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
We make mistakes. We all do and experience failure. But why is it so important to embrace those failures?
— Value Investor Journal (@VJ_Rabindranath) April 16, 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
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
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
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
— 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
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
.@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
As Charlie Munger said at the 2014 Berkshire meeting: “Costco is unbelievable. It is against the human nature of many entrepreneurial people to get price down and service up…”
— Value Investor AP (@ValueInvestorAP) 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
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
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
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
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
-"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
Great framework from @mjmauboussin.
#4 is a source of massive volatility in dealmaking. Constant tension between falling in love and declaring "screw it" while exiting stage left. Both are ever-present and neither are healthy. http://pic.twitter.com/YovPpNQe9m
— Brent Beshore (@BrentBeshore) November 20, 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
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
What's your favorite trade publication? I'm a fan of Internet Retailer, Restaurant Finance Monitor, Automotive News. Looking to add a few
— Connor Leonard (@Connor_Leonard) October 12, 2017
"Physics, in its pure form…doesn’t build good bridges. You need engineering. That’s what the behavioral approach to economics is" (Thaler)
— Devin Haran (@DevinHaran) October 9, 2017
"To the extent that all I've done is pick stocks that have gone up and sat on my ass as my family got richer, I haven't left much contribution to society. I guess it's a lot like Wall Street. The difference is, I feel ashamed of it."
— Munger on his career
— Morgan Housel (@morganhousel) October 1, 2017