Best thing I've read this Sunday. Puts into words my discomfort over the "trade off lives to save the economy" narrative that has been emerging. Thank you @EpsilonTheory… I hope this spreads far and wide https://t.co/0M7yXTcjoX

— Max Niederhofer (@maxniederhofer) March 29, 2020

John, please interview Dr. Michael Burry, the best investor of all time

— HAETAE (@haetae_capital) March 29, 2020

When you see $1,200, $12,000 order take $50M, $100M (say 25% market cap) off a solid company, its easy to see that stocks move on incredibly small/incremental bits of investment – wildly disproportionate (small!) relative to invested captial.

— Nat Stewart (@natstewart5) March 26, 2020

Pleased to share our new research piece: "BIN There, Done That." Should appeal to fans of @PTetlock, Danny Kahneman, @VSatopaa, Barb Mellers, @SibOliv, @CassSunstein. https://t.co/aPwmgGxGuQ

— Michael Mauboussin (@mjmauboussin) March 20, 2020

The Man Who Never Lost, by John Train (October 2, 1978 issue of Forbes) pic.twitter.com/rQGTIKiJR7

— Shai Dardashti (@ShaiDardashti) March 16, 2020

Despite portfolio sizing being so important (one of 3 most important investing attributes according to Mr Sankaran Naren) very little is written on the topic. @IntrinsicInv has brilliant 7-part write up on the subject. My notes are appended but highly recommend the blog. pic.twitter.com/MrPooTLMDb

— Bhavin Gandhi (@bhavinjan1978) March 15, 2020

Good time for wisdom from Ben Graham: "Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal."

— Michael Mauboussin (@mjmauboussin) March 8, 2020

More investors should have a slide like this in their decks: Reasons not to invest. pic.twitter.com/tcnRPiSzqo

— Marc Rubinstein (@MarcRuby) March 2, 2020

In case anyone has been hunting around for “Common Stocks as Long Term Investments” after Buffett name dropped it in his letter this weekend. https://t.co/UTjqWW32Pj

— Scuttlebutt Investor (@Scuttlebutt_Inv) February 24, 2020

On investment ideas, the only thing that matters is the quality of the idea, not the novelty. In many areas of life, there is a direct link between originality and quality, but in investing, the two have a random relationship.

— John Huber (@JohnHuber72) February 19, 2020

Here are my slides from my presentation at @manualofideas Ideaweek 2020. You'll have to use your imagination to fill in the spaces covered w/ the talk as opposed to the visuals, but at least it gives a sense of where I'm coming from: https://t.co/Q0TrRVTKlh

— Elliot Turner (@ElliotTurn) February 13, 2020

We started blogging back in 2016, but we had no readers! So here's a post from the past in which we explained why we rarely call ourselves value investors and why we value stocks based on what we would pay if we could never sell them. https://t.co/795Y1P7tNU

— Ensemble Capital (@IntrinsicInv) January 30, 2020

Going back in the archives this morning with @mjmauboussin

Link to Ruminations on Risk https://t.co/rsmca2NaK3 pic.twitter.com/l6f8mXFhOZ

— Sean DeLaney (@SeanDeLaney23) January 27, 2020

Justin Wheeler, CEO of Berkadia, shares his story Utah State University's Jon M. Huntsman School of Business. https://t.co/OEYxIiq7qh

— Michael Billings (@mabtito) January 15, 2020

Short profile of the Mendelson family (Heico) in Forbes: $HEI https://t.co/F3Z9nUoglL

— Liberty (@LibertyRPF) January 14, 2020

[New Post] Today we explain why it is impossible for investors to be "macro agnostic". “My interest is in the future because I am going to spend the rest of my life there. ” -C.F. Kettering https://t.co/tL7MjC9JxW

— Ensemble Capital (@IntrinsicInv) January 10, 2020

This is really good. When you're trying to do something new and it's not working, you don't know whether that's because it's impossible, or you just got some minor detail wrong. https://t.co/d1geyzSt17

— Paul Graham (@paulg) January 11, 2020

Reading one 10-K a day will change your investment life.

This simple habit has tremendous compounding effects.

Don't know where to start? Enter @AswathDamodaran

He created an entire YouTube video on how to read an annual report: https://t.co/6KF4atXwVF

— Brandon Beylo (@marketplunger1) January 8, 2020

Excellent and useful consolidation of the resources in our mega thread on industry news sources. Thanks @quadrantinvestr! https://t.co/vMFIUpAKBZ

— Ensemble Capital (@IntrinsicInv) January 8, 2020

What better way to start the new decade than by re-reading The Life Handbook by Epictetus.

It‘s available for free on LibriVox:https://t.co/IGrP1gaRpM

It‘s also on Scribd (here‘s two free months with my refer-a-friend link https://t.co/alkVURaY9U):https://t.co/Nps1YWDcx3 pic.twitter.com/xWyr0jblJi

— Remo Uherek (@remouherek) January 1, 2020

Our most-read posts from 2019:

#1) How Many Stocks Should You Own in Your Portfolio?https://t.co/XTDT6DLFqf

— Ensemble Capital (@IntrinsicInv) December 31, 2019

This is such great advice from Munger when it comes to portfolio management. Everyone's trying to be smarter, search deeper, and solve the most complex problems, which makes those areas very competitive places to play. Just avoiding difficult things is so simple, but not easy pic.twitter.com/kRFkn0kiOV

— John Huber (@JohnHuber72) December 18, 2019

Great article, "How to Value a Company by Analyzing Its Customers," by @d_mccar and @faderp in the new @HarvardBiz. We have to go back to basic unit economics, which is especially important for companies that expense their investments.https://t.co/47I4muUffp

— Michael Mauboussin (@mjmauboussin) December 18, 2019

It is remarkable to see the degree to which Ben Graham used current examples to teach. From "Current Problems in Security Analysis presented by Benjamin Graham at the New York Institute of Finance from September 1946 to February 1947." https://t.co/3guguHhGm1

— Michael Mauboussin (@mjmauboussin) December 17, 2019

My conversation with the incomparable @jim_rutt is up. He preceded me as chair of the board @sfiscience. There’s never a boring discussion with him! https://t.co/1wnlmnUznq

— Michael Mauboussin (@mjmauboussin) December 2, 2019

Read this piece by @jasonzweigwsj on his overconfidence in college, it's wonderful. https://t.co/00pYZWh58t

— Morgan Housel (@morganhousel) December 2, 2019

A case study of Warren Buffett and Charlie Munger's investment in and management of Blue Chip Stamps, courtesy of @maxolson. https://t.co/OFVFnFMxvA

— Shai Dardashti (@ShaiDardashti) November 29, 2019

Hanlon’s Razor:

“Never attribute to malice that which can be adequately explained by stupidity.”

I find a slightly adapted version to be just as useful in daily life:

“Never attribute to negative intentions that which can be explained by busyness.”

— James Clear (@JamesClear) November 17, 2019

One of the best books I've read in awhile. Not about finance (not directly anyway) but great brain food. Makes you think. Thanks @DavidDeutschOxf for writing it:
"The Beginning of Infinity: Explanations That Transform the World" https://t.co/h4V3v0uH1m via @amazon

— Chris Mayer (@chriswmayer) November 13, 2019

MOI Global’s Meet-the-Author Summer Forum 2019 Interview https://t.co/HtmYW6TMTa #valueinvesting #buffett #munger #pabrai

— Oyemoney (@Oye_money) September 12, 2019

Thanks @mjmauboussin for the timeless Expectations Investing, one of my all-time favorites among investing books. Covering most of what an investor need to know. Find my review @Investbythebook https://t.co/KCyZ0roDbu

— Niklas Sävås (@NiklasSavas) October 13, 2019

. @RobertIger ‘s book is a good read. Intuition overlaps with data, Hollywood overlaps with Silicon Valley, and the professional overlaps with the personal. https://t.co/r9ecpogCio

— Saurabh Madaan (@saurabh_madaan) October 5, 2019

My philosophy of writing:

• Write every day.

• Write in public to improve the quality of your thinking.

• Write for clarity, not to impress people.

• Write about your curiosities. You don’t need to be an expert.

• Write for the most intelligent person you know.

— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) October 4, 2019

Recently, I have been thinking a lot about the relationship between public and private markets over the past 50 years. Found this book very useful, and it flew under my radar until recently:https://t.co/U82yRMKvfC

— Michael Mauboussin (@mjmauboussin) September 19, 2019

We're excited to share a diagram of Ensemble Capital's investment philosophy. This is at the heart of everything we do in our portfolio and everything we talk about on our blog and here on Twitter. https://t.co/YGfpYDuzGP pic.twitter.com/SId3ne5mvi

— Ensemble Capital (@IntrinsicInv) September 18, 2019

Sort of investment related. Sort of life related. Not the kind of thing I do often. But I figured sharing some of Arnold Van Den Berg's wisdom from last week's @manualofideas is a decent idea.https://t.co/AbYZkSWglg

— Bill Brewster (@BillBrewsterSCG) September 17, 2019

Buffett’s first ever TV interview, back when 500m was still a lot of money 😀 Still singing from the same songsheet. Sharp as a razor. It’s notable how much his pace of speech has slowed with the passage of years tho (understandably).https://t.co/ioYqbRFYxx via @YouTube

— Lyall Taylor (@LT3000Lyall) September 16, 2019

You can click on the logo of any company on this website and get a full breakdown of the business model/investment thesis.

(h/t @BluegrassCap)https://t.co/uY2mi523Xx pic.twitter.com/9zyDtTAyOy

— Ryan Reeves (@investing_city) September 14, 2019

One of the highlights of any @manualofideas event is the community. All investing geeks but a diverse range of perspectives and approaches. Always come away inspired.

— Coho Capital (@CohoCap) September 14, 2019

Tthe generosity of everyone I have met through @manualofideas, the value community and #FinTwit has made a real difference for me as an investor, and more importantly, in my life. I am grateful for the opportunity to be part of this group!

— Elliot Turner (@ElliotTurn) September 13, 2019

Talking to a very smart friend.

He says STAMINA is an key indicator of long-term success.

People with stamina:

– Respond well to failure
– Have obsessive personalities
– They do similar things on weekdays and weekends (my favorite one)

Secret way to find under-valued talent.

— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) September 13, 2019

“That’s not the way it’s supposed to go.” Wall Street shorts schools and towns in a frenzy of municipal bond flips. https://t.co/V9InpIa463 via @WSJ

— Jason Zweig (@jasonzweigwsj) September 12, 2019

Presentation of CFA webinar available for download on following link @CFASocietyIndia @CFAinstitute https://t.co/OANpq96Rv6#cfainstitute #investing #finance #valueinvesting

— Kuntal (@Kuntalhshah) September 12, 2019

"When competing one-on-one, follow two simple rules: if you are the favorite, simplify the game. If you are the underdog, make it more complicated"

david beat goliath with a slingshot, not strength pic.twitter.com/2NgyswKyac

— Movement Capital (@movement_cap) September 12, 2019

Step 1: Go to @manualofideas cocktail reception. Expect to talk about investments.

Step 2: See a table listening to someone.

Step 3: Walk over.

Step 4. Listen to Arnold Van Den Berg talk about how his father survived the Holocaust.

Step 5. Be grateful.

— Bill Brewster (@BillBrewsterSCG) September 12, 2019

An Analysis of “Benjamin Graham’s Net Current Asset Values: A Performance Update” – https://t.co/3sNCh89IBY
by g_merani. A deep dive into net-nets
cc. @greenbackd

— Wes Gray 🇺🇸🗽 (@alphaarchitect) September 5, 2019

A treat to learn about the attention-to-detail, people-first work ethic of Bill Marriott in building the Marriott business!https://t.co/Vn4F3IdogH

— Soumil Zaveri (@SoumilZaveri) September 4, 2019

Impressive to see 500+ books summarized by Blas Moros to learn, grow, and improve every day. https://t.co/LsxGp2Tgr7
H/T @Kuntalhshah.

— Jana V (@jvembuna) September 5, 2019

If, as the Business Roundtable seems to be hinting, companies should focus on stakeholder interests rather than maximizing shareholder value, it is worth remembering the adage that if you try to make everyone happy, no one will be. https://t.co/UdvJNcu0eH pic.twitter.com/MILTnPQ3Ln

— Aswath Damodaran (@AswathDamodaran) August 28, 2019

Great news… Shape Up, our new book, is now available as a free PDF. No email required either. Go here and scroll down a bit – you’ll see the PDF link: https://t.co/hOQfTZOICr

— Jason Fried (@jasonfried) August 22, 2019

From the archives: "Have You Ever Tried to Sell a Diamond?" A true classic. https://t.co/pQA4fRAMiK

— Phil Ordway (@pcordway) August 22, 2019

An absolute treasure trove of investing material compiled by @absolut_brian 👏

"The best thing a human being can do is help another human being know more"– Charlie Munger.

Plz share @Gautam__Baid @iancassel@dmuthuk @safalniveshak @ToddWenning 🙏https://t.co/OFX8KTHcMr

— Ram Bhupatiraju (@RamBhupatiraju) August 22, 2019

“Beware the investment activity that produces applause. The great moves are usually greeted by yawns.”

– Warren Buffett

— Andrew Wilkinson (@awilkinson) August 21, 2019

“By the Book” is a great column and this might be the best one I’ve read. https://t.co/fWf3JTFMlZ

— Phil Ordway (@pcordway) August 21, 2019

"So what I saw around me were great kids who had been trained to be world-class hoop jumpers. Any goal you set them, they could achieve…But I think there’s something desperately wrong, and even dangerous, about that idea."

Solitude and Leadership https://t.co/e8qjH9mT5n

— Phil Ordway (@pcordway) August 1, 2019

The Fundsmith Owner's Manual is a fantastic read – Terry Smith makes investing sound so simple. Below is what I highlighted as I read through it. pic.twitter.com/bIcaXAlWxG

— Travis Wiedower (@TravisWiedower) July 27, 2019

Profile of Richard Rainwater; D Magazine, November 1989: https://t.co/Q6tNx73Ebi pic.twitter.com/7zZHgU2N3i

— Shai Dardashti (@ShaiDardashti) July 25, 2019

It’s been 10 years since I read Getting Things Done, and no system has come close to working as well.

Every time I try something new, I eventually come crawling back into uber organized bliss.

Thank you @gtdguy and @OmniFocus 🙏

— Andrew Wilkinson (@awilkinson) July 22, 2019

One of the best articles I've ever read.

Worth your time.https://t.co/YjDpUG6V8b

— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) July 17, 2019

McKinsey (2010) on the five attributes of enduring family businesses https://t.co/YCLmHpD2iO pic.twitter.com/w512D8E4IQ

— WTCM (@WTCM3) July 14, 2019

Whenever I find myself slipping – not liking how I’m acting, thinking, or reacting – I reread The Manual. It’s the simplest, most profound barely-60 pages I’ve come across. Read it again today. I needed it. pic.twitter.com/fzEbisLDp4

— Jason Fried (@jasonfried) July 14, 2019

Star of the North: How Warren Buffett Bought the Best Industrial Firm in Israel https://t.co/h4lazBQ2DP pic.twitter.com/LeZ8TX54yM

— Shai Dardashti (@ShaiDardashti) July 14, 2019

Chuck Akre's classic speech "An Investor's Odyssey: The Search for Outstanding Investments" – where he mentions Phelps 100 to 1 book. This was the inspiration behind my 100-bagger book/project.https://t.co/n1J9df4G9H

— Chris Mayer (@chriswmayer) July 11, 2019

Annie Duke presents her ideas in her book titled: "Thinking in Bets" in this Talks at Google https://t.co/dG5TSaCRUE

— Abdallah Toutoungi (@AToutoungi) July 11, 2019

WEB-BOOK LAUNCH: The deepest dive into our unique way of working. No post-its, no backlogs, no sprints, no stand-ups, no velocity tracking, no agile, no scrum, no roadmaps, none of that. We’ve gone a different way, and now you can too. Read up, Shape Up: https://t.co/hOQfTZOICr

— Jason Fried (@jasonfried) July 9, 2019

If you’re looking for something non-finance to read, look no further. A balanced and thoughtful read into what set off the American Revolution. pic.twitter.com/QFZXx4lGnk

— Todd Wenning (@ToddWenning) July 7, 2019

This is an amazing free resource. Anyone know who wrote them all? https://t.co/eT5AcjaeIx

— Ensemble Capital (@IntrinsicInv) July 1, 2019

Charlie Munger‘s Three Basic Rules:

1. Don‘t sell anything you wouldn‘t buy yourself.
2. Don‘t work for anyone you don‘t respect and admire.
3. Work only with people you enjoy.

— Remo Uherek (@remouherek) June 30, 2019

Wow.

This is the best reading list I’ve ever seen.https://t.co/6vuHm8OIAI pic.twitter.com/CPbzGADhg0

— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) June 30, 2019

I enjoyed my interaction with @farnamjake1 on the @5_GQs podcast. We discuss the importance of humility, lifelong learning, minimalism, and flexible thinking among many other topics.https://t.co/F3BBKOimrw

— Gautam Baid (@Gautam__Baid) June 28, 2019

"Not until all four of these factors—property rights, scientific rationalism, effective capital markets, and efficient transport and communication—are in place can a nation prosper." Excellent: https://t.co/lg3L5GNA6X pic.twitter.com/y8mS9heNfs

— Shai Dardashti (@ShaiDardashti) June 27, 2019

"Mental toughness is doing what's right for the team when it may not be right for you" says @mlombardiNFL as he talks organisational culture & leadership w/@penderdave #gridirongenius https://t.co/DGMPtHoFT8

— David Barr (@PenderDave) June 27, 2019

Munger on shorting: We don’t like to trade agony for money.

— Bill Brewster (@BillBrewsterSCG) June 26, 2019

Two years ago, I wrote a post w/ advice for liberal arts majors wanting to move into finance. Thought it was appropriate to reshare given all the talk about humanities majors being disappointed with their job prospects. https://t.co/3X3QKW4pTx

— Todd Wenning (@ToddWenning) June 26, 2019

Some of our blog post “greatest hits” are now available on a single page. Here’s what we believe: https://t.co/M6wCUp6Wjv

— Jason Fried (@jasonfried) June 25, 2019

Was recently introduced to this podcast, which recounts classic business rivalries. I’m two episodes in and enjoying it. Serves as a counter to hindsight bias. Good reminder that business/investing is hard. https://t.co/FDzmxKOqom

— Todd Wenning (@ToddWenning) June 20, 2019

Timely, from Seth Klarman: In a bull market, you learn that everything you buy was a good decision and everything you sold was a mistake. In a bear market, you learn the opposite: Everything you buy seems like a mistake, and everything you sell seems like a smart decision.

— Chris Mayer (@chriswmayer) June 20, 2019

I've read Sapiens once and done the online course twice. This is my favorite video in the course. I keep going back to it. If you haven't read the book or done the course, and need a nudge, watch this one clip on the Power of Myth and Imagined Realities:https://t.co/KSJ85qt0c2

— Fundoo Professor (@Sanjay__Bakshi) June 19, 2019

[New post] Moat Erosion Starts Behind the Castle Wallshttps://t.co/gN8hXWLbUU

— Ensemble Capital (@IntrinsicInv) June 17, 2019

I compiled all of Amazon's Shareholder Letters

You can access them here: https://t.co/rtvHmXeVMV

— Ryan Reeves (@investing_city) June 15, 2019