Tom Michaud
speaker
480 appearances
1 recordings
1 series
first heard Jun 2026
last heard 3 Jun
Tom Michaud’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
You actually have to have cash.
So I think liquidity matters.
As an investor, don't let illiquidity become too important.
You make the most money with a great purchase price, not a great – I think you make the best money when you buy something right, not when you sell it right because it's really too hard to know when to sell it.
But if you buy it right and then over the years – well, I will tell you one story.
Michael Price was a client of mine.
He unfortunately has passed away.
He ran Mutual Shares, one of the greatest value investors of my era.
Mm-hmm.
He used to say, Tom, if you recommend a stock to me because you like the value and it goes lower and you don't tell me to buy more, I'm going to be very unhappy.
He used to tell me that.
And that means you got to have the cash to be able to do that because on any given day, the market could go lower.
So those would be the three principles that I have found have always worked best.
Well, no, not necessarily because if you went and bought the average weighted S&P 500, you'd get a very different valuation metric.
And what I can tell you is we just hosted a bank conference here in London and we had some of the nation's best banks there.
And they're not as splashy as the new AI IPOs, okay?
But they run fantastic companies and there's clearly less interest in them because of all the excitement in tech.
So I think that there are sectors of the economy that have more enthusiasm than others.
And there are great companies in the non-hot sectors of the moment that I think now actually is probably a good time because the banking system's not going away.
And there are some fabulous companies there that trade at big discounts to historical valuations.
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