Great news… Shape Up, our new book, is now available as a free PDF. No email required either. Go here and scroll down a bit – you’ll see the PDF link: https://t.co/hOQfTZOICr
— Jason Fried (@jasonfried) August 22, 2019
From the archives: "Have You Ever Tried to Sell a Diamond?" A true classic. https://t.co/pQA4fRAMiK
— Phil Ordway (@pcordway) August 22, 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.
Plz share @Gautam__Baid @iancassel@dmuthuk @safalniveshak @ToddWenning 🙏https://t.co/OFX8KTHcMr
— 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
“By the Book” is a great column and this might be the best one I’ve read. https://t.co/fWf3JTFMlZ
— Phil Ordway (@pcordway) 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
The Fundsmith Owner's Manual is a fantastic read – Terry Smith makes investing sound so simple. Below is what I highlighted as I read through it. pic.twitter.com/bIcaXAlWxG
— Travis Wiedower (@TravisWiedower) July 27, 2019
Profile of Richard Rainwater; D Magazine, November 1989: https://t.co/Q6tNx73Ebi pic.twitter.com/7zZHgU2N3i
— Shai Dardashti (@ShaiDardashti) July 25, 2019
It’s been 10 years since I read Getting Things Done, and no system has come close to working as well.
Every time I try something new, I eventually come crawling back into uber organized bliss.
Thank you @gtdguy and @OmniFocus 🙏
— Andrew Wilkinson (@awilkinson) July 22, 2019
One of the best articles I've ever read.
Worth your time.https://t.co/YjDpUG6V8b
— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) July 17, 2019
McKinsey (2010) on the five attributes of enduring family businesses https://t.co/YCLmHpD2iO pic.twitter.com/w512D8E4IQ
— WTCM (@WTCM3) July 14, 2019
Whenever I find myself slipping – not liking how I’m acting, thinking, or reacting – I reread The Manual. It’s the simplest, most profound barely-60 pages I’ve come across. Read it again today. I needed it. pic.twitter.com/fzEbisLDp4
— Jason Fried (@jasonfried) July 14, 2019
Star of the North: How Warren Buffett Bought the Best Industrial Firm in Israel https://t.co/h4lazBQ2DP pic.twitter.com/LeZ8TX54yM
— Shai Dardashti (@ShaiDardashti) July 14, 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
cc: @PenderDave
— Rishi Gosalia (@GosaliaRishi) July 13, 2019
Chuck Akre's classic speech "An Investor's Odyssey: The Search for Outstanding Investments" – where he mentions Phelps 100 to 1 book. This was the inspiration behind my 100-bagger book/project.https://t.co/n1J9df4G9H
— Chris Mayer (@chriswmayer) July 11, 2019
Annie Duke presents her ideas in her book titled: "Thinking in Bets" in this Talks at Google https://t.co/dG5TSaCRUE
— Abdallah Toutoungi (@AToutoungi) July 11, 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
If you’re looking for something non-finance to read, look no further. A balanced and thoughtful read into what set off the American Revolution. pic.twitter.com/QFZXx4lGnk
— Todd Wenning (@ToddWenning) July 7, 2019
Book you might enjoy is Happiness by Design – with Paul Dolan https://t.co/rzTgqsums2
If you prefer a video intro https://t.co/K8bul0owwE— Abdallah Toutoungi (@AToutoungi) July 1, 2019
This is an amazing free resource. Anyone know who wrote them all? https://t.co/eT5AcjaeIx
— Ensemble Capital (@IntrinsicInv) July 1, 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
Wow.
This is the best reading list I’ve ever seen.https://t.co/6vuHm8OIAI pic.twitter.com/CPbzGADhg0
— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) June 30, 2019
I enjoyed my interaction with @farnamjake1 on the @5_GQs podcast. We discuss the importance of humility, lifelong learning, minimalism, and flexible thinking among many other topics.https://t.co/F3BBKOimrw
— Gautam Baid (@Gautam__Baid) June 28, 2019
"Not until all four of these factors—property rights, scientific rationalism, effective capital markets, and efficient transport and communication—are in place can a nation prosper." Excellent: https://t.co/lg3L5GNA6X pic.twitter.com/y8mS9heNfs
— Shai Dardashti (@ShaiDardashti) June 27, 2019
"Mental toughness is doing what's right for the team when it may not be right for you" says @mlombardiNFL as he talks organisational culture & leadership w/@penderdave #gridirongenius https://t.co/DGMPtHoFT8
— David Barr (@PenderDave) June 27, 2019
Munger on shorting: We don’t like to trade agony for money.
— Bill Brewster (@BillBrewsterSCG) June 26, 2019
Two years ago, I wrote a post w/ advice for liberal arts majors wanting to move into finance. Thought it was appropriate to reshare given all the talk about humanities majors being disappointed with their job prospects. https://t.co/3X3QKW4pTx
— Todd Wenning (@ToddWenning) June 26, 2019
I just finished the book and it is a gem. Highly recommended. A snapshot of building a great business and a time capsule of Americana. Reminds me of Made in America, Pride in Performance, 1/2 Luck & 1/2 Brains. https://t.co/2JHPAMhpQP
— Phil Ordway (@pcordway) June 25, 2019
Some of our blog post “greatest hits” are now available on a single page. Here’s what we believe: https://t.co/M6wCUp6Wjv
— Jason Fried (@jasonfried) June 25, 2019
A couple of weeks ago I mentioned Jeff Friedman's book, War and Chance.
It's about uncertainty in international politics, but has a lot of application to thinking about businesses and investing. Some thoughts:https://t.co/SlTs29jYdp— Michael Mauboussin (@mjmauboussin) June 24, 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
Was recently introduced to this podcast, which recounts classic business rivalries. I’m two episodes in and enjoying it. Serves as a counter to hindsight bias. Good reminder that business/investing is hard. https://t.co/FDzmxKOqom
— Todd Wenning (@ToddWenning) 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
Someone compiled this Q&A Session of @WarrenBuffett with college students.. In these sessions, WB has gone an extra length to explain many important investing and life principles https://t.co/oM8a6pqmN3
— Anil Kumar Tulsiram (@Anil_Tulsiram) June 18, 2019
[New post] Moat Erosion Starts Behind the Castle Wallshttps://t.co/gN8hXWLbUU
— Ensemble Capital (@IntrinsicInv) June 17, 2019
I compiled all of Amazon's Shareholder Letters
You can access them here: https://t.co/rtvHmXeVMV
— Ryan Reeves (@investing_city) June 15, 2019
Great interview with David Abrams via Columbia Business School podcast .. delivered 15%+pa since 1999 ..
Understanding business economics, beyond pricing power, qualitative analysis, understanding the bull/bear story, considering multiple paths… https://t.co/3hvMXbElNw pic.twitter.com/JrBpHYi8M2
— 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
Most grateful to @JMihaljevic and @manualofideas, for curating such a high-quality experience of shared learning and unique global relationship building over the past several days at https://t.co/l90LHu83XN; thank you!
— Shai Dardashti (@ShaiDardashti) June 7, 2019
MSFT's lost decade was about compressing a really high P/E to more mature levels (among other things). It had almost nothing do with antitrust. pic.twitter.com/ws03PbIV11
— Elliot Turner (@ElliotTurn) June 3, 2019
@Columbia_Biz has played an important role in my professional life. It was a blast sitting down with Tano Santos to discuss a wide range of issues related to investing. https://t.co/S4j655HhdZ
— Michael Mauboussin (@mjmauboussin) June 2, 2019
My Top 5 @ThisIsSethsBlog posts:
1. The World's Worst Bosshttps://t.co/GlfNDcV50h
2. I Was Wronghttps://t.co/G1z29XTw7K
3. Mob Fears the Truthhttps://t.co/LwPIWwWMkb
4. Learning Without Doinghttps://t.co/RytzCHfZ4g
5. A/J Testinghttps://t.co/bo9DsDNJkS
— Ryan Reeves (@investing_city) May 31, 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
Brief History of Visa https://t.co/u6zqYbT2kz
— Mine Safety (@MineSafety) May 29, 2019
New long form:
Five Lessons From History
A few takeaways about why people do what they do. https://t.co/Oc4xCKJpbP
— Morgan Housel (@morganhousel) May 29, 2019
This is the best, accessible, work I’ve found on O&G infrastructure and market dynamics. Starts at a basic level and builds up to more complex concepts. pic.twitter.com/FWEsUPPumn
— Theron Bowling (@theron_bowling) May 29, 2019
Still the gold standard in lunacy:https://t.co/TF6Bu63SWQ
— Phil Ordway (@pcordway) May 28, 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
Range by @DavidEpstein is the best book I have read this year. It’s out now. I highly recommend it. (The Sports Gene is awesome as well.) https://t.co/FfmGHw7Vh1
— Michael Mauboussin (@mjmauboussin) 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).
So many great Investors/writers in this one, that you could easily run out of a Highlighter marker. @FocusedCompound@Gautam__Baid pic.twitter.com/H6rHFtHwXG
— Ram Bhupatiraju (@RamBhupatiraju) May 28, 2019
If, like me, you’ve spent the last few days remembering Murray Gell-Mann, @sfiscience’s obituary will give you an impression of our loss and of what continues.
Thank you for everything, Murray. https://t.co/18sDwSA0fV— Ole Peters (@ole_b_peters) May 26, 2019
This is Why EVERYONE Should Hate Proxy Advisors https://t.co/iluYFYBxSz
— Lawrence Cunningham (@CunninghamProf) May 26, 2019
Name your intellectual starting five.
I’ll start:
1. Marshall McLuhan
2. Robert Caro
3. John O’Donahue
4. Krista Tippett
5. Rory SutherlandNow… Your turn.
— ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ (@david_perell) May 25, 2019
Aldi vs Walmart.
One of the best studies I have come across in recent times….
Just fantabulous.
— Amit Gadre (@Longterm_wealth) May 21, 2019
"It’s as if you were getting paid for every gallon of water starting in a small stream but with added amounts received as tributaries turned the stream into an Amazon." – Warren Buffett, August 1997 pic.twitter.com/EyJ0yhkeWq
— Shai Dardashti (@ShaiDardashti) May 13, 2019
1/ This is value investing GOLD. A compilation of 75 best business and investment lessons from Mark Leonard, Constellation Software’s President. I am sharing some of my favorite points in this thread:https://t.co/PcVwZ7K3i9
— Gautam Baid (@Gautam__Baid) May 20, 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
I taped this 2 years ago with @JossFong. Fun video about sports and great way to learn about statistics! https://t.co/sk3LCiPd5Y
— Michael Mauboussin (@mjmauboussin) 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
Late as usual, but I finally read “Bad Blood” by @JohnCarreyrou. It is excellent. I waited to read it because I’d read all of the WSJ articles as they came out, but the book adds several layers and is and well worth the read.
— Phil Ordway (@pcordway) May 15, 2019
Charlie Munger's infamous raisins quote. pic.twitter.com/gE9GPvHtny
— Hardcore Value (@HardcoreValue) May 15, 2019
Such a well-written meaningful read. I hope to keep coming back to this when I find myself low on meaning and purpose. https://t.co/Eg0drWkqzw
— Abhishek Murarka 🐂💹 (@abhymurarka) May 12, 2019
There are only four types of Competitive Advantage.
This is the framework I’ve long used as a mental model: pic.twitter.com/Im6zoKYKMq
— Devin Haran (@DevinHaran) May 12, 2019
Excellent, important piece by @andy_matuschak: https://t.co/gXqgqlXnqP
— Patrick Collison (@patrickc) May 11, 2019
An old gem I came across in my files: The Contango Story – A classic 4-pager on a 100-bagger in oil and gas. Should be mandatory reading for anybody in that business.https://t.co/zaa0ThMPUr
— Chris Mayer (@chriswmayer) May 11, 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
Benjamin Graham Jr. recently told me this story about his father, which he heard from Warren Buffett. (Warren confirmed to me that it is accurate.) pic.twitter.com/k8PbSyb4jG
— Jason Zweig (@jasonzweigwsj) May 9, 2019
Classic on Richard Rainwater, "Lord of the Lowball" by Shad Rowe…https://t.co/lMAwxLMxxP
— Chris Mayer (@chriswmayer) May 9, 2019
What a great simple slide showing how value investing is about paying less than what something is worth even if that might mean paying a higher multiple than you could pay for an alternative investment. https://t.co/rLu8wFuTbV
— Ensemble Capital (@IntrinsicInv) May 9, 2019
Chuck Akre’s 2 book recommendations from our roundtable discussion in Omaha.. ‘Dear Chairman’ by @jeff_gramm (I’m really enjoying it!!) and William Phelps ‘100 to 1 in the Stock Market’ pic.twitter.com/0ErfEcMh2y
— MastersInvest.com (@mastersinvest) May 7, 2019
I've also got basically everything he's ever written in a PDF:https://t.co/D8WfCGPkJ0
— Austin Value Capital (@AustinValue) May 6, 2019
566 pages of Warren Buffett and Charlie Munger on $BRK, investing, valuation, how to think about businesses, accounting, life, education, and pretty much everything https://t.co/pJS4IIwEXJ pic.twitter.com/pwoDmNMvBE
— Andrew M. Kuhn (@FocusedCompound) May 6, 2019
Bravo.
Security analysis – a classic class https://t.co/vKRKKCNExw via @FT @mjmauboussin has put 27 years of work into this class. Take my word for it that this is no small feat.
— Phil Ordway (@pcordway) May 6, 2019
By popular demand, a couple of snapshots of a few of the many books on Charlie Munger's many shelves pic.twitter.com/QJGNAXQy6f
— Jason Zweig (@jasonzweigwsj) May 6, 2019
Don't go by the title. This book is a thriller! "slightly more than 200 insolvent agricultural banks were closed … https://t.co/atIgkWHUPd
— Sanjay Bakshi (@Sanjay__Bakshi) May 5, 2019
When Jeff Bezos announced a year ago that Amazon Prime had 100 million members, I had a thought: I don’t know a ton about how Prime came to be.
So over the past year, I’ve tried to find out.
Here’s the story of Amazon Prime, in oral history form.
— Jason Del Rey (@DelRey) May 3, 2019
Claude Shannon was to information and communication what Newton was to physics. By following his curiosity through the playground of science, he discovered mathematical laws that govern our digital age. The Shannon I worked with comes alive in these pages.https://t.co/iWisUrxUrg
— Edward O. Thorp (@EdwardOThorp) April 29, 2019
The dice have no memory. The coin can’t recall the last toss. And the stock market doesn’t care about your investment history.
— Jonathan Clements (@ClementsMoney) April 27, 2019
1/ On Grand Strategy by John Gaddis has been one of the most interesting books that I've ready in a while.
This book is highly recommended. https://t.co/0WQvnGn7wd
— David Eborall (@davideborall) April 26, 2019
New blog post (my first long-form piece)
What Makes a Great Businesshttps://t.co/uU6s4i2wl9
— Travis Wiedower (@TravisWiedower) April 24, 2019
1/ One of the best long reads I've come across in a long time.
Themes:
Raising expectations of others
Small, private dinners to build relationships
How to lead after a loss
Generosity
Evolutionary roots of eating togetherhttps://t.co/RGdYtMmZYA— Sidhartha Jha (@sidharthajha) April 22, 2019
[New Post] How Many Stock Should You Own in Your Portfolio? We examine why excessive diversification is at the root of most active managers' underperformance and why focused portfolios do not exhibit higher risk. https://t.co/XTDT6Du41F
— Ensemble Capital (@IntrinsicInv) April 22, 2019
Investing by thinking carefully about motivation: https://t.co/w5IAOoefzb
— Dan Ariely (@danariely) April 8, 2019
I’m sharing this knowing I probably can’t add anything to @IntrinsicInv incredible example of “cash flow bleed” being misleading. The @AswathDamodaran YouTube I cite is well worth the time. https://t.co/WpLvXv9Dv2
— Bill Brewster (@BillBrewsterSCG) April 18, 2019
Such deep insights to be gained on luxury businesses and well-aligned founding-families from Bernard Arnault's sustained success.
Among others, I valued Antoine's comments on the distinction between his father's talents and their consequences.. https://t.co/qUnqf7UeSY
— Soumil Zaveri (@SoumilZaveri) April 18, 2019
Looking for something new to watch. What are the most educational, interesting, or insightful videos on YouTube?
— James Clear (@JamesClear) April 17, 2019
Due to popular demand, I am going to share videos of meetings that show the principles in action in my company, Bridgewater. They come in a free app called Principles in Action that combines the complete text of my book, Principles: Life & Work, with… (1/4) pic.twitter.com/53LGejsQME
— Ray Dalio (@RayDalio) April 17, 2019
Thread of great @mjmauboussin research
Introduces MEROI https://t.co/St2BcfBvNo
Reversion to the meanhttps://t.co/hYasvh2UjM
Luck vs. Skillhttps://t.co/NCOKv30kvC
Measuring Moatshttps://t.co/d5AyNa7zAN
Base Rateshttps://t.co/wD26H3OZHM
— Ryan Reeves (@investing_city) April 17, 2019
Guessing game time. Check out this "cash burner". Can you guess what company it is? It is super well known. Note the dates on the chart. pic.twitter.com/3r2NGuER8L
— Ensemble Capital (@IntrinsicInv) April 17, 2019
This video shows Warren Buffett & Charlie Munger at their best. Warren explains that a Graham Strategy only works with small capital amounts, some of the time &turnover is inverse to business quality. Charlie gives an example of when Phil Fisher went wronghttps://t.co/TJum9Li9WZ
— Alex Gilchrist (@alexjg888) April 17, 2019