100 Baggers: Stocks that Return 100-to-1 and How to Find Them

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Tilman Versch: [inaudible 00:03:35] you’re to grab a book that’s some good investing book for you, if you have good investing books there and a book that’s a good non-investing book you can recommend and after that, I will post a disclaimer so everybody can see the disclaimer and you can-

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Tilman Versch: I have also a question from Steven Hossan in before. What do you feel is not emphasized enough in investing? To find 100 baggers, we must move beyond the large-cap companies such as utilities or more mature companies such as McDonald’s, Walmart, or IBM. Now, there’ll be a lot written about that as we get closer to the election, people will come up with their Biden portfolio and their Trump portfolio, but I don’t really think of it that way unless there was something that would be like an obvious target. I’m trying to think of an example where you might be particularly scared. If a politician had it out for a particular industry and you might be a little more cautious. I don’t know for sure, but depending on how the US election goes, you’re still probably going to have a divided government and it’s not so easy for one person to just do what they want. Chris Mayer: That’s an interesting question. I’ve thought about it a little myself, but I don’t think if you’re really going to be a long-term investor that you should necessarily worry too much about the outcome, who’s going to be president because even if Biden is president and you have an investment, hopefully, if you’re right, it’ll be one that you own past his presidency. I wouldn’t let those influence you too much. As for our investments in this space, we’ll certainly keep an eye out if any signs of an imminent move occur. With that said, I don’t think that China would cause any major disruptions in the event of a takeover or assertion of administrative control.There are many examples of 100 baggers where you had a strong insider presence. Not all of course with lots of exceptions, but it’s also kind of a matter of taste. A better way is to find high-growth revenues at cheaper multiples. Differently, don’t pay up for high revenue growth because it will detract from achieving 100-bagger status in the long run. Instead, try not to pay too much so we can enjoy the twin engines of growth. Just wanted your opinion on metaverse real estate. I heard that it will be more like a coordinate that takes you to a certain spot. It won’t be like walking around on the street looking at shops and buildings. Is there any truth to that? Note that I could also have included an EPS growth rate over the last 10 years, but in that case, we would probably have already missed out on some of the growth. Taiwan is a fantastic place, and I always enjoyed my time there. It has an innovative business culture, a good work ethic, and it has a beautiful culture with very close ties to Japan.

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Mayer uses the analogy of investing and fish. If you drop a hook with bait and the bait moves, the fish will bite. But if the bait doesn’t move, the fish ignores it and moves on. For example, the 100-bagger Monster Beverage lost 20% on several occasions and once lost 40%. But only by holding on were investors able to achieve a 100-bagger return, considering Monster achieved a 100-times return in only ten years! Tilman Versch: Thanks for this answer. I also want to welcome all our new viewers. If you like what we are talking about here, please leave a like so that the video can be seen by many people. I want to say hello to Dennis Hong who is also soon on the live stream. Chris Mayer: What’s my long-term vision? Well, my long-term vision would be that… Really, I don’t need any additional capital. Capital I have, I just compound that at a good rate over a very long period of time. Owning a concentrated portfolio that does not turn over much. That would be ideal. That would be what I would hope to achieve. What was the second question? Tilman Versch: After buying and hopefully having a 100-bagger, the process of selling comes in. How do you go about selling and what’s your approach to it?Right now, metaverse real estate is in its earliest stages of growth. Yet ultimately, it will change how we shop, communicate, work, and entertain ourselves.

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Just like in the real world, the most valuable digital real estate will be located near areas of interesting economic, cultural, or social activity. And users also benefit from the appreciating value of their in-game assets. The GST crypto and NFTs will increase in value as more people get involved. Tilman Versch: Markets can be somehow brutal, so you have sometimes phases where things just go nowhere and then explode. When you feel confident about the company, how do you keep to that company even if there is nothing happening? Chris Mayer: Oh, software as a service. I think those things can be great businesses. I don’t own anything in that sector right now, so I don’t know that my opinion is worth much there. Obviously, it’s a great business. It’s just always a matter for me of what’s the evaluation or how much can you pay. Advice for younger investorsMetaverse land is ripe for development, and it is already becoming incredibly valuable. These worlds will have a variety of business ventures, shops, properties, and entertainment venues. I think the best edges are more built around soft skills, more around behavioral things. Being patient. There might be the real last edge because there’s so much trading and algorithms and all these things. You’re not going to compete with those on a short-term basis. This is true for individual investors too. Your best edge may be your ability to look out more than the next couple of years and plant your flag that way. I think, one edge of mine is around the behavioral things. I think I’m very good at holding positions, and being patient. I think there are some basic things that I really focus on that I think maybe other investors don’t pay as much attention to. And to answer your question more specifically… No. Whether it is a small metaverse we can “walk” around or one where we teleport from town to town or coordinate to coordinate, it won’t change the investment strategy. In fact, TSM’s chips are in our smartphones, watches, laptops, game consoles, and much more. Without them, these products simply couldn’t be manufactured.

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Chris Mayer: I want to make it big or I just want to either or that or get it off or get it out. That’s just the way or how I think about it. Chris Mayer: My edge. The edge is always an interesting question. I think a lot of people talk about the edge and they don’t really have an edge. It’s difficult to really have an edge analytically I think because we’re all doing the same stuff. We’re looking at the same numbers. I guess, perhaps, there are firms out there that have an analytical edge where they’re going well, well beyond normal due diligence. I think that’s a hard way to build an edge. You get both perspectives. You get the company showing off its yards and then you get the customer perspective, actually using it. In that case, it was remarkable. I was able to do quite a bit, even more than I would have because I don’t know that I would’ve necessarily found that before. I was able to do quite a bit just using the computer and online YouTube. It really depends. Future 100-baggersIt’s important to leave time, not only to read those books, as I mentioned at night but also to just spend time with primary documents, just spending time reading annual reports or going through investor presentations and transcripts. Those are things that you usually get a good bang for your time there. It really requires you to manage your time well, and not allow distractions to take over.