Best thing I've read this Sunday. Puts into words my discomfort over the "trade off lives to save the economy" narrative that has been emerging. Thank you @EpsilonTheory… I hope this spreads far and wide https://t.co/0M7yXTcjoX
— Max Niederhofer (@maxniederhofer) March 29, 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
“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