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
School's out, the sun is shining & summer is here, along with our Summer Holiday Reading List. This time our themes include business best practices, human behavior & a variety of macro factors including #healthtech & #digitaltransformation.https://t.co/5H8jcaW4ac
— PenderFund Capital (@Penderfund) June 25, 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
“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
Ultra-simple general notions
-Solve the big no-brainer questions first
-Use math to support your reasoning
-Think through a problem backward, not just forward
-Use a multidisciplinary approach
-Properly consider results from a combination of factors, or lollapalooza effects pic.twitter.com/E1wxcAxPlB
— Andrew M. Kuhn (@FocusedCompound) June 4, 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
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.
— Gwen Hofmeyr (@Tinyvalue) May 28, 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
'Capital Returns' has to be the most underrated (value) investing book there is. I found it more interesting (and better written) than Klarman's 'Margin of Safety', for example.
— Alex Dumortier (@LIBORsquared) May 22, 2020
“As an investor, you need tenacity, resilience. Everybody makes mistakes – sometimes big – and you have to have resilience to come back, survive, make decisions amid ambiguity.” Paul Singer
— MastersInvest.com (@mastersinvest) May 22, 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
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
Buybacks are not actually "returning cash to shareholders." They are returning cash to selling shareholders, while leveraging the equity of continuing shareholders (by spending net cash in order to decrease the share count). Only dividends are "returning cash to shareholders."
— MOI Global (@manualofideas) April 22, 2020
Filter news/research for things that provide insights on a company’s:
* Competitive position/moat
* Long term product relevance
* Corporate culture/stakeholders
* Management’s integrity
It will save you from most information overload to focus on what matters.
— Ensemble Capital (@IntrinsicInv) April 17, 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
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
It's much harder psychologically to actually buy the dip during a market crash than talking about doing so beforehand.
— John Arnold (@JohnArnoldFndtn) February 28, 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
If you want to follow industry specific news, I follow:
— Jonathan Tepper (@jtepper2) January 31, 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
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
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
— Remo Uherek (@remouherek) January 1, 2020
Just finished my final book of the year, Artificial Intelligence: A Guide for Thinking Humans, by @MelMitchell1. This is a terrific book, and perfect for the amateur interested in AI (as I would describe myself). Read it! @sfiscience @ComplexExplorer https://t.co/Yd7UsWnhwZ
— Michael Mauboussin (@mjmauboussin) 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
“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
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
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
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
– Limit the downside as much as possible
– Be a cloner: find what works and copy it
– Be the low-cost operator by optimizing each line item
– Find strong & measurable feedback loops, especially at non-profits
– Build an accumulation engine, as well as a giving engine
— Remo Uherek (@remouherek) September 14, 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
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
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
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.
— Ram Bhupatiraju (@RamBhupatiraju) August 22, 2019