I don’t believe in Warren Buffett

Valuation is overrated, and most other rules of investing are ‘total baloney’Photo by AbsolutVision on UnsplashI was reading Warren Buffett’s favorite book, “The Intelligent Investor,” one beautiful fall day, and I was intrigued with value investing. Many people believed in value investing, made popular by Warren Buffett since he had a successful career doing so. Despite his entire life, many people have said value investing has become obsolete, I personally think it has evolved. To me, value and growth should mean the same thing, and this is the misconception that people have to think that they are different.However, I was talking to my friend who was working for Fidelity as an equity researcher intern, and we were discussing the mutual funds that I hold and my idol investor, Ray Dalio. I told him I am interested in the growth of alternative tech stocks, but he disagreed. He thought my ideas are dumb (this was 2019) and that tech stocks valuations are overpriced and unjustified with the insane multiples. He also thought Elon Musk (as he called Felon Musk) was going to jail because of the “stupid ideas.” He, similar to many male finance bros, has a massive ego that is more unjustified than these tech stocks. From this, he did share with me Mark Schmel because it was similar to what I was interested in.Now (Dec 2020), Mark Schmel’s portfolio performance went up over 100%, and this friend of mine is working at a Boston investment firm covering… tech stocks. And now he says he loves it, and he likes it even more as he is learning about it. The moral of the story is: “Don’t trust the analysts, especially the loud talkers.”So, moving on to the meaty part, which is why I like Mark Schmel and his philosophy.Here is…