Grant Williams in Conversation with Anthony Deden: Part II

Published on
February 16th, 2018
Topic
Risk Management, Investment Framework, Valuation
Duration
79 minutes

Grant Williams in Conversation with Anthony Deden: Part II

Grant Williams ·
Featuring Grant Williams

Published on: February 16th, 2018 • Duration: 79 minutes • Topic: Risk Management, Investment Framework, Valuation

The second 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.

Comments

  • OS
    Otmar S.
    22 February 2019 @ 16:02
    Thank you for this Tony. Helps to rethink our own family investments.
  • JH
    Jesse H.
    14 December 2018 @ 22:16
    ...to surmount the present existential crises we face, and to protect, preserve and enhance the immense gifts and wealth we have been given.
  • JH
    Jesse H.
    14 December 2018 @ 22:14
    The best interview on RealVision - we can learn a tremendous amount about true long-term value creation from this extraordinarily wise and very humble man. This is EXACTLY the kind of thinking we need
  • JW
    Johnny W.
    24 October 2018 @ 01:06
    This is what you call real vision!
  • SG
    Sven G.
    15 October 2018 @ 09:47
    i love this guy! what a refreshing point of view.... no wonder rich people want him in charge of their money
  • SG
    Sven G.
    15 October 2018 @ 09:47
    i love this guy! what a refreshing point of view.... no wonder rich people want him in charge of their money
  • CW
    C W.
    7 October 2018 @ 15:09
    Besides being hard to find, as Grant has pointed out, a manager like Anthony Deden may also not be most investors' cup of tea. Deden's attitude towards potential investors seems to be: have the same kind of approach to investment as I have, or at least truly believe in it, or else please invest your money in the thousands of other avenues out there. But to me, this attitude is exactly what should make one consider investing money with him, rather than with a manager who seems all too eager to have your money parked with him.
  • JN
    Jill N.
    14 July 2018 @ 08:38
    Excellent Grant !! Thank you for sharing your wisdom & insight with us Tony, very much appreciated
  • SS
    Sir S.
    29 June 2018 @ 16:45
    I have nothing to add to the majority of voices extolling the quality and professionalism of both the interviewee and the interviewer. You did a fantastic job coaxing Anthony Deden out of his lair to share his philosophy and insights with RealVision. Thank you - your best yet.
  • tl
    timothy l.
    20 June 2018 @ 22:02
    Exceptional! Thanks.
  • DT
    Dennie T.
    12 May 2018 @ 19:08
    Great brain food. Thank you
  • LT
    Luis T.
    19 April 2018 @ 18:04
    Absolutely astonished. As far as the series, I think it's my top.
  • JU
    Joshua U.
    24 March 2018 @ 20:02
    Grant, This was one of the most exceptional interviews I have ever seen. I am buying a subscription for all of my staff and making this required viewing based on this interview! Thank you!!
  • YB
    Yuriy B.
    23 March 2018 @ 05:55
    Wow. Just wow. Thank you Grant.
  • YP
    Yongchuan P.
    22 March 2018 @ 15:11
    Great interview. Curious who might be some of the European ‘Buffetts’ that he mentioned but who have managed to stay under the radar? Jean Marie Eveillard?
  • DW
    David W.
    15 March 2018 @ 19:03
    Grant, a riveting conversation and a fantastic production. RealVision has really 'come of age'. Incredible progress. Well done to all at RealVision.
  • ZY
    ZHENG Y.
    11 March 2018 @ 03:33
    This is Grand Master Class in RealVision.
  • SB
    Sergei B.
    10 March 2018 @ 17:07
    In addition to valuable investment advice, this interview has a poignant lyrical quality to it, at least for some people who, like Tony and Grant, look for scarcity, endurance and independence in investments and people and, as in well-aged riesling, savor remembrances the things past.
  • KS
    Kashyap S.
    9 March 2018 @ 10:56
    The camera should have been on Grant's face when Anthony said gold represents 35% of the portfolio. I sure did not see that coming!
  • VP
    Vincent P.
    7 March 2018 @ 18:46
    Very well done Grant!
  • SF
    Simon F.
    6 March 2018 @ 09:30
    Well. The implication of this interview is potentially an existential threat to the whole financial services edifice. Whilst, as Tony demonstrates, there just aren't enough great companies to house the funds chasing an investment home whilst maintaining a semblance of enduring intrinsic value, a greater understanding of the risks inherent in the casino of the current investment world deserve to be priced into investments. Since we all know that the turkey is not going to be voting for Christmas, those of us who insist on relying on the casino should expect meagre rations some Christmas day soon.
  • JK
    James K.
    6 March 2018 @ 01:18
    Integrity, relaxed enthusiasm--Mr. Deden has it all. One of Grant's best interviews.
    • SS
      Sir S.
      29 June 2018 @ 16:40
      I agree. Outstanding
  • CC
    Charles C.
    3 March 2018 @ 22:22
    If he decides to list his company count me in! Talk about sleeping well at night. Someone with the integrity and long term approach Tony has is almost impossible to find.
  • MC
    Marcelo C.
    3 March 2018 @ 20:27
    This is a life interview not at investment interview. If one follows these principles in life will have a truly successful life...
  • SM
    S M.
    3 March 2018 @ 00:43
    Great Interview. Could not catch the name of the Swiss Chemical Company. Can anyone tell?
    • JS
      John S.
      5 March 2018 @ 03:36
      EMS
  • JR
    Jon R.
    28 February 2018 @ 15:06
    Tony is clearly a brilliant man with tremendous business intellect and integrity. And Grant asks great questions. HOWEVER, I must ask a couple. Unless I misunderstood, a new client bringing in $100MM to Tony would expect an allocation of roughly $60MM into mid-cap, high quality but often illiquid companies. Another $35MM would go into gold. And the other $5MM would go into cash-like vehicles. That's a lot of gold, which can and has had 30% pullbacks. And Tony admitted he doesn't have a strong opinion on gold levels at the current time. As I'm not familiar with Tony's track record, this strategy may have suited his clientele base quite well. Does anyone have any idea of a track record? Either way I'm very glad I took the time to watch the interview.
    • IF
      Ian F.
      2 March 2018 @ 21:45
      You clearly missed the entire point of the interview, son.
    • RV
      Rod V.
      29 March 2018 @ 17:32
      I think Jon has a valid question. There is almost no information online available. The only return I could find was from 2001 to 2012 (search edelweiss holdings scribd in google), and had an aprox. annualized return of 12% in USD. So with that in mind... I'm not sure why I have the idea inside my head that afterwards, the track record was around 8.8% (no info available here). 1) Tony has no interest in the price of gold, as it is the only highly liquid asset which has no counter-party risk (governments/countries/debt). 2) I'm going to quote here, " There is a huge difference on the man that wants to become rich, to the man that already has fruits of past labors and wants to keep it."
    • JS
      Jason S.
      21 August 2018 @ 09:02
      I think you guys have missed the point - Tony is focused on sustainability overtime. The entire economy is no longer a free-market and is manipulated. So Tony invests in businesses/ products that have stood the test of time. He isn't interested in creating weath. He is interested in keeping it!
  • CS
    Christo S.
    27 February 2018 @ 20:12
    The intentions are good (as so often in life). But when the next real long bear market comes, I really wonder if this kind of investing makes a difference in the number of clients panickin.
  • KE
    Kathryn E.
    26 February 2018 @ 09:18
    Incredible interview! Great job guys
  • PS
    Peter S.
    25 February 2018 @ 10:06
    Grant's bumbling kills me
  • FN
    Fredrik N.
    24 February 2018 @ 20:12
    Fantastic, best interview so far. Keep up the good work.
  • fc
    frank c.
    22 February 2018 @ 20:44
    Edmond Safra is not a name you hear a lot anymore....one of my heroes too! Really enjoyed this interview, cheers Grant!
  • MB
    Matthias B.
    22 February 2018 @ 17:13
    link to their January 2018 presentation https://edelweissholdings.com/cmsfiles/eh-2018_01_corporate_presentation.pdf
    • JV
      Jason V.
      25 February 2018 @ 08:56
      Thank you, Matthias. Much appreciated.
    • MK
      Michael K.
      26 February 2018 @ 12:10
      They have not surpassed their own high watermark in 7 years? Not judging, just saying.
  • GO
    Gary O.
    22 February 2018 @ 06:42
    Grant, this series will soon be hard to top! Great production. Thank you Real Vision!
  • RM
    Ritamarie M.
    22 February 2018 @ 05:45
    There is value.......and there are values...... This man puts a lot of value in values. He is a man of integrity. There is much about him to admire. Thanks for the interview Grant! Bravo!
  • JP
    Jonathan P.
    22 February 2018 @ 00:35
    Incredible. Among the best interviews I've seen on Real Vision. Thank you to the team for putting this together.
  • SS
    Sam S.
    21 February 2018 @ 19:47
    My Father, rest his soul, introduced many of these same values, principles and character traits to my brother and I while growing up. Mr. Deden has set himself apart from the crowd, reminding me of how important and long lasting these important components are to investing and living in general. In that he's not interested in the rest of the financial world, doesn't bode well for watching RV TV. That said, no easy way to discover a man like Mr. Deden without RV TV. Sort of a wonderful catch 22. My comments could go into real depth with respect to this two part interview, but instead I would just like to say---THANK YOU! Respectfully Yours.
  • BS
    Brian S.
    21 February 2018 @ 18:56
    One of the best interviews I have watched on RV. Well done! Also, apart from the great investment wisdom, the scenery was spectacular. Nice how you worked that into the interview.
  • dw
    douglas w.
    21 February 2018 @ 03:57
    Dude. Next level. Drop the mic.
  • JV
    Jason V.
    21 February 2018 @ 01:25
    As magnificent as the Swiss Alps soaring in the background. A life changing experience to behold. I can think of no better role model for the astute investor. A sincere thank you to Grant and Mr Deden for generously sharing a lifetime of wisdom.
  • JM
    John M.
    20 February 2018 @ 21:15
    Absolutely first class - What a calm, measured, thoughtful gentleman. Kudos for Grant for convincing Tony to share his thoughts and investment philosophy with us.
  • JC
    John C.
    20 February 2018 @ 18:27
    You said you had over 4 hours of conversation. How about the unabridged edition. I could listen to 40 hours of Anthony Deden.
  • DR
    Daniel R.
    20 February 2018 @ 03:20
    A profound thank you. A moving and inspirational piece. I will return to watch again as I am reminded of investings poignancy in the modern world.
  • BM
    Bryan M.
    20 February 2018 @ 02:10
    Another great interview. What a treat.
  • yd
    yon d.
    19 February 2018 @ 23:52
    It would be interesting to find out more on how Grant came to find his elusive guest. I like that Grant gives his guest the freedom to speak at great length during the interview. That's a great trait of Grant. He rarely interrupts his guest. And Grant's pre and post interview commentary is well written. I'd like to see more of that during the interview itself. Where Grant can contribute his thoughts and opinions during the interview as eloquently as he does during the interview narration. Thanks for another Great Interview, Real Vision!
  • Sv
    Sid v.
    19 February 2018 @ 19:48
    Grant, what value you give us. Just excellent! I know this if fun for you, but it is great for us!
  • RZ
    RICK Z.
    19 February 2018 @ 19:40
    You could’ve taken this entire interview and wrapped in 10 minutes, what was really said here? There’s this never ending dog chasing the tail about how things should be ,we all understand that the financial world is upside down based on the central banks, but we can’t change that ,we can’t invest in the world that we want we have to invest in the world that we have to work with. So that would seem to be much more important - rather than telling anyone who should be watching this that the financial system is fake , If you’re participating in this venue you already know that. Really - Tell us something we don’t already know
    • DS
      David S.
      19 February 2018 @ 23:35
      If you already know all of this, you must be a very successful investor. DLS
    • EF
      Eric F.
      20 February 2018 @ 12:48
      What Rick is saying is fair. I absolutely respect what Anthony is saying in the interview but I can’t replicate that strategy. If you also want to wait for the fair & perfect environment to invest in, well good luck to you. As long as humans are involved there will be deceit, dishonestly and short-term focus. I think all you can do is acknowledge these and work around them. Picking great companies at fair value with a long-term focus is a good starting point. Difficult in this environment but sometimes the best thing to do is nothing, but wait. Definitely some interesting insights, but it is also not lost on me that decision to go public coincides with decision to list. I found that somewhat inconsistent and jarring with what had been said over prior 2.5 hours. My opinion, downvote as you will.
    • DS
      David S.
      20 February 2018 @ 21:35
      Erik F. good comments, but it may be possible to have both worlds. Maybe you can find one stock that fits Deden's approach. Make it part of your portfolio. As to the possibility of listing, it may have more to do with keeping the business for his staff after his retirement. They can continue to operate as a listed company in like manner. Only the market can tell how it would be accepted. They may trade at a premium because of their unique approach. All that gold may even attract some gold bugs. Regardless, I wish Mr. Deden and his company the best and our thanks for his perspective. DLS
    • SS
      Sam S.
      21 February 2018 @ 19:52
      Don't be a jerk----Mr. Deden made it clear he doesn't like to do interviews, his approach is not easy, hard to replicate and many don't and won't agree. He put himself out there to say, take me as I am. Bet you'd like to have him in your corner working on themes and ideas.
    • MZ
      Martin Z.
      20 June 2018 @ 08:50
      Why can't we invest in "the world we want"? Isn't that what we are in fact doing every time we decide where to put our money?...And you seem to have completely missed the fact that Mr. Deden never said a single word about how "things should be". He accepts things exactly like they are - from fraudulent accounting right down to Twitter - to an almost zen-like degree. He simply says they may be fine for others, but he has no use for them. (By the way, I feel exactly the same about your comment.)
  • JO
    JOHN O.
    19 February 2018 @ 16:37
    This was definitely a worthwhile investment of 2 1/2 hours. There were no revelations to take away from the discussion but there were was a boat-load of reminders about the prudence and care one should exercise when investing other people's money. I am not opposed to the higher velocity of the typical active manager nor am I opposed to the indexer. All three styles, and many others, combine to give us a liquid, efficient global market place. One of the things investors seem to forget these days is that the fundamental reason for the existence of the capital markets is to provide enterprise builders with a one of the Factors of Production. The ability to profit from the fruits of others' labors is a benefit built into the "contract" between the investor and the enterprise. Another well done interview. Cheers!
  • MH
    Marco H.
    19 February 2018 @ 16:24
    A privilege watching this. The three hours flew by. And thank you for placing both episodes at the same time!! My favorite part was when Grant finally dropped the gold question on him. " But gold has no profit......."
  • sw
    shaun w.
    19 February 2018 @ 11:11
    Awesome. There are attention-seekers who like the idea of being a fiduciaries and there are true fiduciaries.
  • PJ
    Peter J.
    19 February 2018 @ 09:39
    One of the best interviews to date
  • T~
    Tshort63 ~.
    19 February 2018 @ 06:18
    TYhis is why I subscribe to RealVision. Wonderful exposure to an incredibly pragmatic man. Thanks Grant for your interview skills, lesser men would have screwed up the native beauty of his thinking.
  • FC
    Fractal C.
    19 February 2018 @ 02:45
    Buffett of Europe!
    • ww
      will w.
      27 July 2018 @ 05:02
      Perhaps a non-immediate relative of the 'classic' Buffett of ~30-40 yrs ago. But Mr Deden is unquestionably far superior to the more recent Buffett, which latter investor seems to be progressively forsaking his own heritage.
  • TE
    Tito E.
    19 February 2018 @ 00:17
    I feel really quite affected by this interview. A privilege.
    • SK
      Stephen K.
      19 February 2018 @ 06:57
      Me too. One day after and I feel becalmed; and have opened a physical gold account.
  • TJ
    Tay J.
    18 February 2018 @ 23:48
    ¡iconic!
  • RL
    Rui L.
    18 February 2018 @ 23:05
    "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul Samuelson
  • RA
    Robert A.
    18 February 2018 @ 22:58
    Please see my comment on Part I and to that I would add that I really enjoyed Part 2 and the plethora of positive and insightful comments by my fellow RV’ers. I don’t ever recall letting out a belly laugh on an RV before, but couldn’t help myself on Tony’s Brazil Chicken company story. When he met with the CFO who told him (I’m paraphrasing) I wish we could find a Bank that would extend us the credit we need to “hedge” our currency exposure....wait for it....because we can foresee where the currencies are going and can make a lot of money on our ability to see in advance where currencies will trade (when indeed does a hedge become an outright specualtaion?). I let out a big one! First, I’m sure there are PLENTY of banks that will extend your pristine Balance Sheet all the Credit rope you’ll need to hang yourself, and second.....a Chicken producer is going to “get over” on all the MBA/GS currencies traders (currency trading is one tough son of a gun of a trading venue!)?? Please!
  • CB
    Chuck B.
    18 February 2018 @ 21:58
    This confirms that complexity is not wisdom. An exceptional piece.
  • RK
    Robert K.
    18 February 2018 @ 21:30
    Another extraordinary interview
  • DL
    David L.
    18 February 2018 @ 21:27
    One of the best interviews to date. Thank you.
  • WM
    Will M.
    18 February 2018 @ 20:54
    A debt of gratitude to Tony Deden for his sage advice. Thanks Grant
  • FG
    Fred G.
    18 February 2018 @ 20:31
    Thank you RV.
  • GP
    Gordon P.
    18 February 2018 @ 18:14
    Awesome, really enjoyed the series --- thanks, RV and special thank you to Tony for agreeing to this interview. GJP
  • MC
    Minum C.
    18 February 2018 @ 18:04
    Superb!
  • dw
    dale w.
    18 February 2018 @ 16:31
    Please sir, I want some more.
  • NH
    Nigel H.
    18 February 2018 @ 13:20
    A great piece RV. Grant, thanks for asking him about gold. Tony's buy and hold forever philosophy is very much Terry Smith on steroids.
  • TH
    Timo H.
    18 February 2018 @ 09:05
    I feel like I'm a member of a highly exclusive club. Maybe i am!
  • JH
    J H.
    18 February 2018 @ 07:08
    Probably the best interviews I've heard in my life. It's so difficult to find men like this any more. I'm so glad to now know of him. But one critical question, which he even worried about being quoted on. How is the "nominal price of gold cheaper than when I bought it in 2001"? I can think of something he might mean that I've been concerned about myself, but I never heard anyone else talk that possibility.
  • CM
    C M.
    18 February 2018 @ 03:27
    This one interview could convince me to renew for next year.
  • je
    james e.
    18 February 2018 @ 00:52
    The best investment discussion I have heard. Great interview, Grant, and, while I wish I knew more about Mr. Deden, it would be a shame for his name to be well recognized. There is a beauty in the simplicity of his views and the steadfastness with which he holds them. Almost as beautiful as the setting. I bet this interview is the most re-watched and I just can't imagine how anyone gives this a thumbs down. Real Vision's promotional line for those seeking financial wisdom should quote Anthony, "RVTV: he who seeks, shall find".
    • RL
      Rui L.
      18 February 2018 @ 23:03
      ... u mean (like Mr. Deden notes) ... should quote the Bible ? :) http://biblehub.com/matthew/7-8.htm
  • CP
    Charles P.
    17 February 2018 @ 21:50
    What I find so remarkable about Grant's "In Conversation With..." series is the depth we get to in the discussion. What emerges in this interview, and others, is a real sense of the interviewee, an individual thinking deeply about the world, about investing, but without yielding to the personal and professional temptations to "go with the flow". As I listened to this interview, I am challenged to dig more deeply, think more uniquely, and try to avoid the crowd and its daily noise. I agree with all the other comments here noting the very high production qualities, Grant's outstanding interview capabilities, and bringing such incredibly valuable content to the RV membership. I don't how many times I find myself say, "That interview alone pays for my annual membership!" It is happening more and more these days. Keep up the very great work!
    • Sv
      Sid v.
      17 February 2018 @ 23:11
      amen!
  • MT
    Michael T.
    17 February 2018 @ 21:11
    This Interview feels like the old days of Real Vision. Once again I feel very lucky to be able to listen to this conversation. Grant, you and your team are tremendously good at this- thanks for persisting and providing us with this great talk and thanks to Anthony Deden for sharing your insights and wealth of experience.
  • AS
    Arthur S.
    17 February 2018 @ 20:50
    Really brilliant Interview. Please let me know how I can contact his company about Investing with them.....
  • PH
    Philip H.
    17 February 2018 @ 19:17
    Apart from being an outstanding interview Grant the production values are just out of this world. Simply exceptional!
  • IO
    Igor O.
    17 February 2018 @ 18:06
    Somehow I heard of Edelweiss way before I knew what value investing is. Great to see the man behind it. '..distinguishing that which has economic value from that which is just a claim or a loan or promise..' - that's a food for thoughts.
    • IO
      Igor O.
      17 February 2018 @ 19:47
      Watched second part.. Fruit threes orchard story is fascinating. Doing something for next generation - ultimate delayed gratification. Makes you wonder where we going to end up with one quarter investment horizon?
  • LK
    Lisa K.
    17 February 2018 @ 17:08
    He's Warren Buffet 1.0+, what the investor was when he first hooked up with Munger. Not the KFC Warren of today. Thank you so much Tony for talking to Real Vision. I'll be watching your interview over and over again. I've already got seeds of investment participation ideas, which will need to be researched throughly . But I can't wait to buy Amazon and Google when the price crash as they eventually will!
    • CS
      C S.
      18 February 2018 @ 05:35
      In fairness to Warren, he's operating onm another level, the volume of capital he's dealing with. But again, Warren is a product of this time.
  • JH
    Jesse H.
    17 February 2018 @ 16:02
    No comments really capture the incredible value of this interview. There was so much wisdom in Tony's philosophy and approach, harkening back to a time when investing was all about "preserving, protecting and enhancing" assets for future generations. The core paradox for me is that if you truly want to be both financially successful and fulfilled, take your focus away from making money and refocus on creating lasting value.
    • JH
      Jesse H.
      18 February 2018 @ 02:32
      Will be rewatching this one for sure. Beautiful camera shots as well - especially the last one, which I assume was via drone (or helicopter)?!
  • KB
    Kreso B.
    17 February 2018 @ 14:37
    In the part 1, he correctly describes the essence of society as a struggle of businesses through economic downturns (deep accounting value) and the state - inflation and non-free market competition - QE and subsidies and, finally, taxation. No wonder, Tony indicates, businesses are forced to develop a parallel social structure through the network of interconnected families, who in emergency, can by-pass the state. In part 2, Tony argues that wise men support feudal mafia style of society. Serving everlasting families, judging other people based on submission to a such world order, and finally preferring barell manufactures against AI chips of NVDA. Who wins, Tony or Bitcoin?
    • md
      mike d.
      17 February 2018 @ 17:54
      Tony wins !
  • PD
    Peter D.
    17 February 2018 @ 13:48
    Great camera work. Loved the closing scene where the camera rose in the air to provide a panorama of the Alps as Grant drove away at the end. Also liked the scene where Grant and Anthony were walking and talking in that small village. Two questions. Does anyone know: 1. Where Edelweiss's head office is? 2. What is the name of that small ski town?
    • PD
      Peter D.
      17 February 2018 @ 13:50
      3. Bonus points for anyone who knows which provider Edelweiss uses to store their gold.
    • DW
      Daniel W.
      17 February 2018 @ 20:18
      1. Edelweiss Holdings Ltd. 31 Victoria Street Hamilton HM10 Bermuda +1 441 494 4026 office@ehltd.bm and/or Edelweiss Investment Research AG Schützengasse 25 8001 Zürich Switzerland +41 43 266 10 10 office@edelweissresearch.ch 2. Grindelwald, Switzerland. Grindelwald is supposed to be the entrance to the Berner Alps, a very well known Region for skiing and hiking.
    • DC
      Darren C.
      25 June 2018 @ 04:38
      Peter D, a guess but I'd bet Das Safe is where their gold is stored.
  • CS
    C S.
    17 February 2018 @ 13:42
    Tony's investing career (accidental as it may have been, to start(?)) has traced the current debt cycle/monetary system, from the early seventies. He has remained particularly true throughout to his core value of savings preservation, which in turn is a reflection of who he is. As we progress through the next year or next couple of years, the challenge will be for younger folk to navigate the coming blow offs/blow ups with similar fidelity.
  • SS
    Steve S.
    17 February 2018 @ 13:41
    10/10
  • cg
    christian g.
    17 February 2018 @ 13:22
    Hope Anthony you list your Holding Company so I can read your Anual Report! Again Thanks
    • VM
      Vincent M.
      19 February 2018 @ 17:11
      https://edelweissholdings.com/cmsfiles/eh-2018_01_corporate_presentation.pdf
  • cg
    christian g.
    17 February 2018 @ 13:20
    This is essence of value investing. One of the best interview about value investing, including WB and CM letters, speeches and interviews. Thanks Grant. Hope Anthony you list your Holding Company so
  • MN
    Marcus N.
    17 February 2018 @ 12:24
    Great interview Grant, thanks. This was RVTV gold, lots to unpack, lots to challenge current investment paradigms.. You have grown into an exceptional interviewer here on RVTV - able to draw people out, keep them on topic, and follow them wherever they want to go.... and yet still get to talk about gold. I'm curious; do the interviewees have the final cut? Do they get to approve the finished piece?
  • SD
    Sebastien D.
    17 February 2018 @ 10:42
    Merci Anthony for sharing with us. Bravo Grant for this interview. With this kind of content RV really stands out and make us happy.
  • GS
    Gretchen S.
    17 February 2018 @ 10:40
    Woul love the remaining hour and half footage you had to edit out
  • TE
    Tim E.
    17 February 2018 @ 07:55
    Fantastic! Articulated clearly many of my own beliefs in a way that I had been searching for, but as yet couldn't express. Has me questioning some core principles I might want to change before the next chapter in my own investing career and education. Thank you. This is the sort of truly valuable content that is just not possible to find anywhere else but Real Vision. Becoming a Real Vision "Partner" was without doubt one of the wisest investments I made in the past 12 months.
  • MA
    Mikael A.
    17 February 2018 @ 05:35
    One of the best so far at real vision.
  • MP
    Mark P.
    17 February 2018 @ 05:33
    Bravo Grant! Bravo Tony! Bravo RV crew! Outstanding content true to Real Visions core mission and with unsurpassed production value. A joy to watch and savor in front of the fireplace on a Friday night while enjoying a fine C Franc here in Napa. To think a few years ago the MSM would have been poluting my brain on a similar night with noise and propeganda. At least a few things are better today than in the past. Thanks RV. Cheers! Mark
  • WJ
    Wells J.
    17 February 2018 @ 04:16
    OUTSTANDING .... ! I found myself and felt a comfort in the decisions I have made in some of my recent investments that I believe in and have stuck with. Mr Deden's perspective and moral steadfastness gives me the encouragement I need to approach some of the folks I have invested in ..... that I have been reticent to confront "because I know they are busy and I do not want to be a pain". Thanks for your honesty and sincere desire to get to the bottom of why this worthy man thinks the way he does... You and he have genuinely shared wisdom ... ! Thank you Grant! Wells
  • CM
    Carl M.
    17 February 2018 @ 02:36
    I only question I have in regards to this great interview is this: Grant, tell us that you graciously enjoyed a dram of your host's libation. A gentleman of Mr. Deden's character is going to enjoy only the finest.
    • DS
      David S.
      19 February 2018 @ 23:50
      It might be the finest and it might have come from his own trees. The Swiss are great at doing many things well. DLS
  • EV
    Erik V.
    17 February 2018 @ 01:41
    Extraordinary investor!
  • GG
    Guillermo G.
    17 February 2018 @ 01:04
    The best interview I ever had the pleasure to watch! Thanks Grant! This was as close to a "religious" experience in investment as you can ever get. Thanks!
    • JH
      Jesse H.
      18 February 2018 @ 01:18
      Amen! ; )
  • PB
    Pieter B.
    17 February 2018 @ 00:26
    True eye opener! i really enjoyed watching this! Thanks a lot for both your time!
  • EL
    Elizabeth L.
    16 February 2018 @ 22:27
    Words cannot be found to share what it was like for me to touch the real world of owning shares of a company you like and understand and doing so for the long run. The last time I felt this was when I purchased shares in the company I worked for, whose products I understood. An investment in which I did very well while sleeping good at night. Thank you Tony for being so generous to us and letting us, if only for a few hours. live in the real world once again. Grant deeply appreciate your work.
  • DD
    Daniel D.
    16 February 2018 @ 20:15
    Dang that was awesome! Thank you to RV, Grant and Tony for being so generous with his time. Tony's wisdom/approach is timeless and I believe will again be in vogue (not that it will matter to Tony). That's part of his uniqueness-being removed from the crowd and thinking for himself.
  • bm
    brian m.
    16 February 2018 @ 20:11
    He highlights the essential foundations of Civilisation..The example of the apple trees was profound..I think we all know this deep down..It reminds me of my favourite proverb.."you can't con an honest man"..we all know that it is the quality of our own work which builds a civilisation but we like to think there is a short cut...There isn't.and there shouldn't be
  • IH
    Iain H.
    16 February 2018 @ 19:52
    Brilliant, thanks Grant and RV. Most of all thanks Tony for sharing your thinking.
  • PN
    Pedro N.
    16 February 2018 @ 19:34
    Thans for sharing this interview. Truly inspirational.
  • RS
    Roger S.
    16 February 2018 @ 19:20
    Th;is series is wonderful. Getting such a in depth view into the thinking and philosophy of these great successes is invaluable and rarely obtainable anywhere else. My one complaint with this and several other presentations is that the sound level is too low. I have my air pods in and my iPad volume all the way up and still it's not enough. Many of these guests are soft spoken or have heavy accents that make them difficult to follow. In several presentations, the volume level difference from the guest to the interviewer is so great I have to turn it up and down every time the speaker changes.
    • FR
      Frank R.
      18 February 2018 @ 04:53
      Agree on the volume comments, and also have an issue with the music overlays on some videos (although not this one). At times I am very frustrated trying to pick the conversation out of the competing fade out/in of background audio. That being said, as a value investment RealVision is the best bang for the buck out there. Keep up the great work!
  • GA
    Giedrius A.
    16 February 2018 @ 18:48
    Extraordinary!!! Wow, I have no words!!! One of the best, much appreciated RV for such a value!
  • BT
    Brian T.
    16 February 2018 @ 16:20
    Grant, you have really outdone yourself on this one. What I most admire is the relentless pursuit of Mr. Deden. The idea of permanence is sorely lacking in the money management industry today, with exceptions of course, as unusual as they may be. I always knew there was a better approach out there, it is great to hear from a long-term practitioner of true value investing who understands and has created a solution to the shareholder-agent problem. This should be considered among the best interviews ever on Real Vision TV. We don't need to hear from any pundit who regularly promotes themselves on various financial news outlets. We need to hear from those who "think differently" like Mr. Deden and understand the implications of the crazy financial environment that central banks have created since abandoning the gold standard. Thank you for providing such a lengthy interview. Truly extraordinary! I will definitely rewatch. Thanks again!
  • JM
    John M.
    16 February 2018 @ 14:08
    There were so many learnings. Tony’s modesty and integrity are rare. "It's simple, but not easy." summarizes it all. Thank you Tony for sharing. Thank you Grant for your persistence. Thank you RVTV for making this interview possible.
  • DT
    Daniel T.
    16 February 2018 @ 13:13
    There is not much to say except: Outstanding. This interview will have a lasting effect and on me and my future and will be revisited on a frequent basis. As a 27 year old, I can only say a big thanks to Grant, RV and Tony for providing such an enriching food for thought.
  • RE
    Rob E.
    16 February 2018 @ 12:08
    Echoes of Steve Bregman - the best performing companies are owned by insiders Echoes of Mark Hart - buy a boring trash company in Texas which generates cash flow Echoes of Marin Katusa - stay away from the company with the booth babe

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