TIP267: An Intrinsic Value Assessment w/ Sean Stannard-Stockton (Business Podcast)
We Study Billionaires - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 3 November 2019
⏱️ 55 minutes
🧾️ Download transcript
Summary
In this episode, you'll learn:
- What is the intrinsic value of First Republic Bank
- Why First Republic Bank can be seen as a retail business with a superior franchise
- How to value banks, and the importance of price to tangible book value
- Which key ratios to use to evaluate performance and debt levels of banks
- Ask The Investors: How to pick stocks when you have a full-time job
BOOKS AND RESOURCES MENTIONED IN THIS EPISODE
- Sean Stannard-Stockton’s company, Emsemble Capital
- Ensemble Capital’s educational blog
- Ensemble Capital’s Twitter
- Check out Millennial Investing by The Investor’s Podcast Network
- Sign up to the TIP live event in Los Angeles with Stig and David by emailing [email protected]
- Join the Mastermind Group and the TIP Community for the Berkshire Hathaway Annual Shareholder’s Meeting
- Download your free audio book at Audible.
- Find the best job candidate at Ziprecruiter.
- Send money abroad the smart way with Transferwise.
- Be prepared for the unexpected with AirMedCare Network.
- Move your business to the cloud with Netsuite.
- Discover CMC Markets, the ultimate platform for online trading on mobile and desktop.
- Automate your work with Zapier.
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Transcript
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| 0:00.0 | You're listening to TIP. |
| 0:30.0 | Enjoy the show. |
| 0:32.0 | You are listening to the Investors podcast. |
| 0:37.0 | Where we study the financial markets and read the books that influence self-made billionaires the most. |
| 0:43.0 | We keep you informed and prepared for the unexpected. |
| 0:47.0 | Welcome to today's show. |
| 0:57.0 | My name is Stig Brodison and I'm here today with my co-host Preston Pesh. |
| 1:01.0 | Today's topic is banking and we especially going to talk about First Republic Bank. |
| 1:07.0 | And our guest for today is Sean Stanner Stockton. |
| 1:10.0 | Sean, thank you so much for coming on the show. |
| 1:13.0 | Thank you so much for having me. |
| 1:15.0 | We ask you to come here on the show to pitch First Republic Bank for our audience. |
| 1:19.0 | Before we talk about this specific stock, could you for our audience who are not familiar with you or in simple capital? |
| 1:25.0 | Please elaborate on your investment strategy first. |
| 1:29.0 | We take most of our inspiration from value investors who have been successful over time. |
| 1:34.0 | We really focus on investing in competitively-advanced businesses. |
| 1:38.0 | We think that businesses on average don't have competitive advantages and they can do fine. |
| 1:43.0 | The stocks can do well. |
| 1:45.0 | But they're really hard to value because at any given time, an investment of competition can come in. |
| 1:49.0 | Every time something gets going well, competitors notice and they go after those profits. |
| 1:53.0 | We look for businesses that have something structural about the business that prevents competitors from coming after them. |
| 1:59.0 | And First Republic is a really good example of that. |
... |
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