Thanks @mjmauboussin for the timeless Expectations Investing, one of my all-time favorites among investing books. Covering most of what an investor need to know. Find my review @Investbythebook https://t.co/KCyZ0roDbu
— Niklas Sävås (@NiklasSavas) October 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
“Beware the investment activity that produces applause. The great moves are usually greeted by yawns.”
– Warren Buffett
— Andrew Wilkinson (@awilkinson) August 21, 2019
I finished reading all the Constellation Software letters – some of the best in the business. Mark Leonard might be the most intellectually honest CEO I’ve come across.
I took 11 pages worth of notes! If you’ve ever wanted the SparkNotes version of these letters, here are mine.
— Travis Wiedower (@TravisWiedower) August 6, 2019
"So what I saw around me were great kids who had been trained to be world-class hoop jumpers. Any goal you set them, they could achieve…But I think there’s something desperately wrong, and even dangerous, about that idea."
Solitude and Leadership https://t.co/e8qjH9mT5n
— Phil Ordway (@pcordway) August 1, 2019
Buffett has often said that mistakes of omission are bigger than mistakes of commission. So, why do people/organizations make these mistakes. The best thinking on this topic comes from Russell Ackoff, a world class "Systems Thinker"https://t.co/mzf0b0aXb3
— Rishi Gosalia (@GosaliaRishi) July 13, 2019
WEB-BOOK LAUNCH: The deepest dive into our unique way of working. No post-its, no backlogs, no sprints, no stand-ups, no velocity tracking, no agile, no scrum, no roadmaps, none of that. We’ve gone a different way, and now you can too. Read up, Shape Up: https://t.co/hOQfTZOICr
— Jason Fried (@jasonfried) July 9, 2019
Are P/E ratios really telling us whether one company is cheaper than another?
Epoch Investment provides an interesting article about how to correctly interpret P/E and its interplay with FCF, ROIC, growht and required returns.https://t.co/S4O1SrqxUf
Full of insightful messages👇 pic.twitter.com/e4yUfQZ80D
— JustValue (@justvalue2) June 30, 2019
Charlie Munger‘s Three Basic Rules:
1. Don‘t sell anything you wouldn‘t buy yourself.
2. Don‘t work for anyone you don‘t respect and admire.
3. Work only with people you enjoy.
— Remo Uherek (@remouherek) June 30, 2019
Munger on shorting: We don’t like to trade agony for money.
— Bill Brewster (@BillBrewsterSCG) June 26, 2019
This is a great piece.
"The biggest mistake professionally successful people make is attempting to sustain peak accomplishment indefinitely, trying to make use of the kind of fluid intelligence that begins fading relatively early in life."https://t.co/SwVIYvY4ee
— Morgan Housel (@morganhousel) June 20, 2019
Timely, from Seth Klarman: In a bull market, you learn that everything you buy was a good decision and everything you sold was a mistake. In a bear market, you learn the opposite: Everything you buy seems like a mistake, and everything you sell seems like a smart decision.
— Chris Mayer (@chriswmayer) June 20, 2019
I've read Sapiens once and done the online course twice. This is my favorite video in the course. I keep going back to it. If you haven't read the book or done the course, and need a nudge, watch this one clip on the Power of Myth and Imagined Realities:https://t.co/KSJ85qt0c2
— Fundoo Professor (@Sanjay__Bakshi) June 19, 2019
Great interview with David Abrams via Columbia Business School podcast .. delivered 15%+pa since 1999 ..
— MastersInvest.com (@mastersinvest) June 15, 2019
Dear investor: You are surrounded by liars. Rating companies, Auditors, Corporate managers (through their PR machines), Regulators (when they enable loose accounting), and Government (certainly in context of debt numbers, and maybe elsewhere too). You are on your own. Beware.
— Sanjay Bakshi (@Sanjay__Bakshi) June 14, 2019
'The Tao of Charlie Munger' by David Clark is easily the most impactful book I've read over the past 5 years.
I've read it probably 20 times, just to drill all of Munger's lessons into my head. Better than any MBA.
— Andrew Wilkinson (@awilkinson) June 11, 2019
I believe that you should define total addressable market (TAM) as the revenue a company would realize if it had 100 percent share of a market it could serve *while creating shareholder value.* The last bit is really important – it's not just size, it's size while creating value.
— Michael Mauboussin (@mjmauboussin) June 11, 2019
Random biased reading list:
– Gambler, by William C. Rempel
– The Manual of Ideas, by @JMihaljevic
– Dear Chairman, by @jeff_gramm
– Man’s Search for Meaning, by Viktor E. Frankl
– Red Notice, by @Billbrowder
– The Making of an American Capitalist, by Roger Lowenstein https://t.co/VNKDsDsB7M
— Owen Hofmeyr (@Tinyvalue) June 9, 2019
Mix the paint. Stretch the canvas. Get your hands dirty. Make the mistakes. Iterate.
"My observation is that the doers are the major thinkers. The people that really create the things that change the industry are both the thinker-doer in the same person." pic.twitter.com/h788QdjMtI
— Rocky Pruitt (@RockyPruitt) May 29, 2019
Just finished @jeff_gramm ‘s book “Dear Chairman” for the second time. This was one of the first investing books I bought back in late 2017 and I appreciated it so much more this time around. The mixture of history and insight is excellent for young investors! pic.twitter.com/EF3662Ebev
— Sam Key (@samkey12) May 30, 2019
Best mindset hack:
Changing the perception of a responsibility, obligation, burden, duty, task, to-do— from
“ I HAVE TO”…
into the perception of privilege, good fortune, gratitude, opportunity, a chance, a benefit, a right, ability, access
“I GET TO…
— Josh Wolfe (@wolfejosh) May 28, 2019
Judging by the # reviews on Amazon, not many people seem to know about this wonderful book (prob due to its length at 750 pages).
— Ram Bhupatiraju (@RamBhupatiraju) May 28, 2019
Name your intellectual starting five.
1. Marshall McLuhan
2. Robert Caro
3. John O’Donahue
4. Krista Tippett
5. Rory Sutherland
Now… Your turn.
— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) May 25, 2019
"If you want to get rich, don't do it for the money."
– Caleb Williams
— Paul Graham (@paulg) May 17, 2019
Amazon's three hiring criteria from 1998:
1. Will you admire this person?
2. Will this person raise the average level of effectiveness in the group they are entering?
3, along what dimension might this person be a superstar? pic.twitter.com/nQjAmvuEtt
— Taylor Pearson (@TaylorPearsonMe) May 16, 2019
After reading little else outside of investing books for the last two years, I have decided on 5 favorites:
1. Financial Shenanigans
2. Financial Statement Analysis: A Practitioner’s Guide
3. The Manual of Ideas
4. The Warren Buffett Way
5. The Most Important Thing
— Owen Hofmeyr (@Tinyvalue) May 17, 2019
"Believe me, it’s better to produce the balance-sheet of your own life than that of the grain market." — Seneca
— Remo Uherek (@remouherek) May 17, 2019
Frank Gehry, 90 (living). Frank Lloyd Wright, 91. Philip Johnson, 98. I. M. Pei, 102. Oscar Niemeyer, 104. Really famous architects seem to have really long lives.
— Jason Fried (@jasonfried) May 17, 2019
A simple strategy that will save you so many headaches: don't care about winning trivial arguments.
Someone says something you don't agree with? Smile, nod, and move on to more important things.
Life is short. Not caring about having the last word will save you so much time.
— James Clear (@JamesClear) May 10, 2019