Spencer Jakab

speaker

981 appearances 14 recordings 1 series first heard Jul 2017 last heard Jun 2021

Spencer Jakab’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Decoding Warren Buffett: Book Value vs. Market Value · 27 Feb 2019 podcast

And that is really not the case. matched

It's just that in the specific case of his company, because it has all these operating subsidiaries that he's not going to sell, he's not going to sell his railroad. matched

He's not going to sell Geico. matched

He's not going to sell these things and realize the full market value of whatever they may be. matched

That gap is going to keep on growing and growing. matched

And that's why he's steering you away from looking at that. matched

That's right. matched

You know, he uses this allegory that he got from his mentor, Benjamin Graham, which is Mr. Market. matched

He said, pretend that you have a business partner. matched

His name is Mr. Market. matched

And some days, you know, and he's mentally unbalanced. matched

You know, some days he's super optimistic and he wants to buy your share of the business for way more than you think it's worth. matched

And then the next day he comes in and he's super pessimistic. matched

He wants to sell you his share for, you know, way less than it really is worth. matched

And he said, you're basically doing business with someone like that in the long run, where the ebbs and flows allow you to pick things up more cheaply or sell things more dearly than the intrinsic value is. matched

And that is still the case. matched

And that is still the case even with his own company, where the market sometimes is a little bit too optimistic about it and sometimes is more pessimistic. matched

And that's how you, over his tenure, he's made something like 16 times what you would have made just owning the S&P 500 by itself. matched

I think they are. matched

I mean, I think ultimately that's what people care about. matched

Showing 481–500 of 981 · page 25 of 50