“I’ve come around to physical books… to keeping the best of them. Not for other people, but for myself. I’ve realized that the hard part about most books is not reading them but recalling their knowledge or insight when you need it the most” https://t.co/l0gzVlQ3jY
— DHH (@dhh) February 18, 2019
Stock Repurchases and the EPS Enhancement Fallacy
"A common belief among practitioners and academics is that the increased EPS associated with a stock repurchase creates value for a firm’s shareholders. This belief is flawed."https://t.co/gvdVvzWmWH
— Michael Mauboussin (@mjmauboussin) February 11, 2019
Really interesting article about Robert Caro's investigative & interviewing techniques. The alt. title is "Turn Every Page." As W.E.B & others note, there are many parallels with investing.
Robert A. Caro on the Secrets of Lyndon Johnson’s Archives https://t.co/UHpAZDg6qV
— Phil Ordway (@pcordway) January 24, 2019
Arrived in St Moritz for the @manualofideas 2019 Ideaweek today. Train ride was majestic! Excited to see @JMihaljevic & everyone from the MOI community who made the trip! They got more snow the past 2 days than the whole season for our arrival!!! pic.twitter.com/OhTeeLvRCN
— Elliot Turner (@ElliotTurn) February 3, 2019
Gambler, by Fyodor Dostoyevsky, is one of the most intoxicating and addictive reads that I've had the pleasure of enjoying. If you haven't read it, I recommend that you do so as soon as possible.
— Owen Hofmeyr (@MachHBInvesting) January 30, 2019
" Poor Charlie Almanack" by Charlie Munger – 500+ pages
Came across this 40+ page notes of the same book. This cannot be a substitute for reading the actual book, but a good one to start with or refresh the learned ideas.#ValueInvestinghttps://t.co/fdo9srmF86
— Venkatesh Jayaraman (@VenkateshJayar2) January 28, 2019
Fascinating New Yorker profile of Barry Diller from 1993. It's nominally about Diller's search for his next role after Fox, but really is Diller, Malone, Roberts, and others speculating on evolution of video and telecom. Interesting read 26 years later. https://t.co/XiDPKuY1Jz
— modest proposal (@modestproposal1) January 22, 2019
Things that reduce the odds of long-term success:
+ Saying yes to too many things.
+ Making excuses.
+ Staying up late.
+ Eating poorly.
+ Checking email first thing in the AM.
+ Working more to fix being busy.
+ Buying things you don't have the money for.
What am I missing?
— Shane Parrish (@farnamstreet) January 22, 2019
The best businesses are monopolies that don’t behave as monopolies
— Alex Gilchrist (@alexjg888) January 19, 2019
I thought the advice that Henry Kravis gave to young people in this talk is really applicable to investors of all ages: Be curious, get out of your comfort zone, and give back. One other takeaway: “Get off the computer and go talk to people.” $KKR https://t.co/lC7E8Jq1pE
— John Huber (@JohnHuber72) December 29, 2018
What I have yet to understand: If one cannot overcome the fear of being disliked, the expense paid is the only thing that makes anyone someone: oneself, and with it, one's life.
— Owen Hofmeyr (@MachHBInvesting) January 15, 2019
“There’s a big difference between probability and outcome. Probable things fail to happen—and improbable things happen—all the time.” That’s one of the most important things you can know about investment risk.” Howard Marks
— Marc Rubinstein (@MarcRuby) January 13, 2019
"We love the idea of other people using mechanistic formulas to price things, because they may be right 99 times out of 100 but we don’t have to play those 99 times. We just play the one time when we have a differing view." –Warren Buffett h/t @jtkoster
— Rishi Gosalia (@GosaliaRishi) January 2, 2019
The best book I read in 2018 was Titan; Ron Chernow’s biography of John D. Rockefeller.
JDR was flawed, but inimitable & inspiring; at once the world’s richest man, a monopolistic robberbaron, a cutthroat businessman, & the father of modern philanthropy: https://t.co/SyGrD69mDp
— Devin Haran (@DevinHaran) January 1, 2019
Things that will put you in the top 1%
– Being able to do 5 pull ups
– Having a side hustle (or working for yourself)
– Reading an hour per day
– Having a restricted eating window
Aim to do all these, and your life will change
— Podcast Notes (@podcastnotes) December 29, 2018
An awesome compilation of research insights from the team at AQR.https://t.co/ocE53qOyTT
Thanks to @CliffordAsness and team for leading the charge to empower investors through education!
On behalf of all finance nerds, we are thankful for your generosity.
— Wes Gray 🇺🇸 (@alphaarchitect) December 20, 2018
This is the best business book most of us will read this year, or even this decade. Hard to find a topic in management and leadership, corporate governance or corporate finance, or even the psychology of human (mis)judgement, that isn’t on display here. https://t.co/FQ9IMWh6ib
— Phil Ordway (@pcordway) December 17, 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