Sankaran Naren, Chief Investment Officer of ICICI Prudential, shares five books that have had a big influence on his life. https://t.co/uBdntfdMNI
— John Mihaljevic (@JMihaljevic) November 2, 2020
I still cannot believe this actually happened.
They mistakenly held press conference at Four Seasons—Landscaping company instead of Four Seasons Hotel.
Borat 2 star Rudy Gulilani and disgraced former NYC mayor learned the election was called from the parking lot. pic.twitter.com/2dslNcgKnJ
— Josh Wolfe (@wolfejosh) November 8, 2020
Shared with permission: Eight terrific companion videos from the new edition of Bruce Greenwald and Judd Kahn's "Value Investing" — featuring Glenn Greenberg, Seth Klarman, Michael Price, Tom Russo, Andrew Weiss, et al. https://t.co/zXZqAfcHdZ
— MOI Global (@manualofideas) November 7, 2020
I think it's mainly a function of value's long underperformance. Even when companies do the right thing, the share price doesn't always (often?) respond. Also, much worse outside of US.
— Riley English (@cardinalcap12) November 6, 2020
On the topic of investment firms accentuating differences rather than trying to be well rounded: quite a few of the stockpicking firms I know who have produced the best returns…
— Joel Cohen (@joelmcohen) October 26, 2020
Delighted to share a new episode! @ElliotTurn examines the automation trend from a societal and investment standpoint. @pcordway discusses value traps and IBM as a case study. @ChrisBloomstran looks at the major indices, their performance and composition.https://t.co/QaAPiBVyz9
— This Week in Intelligent Investing (@twiii_podcast) October 24, 2020
One from the MITIMCo all-time favorite reads list: Different by Youngme Moon. It's written for brand marketers but contains great insights in here for an emerging manager or anyone trying to be…different! https://t.co/107d06CsPd. Some notes below that I come back to every year:
— Joel Cohen (@joelmcohen) October 21, 2020
In this special episode, @ElliotTurn sits down with Isaac Schwartz, PM at #RobottiAndCompany for a conversation on Isaac's long arc with the logistics behind food delivery. Enjoy!https://t.co/odOr8h6zl6
— This Week in Intelligent Investing (@twiii_podcast) October 21, 2020
New blog post: Reflections on 100 baggers. What industries to focus on? What are the key ingredients of a 100 bagger? What about valuation? Hope you enjoy today's post.https://t.co/9uN4WNXC8T
— Chris Mayer (@chriswmayer) October 20, 2020
I think folks have no choice & the alternatives in Europe/ Japan are worse. The ability to make good profits with small amounts of physical capital has reduced the demand for capital but supply keeps going up as savings are re-invested.
— Keith D. Smith, CFA (@Bonhoeffer_KDS) October 19, 2020
Isn't the fed also buying long-term? Or at least implied they plan on doing so? In other words, it hasn't just come down naturally, has it?
— Chompsterama (@LaChompsterama) October 19, 2020
For anyone wondering what happened to footnoted the past two years, this story in @iimag provides lots of juicy details. https://t.co/pt0kvWS8o0
— footnoted (@footnoted) October 7, 2020
Brin and Page tried to sell the $GOOG algorithm to Excite for $1 million in 1999. Excite turned them down.
Sometimes even founders don’t know they are sitting on a gold mine.
Investing is hard.
— PermanentCapital (@permanentcap) October 4, 2020
If you’re looking for good reads, particularly on weekends, here are my favorite sites.
Enjoy. https://t.co/XPxLJkIDAbhttps://t.co/nAAVrZy3Ovhttps://t.co/zVgkUje7uvhttps://t.co/oUUyktlBzThttps://t.co/0fyXtykSGBhttps://t.co/Ir03zeBkuO https://t.co/3xGcP6H4Oz
— Jonathan Tepper (@jtepper2) October 4, 2020
181 pages of Peter Lynch. Good God almighty.
H/t to @DividendGrowth for the link.
Now I know what I’ll be doing this weekend https://t.co/ClZiZfirtO
— Brandon Beylo (@marketplunger1) September 30, 2020
I just published In Manager Selection, Conventional Rules of Thumb are Dumb https://t.co/3LMhDTjCQ8
— Joel Cohen (@joelmcohen) September 21, 2020
Peter Thiel at Stanford in 2017 – "Competition is for Losers".
This is a gem and is absolutely worth 50 minutes of your time. I've jotted down some of the nuggets below.https://t.co/2kDYi7urOv
— SVN Capital (@SvnCapital) September 11, 2020
Why is it a big deal that tonight’s NFL game in Kansas City has fans? Social proof.
As Robert Cialdini said in Influence, social conformity plays a massive role in influencing our thinking/behavior. Millions of Americans are seeing a crowd now and realizing “oh they’re fine.”
— Feynman (@19_phd) September 11, 2020
Books I regret not having read sooner:
– Psycho-Cybernetics
– A Guide to the Good Life
– Getting Things Done
– 7 Habits of Highly Effective People
– How to Win Friends and Influence People
– Intelligent Investor
– Poor Charlie‘s Almanack
– 100 BaggersWhat about you?
— Remo Uherek (@remouherek) September 10, 2020
The most obvious indication that a company is mortgaging their moat isn’t in the bottom line, it’s in the stakeholder feedback.
Pay close attention to what their employees, customers, & suppliers say about them. https://t.co/pzj1jeDtyO
— Ryan Henderson (@CCM_Ryan) September 6, 2020
Superforecasting 101 is about thinking more self-critically about how you think. See yourself as balancing opposing errors: the risks of learning too much from history vs. too little, of worrying too much about Black/Gray Swans vs too little, of over- vs under-reacting to news,… https://t.co/8i4kEK5l0E
— Philip E. Tetlock (@PTetlock) September 5, 2020
Superforecasting 101 is about thinking more self-critically about how you think. See yourself as balancing opposing errors: the risks of learning too much from history vs. too little, of worrying too much about Black/Gray Swans vs too little, of over- vs under-reacting to news,… https://t.co/8i4kEK5l0E
— Philip E. Tetlock (@PTetlock) September 5, 2020
Thanks for sharing. Definitely worth the time. Here's the one that I re-read: https://t.co/wVXkhRjLwB
— Todd Wenning (@ToddWenning) September 4, 2020
I have a calendar invite to myself to read this every 6 months as a reality check. Bill Watterson, creator of Calvin & Hobbes, 1990 Kenyon commencement speech. Worthy of 8 minutes of your day. 🙂https://t.co/0JBnaw4EQz pic.twitter.com/ZHPHtM5Rxu
— Jake Taylor (@farnamjake1) September 4, 2020
One of my favorite new activities is to go back years in the companies reporting and see if I can predict what will happen in the next few years before looking at the current numbers. It's interesting…
— Hermann Peterscheck (@petershk) September 4, 2020
At Ensemble, we believe that successful companies deliver value to all stakeholders. Stakeholder value is the source that gives rise to profits and so companies that focus exclusively on shareholders are paying lip service to their long-term profit goals. https://t.co/8ZluRVptFq
— Ensemble Capital (@IntrinsicInv) September 3, 2020
Vector theory of impact:
— Sam Altman (@sama) August 24, 2020
Incidentally, the conversation about how the "stock market" is supposedly disconnected from the "real economy" is another example of how much information the process of unitary price index construction destroys. There's so much information when you disaggregate.
— Nathan Tankus (@NathanTankus) August 23, 2020
You can’t always tell if someone is coming from a good place or not
But you can almost always figure out what their incentive is… and that’s usually all you need to know
— Oliver 🥂 (@oliviercantin) August 19, 2020
The cure for ignorance is doubt.
— Hermann Peterscheck (@petershk) August 18, 2020
Good paper by Horizon Kinetics on "Owner-Operators"https://t.co/gnHY2JImwH
— Clark Square Capital (@ClarkSquareCap) August 16, 2020
.@PenderDave chats with @JMihaljevic in the latest Pender Podcast. They discuss value investing, the history of @manualofideas, technology businesses and small and micro-cap investing. https://t.co/qwb6CwauXU pic.twitter.com/kMSR4FULnc
— PenderFund Capital (@Penderfund) August 13, 2020
Excellent read: "The Pitfalls of Net-Net Investing" (by @nothingbutnnets) https://t.co/z6Teb5OUFC pic.twitter.com/U7P4oadIdN
— Shai Dardashti (@ShaiDardashti) August 13, 2020
Is Tesla overvalued?
In the short term, definitely yes. In 2030, Tesla will likely be a trillion dollar market cap company.
(Thread) pic.twitter.com/qPGUUg73dY
— Remo Uherek (@remouherek) July 29, 2020
Essay: An Unsung Hero – by Peter D. Kaufman https://t.co/chOuxal1uj
Peter Kaufman has kindly passed along the essay that went with his January presentation at Redlands Forum to non-attendees of his talk, and permit for wider distribution of this essay. It's a must-read.
— Value Investing World Newsletter (@VInvestingWorld) July 22, 2020
An older but still relevant article about the danger of great optimism in valuing growth stocks.https://t.co/jk1V8whz7Y
— Daniel Gladis (@danielgladis) July 22, 2020
Particularly enjoying this title, a hidden gem that deserves greater awareness. Thank you, @SMRFinvestments, for so generously sharing your domain expertise. https://t.co/xeakYjSLEa pic.twitter.com/MSuEid9ytO
— Shai Dardashti (@ShaiDardashti) July 15, 2020
Limited Edition – Not found in stores
Order here => https://t.co/RqOruPpT0B pic.twitter.com/LopEmtEpLJ— LoveMusic (@Musiclove1311) July 14, 2020
What’s the best attribute of your company’s culture? @okta it’s how thankful and appreciative folks are of teammates. Now you go!
— Todd McKinnon (@toddmckinnon) July 7, 2020
"Continuing his story of self-discovery, Greenblatt recalls that at Graduate school at Wharton, he 'wrote a paper published in the Journal of portfolio management.' In his typically humble nature, Mr. Greenblatt chose to leave out the findings…" https://t.co/SBXzZ1iRWL pic.twitter.com/Jc6rSWOYiG
— Shai Dardashti (@ShaiDardashti) July 6, 2020
The median investor's first question is "who else is investing?"
The reason really good investors don't ask this is not because they're more disciplined, but because averaging their opinion of you with those of other investors would decrease its accuracy.
— Paul Graham (@paulg) June 29, 2020
In September 1957 Frank Lloyd Wright, then aged 88, appeared on two segments of a great show called “The Mike Wallace Interview”. I strongly recommend at least two viewings. So much insight on humanity and issues we still face today.
— Jeffrey Gundlach (@TruthGundlach) June 27, 2020
School's out, the sun is shining & summer is here, along with our Summer Holiday Reading List. This time our themes include business best practices, human behavior & a variety of macro factors including #healthtech & #digitaltransformation.https://t.co/5H8jcaW4ac
— PenderFund Capital (@Penderfund) June 25, 2020
A great resource on marketplace business models by the team at versionone: A Guide to Marketplaces (2nd Edition). https://t.co/i3EacMbDYC
— Clark Square Capital (@ClarkSquareCap) June 25, 2020
An excellent case study on Henry Singleton and Teledyne. Worth a read. https://t.co/z62g7lIl5V
— Clark Square Capital (@ClarkSquareCap) June 24, 2020
Greenwald's Approach to Valuation: pic.twitter.com/ZhLv63OL53
— Martin Bruteig (@aksjefokus) June 23, 2020
That interview was one of the highlights of my professional career! https://t.co/CV2aasM4Wc
— Michael Mauboussin (@mjmauboussin) June 22, 2020
In the chaos of March & April a few days of WSJ/NYT/FT began to pile up, unread until just now. The changes in events, sentiment, reactions, policy, etc. are just mind-bending. I will never understand people who think you can’t gain valuable perspective by reading old newspapers.
— Phil Ordway (@pcordway) June 22, 2020
Hedge fund investors are suckers.
Fascinating paper shows that when a hedge fund makes $1, the client only gets 36 cents.https://t.co/SwmjZbDA6Z
— Jesse Eisinger (@eisingerj) June 21, 2020
“The Richest Man in Babylon” by George Clason. I buy it by the case. Every student and young adult should learn the power of compound interest, saving and thrift – before it’s too late. If you don’t start saving now, you won’t catch up. Learn to save before you learn to spend. https://t.co/oPHEFrBX2t
— Christopher Bloomstran (@ChrisBloomstran) June 18, 2020
The Man for All Markets by Edward Thorp. One of the most fascinating human beings.
— Daniel Gladis (@danielgladis) June 17, 2020
This is a must-have!
181 pages of Peter Lynch's Articles for Worth Magazine from 1993-1999https://t.co/vMY0nzeUkw pic.twitter.com/0vpxZdyMyE
— Andrew M. Kuhn (@FocusedCompound) June 14, 2020
An excellent summary of some powerful mental models on competitive advantage in this thread… https://t.co/JSkf2Enr5L
— Felix Narhi (@PenderFelix) June 15, 2020
David Einhorn’s Speech at the Value Investing Congress (2006):https://t.co/kiZK66l1CI
— Clark Square Capital (@ClarkSquareCap) June 15, 2020
I like the crispness of this way of thinking about valuation pic.twitter.com/RcG5lCqGwY
— Mikhail Bakunin (@MishaBakunin) June 12, 2020
After some requests, posting the general list I sent @JarenGlover. Not meant to be totally exhaustive, and also purposefully left off investing/markets books.
— Andrew Marks (@andrewfmarks) May 23, 2020
Ultra-simple general notions
-Solve the big no-brainer questions first
-Use math to support your reasoning
-Think through a problem backward, not just forward
-Use a multidisciplinary approach
-Properly consider results from a combination of factors, or lollapalooza effects pic.twitter.com/E1wxcAxPlB
— Andrew M. Kuhn (@FocusedCompound) June 4, 2020
Mispriced stocks are caused by investor herding, not a lack of info. So the antidote is independent thought, not more research.
— PermanentCapital (@permanentcap) June 4, 2020
Another classic from the archives:
Matt Rose: “Less is NOT better” – Railway Age https://t.co/pbWJGzW5eu
— Phil Ordway (@pcordway) June 4, 2020
A classic from the archives:
A Lifetime of Systems Thinking https://t.co/ADlOhtsvk0
— Phil Ordway (@pcordway) June 4, 2020
You know you are a value investor when you are upset when a stock goes up.
— Tim Eriksen (@eriksen_tim) March 19, 2020
The most underrated, underquoted, and under-appreciated book is Peter Lynch's "Beating the Street."
It substantially informs how I think about and approach investing in cyclical companies from a value standpoint, and is packed with other investing nuggets.
Read it.
— Gwen Hofmeyr (@Tinyvalue) May 28, 2020
Some valuable insights on serial acquirers here, Bill. (And a good list of companies.) https://t.co/LPUJUWwmGp
— Costa Verde Capital (@CostaVerdeCap) May 26, 2020
Here are two books we get our team to read. Billion Dollar Lessons by Mui and Carroll and Deals from Hell by Bruner. If the company is run by a former consultant or banker, run for the hills.
— David Barr (@PenderDave) May 26, 2020
'Capital Returns' has to be the most underrated (value) investing book there is. I found it more interesting (and better written) than Klarman's 'Margin of Safety', for example.
— Alex Dumortier (@LIBORsquared) May 22, 2020
“As an investor, you need tenacity, resilience. Everybody makes mistakes – sometimes big – and you have to have resilience to come back, survive, make decisions amid ambiguity.” Paul Singer
— MastersInvest.com (@mastersinvest) May 22, 2020
I highly recommend this article by @CunninghamProf
The Case for Empowering Quality Shareholders @SSRN https://t.co/JCejIBMxJ8
— Phil Ordway (@pcordway) May 19, 2020
It is a great movie. And it has relevance to the investing process. https://t.co/pEaJyYBAM2
— Mohnish Pabrai (@MohnishPabrai) May 17, 2020
In 2011, I gave a Chancellor's Talk at Vanderbilt called "Missteps to Mayhem." This text represents a fairly full accounting, in my words, of how I did some things. Vanderbilt carries the text at link on their website. #Vandy #FirstSpeech #HistoryRhymeshttps://t.co/OZMbkr9WcS
— michaeljburry (@michaeljburry) May 13, 2020
This is one of my favorite papers on valuation: "The P/E Ratio – A User's Manual" by the team over at Epoch Investment Partners. Highly recommended. https://t.co/qLJn7weSBN
— Clark Square Capital (@ClarkSquareCap) May 1, 2020
1. Resources on Valuation – a Thread.
The purpose of this thread is to share helpful articles, notes, and presentations on the topic of valuation. Thanks to all those that have shared these resources with me! These are in no particular order, and I plan to keep adding:
— Clark Square Capital (@ClarkSquareCap) May 2, 2020
Buybacks are not actually "returning cash to shareholders." They are returning cash to selling shareholders, while leveraging the equity of continuing shareholders (by spending net cash in order to decrease the share count). Only dividends are "returning cash to shareholders."
— MOI Global (@manualofideas) April 22, 2020
Came across this speech that Li Lu of Himalaya Capital gave to Peking university. Amazing clarity and insights.
No wonder Charlie Munger is invested with Li. Enjoy!https://t.co/w8gKLoS5jB
Summarizing my takeaways:
— Rajeev Agrawal, CFA (@rajeev_agr) April 19, 2020
Patrick Collison's book recommendations: https://t.co/0ofZoWv1DE
— Paul Graham (@paulg) April 19, 2020
Filter news/research for things that provide insights on a company’s:
* Competitive position/moat
* Long term product relevance
* Corporate culture/stakeholders
* Strategy
* Management’s integrityIt will save you from most information overload to focus on what matters.
— Ensemble Capital (@IntrinsicInv) April 17, 2020
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
Bill Miller on the market as a complex adaptive system and how it processes a situation like the one we're facing now with COVID-19. https://t.co/MNX34t6gYL#markets #valueinvesting #stocks #bonds #COVID19
— Miller Value Partners (@MillerValue) March 16, 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
It's much harder psychologically to actually buy the dip during a market crash than talking about doing so beforehand.
— John Arnold (@JohnArnoldFndtn) February 28, 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
Here is a talk I recently gave at Ideaweek in St. Moritz:
The Four Pillars of the Good Life: Health, Wealth, Love, and Happiness https://t.co/GB9bSmAkU6 pic.twitter.com/gFiYhfFnbm— Remo Uherek (@remouherek) February 13, 2020
The students of Columbia Business School just released the Winter 2020 Edition of Graham & Doddsville (Japonica Partners, Heron Foundation, Student Pitches on $NUAN, $PTON, $ETSY, $RR.L) – https://t.co/1W57FVxGOV
— GrahamAndDoddsville (@GnDsville) February 10, 2020
If you want to follow industry specific news, I follow:
Bankinghttps://t.co/Az7ol5r3Hh
Fashion/retail https://t.co/Gs2uRCEf0S
Manufacturing https://t.co/9hghaMxgsv
Shippinghttps://t.co/kmI8g3s6tZ
Aviationhttps://t.co/kUxbnMDjux
1/2
— Jonathan Tepper (@jtepper2) January 31, 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
"Capital Allocation" addresses how companies spend money but also has broader lesons: https://t.co/F7mP9Hy7lC https://t.co/CgvcYykDtA
— Michael Mauboussin (@mjmauboussin) January 18, 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