New memo "Investing Without People" from Howard Marks. Read/subscribe/watch: https://t.co/zj30nJSafM #OaktreeInsights #OaktreeVideos pic.twitter.com/WvImcO4PhO

— Oaktree (@Oaktree) June 18, 2018

Really enjoyed learning from this superlative compilation of investing wisdom by @manualofideas. Thanks @JMihaljevic and @ShaiDardashti!https://t.co/ivtFXmIOGC

— Gautam Baid (@Gautam__Baid) June 4, 2018

How to Get Rich (without getting lucky):

— Naval (@naval) May 31, 2018

Icahn on what's really going on at board meetings pic.twitter.com/XZnYl6trRK

— NeckarCap (@NeckarValue) May 22, 2018

The Hard Break: The Case For The 24/6 Lifestyle by Aaron Edelheit https://t.co/DiiyRAqnhY via @amazon pic.twitter.com/rUaWlNec0c

— Guy Spier (@GSpier) May 16, 2018

How to Choose Your Next Book https://t.co/QtfdcuOfh7

— Shane Parrish (@farnamstreet) May 15, 2018

As we come into graduation season, I’ve distilled my 600-page book into a 30-minute ultra mini-adventure series called “Principles for Success” to make it easy for people to get the key ideas.

If you're interested you can watch them here: https://t.co/RaoEw2jvar pic.twitter.com/vZaAmr6n0p

— Ray Dalio (@RayDalio) May 8, 2018

Henry Singleton and Teledyne in 1976

Once a hot conglomerate stock with a 50x PE

Stopped M&A spree when the music stopped, shored up balance sheet.
Then repurchased 22 of 38m shares after the price collapsed pic.twitter.com/sTuSZh4aG1

— NeckarCap (@NeckarValue) May 7, 2018

Todavía estoy en estado de shock por lo que he encontrado. Por primera vez se han hecho públicos los vídeos de la conferencia anual de Warren Buffett desde 1994. CNBC ha hecho un trabajo estupendo de recopilarlos. https://t.co/yNGsqGZ06r #Enjoyit

— Alejandro Estebaranz (@alex_estebaranz) May 6, 2018

“The more a person limits himself, the more resourceful he becomes.”

Kierkegaard, born 205 years ago today, on the fertility of boredom and the only real cure for our existential emptiness: https://t.co/Te9JcKBWJg

— Maria Popova (@brainpicker) May 5, 2018

Love this quote. It’s been on my fridge for years, and I see it every time I open the door. #Emerson pic.twitter.com/kN8HjM4bOI

— Jeff Bezos (@JeffBezos) May 5, 2018

A legendary banker died, and left behind his 24 rules to succeed in life. https://t.co/hQ8XQnr54D via @KatiaPorzo pic.twitter.com/36odmv0QAN

— Joe Weisenthal (@TheStalwart) May 1, 2018

The best of Jeff Bezos' Interview (April 20, 2018) pic.twitter.com/aQot66TN6V

— Hardcore Value (@HardcoreValue) April 30, 2018

I highly recommend “Why We Sleep” by Matt Walker @sleepdiplomat. I was a believer going in but this research is amazing. I find myself talking about it everywhere I go.

— Michael Mauboussin (@mjmauboussin) April 26, 2018

This is Freeman Dyson's fascinating essay / book review of Geoffrey West's "Scale." I liked the book but had some issues, albeit not some of these issues…

(h/t @jtkoster)
The Key to Everything https://t.co/M5xZR8YewZ via @nybooks

— Phil Ordway (@pcordway) April 24, 2018

I had a great discussion about algorithms with Alex Rampell and Sonal Chokshi. Algorithms are one of the most important forces of our time so take a listen if you're interested! https://t.co/h8zGL4AlGk

— Ray Dalio (@RayDalio) April 24, 2018

Struck treasure online today

"For over 30 years, Legendary Value Investor, Martin J. Whitman, has written comprehensive shareholder letters that provided readers with thorough lessons in his investment philosophy, security analysis and value investing. "https://t.co/TCKxey9e8d

— Gautam Baid (@Gautam__Baid) April 19, 2018

Fantastic piece from OSAM's @tbfairchild on how the price-to-book ratio can mask the value of attractively-priced companies. MUST READ: https://t.co/nadRNyWFsz pic.twitter.com/7T7B38yx2x

— Jesse Livermore (@Jesse_Livermore) April 20, 2018

Sam Zell's simple philosophy on when to invest, when to run, and the only time any real work is required to be done…. pic.twitter.com/GliU7eKgfF

— Value Investor Journal (@VJ_Rabindranath) April 21, 2018

MIB: Joel Greenblatt, Gotham Asset Mgmt https://t.co/dixzlfbXwE pic.twitter.com/0D07dj27x0

— Barry Ritholtz (@ritholtz) April 21, 2018

There was a man on Bloomberg radio this afternoon, who said words to the meaning of:"There's no benefit to being a value investor now, we'll put our value investing cap on if and when tide turns"
I couldn't help but think of this excerpt from Buffett's 1988 Letter to Shareholders pic.twitter.com/8mPhYmkO5Z

— Alex Gilchrist (@alexjg888) April 20, 2018

A fortune can be lost and made again, but the sand in the hourglass flows in only one direction.

— The Stoic Emperor (@TheStoicEmperor) April 18, 2018

Great to see this memoir by @GSpier getting new life around the world. https://t.co/JbTFNvpstX

— William Green (@williamgreen72) April 17, 2018

In my experience, at least, overconfidence is followed mercifully often by shame and humiliation. Those are fairly effective cures. https://t.co/5RB5jlvXqY

— Jason Zweig (@jasonzweigwsj) April 14, 2018

If you are interested in knowing the math behind DCF: https://t.co/FcpjvFr3Zv

— Jana Vembunarayanan (@jvembuna) April 8, 2018

Sam Harris is among our farthest-ranging, deepest-probing, and most straight & open public intellectuals, engaging sincerely with ideas & people whether he agrees with them or not. https://t.co/TnMB8csN8B

— Steven Pinker (@sapinker) March 31, 2018

As a principle, deadly problems that you don’t see or feel, especially those that are communal so that nobody is clearly given the authority and resources to deal with them well, are the ones that will kill you.

— Ray Dalio (@RayDalio) March 29, 2018

It is a great honor to see my name in the March issue of "The Manual of Ideas" by @manualofideas, together with other investors I deeply admire. Thank you @JMihaljevic, @ShaiDardashti and @EzraCrangle. I feel very proud to be part of your community.

— Luis García Álvarez, CFA (@lgarcia1984) March 26, 2018

The link to sign up for BlueMountain Capital investment research:https://t.co/YW05nqrMuE
Here's our first piece (from December 2017): https://t.co/1dxs8tnonp

— Michael Mauboussin (@mjmauboussin) March 21, 2018

Steve Jobs had a very good understanding of @nntaleb's crucial concept of "skin in the game." pic.twitter.com/gybIDPWEPC

— The Stoic Emperor (@TheStoicEmperor) March 20, 2018

Warren Buffett on acquisitions (1986 Annual Meeting, via OID): "We have no equations. Ben Graham used to say that it's a lot like selecting a wife. You can thoughtfully establish certain qualities you'd like her to have, and then all of a sudden you meet someone and you do it."

— Joe Koster (@jtkoster) March 20, 2018

This presentation sent me down a deep dive. I'm glad it did. Worth a watch as @pcordway and @manualofideas add value! https://t.co/gp7nKQXSQe

— William Brewster (@BillBrewsterSCG) March 15, 2018

A beautiful, visual statistics textbook: "Seeing Theory – A visual introduction to probability and statistics.”https://t.co/JoSw4LznVM

I shared this a year ago, when it was already very cool.
But the page now got a major upgrade by the authors and is now just incredibly cool!

— Max Roser (@MaxCRoser) March 15, 2018

Berkshire and Buffett star and dominate Part III of my new article about the making and meaning of contracts, available free here: https://t.co/tFf3a0qvBR

— Lawrence Cunningham (@CunninghamProf) March 14, 2018

Gene-environment correlation (your genes affect the environment you choose) explains why too-early training hurts a child’s Olympic chances, contra blank-slate/10,000 hours theory. https://t.co/xJgze999zv via @sciam

— Steven Pinker (@sapinker) March 9, 2018

"Your personal experiences make up maybe 0.00000001% of what’s happened in the world but maybe 80% of how you think the world works. "
~@morganhousel https://t.co/JXdZLjbHYa

— Jim OShaughnessy (@jposhaughnessy) March 9, 2018

As I read the Bezos annual letters today, I was struck by how "obvious" it was that $AMZN would win, especially when reading the 1997-2000 era letters. But that's simply hindsight bias. It wasn't obvious, not at the time.

— The Rational Walk (@rationalwalk) March 7, 2018

June 2000, when value investing was out of favor with market participants and Professor Bruce Greenwald's class drew a crowd of 16 students

Value investors recaptured back their entire underperformance over the next 3 years

Form is temporary, class is permanent!#ValueInvesting pic.twitter.com/TVnhRXPJKv

— Gautam Baid (@Gautam__Baid) March 6, 2018

Just finished Dear Chairman by @jeff_gramm tremendous book! Fascinating history of the evolution of shareholder activism. Explains the dynamic nature of activism, the various tactics activists have used, and that there is no simple fix to governance. Should have read it sooner!

— Tim Bergin (@onbeyondinvest) March 4, 2018

Just finished The Fear Factor by @aa_marsh, a professor @Georgetown. Captivating account of altruism, from psychopaths to extraordinary altruists. Replete with effective stories, fascinating neuroscience, and surprising links. https://t.co/8WmzjZy8aq

— Michael Mauboussin (@mjmauboussin) March 3, 2018

I view the Amazon Shareholder Letters as the most important business material anyone could read, so I compiled them.

Every Amazon shareholder letter in a single downloadable PDF:https://t.co/NwPcTtPKaV

— Austen Allred (@AustenAllred) February 26, 2018

13 years ago, Dan Loeb sent his Valentine's Day massacre letter to Star Gas. My valentine to you is a free copy of the chapter I wrote about Loeb and hedge fund activism in Dear Chairman: https://t.co/anK6Nyd0aW

— jeff gramm (@jeff_gramm) February 14, 2018

Transcendental Meditation has probably been the single most important reason for whatever success I've had. It is certainly the greatest gift I can give anyone, and @meditationbob is certainly the best expert/teacher on it I know. https://t.co/B9DwnYkw2n

— Ray Dalio (@RayDalio) February 14, 2018

John Burr Williams published “The Theory of Investment Value” in 1938. Chapter 15, “A Chapter for Skeptics,” feels contemporary and is a useful read for all investors who are unconvinced of the utility of a discounted cash flow model. https://t.co/PdpO2LDbcw

— Michael Mauboussin (@mjmauboussin) February 13, 2018

Noticed most of my value investing books are the same height – then noticed every one was published by Wiley pic.twitter.com/hJ7rBzdoSD

— The Charlieton (@TheCharlieton) February 11, 2018

This is still one of the best articles I've ever read.

Should Airplanes Be Flying Themselves? https://t.co/10zn8a5EjJ

— Phil Ordway (@pcordway) February 9, 2018

.@AnnieDuke has a new book out today, "Thinking in Bets," which is a great read for not only for investors but for all decision makers who operate in probabilistic domains. Well written, entertaining, and packed with useful concepts. https://t.co/Mg8U2OAdcI

— Michael Mauboussin (@mjmauboussin) February 6, 2018

Chris Davis on Charlie Munger. Thanks for the gift Chris! Excellent book "Worldly Wisdom" by Munger. pic.twitter.com/6TIPtmXMHt

— King of the mountain (@OriginalKOM) February 3, 2018

Here’s why I believe tough love is the most important kind of love: https://t.co/vHTSKyRWv6

— Ray Dalio (@RayDalio) January 12, 2018

Haters don't really hate you.
They hate themselves, because you're a reflection of what they wish to be

— Paulo Coelho (@paulocoelho) January 5, 2018

New report – all about how we compare thingshttps://t.co/1dxs8t5MYP

— Michael Mauboussin (@mjmauboussin) December 28, 2017

This is about the most important things I'd like to pass along. https://t.co/bE5L7te2pR

— Ray Dalio (@RayDalio) December 28, 2017

I very much enjoyed my 7th annual lecture to Prof. Arvind Navaratnam's students at @BCCarrollSchool at @BostonCollege https://t.co/WDBdg2SEre

— Mohnish Pabrai (@MohnishPabrai) December 16, 2017

In case you want a break for 45 min today. https://t.co/HKahZx0omV

— Richard H Thaler (@R_Thaler) December 25, 2017

10 Commandments for Investors
(by Charlie Ellis) http://pic.twitter.com/fTc5t7Fx6H

— Devin Haran (@DevinHaran) December 19, 2017

I very much enjoyed my conversation [email protected] on my journey with The Dakshana Foundation @DakshanaIndia . I love the work done by @JMihaljevic and his awesome team at @manualofideas. https://t.co/xSmC7veAJh https://t.co/FB8Wf1N8ws https://t.co/QjgHVX0e6M

— Mohnish Pabrai (@MohnishPabrai) December 19, 2017

Three of my favorite books in 2017 http://pic.twitter.com/42AudG7uLZ

— Michael Mauboussin (@mjmauboussin) December 16, 2017

How to be a Wall Street oil analyst for dummies:
Take the average oil price for past 3 months. Add $5. Subtract $5. This is your forecasted price range.
Say: “US shale production is strong. Global demand is surprising. And the next OPEC meeting is very important.”

— John Arnold (@JohnArnoldFndtn) December 14, 2017

"If you see the world accurately, it's bound to be humorous, because it's ridiculous."

– Charlie Munger

— The Rational Walk (@rationalwalk) December 14, 2017

10 Questions: Todd Combs (B.S. '93) | FSU Alumni Association https://t.co/B7ejAKcKSl

— William Green (@williamgreen72) December 14, 2017

This is the best book I read this year. Ostensibly about tennis, it’s actually a guide to maintaining focus & a quiet mind “regardless of circumstances or surroundings”, and remaining calm “in the midst of rapid & unsettling change”. I highly recommend it. https://t.co/t0XxDs61h7

— Devin Haran (@DevinHaran) December 13, 2017

Wherever he is now, Bertrand Russell is slowly, sadly shaking his head, back and forth, again and again.https://t.co/AddeJlT6zN http://pic.twitter.com/8ZqSedj9E3

— Jason Zweig (@jasonzweigwsj) December 7, 2017

Carl Sagan's classic "Baloney Detection Kit."
It works for investors, too.https://t.co/bJOFm66iXL http://pic.twitter.com/tPlk0Rx9Ro

— Jason Zweig (@jasonzweigwsj) December 7, 2017

One of my favorite investors, his annual letters (Giverny Capital) are some of the best:https://t.co/LFRCdmaNNV

— Connor Leonard (@Connor_Leonard) December 5, 2017

Question to Bill Belichick: "With all you have accomplished in your coaching career, what is left that you still want to accomplish?"
Belichick's answer: "I'd like to go out and have a good practice today. That would be at the top of the list right now."

— Shane Parrish (@farnamstreet) December 5, 2017

Here are 5 amazing books I read this year: https://t.co/94jRPdmaTu http://pic.twitter.com/0xwUwxsqIK

— Bill Gates (@BillGates) December 5, 2017

Financial projection — Dilbert today http://pic.twitter.com/rQFUOv46gZ

— Robert Went (@went1955) November 29, 2017

-"I know this field cold. Not even Milton Friedman is going to give me a hard time"
(Harry Markovitz, 24h before dissertation defense)

-"This is not economics, & we can't give you a PhD in economics for a dissertation that is not economics"
(Milton Friedman, D-Day) https://t.co/DZGQusVf27

— Beatrice Cherrier (@Undercoverhist) November 28, 2017

The most popular chapter in More Than You Know is on process and outcome. In fields where luck contributes to results, a focus on process pays off in the long run: https://t.co/NQCNd0LeIf

— Michael Mauboussin (@mjmauboussin) November 22, 2017

While the art Leonardo da Vinci produced is expensive, his principles are free, and in my opinion much more valuable, so I'd like to pass some along. https://t.co/FWPPkQxfVE

— Ray Dalio (@RayDalio) November 21, 2017

A conversation that led to Behavioral Economics: Eric Wanner, Danny Kahneman, and Amos Tversky. https://t.co/0pqV2sg4vX

— Abdallah Toutoungi (@AToutoungi) November 21, 2017

My weekend project: cataloging all 1,087 of @pmarca's books in the a16z library. Happy reading. Hope I don't get in trouble. https://t.co/KUWVfFmdj4

— Zack Kanter (@zackkanter) November 20, 2017

Wonderful illustrations on how incentives work! http://pic.twitter.com/aWrD7HxSCd

— Arpit Ranka (@arpitranka) November 20, 2017

Should You Become A Full-Time Investor? @safalniveshak http://pic.twitter.com/kOuabupWPm

— Devin Haran (@DevinHaran) November 17, 2017

Miyagi or Feynman: Who said it best?
via @farnamstreet http://pic.twitter.com/qFINuG5ofc

— Devin Haran (@DevinHaran) November 16, 2017

I love it and am passing it along and urge others who love it to do the same. https://t.co/WrwJTnD4sS

— Ray Dalio (@RayDalio) November 16, 2017

I read and (mostly) liked Ashlee Vance's bio. But this article is something else.

Elon Musk: The Architect of Tomorrow https://t.co/EpT5D1jr1y via @RollingStone

— Phil Ordway (@pcordway) November 15, 2017

Ray Dalio’s “Principles” https://t.co/BEpDQv5TXG https://t.co/LsSZ1bJ8GW

— Mohnish Pabrai (@MohnishPabrai) November 15, 2017

I normally do not recommend the fiction genre. However, “The Shipping Man” is too good. Highly entertaining while teaching you the business. https://t.co/4nQEIYqfp1 https://t.co/SvTQG8xdnO

— Mohnish Pabrai (@MohnishPabrai) November 14, 2017

"Over the long run appreciation in share prices is most directly related to the return the company earns on its shareholder's investment" – Lou Simpson, 1987https://t.co/DMMckcmMAC

— Connor Leonard (@Connor_Leonard) November 13, 2017

A charming email from Jeff Raikes of Microsoft to Buffett, explaining the business and the investment merits, Aug 1997: http://pic.twitter.com/0gVW9JiKUF

— Marcelo P. Lima (@MarceloPLima) November 9, 2017

Seth Klarman on why maintaining control over your process is crucial: http://pic.twitter.com/ceYsNdJbQ2

— Devin Haran (@DevinHaran) November 9, 2017

"Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors."

— Science of Hitting (@TSOH_Investing) November 8, 2017

Persi Diaconis writing about chance? Hard to beat that. http://pic.twitter.com/rgc2reHmlw

— Michael Mauboussin (@mjmauboussin) November 7, 2017

A thing I learned advising startups that generalizes: people get the most upset when you tell them true things they wish were false.

— Sam Altman (@sama) November 4, 2017

They forgot Bias No. 21: believing there are only 20. https://t.co/EMgGSLasnr

— Jason Zweig (@jasonzweigwsj) October 31, 2017