Comments
Transcript
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RSQuietly, he pretty much actually called the market top here. -30% since.
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dmWill be looking into courses offered. Great interview. Full disclosure, my favorite part was "jiggery pokery". Thank you.
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KLGiven Tesla's stock going parabolic. RV needs to invite him for a Tesla discussion.
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SPI love these videos on fraud. This was very educational, excellent!
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AAA single tear down my cheek as I lament for a past in which all he stated once made sense in the world. But though I wish we could go back to some remnant of the past applications of Finance.... unfortunately this monster this abomination has been let loose on the world. I fear it way too late.
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RES&P 500 is a small portion of the US public equity market. The margins in the smaller cap public stocks look different too. To compare S&p 500 to the overall US economy is apples and oranges. Sometimes it might be similar, but is certainly prone to disconnects. After all, other videos have shown us that the bubble is probably in private equity and private credit. The public market has shown it won't pay the prices the private market is paying. So NIPA margins coming lowers, scare me a lot more about private equity than the S&P 500.
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PD@Stephen in your courses do you touch on what quants look at when calculating and programming their buy and sell algorithms? If not do you have a source for that information. You made one point in here with gross margins and got my wheels turning as to what other points they calculate into their black boxes. Considering they are such a large part of the market now it would be good information to have. Thanks for the amazing interview. Hope you're invited back soon or that this starts an in-depth discussion on the details behind the financials.
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HSReally enjoyed this video. We need more content like this, getting into and understanding the balance sheets and cash flows is more vital now than ever.
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SAGreat video, totally opposite of macro and equally as important. Stephen's three rules are practical things all of us individual investors can benefit from. I found his comment about CEO's targeting quant models very interesting. And on a lighter note, my wife, daughter and son-in-law are all auditors, will make for great dinner conversation!
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MSExcellent! Stephen should be a RV regular, in some form.
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DPThank you for introducing Mr. Clapham to RV. Regarding Telsa, his concluding comment was that further in-depth evaluation of the company's books would be "a waste of time." I can guess why this might be, but it would be better if he would enlighten us himself!
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JLVery good video. I learned a lot. Love the fact that Real Vision introduce me to some very smart experts across the pond.
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JFEXELLENT ADVICE
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TSAuditors are not doing their job properly. So true!
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WAMe Thinks that Tesla will the first one exposed!
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mlThis is type of content we want ! Less hockie pokie technicals more this
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JFWould really like to see RealVision bring John Hussman on for at least a one-hour interview, preferably with Mike Green.
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WGCoincidentally, before listening to this, had been reading Hussman, who was quoting liberally from Graham & Dodd's "bible" of value investing, Security Analysis. This quote was striking to me: “the analyst will perform his best service by keeping them from buying inferior stocks during periods of enthusiasm and high prices. His next service is to induce them to buy their standard issues when the market level is below, rather than above its indicated long-term normal figure. His third service is to guard the investor from paying extremely high prices for good stocks.” I'd like to thank Mr. Clapham for his "best service" here. Plenty to digest and act upon.
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CMExcellent video. Even though I have a CPA, registered to get info on his classes. Can't believe he couldn't get an interview after 47 submissions. Lesson is that all these analysts writing reports are probably under 30 and lack market experience. Agree with his conclusion, timing is the tricky part. The end will be ugly.
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PGI signed up for the behind the balance sheet investment undegree. I am super excited!
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CLRV should bring up a wider perspective related to corporate accounting with more interviews like this one, great interview, cheers.
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RSThe 47 companies that decided not to interview this man clearly made a big mistake, or did they? Perhaps they didn't want someone around that actually knew what was going on... Cheers Stephen will be checking out your website.
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PSThe sad part are his comments around nobody wanting 50 year old analysts From experience - 35 is too old A bizzare industry where actual experience counts for naught
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GRExceptional interview rooted in quantifiable actions and measures! Have him back on at some point in the future!
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TZJust 3 words : MORE OF HIM !!!!!
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MRGreat interview! Greed > Logic
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MBA really outstanding talk exposing issues that need to come to light
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GGGreat!!
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NRGreat video, bring Stephen back.
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JJWish he would do the course on Tesla. Wouldn't be a waste of time.
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mlI would pay multiples of subscription if we had this guy on again... 45 minutes of just going through Tesla accounting would be solid
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RBGreat Stuff
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KEAwesome interview. Stephen could have his own mini series on this topic. Thanks RV
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SBThis was very good. Thank you
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DJThank you for this
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MCTerrific stuff. I'd love to see this gentleman be invited back to review specific cases after the poop hits the fan.
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SSWow!
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ISI've just loved it: full of common sense and actionable!!!
Chapters
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"Do earnings still matter?"
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"What's your view of the big picture?"
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"What's changed since the 1990s?"
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"What role do buybacks play?"
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"What sectors concern you most?"
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"What techniques do you teach to identify accounting problems?"
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"How do you think about playing timing?"
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"What's your view on Tesla?"
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"What's your outlook for the end game?"
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"What role does passive investment play?"
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"What are the key takeaways?"