Spend money on Japan Carries?【ENGLISH & 日本語❗ 】Dan Takahashi 高橋ダン

ENGLISH 20:00

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1。日経平均とトピックスを徹底分析すると?
Deep technical analysis of Nikkei and Topix Index shows what?
2。原油、債権、ボラティリティは株の方向を示してる?
Oil, Bonds, Volatiltiy will give clues to direction of Japan Stock market?
3。僕の結論と皆様におすすめは?
My conclusion and recommendation to everyone?

動画内のツール https://jp.tradingview.com
#finance #economy #investing #trading #株 #投資 #経済 #高橋ダン  #DanTakahashi #高橋ダン
Cornell University, Honors Magna Cum Laude
コーネル大学を首席グループ卒業

Winner of 2019 Top100 People in Finance
2019年金融トップ100人受賞者

Born in Tokyo, half-Japanese, half-American. Have lived in 6 countries and visited over 60 countries!
東京生まれ、日本国籍のハーフ 。6ヵ国に住み、60ヵ国以上は旅行。

Started investing at 12 years old, began Wall Street when 19, created hedge fund when 26, and sold company stake at 30 years old.
12歳で投資を始め、19歳でウォール街で始め、26歳でヘッジファンド立ち上げ、30歳で売却。

I love nato beans & karaoke 😉
納豆とカラオケ大好き ❤️

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チャンネル登録お願いします❗
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Blog Link: https://www.yapss.com/post/collection-warren-buffett-104-investing-japanese-stocks-and-airline-industry

In this episode, Warren Buffett and Charlie Munger were asked on whether it would make sense to invest in a basket or index fund of Japanese stocks when its price-to-book value is low. Moreover, they were also asked on why Berkshire made an investment in the airline industry that seems to go against their usual investment principles.

In this episode, you’ll learn:
– What truly determine the price of a stock.
– Why price-to-book ratio means nothing to Buffett and Munger.
– Why earnings matter.
– What does high or low price-to-book ratio shows.
– Why Warren Buffett made an investment in USAir.
– What unpleasant experience did Buffett and Munger felt in USAir.
– What is Munger’s thoughts on corporate culture.

#WarrenBuffett #CharlieMunger #BerkshireHathaway

[Transcript]
(Source: https://buffett.cnbc.com/video/1998/05/04/afternoon-session—1998-berkshire-hathaway-annual-meeting.html)
~ Please visit the site above for full video of Berkshire Hathaway Annual Meeting.

AUDIENCE MEMBER 00:09
Good afternoon, Mr. Buffett and Mr. Munger. My name is Jack Sutton (PH) from New York City. I have two questions.

The Japanese stock market has been likened to the U.S. market in 1974. With Japanese stocks selling at very low price-to-book values, as compared to U.S. stocks, would it not make sense to invest in a basket of Japanese stocks or an index fund of Japanese stocks?

Question number two: Berkshire Hathaway tends to invest in companies with high margins and high return on common equity. Berkshire’s investment in the airline business seems to have digressed widely from those principles.

Could you elaborate on why Berkshire invested in the airline industry, and would Berkshire consider new investments in the industry in the future?

WARREN BUFFETT 01:14
I’m going to the first question. The reason that — and I don’t know the exact figures — that Japanese stocks would sell at a lower price-book ratio than U.S. stocks is simply because Japanese companies are earning far less on book than American companies.

And earnings are what determine value, not book value. Book value is not a factor we consider. Future earnings are a factor we consider. And as we mentioned earlier this morning, earnings have been poor for a great many Japanese companies.

Now, if you think that the return on equity of Japanese business is going to increase dramatically, then you’re going to make a lot of — I mean, and you’re correct, you’re going to make a lot of money in Japanese stocks.

But the return on equity for Japanese businesses has been quite low, and that makes a low price-to-book ratio very appropriate because earnings are measured against book. And if a company’s earning 5 percent on book value, I don’t want to buy it at book value if I think it’s going to keep earning 5 percent on book value. So a low price-book ratio means nothing to us. It does not intrigue us.

In fact, if anything, we are less likely to look at something that sells at a low relationship to book than something that sells at a high relationship to book, because the chances are we’re looking at a poor business in the first case and a good business in the second case.

What was the other question on, Charlie?

CHARLIE MUNGER 02:59
Buying — airlines.

WARREN BUFFETT 03:02
Airlines. Yeah, I always repress everything on airlines. I don’t want to — (Laughter)

No, we’ve never bought an airline common stock that I can remember. So what we did was we lent money to USAir for a 10-year period and we had a conversion privilege there.

It looked like it — it was a terrible mistake. I made the mistake. But we got bailed out. But we — we never made the determination — when we bought our stock, USAir was selling at a share or thereabouts, the common. And we didn’t have an interest in buying USAir at 50, or 40, or 30, or 20. And we got a chance to as things went along — (laughter) — all the way down to 4. (Laughter)

And we never bought it. And we’ve never bought American, or United, or Delta, or any other airline. It is not a business that intrigues us.

We did think it was intriguing to lend money to them with a conversion privilege and it’s worked out now because we got lucky, and because Steve Wolf came along and really rescued the company from right at the brink of bankruptcy.

But we’re unlikely to be in airlines, although again, we wouldn’t mind lending money to a lot of businesses that we wouldn’t buy common equity in. I mean, that could happen again in various industries, including the airline industry.

Charlie, do you have anything to say on either the airlines or the Japanese market?

[DUE TO LIMITED WORDINGS, PLEASE VISIT THE BLOG LINK FOR FULL TRANSCRIPT]

CHARLIE MUNGER 04:29

WARREN BUFFETT 05:01

CHARLIE MUNGER 05:02

WARREN BUFFETT 05:33

CHARLIE MUNGER 06:36

WARREN BUFFETT 07:18

20 Antworten auf „Spend money on Japan Carries?【ENGLISH & 日本語❗ 】Dan Takahashi 高橋ダン“

  1. ダンさんのレクチャーは大局を見てて、一時的な事に左右されていないところがいいなぁと思い視聴させてもらっています(^^♪

  2. ダンさんは頭脳明晰かつ愛すべきキャラですね。何度も勇気を与えてくれて有難うございます。感謝。
    この分析ツールを教えて貰えると嬉しいです。証券会社のソフトなのかな?ネット上で公開されてますか?

  3. リクエストです!ダンさんの個人的なstoryが聞きたいです。生まれてから今までの、Life history 良かったら教えてください。アメリカのウォールストリートから東南アジアをへて、どうして今日本にいらしたのかも知りたい!!

  4. ダンさんの、理論立てた話の構成がとても役にたちます!プレゼンテーションの良い見本です。頭の整理がしやすいです!ありがとうダンさん。

  5. 自分は経済最悪の株高になる気がします。インフレとデフレのミックスな世の中になりそう。ただ自信ないからすこーーしのお金で株を買おうと思います^_^

  6. 高橋ダンさんへ いつも丁寧な説明ありがとうございます。今日はちょっと質問があります。私は上場企業で金型のエンジニアをしています。
    日本の経済について、石井紘基『日本病の正体』
    https://www.youtube.com/watch?v=v3o2_YidBLQ
    のビデオを見てもらえれば日本の構造がよくわかるのですが、こんなことをやってるのは
    日本だけでしょうか?
    裏帳簿みたいなことはアメリカや他国ではやっているのでしょうか?

  7. 最後の判断は自分!!納得です。日本株は今は不安要素が有りすぎて困ってました。オリンピック、北朝鮮問題等、アジアは今、目まぐるしく動き回っているので追いつかないです。プロでも解らないのに素人が解るはずもないですね。これからも、考えるキッカケとなる情報、アドバイスよろしくお願いします。

  8. わからないが結論。白か黒かをつけなくて良い。わからない時に買うならヘッジをしておくのも一つの手。最終的には自分の判断で行動する。

    毎日、勉強になります。
    ダンさんが私の考えを捕捉してくれる情報をくれるので本当に助かっています。ありがとう!

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