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

This is so important. It goes against everything analysts are taught. But knowing every detail of a company results in *worse*, not better, investment decisions. Here’s the link to the study (many, many studies over many years show same thing). -Sean https://t.co/vsMck6fUDA https://t.co/Kj0euBHzsp

— Ensemble Capital (@IntrinsicInv) July 15, 2018

Fortune 1996 cover story:
Michael Price "the scariest SOB on Wall Street"

PDF:https://t.co/pcgSJFiqaa pic.twitter.com/2VMye4JRDp

— NeckarCap (@NeckarValue) July 14, 2018

Thread: Books I've recently read and recommend –>

— Marc Andreessen (@pmarca) July 5, 2018

Seth Klarman interview with Barron's in November 1991, at the beginning of the 90's bull market

"Value Hunter in a Sky-High Market"

Baupost: three wealthy families pool their money

Of course at $400m AUM he wanted to stay small 🙂

PDF:https://t.co/4nG28VXU8S pic.twitter.com/ZBXm5ViwOA

— NeckarCap (@NeckarValue) July 4, 2018

Fun and gratifying, professionally and personally, to collaborate with @amaub on this short piece:https://t.co/aojoc1mCLC
Inspired by @PTetlock, Richard Zeckhauser, and Richards Heuer.

— Michael Mauboussin (@mjmauboussin) July 3, 2018

One of the best business books I've ever read. It came highly recommended from Peter Kaufman of Glenair, who knows a thing or two about operating a business: pic.twitter.com/bVzef0xwSp

— Connor Leonard (@Connor_Leonard) June 29, 2018

When building habits, choose consistency over content.

The best book is the one you can’t put down.

The best exercise is the one you enjoy doing every day.

The best health food is the one you find tasty.

The best work is the work you’d do for free.

— Naval (@naval) June 28, 2018

1/ @peterthiel is such a madman.

In Tools of Titans by @tferriss, most guests listed multiple recommended books and they were all common and easy to read.

Not Thiel. He recommended only "Things Hidden Since the Foundation of The World" by René Girard.

— Mimetic Value (@MimeticValue) June 26, 2018

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