Latest / Warren's Watchlist - english / Symrise - Update 09/04/2026 - ISIN DE000SYM9999

Transcript

Symrise - Update 09/04/2026 - ISIN DE000SYM9999 · Warren's Watchlist - english

• 0:07
  Speaker 0: SimRise can make wood taste a vanilla.
• 0:12
  Speaker 0: What it can't do, tastes its own year in advance.
• 0:15
  Speaker 1: Wood into vanilla?
• 0:17
  Speaker 1: You'll have to explain that because I have no idea what i just heard.
• 0:21
  Speaker 0: Spruce bark.
• 0:21
  Speaker 1: Eighteen
• 0:22
  Speaker 0: seventy-four A small town In lower Saxony.
• 0:25
  Speaker 0: Two chemists build the first Vanilla flavor in history That contains No vanilla.
• 0:30
  Speaker 0: Tastes of vanilla But It's wood!
• 0:34
  Speaker 0: And this company?
• 0:37
  Speaker 1: Would I know
• 0:38
  Speaker 0: it?
• 0:44
  Speaker 0: So on
• 0:49
  Speaker 1: demand, they hit almost any taste in the world.
• 1:06
  Speaker 0: and those promises it doesn't keep.
• 1:09
  Speaker 1: And what does it cost to miss your own numbers?
• 1:12
  Speaker 0: Last year, half the profit—the best margin in ten years —and profit
• 1:16
  Speaker 0: cut-in-half.".
• 1:17
  Speaker 0: Today, Corey I'll show you that Simrise knows the taste of the world.
• 1:21
  Speaker 0: It's just its own...it isn't hitting
• 1:23
  Speaker 1: right now.
• 1:24
  Speaker 1: For those hearing us for the first time…I'm talking with Warren Wise an AI technology that analyzes & rates equity stories The way a value investor would
• 1:33
  Speaker 0: Exactly.
• 1:34
  Speaker 0: I'm a synthetic stakeholder, my thinking and voice are
• 1:37
  Speaker 0: AI.".
• 1:38
  Speaker 0: Today's basis is My Report on SimRises' twenty-twenty five annual report.
• 1:43
  Speaker 0: The report was published on the fourth of March, Twenty-Twenty Six.
• 1:47
  Speaker 0: I reviewed it using the methodology of Benjamin Graham, Warren Buffett & Charlie Munger
• 1:52
  Speaker 1: And i am Corey Capitol also
• 1:53
  Speaker 1: A.I.,
• 1:54
  Speaker 1: the Voice Of The Private Investor.
• 1:56
  Speaker 1: Some of you hold this stock.
• 1:57
  Speaker 1: Most of you ate or smelled This Company today without knowing It.
• 2:01
  Speaker 0: And since we're often asked, every episode is selected reviewed and approved by an editorial team.
• 2:07
  Speaker 0: The analysis and the voices are AI –the responsibility-is
• 2:10
  Speaker 0: not.".
• 2:11
  Speaker 1: Before we take anything apart… Is this even a good company?
• 2:15
  Speaker 0: It is!
• 2:16
  Speaker 0: SimRise is number four in world in flavours & fragrances... ...The Four Largest Together hold more than half of the market.
• 2:24
  Speaker 0: New competitors almost never appear in business.
• 2:27
  Speaker 1: Why
• 2:27
  Speaker 1: Not?!
• 2:27
  Speaker 1: What keeps them out?
• 2:29
  Speaker 0: The recipe, SimRise supplies more than six thousand manufacturers and every recipe is developed together with the customer.
• 2:37
  Speaker 0: If a beverage giant wants to switch supplier it has to hand its own recipe into someone else's hands... ...and hope that taste survives!
• 2:45
  Speaker 0: Almost no one tries that…
• 2:47
  Speaker 1: And no single customer can dictate their prices?
• 2:50
  Speaker 0: Not one of those six-thousand accounts for even a tenth of revenue.
• 2:54
  Speaker 0: Tens of thousands of products sold in over hundred fifty countries a small field, locked in customers.
• 3:01
  Speaker 0: No concentration risk on any single buyer.
• 3:04
  Speaker 0: so Simrise doesn't depend on its customers but it does depend on weather and harvest And we'll get to that.
• 3:10
  Speaker 1: Now I want understand what they actually sell.
• 3:13
  Speaker 1: Flavors & fragrances is still abstract me.
• 3:16
  Speaker 0: Then take the one you already know Real vanilla.
• 3:20
  Speaker 0: Where do think most of world's vanilla comes from?
• 3:23
  Speaker 1: No idea Somewhere warm
• 3:24
  Speaker 0: From One Island.
• 3:26
  Speaker 0: Around eighty percent of the world's vanilla grows on Madagascar, most of it in one region in the northeast.
• 3:32
  Speaker 0: SimRise buys there directly from more than seven thousand smallholder farmers... ...in around a hundred villages.
• 3:38
  Speaker 1: Wait!
• 3:39
  Speaker 1: This is the company that invented Vanilla without Vanilla?
• 3:43
  Speaker 1: And at the same time….
• 3:44
  Speaker 1: …one of the big buyers of The Real
• 3:46
  Speaker 1: Thing?!
• 3:46
  Speaker 0: Both and thats' the whole business right there.
• 3:49
  Speaker 0: They sell the real pod to the customer who wants it, and they build flavor for one that can't afford.
• 3:55
  Speaker 0: And know exactly what each one
• 3:57
  Speaker 0: costs.".
• 3:58
  Speaker 1: Why is real vanilla so expensive?
• 4:00
  Speaker 1: It's a pod!
• 4:01
  Speaker 0: "...it' s a pod whose plant needs three years before even flowers... The bloom opens on single day.
• 4:08
  Speaker 0: On Madagascar there no insect that reliably pollinates it.
• 4:12
  Speaker 0: So its done by hand in morning flower-by-flower.
• 4:15
  Speaker 0: Then takes months more before the pod ripe
• 4:18
  Speaker 1: Three years before it even flowers.
• 4:20
  Speaker 1: Nobody plants that without patience.
• 4:23
  Speaker 0: Keep that thought, It comes back in this episode.
• 4:26
  Speaker 0: This whole industry lives on things That take years Before they pay off.
• 4:31
  Speaker 1: Good So strong position Real vanilla and built Vanilla side by Side And real money that actually Comes In.
• 4:37
  Speaker 1: Then the foundation stands.
• 4:39
  Speaker 1: Now Take it apart.
• 4:40
  Speaker 1: for me
• 4:41
  Speaker 0: The debt is manageable.
• 4:42
  Speaker 0: The dividend is covered several times over by cash flow, and the profit shows up as real money in the till.
• 4:48
  Speaker 0: That's not true of every company!
• 4:50
  Speaker 0: This is a genuinely good business.
• 4:52
  Speaker 0: that why this episode is a critique – NOT A WARNING.
• 4:56
  Speaker 0: Let start with something the one big number hides... ...the one thats'nt ever headline next morning.
• 5:01
  Speaker 0: SimRise grew by so-and-so much….
• 5:04
  Speaker 0: …that single number for whole group.
• 5:06
  Speaker 0: But inside his group there are two very different companies.
• 5:10
  Speaker 0: One is taste, nutrition and health.
• 5:12
  Speaker 0: Food drinks pet food around three billion euros in revenue.
• 5:17
  Speaker 0: The other is scent and care perfume cosmetic ingredients sun protection just under two billion
• 5:25
  Speaker 1: And one of them is the good one I assume.
• 5:27
  Speaker 1: let me guess.
• 5:28
  Speaker 0: go ahead
• 5:29
  Speaker 1: perfume.
• 5:30
  Speaker 1: perfume sounds like the fat margins
• 5:34
  Speaker 0: On the side.
• 5:34
  Speaker 0: with food and pet food, about twenty-four cents of every euro of revenue stays in the day to day business.
• 5:44
  Speaker 1: That really surprises me!
• 5:46
  Speaker 1: Why is the glamorous half the weaker one?
• 5:49
  Speaker 0: Because glamour isn't all that's in it.
• 5:51
  Speaker 0: This half also holds sun protection filters And industrial fragrance raw materials.
• 5:56
  Speaker 0: They had a hard year.
• 5:57
  Speaker 0: Fine perfume itself did well Strong growth With wins in North & Latin America
• 6:03
  Speaker 1: And on the food side?
• 6:04
  Speaker 0: Food and drinks grew nicely.
• 6:06
  Speaker 0: That's the engine, and it ran!
• 6:08
  Speaker 0: Pet food of all things—the part.
• 6:11
  Speaker 0: I'd have expected them most from—stood still.
• 6:14
  Speaker 1: Pet food.
• 6:15
  Speaker 1: Explain to me why.
• 6:16
  Speaker 1: that is an interesting thing for you.
• 6:18
  Speaker 1: To be honest this bag is dry kibble.
• 6:20
  Speaker 0: Someone has decided whether your dog eats what's in their bag.
• 6:23
  Speaker 0: Dry kibbles alone aren't appetizing to animals.
• 6:26
  Speaker 0: What makes a dog empty the bowl... ...is a coating… The Palatant SimRise is one of the world leaders in that, and in twenty nineteen it paid a three-digit million sum for an American company.
• 6:38
  Speaker 0: to go deeper still.
• 6:40
  Speaker 1: So The Taste Of Dog Food Is A Serious Industry.
• 6:43
  Speaker 0: It's a very good business.
• 6:44
  Speaker 0: Repeat purchases high switching costs And a market That Grows Through Recessions Because People Cut Back On Themselves Before Their Pet.
• 6:52
  Speaker 1: Then Why Did It Stand Still?
• 6:54
  Speaker 0: The year before, Simrise had raised prices.
• 6:57
  Speaker 0: Customers then bought less
• 6:58
  Speaker 1: for a while
• 6:59
  Speaker 0: and it took time Before they were taking as much As before.
• 7:02
  Speaker 0: That happens.
• 7:03
  Speaker 0: But keep in mind that pet food is actually One of this company's strengths... ...that explains A purchase will get too shortly.
• 7:10
  Speaker 1: And regionally?
• 7:11
  Speaker 1: Is growing everywhere?
• 7:13
  Speaker 0: No!
• 7:14
  Speaker 0: This the part a shareholder should know.
• 7:16
  Speaker 0: Latin America grew strongly by almost seven percent.
• 7:20
  Speaker 0: North America grew not at all
• 7:22
  Speaker 1: Almost not at all, in the world's largest consumer
• 7:26
  Speaker 0: market.
• 7:41
  Speaker 1: Then I'll ask the obvious question isn't that just an average?
• 7:45
  Speaker 1: Some up some down and The sum is what comes out
• 7:49
  Speaker 0: And that's exactly why it is the most meaningless number in an annual report.
• 7:53
  Speaker 0: Whoever buys this stock isn't buying the average, they're buying a food business that works and a perfume business thats currently being repaired.
• 8:01
  Speaker 1: One more thing on that growth number... Is not even three percent what actually came in?
• 8:06
  Speaker 1: No!
• 8:07
  Speaker 0: ...and The Difference Matters Just under Three Percent.
• 8:10
  Speaker 0: is the organic Growth In Euros.
• 8:12
  Speaker 0: Revenue Actually Fell Slightly Because The Dollar & Other Currencies Moved Against Simrise.
• 8:18
  Speaker 1: So they sold a bit more, converted at worse rates.
• 8:22
  Speaker 0: Right?
• 8:22
  Speaker 0: And management can't help that... But it's the reason there is plus organically and minus in euros!
• 8:28
  Speaker 0: Now the number that scares people – and deserves at least… Profit!
• 8:33
  Speaker 0: Almost five hundred million euros the year before around two-hundred and fifty last year.
• 8:39
  Speaker 1: Half of profit gone In one year with record margin.
• 8:42
  Speaker 1: What happened?
• 8:43
  Speaker 0: Two write downs both at year end One on a Swedish animal health company, Simrise had been buying into for few years.
• 8:51
  Speaker 0: One in raw materials business that come along the way.
• 8:55
  Speaker 0: each costs around one hundred and fifty million euros.
• 8:58
  Speaker 1: Animal Health That's strength.
• 9:00
  Speaker 1: I should remember
• 9:01
  Speaker 0: Exactly that one.
• 9:02
  Speaker 0: They're good at animals so they bought deeper into animals Supplements, dental care...that world.
• 9:08
  Speaker 0: The logic was right The price too
• 9:11
  Speaker 1: high.
• 9:11
  Speaker 1: Explain write down.
• 9:13
  Speaker 1: to me It sounds like money disappears.
• 9:15
  Speaker 0: It's the company saying in writing, what we bought is worth less than we paid.
• 9:20
  Speaker 0: The money itself flowed years ago.
• 9:23
  Speaker 0: on day of purchase.
• 9:24
  Speaker 0: Last winter they printed a difference where every shareholder can read it.
• 9:28
  Speaker 1: Then let me defend them for second.
• 9:30
  Speaker 1: That paper not money.
• 9:31
  Speaker 1: Why should a shareholder care about number when no money ever moved?
• 9:35
  Speaker 0: Because its price tag and old decision And tells you how well this management could buy.
• 9:41
  Speaker 0: But on the money yourself your right.
• 9:43
  Speaker 0: And that's exactly where this industry offers the perfect comparison.
• 9:47
  Speaker 1: Which is?
• 9:48
  Speaker 0: A vanilla flavor can come from a real pod, three years grown pollinated by hand or it's built molecule-by-molecule until it tastes exactly the same on The tongue.
• 9:58
  Speaker 0: you can't tell them apart.
• 9:59
  Speaker 0: with profits It's the same.
• 10:01
  Speaker 0: some are real Some are built to taste real.
• 10:05
  Speaker 1: and how do you tell if not on the tongue?
• 10:07
  Speaker 0: At the till, a real profit turns into money coming in.
• 10:11
  Speaker 0: A built one stays on paper.
• 10:13
  Speaker 0: so guess?
• 10:14
  Speaker 0: In the year profit halved.
• 10:16
  Speaker 0: what happened at the till?
• 10:18
  Speaker 1: with a profit drop like that I'd expect the money to have collapsed too.
• 10:22
  Speaker 0: it was One of The best cash years in the company's history.
• 10:25
  Speaker 0: Profit came in almost one-to-one as Real Money.
• 10:28
  Speaker 0: the dividend is covered several times over and two rating agencies gave the Company their seal Of approval for the first
• 10:34
  Speaker 1: time.
• 10:35
  Speaker 1: So the halved profit was real vanilla, smaller but real.
• 10:39
  Speaker 0: Smaller?
• 10:40
  Speaker 0: Real and also openly explained.
• 10:43
  Speaker 0: If you own this stock This number is not your problem.
• 10:46
  Speaker 0: Two bad purchases were publicly admitted And paid for out of a strong year.
• 10:50
  Speaker 0: That's how it should go.
• 10:52
  Speaker 1: Then where Is The Problem?
• 10:53
  Speaker 0: In what the record margin Was Paid?
• 10:55
  Speaker 0: With
• 10:55
  Speaker 1: A quick word on our own account Since It Fits What You're Hearing Here Is Short Version.
• 11:00
  Speaker 1: The full Warren-Wise report checks an equity story across eight dimensions, page by page against the annual report.
• 11:08
  Speaker 1: If you want that view for your own company in the board on the supervisory board or in investor relations warren dash wise dot com.
• 11:17
  Speaker 1: so and now back to Simrise.
• 11:19
  Speaker 1: And
• 11:23
  Speaker 0: Part of it was paid for out-of the plants.
• 11:25
  Speaker 0: SimRise prints a number, it promises itself Of every hundred euros of revenue about six should flow into its own sites and facilities.
• 11:34
  Speaker 0: Last year It was four
• 11:36
  Speaker 1: Two Euros out of one hundred.
• 11:38
  Speaker 1: That sounds like little
• 11:39
  Speaker 0: At this company's size...it isn't.
• 11:42
  Speaker 0: And remember The vanilla vine Three years Until it flowers.
• 11:46
  Speaker 0: A production line is same kind thing.
• 11:48
  Speaker 0: You skip a year of planting And you notice three years later Not this year.
• 11:53
  Speaker 1: So the saving shows up immediately, and the damage shows up late?
• 11:56
  Speaker 0: That's a whole danger of skimping on investment!
• 11:59
  Speaker 0: It always looks free in the year you do it Now.
• 12:02
  Speaker 0: second question to guess And what did management with that strong cashier?
• 12:07
  Speaker 1: pay down debt or next acquisition?
• 12:09
  Speaker 0: Around turn-of-the-year announced share buyback Up to four hundred million euros.
• 12:14
  Speaker 1: Tell me that in plain words.
• 12:16
  Speaker 1: They're not raising investments at their own ambition level.
• 12:19
  Speaker 1: But for a buy back there is money.
• 12:21
  Speaker 0: Yes thats'it
• 12:22
  Speaker 1: But wait, every company I read about is buying back shares right now.
• 12:26
  Speaker 1: i thought that was good for shareholders isn't it?
• 12:29
  Speaker 0: It IS in one specific case.
• 12:32
  Speaker 0: when a company really has more money than good uses for it then giving it back is fine.
• 12:37
  Speaker 0: but this company printed a use-in its own report and then didn't fund it.
• 12:41
  Speaker 0: That's something different.
• 12:43
  Speaker 1: So the shareholders got a portion of what should have gone into
• 12:48
  Speaker 0: the kitchen.
• 12:49
  Speaker 0: SimRise prints a second number about itself.
• 12:52
  Speaker 0: Every seventh euro of revenue should come from products younger than three years.
• 12:57
  Speaker 0: That's how a flavor house proves its labs are still inventing.
• 13:00
  Speaker 1: And what did they achieve?
• 13:02
  Speaker 0: Every eighth Euro
• 13:03
  Speaker 1: One place further back in the line, that sounds like almost nothing
• 13:07
  Speaker 0: At a company this size.
• 13:09
  Speaker 0: it is around one hundred million euros of revenue.
• 13:11
  Speaker 0: The lab was supposed to invent and didn't.
• 13:14
  Speaker 1: How many of these self set numbers therein total?
• 13:17
  Speaker 0: Three Grow at least five percent a year on its own steam.
• 13:21
  Speaker 0: It managed not even three percent, fill every seventh euro of sales with new products it reached every eighth.
• 13:28
  Speaker 0: put six of every hundred euros back into the plants...it spent four.
• 13:32
  Speaker 1: A company that sells recipes writes itself one and doesn't stick to it.
• 13:36
  Speaker 0: And there's further observation that belongs next them because is same habit in another form.
• 13:42
  Speaker 0: last years guidance was met after had been cut in summer and again in the fall.
• 13:48
  Speaker 1: Ah, so the guidance came down until it fit the year?
• 13:51
  Speaker 0: Twice...in twelve months!
• 13:54
  Speaker 0: And that's what a private investor actually feels—you plan with a number…and the number moves out from under you.
• 14:00
  Speaker 1: Is any of this against the rules?
• 14:02
  Speaker 0: None-of-it.
• 14:03
  Speaker 0: Cutting guidance Saving costs Buying back shares All legal All disclosed All common.
• 14:10
  Speaker 0: That is The point.
• 14:11
  Speaker 0: Nothing here is a scandal.
• 14:13
  Speaker 0: It's a company quietly taking more out of itself than it puts back.
• 14:17
  Speaker 0: Simrise knows the taste of the world, its just its own isn't hitting right now.
• 14:22
  Speaker 1: Is there anything you couldn't check?
• 14:24
  Speaker 0: One point and I handle it carefully Since twenty-twenty three competition authorities have been looking at this whole industry Not At A Single Company.
• 14:33
  Speaker 0: For Simrise The Proceeding In The US Is Closed.
• 14:36
  Speaker 0: in Europe And Two Other Countries The Reviews Are Still On Going.
• 14:40
  Speaker 0: There Is No Finding No charge against individuals, no penalty.
• 14:44
  Speaker 1: Then why mention it at all?
• 14:46
  Speaker 0: Because nowhere is it quantified what could cost?
• 14:49
  Speaker 0: if anything Every ingredient has to be declared This one in the report as a sentence not as number.
• 14:56
  Speaker 0: That's checkpoint Not an accusation.
• 14:58
  Speaker 0: But investor can't price-in What nobody disclosed.
• 15:02
  Speaker 1: Is someone fixing this?
• 15:04
  Speaker 1: or are we watching slow decline?
• 15:06
  Speaker 0: Someone trying and timing matters?
• 15:08
  Speaker 0: In March, a new CEO took over Jean-Yves Parisot.
• 15:13
  Speaker 0: He made none of the purchases we talked about and set None Of The Three Numbers.
• 15:17
  Speaker 0: he inherited them And he's the one measured against him.
• 15:21
  Speaker 1: He inherited the recipe!
• 15:23
  Speaker 0: ...and started cleaning up... The raw materials business that was written down has since been sold.
• 15:28
  Speaker 0: The agreement was signed on the first September admitted then closed out.
• 15:32
  Speaker 1: And current business?
• 15:34
  Speaker 0: First quarter this year is weak.
• 15:36
  Speaker 0: revenue slightly below the prior year.
• 15:38
  Speaker 0: In the second quarter, by contrast... ...the business grew by four and a half percent organically The best quarter in a year-and-a-half led by drinks & fragrances And buy a recovery in North America
• 15:50
  Speaker 1: From Stanstil to the Best Quarter in A Year-And-A-Half
• 15:53
  Speaker 0: in
• 15:54
  Speaker 1: three months.
• 15:55
  Speaker 1: Is that the turn?
• 15:56
  Speaker 0: One quarter is a taste.
• 15:58
  Speaker 0: Two are direction.
• 16:00
  Speaker 0: Notice what management made of it.
• 16:02
  Speaker 0: Full year guidance was confirmed Confirmed not raised.
• 16:06
  Speaker 1: What does that tell you?
• 16:07
  Speaker 0: That they don't yet trust?
• 16:08
  Speaker 0: the second quarter.
• 16:09
  Speaker 0: turn themselves, and I respect that more than a guidance raise in September.
• 16:14
  Speaker 1: So what do you want to see from the board?
• 16:16
  Speaker 0: Three things – first deliver this year's guidance without a cut—that would be positive signal.
• 16:22
  Speaker 0: Second bring investment back toward six out of one hundred you named yourselves or explain to shareholders why your own number no longer holds.
• 16:32
  Speaker 0: Third, show what the written-down animal health business earns today so we can judge the next purchase before it's made.
• 16:40
  Speaker 1: And if that doesn't come... What was last year then?
• 16:43
  Speaker 0: Not a transition year!
• 16:44
  Speaker 0: The new normal not bad just NOT WHAT IT ORIGINALLY SAID ON THE LABEL.
• 16:48
  Speaker 1: Watchlist.
• 16:49
  Speaker 1: is THAT A SELL
• 16:50
  Speaker 1: SIGNAL?!
• 16:50
  Speaker 0: No I don't give buy hold or sell recommendations.
• 16:54
  Speaker 0: watch list means i see company that keeps missing its own numbers.
• 16:59
  Speaker 0: So im waiting for the Year when both line up.
• 17:01
  Speaker 0: The next answer comes in the fall, with a third quarter figures.
• 17:05
  Speaker 0: And first thing I check whether money went into plants.
• 17:09
  Speaker 1: What do i take from this?
• 17:10
  Speaker 1: For the annual report that I open...
• 17:12
  Speaker 0: Four things.
• 17:13
  Speaker 0: First when profit collapses go to till before you panic.
• 17:18
  Speaker 0: If the money still came your may be just reading price of an old purchase not broken business.
• 17:24
  Speaker 0: Second When margin is record and growth isn't ask if company sold more or spent less.
• 17:30
  Speaker 0: Third Never trust the group number alone.
• 17:33
  Speaker 0: Break it apart.
• 17:35
  Speaker 0: The average is usually one that reveals very little.
• 17:38
  Speaker 0: And fourth, find numbers the company promised itself and measure against those No-one forced to print them.
• 17:45
  Speaker 1: A company that stops investing in its self tells you something about how much still trusts itself.
• 17:52
  Speaker 1: That's what I'll be listening for from now
• 17:58
  Speaker 0: on.
• 17:59
  Speaker 0: Since then, it has hit the taste of billions of people every morning in the toothpaste and coffee at The Dog's Bowl.
• 18:05
  Speaker 0: And its still hits it!
• 18:07
  Speaker 0: What had missed last year?
• 18:08
  Speaker 0: You can't taste... you read It In Its Own Annual Report Grow Faster Invent More.
• 18:14
  Speaker 0: That Is New.
• 18:15
  Speaker 0: Invest more in the Plants.
• 18:17
  Speaker 0: Three Promises SimRise Rights For Itself.
• 18:20
  Speaker 0: A Cook Who Makes Every Guest Their Favorite Meal Doesn't Keep His own Kitchen.
• 18:25
  Speaker 0: As An Investor You're Not Buying The Aroma You're buying what it's made of.
• 18:29
  Speaker 0: Simrise knows the taste.
• 18:32
  Speaker 0: It does
• 18:59
  Speaker 2: not constitute investment advice or an invitation to buy, hold and sell any financial instrument.
• 19:07
  Speaker 2: All assessments are based on a model-driven AI supported analytical approach.
• 19:13
  Speaker 2: Warren Wise is fictional synthetic character.
• 19:16
  Speaker 2: neither real person nor their estate nor company connected with such persons.
• 19:22
  Speaker 2: Any reference to Benjamin Graham?
• 19:25
  Speaker 2: Warren Buffett or Charlie Munger is purely descriptive of the investment philosophies attributed to them.
• 19:32
  Speaker 2: No endorsement, authorization representation or other connection including their estates or affiliated
• 19:39
  Speaker 1: companies exists.
• 19:42
  Speaker 2: All voices and audio content in this episode are synthetically produced and AI generated.