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

Great to see this memoir by @GSpier getting new life around the world. https://t.co/JbTFNvpstX

— William Green (@williamgreen72) April 17, 2018

In my experience, at least, overconfidence is followed mercifully often by shame and humiliation. Those are fairly effective cures. https://t.co/5RB5jlvXqY

— Jason Zweig (@jasonzweigwsj) April 14, 2018

If you are interested in knowing the math behind DCF: https://t.co/FcpjvFr3Zv

— Jana Vembunarayanan (@jvembuna) April 8, 2018

Sam Harris is among our farthest-ranging, deepest-probing, and most straight & open public intellectuals, engaging sincerely with ideas & people whether he agrees with them or not. https://t.co/TnMB8csN8B

— Steven Pinker (@sapinker) March 31, 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

The link to sign up for BlueMountain Capital investment research:https://t.co/YW05nqrMuE
Here's our first piece (from December 2017): https://t.co/1dxs8tnonp

— Michael Mauboussin (@mjmauboussin) March 21, 2018

Steve Jobs had a very good understanding of @nntaleb's crucial concept of "skin in the game." pic.twitter.com/gybIDPWEPC

— The Stoic Emperor (@TheStoicEmperor) March 20, 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

This presentation sent me down a deep dive. I'm glad it did. Worth a watch as @pcordway and @manualofideas add value! https://t.co/gp7nKQXSQe

— William Brewster (@BillBrewsterSCG) March 15, 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

Berkshire and Buffett star and dominate Part III of my new article about the making and meaning of contracts, available free here: https://t.co/tFf3a0qvBR

— Lawrence Cunningham (@CunninghamProf) March 14, 2018

Gene-environment correlation (your genes affect the environment you choose) explains why too-early training hurts a child’s Olympic chances, contra blank-slate/10,000 hours theory. https://t.co/xJgze999zv via @sciam

— Steven Pinker (@sapinker) March 9, 2018

"Your personal experiences make up maybe 0.00000001% of what’s happened in the world but maybe 80% of how you think the world works. "
~@morganhousel https://t.co/JXdZLjbHYa

— Jim OShaughnessy (@jposhaughnessy) March 9, 2018

As I read the Bezos annual letters today, I was struck by how "obvious" it was that $AMZN would win, especially when reading the 1997-2000 era letters. But that's simply hindsight bias. It wasn't obvious, not at the time.

— The Rational Walk (@rationalwalk) March 7, 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

Form is temporary, class is permanent!#ValueInvesting pic.twitter.com/TVnhRXPJKv

— 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

I view the Amazon Shareholder Letters as the most important business material anyone could read, so I compiled them.

Every Amazon shareholder letter in a single downloadable PDF:https://t.co/NwPcTtPKaV

— Austen Allred (@AustenAllred) February 26, 2018

13 years ago, Dan Loeb sent his Valentine's Day massacre letter to Star Gas. My valentine to you is a free copy of the chapter I wrote about Loeb and hedge fund activism in Dear Chairman: https://t.co/anK6Nyd0aW

— jeff gramm (@jeff_gramm) February 14, 2018

Transcendental Meditation has probably been the single most important reason for whatever success I've had. It is certainly the greatest gift I can give anyone, and @meditationbob is certainly the best expert/teacher on it I know. https://t.co/B9DwnYkw2n

— Ray Dalio (@RayDalio) February 14, 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

Noticed most of my value investing books are the same height – then noticed every one was published by Wiley pic.twitter.com/hJ7rBzdoSD

— The Charlieton (@TheCharlieton) February 11, 2018

This is still one of the best articles I've ever read.

Should Airplanes Be Flying Themselves? https://t.co/10zn8a5EjJ

— Phil Ordway (@pcordway) February 9, 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

Chris Davis on Charlie Munger. Thanks for the gift Chris! Excellent book "Worldly Wisdom" by Munger. pic.twitter.com/6TIPtmXMHt

— King of the mountain (@OriginalKOM) February 3, 2018

Here’s why I believe tough love is the most important kind of love: https://t.co/vHTSKyRWv6

— Ray Dalio (@RayDalio) 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

New report – all about how we compare thingshttps://t.co/1dxs8t5MYP

— Michael Mauboussin (@mjmauboussin) December 28, 2017

This is about the most important things I'd like to pass along. https://t.co/bE5L7te2pR

— Ray Dalio (@RayDalio) December 28, 2017

I very much enjoyed my 7th annual lecture to Prof. Arvind Navaratnam's students at @BCCarrollSchool at @BostonCollege https://t.co/WDBdg2SEre

— Mohnish Pabrai (@MohnishPabrai) December 16, 2017

In case you want a break for 45 min today. https://t.co/HKahZx0omV

— Richard H Thaler (@R_Thaler) December 25, 2017

10 Commandments for Investors
(by Charlie Ellis) http://pic.twitter.com/fTc5t7Fx6H

— Devin Haran (@DevinHaran) December 19, 2017

I very much enjoyed my conversation [email protected] on my journey with The Dakshana Foundation @DakshanaIndia . I love the work done by @JMihaljevic and his awesome team at @manualofideas. https://t.co/xSmC7veAJh https://t.co/FB8Wf1N8ws https://t.co/QjgHVX0e6M

— Mohnish Pabrai (@MohnishPabrai) December 19, 2017

Three of my favorite books in 2017 http://pic.twitter.com/42AudG7uLZ

— Michael Mauboussin (@mjmauboussin) December 16, 2017

How to be a Wall Street oil analyst for dummies:
Take the average oil price for past 3 months. Add $5. Subtract $5. This is your forecasted price range.
Say: “US shale production is strong. Global demand is surprising. And the next OPEC meeting is very important.”

— John Arnold (@JohnArnoldFndtn) December 14, 2017

"If you see the world accurately, it's bound to be humorous, because it's ridiculous."

– Charlie Munger

— The Rational Walk (@rationalwalk) December 14, 2017

10 Questions: Todd Combs (B.S. '93) | FSU Alumni Association https://t.co/B7ejAKcKSl

— William Green (@williamgreen72) December 14, 2017

This is the best book I read this year. Ostensibly about tennis, it’s actually a guide to maintaining focus & a quiet mind “regardless of circumstances or surroundings”, and remaining calm “in the midst of rapid & unsettling change”. I highly recommend it. https://t.co/t0XxDs61h7

— Devin Haran (@DevinHaran) December 13, 2017

Wherever he is now, Bertrand Russell is slowly, sadly shaking his head, back and forth, again and again.https://t.co/AddeJlT6zN http://pic.twitter.com/8ZqSedj9E3

— Jason Zweig (@jasonzweigwsj) December 7, 2017

Carl Sagan's classic "Baloney Detection Kit."
It works for investors, too.https://t.co/bJOFm66iXL http://pic.twitter.com/tPlk0Rx9Ro

— Jason Zweig (@jasonzweigwsj) December 7, 2017

One of my favorite investors, his annual letters (Giverny Capital) are some of the best:https://t.co/LFRCdmaNNV

— Connor Leonard (@Connor_Leonard) December 5, 2017

Question to Bill Belichick: "With all you have accomplished in your coaching career, what is left that you still want to accomplish?"
Belichick's answer: "I'd like to go out and have a good practice today. That would be at the top of the list right now."

— Shane Parrish (@farnamstreet) December 5, 2017

Here are 5 amazing books I read this year: https://t.co/94jRPdmaTu http://pic.twitter.com/0xwUwxsqIK

— Bill Gates (@BillGates) December 5, 2017

Financial projection — Dilbert today http://pic.twitter.com/rQFUOv46gZ

— Robert Went (@went1955) November 29, 2017

-"I know this field cold. Not even Milton Friedman is going to give me a hard time"
(Harry Markovitz, 24h before dissertation defense)

-"This is not economics, & we can't give you a PhD in economics for a dissertation that is not economics"
(Milton Friedman, D-Day) https://t.co/DZGQusVf27

— Beatrice Cherrier (@Undercoverhist) November 28, 2017

The most popular chapter in More Than You Know is on process and outcome. In fields where luck contributes to results, a focus on process pays off in the long run: https://t.co/NQCNd0LeIf

— Michael Mauboussin (@mjmauboussin) November 22, 2017

While the art Leonardo da Vinci produced is expensive, his principles are free, and in my opinion much more valuable, so I'd like to pass some along. https://t.co/FWPPkQxfVE

— Ray Dalio (@RayDalio) November 21, 2017

A conversation that led to Behavioral Economics: Eric Wanner, Danny Kahneman, and Amos Tversky. https://t.co/0pqV2sg4vX

— Abdallah Toutoungi (@AToutoungi) November 21, 2017

My weekend project: cataloging all 1,087 of @pmarca's books in the a16z library. Happy reading. Hope I don't get in trouble. https://t.co/KUWVfFmdj4

— Zack Kanter (@zackkanter) November 20, 2017

Wonderful illustrations on how incentives work! http://pic.twitter.com/aWrD7HxSCd

— Arpit Ranka (@arpitranka) November 20, 2017

Should You Become A Full-Time Investor? @safalniveshak http://pic.twitter.com/kOuabupWPm

— Devin Haran (@DevinHaran) November 17, 2017

Miyagi or Feynman: Who said it best?
via @farnamstreet http://pic.twitter.com/qFINuG5ofc

— Devin Haran (@DevinHaran) November 16, 2017

I love it and am passing it along and urge others who love it to do the same. https://t.co/WrwJTnD4sS

— Ray Dalio (@RayDalio) November 16, 2017

I read and (mostly) liked Ashlee Vance's bio. But this article is something else.

Elon Musk: The Architect of Tomorrow https://t.co/EpT5D1jr1y via @RollingStone

— Phil Ordway (@pcordway) November 15, 2017

Ray Dalio’s “Principles” https://t.co/BEpDQv5TXG https://t.co/LsSZ1bJ8GW

— Mohnish Pabrai (@MohnishPabrai) November 15, 2017

I normally do not recommend the fiction genre. However, “The Shipping Man” is too good. Highly entertaining while teaching you the business. https://t.co/4nQEIYqfp1 https://t.co/SvTQG8xdnO

— Mohnish Pabrai (@MohnishPabrai) November 14, 2017

"Over the long run appreciation in share prices is most directly related to the return the company earns on its shareholder's investment" – Lou Simpson, 1987https://t.co/DMMckcmMAC

— Connor Leonard (@Connor_Leonard) November 13, 2017

A charming email from Jeff Raikes of Microsoft to Buffett, explaining the business and the investment merits, Aug 1997: http://pic.twitter.com/0gVW9JiKUF

— Marcelo P. Lima (@MarceloPLima) November 9, 2017

Seth Klarman on why maintaining control over your process is crucial: http://pic.twitter.com/ceYsNdJbQ2

— Devin Haran (@DevinHaran) November 9, 2017

"Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors."

— Science of Hitting (@TSOH_Investing) November 8, 2017

Persi Diaconis writing about chance? Hard to beat that. http://pic.twitter.com/rgc2reHmlw

— Michael Mauboussin (@mjmauboussin) November 7, 2017

A thing I learned advising startups that generalizes: people get the most upset when you tell them true things they wish were false.

— Sam Altman (@sama) November 4, 2017

They forgot Bias No. 21: believing there are only 20. https://t.co/EMgGSLasnr

— Jason Zweig (@jasonzweigwsj) October 31, 2017

32 years ago today, Ross Perot wrote the best Dear Chairman letter I've seen. Here's a free copy of my GM chapter: https://t.co/IoXXM98vc6 http://pic.twitter.com/fUwyIKFaru

— jeff gramm (@jeff_gramm) October 23, 2017

This has been one my favorite interviews so far. We cover a lot of topics that I hope people find interesting. https://t.co/XjNdl61tSV

— Ray Dalio (@RayDalio) October 19, 2017

.@CharlieRose and I discuss the importance of learning and writing down principles and seeing each situation as "another one of those." http://pic.twitter.com/WpsNutSqhy

— Ray Dalio (@RayDalio) October 18, 2017

Some lessons from Claude Shannon on creativity https://t.co/v9cN5WsHPf http://pic.twitter.com/Y6NHaBr5v4

— Saurabh Madaan (@saurabh_madaan) October 14, 2017

Confirmation bias in the digital age http://pic.twitter.com/TnGfuzMrUA

— richard shotton (@rshotton) October 13, 2017

Musings on brands from a young enthusiast: letter from Buffett to Chuck Huggins shortly after he acquired See's Candies http://pic.twitter.com/SMbZ1HN4c7

— Marcelo P. Lima (@MarceloPLima) October 13, 2017

"Rare events explain more&more of the world we live in, but at the same time remain as counterintuitive to us as they were to our ancestors" http://pic.twitter.com/8EcXlsmjQE

— Devin Haran (@DevinHaran) October 11, 2017

How a 16 year-old Masayoshi Son scored a meeting with a famous Japanese executive https://t.co/67tAA7JqlD http://pic.twitter.com/28KcKppff7

— Bloomberg (@business) October 11, 2017

Good podcast on the interaction between equity and credit for value investors. https://t.co/A133pl0d6h v http://pic.twitter.com/RS7HVaA4q4

— Floris Oliemans, CFA (@FlorisOliemans) October 11, 2017

"Physics, in its pure form…doesn’t build good bridges. You need engineering. That’s what the behavioral approach to economics is" (Thaler)

— Devin Haran (@DevinHaran) October 9, 2017

I immediately subscribed to New Yorker magazine after reading this article. https://t.co/cWaouSrmJg. Required reading for my students.

— Sanjay Bakshi (@Sanjay__Bakshi) October 8, 2017

Timeless and rare notes from Peter Lynch (c. 1983) http://pic.twitter.com/ynskUwwSrF

— Connor Leonard (@Connor_Leonard) October 6, 2017

Daniel Kahneman – Why We Contradict Ourselves Confound Each Other https://t.co/9madH5hYN3

— Michael Mauboussin (@mjmauboussin) October 6, 2017

.@TonyRobbins and I discuss the only two things you need to do to be successful. http://pic.twitter.com/AGas8XYfc6

— Ray Dalio (@RayDalio) October 5, 2017

Long my favorite novel. Teaches pain of regret so well you will think you lived it. Congrats, Mr. Ishiguro, so earned! #NobelPrize http://pic.twitter.com/VBOyLYlIIi

— Jeff Bezos (@JeffBezos) October 5, 2017

"To the extent that all I've done is pick stocks that have gone up and sat on my ass as my family got richer, I haven't left much contribution to society. I guess it's a lot like Wall Street. The difference is, I feel ashamed of it."

— Munger on his career

— Morgan Housel (@morganhousel) October 1, 2017

They are: have audacious goals, deal with reality well, and be determined. https://t.co/huZ7pXdhVm

— Ray Dalio (@RayDalio) September 27, 2017

50 page academic paper on $W to show that it cost Wayfair too much to acquire its customers and the customers don't return often enough to their acquisition worthwhile https://t.co/azlSQ9sPOU

— Greg Porter (@5280Capital) September 28, 2017

I liked this short essay.

Saving Money and Running Backwards https://t.co/xCUbPB7230 via @collabfund @morganhousel

— Phil Ordway (@pcordway) September 28, 2017

Published 43 years ago today, and modern behavioral finance is bornhttps://t.co/8ZhMmyZQLshttps://t.co/Fu2XwGxOj7 http://pic.twitter.com/T9VGbVNpWn

— Jason Zweig (@jasonzweigwsj) September 27, 2017

This comic always comes to mind when I read a speculative stock write up. http://pic.twitter.com/85AFtcP7IV

— Intrinsic Investing (@IntrinsicInv) September 27, 2017

The top 50 companies that created the most wealth from 1926 to 2016. h/t @abnormalreturns https://t.co/VchHZFX2uV

— Chris Mayer (@chriswmayer) September 27, 2017