Investing by thinking carefully about motivation: https://t.co/w5IAOoefzb
— Dan Ariely (@danariely) April 8, 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
Due to popular demand, I am going to share videos of meetings that show the principles in action in my company, Bridgewater. They come in a free app called Principles in Action that combines the complete text of my book, Principles: Life & Work, with… (1/4) pic.twitter.com/53LGejsQME
— Ray Dalio (@RayDalio) 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
— Ryan Reeves (@investing_city) 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
Some of the best bio / oral history books I’ve read recently:
-I Love Capitalism (Langone)
-Call Me Ted (Ted Turner)
-Setting the Table (Meyer)
-The Gambler (Kerkorian)
-Cable Cowboy (Malone)
-Live from NY (Michaels)
What do I need to add to the queue?
— Conor Witt (@ckwitt3) April 11, 2019
THREAD: Jamie Dimon’s 2019 annual letter
Dimon’s latest letter to $JPM shareholders is 50 pages long.
If you want to read it, here it is: https://t.co/ia0Ff5WAVF
But if you who don’t have time to read it, here are my takeaways.
— Maxfield on Banks (@MaxfieldOnBanks) April 7, 2019
Misery = minute to minute information (social feeds, news, graphs, etc)
Happiness = longform, not relating to now (novels, longform articles, audiobooks, music, etc)
— Andrew Wilkinson (@awilkinson) 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
Lots of great discussion of the upside of grit.
But what about the upside of quitting?
I’m really interested in thoughts on when grit and opportunity cost collide.
What are the consequences of being too gritty?
When does grit get in the way of good decision making?
— Annie Duke (@AnnieDuke) March 30, 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
"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
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
"I read everything: annual reports, 10K's, 10Q’s, biographies, histories, five newspapers a day. On airplanes, I read the instructions on the backs of the seats. Reading is key. Reading has made me rich over time.” — Warren Buffett
— Remo Uherek (@remouherek) March 15, 2019
1/ Antitrust success is a tale, like many, told by the victors. Usually, however, the only victors are the regulators and lawyers. Conflating/reversing cause/effect is the norm. When customers win, as they often do, the question worth asking is "why"? https://t.co/APbC8P1ptk
— Steven 🖇 (@stevesi) March 12, 2019
You do run across pathological liars with regularity in tech, and I was initially unprepared for this.
To survive in tech you must be able to spot them. The toughest ones are those who are so brazen they register nothing on the fMRI scans!
— Garry() (@garrytan) March 10, 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
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
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
Fascinating New Yorker profile of Barry Diller from 1993. It's nominally about Diller's search for his next role after Fox, but really is Diller, Malone, Roberts, and others speculating on evolution of video and telecom. Interesting read 26 years later. https://t.co/XiDPKuY1Jz
— modest proposal (@modestproposal1) January 22, 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 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
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
“There’s a big difference between probability and outcome. Probable things fail to happen—and improbable things happen—all the time.” That’s one of the most important things you can know about investment risk.” Howard Marks
— Marc Rubinstein (@MarcRuby) January 13, 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
The best book I read in 2018 was Titan; Ron Chernow’s biography of John D. Rockefeller.
JDR was flawed, but inimitable & inspiring; at once the world’s richest man, a monopolistic robberbaron, a cutthroat businessman, & the father of modern philanthropy: https://t.co/SyGrD69mDp
— Devin Haran (@DevinHaran) January 1, 2019
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
An awesome compilation of research insights from the team at AQR.https://t.co/ocE53qOyTT
Thanks to @CliffordAsness and team for leading the charge to empower investors through education!
On behalf of all finance nerds, we are thankful for your generosity.
— Wes Gray 🇺🇸 (@alphaarchitect) December 20, 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
I appreciate that @dkhos and Dave McKay considered Principles among the best books of the year (see the complete @business list below). At the same time, I would like to draw your attention to Paul Volcker’s great book “Keeping At It.” https://t.co/EYOo0F4zFr
— Ray Dalio (@RayDalio) December 13, 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
"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
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.
Suggest not to rush through it. Text highlights might help.
— Abhishek Murarka 🐂💹 (@abhymurarka) December 1, 2018