 All right, hello, hello everyone. If you can hear my voice clearly, can you type out the speaker's name for tonight? Whose brain are we dissecting for tonight? Okay, if you can hear my voice clearly, please let me know which speaker or which very successful investor and very successful entrepreneur, right? That we are dissecting his brain tonight. I believe everybody is looking forward and that's why you guys came here, right? When I blasted into the telegram, so many of you are very excited, right? I'm super excited to really crack his brain as well, right? Because there's so many things that I've learned from him over the years, right? Taught me to become a better investor, taught me to become a better business owner and most importantly, taught me to become a better person as well. So yes, exactly, right? D saying that is Sean Xia, right? There you go. So without further ado, let's welcome Sean to be here. If you guys are excited, can you type CCC in the chat, okay? CCC stands for Cap, Cap, Clap for Sean. Hi Sean. Hi Sean, you are muted right now. Hi Chloe, hi Chloe. Hi everyone. So I'm here to let you dissect my brain. Yes, exactly. Are you ready? Yes, I'm going for operation, right? I'm going to take out my knife and my fork very soon. Hey, please go ahead. No much left. I use quite a bit of my brain, right? So, does that sound correct? Yeah, I use a lot today. So, left a very little. Just go ahead. But regardless, again, pretty sure all of our audience here are like super excited, CCC, Benson is here, all right? So without further ado, let us know, okay? While I am doing operation on Sean's brain on all of your behalf, if you have any questions that you want to ask Sean, feel free to also leave it in the chat, okay? So that, yeah, we can get to dissect Sean's brain together. Now, the first question I have for Sean is, because Sean, I understand that actually you have published numerous books before, right? And one of the most recent book is you actually co-wrote it together with Mary Buffett, which is the seven secrets to investing like Warren Buffett. And inside you actually quoted, right? Warren Buffett said that he has a very famous quote, you really don't need to leverage. And if you're smart, you are going to make a lot of money without borrowing. Now, can you share with us, why do you think leverage is something that attracts most investors and why do you think Warren Buffett asked investors to stay away from it? Okay, actually leverage is not bad. There are different types of leveraging. And I think that a lot of people like leverage, right? Because the idea is you can get rich quick a lot faster. So in fact, even for myself, I think many years ago before I got started, right? I was attracted into the investing world and I use CFD. I don't know if you've heard of CFD before. That time you can leverage seven times, you know? So if I put $1,000 in, I can invest up to $7,000. And if let's say the money double, okay? The price go up, I'm still, right? I will make back $7,000. So using $1,000, I make $7,000. Sounds like an amazing kind of return. And after that, I jump into Forex. Anyone knows what is the kind of leverage you can get from Forex? Do you know what to do? One to ten? One to ten? No, for Forex, you can go even one to hundred. For those who didn't know. Yes, but what it means is if it swings a little bit, you are wiped out. So this is what I call dumb leveraging. Dumb leveraging, right? There's no advantage of you when you use the leverage. And by the way, in case you all didn't know, for almost every leverage tool that you use, people are lending you money, or one is to $1,000, yes, correct? Actually for Forex, you can go to very, very high. There is always a cost to leveraging. When you're leveraging, you definitely have to pay interest. Example, CFD, in case you all didn't know, right? When I first used CFD, I put $1,000 in, even if I invest $500, which I didn't use their money, correct? I use my money technically. There's $500, there will be interest charge of 7% per year. So the whole thing is against you, you see? So I tell you, leveraging, people who give you leverage, they want something from you. You must understand once you use leverage, you are already losing quite a bit, not already. So you must be superior at making sure that you can win within that timeframe. I don't know whether you all heard of the movie Big Shot. Have you heard of Big Shot? Yes, yeah. The Big Shot, right? Correct, they actually borrowed money to short the market. And it was so stressful. Eventually they were correct. But you know, there are a lot of people, right? They short the market and they are correct, but they didn't have the holding power because every day is charging you interest. So guys, leveraging is extremely stressful. I can know that some of you guys have been thinking, I just leverage one time, I cheat my million, end of it, I don't play anymore. It never happens. Because if you leverage and you make money, I tell you, you'll be addicted, you'll try again. If you leverage and you lose money, you wipe out your account. So there's no good reason to leverage in this kind of leveraging ways. However, the smart way of leveraging, right? Let me tell you, Warren Buffett is a crazy leverager. You know how Lassie leveraged? Anybody know? How? Using options? He used options is one way, but before options comes into play, he uses insurance company. The reason he invests into insurance company is not so much that they have superior earning powers, but they have this thing called a float. Can you see? So he invests in that company so that he can take control of the company, use that company's money to invest. This is called smart leveraging. You know why? Because he's using money of other people whom he doesn't have to pay interest for. Can you see? There's superior way to leverage. Using options is a superior way to leverage because the downside is kept, but the upside is unlimited. So I'm not totally against leverage. But I think for beginners especially, leveraging is extremely dangerous. So what if people who start their investment journey with very limited capital, if they want to make greater return, what can they do if they don't want to subject themselves to leveraging risk? Okay, when we say little capital, it depends on how much is it, right? But what I want to say is this, if you treat that $500 that you have or that $5,000 that you have, like a $500 million portfolio, it will eventually become a $500 million portfolio. Now what do I mean by that? Of course, I mean, when we talk about the constraint of 500, it's a little bit difficult, right? But even with 500, right, you think about the kind of stocks you can buy, maybe you can diversify into a few. I mean, the choices is limited. But the discipline that you build by really looking at what kind of stocks you can invest and train yourself to manage that $500, that $5,000 in a very, I would say, discipline manner, right? It trains you to become a very solid investor. When Warren Buffett started investing, he only got a couple of thousands, but he treated them so seriously, now it becomes more than $100 billion. So as a small investor, when you're starting out with an initial capital, use that capital to master yourself, master your skills. Not so much of I want to turn this $5,000 into $5 million within one year, you know? It's very unrealistic. And when you're unrealistic, that's where you become an unrealistic investor. And as an unrealistic and immature investor, your money can't grow, okay? I mean, for those who can understand what I'm talking about, you all can type A for agree or things like that. Yeah, I totally can relate to what you're saying. When we are trying to get rich fast, that's where most dangers lie, right? That's where we make silly mistake, dumb mistake and end up wiping out our entire portfolio. But if you treat our money with discipline, with care, that's where our money will grow over time, all right? And so many of our audience agree as well. Now, like using the same question, following the same line, right? You know, like in the past, when how Buffett invests, he was pretty much influenced by Benjamin Graham, which is focusing a lot on undervalued stock using value investing, PB ratio, P ratio, right? He buy low P and low PB stocks. But do you think if today, right? Which Warren Buffett continued to involve over time as well, right now he focusing on buying break businesses. So do you think if Warren Buffett were to kind of like restarted, right? Start today, right? Using, you know, like his investing method, do you think he will pivot instead of focusing on low PB, low PE? Will he change his way of investing? Okay, I can't really speak for Warren Buffett, you see. But we must understand the history of what happened. Initially, when he first started learning investing, he learned from Benjamin Graham, whom one of his main method is called the net net method. The Graham formula is the two-third of the net asset value. Okay, so what it means is you want to buy a company really cheap based on the asset value. And at a point in time, right? What Benjamin Graham thought came was that when you invest into stocks, you look at them as a business. How much will you pay for this business? So I mean, you know, when you look at a business, there are a few things that you can look at. Number one is what kind of assets they have. You talk about banks, they have a lot of cash inside. Of course, it belongs to the customers, right? But in the end, after returning to the customers, whatever amount they have, it belongs to the shareholders. So he said, if this is the amount that belongs to the shareholders, I can buy it at this share price. There is a particular discount, a margin of safety. And therefore it is a good idea to buy this business. I mean, wouldn't you all want to buy a, let's say I sell you a piggy bank. Inside the piggy bank, there's one million. And I sell you for 700,000. You don't want to buy it, it's like, this is a concept, right? Yeah. Eventually, he made his millions through that. Then he found Charlie Munger who influenced him to think like Phillip Fisher. Phillip Fisher looks at businesses, same thing, stocks as businesses, but he looks at growth potential. He said that, well, the business, you can buy it just based on asset. But if the business, right, they can grow. Example, if you invest in Amazon in the early stage and it grew, you invest in Alibaba and it grew. What, imagine how much more money you'll get. So instead of buying at a cheap price, buy a wonderful business at a fair price. I don't know whether you all heard of this term before. Last time it's about to buy undervalued, then wonderful business at a fair price. You don't need to buy cheap, you buy fair. So that means, right, you don't have to buy below PB and stuff like that. And when it grows, right, that's where you're well for times 10, times 100. So if he knows all this and he goes all the way back, you're saying go all the way back, is it all, or he start right now? Yeah, if he start right now. If you start right now, right, I got a strong feeling. It is very difficult to find undervalued based on the initial model, where it is below CNAV. The reason is this, there is a lot more participants in the stock market. So by pure virtue, when a lot of people are in the stock market, the generous stock markets, PE and PB has risen over the years. In case you all didn't notice, okay? So last time you can find what PE ratio three or four and PB ratio below one, but now it is almost impossible to find even with the tools that you have. You have all the screeners and stuff like that, but it's not so easy to find. I see. So that's why right now, if we were to, as a beginner, like a lot of our audience here, maybe they have been starting to invest, your advice will be actually focusing on buying great businesses rather than trying buying cheap businesses. Is that what you mean? The best case scenario is to buy great businesses at a cheap price, right? But we have to be realistic about it, you see? So when we talk about cheap, what do you mean by cheap? So you must understand, the basis of value investing is to buy companies that is below value. There are two ways to think of it. One is the company asset is like this and you buy it here. So there's a certain value proposition you capture, right? Another way to think about it is the company is right here. In the future, it will grow in value. So as compared to the future, it is under value now. So you compare to the future value. I think right now, both still works. Okay, based on research, based on there's quite a number of funds that use the mechanical way to buy the cheap value based on asset. And it still works. But I think a lot have shown that the superior way of looking at future growth, it is a lot more about our future value, which is what they call growth investing. So, but it's just terminology. The whole idea is to buy businesses that you know will make you money. In fact, I think what Sean is talking about, one of the valuation method based on growth investing is PEG, right? Which is you compare the growth rate to the PE ratio of the business, which is actually a method developed by Peter Lynch, a very great farm manager with 23% compounded year on year return for 10 years. So this is something that we teach in our two-day buffer online school as well. Yeah, exactly. If I'm wrong, it's 32%. If I'm not wrong, it's Peter Lynch. 32% and oh my gosh. Yeah, if I'm not wrong, I can go and check. Yeah, yeah, yeah. So for those who are not sure what is growth investing, you can actually join us in our upcoming buffer online school two-day class. We actually teach about how you can select and spot great businesses using the growth method as well. Now. Okay, sorry, it's 29.2% Peter Lynch. That is stunning. Like 30% for close to 10 years, right? 13 years, right. 13 years, that's super crazy. Yeah, so using growth method, it works. Now, if we're talking about buying businesses, right? But eventually, when we buy, how do we profit? Especially talk about growth is we need to sell away our stocks, right? Sell away our business. So in your book, you and Mary actually have some very interesting point about portfolio management. And one area that I always found very intriguing is when to exit, right? When to sell our stocks. So if you are talking about like overvalue, right? Some of you, some of people may think that, oh, maybe that's the right rationale to sell. But if you look back to Warren Buffett in his own idea, his career, he had been holding out Coca-Cola for so many years, right? Sometimes in some of the years, PE ratio of Coca-Cola was above 40, which is actually overvalued, but he did not sell, right? So when is a good time to sell then? Or do you think that it's never a good time to sell? Okay, when we talk about selling a particular stock, right? It is all based on, in my opinion, the reasons you buy. So you buy a company for two reasons, right? It is a wonderful business that can grow. Number two, it is priced correctly. So I think a way to guide our selling is when the buying reasons no longer exist. What do I mean by that? Okay, so if let's say you believe that this company is no longer a wonderful business, I think it's time to sell. And maybe, okay, when I say it's not a wonderful business, maybe when you buy a business, it was at the start-up stage, it was growing. So it's wonderful because it has grown. It has reached a particular plateau. You feel that, well, it cannot grow anymore. Myself, I pull my money and then put it somewhere else. It's always like allocation of funds. Where can you best put your money, right? Now, in the idea of Coca-Cola, now again, it is on high side, right? PE ratio of 44. In my opinion, I don't think PE is always the best way to evaluate a company, but assuming that Warren Buffett, he definitely is aware that this company is at a certain valuation. The reason why he doesn't sell, in my opinion, he still thinks that at a point in time, it's still a good business. And at a point in time, it is still at a fair price. Fair price, meaning you say, although it's PE 44, but in the future, two, three, four, five years later, you'll be even higher in terms of the market capitalization in the kind of revenue. That's my opinion. Or maybe he was on a holiday and he forgot about it. I don't know what to say. So when we talk about when to sell, right? I think the best way is to think about it. Where is my money at the best place? Understand? So you see, whatever money that you have, you are placing it into different stocks. Is this still in the best place? If you sell the stock, where can you put it? If you put it in the bank, is it better than still putting it in the stock? So you must compare it. Or if you find an even better opportunity, you can pull it out and put it somewhere else. So this is the way to think about allocating your finances. To try to time the market to say, oh, it's overvalued, it's gonna crash, this is something that over the years, we also realized that, well, you may get it right half the time, you may get it wrong half the time. So if you have better place to put your money, go ahead and put there. All right. So it's always about, really not just looking at individual stocks, but looking at it holistically, how can we use our assets wisely, right? So that we can always optimize as a whole portfolio rather than individual stock. Is that what you mean? Where's the fright? I see. And in fact, some of our audience are saying that all good businesses are overvalued right now, very hard to find, really wonderful business at a fair price. Maybe later, I can also get Sean to share. How do you find stock ideas, right? Because businesses are always evolving, wow, there's some of the tools that you can share with us, right? Yeah. But before we go into that, another questions I have is, you know, like for Warren Buffett, right? He used to say this, right? If I think, he said, I think I could make you 50% a year using $1 million. Now we know that Buffett now have $100 billion in cash, right? But if he only have $1 million, he's confident that he's able to make 50% year on year, which I think is super amazing. So why do you think Warren Buffett said that, like on what basis do you think that he can accomplish this kind of amazing return? Okay, I cannot remember exactly where I said that. I think it's 2003, okay, or somewhere around there. Basically, it is based on track records. So in the past, he has done it so many times, where he has $1 million, and you must understand something, Warren Buffett, he didn't just invest into public listed company. In case you all didn't realize that, he invested into, like, let's say, a Nebraska furniture market. I think he paid $50 million for it. I have to go and check, $50 or $500 million per week for that business. And right now, I remember when I last checked, right, I think almost every week, I'm making $50 million. So you see, I don't think, and I don't think when he say 50% a year, he means like, oh, every year I give 50% a straight line. I guess what, I believe what he means, right, it is really given time when you compound the right, he's able to, let's say, double your money almost every year when you put it at the long term, okay? That's what I think he means, okay? And you must understand that for him, he has really gone through 60 years of investing. He knows what works, what doesn't work, and he realized that if, let's say, he was to go back again and then use his investment matter, right? He's easily able to find companies that's like way below undervalued. If it's 50% undervalued, right, and it goes back to the full value, it is really 100% already. So it's something like that. He's able to actually navigate the market with so much experience and information. He's able to make 50% a year. In order to reach that stage, I'm not saying that all of us can do that immediately, but you must understand that right now, what we have is a lot more tools, a lot more, I would say, even AI to help us to achieve that kind of returns. I believe we can do it, but what we lack is this kind of experience and temperament. That's the part that's not easy to get, okay? Yeah, exactly. I think temperament is something that it's the hardest to achieve, which later on I can also, I believe the audience are also very curious, like how do you cultivate that temperament, right? But before that, if you can share with us exactly what goes through your mind when it comes to finding stock ideas, what are the stocks that you personally actually invest in using certain tools, right? Do you actually use them if you don't mind sharing? Certain tools, okay, I share with you, because we also teach a lot about using screeners, using Gita, using a lot of tools, right? Most of these tools, right, I mean, if you use them long enough, you use them this week, and then you go and screen again next week, it's about the same one now. So these tools, they will give you some initial idea to look at. But what I really prefer to do, right, it is really reading out, it is really looking around. So like, I mean, they say, Buffett don't really buy stocks, or shop for stocks on Wall Street, he shop for stocks on Main Street. So like a recent one that, I think I make almost 50-60% is Microsoft. Now why do I buy Microsoft? Very simple, because like earlier this year, I mean, I became hooked on to AI. So those who follow me on TikTok, you're right, I keep playing with a lot of AI tools, and Microsoft actually invested into OpenAI, which I thought is a very strong add-on into their being. Now, my thesis may be wrong, maybe right, it doesn't matter, correct? I feel that they have a chance to actually take a certain pie from Google, and I said, I feel that, wow, this company is also very strong financially, there are a lot of things, so I said, I want to have a piece of this business. This is how I go through, like do I want to buy into a business where I believe that has potential growth? So, but because I'm also an entrepreneur, I'm a business person, sometimes I ask myself, would I want to run this business myself? Will it be easy to run? Will there be like potential idea? So when I think of it, wow, Microsoft really a lot of ideas, and they have LinkedIn, they have a lot of synergy, so I became an idol, I buy this particular stock. Another stock that I always like, I think for many years is a Sketchers, for those who join to sports, you know that I, I mean, I prefer certain sports brands, and I think Sketchers is amazing, and I feel that it's a great business at a fair value. Okay, why do I do that, right? Maybe I just, do you want me to share something? Yes, yes. Are you able to share a screen? I can actually let your share screen pop up. Let me see if I can share the screen. Okay, let me show you my train of thought. Okay, sure. Okay, so in the meantime, if you have any questions, feel free to type it in the chat, while okay, your screen is being shared right now. Okay, so by the way, I first got onto Sketchers because my cousin bought me a Sketchers shoes and said, wow, you're very comfortable, you wear this. After that, I realized that the joke is Sketchers is for older people with a knee problem, but doesn't matter, doesn't matter. So Sketchers is a sports shoe, right? Yeah. Now let me show you what I think. Okay, this is the way that I think. So that time when I looked at Sketchers too, okay, that time when I first bought Sketchers, it was at a 5 billion market cap, 5 billion. So the whole entire Sketchers, based on how much they're making, you buy over the whole company, you only need 5 billion. Okay, when I say you only need 5 billion, doesn't mean I have 5 billion. Hey, wait, is it 5 billion? Okay. Right now it's 7.5 billion. Oh, 7.5 billion, right? Yeah. Okay, so I show you example Lulu Lemon. Okay, Lulu Lemon. I know it's not, they are not exactly the same. Lulu Lemon is 50 billion. Okay, so let me show you one more. Okay, let's see whether... Nike, Nike. Oh, Nike, right. I was comparing it to Nike. And I know that I'm not saying that you will win Nike. I'm not saying that. Okay, guys, let me show you what I saw from Nike. Okay, so from Nike, look at the quotes. Yeah, you're comparing the market cap, right? The size, how much can it grow? So you see, Nike is 148 billion. It's also in the athletic shoes and stuff like that. Remember, so 148 billion. Okay, this is... It has shown that there's this kind of potential already. Will it become bigger in my opinion? Yes. Actually, Nike is also a wonderful business now. Okay. Now, but when I look at sketches, I don't need it to catch up with Nike totally. But what if it just double? I will double my money already, right? And I think that it has already proven that there is a more than 100, 200, 300 over billion in total addressable market and sketches, in my opinion, is a wonderful business at a fair price. Why a fair price? Because it's too very cheap and small. That's my train of thought. I'm buying a business that I think can grow. That doesn't make sense? Yeah, I think sometimes investing can be so simple, right? So simple that I think people don't actually see how simple it can get, right? Like a lot of people out there want to do a lot of analysis until they paralyze. Then probably they still don't have the courage to start investing. But I think your way of thinking just now, this train of thought is really simple, right? How many of you feel that it's actually very simple if you think so, can you type S in the chat? So yeah, so is that how you analyse for most of the stocks in your portfolio that you actually keep it simple and you don't look at any other thing like technical analysis or whatsoever at all? I mean, over the years, it became simpler. Initially, I always feel that the more homework I do, the more I deserve to be correct. Okay, so that's where I will go and add in a lot of technical analysis. I will do five different valuation methods. I will go and study all sorts of things. Indiana is so difficult to find any stocks because I am finding a stocks that meets every indicator. And even when we talk about every indicator, it becomes very, I find it becomes very painful. Okay, why? When I do technical analysis and I like this stock, it always seems to look like uptrend. But when my friend look at it, they say, hey, no, the trend is wrong. So a lot of things become subjective. So, okay, maybe I share with you, share with you, right? I feel that keeping it simple is one of the best way. And maybe I share with you one more thing. This is my Sunspot portfolio, okay? Oh, wow. Okay, now picking into Sean Sun's brain. Okay, not say a lot, not say a lot. Okay, so I show you. Hey, can I see? Yeah, yeah, yeah. Can see y'all? So this one last year, Christmas, it's my name but I mean, it is his portfolio because I buy it for him. So I ask him what does he want. I think I set up $1,000 to buy buying presents and he told me, okay, I want to buy shares. So I ask him what shares does he want to buy. So he actually bought three shares. Let me show you guys. These three shares. Anybody know why he buy these three shares? I never look at valuation, nothing. He wants to buy just buy. Okay, the first share is Alphabet. The reason is because he use a lot of YouTube. He said I use a lot of YouTube. I think I make money. That's it. Next one, next place. He said, I see you always watch Netflix. Let's buy Netflix. And last one, Disney. I think he said that he likes Disney. That's all. No valuation, nothing. He do very well. Okay, not say super good. But you can see here. It's about 10% right? 10% return in total. Wow, some of the stock went up 50% already. 50%? Okay, Disney is now negative. But well, you can see that overall make money already. No, no big deal. Okay, so mix around. Mix around I think 40% already. For $1,000 to buy. Yeah. Yeah. No big deal. Very simple. Sometimes don't need to be so over complicated. And just now I think your son, because his pocket money was also pretty small. And that's why he started with 1000 plus. But the same concept can be applied to $10,000 portfolio. $100,000 portfolio. And of course, your portfolio size go bigger as you game more than that. 40 to 50% is a lot more substantial. Instead of a few hundred dollars, now it's like 40k, 500k. Yeah. So yeah, it was a Christmas present. So it was $1,000. But of course, if it's $10,000, I'll ask him to choose $10,000. Because it's only $1,000, I say, hey, you choose $3,000. Then we see how. That's it. That's it. I see. Okay, so if you don't mind sharing a little bit more about your portfolio allocation. I guess I always see that you advise our students to diversify into like 10 to 15 stocks. So what is your advice? Let's say just now you talk about less than $3,000 or $3,000 or $5,000. But if it's more than how much, how much then you have more choices. So what's your advice for that? Okay, I tell you what, you know, different investors have different ways of doing portfolio management. Like, like people will code Charlie Munger who only got three or four stocks. But you must understand, one of his biggest stocks is the Berkshire Head of Way, which has like Berkshire Head of Way has like how many? 50 over companies? 50 over stocks and private companies as well. Yeah, 40 over stocks plus, I think another 20, 30 over companies. So it's very well diversified. So I haven't seen an investor who doesn't have a diversification. But the thing is, is when you diversify, you don't, you don't diversify for the sake of like, well, anyhow buy, form a Rojak portfolio, which doesn't make sense. Okay, you must understand each and every, each and every single, again, business that you buy. Remember, every time you allocate money, you're saying that, okay, I fuck my money there. I believe that it's working well for me. You can kind of say, right? Now, eventually, how many stocks you want to own? Whether you own like three ETF, one ETF plus one Berkshire, two stocks only, but inside there, there's a lot of stocks. How you're going to do it is really up to you eventually. But from a beginning, for the first three to five years, right, I suggest 15 to 20 stocks. Reason being, right, you need to survive long enough to figure out what's happening. A lot of people, when they started investing, they may have the unrealistic expectation, I'm going to buy this stock because, wow, Warren Buffett body is so good. Throw all your money in. And who knows that particular stock is the one that didn't do well. So you have to already spread your eggs and allow a few of them to break. Allow three to four or even five out of 10 eggs to break. Then eventually, you are going to choose more stocks, which with lesser breaking eggs, then you become better and better. The first one to five years is to train yourself. So diversification is important. If you only buy one stock, you only do one homework. If you buy 10 stocks, right, you're putting in the effort to think about 10 different things and to manage it. It's really training of yourself. So this is what I really think. I see. So that is how is your thought process that you developed over the years. So especially for those who just started investing, I think it's definitely like normal to make mistakes. But most importantly, as you learn from your mistakes and start to really construct a solid portfolio for yourself. Now, talking about investing as a journey, right, I think like what you said, some of the biggest and the most challenging thing people face is managing emotions. So how do you actually manage your emotions well? And what advice do you have for people to help them to become a more disciplined and more calm investors within the shortest time possible? If that's possible. I don't have a straight answer to that. But I think that the less detached, the less attached you are to the results, the easier it is. So let's say you are not very attached to the result. Okay, I win, I lose, it doesn't matter. So let's say you're only investing, let's say $5, right? Oh, heck, I lose too, right? And somehow usually if you go with that kind of mindset, you make better decisions. You know what I'm saying? When it's too, so you may be a very good surgeon, right? But when let's say the person you are doing a surgery on is someone that you love a lot and you cannot afford to make mistakes, right? That's where you make the most mistakes. So this is something I need to say. Now how to actually reach that kind of stage, right? It takes time. So initially you must put inside a certain amount of money that you can afford to lose but it's not so easy until it doesn't feel any pain. So if let's say, is that a certain amount that you can tolerate? If I lose, let's say $500, so be it. If I can lose $1,000, so be it. You can think about it like, okay, maybe, example, I also spend $1,000 on a laptop. Myself, I don't buy the laptop. I think that $1,000 go and put inside the stock market. If it grows, I can have more laptop. If not, I take it as I lose on laptop. So you must have that kind of mindset. Or maybe I remember there was this particular book I read. It's called The Latte Factor. So I think it's, this guy called David Butch or something like that. He mentioned that when he looked through his clients, I would say his clients are financial statements, right? He realized a lot of them, right? Like to spend money on latte. Okay, I'm not against latte. I also buy coffee. But he says that, hey, do you really need to buy such an expensive Starbucks, you know? So he said if you don't buy Starbucks every single day, how much you can make? So cut the Starbucks, take the money, throw it inside the stock market. The most you lose is the latte money, that's all. Which you are going to drink anyway. And after you drink, you're going to go to the toilet and it's going to go down to the toilet bowl, correct? So things that is going to go down to the toilet bowl, find these pockets of lattes. Okay, in DM, sometimes when you go and search, every month you can easily save a few hundred dollars, which you don't really need to. Go and cancel that. I want to say Netflix subscription. But my son is invested into Netflix. So after that, hopefully you all continue. Okay, so whatever you don't need, you go and save, then take the money. You say that initially I'm going to spend this anyway. Just go and try my skills. Okay, I don't want to say try my luck. But test, test buying some assets in the stock market. With that kind of mindset, it's easier. If you go and liquidate all your insurance and put all the money in the stock market as a beginner, you can't take it. It will be a lot of emotional stress. Right, so start with small money. It's just like waste, right? The motion is the same, you know? Like you just push the bench press, but 10kg versus 100kg is the same motion, but with different strength. Your emotional strength is also different. You start small and progressive. It's very important. Yeah, and I think later on I would like to continue to this question, talk about cash management, right? How much cash do we actually allocate to have that piece of mind, right? Because I believe like a lot of your assets are heavily invested in the stock market as well, right? So what is your cash allocation? But in the meantime, some of these are asking, please tell us a little bit more about the Sean's wealth lab. So for those who are not aware, Sean, Sean, if you don't mind, can you share a little bit about your wealth lab? You've been the telegram group, right? Now we're all shifting to next level academy. So I'm going to actually, by the way, guys, if you all see anybody like messaging you on telegram anywhere, right? I do not do any DMs. I will not ask you to put money into crypto trading. I have nothing against crypto trading, but I'm not going to ask you to do that. So if you find anybody asking you to do that, please immediately report and shut the account down. Okay, maybe one day I go crazy and I ask you to do that. Please shut me down, okay? I'm not going to ask you to do that. So my wealth lab is a telegram group, but now I'm shifting all to next level academy to build it together because I find that it's a lot easier just like investing, just like fitness is a lot easier to do things together. So with my group of trainers, with my group of fellow investors like Chloe, like all the other investors, we are going to provide a lot more value, okay? Yeah, I think some people say that yeah, got like basically Pete or Sean, basically they are all scammers. They are like impersonation, right? They're impersonating Sean, Pete, or sometimes impersonators. Including me, right? So be very careful because we know right now, wow, the scamming technology getting so high-tech. Some of our followers did get scammed before. I hope nobody will ever have to suffer the kind of losses again. So please make sure, do your due diligence, making sure that you are not talking to random strangers, okay? Who say that all invest in certain crypto coin and you're going to make a lot of money, okay? Don't place your hope on that. I think very importantly is you learn how to invest for yourself as well, all right? Thank you so much. I think Ivy get that as well. So Sean, if you can share a little bit more about your cash management, right? How much cash do you allocate? Like is there any certain amount, like certain percentage that you will definitely not touch in case anything happen? In case anything happen? No, you're not talking about investing, right? You're talking about personal finance? Oh yeah, it can be from your personal finance angle then moving on to investing. Okay, as the age grows, things changes again. So it depends on your own situation. But for me, last time I used to have like three to six months of liquid cash. Now I have maybe up to two years of liquid cash. But why don't I put them into investing, right? Because I can tell you nothing is totally 100% predictable. So I'm thinking, what if let's say one day anything happen to me, my family have that liquid cash to use, right? Before they go and figure out my password or how to get the money out and stuff like that. And you don't know what happens. Once you don't know what's going to happen, okay? So I rather as the years goes by, I have more and more cash to actually hold on to. But I look at it based on not how much percent but how many months or years I need to actually cover my living expenses. I hope that helps. So imagine you can actually cook up to like three years, five years, wow. Anything happen, you still can lay part or relax for three, five years and do nothing, you know? So basically that is your, so-called is more like, is it considered emergency fund? You can say that, you can say that. Yeah, so I'm also very curious about our audience here. Like how many years do you set aside in terms of your emergency fund? Is it two years like Sean? Is it six months and whatsoever of your monthly expenses? Then you can have a gauge of what is the, I think just like what Sean said, different age you will have different amount but most importantly you find an amount that is suitable for you, all right? And maybe like I just asked one to two more questions before we wrap it up, all right? Now over the years, we can also see that Warren Buffett has started to add some very interesting company that doesn't seem to suit his buffer way of investing, right? For example, some of them can be pre-profit company like Snowflake, you know, that has a very erratic free cash flow and all this, right? So do you think Warren Buffett has started to embrace different companies like Stone Co or Snowflake? Or do you think it's actually more like he's just giving his responsibility away slowly to Ted and Tom, yeah, Ted and Tom, yeah, what do you think? I believe it is actually part of him, like how he managed his business, you know when he buy a particular business, like just like I mentioned, Nebraska Financial Mart or even Geico, he actually took control, but most of the business they invest in, he just let them do their own things because he's investing in their talent, he's investing in the human, you see? I believe that when he get his two lieutenant, top and comrade, so he believes that, okay, I'm going to set a certain allocation for you, you do your stuff, I think that's the wisdom that he has, he knows that he is, I think he's really very smart, but I think he knows that there are people who also are smart in certain areas that he can invest into them, he doesn't know how to like, probably he doesn't know how to create Coca-Cola, but he knows that it's a good business, invest in them, he let them run, he don't suddenly say, I want a particular brand of coke that is linked to Warren Buffett, okay, he doesn't say that, okay? So that's what I believe, yeah. So he has a lot of trust in the people that he's grooming, and then he doesn't micromanage, and actually that's how over the years, so many businesses that he acquired over time continue to flourish because he never, he never micromanage, he just believe in the management team and they will continue to do their best and indeed they have done their best. I think it is his, he also take affordable laws, he don't like go and put all the money into them to ride, he give them a few billion, it's like nothing, it's less than 1%. All right, okay. So I think we are almost coming to an end, maybe like before we wrap up this whole dissecting your brains interview, do you have any advice that you want to give to investors to help us to become a better investor over time? Actually I think Chloe, you have mentioned the key thing about the, when you talk about advice, the key advice is to aim to become a better investor over time. Now how do you know you're a better investor is when you start to make better investment decision. When you make better investment decision, the funny thing is this, you may not always win, okay? So when you buy a particular stock based on your analysis, based on your valuation, you buy something happen, the government shut it down, is it your fault? The other thing is no, because you can never forecast a particular like scenario like that, right? If you go there and take a look, can I improve in it? Answer is no, because I mean, if the answer is no means that there's really nothing you can learn from it, it shows that you have made a very ideal investment decision already. But most of the time, when we look back, right, there are certain things we can improve on. Oh, we should have read the white paper, we should have thought about the colloquial risk, you know, all these things. So as you learn from each mistake, you become a better investor, you make better investment decision, ultimately you'll make lesser mistakes and better investment decisions with better returns. That's how your wealth grows. So that's the advice that you give, how should we become better investors? In fact, the key thing of becoming better investors is to want to become better investor rather than want to make money first. Does it make sense? Wow, that's a lot of wisdom. Yeah, but I think there's a lot of wisdom behind that, right? Like when your intention, when your focus is on doing the right thing, over time, you will go to the right direction, right? And I hope everybody can learn from this. Very simple, I think it once again is very simple wisdom, but it carries a lot of weight and a lot of insights as well. And one thing is cap, cap, cap for you already. How many of you find that today's sharing is very useful, right? And it's very simple, but at the end of the day, it's the most, I think, wise words that you can ever find in your investing journey. So can everybody type CCC for Sean? And in the meantime, okay, for this weekend, actually we have our upcoming two-day buffer online school class which is teaching you how to find great businesses, right? Because just like what Sean said, over time, we need to make sure we keep on picking the great businesses and of course, buy them at a good price as well. So this is what we're going to teach you and these two-days class is completely free of charge. So all you need to do if you want to register, you just rebrand.ly-b-o-s-m-d-a-free. Yeah, so this is the link to join us, rebrand.ly-b-o-s-m-d-a-free and then we'll teach you everything to learn a pathway of value investing. So if I've not joined our telegram yet, then you can also join us inside our BOS telegram, our next level telegram which I believe a lot of you are already inside because we share a lot of insights over there as well. All right, so I can see a lot of people are super, super happy to learn from you, Sean. Continue to come back, okay, so that we can give more valuable insights to them as well. All right, thank you so much, Sean. Thank you, thanks, Kori, see you guys. See you guys. Thank you.