Was recently introduced to this podcast, which recounts classic business rivalries. I’m two episodes in and enjoying it. Serves as a counter to hindsight bias. Good reminder that business/investing is hard. https://t.co/FDzmxKOqom

— Todd Wenning (@ToddWenning) June 20, 2019

Timely, from Seth Klarman: In a bull market, you learn that everything you buy was a good decision and everything you sold was a mistake. In a bear market, you learn the opposite: Everything you buy seems like a mistake, and everything you sell seems like a smart decision.

— Chris Mayer (@chriswmayer) June 20, 2019

I've read Sapiens once and done the online course twice. This is my favorite video in the course. I keep going back to it. If you haven't read the book or done the course, and need a nudge, watch this one clip on the Power of Myth and Imagined Realities:https://t.co/KSJ85qt0c2

— Fundoo Professor (@Sanjay__Bakshi) June 19, 2019

[New post] Moat Erosion Starts Behind the Castle Wallshttps://t.co/gN8hXWLbUU

— Ensemble Capital (@IntrinsicInv) June 17, 2019

I compiled all of Amazon's Shareholder Letters

You can access them here: https://t.co/rtvHmXeVMV

— Ryan Reeves (@investing_city) June 15, 2019

Dear investor: You are surrounded by liars. Rating companies, Auditors, Corporate managers (through their PR machines), Regulators (when they enable loose accounting), and Government (certainly in context of debt numbers, and maybe elsewhere too). You are on your own. Beware.

— Sanjay Bakshi (@Sanjay__Bakshi) June 14, 2019

'The Tao of Charlie Munger' by David Clark is easily the most impactful book I've read over the past 5 years.

I've read it probably 20 times, just to drill all of Munger's lessons into my head. Better than any MBA.

— Andrew Wilkinson (@awilkinson) June 11, 2019

I believe that you should define total addressable market (TAM) as the revenue a company would realize if it had 100 percent share of a market it could serve *while creating shareholder value.* The last bit is really important – it's not just size, it's size while creating value.

— Michael Mauboussin (@mjmauboussin) June 11, 2019

Random biased reading list:

– Gambler, by William C. Rempel
– The Manual of Ideas, by @JMihaljevic
– Dear Chairman, by @jeff_gramm
– Man’s Search for Meaning, by Viktor E. Frankl
– Red Notice, by @Billbrowder
– The Making of an American Capitalist, by Roger Lowenstein https://t.co/VNKDsDsB7M

— Owen Hofmeyr (@Tinyvalue) June 9, 2019

Most grateful to @JMihaljevic and @manualofideas, for curating such a high-quality experience of shared learning and unique global relationship building over the past several days at https://t.co/l90LHu83XN; thank you!

— Shai Dardashti (@ShaiDardashti) June 7, 2019

⁦@Columbia_Biz⁩ has played an important role in my professional life. It was a blast sitting down with Tano Santos to discuss a wide range of issues related to investing. https://t.co/S4j655HhdZ

— Michael Mauboussin (@mjmauboussin) June 2, 2019

My Top 5 @ThisIsSethsBlog posts:

1. The World's Worst Bosshttps://t.co/GlfNDcV50h

2. I Was Wronghttps://t.co/G1z29XTw7K

3. Mob Fears the Truthhttps://t.co/LwPIWwWMkb

4. Learning Without Doinghttps://t.co/RytzCHfZ4g

5. A/J Testinghttps://t.co/bo9DsDNJkS

— Ryan Reeves (@investing_city) May 31, 2019

Just finished @jeff_gramm ‘s book “Dear Chairman” for the second time. This was one of the first investing books I bought back in late 2017 and I appreciated it so much more this time around. The mixture of history and insight is excellent for young investors! pic.twitter.com/EF3662Ebev

— Sam Key (@samkey12) May 30, 2019

Brief History of Visa https://t.co/u6zqYbT2kz

— Mine Safety (@MineSafety) May 29, 2019

New long form:

Five Lessons From History

A few takeaways about why people do what they do. https://t.co/Oc4xCKJpbP

— Morgan Housel (@morganhousel) May 29, 2019

Judging by the # reviews on Amazon, not many people seem to know about this wonderful book (prob due to its length at 750 pages).

So many great Investors/writers in this one, that you could easily run out of a Highlighter marker. @FocusedCompound@Gautam__Baid pic.twitter.com/H6rHFtHwXG

— Ram Bhupatiraju (@RamBhupatiraju) May 28, 2019

If, like me, you’ve spent the last few days remembering Murray Gell-Mann, @sfiscience’s obituary will give you an impression of our loss and of what continues.
Thank you for everything, Murray. https://t.co/18sDwSA0fV

— Ole Peters (@ole_b_peters) May 26, 2019

This is Why EVERYONE Should Hate Proxy Advisors https://t.co/iluYFYBxSz

— Lawrence Cunningham (@CunninghamProf) May 26, 2019

Name your intellectual starting five.

I’ll start:

1. Marshall McLuhan
2. Robert Caro
3. John O’Donahue
4. Krista Tippett
5. Rory Sutherland

Now… Your turn.

— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) May 25, 2019

Aldi vs Walmart.

One of the best studies I have come across in recent times….

Just fantabulous.

https://t.co/mew2uciwn3

— Amit Gadre (@Longterm_wealth) May 21, 2019

"It’s as if you were getting paid for every gallon of water starting in a small stream but with added amounts received as tributaries turned the stream into an Amazon." – Warren Buffett, August 1997 pic.twitter.com/EyJ0yhkeWq

— Shai Dardashti (@ShaiDardashti) May 13, 2019

"If you want to get rich, don't do it for the money."

– Caleb Williams

— Paul Graham (@paulg) May 17, 2019

Amazon's three hiring criteria from 1998:

1. Will you admire this person?

2. Will this person raise the average level of effectiveness in the group they are entering?

3, along what dimension might this person be a superstar? pic.twitter.com/nQjAmvuEtt

— Taylor Pearson (@TaylorPearsonMe) May 16, 2019

After reading little else outside of investing books for the last two years, I have decided on 5 favorites:

1. Financial Shenanigans
2. Financial Statement Analysis: A Practitioner’s Guide
3. The Manual of Ideas
4. The Warren Buffett Way
5. The Most Important Thing

— Owen Hofmeyr (@Tinyvalue) May 17, 2019

"Believe me, it’s better to produce the balance-sheet of your own life than that of the grain market." — Seneca

— Remo Uherek (@remouherek) May 17, 2019

Frank Gehry, 90 (living). Frank Lloyd Wright, 91. Philip Johnson, 98. I. M. Pei, 102. Oscar Niemeyer, 104. Really famous architects seem to have really long lives.

— Jason Fried (@jasonfried) May 17, 2019

Late as usual, but I finally read “Bad Blood” by @JohnCarreyrou. It is excellent. I waited to read it because I’d read all of the WSJ articles as they came out, but the book adds several layers and is and well worth the read.

— Phil Ordway (@pcordway) May 15, 2019

Charlie Munger's infamous raisins quote. pic.twitter.com/gE9GPvHtny

— Hardcore Value (@HardcoreValue) May 15, 2019

Such a well-written meaningful read. I hope to keep coming back to this when I find myself low on meaning and purpose. https://t.co/Eg0drWkqzw

— Abhishek Murarka 🐂💹 (@abhymurarka) May 12, 2019

Excellent, important piece by @andy_matuschak: https://t.co/gXqgqlXnqP

— Patrick Collison (@patrickc) May 11, 2019

A simple strategy that will save you so many headaches: don't care about winning trivial arguments.

Someone says something you don't agree with? Smile, nod, and move on to more important things.

Life is short. Not caring about having the last word will save you so much time.

— James Clear (@JamesClear) May 10, 2019

Benjamin Graham Jr. recently told me this story about his father, which he heard from Warren Buffett. (Warren confirmed to me that it is accurate.) pic.twitter.com/k8PbSyb4jG

— Jason Zweig (@jasonzweigwsj) May 9, 2019

Classic on Richard Rainwater, "Lord of the Lowball" by Shad Rowe…https://t.co/lMAwxLMxxP

— Chris Mayer (@chriswmayer) May 9, 2019

What a great simple slide showing how value investing is about paying less than what something is worth even if that might mean paying a higher multiple than you could pay for an alternative investment. https://t.co/rLu8wFuTbV

— Ensemble Capital (@IntrinsicInv) May 9, 2019

Chuck Akre’s 2 book recommendations from our roundtable discussion in Omaha.. ‘Dear Chairman’ by @jeff_gramm (I’m really enjoying it!!) and William Phelps ‘100 to 1 in the Stock Market’ pic.twitter.com/0ErfEcMh2y

— MastersInvest.com (@mastersinvest) May 7, 2019

I've also got basically everything he's ever written in a PDF:https://t.co/D8WfCGPkJ0

— Austin Value Capital (@AustinValue) May 6, 2019

Bravo.

Security analysis – a classic class https://t.co/vKRKKCNExw via @FT @mjmauboussin has put 27 years of work into this class. Take my word for it that this is no small feat.

— Phil Ordway (@pcordway) May 6, 2019

By popular demand, a couple of snapshots of a few of the many books on Charlie Munger's many shelves pic.twitter.com/QJGNAXQy6f

— Jason Zweig (@jasonzweigwsj) May 6, 2019

When Jeff Bezos announced a year ago that Amazon Prime had 100 million members, I had a thought: I don’t know a ton about how Prime came to be.

So over the past year, I’ve tried to find out.

Here’s the story of Amazon Prime, in oral history form.

https://t.co/SMcmxGosKh

— Jason Del Rey (@DelRey) May 3, 2019

Claude Shannon was to information and communication what Newton was to physics. By following his curiosity through the playground of science, he discovered mathematical laws that govern our digital age. The Shannon I worked with comes alive in these pages.https://t.co/iWisUrxUrg

— Edward O. Thorp (@EdwardOThorp) April 29, 2019

The dice have no memory. The coin can’t recall the last toss. And the stock market doesn’t care about your investment history.

— Jonathan Clements (@ClementsMoney) April 27, 2019

1/ On Grand Strategy by John Gaddis has been one of the most interesting books that I've ready in a while.

This book is highly recommended. https://t.co/0WQvnGn7wd

— David Eborall (@davideborall) April 26, 2019

New blog post (my first long-form piece)

What Makes a Great Businesshttps://t.co/uU6s4i2wl9

— Travis Wiedower (@TravisWiedower) April 24, 2019

1/ One of the best long reads I've come across in a long time.

Themes:
Raising expectations of others
Small, private dinners to build relationships
How to lead after a loss
Generosity
Evolutionary roots of eating togetherhttps://t.co/RGdYtMmZYA

— Sidhartha Jha (@sidharthajha) April 22, 2019

Investing by thinking carefully about motivation: https://t.co/w5IAOoefzb

— Dan Ariely (@danariely) April 8, 2019

I’m sharing this knowing I probably can’t add anything to @IntrinsicInv incredible example of “cash flow bleed” being misleading. The @AswathDamodaran YouTube I cite is well worth the time. https://t.co/WpLvXv9Dv2

— Bill Brewster (@BillBrewsterSCG) April 18, 2019

Such deep insights to be gained on luxury businesses and well-aligned founding-families from Bernard Arnault's sustained success.

Among others, I valued Antoine's comments on the distinction between his father's talents and their consequences.. https://t.co/qUnqf7UeSY

— Soumil Zaveri (@SoumilZaveri) April 18, 2019

Looking for something new to watch. What are the most educational, interesting, or insightful videos on YouTube?

— James Clear (@JamesClear) April 17, 2019

Thread of great @mjmauboussin research

Introduces MEROI https://t.co/St2BcfBvNo

Reversion to the meanhttps://t.co/hYasvh2UjM

Luck vs. Skillhttps://t.co/NCOKv30kvC

Measuring Moatshttps://t.co/d5AyNa7zAN

WACChttps://t.co/09XGlOIpVF

Base Rateshttps://t.co/wD26H3OZHM

— Ryan Reeves (@investing_city) April 17, 2019

Guessing game time. Check out this "cash burner". Can you guess what company it is? It is super well known. Note the dates on the chart. pic.twitter.com/3r2NGuER8L

— Ensemble Capital (@IntrinsicInv) April 17, 2019

This video shows Warren Buffett & Charlie Munger at their best. Warren explains that a Graham Strategy only works with small capital amounts, some of the time &turnover is inverse to business quality. Charlie gives an example of when Phil Fisher went wronghttps://t.co/TJum9Li9WZ

— Alex Gilchrist (@alexjg888) April 17, 2019

Warren Buffett’s First Television Interview – Discussing Timeless Investment Principleshttps://t.co/DQeq0EghQ5

— Venkatesh Jayaraman (@VenkateshJayar2) April 16, 2019

How brilliant is this? @manualofideas 👍👍 pic.twitter.com/oZ1iTc2bMQ

— Madhusudan (@myinvestingedge) April 13, 2019

Some of the best bio / oral history books I’ve read recently:

-Ovitz
-I Love Capitalism (Langone)
-Call Me Ted (Ted Turner)
-Setting the Table (Meyer)
-The Gambler (Kerkorian)
-Cable Cowboy (Malone)
-Jerry Weintraub
-Live from NY (Michaels)

What do I need to add to the queue?

— Conor Witt (@ckwitt3) April 11, 2019

All of Richard Feynman’s lectures

The internet is incredible. https://t.co/N8PbP61Gyc

— Ryan Reeves (@investing_city) April 8, 2019

Some good stuff here. https://t.co/oSjdv6eJxH

— Phil Ordway (@pcordway) April 5, 2019

Interview with Tom Murphy of Cap Cities / ABC on management, working with Buffett, and his partnership with Dan Burke

(h/t ⁦@LennyIce⁩) https://t.co/ZsVguVwUVA

— Conor Witt (@ckwitt3) April 3, 2019

I often return to read this article. It’s an excerpt from @claychristensen’s book How Will You Measure Your Life. Topic: “The trap of marginal thinking” —> https://t.co/DVY01VZMJ3

— Jason Fried (@jasonfried) April 3, 2019

The Ferrari Way – A Case Study

• We are not the fastest or most comfortable car in the market but the best combination of the two

• Ferrari has intentionally limited production to create scarcity, something called – Deprivation Marketinghttps://t.co/kskyKPUIz6

— RichifyMeClub (@RichifyMeClub) April 3, 2019

The View from Burgundy: A Quarter Century of Investing (Second Edition)https://t.co/c5JSRIVAkF

— Chris Mayer (@chriswmayer) April 2, 2019

True. "The Board will work if the power-holder wants it to work, and it will not work if the power-holder does not want it to work, and generally the power-holder does not want it to work." https://t.co/2toTNm8VcR

— grigori milov (@grigorimilov) April 1, 2019

A classic, "The Grave Dancer: A guide to the risky art of resurrecting dead properties" by Sam Zellhttps://t.co/XDax0Jo7S8

— Chris Mayer (@chriswmayer) March 31, 2019

If you are an investor, and haven't read Scott Fearon's Dead Companies Walking, then please do yourself a favor and read that book.https://t.co/8hr2AoSlnG

— Sanjay Bakshi (@Sanjay__Bakshi) March 30, 2019

This is the best piece of science journalism I've ever read, and it's not even close. https://t.co/gAUpiVunPP

— Hannah Godofsky 💃🏼 (@h_thoreson) March 30, 2019

Always a pleasure to learn from Warren Buffett's insights.https://t.co/GreG9omzab

— Gautam Baid (@Gautam__Baid) March 29, 2019

Our article in MOI global. @manualofideas https://t.co/dUrmm8T09O

— Viraj Mehta (@virajmehta16) March 25, 2019

💯 agree. I love Epictetus. Here is the free audio version of The Enchiridion in form of a LibriVox podcast. Listening to it regularly! https://t.co/IGrP1gaRpM

— Remo Uherek (@remouherek) March 27, 2019

High cash balances can indicate at least 4 positives:
(1) Firm has been able to generate high cash levels
(2) Firm has not needed to deplete cash
(3) Firm is conservative in maintaining high levels of liquidity
(4) Firm potentially unwilling to commit to projects with low returns

— Alex Gilchrist (@alexjg888) March 26, 2019

Probably the best thing I’ve read is around “run off” margins from this @manualofideas post:https://t.co/wEAqROIVsa

— Alex LaPrade (@alexlaprade) March 24, 2019

Read summary of Factfullness by @HansHansrosling. Key human instincts which prevents us from seeing progress are:
1. Grouping – rich vs poor
2. Negativity
3. More of the same – Straight line extrapolation
4. Fear
5. Exaggerate problems

— Rajeev Agrawal (@rajeev_agr) March 24, 2019

New blog post: One of my favorite investment speeches, by Dean Williams of Batterymarch, from 1981. Lots of good stuff in his talk.https://t.co/f3MLLT7wPI

— Chris Mayer (@chriswmayer) March 21, 2019

"Other people's views and troubles can be contagious. Don't sabotage yourself by unwittingly adopting negative, unproductive attitudes through your associations with others." — Epictetus

— Remo Uherek (@remouherek) March 20, 2019

Here is an interesting audio presentation from Walter as well … https://t.co/13s4wEEOiQ https://t.co/AtVDCWJvOD

— Tyler G. Howell (@Tyler_G_Howell) March 18, 2019

Instead of asking, “Are you sure? Try asking, “How sure are you?”

“Are you sure” is a yes or no question. It demands unreasonable certainty.

“How sure are you?” allows for shades of gray. It says uncertainty is okay.

How often in a day do you casually ask, “You sure?”

— Annie Duke (@AnnieDuke) March 18, 2019

The five most important lessons I’ve learned in the past five years, in quote form:

1. “You can’t do a good deal with a bad person” –Warren Buffett

2. “Never wrestle a pig. You’ll both get dirty, but the pig will enjoy it” –Cale Yarborough

— Andrew Wilkinson (@awilkinson) March 17, 2019