We think of it with entrepreneurs and start-ups, but I mean it with companies of any size and in the public markets. I mean this in the public markets since that's primarily where we're investing. Tom Gardner: I would say first find people that you believe in so much. It's not about my DCF out to the second decimal." That changed me forever into saying, "It's about buying greatness. What it did, though, is it got to $2,560 without my money on it and that was the last time I decided that I'm going to sit there and decide that I have the valuation in my head that's superior to the market's and I'm going to insist that the market conform to what I believe should happen so I can get rich. I had it at like $25.60, or something like that, so I was waiting for Yahoo! to get to $25.60. Yahoo! is at $29 and I had calculated my own valuation for it. And spoiler alert - it ended up being a very good stock for quite a while. So for me one year in I got this conviction that Yahoo! was going to be a good stock. In a world that it seems like people don't really believe that, let's do that.Īnd then we look back on the ones that really hurt that taught us something. And since we're very numerical in what we're doing, it can be totted up and we're saying we think we'll beat the market. Anybody could join America Online and come see what we were saying you should do.Īnd when you have people doing that, you have the ultimate scorekeeper in the sky. When Tom and I started the site online on AOL, we were basically picking stocks right out front of America. They took a look back and talked about how their investing approach has changed over the years, their favorite Foolish memories, and how things have gotten better for investors over the years.Ĭhris Hill: Over the last 25 years what's one way that your investing approach has changed? And that can be something small, or that could be something that you believed in your core as an investor 25 years ago that today you just no longer believe.ĭavid Gardner: For me, it goes back to my Yahoo! story, I think, Chris. First up, Chris sat down with Tom and David. And because it's our 25th anniversary here at The Motley Fool, it's an all Tom and David episode. Fool Fest is our annual conference where members get together, learn about investing, and hang out with their tribe. Southwick: Yes, it's time once again for the episode where we let our listeners in on Fool Fest. All that and more on this week's episode of Motley Fool Answers. It's a special 25th anniversary episode filled with investing and board game advice from Tom and David, our co-founders. Southwick: Yay! In today's episode of Motley Fool Answers, we're taking you to Fool Fest. This video was recorded on July 24, 2018.Īlison Southwick: This is Motley Fool Answers! I'm Alison Southwick and I'm completely alone in the studio today, but I've got Rick working the boards, so.
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