— Chris Mayer (@chriswmayer) December 14, 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
Download link: https://t.co/QF2fQuZYoB
— Abhishek Murarka 🐂💹 (@abhymurarka) November 13, 2018
Outliers in business/investing can be misleading because the same traits needed for outlier success are the same traits that increase the odds of failure. Fine line between bold and reckless.
— Morgan Housel (@morganhousel) November 26, 2018
Bogleheads! Jack Bogle's favorite books:
1 The Intelligent Investor (Graham)
2 A Random Walk Down Wall Street (Malkiel)
3 Unconventional Success (Swensen)
4 The Four Pillars of Investing (Bernstein)
5 Extraordinary Popular Delusions and the Madness of Crowds (MacKay) https://t.co/zqZTIwyAlx
— Tobias Carlisle (@Greenbackd) November 5, 2018
An excellent @manualofideas Ideaweek podcast episode starring Glenn Surowiec on controlling emotions and temptations.
"I don't like to keep score with any single position until I've owned it for at least three years."
Seriously, listen to it.https://t.co/L2rexRI1L8
— Owen Hofmeyr (@MachHBInvesting) October 30, 2018
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I tweeted about Edgar Wachenheim a few weeks back, but for those who missed out on his great chat at Latticework NY, shared courtesy of @manualofideas, you've gotta check it out. I ordered Ed's book "Common Stocks and Common Sense" immediately after. https://t.co/wbx91Jpvbq
— Owen Hofmeyr (@MachHBInvesting) October 20, 2018
The greatest hazard of all, losing the self, can occur very quietly in the world, as if it were nothing at all. No other loss can occur so quietly; any other loss–an arm, a leg, five dollars, a wife, etc.–is sure to be noticed.
— Jason Zweig (@jasonzweigwsj) October 19, 2018
Of all the investing books I've read, I enjoy reading Peter Lynch's Beating the Street best. It's no @manualofideas, Almanack, Security Analysis, or Essays, but it's such a fun read!
— Owen Hofmeyr (@MachHBInvesting) October 16, 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