MI269: How to Spot Turning Points in the Market w/ Milton Berg

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Education, Investing, Business

4.6 • 592 Ratings

🗓️ 25 April 2023

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rebecca Hotsko talks to Milton Berg about his shift from fundamental to technical analysis, his critiques of value investing, his use of market indicators to identify turning points, and much, much more! Milton Berg, CFA, is the CEO and Chief Investment Strategist of MB Advisors, LLC. He has worked in the financial services industry since 1978 and began his career as a Commodities Analyst and Trader at Swiss-based Erlanger and Company. He has worked with well-known titans of the hedge fund world including Michael Steinhardt, George Soros, and Stanley Druckenmiller. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro. 02:30 - Why Milton transitioned from being a fundamental investor, studying Benjamin Graham and David Dodd, to a technical analyst? 10:49 - What drives market prices in the short term and long term, and are they random? 16:25 - Milton’s criticisms about value investing and learning from studying Benjamin Graham. 34:54 - How his investment strategy works, which is centered around identifying significant turning points in the market? 35:06 - What indicators he uses to assess whether the market is at a turning point. 45:25 - Whether Milton believes we are near a turning point today and the market has already seen its bottom. 53:00 - Is it possible to time the market? 01:00:33 - Advice on the most important factors that long term investors should focus on. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Check out: MiltonBerg.com. Related Episode: Listen to MI255: Navigating Bubble 3.0: Is This Time Different? w/ David Hay, or watch the video. NEW TO THE SHOW? Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle’s favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Rebecca: Twitter | Instagram Email: Rebecca@theinvestorspodcast.com Connect with Milton: Twitter HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.7	Why was value investing work?
0:04.5	What logic is if a value investing?
0:06.9	Because, for example, if a stock is cheap today, obviously a stock could be cheap.
0:11.6	So why must we assume that sometime in the future the stock will get back to fair value?
0:15.6	Is this a magic formula?
0:16.9	Why is it?
0:21.0	On today's episode, I chat with Milton Berg, who is the CEO and chief investment strategist
0:26.8	of MB advisors.
0:28.5	Milton has a fascinating career and investment style as he first started in the industry
0:33.3	inspired by the teachings of Benjamin Graham and David Dodd, but later shifted to technical analysis
0:39.4	and has created a great reputation in the field for himself. He has also worked with some of the
0:45.0	titans of the hedge fund world, including George Sorrows, Stanley Drunken Miller, and Michael Steinhard
0:50.1	before starting his own firm. In this discussion, you'll learn more about Milton's views about markets, his belief on what
0:57.2	drives stock prices to their intrinsic value over time, how his views about markets differ
1:02.8	from traditional value investors such as Benjamin Graham.
1:06.7	He covers some of the common misconceptions people have about Graham's investment strategy
1:11.2	and his criticisms of traditional value investing.
1:15.0	Milton also gets into how he developed a framework for spotting major market tops and
1:19.7	bottoms and explains whether he believes markets are at a turning point today or if he believes
1:24.8	there's more downside to come.
1:26.4	All right, with all of that said,
	...

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