Grant Williams in Conversation with Anthony Deden: Part I

Featuring Grant Williams

The first part of this first-ever interview with Tony Deden, chairman of Edelweiss Holdings. Tony’s focus on scarcity and endurance in his investment portfolio and the stewardship of what he thinks of as irreplaceable capital has led him to reinvent the discipline of value investing. Tony’s thoughtful, patient approach to the allocation of his investors’ capital has yielded exceptional returns – and his disciplined investment philosophy offers an eye-opening insight into many of the problems inherent in the modern-day asset management business. Filmed January 18th-20th, 2018 in Grindelwald, Switzerland.

Published on
16 February, 2018
Topic
Valuation, Risk Management, Investment Framework
Duration
71 minutes
Rating
36

Comments

  • DS

    Darryl S.

    28 6 2018 12:24

    1       0

    Probably an odd comment when talking about finance. But what a lovely man he is.

  • DC

    Darren C.

    25 6 2018 02:48

    0       0

    This old world wisdom is scarce, unfortunately. It is like getting a life lesson from your grand-father.
    Oh, and the Swiss scenery is gorgeous.

  • BH

    Brian H.

    1 5 2018 23:55

    2       0

    This was by far the best interview I have watched on Real Vision. I have been a subscriber since near the beginning as well.

  • YB

    Yuriy B.

    23 3 2018 04:27

    1       0

    This interview alone is probably worth half-a-year's worth of a Real Vision subscription. Deden just blows my mind to pieces.

  • VP

    Vincent P.

    3 3 2018 20:00

    0       0

    Honored to be the 1,000th Thumbs Up! Going to Part II.

  • ii

    ida i.

    28 2 2018 12:22

    0       1

    this interview is a paradox

    • ii

      ida i.

      28 2 2018 12:25

      0       0

      in the sense that we are watching an independent channel to get independent opinions, and he states that to remain mentally clear and independent you must not speak with financial channels, etc.

  • CS

    Christian S.

    27 2 2018 21:00

    2       0

    Fantastic!

  • JM

    Justin M.

    25 2 2018 17:05

    2       0

    Brilliant. One of my favorite interviews so far. Mr. Deden has a remarkable talent for communicating and creating a framework upon the important principles that endure.

  • JA

    John A.

    23 2 2018 11:52

    5       1

    What a breath of fresh mountain air.

  • LK

    Lisa K.

    22 2 2018 21:45

    6       0

    Tony's speech in 2009 "https://www.finews.ch/news/finanzplatz/2233-1-gold-konferenz-referat-von-tony-deden"

    • JV

      Jason V.

      25 2 2018 08:48

      2       0

      Thank you, Lisa. Much appreciated.

    • JT

      Jake T.

      18 3 2018 21:01

      0       0

      Yes, thank you. I really enjoy reading and/or listening to anything he has to say.

  • GO

    Gary O.

    22 2 2018 05:03

    3       0

    So can we find the other two wise men?

  • AB

    AJ B.

    21 2 2018 19:41

    5       0

    Setting a reminder to listen to this each year for the rest of my life.

  • RD

    RP D.

    20 2 2018 21:49

    2       1

    Fantastic content. Well done Grant!

  • DC

    Douglas C.

    20 2 2018 20:36

    6       0

    Great interview. This is why I subscribe.

  • TJ

    Terry J.

    20 2 2018 13:39

    3       0

    That was a priceless interview! I learnt so much, and can't wait to watch Part II. Incredible how you guys at RVTV just keep pushing the envelope! Thank you.

  • BN

    Brandon N.

    20 2 2018 13:34

    9       0

    Is there 12 or so viewers who dislike every piece? Not sure how someone could genuinely dislike this piece...unless of course they already know everything.

  • AE

    Alex E.

    20 2 2018 04:51

    3       2

    Mr. Deden reiterates what men such as Warren Buffett and Charles Munger have always said: Buy great companies at great prices then sit on your ass. How do you argue with such logic?

  • SS

    Sam S.

    19 2 2018 20:59

    1       0

    In the words of Christopher Walken---WOW!

  • PV

    Peter V.

    18 2 2018 20:30

    4       0

    Great work, Grant!!!

  • FG

    Fred G.

    18 2 2018 18:35

    6       0

    I am unable to say this better than DH. This was a brilliant interview of a brilliant man. Well done, Grant! And thank you, Anthony Deden for agreeing to share your wisdom and insights!

  • TH

    Timo H.

    18 2 2018 07:02

    16       0

    Wisdom just got a face.

  • MN

    Maverick N.

    18 2 2018 04:12

    14       1

    Phenomenal interview!! Unadulterated wisdom. Hats off to Grant to be able to ask the question and just let Anthony craft his answer using carefully measured and chosen words.

  • DT

    Douglas T.

    18 2 2018 02:27

    19       0

    I don't know how Grant does this, but he gets the most amazing people to just open up and give up the wisdom of their kingdom. Awesome.
    As an indivdual investor who has some 'savings', this idea of "don't f'ing loose it!" is central to my thinking. But it's far too easy to become seduced by that "easy" money to be made speculating. Siren songs eminating from every corner of the financial world. I think Anthony will keep me on the stright and narrow for some time.

  • CM

    C M.

    18 2 2018 01:09

    17       0

    First interview that I actually took notes. Don't know how anyone gave this a thumbs down. One of the best I have seen on RV. Congrats.

  • TR

    Thomas R.

    18 2 2018 00:00

    29       0

    One of the real distinguishing points on this interview was Grant’s patience, letting this man simply talk and share

  • DG

    David G.

    17 2 2018 19:50

    4       1

    I made a journey down the rabbit hole many years ago, only to emerge later a changed man, but never heard the trip put quite so brilliantly (I'm paraphrasing from memory) as Tony put it: "Retrace your steps and stress test every assumption you've ever had and you'll come to the conclusion that everything the authorities have ever told you is wrong. I mean everything. It's all a lie."

    • DS

      David S.

      19 2 2018 20:19

      1       1

      Socrates, Descartes and Kant used the rabbit hole trick also. Mr. Deden came out of the rabbit hole with a whole new perspective. I hope you were successful also. DLS

  • RA

    Robert A.

    17 2 2018 18:29

    38       1

    I’m pretty sure that without Grant we would not have had this peek into this investment framework. But....there is just something about Grant....I spent one hour with him for breakfast and told him something that I’ve never told any other person....without him asking me....just thought it was something he might want to know. Grant, it’s a gift that you have.

    I do have two consuming questions though:

    Indeed, why would a company that fits into Tony’s framework want to sell him 1-10% of their business?

    Second, why indeed did Tony succumb to Grant’s repeated requests give the RV interview? Perhaps there is just something about getting to be a certain age that makes one want to pass along Wisdom even at the risk of giving up some hard won privacy. Or....maybe it’s just Grant’s gift.

    A personal big thank you to Raoul for the vision behind RV and for partnering with Grant Williams. I think we are all better off for their, and their team’s, efforts.

  • HS

    HANA S.

    17 2 2018 16:44

    4       0

    Absolutely brilliant interview

  • SL

    Stephen L.

    17 2 2018 12:32

    17       1

    "The idea of having X% in Industrials and Y% in [whatever else] ... doesn't make any sense. Any more than a car manufacturer thinks that he has to have X% of an automobile in glass and Y% in steel"

    Forced to invest during QE is "like going to a restaurant where everything on the menu is poisoned, but you're still hungry"

    Loads of gems in this interview. I've never had to mash the "rewind 15 seconds" button so often.

    Thanks RV!

  • HM

    Hot M.

    17 2 2018 12:08

    4       0

    Why would business people sell a minority share of the business to a third party? (or are these publically listed shares?). Grant and Raoul decided to build their own business/capital, rather than invest in another business.

    • RT

      Rune T.

      17 2 2018 13:30

      3       2

      Pretty much what I was contemplating, at least healthy 100+ yrs old businesses should rarely need to raise such significant capital and as a business owner myself, with no desire nor need for credit/capital I'd hesitate to sell a 10% stake to a passive 3rd party. However I would like to be a passive 10% owner of healthy durable businesses - but don't see how unless they were raising significant capital or of course, traded publicly (as some of course do). Think of HSY etc.

    • TB

      Teresa B.

      19 2 2018 11:51

      0       0

      I was also contemplating the same question. It's ashame the question wasn't asked.

    • DS

      David S.

      19 2 2018 20:29

      1       0

      In a family business each new generation needs some cash. A regular business may be fully invested but need additional cash or additional expertise.. With Mr. Deden's reputation, long-term investment perspective, and track record they may just want him on the team. I would. DLS

    • PC

      Peter C.

      20 2 2018 04:42

      1       0

      he's kinda like a Buffet

  • S

    Sean .

    17 2 2018 10:04

    5       0

    Simply a brilliant interview. RV has outdone itself yet again

  • AM

    Alexander M.

    17 2 2018 03:34

    12       0

    Gave me the chills. This is art. Thank you and can’t wait for part 2

  • JH

    Jesse H.

    16 2 2018 22:12

    8       1

    Probably the best interview I have seen on RV. Fantastic - looking forward to Part II.

  • NS

    Nathaniel S.

    16 2 2018 18:56

    32       0

    This is why I joined RV in the beginning. Bravo! Absolutely phenomenal work. I love the production, the pacing, the editing and outside shots, as it all enhances the experience and brings the viewer in to more appreciate the depth of content. Anthony is remarkable and Grant's interview style gets us the gold. Thank you.

  • AS

    Alex S.

    16 2 2018 17:46

    3       1

    I've never heard of this man before but I am quickly growing fond of his views

  • GR

    Gregory R.

    16 2 2018 16:52

    3       0

    Thank you RV! This interview dragged me 'out of the box' and and as the song goes "I came away with a different point."

  • SD

    S D.

    16 2 2018 15:54

    1       1

    https://www.bloomberg.com/news/articles/2018-02-16/this-short-seller-pressed-tweet-then-the-fbi-showed-up
    Has the FBI been suborned by a company that Cohodes has targeted?
    Great job by Bloomberg, but Grant Williams paved the way.....

    • GR

      Gregory R.

      16 2 2018 17:06

      1       0

      "different point of view"

  • JL

    Johnny L.

    16 2 2018 15:07

    5       0

    This guy should be the keynote speaker at DAVOS and hired by all investment firms for a speech

  • IL

    Ian L.

    16 2 2018 14:44

    48       0

    Extraordinary interview. So much money in the world is being invested so badly it is just refreshing to find someone trying to do the right thing. I am so envious that he has found clients who support his vision and are not just after making a fast buck. Look forward to part 2.

    • SA

      Scott A.

      21 2 2018 01:12

      1       0

      First of all, I loved the interview and DH was spot on. But to be honest, a momentum based adviser that really believes in FANG stocks (and the Fed) would have generated his clients with a far higher return (my guess) over the past 3-4 years. I guess my point is "So much money in the world is being invested so badly" is a pretty broad statement. Is our momentum adviser, who desires to maximize his clients returns somehow "less worthy"?

    • JH

      J H.

      22 2 2018 09:32

      1       1

      Making gains for 999 years to lose it all on the 1000th makes you famous and popular but it doesn't grant you survival. The dinosaurs were big and impressive but only the versatile birds and mice survived the extinction event (big simplification). You don't need to hide at the bottom of the ocean and avoid evolving like people the way people consider nautiluses, but you can have things in moderation.