Tilson is a good teacher, but a horrible practitioner.
14. Whitney is my nice's name, "Whitney" is not a great "value investor" but an ASSET GATHERER his fund has under perform the S&P 500, uses Warren's name to fool his prey into thinking he is a great
    "wise value investor"
15. I thought Tilson's track record is for shit. Why is he speaking?
    
    Jim Simons, Carl Icahn those are the people who should be speaking. Tilson is a no talent charlie munger/buffet sycophant.
16. Whitney Tilson is an excellent speaker. I could listen to him for days.
17. Heins isn't a particularly good presenter.
18. @Talks at Google
    
    Tech stocks are NOT value stocks!
    
    What a HORRIBLE Google Talk!
19. @Talks at Google
    
    Google has not and never will be a VALUE stock, no matter HOW it's priced.
    
    Google is a GROWTH stock - and will be for many years to come!
    
    Stop pushing GROWTH stocks as VALUE stocks!