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. https://t.co/MrPooTLMDb

— Bhavin Gandhi (@bhavinjan1978)
Mar 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)
Mar 8, 2020

More investors should have a slide like this in their decks: Reasons not to invest. https://t.co/tcnRPiSzqo

— Marc Rubinstein (@MarcRuby)
Mar 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)
Feb 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)
Feb 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)
Feb 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)
Jan 30, 2020

Going back in the archives this morning with @mjmauboussin

Link to Ruminations on Risk
https://t.co/rsmca2NaK3 https://t.co/l6f8mXFhOZ

— Sean DeLaney (@SeanDeLaney23)
Jan 27, 2020

Season 2 is here!
@pcordway, @ElliotTurn, and @JMihaljevic discuss
(i) why all news seems to be good news in markets, and whether cycles have been dampened;
(ii) the distinction between sound underwriting and position management, as illustrated by Kambi.
https://t.co/kJgoaxkzK4

— This Week in Intelligent Investing (@twiii_podcast)
Sep 12, 2021

Spot on, @jtkoster. Together with @theharrysauers:

➡ Grahamian Value 1.0 methodically explored the universe of net-net American public equities.

➡ Grahamian Value 2.0 will (soon) methodically explore (solely) this specific universe of 2,157 orphaned public companies. https://t.co/bQB9Uyyzmy https://t.co/Aqai7NKq7j

— Shai Dardashti (@ShaiDardashti)
Sep 1, 2021

“Lots of contrarianism is actually cynicism and lots of patience is actually stubbornness.” [email protected]

https://t.co/BXtv0CoVPv

— Rishi Gosalia (@RishiGosalia)
Aug 26, 2021

Ladies and gentlemen, the one and only @jposhaughnessy. Hope it’s as fun to listen to as it was to record. Jim is a very interesting individual and a great person.

https://t.co/XZ34Q90cET

https://t.co/jBACGqPOmv

— businessbrewpodcast (@businessbrewpod)
Aug 26, 2021

Refreshing week in the mountains, now back in the saddle all refreshed! https://t.co/zSDDv7otLV

— Elliot Turner (@ElliotTurn)
Aug 26, 2021

Got my first box of Naked Wines @NakedWinesUS algorithm picked wines (“wine genie”) and honestly… much better than the ones I choose. Keeping the subscription.

— Dan McMurtrie (@SuperMugatu)
Aug 26, 2021

This morning I re-discovered one of my favorite parts of going into the office: my 7 mile bike commute.

I arrive at work flush with ideas from the ride that would never have come to me sitting at my desk, and sit down with a glass of water to write them out on a pad of paper.

— Joel Cohen (@joelmcohen)
Aug 25, 2021

I’m thrilled to announce that #RicherWiserHappier is being translated into Hindi, Marathi & Gujarati. That’s in addition to Chinese, Japanese, Thai, Vietnamese, Korean, Russian, Turkish, Estonian, Hebrew, Portuguese, German, French & Spanish editions. In all, 17 languages so far!

— William Green (@williamgreen72)
Aug 25, 2021

Con apoyo del equipo de @CobasFunds , @veiled_value , research associate de @manualofideas , ha publicado este paper sobre la trayectoria de @FParames ¡Aprovecha ahora para leerlo y descargarlo! https://t.co/Oe8cdUwA3H

— MOI Global en Español (@moiglobal_es)
Aug 25, 2021

Am a big admirer of Alex Gilchrist’s interviewing skills, deep insights and ability to dissect really complex concepts into simple ideas. Thank you @veiled_value and @manualofideas

— Ivan Kuznetsov (@ikuznetsov)
Aug 5, 2021

Oh I forgot: I pitched Afterpay at the @manualofideas Best Ideas 2018 Conference. Video is behind the paywall but here’s the slide deck if you’re interested. It’s a simple deck but so was the idea. https://t.co/jziC8PDbIn

— Joe Magyer (@Magyer)
Aug 1, 2021

July 18, 2001: Warren Buffett speaking at the Terry College of Business at the University of Georgia.

https://t.co/s1M6kKRHPB

(h/t @JGreenwald86)

— Shai Dardashti (@ShaiDardashti)
Jul 18, 2021

The American Journal of Health Behavior has strong views on how money can corrupt the scientific process given it just took $51,000 from Juul to devote an entire issue to pro-vaping studies funded by the company.
https://t.co/Ay2ZPWJXoz https://t.co/zI1fv77FaN

— John Arnold (@JohnArnoldFndtn)
Jul 6, 2021

Our Q2 letter is out now. It is called: “RISK. ANYBODY INTERESTED AT ALL?”
Read here: https://t.co/1P36jALQ6H https://t.co/aoletHuENU

— Daniel Gladiš (@danielgladis)
Jul 5, 2021

Super excited to put this out there and start some wonderful win-win collaborations.

Do reach out with your thoughts and questions.

The goal is to bring great value to @manualofideas members and let you participate in the economics of MOI Global.

https://t.co/AhKxNfL3Sk

— John Mihaljevic (@JMihaljevic)
Jun 18, 2021

Sincere thanks to MOI and Rohith for the forum, always a pleasure to speak about #realassets with thoughtful investors. Hope your members find value in our views on the rich opportunity set. We covered a great deal but there’s even more to the story, happy to discuss whenever.
🙏

— Marathon Resource Advisors (@MRAfunds) June 3, 2021

Grateful to @AswathDamodaran for sharing his wisdom in this remarkable conversation with @veiled_value about the book, The Dark Side of Valuation.

Excerpts follow in this thread.
Members, access the full interview below.https://t.co/llmSKpGxvo

— John Mihaljevic (@JMihaljevic) May 25, 2021

Jack Butcher and John Mihaljevic in conversation.

Very cool!

Looking forward.

— Guy Spier ✡︎ (@GSpier) May 28, 2021

If you aren't misunderstood, you have no edge.

— Jack Butcher (@jackbutcher) May 27, 2021

Fantastic read from MOI: Lessons from Legendary Business Leader Henry Singleton

(h/t @manualofideas @JMihaljevic) https://t.co/6tUShki5EF

— Clark Square Capital (@ClarkSquareCap) May 24, 2021

A new weekly episode is here:@ElliotTurn discusses the market's obsession with the next imminent thing, and what it means for positioning. @pcordway introduces Richard Zeckhauser's paper on risk, "Investing in the Unknown and Unknowable".
Enjoy!https://t.co/tbKfLvVNEE

— This Week in Intelligent Investing (@twiii_podcast) May 22, 2021

Many investors nod in agreement after reading this… and then they tell you about the cheap stock with a catalyst they love. The citation of a catalyst is an implicit expression of your ability to predict how other investors will behave in the future. ie market timing. https://t.co/9ixGLBMBr7

— Ensemble Capital (@IntrinsicInv) May 22, 2021

I've been really looking forward to sharing this conversation with @JMihaljevic about the semi industry. He's a great interviewer and I had a lot of fun doing it. https://t.co/eBtVoINuyH

— Jon Bathgate (@jbathgate) May 12, 2021

90 minutes packed with information about the semiconductor sector. @jbathgate & @manualofideas – Thanks for doing it. I felt it was cut too short. Could have been 5-6 hours of talk.

— Rohit Ranjan (@Rohit_Ranjan) May 12, 2021

An eye-opening conversation on the semiconductor industry with @jbathgate.

Jon and his colleagues nailed the industry dynamics before the enormous value creation at companies like $TSM and $NVDA became apparent.

Indebted to @RishiGosalia for the intro.https://t.co/Rv85mvZ4ha

— John Mihaljevic (@JMihaljevic) May 12, 2021

Members, Chris Mittleman sheds light on the strategy and outlook for Aimia (TSX: AIM). He also discusses Clear Media (HK: 0100) and AMA Group (AX: AMA).
I like the alignment of interests at Aimia, as it is now the parent of Mittleman Investment Management.https://t.co/tJDUoE9KSd

— John Mihaljevic (@JMihaljevic) May 10, 2021

Thank you, @ScarrottKalani, for the mention in your amazing weekly newsletter — much appreciated!

Folks, be sure to sign up for this one:https://t.co/iZ8p25ScQ1

— John Mihaljevic (@JMihaljevic) May 8, 2021

About to re read one of my favorite books on Investing

The Manual of Ideas by @JMihaljevic. If you haven't read it yet then I highly recommend that you grab a copy

It builds the right mindset for long term investing !

Get it on Amazon : https://t.co/zNNR8X38Vl 👇 📚 pic.twitter.com/aN3zXsg2KY

— Daniel Toloko (@daniel_toloko) May 8, 2021

An excellent interview by @JMihaljevic for @manualofideas with my friend Bryan Lawrence, a renowned hedge fund manager who rarely gives interviews: https://t.co/OcWMmyxypY

— William Green (@williamgreen72) May 6, 2021

William Green on His Book, Richer, Wiser, Happier https://t.co/sI9zQjmmsh I loved this conversation with @manualofideas about giants like Charlie Munger, @MohnishPabrai, @B3_MillerValue, @TruthGundlach, @HowardMarksBook, @plountzis, Nick Sleep & Ed Thorp.

— William Green (@williamgreen72) May 6, 2021

A fantastic piece on Teledyne founder Henry Singleton, who Buffett described as having "the best operating and capital deployment record in American business."

My key takeaways in the thread below…https://t.co/2LrKBFVIVD via @manualofideas

— The Undercover Fund Manager (@FMUndercover) April 28, 2021

This conversation with @AltaFoxCapital was one of my favorite interviews in a long time. Connor talks candidly about the firm he is building and a couple of fascinating case studies in standing up for the rights of owners. Lots of lessons to take away.https://t.co/cWbixh338E

— John Mihaljevic (@JMihaljevic) April 27, 2021

This book by @JMihaljevic has overwhelmed me in a good sense. The amount of insights I’m gaining is astounding (especially in deeper value parts of investing). Makes me realIze how much is there still to learn. I’m extremely grateful John, but might also get an impostor syndrome! pic.twitter.com/tJvC9AkhGv

— Paul Zbikowski (@Paul_Wildcat) April 24, 2021

Absolutely delighted to share renowned author @williamgreen72's conversation with the MOI Global community about his new book, Richer, Wiser, Happier. https://t.co/AVRCst1aZM

Spend the time with William here, it's well worth it!https://t.co/DA87YzFeK8

— John Mihaljevic (@JMihaljevic) April 23, 2021

When everyone is looking for needles in haystacks, the large beautiful vase on the dining table is ignored.

— Rishi Gosalia (@RishiGosalia) April 15, 2021

Great conversation hosted by @ShaiDardashti and @theharrysauers https://t.co/M9S3WV5pMy

— John Mihaljevic (@JMihaljevic) April 15, 2021

Fun fact: Xalapa, my hometown, is a sister city with Omaha since 2005. But, unlike Omaha, it doesn't have an Oracle… Perhaps we'll need one… https://t.co/22s8ZgOJZ7 pic.twitter.com/tqL0I0aPWW

— Ezra Crangle (@EzraCrangle) April 10, 2021

I get a number of emails about 100-baggers and I have noticed patterns, or recurring themes, to these questions. I’ll answer several of these common questions below, including the most asked question, “Which stock do you think will be a 100-bagger?” https://t.co/zSvr25WXP7

— Chris Mayer (@chriswmayer) April 5, 2021

We created a website that we just thought ought to exist. Please visit our website written specifically for emerging manager stockpickers who look to buck convention and focus on generating exceptional results. The thread below shows you will find…https://t.co/Mj1rb5HYeW

— Joel Cohen (@joelmcohen) March 25, 2021

It's amazing how on Twitter you can feel like you know someone before you meet them. Add in @manualofideas & you truly have a sense of community. Then actually meet in person and become friends for life. It's powerful how this stuff works: https://t.co/r3cSbcHEZm

— Elliot Turner (@ElliotTurn) March 18, 2021

What it means to me to be "creative" as an investor.

First, let's establish a ground rule: investing is an art that involves making decisions with an uncertain, unknowable answer.

— Elliot Turner (@ElliotTurn) March 10, 2021

Illustrative Stock Selection Framework @manualofideas pic.twitter.com/yxHkylncLI

— Prashanth (@Prashanth_Krish) March 9, 2021

I love meeting & talking to tech CEOs. I love idea sharing w/fellow value based investors, esp tech. On our latest #podcast I was lucky enough to do both! Thoroughly enjoyed my conversation with @awilkinson. Our next call can’t come soon enough!https://t.co/bjBGGumi2K

— David Barr (@PenderDave) March 3, 2021

Charlie Munger admires Henry Singleton who used buybacks very wisely at Teledyne. Munger mentioned Singleton most recently last week (DJCO)

This is an informative discussion of Singleton by @JMihaljevic from a few years ago that I plan to listen to againhttps://t.co/2WVEvbdXet

— The Rational Walk (@rationalwalk) March 1, 2021

Few traits that makes you a better investor by @manualofideas
#1 Ability to buy stocks while others are panicking & sell stocks while others are euphoric
#2 Be obsessive about investing; you should be living it 24/7

— Ravindra Bhandari, CFA & FRM (@RaviBhandari83) February 28, 2021

Nick Sleep and Qais Zakaria's foundation, which includes the Nomad letters (2001 – 2014):https://t.co/8Dx82aj6ui

— Rishi Gosalia (@RishiGosalia) February 27, 2021

One of the most interesting questions in microeconomics is why firms exist at all. A 2018 essay I wrote for @manualofideas about the effect of technology on the firm boundary. https://t.co/mgsmZKRfSB https://t.co/Od5TRHXwy0

— Rajeev Mantri (@RMantri) February 26, 2021

This 35 year chart of lumber futures is something else. Looks like rather a lot of houses are going to be built in the US. pic.twitter.com/ArtXEaQOd1

— Ensemble Capital (@IntrinsicInv) February 23, 2021

Fascinating interview with @awilkinson on @manualofideas https://t.co/XQP65WapQR

— Elliot Turner (@ElliotTurn) February 21, 2021

I am grateful and super proud of @EzraCrangle for building an amazing @moiglobal_es community. Ezra has created a wonderful space for Hispanic value investors to share and learn from each other and to tap into the broader @manualofideas community.https://t.co/8EZONt17dO

— John Mihaljevic (@JMihaljevic) February 19, 2021

"It should be axiomatic that the successful investor will keep his capital idle in times of popular over-investment and over-confidence. He will be sorely tried at times when profits and income are seemingly easy to procure."

— Niklas Sävås (@NiklasSavas) February 15, 2021

Was reminded of this email to Ben Thompson about Roku. Check out the date-a year before I ever owned shares. I forgot about thinking Roku could usurp Netflix as the "integrator" pic.twitter.com/cVo2RNroUq

— Elliot Turner (@ElliotTurn) February 15, 2021

This is an over the top kind take on what we do, but the thread links to a series of interviews that combined together is a great summary of our approach. https://t.co/D5K447RPoe

— Ensemble Capital (@IntrinsicInv) February 10, 2021

When someone says, "I didn't grasp the investment case at $10 but now at $30 I finally do," what they're often saying is, "I couldn't handle the fomo any longer."

— John Mihaljevic (@JMihaljevic) February 10, 2021

Small investors are ceding their only real advantages too easily:

1) ability to invest in small caps –> prefer well-covered big caps

2) ability to think independently –> prefer following the herd

3) ability to invest for long term –> prefer high-turnover trading

— John Mihaljevic (@JMihaljevic) February 9, 2021

Our year end 2020 commentary covering a very important lesson learned in missing SHOP and our newest investment, enjoy! https://t.co/1bKIUjdyfc

— Elliot Turner (@ElliotTurn) February 3, 2021

Here are the files mentioned in yesterday's thread:https://t.co/97vukIrOxqhttps://t.co/cVbER4Pfz4

All errors, typos, etc. are mine. I put this together when I was young, dumb, and naive (that was the point!), so be nice.@Prashanth_Krish @Sg423Sg @kgao1412 @ROIChristie

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— Phil Ordway (@pcordway) February 4, 2021

I wrote this piece 18 years ago on the many pitfalls of shorting. At the time a few prominent short sellers emailed me saying that I was hopelessly clueless. https://t.co/WlqdvU4UM6

— Mohnish Pabrai (@MohnishPabrai) January 29, 2021

Sankaran Naren, Chief Investment Officer of ICICI Prudential, shares five books that have had a big influence on his life. https://t.co/uBdntfdMNI

— John Mihaljevic (@JMihaljevic) November 2, 2020

I still cannot believe this actually happened.

They mistakenly held press conference at Four Seasons—Landscaping company instead of Four Seasons Hotel.

Borat 2 star Rudy Gulilani and disgraced former NYC mayor learned the election was called from the parking lot. pic.twitter.com/2dslNcgKnJ

— Josh Wolfe (@wolfejosh) November 8, 2020

Shared with permission: Eight terrific companion videos from the new edition of Bruce Greenwald and Judd Kahn's "Value Investing" — featuring Glenn Greenberg, Seth Klarman, Michael Price, Tom Russo, Andrew Weiss, et al. https://t.co/zXZqAfcHdZ

— MOI Global (@manualofideas) November 7, 2020

I think it's mainly a function of value's long underperformance. Even when companies do the right thing, the share price doesn't always (often?) respond. Also, much worse outside of US.

— Riley English (@cardinalcap12) November 6, 2020

On the topic of investment firms accentuating differences rather than trying to be well rounded: quite a few of the stockpicking firms I know who have produced the best returns…

— Joel Cohen (@joelmcohen) October 26, 2020

One from the MITIMCo all-time favorite reads list: Different by Youngme Moon. It's written for brand marketers but contains great insights in here for an emerging manager or anyone trying to be…different! https://t.co/107d06CsPd. Some notes below that I come back to every year:

— Joel Cohen (@joelmcohen) October 21, 2020

In this special episode, @ElliotTurn sits down with Isaac Schwartz, PM at #RobottiAndCompany for a conversation on Isaac's long arc with the logistics behind food delivery. Enjoy!https://t.co/odOr8h6zl6

— This Week in Intelligent Investing (@twiii_podcast) October 21, 2020

New blog post: Reflections on 100 baggers. What industries to focus on? What are the key ingredients of a 100 bagger? What about valuation? Hope you enjoy today's post.https://t.co/9uN4WNXC8T

— Chris Mayer (@chriswmayer) October 20, 2020

Isn't the fed also buying long-term? Or at least implied they plan on doing so? In other words, it hasn't just come down naturally, has it?

— Chompsterama (@LaChompsterama) October 19, 2020

For anyone wondering what happened to footnoted the past two years, this story in @iimag provides lots of juicy details. https://t.co/pt0kvWS8o0

— footnoted (@footnoted) October 7, 2020