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

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

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

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

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

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

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

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

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

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

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

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

Excellent and useful consolidation of the resources in our mega thread on industry news sources. Thanks @quadrantinvestr! https://t.co/vMFIUpAKBZ

— Ensemble Capital (@IntrinsicInv) January 8, 2020

What better way to start the new decade than by re-reading The Life Handbook by Epictetus.

It‘s available for free on LibriVox:https://t.co/IGrP1gaRpM

It‘s also on Scribd (here‘s two free months with my refer-a-friend link https://t.co/alkVURaY9U):https://t.co/Nps1YWDcx3 pic.twitter.com/xWyr0jblJi

— Remo Uherek (@remouherek) January 1, 2020

Our most-read posts from 2019:

#1) How Many Stocks Should You Own in Your Portfolio?https://t.co/XTDT6DLFqf

— Ensemble Capital (@IntrinsicInv) December 31, 2019

This is such great advice from Munger when it comes to portfolio management. Everyone's trying to be smarter, search deeper, and solve the most complex problems, which makes those areas very competitive places to play. Just avoiding difficult things is so simple, but not easy pic.twitter.com/kRFkn0kiOV

— John Huber (@JohnHuber72) December 18, 2019

Great article, "How to Value a Company by Analyzing Its Customers," by @d_mccar and @faderp in the new @HarvardBiz. We have to go back to basic unit economics, which is especially important for companies that expense their investments.https://t.co/47I4muUffp

— Michael Mauboussin (@mjmauboussin) December 18, 2019

It is remarkable to see the degree to which Ben Graham used current examples to teach. From "Current Problems in Security Analysis presented by Benjamin Graham at the New York Institute of Finance from September 1946 to February 1947." https://t.co/3guguHhGm1

— Michael Mauboussin (@mjmauboussin) December 17, 2019

My conversation with the incomparable @jim_rutt is up. He preceded me as chair of the board @sfiscience. There’s never a boring discussion with him! https://t.co/1wnlmnUznq

— Michael Mauboussin (@mjmauboussin) December 2, 2019

Read this piece by @jasonzweigwsj on his overconfidence in college, it's wonderful. https://t.co/00pYZWh58t

— Morgan Housel (@morganhousel) December 2, 2019

A case study of Warren Buffett and Charlie Munger's investment in and management of Blue Chip Stamps, courtesy of @maxolson. https://t.co/OFVFnFMxvA

— Shai Dardashti (@ShaiDardashti) November 29, 2019

Hanlon’s Razor:

“Never attribute to malice that which can be adequately explained by stupidity.”

I find a slightly adapted version to be just as useful in daily life:

“Never attribute to negative intentions that which can be explained by busyness.”

— James Clear (@JamesClear) November 17, 2019

One of the best books I've read in awhile. Not about finance (not directly anyway) but great brain food. Makes you think. Thanks @DavidDeutschOxf for writing it:
"The Beginning of Infinity: Explanations That Transform the World" https://t.co/h4V3v0uH1m via @amazon

— Chris Mayer (@chriswmayer) November 13, 2019

MOI Global’s Meet-the-Author Summer Forum 2019 Interview https://t.co/HtmYW6TMTa #valueinvesting #buffett #munger #pabrai

— Oyemoney (@Oye_money) September 12, 2019

Thanks @mjmauboussin for the timeless Expectations Investing, one of my all-time favorites among investing books. Covering most of what an investor need to know. Find my review @Investbythebook https://t.co/KCyZ0roDbu

— Niklas Sävås (@NiklasSavas) October 13, 2019

. @RobertIger ‘s book is a good read. Intuition overlaps with data, Hollywood overlaps with Silicon Valley, and the professional overlaps with the personal. https://t.co/r9ecpogCio

— Saurabh Madaan (@saurabh_madaan) October 5, 2019

My philosophy of writing:

• Write every day.

• Write in public to improve the quality of your thinking.

• Write for clarity, not to impress people.

• Write about your curiosities. You don’t need to be an expert.

• Write for the most intelligent person you know.

— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) October 4, 2019

Recently, I have been thinking a lot about the relationship between public and private markets over the past 50 years. Found this book very useful, and it flew under my radar until recently:https://t.co/U82yRMKvfC

— Michael Mauboussin (@mjmauboussin) September 19, 2019

We're excited to share a diagram of Ensemble Capital's investment philosophy. This is at the heart of everything we do in our portfolio and everything we talk about on our blog and here on Twitter. https://t.co/YGfpYDuzGP pic.twitter.com/SId3ne5mvi

— Ensemble Capital (@IntrinsicInv) September 18, 2019

Sort of investment related. Sort of life related. Not the kind of thing I do often. But I figured sharing some of Arnold Van Den Berg's wisdom from last week's @manualofideas is a decent idea.https://t.co/AbYZkSWglg

— Bill Brewster (@BillBrewsterSCG) September 17, 2019

Buffett’s first ever TV interview, back when 500m was still a lot of money 😀 Still singing from the same songsheet. Sharp as a razor. It’s notable how much his pace of speech has slowed with the passage of years tho (understandably).https://t.co/ioYqbRFYxx via @YouTube

— Lyall Taylor (@LT3000Lyall) September 16, 2019

You can click on the logo of any company on this website and get a full breakdown of the business model/investment thesis.

(h/t @BluegrassCap)https://t.co/uY2mi523Xx pic.twitter.com/9zyDtTAyOy

— Ryan Reeves (@investing_city) September 14, 2019

One of the highlights of any @manualofideas event is the community. All investing geeks but a diverse range of perspectives and approaches. Always come away inspired.

— Coho Capital (@CohoCap) September 14, 2019

Tthe generosity of everyone I have met through @manualofideas, the value community and #FinTwit has made a real difference for me as an investor, and more importantly, in my life. I am grateful for the opportunity to be part of this group!

— Elliot Turner (@ElliotTurn) September 13, 2019

Talking to a very smart friend.

He says STAMINA is an key indicator of long-term success.

People with stamina:

– Respond well to failure
– Have obsessive personalities
– They do similar things on weekdays and weekends (my favorite one)

Secret way to find under-valued talent.

— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) September 13, 2019

“That’s not the way it’s supposed to go.” Wall Street shorts schools and towns in a frenzy of municipal bond flips. https://t.co/V9InpIa463 via @WSJ

— Jason Zweig (@jasonzweigwsj) September 12, 2019

Presentation of CFA webinar available for download on following link @CFASocietyIndia @CFAinstitute https://t.co/OANpq96Rv6#cfainstitute #investing #finance #valueinvesting

— Kuntal (@Kuntalhshah) September 12, 2019

"When competing one-on-one, follow two simple rules: if you are the favorite, simplify the game. If you are the underdog, make it more complicated"

david beat goliath with a slingshot, not strength pic.twitter.com/2NgyswKyac

— Movement Capital (@movement_cap) September 12, 2019

Step 1: Go to @manualofideas cocktail reception. Expect to talk about investments.

Step 2: See a table listening to someone.

Step 3: Walk over.

Step 4. Listen to Arnold Van Den Berg talk about how his father survived the Holocaust.

Step 5. Be grateful.

— Bill Brewster (@BillBrewsterSCG) September 12, 2019

An Analysis of “Benjamin Graham’s Net Current Asset Values: A Performance Update” – https://t.co/3sNCh89IBY
by g_merani. A deep dive into net-nets
cc. @greenbackd

— Wes Gray 🇺🇸🗽 (@alphaarchitect) September 5, 2019

A treat to learn about the attention-to-detail, people-first work ethic of Bill Marriott in building the Marriott business!https://t.co/Vn4F3IdogH

— Soumil Zaveri (@SoumilZaveri) September 4, 2019

Impressive to see 500+ books summarized by Blas Moros to learn, grow, and improve every day. https://t.co/LsxGp2Tgr7
H/T @Kuntalhshah.

— Jana V (@jvembuna) September 5, 2019

If, as the Business Roundtable seems to be hinting, companies should focus on stakeholder interests rather than maximizing shareholder value, it is worth remembering the adage that if you try to make everyone happy, no one will be. https://t.co/UdvJNcu0eH pic.twitter.com/MILTnPQ3Ln

— Aswath Damodaran (@AswathDamodaran) August 28, 2019

Great news… Shape Up, our new book, is now available as a free PDF. No email required either. Go here and scroll down a bit – you’ll see the PDF link: https://t.co/hOQfTZOICr

— Jason Fried (@jasonfried) August 22, 2019

From the archives: "Have You Ever Tried to Sell a Diamond?" A true classic. https://t.co/pQA4fRAMiK

— Phil Ordway (@pcordway) August 22, 2019

An absolute treasure trove of investing material compiled by @absolut_brian 👏

"The best thing a human being can do is help another human being know more"– Charlie Munger.

Plz share @Gautam__Baid @iancassel@dmuthuk @safalniveshak @ToddWenning 🙏https://t.co/OFX8KTHcMr

— Ram Bhupatiraju (@RamBhupatiraju) August 22, 2019