Good primer on reinsurance, which may be handy now for insurance investors…https://t.co/I53GFh0BjO
— Chris Mayer (@chriswmayer) October 14, 2018
To sum up a lot of what #MasteringTheMarketCycle is about, cycles vary in terms of reasons and details, and timing and extent, but the ups and downs will occur forever, producing changes in the investment environment. Learn more at https://t.co/HcrbZfWFkg. pic.twitter.com/bv62iGyx0W
— Howard Marks (@HowardMarksBook) October 3, 2018
48 pages of transcripts from a speech given by Druckenmiller in 2015 talking about his story & investing process: https://t.co/rI7oRCl05v
He dedicates his 30% IRR over 3 decades with no down years to "Number one, I had an incredible passion, and still do, for the business" pic.twitter.com/EDroUkslj0
— Andrew M. Kuhn (@FocusedCompound) October 3, 2018
Regarding radical open-mindedness, it’s what you would do if you weren’t biased to think that your opinions are best and instead wanted to objectively weigh what you’re thinking in relation to what other smart people are thinking to raise your chances of being right.
— Ray Dalio (@RayDalio) September 12, 2018
Everyone hits a rough patch once in a while. And when they do…
BusinessWeek 1996: Fall of the Wizard
Robertson sued for $1 billion
Settled for a statement that:
"predictions regarding Tiger's performance have not borne out"
and he did not stop meeting management teams! pic.twitter.com/SUurAiS8Pb
— NeckarCap (@NeckarValue) August 16, 2018
Seven books to read five times (no order):
1. The Intelligent Investor
2. The Manual of Ideas
3. You Can Be a Stock Market Genius
4. Deep Value
5. Poor Charlie's Almanack
6. Value Investing: From Graham to Buffett and Beyond
7. The Most Important Thing
— Owen Hofmeyr (@MachHBInvesting) August 9, 2018
I met Munger in my USC graduate school investment class & had the opportunity to ask him this important question, “If I could do one thing to make myself a better investment professional, what would it be?"
He answered, “Read history! Read history! Read history!"
— Gautam Baid (@Gautam__Baid) August 1, 2018
My new (mini) book attempts to explain the financial foundations of fracking (say that fast!) and how our newfound energy riches might affect geopolitics. If interested (thank you if so!) ask about it here https://t.co/QmAl33zAHZ or preorder here. https://t.co/eY5rCDLY9Z pic.twitter.com/zDTni5W5o4
— Bethany McLean (@bethanymac12) July 26, 2018
Best investment letters, ranked:
1. Warren Buffett – Berkshire Hathaway
2. Howard Marks – Oaktree Capital Memos
3. Seth Klarman – The Baupost Group
4. Jamie Dimon – JPMorgan Chase
5. Prem Watsa – Fairfax Financial
6. Dan Loeb – Third Point Management
7. Jeremy Grantham – GMO https://t.co/7WQkBkgwmn
— Tobias Carlisle (@Greenbackd) July 25, 2018
Reading transcripts from 4-5 years ago really highlights how much of conference calls are wasted on questions/issues that have virtually no significance.
— Value Idea Log (@ValueIdeaLog) July 20, 2018
Key steps to learning to invest:
1) get screwed using margin
2) get screwed buying options
3) get screwed buying someone else's idea
4) get screwed by a disappearing "moat" around a business
5) get screwed by bad M&A
6) get screwed by a lousy board and mgmt
— jeff gramm (@jeff_gramm) July 18, 2018
This is so important. It goes against everything analysts are taught. But knowing every detail of a company results in *worse*, not better, investment decisions. Here’s the link to the study (many, many studies over many years show same thing). -Sean https://t.co/vsMck6fUDA https://t.co/Kj0euBHzsp
— Ensemble Capital (@IntrinsicInv) July 15, 2018
I love reading old articles, and this II interview with Jack Bogle in Feb. ‘15 has aged well (no surprise). Low-cost, low-turnover funds > marketing. Investor behavior is crucial. And: “Smart beta is stupid; there’s no such thing. It’s an idiotic phrase…signifying nothing.” pic.twitter.com/uCaWYb9tEs
— Phil Ordway (@pcordway) July 5, 2018
Thread: Books I've recently read and recommend –>
— Marc Andreessen (@pmarca) July 5, 2018
Seth Klarman interview with Barron's in November 1991, at the beginning of the 90's bull market
"Value Hunter in a Sky-High Market"
Baupost: three wealthy families pool their money
Of course at $400m AUM he wanted to stay small 🙂
— NeckarCap (@NeckarValue) July 4, 2018
When building habits, choose consistency over content.
The best book is the one you can’t put down.
The best exercise is the one you enjoy doing every day.
The best health food is the one you find tasty.
The best work is the work you’d do for free.
— Naval (@naval) June 28, 2018
On one measure developed by Fama and French, there have been three significant bear markets for value in the last 90 years: the Great Depression of the 30s, the Tech Bubble of the 90s and post-GFC. The most recent episode is the most extreme on record.https://t.co/C4CWk9neeB pic.twitter.com/PnKk2mdIqN
— Tobias Carlisle (@Greenbackd) June 27, 2018
How to Get Rich (without getting lucky):
— Naval (@naval) May 31, 2018
As we come into graduation season, I’ve distilled my 600-page book into a 30-minute ultra mini-adventure series called “Principles for Success” to make it easy for people to get the key ideas.
— Ray Dalio (@RayDalio) May 8, 2018
Todavía estoy en estado de shock por lo que he encontrado. Por primera vez se han hecho públicos los vídeos de la conferencia anual de Warren Buffett desde 1994. CNBC ha hecho un trabajo estupendo de recopilarlos. https://t.co/yNGsqGZ06r #Enjoyit
— Alejandro Estebaranz (@alex_estebaranz) May 6, 2018
Favorite book of past year is “Red Notice” by @Billbrowder Reads like a thriller – you won’t put it down! Really sheds light on Russia, Putin & Magnitsky Act. You will better understand the major posturing of our times including assassination attempts in England pic.twitter.com/QtxEncmXH6
— Mark Suster (@msuster) May 1, 2018
Struck treasure online today
"For over 30 years, Legendary Value Investor, Martin J. Whitman, has written comprehensive shareholder letters that provided readers with thorough lessons in his investment philosophy, security analysis and value investing. "https://t.co/TCKxey9e8d
— Gautam Baid (@Gautam__Baid) April 19, 2018
There was a man on Bloomberg radio this afternoon, who said words to the meaning of:"There's no benefit to being a value investor now, we'll put our value investing cap on if and when tide turns"
I couldn't help but think of this excerpt from Buffett's 1988 Letter to Shareholders pic.twitter.com/8mPhYmkO5Z
— Alex Gilchrist (@alexjg888) April 20, 2018
A fortune can be lost and made again, but the sand in the hourglass flows in only one direction.
— The Stoic Emperor (@TheStoicEmperor) April 18, 2018
We make mistakes. We all do and experience failure. But why is it so important to embrace those failures?
— Value Investor Journal (@VJ_Rabindranath) April 16, 2018
As a principle, deadly problems that you don’t see or feel, especially those that are communal so that nobody is clearly given the authority and resources to deal with them well, are the ones that will kill you.
— Ray Dalio (@RayDalio) March 29, 2018
It is a great honor to see my name in the March issue of "The Manual of Ideas" by @manualofideas, together with other investors I deeply admire. Thank you @JMihaljevic, @ShaiDardashti and @EzraCrangle. I feel very proud to be part of your community.
— Luis García Álvarez, CFA (@lgarcia1984) March 26, 2018
Warren Buffett on acquisitions (1986 Annual Meeting, via OID): "We have no equations. Ben Graham used to say that it's a lot like selecting a wife. You can thoughtfully establish certain qualities you'd like her to have, and then all of a sudden you meet someone and you do it."
— Joe Koster (@jtkoster) March 20, 2018
A beautiful, visual statistics textbook: "Seeing Theory – A visual introduction to probability and statistics.”https://t.co/JoSw4LznVM
I shared this a year ago, when it was already very cool.
But the page now got a major upgrade by the authors and is now just incredibly cool!
— Max Roser (@MaxCRoser) March 15, 2018
June 2000, when value investing was out of favor with market participants and Professor Bruce Greenwald's class drew a crowd of 16 students
Value investors recaptured back their entire underperformance over the next 3 years
— Gautam Baid (@Gautam__Baid) March 6, 2018
Just finished Dear Chairman by @jeff_gramm tremendous book! Fascinating history of the evolution of shareholder activism. Explains the dynamic nature of activism, the various tactics activists have used, and that there is no simple fix to governance. Should have read it sooner!
— Tim Bergin (@onbeyondinvest) March 4, 2018
Just finished The Fear Factor by @aa_marsh, a professor @Georgetown. Captivating account of altruism, from psychopaths to extraordinary altruists. Replete with effective stories, fascinating neuroscience, and surprising links. https://t.co/8WmzjZy8aq
— Michael Mauboussin (@mjmauboussin) March 3, 2018
John Burr Williams published “The Theory of Investment Value” in 1938. Chapter 15, “A Chapter for Skeptics,” feels contemporary and is a useful read for all investors who are unconvinced of the utility of a discounted cash flow model. https://t.co/PdpO2LDbcw
— Michael Mauboussin (@mjmauboussin) February 13, 2018
.@AnnieDuke has a new book out today, "Thinking in Bets," which is a great read for not only for investors but for all decision makers who operate in probabilistic domains. Well written, entertaining, and packed with useful concepts. https://t.co/Mg8U2OAdcI
— Michael Mauboussin (@mjmauboussin) February 6, 2018
As Charlie Munger said at the 2014 Berkshire meeting: “Costco is unbelievable. It is against the human nature of many entrepreneurial people to get price down and service up…”
— Value Investor AP (@ValueInvestorAP) January 12, 2018
Haters don't really hate you.
They hate themselves, because you're a reflection of what they wish to be
— Paulo Coelho (@paulocoelho) January 5, 2018