Why Warren Buffett is skeptical of IPOs

New York Times media reporter and CNBC contributor Ed Lee joins "Squawk Box" ahead of Lyft's IPO. The panel discusses Warren Buffett's comments that he has not purchased an IPO since 1955 and that the average investor should not buy "hot" IPOs.
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[@SpiritLeash]

She has been killing it with interviewing in the past years

[@highvoltagee]

IPO = It's Probably Overpriced

[@GjoniClan]

You have a lot of IPO who did crazy good like google,amazon,facebook,apple....

[@Jvksiew]

@@GjoniClan yea, out of thousands of IPO in the pass decades

[@wenigerisstmehr126]

HAHAHA I like that....

[@OverTheMountain69]

@@GjoniClan You don't have to buy a good company on opening day to do very well with it. I never bought Apple until early 2007, but I am very happy with my investment. In fact you are far more likely to do better with an investment if you wait a few months after it IPOs to buy it in most cases. This is particularly true the more the IPO is hyped by the media. The FB IPO in particular was horrible, and the stock dropped to below $20 in the first few months after it priced at $38 on the IPO. But of course it eventually turned around and became a great investment.

[@wilhelmvonwilsenheim8897]

@GojniStar, If the price is suitable, the business has a real necessity and has a positive cash flow, it doesn't matter whether you buy at an IPO or at any other point. Now, the sensible thing that should've been done in the companies you mentioned (and likes of such), would be to buy after it proved it's necessity, after it started having a positive cash flow and at a price which was right. One could've still made a great return and the wait would potentially save you from losses. Blindly buying into promises is a thing all should avoid.

[@hvacsquad6043]

Don't buy IPOs during hot time period in the markets. Its written in the intelligent investor by Ben graham.

[@candyfloss184]

Ipo s are designed that way only...they debut only during peak of bull market.

[@hvacsquad6043]

Umar Virk i read it a few times . It teaches investors about the framework, mindset and discipline they need to be a good investor.

[@hvacsquad6043]

candyfloss184 yes, you are right.

[@thegreat9481]

HVAC SQUAD Don’t mix his words, he said DONT BUY AT ALL.

[@manansheth3084]

Or sell it immediately

[@Peczhie]

The 23 dislikes are from the ones who bought Lyft IPOs

[@hamzariazuddin424]

where is the full video....always love listening to him speak...and forgive me forgetting her name, but this CNBC presenter is one of the best in the business.. Great rapport and good interviewer

[@AthenaSaints]

Hamza Riazuddin Becky Quick?

[@ericgilmore5949]

@@AthenaSaints Becky With The Good Hair?

[@Pe6ek]

If his brain really runs on cola and McDonald's it's a medical miracle.

[@TheRealChrisBeard]

Along with him being a multi billionaire lol in the top 0.01%

[@weareorigin]

I think he just says that so you'll buy them >.>

[@PreciseVids]

He wouldnt be alive if he consumed those daily

[@OverTheMountain69]

Moderation is the key. 1-2 drinks a day is healthy, 5 or more a day will probably shorten your life considerably. 1 big mac and 1-2 cokes a day won't hurt most people, but 3-4 big macs and 5-6 or more cokes a day probably will eventually.

[@kilian361]

When a wealthy man cracks a joke,yall better laugh😂. Great interview

[@KC-ku5sp]

Hmm, tech companies IPOing with no profits and everyone is buying like they’re the best thing since sliced bread. Reminds me of something...

[@CommandoMaster]

BITCONNECT!~!!!

[@mikec360]

Wasssa was a wasssa!!! Hey hey heyyyyy!

[@faber3969]

Amazon?

[@tribeard5424]

Lyft provides an actual service. Your statement is incorrect

[@thegreat9481]

Tri Beard You got no skin in the game. Do research and stfu

[@JewelzFinazzo]

I love it when she interviews Mr. Buffett. I also love how funny he is. He always makes people laugh.

[@randomlife1943]

2:19 is pure gold

[@puluzo]

All these companies look like rich on paper. But don't produce anything you just buy it with the hope of future returns. They may succeed or bankrupt, nobody knows.

[@samajlo4336]

Completely agree.

[@ericgilmore5949]

yes, meanwhile, most of the talking heads continue to describe Bitcoin and other cryptocurrencies as Gambling... when in fact buying a nonprofitable tech company at a 40+ P/E is most likely gambling

[@OverTheMountain69]

@Xx BigBoss xX Agreed. Most people reading this probably don't even realize that bitcoin dropped 85% in a year not long ago. Timing is often everything, particularly with the more volatile securities. Where most people screw up is that they fall in love with one single investment - such as bitcoin or one single stock - and they fail to diversify. They tend to base their emotional views of their favorite investment on recent past performance or the way the investment performed at one time in the past or whatever. And they're convinced that that one investment is all anyone needs ever, and that everything else sucks.

[@jorgegomez524]

he doesnt buy companies that lose money.

[@leskipbayless3280]

Amazon...

[@findtom1]

Lyft was $74 on IPO day, now $18 5 years later. Still making losses.

[@tejuswadbudhe7909]

Thank you

[@mattiasollini9249]

full interview link??

[@agitac]

For Incomecare & Placefund, I also say it even more dumber to buy for win. E.g Dumb bet to win Warren Buffet say, can buy so many other stuff much better than Lyft

[@Tinalynn...]

No one will listen to his wisdom, they'll buy this stock...I can't wait for the "I told you so"!!

[@gerampelotto]

I told you so

[@nilssmith-yt]

Fascinating that he hasn’t bought an IPO since 1955

[@YAHVISIONRowles]

I would not touch it...

[@diegolawlietgedge9673]

YAHVISION Rowles...with a 10 foot pole

[@patw.6567]

Good old Warren buffet teaching some wisdom

[@Vivra_Verra____]

Buffett has a point. Certain IPO’s are not worth the investment.

[@2ferone86]

If you had to choose between lyft and wells fargo, which one would you pick?

[@OverTheMountain69]

Hypothetically, if I only had to pick one of the two to go long, I'd go with Wells at this time. Maybe in a few months or a year or two if Lyft was down 70, 80, 90% or more from here, I might have a different perspective.

[@1minutetomastery881]

Everyone I speak to is shorting this stock. Lyft is a copy of UBER, and so someone could copy them. Short is going from $72 to $55 guaranteed.

[@littlealien8433]

Shares available to short?

[@VirenMohindra]

@@littlealien8433 shares available, can't short for the next four days until they meet requirements

[@OverTheMountain69]

They're lying to you if they're telling you they're already short. And there is no "guarantee" with any investment.

[@user-ok6ef9zn4f]

@David G. The stock is going to get hammered. Doesn't take a genius to know this...

[@1minutetomastery881]

@David G.let's see Einstein

[@PeterXian]

Once again the public is stupid most of the time. Lyft would need these cash to go from current model into the autonomous way.

[@masterofnone11]

Who is the guy on the very right at the end and why is he up there.

[@justinching9317]

Does anyone else see the irony of how his only IPO was Ford back in '55 and now sixty years later we're talking about Lyft. I wonder what else will change to that extent during our lifetimes.

[@trojanhell7639]

Imagine having UBER TESLA dam

[@marioalll]

An IPO is not like a bet entirely if the company truly has proved that it could be successful. The problem for value investors is that it is common that the price is not a fear one. The price is determined as an aproximation of a sample among potential buyers plus a charge of different kind of commissions and fees from the investment banks that are promoting that IPO...a truly value investor would never pay more for something that worth less. It doesn't matter if the price will increase 200% in the middle term. It is a matter of discipline to do this...but this way of thinking will pay off as it keeps you within a restrictions sometimes called "the circle of competence"

[@OverTheMountain69]

True. And the price also becomes greatly inflated the more the media hypes it. It's classic "pump and dump" - insiders and other well placed individuals and institutions buy at the pre-IPO "price". The stock opens much higher on all the hype, and many or all who bought at $72 before it actually went public sell into the $87 opening price, driving the stock down from there. If we assume it is a good company at a fair price at $72, it is no longer fairly priced at $87. And if we wait a few months and see at least one earnings report, it may be fairly priced again by that time, or it may be selling at a discount (or it may even still be overvalued).

[@huntersmith674]

When I hear stories of what people made back in the day compared to now it blows my mind! It's amazing how much money has inflated.

[@-Aar-n]

0:09 - 0:16 Whole video in a nutshell

[@agustinrichardson]

Buffett the GOAT!$

[@remancyrodill4474]

More of a gamble than an investment imo.

[@davidhidalgo8465]

I like the long term business aspect of Lyft, but profitability is crucial. And the price is extremely overvalued. I’ll get in when the price hits $25-$40

[@mgorbaty]

David Hidalgo It’s going to go to $1 billion market cap. Dont touch it.

[@askformoreinfowhichyouwont7510]

@@mgorbaty i wont touch it until a) they actually turn profitable, and AFTER a) happens I will look at b) how cheap or expensive it is offered. A min of 2 years profits, better 3 or 5. So lyft will by dryfting along for quite some time.

[@olisabosah4292]

I have no idea what’s being said here 😳

[@esh8400]

What an Awesome Reminder of Common Sense Investing!

[@DanielFenandes]

This guy is reason in person

[@user-pc7ef5sb6x]

I either invest now or regret it for the rest of my life. As a full-time lyft driver, the demand is just insane. It is a company with a promising future. They are not profitable now, but what company starting out ever was?

[@nickheath9444]

yikes. understand how markets work before making a bet like that.

[@user-ix5wr5vf1v]

Ahhh I really love this man!! I wish I could go see him in Omaha but I’m too poor

[@monotonous1763]

Some decent stock picks and you are on your way

[@DillonJayasuriya]

Didn’t he get into khc around it’s IPO ?

[@ryccoh]

Neither Uber or Lyft will crack autonomous driving, I'd be surprised.

[@leskipbayless3280]

Uber definitely will

[@Philliesphan32]

Brilliant

[@Hacktronix]

Berkshire just bought StoneCo IPO $STNE 6 months ago...

[@swedgephd]

Berkshire != Buffet

[@Hacktronix]

@@swedgephd That's why I said Berkshire

[@TyiOGD]

The IPO base is not the initial debut. Time will tell.

[@nathanieldavies9769]

Warren Buffett they got to treat the drivers better.

[@user-ql4ud9zr7m]

Aged well

[@jpmorgan187]

Taking a page out of Sharon Stone's book at 2:25

[@rrurban]

4B to 1 and he did the math in his head in 2 seconds!

[@danielmethner6847]

It's not that impressive really if you try it yourself. A few day of practise can easily 10x your speed at calculations. You should try it...

[@jamescorbett567]

he just has 2^32 memorized because it’s a popular number... he didn’t do 2x2 32 times in 2 seconds lmfao

[@impactodelsurenterprise2440]

Mr. Market is back, people buying on promised returns.

[@1stMilcom]

always good to hear from the oracle himself. i agree with him on all points.

[@yingyang1875]

both businesses make no sense... to invest into something unprofitable would be a bad move. most taxi operators are the accountant do most maintenance.. driving and cleaning and service the elderly. i dont see how autonomous cars could replace that, drop cost and be profitable.

[@juan.jose.111]

It's very hard to understand Warren buffet without subtitles as a non English spoken

[@ajinkyaubale9713]

Juan Targaryen as you, I am too an non English speaker. But it’s easy for me to understand mr buffet. You just get hang of things overtime

[@Guy_LastName]

horrible returns the first day, and now trading below the opening price.

[@patbateman2088]

He's so great

[@AthenaSaints]

How about GoPro IPO? I wouldn’t mind buy Ferrari IPO though.

[@dylan319]

Your so right this is like gopro lol in 2015 trading at $93 now you can buy shares for 6.49 😂

[@Theone99123]

Ferrari is public

[@tdan89]

Today lyft is -10% on second day of tradeing!

[@MrJESUSISGREATEST]

The greatest man in modern history.

[@vikramdileepan2707]

Tell that to Netflix and amazon

[@OverTheMountain69]

I have done very well with both Netflix and Amazon. But I did not buy either of them on opening day. In fact I did not buy either for years after the IPO. I still made tons of money.

[@angelog2592]

I feel like you should buy but sell quick too don’t hold that

[@Kennan_Davis]

So in other words you advise just be another speculator hoping to time the market? Yea that makes sense. Don't get involved in the first place.

[@ChannelNews1]

Uber VS Lyft Which Is The Better IPO? I would like to know what you think.

[@Nishith8]

Uber.....

[@ChannelNews1]

@@Nishith8 Why?

[@Nishith8]

@@ChannelNews1 because uber is more than just cab over app business

[@ChannelNews1]

@@Nishith8 Do you think they can get their fiscal house in order or would debt matter to the stock valuation.

[@livefreeordie7598]

God! I love this man

[@Ghoppa32]

BRK-A aka Berkshire Hathaway $301,000 a share !!!!!!!

[@mustafabaris9681]

20 plus billion market cap on a taxi company that makes zero profits ? ? Are you freakin’ kidding me ? Can’t wait to short the shit out of LYFT ...

[@MoneyR8]

I think that Buffett sometimes gets too much credit for some of the things he says. In this interview for example, he is just sharing the investment philosophy of Graham.

[@greigsanderson9673]

I'll listen to Warren rather than you. Lol

[@alanle249]

He’s rich so everything he says sounds right

[@pedrom7999]

He references to Graham countless times.

[@borisquince6302]

Exactly. No need to reinvent the wheel. He is smart because he uses it well, not created it in the first place. I too would listen to him and not you.

[@wittenberg5]

@@greigsanderson9673 Argument from authority is a logical fallacy

[@Magic-ys9rd]

All Lyft is good for is a hedge

[@209tapia]

WB missed out on Amazon and google/alphabet but he also missed out on numerous busts while continuing to make sound investments and profits year after year. I think he ok with that lol

[@jasonmuller7074]

Free ride?? Wow. Part of me is surprised that the greatest trader of all time didn't even have a margin account. And then again, in another way it makes perfect sense. 🤔

[@langa1533]

He never tires of preaching.... the question is, are his words falling on good ground?

[@hybby]

In the legend of the sower, it says that some seed will fall on good ground. But some seed will fall on bad ground. Some seed will be eaten by the birds. But the sower can only keep sowing

[@soubhick554]

@@hybby Amen to that !

[@Defy_Convention]

It's Probably Overpriced

[@AB-fz6el]

That's old money😂

[@levongalstyan5971]

He also thinks Kraft has “some very valuable brands” 🤯🤯

[@PeterXian]

Levon Galstyan he owned Heinz, just didn’t sell after kraft merger. Also wrong bet on ketchup branding as well

[@askformoreinfowhichyouwont7510]

:> everybody knows what hes going to say we just tune in for the drama (cough trashtalk) :>>

[@Bmayo27]

2:16 min mark. Anyone care to enlighten me, as to how he is doing that mental calculation in his head?

[@aj2291]

Has he ever taken a Lyft? Warren Buffet is smart. But people are used to Lyft and Uber, their only contender is Waymo.

[@alanboss386]

Right the only time my ass... The fact that he never buys in IPO shows how much insider info

[@Chris-qf8wr]

or maybe a really good analyst

[@danabram]

Value investing doesn't work with tech. Google, Facebook, Amazon, Netflix, all incredibly valuable regardless of IPO price

[@OverTheMountain69]

Sometimes it does. But of course many companies in tech, biotech, energy, etc can be great performers for various periods of time despite often having little or no earnings and otherwise looking not so great on paper. FB, Apple, and Google are actually quite cheap and have been so for years. All of those tech companies are far more valuable now than they were when they IPO'd. The Facebook IPO in particular was a disaster, and the stock dropped like a rock for many months. But it eventually turned around and became a great investment. If one waits 6-9 months after a highly hyped stock IPOs to buy, their chances of success with the stock in the following months and even years tend to be far better - particularly if there is a lockup period at 6-9 months where insiders will sell their shares. Of course many IPOs these days don't have lockups, or else insiders seem to get exemptions from the lockup for one reason or another in many cases. The media also tends to mislead novice investors when it comes to IPOs - they hype an IPO such as Lyft to the moon of course, then they wrongly label it a "success" when it "prices" at $72, opens at $87, and closes at $78 on opening day - and continues to drop pretty much every day after, and is now below $60 2 weeks later. The IPO was only a success for the insiders who were able to get shares at $72 before the stock ever became available to the public, and who then sold their shares on opening day. The danger with any tech company that one must be aware of is that any of them may one day become obsolete. One only has to look back to the boom/bust of the mid 90's - early 2000's - many companies with insane valuations went through the roof for many years (putting many shorts in the poor house on the way up), then many of those same companies died rapidly when the bubble popped.

[@thedataguy2836]

Business exists to make a profit. I wouldn't go near one which didn't.

Buffet also sometimes makes mistakes, but the percentage of his mistakes out of all his decisions is probably small enough. Otherwise, he wouldn't be such rich in the investing world. Furthermore, he acknowledge his mistakes. Only time will show whether this time was a mistake. What's more, if you make a research how investment bank deals are done, including the fact how prices are set up based on valuations you probably do the same decision as Buffet -- do not buy any IPO, in particular hot, at any time.

[@OverTheMountain69]

Even if Lyft turns around and goes up and up and up in the months and years to come, Buffett's decision not to buy it won't really be a "mistake" - he still has whatever money he would have spent on Lyft shares (had he bought them), and he can use that money to buy something else that better fits into his own investment philosophy. If you pass on a risky, highly volatile investment and buy something less risky, was it really a "mistake" if the less risky investment also gives you above average returns (with less risk and volatility than Lyft will likely subject your portfolio to)? The high flyers can be great during good times. But they tend to be the worst during bad times. I tend to buy the riskier high flyers in much smaller allocations than I do the more stable and proven companies that appeal to me.

[@papichefitup]

Lyft is a shakey company

[@norbertchong3920]

LYFT should have done an STO (Security Token Offering), not an IPO. STO's are going to take over fro IPO's and are a lot better, mostly because it's far cheaper for these companies as STO's cut out many middle men.

[@Snowy123]

Never fomo

[@danis1749]

It has always turned out that Buffett is correct.

[@kronoskartoonz5979]

What about when he didnt buy amazon/google?

[@OverTheMountain69]

He's not always right, but is so most of the time. And like any good investor, his risk management strategy (proper diversification, etc) assures that when he is wrong, he's not going to lose very much of his nestegg.

[@OverTheMountain69]

@@kronoskartoonz5979 He would have only been incorrect about those companies if he had been short those stocks for very long and lost money. The fact that he chose not to buy a stock doesn't mean he made a mistake - there are at least 10k publicly traded companies trading at any given time, and one cannot possibly buy every good one... nor can one always buy and sell all good stocks at just the right times. Buffett is right in his personal investment philosophy to only invest in things he understands or that make sense to him, even if that means passing up certain things that turn out to be winners. For every million or billion he didn't spend on amazon or google, that was another million or billion he could allocate to other ideas that he had a better understanding of, that appeared less risky to him, and that fit his personal criteria. No one is ever right 100% of the time - most of the best traders and investors are lucky to be right 50-60% of the time. And it's easy to say that this stock or that stock wasn't a risky investment early on many years after it IPO'd and became successful.

[@BurriedTruth]

Warren buffet is a legend, thats why what applies to him does not necessarily apply to the average retail stock investor. To him buying an IPO of 25Billion is not worth it, because he can actually afford to. But us who can barely but 100 shares at say 30 USD a pop is different.

[@paulcheng88]

These companies Uber and lyft are using their profits as bonus to drivers, and try to build up a consumer habit!

[@incipidsigninsetup]

He thinks crypto is a scam and anyone who's been paying attention clearly knows that's completely incorrect.

[@OverTheMountain69]

Maybe not a scam in the case of the legit crypto currencies, but extremely volatile and not something to put anywhere near all of one's $ into.

[@T3hTroll]

Buffet buys for HIMSELF.. not for moral purposes.. I would have purchased it, if i were smart and in his position. Uber has a terrible track record, and Lyftt has a great long standing one..

[@OverTheMountain69]

It opened at $87 and is now trading below $60 2 weeks after it opened.

[@MrEndzo]

The company is not making money and will never make money. Pretty easy to do the math.

[@Nishith8]

They will make money when the era of self driving cars finally arrives

[@chrisli3295]

"a couple you could have bought in IPO", why don't you mention the rest tens and thousands of IPO horror stories?

[@EwWhoIsTHAT]

ikr? Hindsight is 20/20. I agree with WB's philosophy if you can't understand the business why would you invest money in it. High tech esp. during the dot com era wasn't his area of expertise, if you dial the clock back and seriously understand what it means to not have access to hindsight information it's not unreasonable at all to not invest in Google or Facebook when there were still so many competing search engines or social networks out there and dot com bubbling stories.

[@chrisli3295]

@@EwWhoIsTHAT index fund all the way

[@joestrandelldoteth]

Growth trumps profitability

[@OverTheMountain69]

For a while, anyway.

[@Friendznco]

Until the bottom falls out, you can't just lose money quarter on quarter and expect investors to stick around. The case is different for a company like Amazon where growth is actually visible in product offerings, service level etc. For a company like Lyft? No chance, last year they lost 911m on 2.1b revenue and are now valued at 12x their revenue, if you haven't noticed this is what we call a bubble.

[@whyamiwastingmytimeonthis]

@@Friendznco "b-b-BuT tHiS TiMe iT's DiFfErEnT!"

[@ruichengzhang1013]

Top 10 tech IPO pindoudou =>pinduoduo

[@yossxxTraore]

Buffet is sooooo funny 🤣

[@alib4184]

Beeeeeconnneeect !!!!

[@guvya]

Did Buffett just reveal his secret? He implied that he buys business when the Price to Earnings ratio is 8-10

[@OverTheMountain69]

@Umar Virk Agreed. I've owned thousands of stocks over the last couple of decades. Some of the best performers had very poor financial fundamentals (little or no earnings, negative margins and cash flow, etc). And some stocks that had incredible financial fundamentals (low PE/PS/PB; high and highly accelerated earnings, margins, and sales; high cash flow and ROE, etc) performed rather poorly. Buffett has a knack that few people possess for mostly picking longterm winners - and big winners at that.

[@OverTheMountain69]

@Umar Virk I've been investing since '95, and there is no such thing as "always". I can assure you that there are some companies that do great on paper whose stocks perform poorly - they may have a PE of 6, great earnings and sales, etc but their stocks never really move - not for quarters, not for years. If a company has one or more good quarters or years and the stock doesn't react, why hold it forever? If a company with solid fundamentals is being accumulated by one or more big institutions, or is reported to be exploring "strategic alternatives" (putting itself on the auction block to possibly be sold), and it doesn't seem to affect the stock at all, why hold on? About the only reason I could see for holding such a low-beta dud would be if it was paying a large dividend. Such a dud can be good for the selling of puts or covered calls (if one owns it), of course. I am very familiar with both Graham and Buffett, and although I have learned much from them and greatly admire them, my own personal investment philosophy is a bit more aggressive, more diversified, and shorter term. I hold most positions at least a few months, hold many for a year or longer, but don't feel obligated to necessarily hold anything "forever". Some of my biggest percentage gains have come from the stocks of micro/small/ mid cap biotech, tech, energy, etc. But of course those companies are far riskier and much more volatile than say Walmart. So in my portfolio, the bigger, less risky big earners like Walmart and others are owned in much larger allocations. The very small, risky companies that may occasionally go up triple or even quadruple percent in very short time periods (sometimes even literally overnight) - but that can also potentially lose great chunks of their value - are bought much more carefully, in much smaller allocations, and in large numbers in one section of my portfolio.

[@guvya]

@@OverTheMountain69 I've also experienced a lot of what you said in your comment. Gains and losses often came unexpectedly. I've done relatively well with value investing but it's far from being the sure strategy. Not happy with my returns I've recently thought about barbell strategy. Have you read the books by Nassim Taleb who believes this is the right strategy for investing in the equity markets?

[@OverTheMountain69]

@Umar Virk I mainly invest on fundamentals. I do some momentum investing (mainly event-driven), and quite a bit of contrarian investing where I will buy on a dip. Buffett is probably the greatest investor of all time, certainly one of the greatest. He's right most of the time, but even his methods do occasionally lead to a mistake here and there - Heinz Kraft and IBM come to mind. I tend to own a large number of stocks at any given time, but there are often times when I will have a larger than average amount of money in a small number of stocks due to current or anticipated events. Just a few examples, NOT to be taken as investment advice... Today I bought into BPTH very lightly - will probably build up a decent sized position if it continues to drop - it was over $70 a share briefly recently after good news on one of it's cancer drugs. I also sold VYGR at just under $22 after buying it 4 months ago for less than $11, netting approx 100%. I also recently sold PTGX at just under $14 after buying it at about the same time for less than $7. I've been building up a fair sized position in CZR in the last couple of weeks in the $8-ish range. Icahn owns over 15% and is pushing for a buyout. I would expect it to probably fetch a price well into the teens. I've also been building up a position in VKTX in the last few months that is starting to pay off. I got back into an old favorite CLVS at ~ $12 on Oct 31 when it sold off hard. I took some profits off the table a few weeks later at ~ $22. I bought more on several occasions in the $18-19 range over the next couple of weeks, then sold most of my position at $29 in late Feb. I bought more in the last few days in the ~ $24 range. I think this will eventually once again be a $100 stock in a year or two if they don't get bought out first. I bought a bunch of Walmart in late '15 when it took a dive, and I gradually scaled down my position in it over the next couple of years as it approached a new all time high. I've owned some Apple and Google for many years, but I don't have nearly as much of either as I had a few years ago. I was a big energy investor 5 years ago, but I no longer hold very much in that sector - it really changed once the Saudis started flooding the oil market in mid-late '14. I dabbled off in on in AMZN for a number of years, but have made it one of my main holdings in recent years as it became more stable. I also did well with Netflix for quite a while after Icahn got in, but I eventually sold it when it got so high that it no longer made any sense to me. Bank of America, Dow Chem, Westlake Chem, and AMD are a few other big companies that come to mind that I made big gains on after buying a big dip in recent years that I eventually scaled out of. I also like some in the robotics and artificial intel industries. Just a few examples, not to be taken as specific investment advice...

[@OverTheMountain69]

@@guvya I've heard of him but haven't read his books. I'll have to check them out... It seems as though a "barbell" strategy of balancing risky assets with more stable assets can be very effective to manage risk while building wealth. I do tend to buy the riskier assets in much smaller amounts - I'd rather own a few hundred dollars each of a couple dozen or more small caps than have all of those thousands of dollars or more in one single small cap. But when I see a buying opportunity for a larger, more stable and proven company, I'll typically buy it in lots of thousands of dollars or more at a time.

[@ASADHARARIVID1]

He should've bought bitcoin at $500

[@OverTheMountain69]

And sold it at $20k. And I should have been able to guess the winning numbers on the lottery when it was $1.6 billion a while back.

[@Metacognition88]

Warren buffet is the bees knees

[@bikkiranjitkar2723]

Wow kung fu hustle's frog villain's son ruined the show

[@oscaragudelo5796]

Uber is better than lyft 🤪

[@ronmosely8355]

He says this now after people have waited years for Uber, Lyft and AirBnB, to go public??? he got billions, he is scared of us making a few thousand???

[@OverTheMountain69]

If you managed to make money going long this stock since it IPO'd in the last 2 weeks, please share here how you did this.

[@zenandezenande3941]

It's 2019 not 19 what what...I think he's outdated 📉#im waiting on your attacks on this one💪

[@hybby]

Pretty sure his track record speaks for itself.

[@icecreamnoel7233]

They can make profit if the ceos and office employees give up some of their salaries

[@lopsrobby5780]

Lyft went public because it's a developing business that needs capital. Supply and demand. If investors demand the shares, it will drive up the price. Question is for how long? Capital is the key ingredient in determining stock prices.