“I’ve come around to physical books… to keeping the best of them. Not for other people, but for myself. I’ve realized that the hard part about most books is not reading them but recalling their knowledge or insight when you need it the most” https://t.co/l0gzVlQ3jY

— DHH (@dhh) February 18, 2019

Journaled about my experience at @manualofideas Ideaweek & the lingering thoughts I continue to think about, go check it out: https://t.co/Twn2iManuH

— Elliot Turner (@ElliotTurn) February 15, 2019

BTW, I shamelessly stole the title from a great talk by Antti Ilmanen. https://t.co/VS8hm8T0b1 https://t.co/h2Ekc79T2M

— Michael Mauboussin (@mjmauboussin) February 13, 2019

Stock Repurchases and the EPS Enhancement Fallacy
"A common belief among practitioners and academics is that the increased EPS associated with a stock repurchase creates value for a firm’s shareholders. This belief is flawed."https://t.co/gvdVvzWmWH

— Michael Mauboussin (@mjmauboussin) February 11, 2019

Struck treasure online today. An incredible repository of notes and excerpts from hundreds of the greatest books written in history!!https://t.co/nzMANSbYmL

— Gautam Baid (@Gautam__Baid) February 11, 2019

It was a truly incredible week. Thank you @JMihaljevic for everything you do bringing together such a smart, worldly community and throwing an amazing event! I'll be riding this high for a long time. https://t.co/52lUnGBZNz

— Elliot Turner (@ElliotTurn) February 8, 2019

Really interesting article about Robert Caro's investigative & interviewing techniques. The alt. title is "Turn Every Page." As W.E.B & others note, there are many parallels with investing.

Robert A. Caro on the Secrets of Lyndon Johnson’s Archives https://t.co/UHpAZDg6qV

— Phil Ordway (@pcordway) January 24, 2019

Arrived in St Moritz for the @manualofideas 2019 Ideaweek today. Train ride was majestic! Excited to see @JMihaljevic & everyone from the MOI community who made the trip! They got more snow the past 2 days than the whole season for our arrival!!! pic.twitter.com/OhTeeLvRCN

— Elliot Turner (@ElliotTurn) February 3, 2019

Compilation of words of Wisdom of many Investors – Manual of Ideas @manualofideas

~ 2 hours video. Not to miss! See a little daily.https://t.co/jYNiiOGrD3

— Venkatesh Jayaraman (@VenkateshJayar2) January 30, 2019

Gambler, by Fyodor Dostoyevsky, is one of the most intoxicating and addictive reads that I've had the pleasure of enjoying. If you haven't read it, I recommend that you do so as soon as possible.

— Owen Hofmeyr (@MachHBInvesting) January 30, 2019

" Poor Charlie Almanack" by Charlie Munger – 500+ pages

Came across this 40+ page notes of the same book. This cannot be a substitute for reading the actual book, but a good one to start with or refresh the learned ideas.#ValueInvestinghttps://t.co/fdo9srmF86

— Venkatesh Jayaraman (@VenkateshJayar2) January 28, 2019

I love this series from @HumanProgress. I wish I could have met Norman Borlaug, a Nobel Peace Prize laureate whose work in agriculture has greatly influenced my thinking. https://t.co/qrEyNL6Kqc

— Bill Gates (@BillGates) January 28, 2019

Read, reread, and reflect on the wisdom imparted by Marcus Aurelius. The day you absorb the deep significance of this life principle, you will experience the real meaning of freedom!#CompoundingPositiveThoughts pic.twitter.com/tsflaJwCVw

— Gautam Baid (@Gautam__Baid) January 25, 2019

That was a great book! https://t.co/1DCgK8yC5G

— Mohnish Pabrai (@MohnishPabrai) January 25, 2019

How to assess a Management the Warren Buffet way

Assessing management remains one of the most difficult activities of stock investing. Here is how you can do it. #WI pic.twitter.com/Xu0KRtQwqX

— Fundamental Blasters (@FundamentalGems) January 23, 2019

Things that reduce the odds of long-term success:

+ Saying yes to too many things.
+ Making excuses.
+ Staying up late.
+ Eating poorly.
+ Checking email first thing in the AM.
+ Working more to fix being busy.
+ Buying things you don't have the money for.

What am I missing?

— Shane Parrish (@farnamstreet) January 22, 2019

The best businesses are monopolies that don’t behave as monopolies

— Alex Gilchrist (@alexjg888) January 19, 2019

I made a compendium on Jack Bogle.https://t.co/RiPxKG8sPd pic.twitter.com/oJQ1jUrZI8

— Jason Zweig (@jasonzweigwsj) January 19, 2019

It’s amazing when a publication is around so long that they can reference an article from the 1932 issue: https://t.co/5ZNy3AgES2

— Jason Fried (@jasonfried) January 18, 2019

I thought the advice that Henry Kravis gave to young people in this talk is really applicable to investors of all ages: Be curious, get out of your comfort zone, and give back. One other takeaway: “Get off the computer and go talk to people.” $KKR https://t.co/lC7E8Jq1pE

— John Huber (@JohnHuber72) December 29, 2018

The cover story of the inaugural issue of CFA Magazine (Jan/Feb 2003) was a panel featuring Bernstein, Bogle, Brinson, Buffett, LeBaron, Neff, and Templeton. And, fittingly for today, Bogle got in the last word: https://t.co/HBMCzR4eJh

— Joe Koster (@jtkoster) January 17, 2019

What I have yet to understand: If one cannot overcome the fear of being disliked, the expense paid is the only thing that makes anyone someone: oneself, and with it, one's life.

— Owen Hofmeyr (@MachHBInvesting) January 15, 2019

Outstanding presentation distilling value drivers of distribution businesses:https://t.co/2dUzZqEH5N

Any similar presentations on manufacturers?

— A. Walker Capital (@capital_walker) January 15, 2019

I decided to write out the Final Decision Checklist I use before investing in a stock. Everyone's will probably be different and evolve over time, but here is mine in its current state…https://t.co/axffDZr7AD

— Joe Koster (@jtkoster) January 3, 2019

Why Value Investors Are Different by Seth Klarman from 1999 — https://t.co/GtBMazfke0 pic.twitter.com/Nmw0BO1Zuh

— Andrew M. Kuhn (@FocusedCompound) January 3, 2019

A very good presentation by Joel Greenblatt on value investing.https://t.co/eaPoy2EJDy

— Gautam Baid (@Gautam__Baid) January 3, 2019

"We love the idea of other people using mechanistic formulas to price things, because they may be right 99 times out of 100 but we don’t have to play those 99 times. We just play the one time when we have a differing view." –Warren Buffett h/t @jtkoster

— Rishi Gosalia (@GosaliaRishi) January 2, 2019

Books recommended by S Naren #FundManagerhttps://t.co/okYpqrSzzg pic.twitter.com/6sYb9UBqMw

— InvestBooks 📚 (@investbooks) December 31, 2018

Paging the value folks: an archive of writings by and about Ben Graham

courtesy R/Securityanalysis which is on fire these days..https://t.co/GU4hd9fejV pic.twitter.com/fcwxeTU85r

— NeckarCap (@NeckarValue) December 29, 2018

Things that will put you in the top 1%

– Being able to do 5 pull ups
– Having a side hustle (or working for yourself)
– Reading an hour per day
– Having a restricted eating window

Aim to do all these, and your life will change

— Podcast Notes (@podcastnotes) December 29, 2018

This is the best business book most of us will read this year, or even this decade. Hard to find a topic in management and leadership, corporate governance or corporate finance, or even the psychology of human (mis)judgement, that isn’t on display here. https://t.co/FQ9IMWh6ib

— Phil Ordway (@pcordway) December 17, 2018

Nice summary on what's important in banking: "High deposit rates are a sign of deposit franchise weakness, not strength." h/t @manualofideas https://t.co/DbchsXLKgl

— Chris Mayer (@chriswmayer) December 14, 2018

Great stuff from @manualofideas – “If they would just think like they were going to the grocery store, again that’s Ben Graham, if you think about buying stocks, like he said, like groceries instead of perfume, you’ll do a lot better.” https://t.co/HILkkEgLFH

— Tyler G. Howell (@Tyler_G_Howell) December 12, 2018

My Nobel lecture:

"On the possibility of progress”
https://t.co/au1eBDmGsu…

— Paul Romer (@paulmromer) December 9, 2018

"This paper displays a novel set of charts…. to challenge shibboleths about the expected outcomes of buy-and-hold stock market investing, and to raise questions about the expected performance of stocks versus bonds over long periods." h/t @GrantsPub https://t.co/nMi2sZLgBw

— Chris Mayer (@chriswmayer) December 6, 2018

"I'm sorry, Ray Dalio, but as a philosopher you're a fantastic hedge fund manager."

Why the market-as-machine model needs to be turned on its ear. https://t.co/Bzk9d7lTFB

— Ben Hunt (@EpsilonTheory) December 4, 2018

My story on how Eddie Lampert made a fortune presiding over the demise of Sears. (Hedge fund math 101. ) $SHLD https://t.co/pRlNUv655z

— michelle celarier (@mcelarier) December 4, 2018

If you're not having fun, you're not learning. There's a pleasure in finding things out. pic.twitter.com/oxJmpJdqtR

— Richard Feynman (@ProfFeynman) December 2, 2018

This interaction between Seth Klarman and @jasonzweigwsj is one of the best investing interviews I have read in a long time. Slightly dated but timeless.
Download link:https://t.co/enqFKFOypP
Suggest not to rush through it. Text highlights might help.

— Abhishek Murarka 🐂💹 (@abhymurarka) December 1, 2018

Investment resources from Allan Mecham, Benjamin Graham, Bill Ackman, Bill Gross, Charlie

Munger, Chuck Arke, Daniel Kahneman, Howard Marks & many more..

Courtesy: @absolut_brianhttps://t.co/SCli5k1JSq

— Investment Books (@Invest_Books) November 10, 2018

"Relentlessly prune bullshit, don't wait to do things that matter, and savor the time you have. That's what you do when life is short." I'll always be grateful for this @paulg post. Take it into 2019 with you. https://t.co/Twnqf0YWFB

— Chris Sacca (@sacca) November 30, 2018

Bruce Flatt presentation slides from Omaha talk earlier this year – “Real Assets: The Place to Be”. https://t.co/qxLk6gjeaO

— Four Filters (@FourFilters) November 30, 2018

Every now and then, a book comes out and I think, “I will be much smarter if I understand the ideas in here.” ⁦@Scott_E_Page⁩ ‘s new book is one of those. Buy it and study it. ⁦@sfiscience⁩ ⁦@UMich⁩ pic.twitter.com/MZ0LiZoe2R

— Michael Mauboussin (@mjmauboussin) November 28, 2018

Sharing a compilation of all industry notes shared by team @alphainvesco
These are some the best material to better understand the stated industries and expand your #circleofcompetence.

Download link: https://t.co/QF2fQuZYoB

Happy reading!
[RT]#Backtobasics #Sharpenthesaw pic.twitter.com/ki6wkRoIgr

— Abhishek Murarka 🐂💹 (@abhymurarka) November 13, 2018

Outliers in business/investing can be misleading because the same traits needed for outlier success are the same traits that increase the odds of failure. Fine line between bold and reckless.

— Morgan Housel (@morganhousel) November 26, 2018

My latest post discusses why we bother forecasting a company's cash flows, despite knowing that our forecast is sure to be wrong to some degree. – Todd https://t.co/8576o7LDGX

— Ensemble Capital (@IntrinsicInv) November 26, 2018

Part two of my three-part series on sharpening your writing:

On Writing Better: Sharpening Your Tools https://t.co/lw4uaBbBt4

— Jason Zweig (@jasonzweigwsj) November 26, 2018

My suggestions of indispensable books for the investors on your holiday gift listshttps://t.co/UNOvjOuzEE pic.twitter.com/jEU9uBqDyG

— Jason Zweig (@jasonzweigwsj) November 23, 2018

The Great One is truly the greatest.

Most dominant athlete of all time.

Full stop.

Wayne Gretzky and the Mysteries of Athletic Greatness https://t.co/PyNVjD4pRt

— Ryan O'Connor (@AboveAvgOdds) November 16, 2018

Alan Greenberg sent some top-notch memos during his time atop Bear Stearns. pic.twitter.com/lWYxIZhmBO

— Letters of Note (@LettersOfNote) November 14, 2018

A compilation of Dan Loeb's Letters to CEO's — These are fun to read.

full savagery https://t.co/C8MaP9sHDohttps://t.co/T0TeSFF9zJ pic.twitter.com/LcslYOO2Aj

— Andrew M. Kuhn (@FocusedCompound) November 8, 2018

@manualofideas @MohnishPabrai ur #’s 4 & 5 on this list – up there with Ben Graham and Howard Marks!!! https://t.co/O8EHFomdlP

— Guy Spier (@GSpier) November 3, 2018

Here's the full video of the event with Mr Tom Gayner….part of it also released as the latest episode of #CoffeeCanInvesting serieshttps://t.co/q8EkWRAe5o@saurabh_madaan @Sanjay__Bakshi @CFASocietyIndia

— Jitendra Chawla, CFA (@jaycee77) October 30, 2018

An excellent @manualofideas Ideaweek podcast episode starring Glenn Surowiec on controlling emotions and temptations.

"I don't like to keep score with any single position until I've owned it for at least three years."

Seriously, listen to it.https://t.co/L2rexRI1L8

— Owen Hofmeyr (@MachHBInvesting) October 30, 2018

Ben Graham on investor herding
(1985 Berkshire letter) pic.twitter.com/N26TSKXJIx

— NeckarCap (@NeckarValue) October 27, 2018

Dr. Michael J. Burry's UCLA economics 2012 commencement speech.

There's too much good to summarize. Just watch it.https://t.co/XTWmSBtpvW

— Owen Hofmeyr (@MachHBInvesting) October 21, 2018

Embed code not available

I tweeted about Edgar Wachenheim a few weeks back, but for those who missed out on his great chat at Latticework NY, shared courtesy of @manualofideas, you've gotta check it out. I ordered Ed's book "Common Stocks and Common Sense" immediately after. https://t.co/wbx91Jpvbq

— Owen Hofmeyr (@MachHBInvesting) October 20, 2018

The greatest hazard of all, losing the self, can occur very quietly in the world, as if it were nothing at all. No other loss can occur so quietly; any other loss–an arm, a leg, five dollars, a wife, etc.–is sure to be noticed.
— Kierkegaard

— Jason Zweig (@jasonzweigwsj) October 19, 2018

Of all the investing books I've read, I enjoy reading Peter Lynch's Beating the Street best. It's no @manualofideas, Almanack, Security Analysis, or Essays, but it's such a fun read!

I'm overdue for my fourth read-through this year.#fanboy https://t.co/DyrG56q2Fg

— Owen Hofmeyr (@MachHBInvesting) October 16, 2018

https://t.co/GqMkbYUvZV Tony Denden writings

— Redwood capital (@RedwoodCap) October 14, 2018

Perhaps my favourite non-equity investment has been a membership to the @manualofideas community – an endless source of insightful research from peers and inspiring conversations with friends.

— Soumil Zaveri (@SoumilZaveri) October 13, 2018

A collection of letters by activist investor Dan Loeb going back to 2002. https://t.co/QppkhQscMX

— Owen Hofmeyr (@MachHBInvesting) October 14, 2018

New Book Review: Mastering the Market Cycle by Howard Marks https://t.co/ED5l5go6YI pic.twitter.com/wx01X9hzCG

— The Rational Walk (@rationalwalk) October 13, 2018

I enjoyed giving my talk on “The Ten Commandments of Investment Management” to Prof. Arvind Navaratnam’s students at @BCCarrollSchool at @BostonCollege. Enjoy! https://t.co/dJGZ3dxukf

— Mohnish Pabrai (@MohnishPabrai) October 13, 2018

To sum up a lot of what #MasteringTheMarketCycle is about, cycles vary in terms of reasons and details, and timing and extent, but the ups and downs will occur forever, producing changes in the investment environment. Learn more at https://t.co/HcrbZfWFkg. pic.twitter.com/bv62iGyx0W

— Howard Marks (@HowardMarksBook) October 3, 2018

48 pages of transcripts from a speech given by Druckenmiller in 2015 talking about his story & investing process: https://t.co/rI7oRCl05v

He dedicates his 30% IRR over 3 decades with no down years to "Number one, I had an incredible passion, and still do, for the business" pic.twitter.com/EDroUkslj0

— Andrew M. Kuhn (@FocusedCompound) October 3, 2018

The most obvious math but this has always blown my mind. Margins are fragile. https://t.co/2X6exD2AMS

— Morgan Housel (@morganhousel) October 1, 2018

The Billionaire Raj is a great way to learn about Indian capitalism and its future. pic.twitter.com/Xg2BI7OS8f

— Floris Oliemans, CFA (@FlorisOliemans) September 25, 2018

Charlie Munger's Wesco Financial Corporation Shareholder letters from 1983-2009: https://t.co/aKOi5wNJUq pic.twitter.com/Z2b9pdBXmn

— Andrew M. Kuhn (@FocusedCompound) September 25, 2018

Allan Mecham is probably one of my favorite investors to follow… Arlington Value has compounded at some 30ish% – here's his annual letters from 08, 11, 12, 13, 14, 16, and 17

Happy reading! https://t.co/1CRV95feSy pic.twitter.com/8CjnjRKvTf

— Andrew M. Kuhn (@FocusedCompound) September 21, 2018

Calling all valuation fans: Our latest on EV/EBITDA – often used and abusedhttps://t.co/EsgJPlIeiy

— Michael Mauboussin (@mjmauboussin) September 13, 2018

Regarding radical open-mindedness, it’s what you would do if you weren’t biased to think that your opinions are best and instead wanted to objectively weigh what you’re thinking in relation to what other smart people are thinking to raise your chances of being right.

— Ray Dalio (@RayDalio) September 12, 2018

The more money you make from tech, the more you shield your family from its effects pic.twitter.com/ZG2K5MUrCv

— Rami (@rbaassiri) August 28, 2018

.@WarrenBuffett once said, “What the wise man does in the beginning, the fool does in the end.” This tells you 80% of what you have to know about #MarketCycles and their impact. I consider this the number-one piece of #investment wisdom. –HM

— Howard Marks (@HowardMarksBook) August 21, 2018

Buyback Derangement Syndrome .@CliffordAsness nails this and hopefully this will reduce some of the drivel that’s been written on the subject https://t.co/aP9j6EuUIf

— Michael Mauboussin (@mjmauboussin) August 17, 2018

Everyone hits a rough patch once in a while. And when they do…

BusinessWeek 1996: Fall of the Wizard

Robertson sued for $1 billion
Settled for a statement that:
"predictions regarding Tiger's performance have not borne out"
and he did not stop meeting management teams! pic.twitter.com/SUurAiS8Pb

— NeckarCap (@NeckarValue) August 16, 2018

Seven books to read five times (no order):
1. The Intelligent Investor
2. The Manual of Ideas
3. You Can Be a Stock Market Genius
4. Deep Value
5. Poor Charlie's Almanack
6. Value Investing: From Graham to Buffett and Beyond
7. The Most Important Thing

— Owen Hofmeyr (@MachHBInvesting) August 9, 2018

I met Munger in my USC graduate school investment class & had the opportunity to ask him this important question, “If I could do one thing to make myself a better investment professional, what would it be?"
He answered, “Read history! Read history! Read history!"

~Bob Rodriguez

— Gautam Baid (@Gautam__Baid) August 1, 2018

My new (mini) book attempts to explain the financial foundations of fracking (say that fast!) and how our newfound energy riches might affect geopolitics. If interested (thank you if so!) ask about it here https://t.co/QmAl33zAHZ or preorder here. https://t.co/eY5rCDLY9Z pic.twitter.com/zDTni5W5o4

— Bethany McLean (@bethanymac12) July 26, 2018

A page turner prompting questions about power, justice. Wishing I didn't have to put it down as I enter "Part II: The Doing" "Conspiracy: Peter Thiel, Hulk Hogan, Gawker,…" by @RyanHoliday https://t.co/gAAWfeIUcC pic.twitter.com/avqmXK8meB

— Justin Foeppel (@JustinFoeppel) July 26, 2018

Best investment letters, ranked:

1. Warren Buffett – Berkshire Hathaway
2. Howard Marks – Oaktree Capital Memos
3. Seth Klarman – The Baupost Group
4. Jamie Dimon – JPMorgan Chase
5. Prem Watsa – Fairfax Financial
6. Dan Loeb – Third Point Management
7. Jeremy Grantham – GMO https://t.co/7WQkBkgwmn

— Tobias Carlisle (@Greenbackd) July 25, 2018

Reading transcripts from 4-5 years ago really highlights how much of conference calls are wasted on questions/issues that have virtually no significance.

— Value Idea Log (@ValueIdeaLog) July 20, 2018

John Burr Williams nailed it in 1937 https://t.co/zdhg4lHlrL

— Michael Mauboussin (@mjmauboussin) July 18, 2018

Key steps to learning to invest:
1) get screwed using margin
2) get screwed buying options
3) get screwed buying someone else's idea
4) get screwed by a disappearing "moat" around a business
5) get screwed by bad M&A
6) get screwed by a lousy board and mgmt

— jeff gramm (@jeff_gramm) July 18, 2018

Pretty good compilation here: https://t.co/GOcDsxIPpo

— Michael Mauboussin (@mjmauboussin) July 16, 2018

Value investor's dream: amazing compilation of writings by @AustinValue https://t.co/si0sIl0Qa5
Don't click unless you have time to spend

— Michael Mauboussin (@mjmauboussin) July 16, 2018