IN THIS EPISODE, YOU’LL LEARN:

• How to estimate the intrinsic value of Bank of America.
• How to understand bank valuations based on tangible book value.
• How to read the yield curve and what it means for profitability for banks.
• How to understand the competitive situation between Wells Fargo, JP Morgan, and Bank of America.
• Ask The Investors: Why should I buy psychical gold over paper gold?

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

Preston Pysh  00:02

On today’s show we’re going to be doing a deep dive intrinsic value assessment on an individual stock pick, and the company today is Bank of America. To help us with today’s assessment, we have Mr. Bill Nygren and Mike Nicolas. Bill is the CIO at Oakmark Funds, which has over $76 billion under management. So get ready to hear some in-depth discussions about the intrinsic value of the Bank of America.

Intro  00:30

You are listening to The Investor’s Podcast, where we study the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected.

Stig Brodersen  00:50

My name is Stig Brodersen, and as always, I’m here with my co-host, Preston Pysh. On the show, we have Bill Nygren and Mike Nicolas. How are you guys today?

Bill Nygren  01:00

We’re hanging in there, Stig. I can’t really say we’re good. The market’s down 10% today after a couple of bad weeks, but we’re doing okay.

Stig Brodersen  01:09

These are definitely special times as Bill said there. The market is down 10%. Yes, you heard it right, 10%. We’re recording here on March 16. Guys, I’m sure someone like you managing a lot of money, your inbox must be full these days. What are the typical questions you’ve been getting? And what do you tell your clients?

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BOOKS AND RESOURCES

• Oakmark Fund’s website.
• Oakmark Fund’s market commentaries.
• Preston and Stig’s interview with Bill Nygren.
• Preston and Stig’s interview with Sean Stannard-Stockton on First Republic Bank.

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