Super Investors Are Warning Us

0:00 every three months we get to see what the greatest investors in the world are doing with their portfolios what they're buying what they're holding and what they're selling and we have the update we have the 13f filings for all what I consider the greatest investors in the world in this episode we're going to be doing an in-depth review into each of their portfolios And Trades over the past three months the goal here is to give insight and context into what each of these great investors are thinking and doing and in my opinion this episode we have the best list of super investors to cover that we've ever had of course we have waren Buffett but we also have Bill Amman Terry Smith Dev Canaria Josh terasoft Pat dorsy we have polling Capital which is a great firm of course we have Michael bur we have Chris hone Mark Massie and Chuck arrey that is 11

0:47 super investors the most we've ever covered in a single episode we have a lot to get into let's go ahead and start off with the big man himself Warren Buffett when we look at Warren Buffett's trades one thing that we always have to keep in context is that Warren Buffett always plays the long game he builds things to last he doesn't take any chances the reason that he's had a record that goes 40 years without any disaster or any real problems with his companies is because he never takes big risks and by big risks he never takes things that could potentially destroy his firm destroy his company he never over levers he never gets himself in the trouble he builds things to last so when we look at his portfolio his stock portfolio in and of itself is worth around $266 billion so in and of itself

1:33 just as publicly owned stocks are massive it's like a s&p500 huge company in and of itself but that also doesn't factor in all the wholly owned companies that he has so this is only around 30 40% of the overall portfolio of Berkshire now we can look at his current portfolio and we see the same familiar names here we have apple American Express Bank of America he has Apple and all the financials but the first thing that I noticed is that Apple's going down in total percentage of his overall portfolio it used to be 40% of his publicly traded portfolio now it's only 26 he's reduced Apple another 25% which is 8.75% of his overall portfolio so this is a massive reduction in shares he continually is reducing Apple why is

2:19 Warren Buffett continually reducing his Apple position I think the answer is simple Apple's traded up to a valuation that's rather high it's richly valued with a 314 PE ratio a cash flow yield that's 3% when you factor in stock-based comp which Warren Buffett absolutely does in his valuations that takes it to around 2.8% so the valuation has gone up for Apple Warren Buffett's up 5x on this holding maybe even more than 5x when you factor in its dividends so he's made a fortune on it the valuation higher and Apple's growth potential is looking a bit dimmed it doesn't look quite as bright as it did when Warren Buffett initially bought into it overall the calculation of the stock has flipped and it makes sense that Warren Buffett's taking some off the table he doesn't want quite as much exposed to a company

3:05 with such a high valuation and with slower growth prospects so this is how Warren Buffett handled his Apple position overall he bought into it in 2016 this is a great time to be buying into apple he wasn't paying a lot during that time period he held it all the way 2018 2019 he trimmed the position slightly in late 2020 that was a mistake cuz Apple continued to soar up at that point but not a big one because he still held the majority of his stake then in late 2023 he really started to trim the company in q1 of 2024 he sold a bunch of the company this was breaking news now he sold even more and you can see that he's cut his Apple stake roughly in half over just the past four quarters so Buffett is dumping his Apple position he

3:50 wants out of this company he wants to reduce his stake in it he's not talking about it during his shareholder meetings and I think we outlined the reasons why now when we look at Bank of America this was his next largest trade he sold down roughly 22% of his stake if we look at this over time this is the first major sell of Bank of America but again this one doesn't surprise me that much I believe Warren Buffett thinks that the market the economy everything's getting overheated we can see the surging of stock prices in the market and I think he wants less exposure overall so he's selling out of these companies with his major positions he's raising a ton of cash right now Brookshire has $320 billion in cash cash they're gaining something like $155 billion a year in interest and I think he doesn't mind that he doesn't mind just sitting there

4:36 with a ton of treasuries paying him interest not worrying about stock prices and uh what's going on with the economy so he's selling out of those big companies enjoying all the interest that he's getting on his treasuries another company that he sold out of and this one was a bit shocking and disappointing to some investors was his Ulta position Warren Buffett bought into Ulta it made a lot of news it was all over social media as a lot of people love this stock and he completely dumped the company it doesn't shock me that he sold out of Ulta it is after all a very Niche retailer something that I couldn't see Warren Buffett holding long term but if we look at his holding of this company he bought into it at around 385 and sold at 389 so this is not a good trade from birkshire it was another one that really didn't move the needle at all now other

5:23 than that the trades in his portfolio that stand out are two new positions we have Domino's Pizza and pool Corp now keep in mind these are very small positions for the Berkshire portfolio only 0 6% 21% so really small positions but this does give these companies the stamp of approval from Berkshire the stamp of approval from Buffett it is true that it's probably one of his employees his lieutenants doing these buys but Buffett always gives the stamp of approval he's given the okay for these companies to make it in the Burkshire portfolio so that in of itself is good news for dominoes and pool Corp now I don't always agree with Warren Buffett's Buys in fact I've been a vocal critic of many of the buys he's done including his buy into Paramount that was a mistake from the beginning all they did was buy into that company and

6:09 sell it much lower Paramount is a subscale streaming company very troubled company from the very beginning so I was a vocal critic of him buying in a Paramount as well as Ally Financial he bought that one right at the top of the car market I thought it was a mistake and that one didn't do well for Burkshire either so I'm not always in agreement of what berkshire's buying or what Warren Buffett's buying but these buys into Domino's and pool Corp I think are both great I like both of them Domino's and pool Corp are both compounding machines they are great companies with great legacies great histories they have great financials if we look at dominoes for example this is the revenue line on a trailing basis continually growing Revenue over time looks very good organic growth a little

6:55 slower than what I would prefer but with Berkshire you don't need the fastest Revenue growth you just need one that you're going to grow over time the free cash flow shows a company that was surging up until 2020 that makes sense with the stay-at-home mandate and then since then the free cash FL has gone down a little bit sales have come down a little bit but now you're seeing a Resurgence Domino's has finally normalized and it's starting to pick up again and this is a super free cash flow positive company that trades at a decent valuation Domino's has a long history of being a compounding machine it is a franchise company they everywhere they're easy to order it's food that almost everyone likes so this is a company that has very high upside it's one that can continue compounding for years and years in the future when I look at the company I also think it has

7:42 rather minimum downside I don't think any pizza joints going to outco compete dominoes I think the valuation in terms of the Ford PE ratio and the free cashal yield are also rather low so there's risk in every company but I see this one as a great risk and reward for the birkshire portfolio cool Corp is another one that I have to say I just like I like this buy into the Burkshire portfolio I think it fits well I think whoever is deciding to do these buys is on the right track now pool Corp is an interesting company if you're not aware of what pool Corp does it's all in the name this company does everything with Backyard Pools so think about your backyard neighborhood pool think about the pool itself and the construction the materials pool Corp provides that think about the filters and the drains and the

8:29 little vacuum machines that clean it up and the Nets to sweep uh leaes and stuff off the top of the pool pool Corp provides all of that think about all the chemicals the treatments the measuring everything that has to do with maintaining a backyard pool pool Corp provides all of that think about all the companies that go out and service pools and they come up with their Vans and every single week they come in and make sure things are running well pool Corp provides all of the products that they use pool Corp has a monopoly on the backyard pool that's what this company does so when you're investing in pool Corp you're investing in the backyard pool and whether or not that's going to grow over time whether the service business is going to grow now obviously they make a lot of revenue from firsttime installers so that's the biggest upfront cost that's when you pay

9:14 like $100,000 or whatever it may be to get a big backyard pool but then it doesn't end then when you install a pool you know there's going to be some level of Maintenance so they make residual income selling all these products and chemicals to all their suppliers all their maintainers after the pool's already installed so as the pool base grows so does pool corpse reoccurring Revenue now obviously there's some skewedness in the revenue growth it grew dramatically since covid people again want to have experiences when they're locked at home and they're bored they start spending money and their stimulus checks and all of that low interest rate uh debt that they could get they spent all of that on Backyard Pools I saw the same thing during the past couple of

10:00 years after covid I saw so many people around me get Backyard Pools low interest rates infusion of stimulus you got yourself a backyard pool now that hit a peak like every single pull forward of demand it hit a peak and it started to go down and I think what bur is doing here is saying this is probably close to the end of it it's starting to normalize and we're going to see Revenue growth relatively soon so we're going to get ahead of that we're going to invest in it now once the company starts seeing Revenue growth once it start starts organically growing again we can see the free cash flows grow over time and it will end up growing again this company has a monopo they have the marketplace pools are going to be a thing of the future I like this buy so regarding both of berkshire's new buys I like both of

10:45 them I think both of these are great but overall I think the message is clear from Warren Buffett right now he's not an overall net buyer of stocks he is a seller he's hoarding cash he believes the Market's overvalued and he doesn't buy into hysteria so while the rest of us are celebrating stocks moving up every single day Warren Buffett's fine just holding on to his vast Empire of different companies that he's already purchased he's fine having Burkshire make gains over time he's fine collecting interest but he's not going to continue paying a higher and higher price for companies he will not buy in to the hysteria that everyone else does when eventually things turn around and we see those days where the market goes down 3% and 5% in a single day and it becomes very scary Buffett's going to sit there with 300 plus billion dollars in cash so right now Buffett is in

11:32 defensive mode and overall I think that's the right positioning from Burkshire now next up we have the activist investor turned activist political commentator Bill Amman Bill Amman runs persing Square Capital it's a firm that he started and the hedge fund has had rather good performance with 177% returns for the past 20 years net of fees that beats out the huge majority of hedge funds so you can think what you want about Bill's politics but the numbers speak for himself he's a decent investor investor when we look at billman's portfolio he currently manages around $12 billion and one thing to note this shows the US Holdings it doesn't show Universal Music Group which is currently his largest position at around 15% so just imagine right at the top here there's umg Universal Music Group that's his largest holding now keeping

12:18 that in mind when we look at his most recent trades over the past 3 months his biggest trade is buying into Brookfield Corp ticker symbol BN Brookfield Corp is an asset manager an investment company it's a bit of a Reit and real estate company managed by the Charming Bruce flat if you haven't listened to Bruce flat just search him on YouTube he's the CEO of the company he's the one that's ran the thing for like 20 plus years and he's made most of his investors filthy rich in the process the history is very illustrous for Bruce flat he's had great returns for a long period of time and he does all these specialized investments into huge infrastructure projects they have very predictable Roi so it makes sense that bill akman is a attracted to this investment vehicle he's upped his stake dramatically in this company

13:04 making it one of his largest positions so he bought 10% of his portfolio weight in this company in fact almost 11% a big bet into BN which is interesting because when I look at BN and we look at the stock price we can look at the stock price here I don't know quite when he got into it but here's the past 3 months unless he bought it right at the beginning of the past 3 months he bought it during during during a stock surge so it looks like he's not trying to get the best deal because this stock has been going up all year long and he just recently bought into it sometime right around here so he thinks right now is a good deal he doesn't have anchoring bias he doesn't think he had to buy it here he still thinks the future is good and I think Bill akman might be right Brookfield Corp likely has a bright

13:49 future the other company that he increased his stake and dramatically over the past 3 months is Nike bill akman has a history with Nike he's invested in this company before the last time that he invested in it he bought it during a dip during a 52e low he made a quick $100 million as a stock price just ebbed and flowed back upwards and he's trying to do the exact same thing now Nike is at a low if we zoom out the past 5 years look at this low it was up to 180 back in 2021 and now the stock price is let's see it's at 74 so from 180 to 74 you got the brand logo Nike you got the history of Nike this is one he's willing to take a big swing on and put 10% of his portfolio into the

14:36 company I think this is another decent buy by Bill Amman I see why he's doing it it makes sense Nike's a companied to me that I still think has a bit more risk than what bill akman and other investors think Hoka wasn't a thing in 2019 onu wasn't a thing in 2021 Brooks Sketchers making a comeback New Balance sign finding a bunch of athletes onto their shoes there's a lot of things that changed since 2020 that I think factor in to the stock price decline but overall even with my concerns about Nike I still think this is a decent pick for Bill Amman buying this company at the price he is I think the risk reward is still rather good it's definitely a positive risk reward so when we look at the overall portfolio one thing that looks a little different here than you

15:21 might think is when you combine go and go when you combine both of that that actually makes it at the very top of this list so Google would be above Brookfield Corp pair in his total portfolio waiting since he split it between the two tickers it's way down here at the bottom but for all intents and purposes Google's one of his main positions right now then we have Brookfield Corp then we have Hilton Chipotle which he didn't sell any of over the past three months I thought that was interesting he's holding on during the little dip in Chipotle wants to get a higher price point for the sale then we have restaurant Brands International I don't love this company's portfolio maybe he sees something I don't Howard Hughes Corp that's his own specialized deal in real estate and then we have Nike Canadian Pacific and then a couple companies that

16:07 don't even make up half a percentage when I look at the trades of Bill akman I like both of them I like that he's buying Nike into weakness I think that's a decent trade and I like the Brookfield Corp addition to his portfolio I think it's a great company with great stewardship over it so bill akman has a stronger portfolio today than he did three months ago good job Bill akman next up we have the legendary British investor Terry Smith that manages over $25 billion and so far his performance has beat out the S&P 500 by a narrow margin but the past couple of years he's made a series of blunders particularly with his sales he sold companies at the wrong time he sold Amazon at a low he sold into it right before it took off he held on to PayPal too long and then sold it at a low so he's made a series of mistakes and he's trying to make a bit of a recovery trying to turn things

16:53 around with this fund now when we look at Terry Smith's latest trades there's just not much Shir for example the biggest trade he made to his overall portfolio was selling a little bit of McCormick he sold down 2.71% so he sold 82% of his McCormick position basically this is a way of saying that he's dumping the position he wants to get out of McCormick now McCormick is of course the spice maker the company makes all the flavors they're a flavor expert when I look at this company it's not one that I would invest in and the reason why is simple I do a lot of at home cooking I like cooking different meals and my cabinet my spice cabinet upstairs is full of a million brands of spices that are non- mccormic there's so many different ones

17:39 that are great from different brands and the truth is I think this company is continually losing market share there's so many flavor companies and spice companies I see them on the shelves of Costco and Target and Smith and Kroger everywhere you go they have their custom label Brands their private label they have third party brands that are non mccormic I just see more and more of that going on so my simple taste test here my sample size of the market is that this company's going to struggle to grow with this onslaught of competition coming in and the revenue shows that look at the revenue of the company it's barely growing it grew 1% over the past one year and that is of course not inflation adjusted so it's actually shrinking in market share when you

18:25 factor in inflation so I like this trade I like that Terry Smith is dumping cormic and hopefully can do something else with the money when we look at Terry Smith's portfolio overall I would say it's very conservative he has 40 different positions he does weight them more heavily towards the top Holdings which are Microsoft and meta and I think overall with this level of diversification he's not going to see dramatic outperformance of the indices his goal here is to protect the capital of his investors and grow it in a stable manner slowly over time now next up we have Dev Canaria who is quickly growing his portfolio to massive size it currently has a value of over $4.5 billion just a couple years ago he's only managing $1 billion so he's forx this portfolio he's gotten more inflows from investors as he's had spectacular Market beating results from both the QQQ

19:11 and the S&P 500 dev kosari has blown it away he's starting to make a real name for himself when I listen to Dev Canaria speak and execute his strategy he strikes me as a very high IQ individual and a very disciplined individual in executing his strategy it's been incredible to see what he's really done with this portfolio while we have so many investors out there ones that I'm not covering in this video but there's so many hedge fund managers they just copy the index they make no bets into individual companies they just spread out their bets amongst a ton of different companies and basically match the index Dev does it differently he makes significant concentrated bets into companies with a deep understanding of what the company is the pricing power of it and the future value of it the

19:57 company that he did this with over the past 5 years is fair Isaac FICO this is now 35% of the dev Canaria Valley Forge Capital portfolio 35% now it didn't start that way when we look at his most recent trades he's starting to sell a little bit of the company his biggest trade was only 3% he trimmed 7% of his fair Isaac position so he's selling a little bit but let's go ahead and just take a look at how he's handled this company over the years if we look at the trading history here he's had this one on the radar since at least 2018 this it's been a company that he's held around 300,000 shares of but then in Q4 of 2020 Dev realized something with FICO and he wanted to own the

20:44 company what did he realize during this critical time period he realized that they were going for volume FICO was making their score ubiquitous for 10 years gaining market share over every other scoring alternative and then he realized that they were implementing a structured pricing tear that would dramatically increase the price of the FICO score up hundreds of percentages making it so that their free cash flow with their huge volume would explode consider if Netflix with their 280 million subscribers was capable or able to raise their prices 5x in a single year from 16 bucks a month or seven bucks a month up to $70 a month or $100 a month of course Netflix can't do that

21:29 everybody would Rebel with FICO that's essentially what they did they raised the prices hundreds of percentages and nobody rebelled because the prices were so low to begin with most people don't notice de Canaria realized that this is on the horizon because of his studying of this company he bought in heavily in q1 of 2021 he continued to hold and then he bought more and more especially with the inflows in the company he got all the way up to a share count of 963 million shares that was in 201 22 and he held on to that share count through an epic surgeon price of FICO all the way until Q4 of 2024 when we look at the prices here he basically was buying into FICO when it was underneath the price of $700 per share and that's when he started to sell so as soon as FICO hit

22:16 $700 per share he started to trim the position just slightly trimming 2% one quarter 4% another quarter 2% another quarter only minus. 34 4% this quarter and then this most recent quarter is his largest trim he's done at FICO trimming off 7.86% of his position so when we look at this he is selling every single quarter but we look at the total sales by comparison and he's not selling that much look how much he's reducing his position he's only reduced at around 15% overall and the share price has gone from $300 when he was first buying it up to $2,000 per share not only did he buy into FICO well but he's handled his

23:01 shares and holding of it very very well this should be looked at as one of the most significant best trades ever from a super investor now that he did trim his FICO position a couple percentage points of his overall portfolio he moved that money mostly into asml he doubled his position in asml and then he also bought a little bit more Moody's and a little bit more S&P Global which I love seeing because I own both Moody and S&B Global if Dev canar is buying into the company that's another stamp of approval that at least he thinks there's decent value here he also gave a nice stamp of approval right now for asml and it seems obvious why he's buying the company right now he's owned a bit of asml and it is in the red year to date asml has had its demand go down as we went through a big influx we see the total

23:47 net bookings here go down a little bit and Dev Canaria is betting on a recovery in this sh price now the reason that he likes asml from his own words is he says that b basically right now there's a lot of AI companies it's hard to predict which ones are going to be the winners but he knows that at least asml is going to make a lot of money during the next 10 years supporting all these various AI companies because asml of course designs manufactures and implements these highly critical machines these lithography machines that are critical in the production of semi- chips so this plays a very important role in the overall AI theme for the next 10 years he considers it a predictable player in that category now not to be mistaken asml is still a very small position in his portfolio only 2% and other than that he still

24:34 holds relatively the same portfolio super huge waiting towards FICO 35% he loves S&P Global he's owned this company for over a decade he loves a MasterCard Moody's into visa and so on I think that he has one of the strongest portfolios in the market the only real criticism I can think of Dev kari's portfolio here is that there's some overlapping factors with this companies a lot of these have to do with debt markets and credit so if the theme of debt markets didn't do well if consumers took out less debt if companies took out less debt that would be a headwind for his portfolio but I just don't think that's going to happen companies are going to take out more debt consumer going to take out more debt it's just the way of the world and he's well positioned for it now next up we have the super investor Josh terasoft

25:21 that manages a little over $300 million so this is a small portfolio relative to other super investors but I like that he has a high highly concentrated portfolio only in nine positions when we look at what's gone on with Josh tasov over the past 3 months he's done a series of sells he sold 8% out of his Brookfield Corp position 8% of his total portfolio which is 33% of the position he sold 6% of his portfolio out of the Microsoft position he sold another 6% out of Amazon he sold 1.5% out of Tesla and so on he didn't really do any buying glass quarter and what this means is that Josh terasoft needed to raise money to pay out some of his investors this is called redemptions meaning they invest other people's money sometimes for different

26:07 reasons those people want their money back Josh terasoft has to make sales to pay that money back so I don't really see this as real trading or him building his portfolio what I see is him selling the companies that have done exceptionally well over the past year so overall not much change quarter over quarter for Josh terasa he has a list of decent companies but I think his portfolio lacks any type of meaningful structure he trades into companies and out of companies rather frequently a number of his recent trades have not been great so his trading has given me a little bit of pause it's not a strategy that I would emulate now next up we have the super investor Pat dorsy he's the guy that's originally behind the Morning Star moat analysis where they try to dissect the different network effects or competitive advantages that a different company has he's the one that developed

26:54 that and now he since gone his own way started his own fund and he manages is a billion dollars so he's doing quite well for himself when we look at Pat dorsey's most recent trades there's one that's Highly Questionable right here his biggest trade by far was buying a 10% position so 10% into app Len Now app L is the best performing stock in the market year to date so in the entire S&P 500 basically in the entire stock market this one has done the best up 667 % year-to date this is a company that does AI marketing it doesn't seem that exceptional but when investors really found out about what they're doing they started to buy it up now what makes this investment so questionable by Pat dorsy

27:42 is the update is from the date of November 14th so the update is from right if we look at it right here it's from right November 14th right there that's when the update occurred so he could have bought this company at a price of 159 or he could have bought it at a price of 286 did he buy it at 189 or 286 we have no clue we just know that he bought it sometime 90 days before November 14th so we don't know whether or not this was an incredible buy that he bought 87% lower or whether it's a buy that's brand new and it might turn out well but I can't really assess whether or not this was a great buy or not a great buy when I don't know what price he bought it and with the huge change in share price that

28:27 really changes the C calculation the other trades that he did was he sold out a lot of smart sheet I think he sold this position to buy into App 11 and he sold a bit of semrush there was a time period a couple years ago where I was really critical about Pat dorsy he was buying and holding and selling everything during the wrong time destroying his Investor's money but he's really gotten that under control I think he's really honed in his strategy over the past two years he's held a lot of meta which is good he's bought into AutoZone lately which I think was a decent buy he has Wix and now he has the app love and buy of course he's holding PayPal which this one I find a bit questionable but other than that I see a list of decent companies here and I like the most recent trades he's done next up we have David pan or Poland Capital Management this is more of a team effort they have a big firm they have a lot of analysts but I really like what they put

29:13 together right now they're managing a staggering $38 billion so there's a lot of trust put into these guys I think they're doing a wonderful job when we look at their most recent trades they have made a couple trades that I do disagree with one of them is selling out of sales for to buy more apple and Oracle so they sold their entire Salesforce position 99.47% so basically the entire thing that was around 5% of their portfolio and they bought into apple and Oracle now I think Oracle is an interesting buy hair huge Cloud Player lots of growth great ownership so I like the Oracle buy but I don't agree with selling out of Salesforce to buy Apple when I look at Salesforce it is true that the stock price has surged up recently so I can see why they're doing this trade why they've decided to take gains out of it

29:59 but Salesforce still has a lot of growth ahead of it I'm not as concerned about all the AI talk as a lot of people are I think Salesforce is still going to be relevant and growing in the future the company also trades at valuation that's very similar to Apples the same PE ratio around the same free cash flow yield but Salesforce is growing its Revenue much faster and growing its free cash flow per share much faster so in my opinion and again there's no guarantees here but I believe that Salesforce over the next 5 years is going to outperform Apple that would be my guess so I don't think this is the optimal buy and sell but I also don't think it's going to be overly destructive they have their reasons for trading in and out of companies the other things that they're doing is they're doing a series of small trims and Microsoft Nike which I think is

30:46 interesting they're selling a little bit of Nike right now I don't agree with that one they also sold a little bit of Amazon and Google again other cells that I don't really agree with so even though I could nitpick their trades I think that strategy overall is good the list of companies is good and I believe that this portfolio will beat the market over time now next up we have the super investor Chris that is one of the best he manages a staggering $44 billion the TCI fund that he runs has been consistently outlined as one of the best performing hedge funds out of any hedge fund it's always towards the top and he doesn't mess around no messing around with this portfolio he only has 10 Holdings and all of these companies are incredibly powerful business models the the one that I don't understand the most is his top holding General Electric but

31:33 Chris hone studies these companies he understands them he bought this one at a wonderful time he really bought it on a low it surged up in price so it's become a bigger position in his portfolio his other portfolio Holdings mimic the small world of highquality super investor portfolios you'll have some familiar names like Moody's S&P Global Microsoft you have the railroads Canadian Pacific Visa Canadian National Railway and then of course he has Google in the portfolio as well overall a very strong list of companies the biggest trade he made last quarter was a very very small trade he slightly trimmed his Microsoft position to buy a little bit more Canadian National Railway that was it he trimmed 1.4% of his portfolio to buy 1% so almost no change to his portfolio it's

32:20 the same over the past 6 months and that's a common theme you'll see with these type of highquality investors the better decisions they make the less they have to trade and the better performance they have he's beat the market for a long period of time and he's done so with very minimal trading he's not buying and selling companies all the time doing all these different technical analysis techniques he's just buying into high quality monopolistic companies holding them longterm now next up we have the man Michael bur himself of The Big Short Fame and the only way to really describe his latest purchases is a big bet into China he bought a lot more in fact a huge portion more of JD of BYU and of Alibaba so he's buying more and more into Chinese retailers he's going where no one else wants to go

33:06 Michael bur is dispassionate he likes to look for the raw numbers he likes to look for where he sees a lot of value and obviously right now he sees it in China now I have to be honest here I don't really like these buys because I've dealt with Chinese stocks once I dealt with Alibaba and it's just so much of a headache dealing with the Chinese government and the way that they manage their companies you really never know what's going to go on but Michael bur prefers that risk and reward over the risk and reward in the US with higher price equities so the biggest trade he's doing by far is his shift into China another one that I think is notable is he likes Shift 4 payments Shift 4 is overall a great payment processor they're growing in a lot of verticals I see their sofware expanding and trying to get a bigger total addressable market so I like seeing that one there but again overall when we look at his

33:52 current positions and the way that he's tilting his portfolio it's with a significant bet in the China another thing that we don't see in this portfolio is his options michaelb likes to exercise options all the time so we don't know fully what he's doing with his Investments and this is why I'd give caution into following Michael bur for the most part it's interesting to look at but I think he's very difficult to follow as an investor next up we have the very concentrated portfolio from Mark Massie of altero Partners they manage $5 billion and it's only in nine positions now they have done a decent amount of trading over the past three months they added to their Amazon position by 30% they sold 37% of their visa position and they put that money as well as an additional amount into MasterCard overd doubling the position

34:39 now this is an interesting trade they are selling out a visa to buy MasterCard in my opinion both of these are great companies but I definitely think that MasterCard has the advantage and that is because of their International growth I believe MasterCard is better positioned to grow faster than Visa the alter Rock portfolio is similar to other High quality super investor portfolios where they're investing the majority of their money in the same group of exceedingly highquality companies that continue to have very prosperous looking Futures we have the same names like FICO MasterCard Visa Moody's Google Google's a very common one that we're seeing in this group of investors we also see of course Microsoft Amazon and this one's unique holding the one that makes alter Rock different is their top position is trans di so that may be an interesting one to

35:25 look into if you like their other positions and these ones align with your investing strategy and you see an investor go so heavily into one company that you don't know as well typically that means that you might want to look into it see what they see in this company NeXT up we have the Chuck AE portfolio now it's important to note that Chuck ay himself the legend is no longer managing this he's basically retired and he's implemented a team to try to do the same things he was doing to try to implement the same strategy but it's very difficult to have the same fine touch that Chuck arri had with his portfolio they managed $12 billion and since their team has taken over they've continually sold out of some of their best positions Moody being one of them since around q1 of 2023 they've been

36:11 dumping their Moody's position more and more and more and we see more selling of Moody's in the most recent quarter and no matter how hard I try I can't figure out why they're selling it is it valuation they usually don't sell because of valuation but to me that's the only real concern Moody's has gone up in valuation but typically it's been a very strong trait of Chuck AI to never sell because of valuation to just hold on to Quality Companies because decades later they'll be worth even more and they'll generate a ton of cash flow this is a position that right now Chuck 's team is selling out of Dev canari is buying into so you can see the jux toos there one of them is continually selling out of this high quality position another one's buying into it I agree more with dev's side now the company

36:57 that they're buying into is Airbnb they added almost another 2% to this position I look at Airbnb and I think it's a fantastic company so this is one that I don't disagree with my pick has been booking Holdings I think they have some unique advantages over Airbnb but I see that Airbnb has a new story to it it has huge Network effects they really do have a very wide moot company at this point in time it's an asset light business model and with those strong Network effects I can see why it's attracted the team of Chuck aiy my only criticism here is that they're selling one very high quality company to buy another highquality company it's not really the best trade in my mind I think they should look for other places to raise cash to buy Airbnb other than that the Chuck oy portfolio looks very similar to

37:43 last quarter they have MasterCard as the largest position Moody's KKR American Tower Corp this is one that they've talked glowingly about for a long period of time the very high return on Capital from that company we have Brookfield Corp we have O'Reilly we have Visa rer Technologies and so on and so forth even though I don't agree with some of their recent trades I don't think they're all that bad and I still believe that this is a very strong portfolio overall so that is the final update of the super investors across their portfolios a couple common themes I've noticed is first of all they're being very disciplined and I would say even reserved with their buying they're not buying companies left and right they're not scooping up different companies over and over again what they're doing is being a little bit conservative they're being Discerning they're being little cautious with their buying Warren

38:29 Buffett leading the charge there holding an enormous amount of cash and not doing many buys and in fact selling a little bit so I see overall a defensive posture another common theme that I noticed is just a lot of holding a lot of them are just holding on to their companies most of them are not doing big sells but they're just holding what they already own I've also noticed a lot of Google and this is a company that I own I think it's one of the few that's at a half decent valuation right now and it's also a great company there's some fairs regarding Google Google so it makes sense that people are cautious about it right now but I've noticed Google in a lot of these super investors portfolios so overall there's the update let me know what you think we'll have more content in the future see you next time