Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Support MFO
Donate through PayPal
“I don’t believe in Warren Buffet” - Fidelity’s Mark Schmehl
“Valuation is an immaterial part of the process for me ... It’s the least useful piece of information you will ever get because everybody knows what the valuation is.”
Why does this sound like teenager saying they don't believe in Santa Claus?
He’s obviously made money for his investors. Comes across to me as a bit “smug” however. He’s currently 46. Likely BD - 1974.
For some perspective .....
- I was already investing with Sir John Templeton and reading the financial press when this kid was born.
- Schmehl would have been 5 when Paul Volker became Chairman of the Fed with ramifications that investors are still feeling today. He has only known falling interest rates. Never witnessed high inflation and 15-20% interest rates on money market funds.
- Buffett’s been investing at least 40 years longer.
Not to be misunderstood: I posted this for assorted reasons - one being it’s valuable to learn about as many different investing styles as possible. It’s easier to chart your own course if you understand the playing field you’re standing on (apologies for the mixed metaphor).
Stupid Question. Are "value" investors ever supposed to invest in a stock that's losing money? Because I see most stocks doing well have negative earnings.
Perhaps that's the discussion to have rather than whether someone believes in Warren Buffett. Unnecessary comment by Schmehl, IMO. Why make this about Buffett?
“Valuation is an immaterial part of the process for me ... It’s the least useful piece of information you will ever get because everybody knows what the valuation is.”
Looks pretty good to me if his numbers show it, and they do. Looking for disrupting companies is a great thyme and using momentum is another good idea. I looked at 2 of his funds and I see companies such as SHOP,ZM,SQ. 3 great momentum companies YTD, I traded SHOP,SQ several weeks ago for fun. Buffett's stock hasn't been doing particularly well in the last 10 years and why BRKA trails it significantly (link). Buffett finally gave up and bought Apple and now it's his biggest stock holdings. This is not the 70"-80" we are in the IT age where every kid around the world has free access to a lot of data and why it's much harder to find a hidden nugget. The big high tech companies now rule the world, they make so much money too.
Comments
https://www.fidelity.ca/fidca/en/products/cg?series=B
Fidelity Global Innovators® Class
https://www.fidelity.ca/fidca/en/products/uet?series=B
Fidelity Special Situations Fund
https://www.fidelity.ca/fidca/en/products/ss?series=B
For some perspective .....
- I was already investing with Sir John Templeton and reading the financial press when this kid was born.
- Schmehl would have been 5 when Paul Volker became Chairman of the Fed with ramifications that investors are still feeling today. He has only known falling interest rates. Never witnessed high inflation and 15-20% interest rates on money market funds.
- Buffett’s been investing at least 40 years longer.
Not to be misunderstood: I posted this for assorted reasons - one being it’s valuable to learn about as many different investing styles as possible. It’s easier to chart your own course if you understand the playing field you’re standing on (apologies for the mixed metaphor).
Perhaps that's the discussion to have rather than whether someone believes in Warren Buffett. Unnecessary comment by Schmehl, IMO. Why make this about Buffett?
Buffett's stock hasn't been doing particularly well in the last 10 years and why BRKA trails it significantly (link). Buffett finally gave up and bought Apple and now it's his biggest stock holdings. This is not the 70"-80" we are in the IT age where every kid around the world has free access to a lot of data and why it's much harder to find a hidden nugget. The big high tech companies now rule the world, they make so much money too.