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
Investment Framework, Risk Management, Valuation
71 minutes


  • LG

    Leonard G.

    30 10 2018 08:18

    0       0

    Fascinating conversation. Grant, can you interview Nasim Taleb next, to follow up on Tony's reference to anti-fragility?

  • ME

    Marc E.

    28 10 2018 02:26

    0       0

    Grant, thank you for bringing us this pair of interviews with Anthony. I have watched them repeatedly and they have been the most profound discussions I’ve ever heard. Thank you again, so much. Anthony’s philosophy has turned my mind upside-down.

  • PV

    Paul V.

    7 10 2018 19:00

    0       0

    My favorite RV interview.

    Totally altered my thinking. Made me question the assumptions in my process.

  • DC

    D C.

    26 9 2018 19:29

    1       0

    But what about the results? Similar to SP or MSCI Global Consumer Staple Index

    Tony is a great communicator and has that rare mix of sophisticated but folksy charm about him. However, when I dug into his performance, unfortunately it's rather pedestrian. As his focus is primarily on consumer staple stocks, using global consumer staple indices such as S&P or MSCI, render his results within the range since 2001 inception. In the presentation above, he uses MSCI World Index as benchmark, but consumer staple is clearly more relevant, and interestingly enough the good ole tried and true consumer staple stocks have outpeformed the total world index by a fair margin. So Tony's alpha comes predominantly in being invested in global consumer staples. And if you want to mimic those returns just buy the ETF!

  • JS

    John S.

    23 8 2018 00:56

    0       0

    So much wisdom

  • DS

    Darryl S.

    28 6 2018 12:24

    5       0

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

  • DC

    Darren C.

    25 6 2018 02:48

    1       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

    3       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

    2       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

  • CS

    Christian S.

    27 2 2018 21:00

    2       0


  • 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

    7       0

    Tony's speech in 2009 ""

  • 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

    7       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

    19       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

    30       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."

  • 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!

  • CS

    C S.

    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.

  • 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
    Has the FBI been suborned by a company that Cohodes has targeted?
    Great job by Bloomberg, but Grant Williams paved the way.....

  • 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.