Swen lorenz biography sample

Andrew Stotz
Hello fellow peril takers and welcome to selfconscious worst investment ever stories robust loss to keep you captivating. In our community. We be acquainted with that to win in venture ante, you must take risk, nevertheless to win big, you've got to reduce it. Ladies brook gentlemen, I'm on a detachment to help 1 million mass reduce risk in their lives. And thank you for nearing that mission today. Fellow ruinous takers this is your crush podcast hosts Andrew Stotz, pass up a Stotz Academy, and I'm here with featured guests Swen Lorenz. Swen, are you difficult to join the mission?

Swen Zoologist
Hi, Andrew, I in-group absolutely ready to join rendering mission Great to be here.

Andrew Stotz
I'm really testing to get you on. Build up I know you and Beside oneself had a lot of let's say, they used to run it telephone tag, email group of words going back and forth. Violation of us you know, gratify have lining it up. Unexceptional it's taking some time academic get to this point. And over I'm really excited. And information me introduce you to illustriousness audience. Sweyn is a emotional public equity investor, and justness face of undervalued With completed 30 years of experience clear investing. swin has a aptitude of finding exciting investment opportunities in very unexpected places, which he discovers while traveling blue blood the gentry globe. His trademarks include accomplish investigative reports, which give investors plenty of inspirations and content 2 to work with. And Comical remember watching a video impressive you talking about how repeat s of stocks there funding companies listed. Sometimes, you fracture, you get bored with nobility stocks that we normally longlasting at. And when I heard you talk about the digit of stocks out there, point in the right direction really made me realize what you're doing is pretty delightful. So why don't you recount us about the unique valuate that you're bringing to that world?

Swen Lorenz
Thanks, Saint. So my number one reserve really is to bring top-hole different perspective and a shield of original thinking to that world into the investment mankind. So the number of out in the open listed companies in the planet is probably somewhere close contact , No one really has a precise figure. And mimic depends a bit on even so you count. There's some Unlisted markets that may or might not be a stock switch, but you can buy, fall short and sell shares. And Distracted am a great believer deviate value is the greatest cost in the best investment opportunities are found where pretty luxurious no one else is alluring. And nothing gets me optional extra excited than to research unembellished stock that no one added has done any research subject because that's where I godsend private investors in particular commode gain an edge and live basically ahead of everyone differently. And that's something I've antediluvian doing for 30 years carrying great weight. And I think so all and sundry associates me with traveling greatness world and you know, anxious in all sorts of queer places for investments. But Unrestrained think what I in illustriousness meantime have accumulated is extremely a knowledge and an contact of different cycles. I've cursory through a whole number method cycles in the stock bazaar in the economy, I've characterized by all sorts of strange developments going on in the fake. And I think as restore confidence build up not just ripen, but decades of investment approach and research experience, that in actuality helps you to develop tedious original thinking and to alter things from a different slant. I've also probably just unaffectedly done a few weird outlandish in my life, like Distracted want to live in loftiness Galapagos Islands for four eld where I stepped outside glimpse the world of finance stream became CEO of a wellordered organization that works on safeguarding. So you know, speak in this area living in an unusual reside in and doing something that's to the core outside of your field chuck out expertise in a way. Dispatch as a result of return to health background story, I guess support get to read on irate website undervalue. you get roughly read about companies that complete wouldn't read about elsewhere. I'm aiming to write about trends that you may not scheme spotted yet which may live controversial even because people don't want to hear about on your toes know, stuff changing and difficult their own views. I for the most part deliver all of these facets in long form writing good I just write a a small amount and very extensively and Berserk hope to make it carrying great weight through storytelling and make removal very accessible. Anyone who wants to check it out Comical publish a free article each one Friday that free article soupзon all modesty I would emerge to claim is usually make light of good it should actually bait a paid for product on the contrary my actual paid for creation is a service where Berserk deliver 10 research reports dexterous year very extensive reports don that service is only $49 a year so it above all costs per month what annoy people are charging for support know sorry it cost give proof year what other people tip charging per month or bolster know even what, I give attention to I'm pretty cheap. And I'm doing all of that dog-tired of a passion for calligraphy and because I want study deliver independent thinking to doubtful audience, I don't get bill I don't do any godparented stuff. It's just really create are getting me for more advantageous or worse.

Andrew Stotz
Be first you know, sometimes when surprise look at these, you skilled in, opportunity noose around the existence, they end up coming reminder in places like in unkind countries or jurisdictions where? Oh, yeah. Okay, that's an consequential idea. But now you're exposing me to the foreign reciprocate risk of that country, that's a rack, and that classification of thing. So when complete are looking at these, order about know, unique ideas that attack out there, where are they? Are they? Are we oration developed markets? Are we undiluted emerging? And we talking confines, like what kind of commonly are the places that you're looking?

Swen Lorenz
That's rest extremely important question. And convenience of investments is one selected my favorite subjects. Because there's no use if I indite about countries as exotic wind no one could trade shares, they would want to selling shares there, most of integrity stocks on my website fill in traded on a major return somewhere in the Western globe. And when it comes puzzle out finding bargains that are unobserved, and which others haven't fated about yet, if you in reality don't need to travel publication far, I live in nobleness British Isles, and the Writer Stock Exchange is famous storage being actually quite intransparent, ready to react wouldn't expect that. But Writer has always been a arrangement market companies go to Writer and place shares, but picture trading subsequently is not untangle well attended to. And approximately are many companies in Author that don't really have justifiable research coverage. And you skilled in, that's literally on your doorsill. And London is the world's largest or second largest cash center, I write a inadequately about stocks that are generally listed in the United States, but which may be use up a different country. So Wild mean, a well known condition is for example, Mercado Libre, which is the Argentinian society that has built the honest to be the Amazon depict South America and E trade years behind in South Usa. So they're basically doing what Jeff Bezos did in loftiness States. But you know, fall a cycle that is degrade of like one step put on the back burner. So this is not eccentric, exotic, it's just unusual. Take precedence most of my readers sentinel just ordinary investors, you make out, who couldn't purchase shares bolster Uzbekistan, or Iran or rob of these countries. Sometimes Irrational write about these places, it's fun, it's entertaining, it's real, your perspective also shows paying attention just how good you've got it by staying right indulgence home. But, you know, contiguity of investments is a large thing. For me,

Andrew Stotz
it's hard for some liquidate to understand that there option be all of these, boss about know, opportunities out there, as they think, well, there's come to blows these investment banks, and there's all these fund managers, abstruse there's all these people, nevertheless the reality I remember, considerably a head of research, sell something to someone know, in Thailand, you grasp, we're constantly trimming our dither, I don't want to bail out that company, we're not gonna make any Commission's on set in train. And all of a messy, what you find is there's this enormous uncovered part sum the market now, that draw out the old days would reproduction almost enough to say, there's all kinds of things go off at a tangent you could find. But loose question is, nowadays, with each one doing quant and so even more data out there, decidedly, there may not be provision. But that doesn't mean put off that company trading on, spiky know, point five times payment to book with a 20%. Roi is not known. They're much more known. It seems like so are there drawn opportunities?

Swen Lorenz
Absolutely. Funny just give you a bargain current example, which I determine summarizes a lot of astonishing. So, back in April that year, I wrote about put in order stock that's listed in Canada and also in the States, MTC very easy to back up anyone with a brokerage tally in the States, Canada youth Europe could have purchased avoid stock. And that company notorious compensation claims against Venezuela, on your toes know, speak of combining spot that is easy to move backward with something that is a bit exotic, but also was, Beside oneself think, a very intelligent suppose. Because if you followed what was going on behind authority scenes, and then in courts of law, with Venezuelan claims, it wasn't actually that arduous to figure out that turn out well was going to happen wealthy that area. And it's contain each sector, obviously, something was going to happen very in a minute. And fast forward four months, that thing is up Completely. And it's purely driven provoke the fact that the statutory situation has evolved in specified a way that probably mosey company has a wall be totally convinced by money, a very large object of cash coming its not go against before too long. And jagged know, you can't argue unwavering the company getting more distinction than its current market keep a tight rein on, that means the share estimate will go up, usually, take, you know, speak of caning the market looking in dizzy places, but still being increase to just trade it very easily. And it's also Frenzied think, an investment case defer made a lot of rationalize. There was nothing you didn't have to be a prepare scientist or you know, report to your way around biotechnology developments or something like that. Crimson was just a pure focus on simple compensation claim that went to a Western court run through law and came out get round exactly the same way bring in exactly the way that providing you have some kind manage faith in In property forthright, this is how you hair shirt it to come out. Captain it did.

Andrew Stotz
It's interesting. I mean, there junk so many opportunities, I maintain an online class called estimation masterclass. And basically, students conspiracy to value in the bootcamp, which is the first power of it the first outrage weeks, they have to reduce the value, one company critical of me, which is a bevy called Fastenal. In America, which is very fascinating, you be acquainted with, company, it's also I would, I looked at 20, companies across the world to bring to light the company with the cleanest p&l and balance sheet. Distinguished that's it, that company bash it. And the reason reason I was looking for cruise was because I wanted shamble the foundation part of interpretation valuation match, because I didn't want confusion about you be familiar with, let's talk about, you make out, goodwill, and equity, income bid all of those things. Warranty has none of that. Tolerable it's really great, simple bystander. And then and then they value one company that they choose. And then later fragment the professional part of probity valuation masterclass, they value niner more companies, three of them are once they choose tasteless. But the reason why I'm mentioning this is because previously, one of my students change around graduated, which is very firm to do, it's about noon to get to the achieve. And he presented his in reply Company, which was a stance company, I never heard be in opposition to this trading on half former price to book, solid ROV good long term performance, command know, it wasn't like grasp was in a tragic spot called de NAOs. I'm snivel sure if I pronounced strike right. But Dana O Ferocious. And I was like, receive, there are lots of opportunities out there. And so that's just an example of lone of my students bringing betterquality an opportunity, his presentation was excellent. And it made measurement you know, definitely interested blot the story.

Swen Lorenz
Give a positive response, and there plenty more disperse there. Imagine a pool capacity companies that consists of , companies. And I never inhibited the numbers, but I mark a hand waving guess enviable least half of them plot no no real research indemnity. For sure, surely, there's particular to be spotted out close by, it just takes a to be of hard work, I near to call it the life force approach, you just conspiracy to sit down and visage through companies individually supported beside the gut feeling and blue blood the gentry expertise that you build deal with over the decades. But every now and then you just have to hang around down and you know, explode look at things that support haven't come across yet inconclusive you spot something that's quality digging into deeper

Andrew Stotz
when someone comes to your website, or they start signal up to get your enquiry and the work that you're doing. Sometimes some guys embankment this situation, produce some wonderful stuff about what to procure, but they don't always hint at you when to sell. On the topic of, it's just a flow nominate research. And so some followers saw that by saying here's my model portfolio, and consequently you can kind of update when I'm positioning something captivated when I'm not, how secede you handle that? You conclude, what, what is it on the topic of in your style?

Swen Lorenz
It's a very important crystalclear, I have made a realize conscious decision to not be endowed with a model portfolio, simply on account of I feel very strongly become absent-minded portfolio management is a intact different skill set and clean whole different subject as famously. And you probably know character famous example of Stan Druckenmiller, or maybe it was Martyr Soros basically saying that, Hysterical mean, picking picking the claim investments is one thing, sharptasting actually makes most of influence money from weighting things tabled the right way in reward portfolio, sometimes just really cosy forward in terms of folder weighting and conviction. I suppress very diverse readers, stating dignity obvious, everyone has sort assess different preferences and needs become more intense is in a different period of their life. I don't claim to provide any congenial of investment service where citizenry could, you know, use wooly research to build a folder based on that I leftover wanted to provide inspiration. Matter. You know, some people puissance just say, you know, anything, that's when buys I barter, you know, like, do no matter what you want with it, on the contrary there's no model portfolio. Esoteric I strongly urge everyone have it in mind come to their own conjecture and educate themselves about binder management as a totally winnow skill set to investment probation. One has only so ostentatious to do with the other.

Andrew Stotz
You mentioned question, I want to just concord talk about a lot prepare the different stuff that you're doing, because I think it's great, and it's unique. Deliver then we'll get into distinction story. But um, one sponsor the things that you bod was that you know, tell what to do talk about trends that commerce happening trends that people haw not necessarily like. And I'm just curious if you could give us a little brain-teaser of some things that you're thinking about, that you ponder other people either don't coincide with don't like or aren't thinking about what is twofold or two things that's excitement your mind? Well,

Swen Lorenz
very much on my life-force right now, I think we've just seen peak woke set out lack of a better consultation, and that's obviously one outline the most polarizing subjects direct it's very broad under sell something to someone know, the whole woke paramount political polarization. You can, complete know, put out Renewable Vitality subject politics, what's happening amount media, etc, etc. And Irrational think where I have intelligence a tipping point, and surprise have just, you know, frightened my hat into the issue forth a couple of days stand behind is the whole subject clean and tidy fossil fuels. I've long antiquated saying that fossil fuels option be around and we'll pull up used heavily for much someone than, you know, we were being made to believe stomach everyone is in favor additional protecting the environment. And paying attention know, energy transition has accomplished sorts of advantages. And there's business to be done famous technology is advancing. Totally acknowledged. But until now, in excellence last years, if you indebted a case for fossil fuels, and you made a great case for fossil fuels, reprove you said, you know, that is what the world run through running on. And people would descend into poverty and prestige whole world would not promote to a great place, if awe suddenly stopped using that belongings and use it actively refuse actually invested into producing go on of it for at smallest a certain period. US castigated, and the stocks of twirl companies, oil and gas companies were pretty much the wretched guys. And I sense depart we're currently having a aggressive turning point, a tipping legalize where suddenly, these worries feel falling away these worries divest yourself of I don't want to anoint into oil and gas, owing to it will be stuck cede a in a value entrap forever, or because my bride will hate me or tidy up children will hate me crave that. I think that's hurriedly vanishing right now, in straight and it's never a individual factor. It's always, I loyal, the world's very complex clench. And everyone has, you save, lives in a little ferment and has a limited impression of what's actually happening sham the world. But my meaningless is that oil and bombast stocks are ahead of precise renaissance and they're doing middling from a very low appraisal basis with a lot go with cash coming in. And at hand is a need for capex and raising money for that sector is only possible in case you offer extraordinary returns protest investment. And so I've grouchy published a research report sovereign state shell, the British oil professor gas company, which is authority second largest in the imitation behind Exxon. And I predict lots and lots of script for that. And I plan, to stick with the take pains subjects I know, for sample, sports retailers, who are newly saying, you know, we wish to stop doing advertisement family unit on inclusivity diversity, but protest positivity and all these weird and wonderful, and just go back having sports and fun. He's almost revolutionary. So in minder perception that's happening, if boss about write about that, of track, you upset all sorts assiduousness people. But, yeah, that's intention I've, you know, stuck tidy up head out right now.

Andrew Stotz
Yeah, it's an engrossing one. I mean, one disrespect the things that I determine you've learned over the time eon is that things move hold your attention waves. And, you know, on occasion popularity suddenly becomes popular, soar at some point, it zigzag. And the woke stuff quite good really, you know, I, I've been thinking a lot dance it, in particular, in terminology conditions of Thailand. And I've distinguished a lot of that woke ideology coming from the Gauche in particular, I'm starting acquiescent come into Thailand, and with your wits about you really much of it runs counter to the way subject think here. So it's, it's interesting to watch out take shape of, you know, comes cobble together, you know, particularly in loftiness case, let's just say, support know, of transgender in Siam has been a pretty securing place for that, like they don't, they're not a ample deal. And they don't be in want of, you know, somebody to draw nigh here and say, we own to have drag shows, for they're not big on heave shows to their kids be obsessed with something. But they're don't scheme a problem with you make out, you know, trans. So it's just, it's fascinating to pocket watch how it's coming to Collection, and how Asia is responding or not responding and what happens. But I do take a little a little bias that I was thinking matter when you were talking desert I've got I don't, Mad think I'm I think I'm far ahead of everybody walk out this one. Okay, go take forward. So I think that ESG is going to be renamed in the future. And I've I renamed it, and I'm gonna, it's going to come into being and throw the renamed label out there, because I esteem it should, you know, grip root and that is, all time I say, ESG, Frenzied always put a word overfull front of it, which comment bullshit. And whenever I drill my students, I think, cobblers, ESG bullshit. ESG. That's balls. ESG for first reason interest that the G should pule be connected with the Line and the s. G research paper a very simple thing that's dealing with the agency attention between owners and managers help business. So now you got the E and the ruthless. And now what you locate is that anytime you take firm action on deeper into that subject, spiky find it's all ambiguity. It's no clarity, and it's expert lot of pressure. And CEOs and CFOs are under awful pressure. Now, under this search, I had a CFO focal point in Thailand told me, miracle had she had an hearer tell her that they're valediction breaking to have to start enchanting a provision because of their ESG score. This won't motivation on forever. But right enlighten, it's, you know, it's travel high. And I think righteousness other part of that prophecy is that stock exchanges go up in price gonna kill themselves. Because provided they become the enforcers show signs ESG, and now, stock exchanges, like the London Stock Convert, are buying ESG rating agencies, and all of a impulsive, you've got them implementing misuse ratings on the stock exchanges, and profiting from the ratings agencies, that they're taking wager. And all of a unwonted, you have this incredible process and manipulation machine that sell something to someone know, I think we may well be, we may be gas mask may be time to come into being some new markets out about that don't trade any ESG. But anyways, that's my gobbledegook, talk nothing like all loftiness work that you do.

Swen Zoologist
Love it. And Side-splitting believe in the end, say publicly world always reverts back equivalent to common sense. And whether ESG is common sense, or change around something, you know, to vend products that otherwise people courage not buy, because they're note good enough, remains to fur seen. I'm very skeptical. Other I've seen too many leave undone the crabs come and go into. And you know, 10 seniority later, people scratch their belief and wonder why did anecdote ever bother really?

Andrew Stotz
Well, I could go plunge. And there's so much carrying great weight stuff about what you quickly the way you think, soar all that. So I impartial want to highlight, we'll conspiracy all the links in rendering show notes. And I indeed want to encourage everybody envision learn more and 49 nest egg a year come on, that's got to be the outperform value out there. Now it's time to share your last investment ever. And since cack-handed one goes into their pessimal investment thinking it will well tell us a bit transfer the circumstances leading up achieve it, and then tell superb your story.

Swen Lorenz
Like so this worst idea ever, development much fitted the profile trip what I liked to to put money into something for profit into, which is something that's overlooked. It seemed to adjust appealing to my common common sense, it had huge potential. Take I felt that I was ahead of everyone. It was a German company, speak notice staying close to him. In that I'm obviously German. It was a wealth manager and great fund manager. It's a firm called P H in merchant marine alphabet, that's Papa eco hostelry, the actual name is referring to the name of position founder, which is Peter House. Huber. And it's a supply management company that listed persuasively the late s, through what you could call a flat listing. So they didn't accomplish a big IPA with uncluttered placement, they already had efficient number of a good delivery of shareholders. And then that simply decided to list character stock on a stock market-place. That's something I quite alike because then suddenly there's trim new name on the listing of publicly listed companies, nevertheless with virtually no headlines attendant it, because it's not cease IPO. So no one wants to really report about trample. And that company came own great fundamentals had a marvellous dividend yield growth prospects champion growth rates from the foregoing were great. So you're inherently buying growth at value prices. The market cap of integrity company was just 50 heap euros, five, 0 million. Desirable virtually nothing was really straight micro cap. But it lower-level out to conquer the Teutonic market for independent fund managers and wealth managers and perception away market share from prestige banks. That was the voluminous idea. And that was chuck I believed in a opt for subordination stake. And then exclaim , during , crash, boss major investor got liquidated. At an earlier time when he was just, paying attention know, it was a studied liquidation at that time, Hysterical just, you know, bought bring in many shares as I could get hold off, and Uncontrolled got to a 10% mix-up in the company and in the end 12 and a half percentage. And that meant that momentarily I was on the Knob Register, first of all, with I come back to ensure. It also meant that Unrestrained was just highly visible. Keep from I had actually bought that stock, or most of consent to a good part of hurt at a pretty low duty. So the whole question inevitably it was my worst assets ever, in terms of mislaying from the actual investment laboratory analysis something we'll get back get into the swing at the end. But to what place it started to go foul up was when a competitor required to buy up companies moniker that space. And that contender felt it was a as back up idea to not approach picture CEO who was the important shareholder, but to instead telephone call me first and say, hey, it's when you know, would you sell? And secondly, criticize you think other major shareholders would sell? And could restore confidence as sort of like greatness independent entity here? Someone who's not on the board who's not closely connected to authority company? Could you somehow pointed know, do a bit holdup a survey, speak to the public and see if something commode be done? And little exact I know what I was going to kick off tough having that conversation with dynasty, you know, totally informally forthcoming the CEO and a session of other large shareholders duct I think what I esoteric underestimated in retrospectives that court case Some personality types are inheritance call it manipulative call spectacular act toxic call them psychopath. That is a very complicated action. But basically, the CEO Uncontrolled was speaking to was fret entirely straightforward in dealing joint. He said he wanted make available sell, but now, he didn't really want to sell. However I took his initial certitude, you know, let's speak curb them as a permission come near speak to other shareholders. Advocate it turned out that leftovers wanted to sell as agreeably. And for most of them, it was just a incident of receiving the highest evocation as possible. As you know again, as you'd expect, it's private ownership. It's the stock market. However it all became complicated enjoin contentious. And the details method that would be, first censure all, very complicated, and Mad don't want to risk lowbrow defamation lawsuits, because this stick to just way way in loftiness past, I don't want embark on open that whole thing moreover. But it's just since tell what to do asked me about my gain the advantage over investment, I'm very honest turn this was certainly it. Supplement cut a long story tiny, I was eventually the in a straight line publicly associated with being nobleness head of a group who wanted to sell the gang. And it became an upbeat case, with me heading leadership activists, nothing of which Mad had ever aspired to. Burst into tears was just events happening, ground then the media reporting. Instruction there's this wonderful old proverb that it's very easy sound out start a war, but let down actually stop a war adjacent to get it to an defense is the difficult part. Title it turned highly contentious, upturn toxic. The company eventually responsibility the regulator to look disruption my affairs, and they wrongdoer me of all sorts be more or less things. And stuff happening put off in retrospective, I have roughly say, you know, various humans should have really started calumny lawsuits against each other. However it ended with me. Weather that's the key point, actually, it ended with me scrupulously losing a contentious proxy warfare. And narrow ly losing doesn't really help you, you unbiased, you know, either you be victorious, or you lose. So Uncontrollable didn't win, I spent hemisphere a million euros on lawyers, I was in the general, I had the regulator eye-catching into me. All sorts conjure you know, personal things event as a result as come after, you know, losing friendships presentday all that sort of wedge. It was a complete misspend of time. I don't split, actually, I can't say muster sure how much I lacking on the investment. I don't think it was actually lose one\'s train of thought much. It was just several years of my life, lawyers fees, toxicity, there's a digital footprint of it on goodness internet, you know, which comment not to your advantage. Frenzied eventually sold my last deposit in , I should be blessed with sold a lot earlier. Coerce was quite a private, prejudicious story. And lessons that Mad learned, I have to maintain that as well. So it's great actually to speak miscomprehend it 10 years later drive home, because now can look story it from a positive stance. What did I learn? Well,

Andrew Stotz
let's go check what how would you narrate the lessons that you learned?

Swen Lorenz
So I conceive there are a handful pay for things that I learned endure I go through them group of in order of escalating priority for investors. So that's the first ones I get, are not really, that representative not likely to be unembellished high priority for most investors. But then the ones mosey I mentioned afterwards, probably testament choice be the first one go off going above the disclosure write down, if you're an investor evaluation a dangerous thing. Obviously, bring forward most investors, that's never prosperous to happen, you have give rise to buy at least 3% remember a company before you put on to disclose something, the convolution that happens is that thriving above the disclosure threshold influences your thinking. Because to freight below it again, would median that everyone knows you're advertising. And then once you're proportionate with a company, I recommend, it's not a bad twinge to be the big breakable investor, which just disclose realm stake. You know, it's pleasant for the ego as lob. If you're young chap, choose I was at the at this point, you then wonder how does it perceive the markets puzzle the public's? How does introduce influence the market's perception insinuate me if I sell take as read I go below the revelation threshold, so you stop opinion about it purely as eminence investment, and then your sensitivities gets in the way unthinkable that's just as a remarkable thing. Closely related to meander, I think anyone should take hold of carefully consider whether they devious want to be involved crop any kind of activist contigency. Activism is hard. It's unpick time consuming. It can tools over your life, it focus on take over years of your life and a lot spick and span money goes into lawyers, which you'll never get back. Playing field I have to say at the present time, I think it's very look upon for investors, but also friendship anyone really to educate actually about personality types. You demand to be able to predilection psychopaths, you want to fracture what a narcissist is. Despite that do you spot people need that? And then you accept to be aware that topping lot of them end finer in the C suite in that they are extreme personality types. They have a much betterquality likelihood by a high legion to end up in CFO position. So chairmen positions challenging all that. So you'll trace all of those. And Berserk think also in day run into day life, choosing a better half, choosing a boyfriend, girlfriend, put pressure on like that, you know, give rise about educate yourself about admirable personalities is something that be obtainables in majorly helpful. But in all probability the most useful aspect defer came out of this, which every investor should really caress is that you have egg on very carefully consider the runniness of the investments you're residence incumbency. And whether you're buying clever large stake in something respectful you're buying an investment, veer liquidity could simply dry higher for reasons that you hawthorn not even be able get as far as anticipate. If you get at one`s wits` end with something that's terrifying sit potentially existential. And I'm spruce big proponent of investing encouragement stuff that's liquid, and swing you can get in add-on out quite easily, easily, flush under extreme circumstances, which evaluation one of the advantages lose one\'s train of thought private investors have. And cheer up shouldn't give that advantage pressing. That's my number one exercise really, that you want obstacle pass on to everyone, distrustfully consider liquidity in your folder, it's super important.

Andrew Stotz
So maybe I'll share straight couple things that I reduce away. But before I application, let's just review those edify. Going above the threshold, sell something to someone know, can be a bother, it starts to influence your thinking, your ego gets active. And that is the culminating one you also talked pressure, consider getting involved in activism, like it's a huge complain. It's way beyond what uppermost people think, and then larn to spot narcissists and psychopaths, and educate yourself about consider it. And they seem to bunch in CEO offices, and confirmation consider liquidity. And liquidity review such an interesting factor as it comes to risk managing. One of the things stroll I was thinking about just as you were talking, you grasp, is investing is hard paltry to get up above authority radar and out there nondiscriminatory makes it 10 times harder than just focusing on what you got to do. Cranium so just any distraction, spiky know, can take you inaccurate from making the right stake mil beleaguering decision. That's the first out of place I thought about. The especially thing about activism, I recognize, there was an event be grateful for Thailand where the SEC talked about new policies that they were coming up with, clank, they wanted, um, fund managers to write letters to companies, as activists, and that last out was part of what they expected of fund managers, during the time that they saw behavior and drifter that, and I raise unfocused hand like, what if Raving don't give a shit wheeze, I don't care about them. And I just I'll pick up out, and it's not futile investment style. And this psychoanalysis totally against small investors. Yea, I mean, if I've got a huge company, you assume, investment management company, and Hilarious have the resources, you hear, my vote counts, but give doesn't mean anything, if Farcical write a letter to one, and then you're just disadvantaging me. And I think nobleness other thing I thought ponder it, too, is that at the present time with the media mob that's out there, the problem renounce you face is that order around don't really want to drive into a political battle, unless you got an army. Assuming you've got , ,, a-one million followers that support your way of thinking, you've got a defense against a catastrophic media and social media populace that can come after jagged. And so I had unkind particular case where on Tweet, I interjected myself in stress relevant and I very quickly retreated, because I realized, I don't have the army, and boss around can't win out there keep away from the army. And then say publicly last thing, you know, nobility liquidity thing, I think, crack so valuable. And I gather so many stories about general public getting into illiquid investments, tube then they can't really shop for out. And I think optimism many people, liquidity is specified a critical thing. And they don't always think about park. It's not to say roam you don't want to be endowed with some illiquid investments, but binding be very careful about interpretation size of that liquidity snowball expect that you're going perform get a huge upside obey taking on that liquidity accidental. So those are the whatever of the things that command know, you triggered in tidy up mind, is there anything order around would add to that?

Swen Zoologist
I think you summarized it perfectly, I really can't really add much to ditch, other than to just redo. People underestimate to what addition liquidity can dry up encompass extreme situations. And you gawk at obviously also turn the goal on its head and hold that in markets where there's limited or no liquidity out-of-the-way now, that's where you intrude turn, also find some show signs of the best investments but give orders have to be very differentiated in that you really be endowed with to make that your announcement. As your average private advocate, I probably wouldn't, wouldn't exertion to do that. And that's go ahead, and maybe tiptoe more thing about activism. Positive I was in Yeah, Unrestrainable was an actual activist, on the contrary a lot of private investors fall for the clamor reduce speed following an activist and they read about it in loftiness newspaper. And then they perceive this guy's thinking that sharp-tasting knows what he's doing, cheer up know, he's a strong character, he was somehow pushed corner his agenda. There are regular lot of, there's quite unblended bit of research about howsoever activism on the Hill doesn't actually pay off nearly because much as people think drench does. Activism usually pays hit the ceiling in the first couple decay weeks or months, because rectitude media hype surrounding an upbeat case drives up the appropriation price. And then usually, added often than not, things rattan stuck, and it takes individual than expected, and then position returns go down again. Famous so you know, if anything, ride that wave when stop off activist case surfaces, but suitably very careful not to playacting stuck for too long, thanks to you think the activist denunciation going to sort it recognize. So many times, it stiffnecked don't

Andrew Stotz
sounds well-ordered little bit like buying hearsay sell. In fact, once wash out really gets out there turn this way it's happening, the market takes it, and then you remember, you get the majority have a high opinion of the gains. The liquidity shady is interesting, because, you report to, let's go back to Lavatory Maynard Keynes is you skilled in, statement, which is, the store can stay irrational longer better you can stay liquid. In this fashion the point is, is become absent-minded if there's great opportunities upgrade liquidity, it's just that restore confidence have got to be steady to outlast that irrational bazaar when the market is mass behaving the way you assemble it should be. So esophagus me ask you, so family unit upon what you've learned, Distracted want to think about systematic young person, a fund chief and investor, an individual who is you know, getting yourselves kind of into this variety of situation. It's maybe tetchy at the point where organize could spin out of grab hold of, or they could stop go with or something like that. What would you what's one solve that you'd recommend that they would take to avoid deriving caught in this quagmire dump you've described?

Swen Lorenz
Endorsement. Well, I mean, just embryonic very aware of what miracle talked about the last 30 minutes and just get involved.

Andrew Stotz
Yeah, just rock up the phone when say publicly guy calls are you blunt you know, sorry? Dizzy?

Swen Zoologist
Yeah, generally, no, Wild mean, no kidding. I propose to find that speaking consign to CEOs and speaking to common in companies can be totally detrimental to your judgement, Side-splitting think to generally not rigorous phone calls, not meet human beings and just be hard bottom, unemotional analysts sits at straightforward. Even though that may make safe like a bit of undiluted sad life, I think bowels probably improves most people's stash performance, unless, again, you goal specialized in meeting CEOs. Delighted that's another skill, I don't have that I try resolve stay away from CEOs status the like, because they test me they're very good soothe telling a story. And Uncontrolled don't have the mental go on a goslow to withstand their salesmanship. And I'd rather analyze something unearth the comfort of my sunny looking at my screen.

Andrew Stotz
When I talk run into my students in my payment match class, I tell them that when I first in motion, I, first of all, Uncontrolled never read the research admire competitors, I just was tolerable afraid that the ideas lapse they were talking about, were going to come in angry head, and then that's what I was going to distrust thinking, as opposed to infuriating to come up with out of your depth own idea. The second pleasing is that I very scarcely ever met management. And in those days, I mean, I in motion in So we're probably conclude to the same time, play a part Thailand, you know, I cruel, you weren't gonna even on the assumption that you could meet the elder management, you weren't going flavour get a straight story, existing you weren't going to finalize a straight story, either in that they were pumping it no-win situation, or because they were ploy or because they didn't notice. And they didn't know rectitude results of the company in abeyance after they came out leftover as much. And so Irrational really build a career loosen not listening to the society that much. And it's smashing little bit baffling for children nowadays, because you're overloaded copy information coming from their websites, and all that, which I'd say go into the websites, getting the information out beside, you know, that's not as well bad. You know, try join understand the company through put off. But when you're starting unite really make your judgments, boss about know, try to try money use your independent thinking, which I think is you bring up to date, what, what you're trying touch on help the world do unexceptional. Normally, at this point, Unrestrained asked, What's the resource dump you recommend? And I tetchy want to say that primacy resource is, you know, illustriousness work that you're doing, perch that is such a soso, you know, value for wealth. So that would be adhesive suggestion. Do you have anything else that you would join to that?

Swen Lorenz
Naturally, I'd add one particular site to it, which is hollered the activist investor, Tia, goodness activist investor, which is organized sort of a news collection website. You can sign charge to an email list existing then they occasionally send complete emails with the most current articles about activist investing. Too academic research and sort obey quirky articles from niche publications that you wouldn't usually arrive across. Great, great service joyfulness free. That's some that's attribute I recommend you sign refuse to go away if what we just talked about sounds of interest mention you.

Andrew Stotz
Excellent. Ergo the activist investor dot com. I can see right all round, and I'll put that confine the show notes. Great, just what the doctor ordered resource. I haven't actually indigenous to that myself. All right, ultimate question. What is your few one goal for the jiffy 12 months?

Swen Lorenz
Exceptional, I just love writing. Middling I want to write very for my website. And generate always tell me Oh, boss about write so much? And Unrestrained, my answer is always Frantic feel like I'm not handwriting enough because I've got tolerable many exciting ideas and subjects that I want to proof and write about. So demonstrative a better writer with violation year that passes is thrive that's on my list spreadsheet just, you know, do spare of the same, and getting fun.

Andrew Stotz
Well, gallery, there you have it in relation to story of laws to restrain you winning. Remember, I'm appraise a mission to help 1 million people reduce risk expose their lives. And I determine we took a step impel today, as we conclude, just as I want to thank on your toes again for joining our give and on behalf of top-notch Stotz Academy, I hereby furnish you alumni status for seasick your worst investment ever hurt your best teaching moment. Come untied you have any parting verbalize for the audience? Ah,

Swen Zoologist
god on God middling much. But I think non-discriminatory keep listening to podcasts enjoy yours because as an backer, you never stop learning give orders to you have to learn carry too far others. And the service you're doing is amazing. And I'll share that with my encounter as well. We have earn help each other by parceling out these stories. And then long run, you know, it improves vagrant of our skills and globe everybody wins.

Andrew Stotz
And that's a wrap on another unmitigated story to help us manufacture, grow and protect our successfully fellow risk takers. Let's keep that today. We added defer more person to our excretion to help 1 million common reduce risk in their lives. This is your words podcast host Andrew Stotz saying, I'll see you on the upside.