Modern-Day Asset Management Business w/ Anthony Deden
In his first-ever interview, Tony Deden, chairman of Edelweiss Holdings talks with Grant Williams of Real Vision.
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Anthony’s focus on scarcity and endurance in his investment portfolio and the stewardship of what he thinks of as irreplaceable capital has led him to reinvent the discipline of value investing. Tony’s thoughtful, patient approach to the allocation of his investors’ capital has yielded exceptional returns - and his disciplined investment philosophy offers an eye-opening insight into many of the problems inherent in the modern-day asset management business.
Filmed January 18th-20th, 2018 in Grindelwald, Switzerland.
TIMESTAMPS:
00:02:39 Introduction
00:15:21 Strategy & Perspective
00:26:32 Investment Framework
00:34:33 Captaining the Ship
00:42:49 Participation vs. Investing
00:58:49 Scarcity & Permanence
01:08:31 First Part Ending
01:09:28 Second Part Introduction
01:20:53 Time Preference
01:33:36 Asset Permanence
01:47:55 Idea to Investment
02:02:20 Finding the Idea
02:13:51 Investing Outside the Financial World
02:24:09 Wrapping It Up
#assetmanagement #investing #portfoliomanagement
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TIMESTAMPS: 00:02:39 Introduction 00:15:21 Strategy & Perspective 00:26:32 Investment Framework 00:34:33 Captaining the Ship 00:42:49 Participation vs. Investing 00:58:49 Scarcity & Permanence 01:08:31 First Part Ending 01:09:28 Second Part Introduction 01:20:53 Time Preference 01:33:36 Asset Permanence 01:47:55 Idea to Investment 02:02:20 Finding the Idea 02:13:51 Investing Outside the Financial World 02:24:09 Wrapping It Up 👉 Do you want even more content like this? And to see this video before we release it here? Become a member of Real Vision -- get started here: rvtv.io/membership
I come back to listen to this interview approximately every six months. Each time another gem.
I come back to it nightly. It puts me to sleep
HA! Third time I've watched this and it gets better every time. I thought I was all alone.
Why couldn't you understand it the first time?
Mohit Goyal maybe I’m a slow learner....or, I like to reflect
Any similar Folks out there to seek their knowledge as a lessons in true investment??
Listening to this in December of 2021, on the cusp of 2022, a new year and this is one of the most impactful interviews I've ever listened to. Timeless lessons and powerful insights from Tony Deden with Grant Williams as a fantastic interviewer as always. Thank you Grant & Tony.
Not discussed here is vaccination but what if…
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"Simplicity is, indeed, the ultimate sophistication..." Best 2 hours spent watching a youtube video, ever.
And you are super smart
I'm watching for the 2nd time, too many gems.
"It's simple, but it isn't easy." - straight up gold
"Simple but not easy". Title of a book by Richard Oldfield
@@chiawildy563 Great. F+ 🥴
Tony is the top of the mountain regarding honor and character. He is a rare individual. Such an amazing interview, Grant.
Honor and character...The two most important qualities in life.
The intelect of your guest, your amazing interviewing skills, the beautiful location, the way it was filmed by the cameraman, the quality of sound, the amazing philosophies discussed, I am mind blown and I thank you you gave us THIS gem! Most people watch Netflix nowadays as a soothing mechanism while everything around us is crumbling. I wish more people would wake up...
Investing in real values, the company, the owner, the employees the product or service, creating value for society through their work, supporting that with long-term finicial support and security, that how it should be done if you in the position to do so. much bigger impact on society than generating money without creating any real world value for people. And that was really one of the best things I watched on KZhead, in a long time. Not because I'm deeply interested in investing, but the composition of the interview, the mood and wisdom, really inspiring. But it was hard after only few Minutes realising, that he's sadly not one of the popular figures in the investment busines, my hopes for the market and people, as expected shattered to pieces. I have come to some sort of financial independence, that should be the path to follow, the path of value . Greetings from Berlin
Has to be one of the best interviews i have listened to...no great detail on individual specific investment opportunities(as one would expect), but the clarity of the thought processes is simply astounding. Great job by Grant letting this guy talk..... i could listen to him all day long. Absolutely riveting.
Endurance is the most important thing, in life the high points an the low points are what make you truly successful in this temporary process
what are the other 2?
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28:04 “When the rules change, the basic framework with which you make a decision needs to change.” Great lesson for this day and age.
I think I've watched this whole thing 6-7 times now. Such a blessing to be able to get inside the mind of someone who approaches things so differently.
And what did you learn?
@@deepbluebreath Seems like something new every time I watch it!
Yes, I watched 3 times now.
I've watched this interview, in aggregate, probably about 5 times since I started investing in 2021 and every single time I watch this I get something new from it.
I'm on number 2, with notes. As most have said, likely will not be my last. Such a privilege.
If there were more investment fund managers like this and less Jamie Dimons then the world would be a much more pleasant and fairer place. Fascinating interview, truly unique and humbling man.
Absolutely well said and this is what I was thinking also...
Great interview Grant. Letting Anthony open up and explain his ideals and philosophy was a delight. I wish there were more voices like Anthony’s.
You won't make much money if there were more voices like him, and more listeners like you. ;)
This interview is a rare treasure. I could listen to him for days.
His great gift was not his ideas but his ideals. Every man can be that change.
Dr. Salman Khan a tree that falls makes more noise than a forest that grows. We humans beings specially intellectuals like you who put “Dr” next to their name on YT are like those trees that fall and make a noise!
I love his calm voice.
This is the calm in your voice when you’re sitting on 100 million dollars. I wonder if he owns bitcoin today?
Hats off to you Grant, for creating a financial interview that's emotionally moving. It's so refreshing to know that out there somewhere, there are people like Mr. Deden. I could lose every dime invested with this man, and not be upset with him in the least, knowing that he would be upset with himself far more than I could ever muster. I will watch this again and again. Thank you.
This is one of my all time favorite interviews.
Hes Sound. In the way that one is when he moves between two worlds...the nominal and the real.
He obviously studied the Austrian school of economics.
Same. I make it a point to revisit his interview often. Its so refreshing in a world with too much noise.
Certainly one of the best videos I have see on investing, WIll treasure and review this video over and over again.
I want to sincerely thank Anthony Deden for sharing his story and insights. I'm a firm believer that investing is and should be a reflection of a person and his kindness, humbleness and wisdom is beautiful to watch and be inspired by. Thanks again so much!
I am 15 minutes in and it is the interview of the month on KZhead in my eyes.
Clear, like a calm, kind, decent sober Zen master.
His bit about risk tolerance of clients being wrong was right on the money.
The best financial interview that is so honest and humble and clear. Thank you so much for insisting on interviewing Anthony Deden and thank you Grant Williams for being such a good interviewer and asking such great questions. A huge fan of this interview from Singapore, great great work
The best 2 and a half hours I spent this week, the wisdom of this man is incredible!
Totally agreed!
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Love this Interview. Love his moral character. Mr. Deden, the world needs more people like you!
This is by far the best interview on asset management I have ever seen. Very inspirational and eye-opening for me to defend the origin and soul of this business against the information driven and shortsighted mentality of today.
excellence! this was part of my teenage sons homeschool today. thank you so much.
What a remarkable man! What a remarkable interview ! I have watched hundreds of hours of investment videos during this lockdown and there is more wisdom and insight in just 5 mins from Tony than all of that put together. This video is longer than a feature film but more engaging. Some of his anecdotes of business owners made me cry, for what has been lost in a world full of Gordon Ghekos. Thanks so much for this RV diamond!
Tony realizes and states here that the news is indeed “fake news”. Wise man.
Your pompousness is blazing. As if every retail investor is not of the same opinion. All the things he spoke on and to pick some nothing burger like media outlets...
"Its like going to a buffet where everything is poison, but you need to eat."
I'm not an investor, in all likelihood I won't be, but I very much appreciate the character displayed here as this philosophy of approach can be applied to anyone's life. As a business owner, I found this inspiring.
One of the best interviews on KZhead about asset management - thank you
Oh my goodness, this man truly understands real capitalism. A capitalism that seems to be rare these days.. As he described the difference between a business owner and shareholders I about came to tears. Having been a business owner with shareholders he clearly understands the difference between them. A business owner did not go to The Wharton School to learn business ethics as he or she already knew them. A defining difference between business owners and shareholders it seems these days. Thank you for this uplifting interview. D. Young
His ability to synthesise complex ideas and succinctly articulate concepts is quite impressive. He has incredible clarity of thought. Listening to him speak is like reading a good book-well constructed ideas, with clear framework and careful choice of words. Amazing.
A profound individual in these times of corrupt financial system! Tony you are an exceptional man! Thank-you for sharing some of your knowledge with the viewers of this interview, sir! Your integrity , is from a generation lost! Thank-you to Grant , fantastic interview!
Every day that passes and every time I listen to this conversation I have new epiphanies and realize how much foreshadowing is done here.
This is a truly fascinating, dignified, heartwarming and refreshing interview - an earnest journey to filter out the noise around investing.
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Perhaps the finest 'life lesson' interview I've ever witnessed. Thank you RV.
"Its simple, but not easy". Very good reminder. Few are humble enough to share the real hard learnt lessons.
I seem to be lead back to this interview every few months, and I can never seem to switch channels until the end. Each time another element resonates, and on this occasion it was the borrowing of another's credit card, appearing to be wealthy and successful, which you would be if you didn't have to pay it back. This is reality today, our children and grand children will be paying the price for the financial mismanagement over the last 50 years.
This was without a doubt the most impactful interview I have ever seen... while exposing my ignorance about the financial markets and press, and their motives, his philosophy cuts right through. If each investor listened to what he was saying, the financial companies would fold. People would listen to themselves, learn more, and sleep better.
Goodness me! This is a deeply inspirational & educational discussion. I must echo Grant's sentiment. For bringing this content to youtube Grant "i can't thank you enough". Mr Deden although your peers may laugh at you, "i can't thank you enough". This sort of content is a rare find.
I am not an invester. But I have owned a small business. Anthony is a great man. I love his mind and his voice.
Having multiple income sources is very crucial to financial growth.
I realized the benefits of investing during this pandemic. My source of income had previously been my job. But I lost my job when the pandemic started and I had to live with the little I had in my savings which really affected my plans. 
This is exactly what I'm talking about. For the past four years, my income has never been dependent on any firm or work place, because I chose to invest and the more money I get the more I seek for new investment opportunities.
@@piperjames6750
I came across this name Rex Coleman, when I was really looking to start up some investments. But I wasn't given much information about him.
Have watched this twice now,pure quality,what a coup to get Toney on camera let alone to wax lyrical on the World as he sees it.I am not a financial genius by any means but everything this man said made perfect sense.Well done RV and thank you Grant for all your efforts in educating those like myself who have to trust others for financial advice. peace
What a great mood was set by the scenery. I want tea and a fireplace and just watch the snow.
This has changed my perspective on Investment. I has changed my view on how I look at companies. Wow. I even wrote an email to Tony😋
"It's easier to make money than to keep it."
And guess what - it is even easier to digitally print it than to earn it! :D
@@the_real_economics kmkkmmmmmkmmmmkmmmmmmmkmmkmkmmkmmmkmomm9mkmmkkmkmkmkkkkkmkkkmkkmkmmmmmkmmmkmmmkmmmkmkmmkmmkmkmkmmmkokommkkķmmkkmmmkmkmmkmommmmmkmkkmmmmmkmmmmkmmmmmmmkmmkmkmmkmmmkmomm9mkmmkkmkmkmkkkkkmkkkmkkmkmmmmmkmmmkmmmkmmmkmkmmkmmkmkmkmmmkokommkkķmmkkmm is morning morning friends of m0m
@@DeepakKumar-ox3ud + Economics; Yeah, that is about right on the 'digitally printed' BTC etc. All these punters might as well go to the race track; but then they would have to leave their screens! And do some analysis work, horses,jockeys, trainers etc.
@@DeepakKumar-ox3ud it's time to short squeeze this commemt
Recently discovered RealVision. This is one of the best interviews I have ever seen. Tony for his insights and vision. Grant for asking the right questions and letting Tony elaborate at will. Watched interview in one go and then looked up Edelweiss Holdings online to see how I might participate. Tony is indeed water in the desert.
One of the finest interviews I've ever seen. Remarkable wisdom from this man.
One the best things I have seen this year. Downloaded the transcript and plan to read it again and again.
to get the transcript, please follow this link :- ccm.net/faq/40644-how-to-get-the-transcript-of-a-youtube-video
Hi Prof.Bakshi, can u please share the transcript with me It would be really helpful Thanks
I tried it in the way given in the link. But couldn't see the option transcript for this Video.
Sanjay Bakshi Sir unable to get transcript .So please provide it to us.
Below the video where we see like and dislike button...click on three dots and click open transcript. Select all text using mouse scroll (right click won't work), copy and paste to word, txt etc.
How do you go about finding a man like this, by listening to several hundred podcast like myself until you find them. And it was worth it.
I like this, great knowledge requires you to seek it hard.
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Wow, beautifully done! An enormous thank you to Grant, Tony and the rest of the Real Vision Finance team. I am truly grateful to have had the opportunity to watch this and more importantly learn from this. No doubt, I'll be watching this again and again and again. 👏🏽👏🏽👏🏽 🙏🏽
I’ve watched this 2-3 times now, guy seems like absolute legend. Really appreciate the interview and much different perspective on investing and wealth preservation
Wow! So convincing. Saw it in one go due to the quality of its content. Scarcity (rare), permanence (long runway) & independence (price control) . Hope this sticks to the mind...And Switzerland is on my "must travel list" now.
"Liquidity allows us to avoid doing due diligence" "Tools needed to earn wealth are different from tools needed to preserve wealth"
Hint: You might better associate Deden's firm with Bermuda.
as long as the west has men like this guy it will not be in decay. in the end, thinking will prevail.
The west...where was he born and where does he live?
Unfortunately this kind of *thinking* is more rare in this world of feelz than it was when you posted your comment 😕
Theo Europe is the West. 🤦🏻♂️
@@blythemajors9193 Not Russia
Central planning beaurocrats have the power to punish thinking men with terror, imprisonment and execution for non compliance. World communism deployed as the NWO and it's published AGENDA 21-30 will cause the extinction of thinking Austrian economically based philosophy.
Truly an amazing man with an extremely beautiful humble personality and integrity The morals he possesses are extremely hard to find in this modern fast paced world Great interview and ample length too 👍👍 Thanks Graham for pursuing this gem it obviously took a lot of persuasion!!
What an amazing man. Every word he speaks I listen carefully to learn as much as I can from him. Such a wealth of knowledge. His calmness speaks to me as well. Thank you sir for sharing
"What prosperity has a man if he inherits the world, but loses his soul". Listening to Mr. Deden, this biblical question came to mind. Without our souls, who are we and what do we bring to this world? Bigness?
Wonderful verse from the Bible and an excellent point!
Anthony Deden is a revolutionary thinker. He has what is the best for his customers in his heart that drives him to think and act independently. He went back to the fundamentals of the economics.
Thanks for your feedback.....for more Guidance's W.H.A.T.S.A.P.P. +.1..9..1..8..2..3..6-..5..2..8..9......
This interview was profound, Anthony,s rare insights give investors an alternative outlook on finance. This is Gold, I will watch it again, thank you Grant
"If I have seen further it is by standing on the shoulders of Giants." Thank you, Thank you, Thank You ❤️❤️❤️❤️
The year just began and I'm sure this is a huge highlight of 2021 for me. Took down a lot notes, thank you ANTHONY DEDEN! Thank you Grant Williams and Real Vision for contacting him repeatedly until he agreed to come on this show :D Amazing content.
This is my 4th annual view of this program since it was launched. I will continue to watch it annually to remind myself of this incredible wisdom. TY
I may have found this podcast 3 years too late. But this podcast is singularly the best podcast I have seen. Thank you thank you efcharisto Grant and of course Anthony.
It’s my third time watching this video and every time I view it, it rocks my sole with the significance of Anthony’s investment (savings) methodology. Grant, you sure know how to pick the gems.
Unbelievable interview! Simply one of the best 2 hours investment of my life. Endurance and scarcity, two of the most salient ideas I'm unlikely to ever forget. Thank you so much to both of you, one for the persistence to interview and for the other to finally be interviewed.
Mr. Grant...,thank you for getting such a great interview!! Mr. Tony, thank you for sharing your wisdom...
Every human being should watch, listen and learn!!!! This is so impactful!!! Thank you so much!!!
BRAVO! GET THIS MAN ON AGAIN SOON!
"It's not important to be looking for opportunities. We don't do that. What is important is to acquire an understanding, so you may recognize opportunities when you see them."
What a brilliant comment, thanks for taking the time to post it . 😊
such a great interview, Grant did a great job by giving the center stage to Anthony.
Many investors can give insights, but very few can impact others. He does!! This is pure gem.
I am dumbfounded and astounded by this interview piece. On my second viewing and there will be many more.
Man, this is such a great interview, so much experience, so wise, and brilliant! Thank you!
That was the best thing i saw on youtube, ever.... not talking about just investment, this is Anthony Bourdain quality, maybe even better....
I must say, I agree with many of his thoughts and opinions regarding people. It takes much time to learn to know one's self. And certainly most haven't a clue as to who they are deep down. This is a man who is worthy of respect.
This is an MBA in living a life with integrity.
This really opened my eyes and broadened my mind. Time to go study, thank you
One of the most intellectual interviews on the internet - thank you so much
Thanks for your feedback.....for more Guidance's W.H.A.T.S.A.P.P. +.1..9..1..8..2..3..6-..5..2..8..9......
The value is this video is through the roof. I’m contemplating buying a subscription to RV now. This video makes you realize how almost everything else in financial news is practically worthless in comparison
Just re-watched this video after I first encountered it (near its published date), and it is timeless (much like Tony himself). Grant, Real Vision...please keep these coming.
Humbled beyond anything I could have ever imagined.
He came across as such solid, old school, honest, reliable and genuine person. ❤️
Thanks for watching!
One of the best investment views i have ever seen... you are a master, Grant. What you did here in finding these treasures is the same as Tony - you found a gem here. This spoke to me on so many levels... i find the rushed market of today a mess... a maze without purpose beyond a couple of basis points... thank you, and that you Real Vision.
“Learn about businesses, not about stocks”
Knowing half the battle seems I'll prepared, will all due respect to Mr.Deden.
Then the government shuts down the economy and ruins your business "LOL you plebs, Thanks for playing, points for trying"
@@Me-zo8yc 👍 small caps but S&P500 Year to date is green.
@@brberis Ofcourse, they are part of the government with lobbyism. Welcome to monopolistic oligarchy USA.
@@brberis true
Wow! That was one of the best interviews I've listened to; so much useful information. I will probably listen to this at least a few more times, as the inevitable family interruptions.............. I think a HT to Dan Ferris from Stansberry Research is needed for pointing this one out - there is so much insight in Anthony's mindset regarding investing. One of the most amusing/favorite parts is when they are discussing gold.................... Anthony admits his cost basis is negative, but loves the freedom of just having it as a backstop and that the physical metal is free from any govt influence
Benchmark interview with Tony Deden. Thank you Grant!!!
What a journey and clarity in being self aware of the world investment environment over so many years.
This is more than a video. Grant, well done!
Excellent Interview - I very much like Anthony's focus on endurance. It's amazing how he says he doesn't entertain the kinds of short term financial engineering that's used by typical wall street investors do today.
Exceptional man, exceptional interview. One to watch again and again. A rare man in a time when we need this strength of character, steadiness and integrity. Thank you for this interview.
Nothing can beat the wisdom from 19:00 minutes to 21:30. Thank you dear pure soul.
116 people that disliked this video must be from Fed or those that love forward guidance!
Some people are miserable and feel that they can get rid of this misery by spreading it around.
Wait.... thats symptomatic of an inefficient market.
Thank you for this! As I work to self-educate financially, this is so incredibly valuable. Thank you to both of you for the generous gift of sharing. It is a blessing and I am enriched. This is so substantive, honest, and wise. By contrast, it leaves the mass of other financial videos seeming like garbage; cheap junk.
I watched this a year ago and loved Anthony. I fell asleep for awhile and woke up to this playing on my MacBook. I love it even more the second time, especially the walk in the snow.. Such a lovely man...
Back for another listening. Its always refreshing to relisten to Anthony. His opinions and views are like an intellectual compass in the midst of today's tumultuous global economy.
Just finished the video. Really appreciate the effort into getting this to the people. Amazing insights into how to view the world. I could have listened to hours more.
Brilliant Interview
One of the all-time best interviews I’ve ever seen. There is so much knowledge here. I’ve watched this full-through 3 times
Thank you Grant for bringing Tony to us. I appreciate how you let Tony speak without the usual interruptions made by most interviewers. The time spent in watching has been one of my best investments ever.
Great Job.....you did a great service to everyone who would watch this..........thank you!!
I really enjoyed to hear this wise and amazing man (Tony Deden), it is wonderful you got this wonderful opportunity to interview him. Thank you for sharing! Congrats and regards. Have a Great 2019.
Brilliant. Insightful. Nourishing intellectually and philosophicall. Thank you both.