Apr 15, 2024
Gary Mishuris of Silver Ring
Value Partners talks about today's market being one of the
most challenging periods
for bottom-up investing since 2007. In terms of the quality of a
business
versus its stock price, there
isn't a lot of opportunity right now. But he emphasizes that
transparency and candor with
clients is essential, as is prioritizing the long-term
process
over short-term performance.
(5:19)
Next, Gary describes what sets
Silver Ring Value apart from other fund managers. He shares
why he left the "sausage
factory" of larger firms behind, how his firm makes money
for
clients rather than
off of clients, and how his unique temperament and
behavioral models allow
him to make better investing decisions. (14:38)
Gary also goes into detail on
the psychology behind investing and compares it with a game
of poker. He talks about trying
to avoid making mistakes, continuously learning from
past
errors, the importance of
having guardrails in place, and cutting your losses.
(21:44)
Then, Gary explains why you
should never be ashamed to change your mind, even when you
haven't received any new
information. It's OK to reanalyze the same set of facts and
admit
that you were wrong, and he
cites several examples of investors who have learned and
grown from their past mistakes.
(31:21)
Lastly, Dan and Corey discuss
the consumer price index and gold. Inflation came in hotter
than expected, while gold has
broken out to new highs. Dan and Corey speculate on how
long gold's bull run can last.
Plus, they detail gold being a good hedge for retirement
against the government's
money-printing addiction. (48:18)