Nice summary on what's important in banking: "High deposit rates are a sign of deposit franchise weakness, not strength." h/t @manualofideas https://t.co/DbchsXLKgl

— Chris Mayer (@chriswmayer) December 14, 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

My Nobel lecture:

"On the possibility of progress”
https://t.co/au1eBDmGsu…

— Paul Romer (@paulmromer) December 9, 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

"I'm sorry, Ray Dalio, but as a philosopher you're a fantastic hedge fund manager."

Why the market-as-machine model needs to be turned on its ear. https://t.co/Bzk9d7lTFB

— Ben Hunt (@EpsilonTheory) December 4, 2018

My story on how Eddie Lampert made a fortune presiding over the demise of Sears. (Hedge fund math 101. ) $SHLD https://t.co/pRlNUv655z

— michelle celarier (@mcelarier) December 4, 2018

If you're not having fun, you're not learning. There's a pleasure in finding things out. pic.twitter.com/oxJmpJdqtR

— Richard Feynman (@ProfFeynman) December 2, 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.
Download link:https://t.co/enqFKFOypP
Suggest not to rush through it. Text highlights might help.

— Abhishek Murarka 🐂💹 (@abhymurarka) December 1, 2018

Investment resources from Allan Mecham, Benjamin Graham, Bill Ackman, Bill Gross, Charlie

Munger, Chuck Arke, Daniel Kahneman, Howard Marks & many more..

Courtesy: @absolut_brianhttps://t.co/SCli5k1JSq

— Investment Books (@Invest_Books) November 10, 2018

"Relentlessly prune bullshit, don't wait to do things that matter, and savor the time you have. That's what you do when life is short." I'll always be grateful for this @paulg post. Take it into 2019 with you. https://t.co/Twnqf0YWFB

— Chris Sacca (@sacca) November 30, 2018

Bruce Flatt presentation slides from Omaha talk earlier this year – “Real Assets: The Place to Be”. https://t.co/qxLk6gjeaO

— Four Filters (@FourFilters) November 30, 2018

Every now and then, a book comes out and I think, “I will be much smarter if I understand the ideas in here.” ⁦@Scott_E_Page⁩ ‘s new book is one of those. Buy it and study it. ⁦@sfiscience⁩ ⁦@UMich⁩ pic.twitter.com/MZ0LiZoe2R

— Michael Mauboussin (@mjmauboussin) November 28, 2018

Sharing a compilation of all industry notes shared by team @alphainvesco
These are some the best material to better understand the stated industries and expand your #circleofcompetence.

Download link: https://t.co/QF2fQuZYoB

Happy reading!
[RT]#Backtobasics #Sharpenthesaw pic.twitter.com/ki6wkRoIgr

— 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

My latest post discusses why we bother forecasting a company's cash flows, despite knowing that our forecast is sure to be wrong to some degree. – Todd https://t.co/8576o7LDGX

— Ensemble Capital (@IntrinsicInv) November 26, 2018

Part two of my three-part series on sharpening your writing:

On Writing Better: Sharpening Your Tools https://t.co/lw4uaBbBt4

— Jason Zweig (@jasonzweigwsj) November 26, 2018

My suggestions of indispensable books for the investors on your holiday gift listshttps://t.co/UNOvjOuzEE pic.twitter.com/jEU9uBqDyG

— Jason Zweig (@jasonzweigwsj) November 23, 2018

The Great One is truly the greatest.

Most dominant athlete of all time.

Full stop.

Wayne Gretzky and the Mysteries of Athletic Greatness https://t.co/PyNVjD4pRt

— Ryan O'Connor (@AboveAvgOdds) November 16, 2018

Alan Greenberg sent some top-notch memos during his time atop Bear Stearns. pic.twitter.com/lWYxIZhmBO

— Letters of Note (@LettersOfNote) November 14, 2018

A compilation of Dan Loeb's Letters to CEO's — These are fun to read.

full savagery https://t.co/C8MaP9sHDohttps://t.co/T0TeSFF9zJ pic.twitter.com/LcslYOO2Aj

— Andrew M. Kuhn (@FocusedCompound) November 8, 2018

@manualofideas @MohnishPabrai ur #’s 4 & 5 on this list – up there with Ben Graham and Howard Marks!!! https://t.co/O8EHFomdlP

— Guy Spier (@GSpier) November 3, 2018

Here's the full video of the event with Mr Tom Gayner….part of it also released as the latest episode of #CoffeeCanInvesting serieshttps://t.co/q8EkWRAe5o@saurabh_madaan @Sanjay__Bakshi @CFASocietyIndia

— Jitendra Chawla, CFA (@jaycee77) October 30, 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

Ben Graham on investor herding
(1985 Berkshire letter) pic.twitter.com/N26TSKXJIx

— NeckarCap (@NeckarValue) October 27, 2018

Dr. Michael J. Burry's UCLA economics 2012 commencement speech.

There's too much good to summarize. Just watch it.https://t.co/XTWmSBtpvW

— Owen Hofmeyr (@MachHBInvesting) October 21, 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.
— Kierkegaard

— 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!

I'm overdue for my fourth read-through this year.#fanboy https://t.co/DyrG56q2Fg

— Owen Hofmeyr (@MachHBInvesting) October 16, 2018

https://t.co/GqMkbYUvZV Tony Denden writings

— Redwood capital (@RedwoodCap) October 14, 2018

Perhaps my favourite non-equity investment has been a membership to the @manualofideas community – an endless source of insightful research from peers and inspiring conversations with friends.

— Soumil Zaveri (@SoumilZaveri) October 13, 2018

A collection of letters by activist investor Dan Loeb going back to 2002. https://t.co/QppkhQscMX

— Owen Hofmeyr (@MachHBInvesting) October 14, 2018

New Book Review: Mastering the Market Cycle by Howard Marks https://t.co/ED5l5go6YI pic.twitter.com/wx01X9hzCG

— The Rational Walk (@rationalwalk) October 13, 2018

I enjoyed giving my talk on “The Ten Commandments of Investment Management” to Prof. Arvind Navaratnam’s students at @BCCarrollSchool at @BostonCollege. Enjoy! https://t.co/dJGZ3dxukf

— Mohnish Pabrai (@MohnishPabrai) October 13, 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

The most obvious math but this has always blown my mind. Margins are fragile. https://t.co/2X6exD2AMS

— Morgan Housel (@morganhousel) October 1, 2018

The Billionaire Raj is a great way to learn about Indian capitalism and its future. pic.twitter.com/Xg2BI7OS8f

— Floris Oliemans, CFA (@FlorisOliemans) September 25, 2018

Charlie Munger's Wesco Financial Corporation Shareholder letters from 1983-2009: https://t.co/aKOi5wNJUq pic.twitter.com/Z2b9pdBXmn

— Andrew M. Kuhn (@FocusedCompound) September 25, 2018

Allan Mecham is probably one of my favorite investors to follow… Arlington Value has compounded at some 30ish% – here's his annual letters from 08, 11, 12, 13, 14, 16, and 17

Happy reading! https://t.co/1CRV95feSy pic.twitter.com/8CjnjRKvTf

— Andrew M. Kuhn (@FocusedCompound) September 21, 2018

Calling all valuation fans: Our latest on EV/EBITDA – often used and abusedhttps://t.co/EsgJPlIeiy

— Michael Mauboussin (@mjmauboussin) September 13, 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

The more money you make from tech, the more you shield your family from its effects pic.twitter.com/ZG2K5MUrCv

— Rami (@rbaassiri) August 28, 2018

.@WarrenBuffett once said, “What the wise man does in the beginning, the fool does in the end.” This tells you 80% of what you have to know about #MarketCycles and their impact. I consider this the number-one piece of #investment wisdom. –HM

— Howard Marks (@HowardMarksBook) August 21, 2018

Buyback Derangement Syndrome .@CliffordAsness nails this and hopefully this will reduce some of the drivel that’s been written on the subject https://t.co/aP9j6EuUIf

— Michael Mauboussin (@mjmauboussin) August 17, 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!"

~Bob Rodriguez

— 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

A page turner prompting questions about power, justice. Wishing I didn't have to put it down as I enter "Part II: The Doing" "Conspiracy: Peter Thiel, Hulk Hogan, Gawker,…" by @RyanHoliday https://t.co/gAAWfeIUcC pic.twitter.com/avqmXK8meB

— Justin Foeppel (@JustinFoeppel) 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

John Burr Williams nailed it in 1937 https://t.co/zdhg4lHlrL

— Michael Mauboussin (@mjmauboussin) July 18, 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

Pretty good compilation here: https://t.co/GOcDsxIPpo

— Michael Mauboussin (@mjmauboussin) July 16, 2018

Value investor's dream: amazing compilation of writings by @AustinValue https://t.co/si0sIl0Qa5
Don't click unless you have time to spend

— Michael Mauboussin (@mjmauboussin) July 16, 2018

This is so important. It goes against everything analysts are taught. But knowing every detail of a company results in *worse*, not better, investment decisions. Here’s the link to the study (many, many studies over many years show same thing). -Sean https://t.co/vsMck6fUDA https://t.co/Kj0euBHzsp

— Ensemble Capital (@IntrinsicInv) July 15, 2018

Fortune 1996 cover story:
Michael Price "the scariest SOB on Wall Street"

PDF:https://t.co/pcgSJFiqaa pic.twitter.com/2VMye4JRDp

— NeckarCap (@NeckarValue) July 14, 2018

Thread: Books I've recently read and recommend –>

— Marc Andreessen (@pmarca) July 5, 2018

Seth Klarman interview with Barron's in November 1991, at the beginning of the 90's bull market

"Value Hunter in a Sky-High Market"

Baupost: three wealthy families pool their money

Of course at $400m AUM he wanted to stay small 🙂

PDF:https://t.co/4nG28VXU8S pic.twitter.com/ZBXm5ViwOA

— NeckarCap (@NeckarValue) July 4, 2018

Fun and gratifying, professionally and personally, to collaborate with @amaub on this short piece:https://t.co/aojoc1mCLC
Inspired by @PTetlock, Richard Zeckhauser, and Richards Heuer.

— Michael Mauboussin (@mjmauboussin) July 3, 2018

One of the best business books I've ever read. It came highly recommended from Peter Kaufman of Glenair, who knows a thing or two about operating a business: pic.twitter.com/bVzef0xwSp

— Connor Leonard (@Connor_Leonard) June 29, 2018

When building habits, choose consistency over content.

The best book is the one you can’t put down.

The best exercise is the one you enjoy doing every day.

The best health food is the one you find tasty.

The best work is the work you’d do for free.

— Naval (@naval) June 28, 2018

1/ @peterthiel is such a madman.

In Tools of Titans by @tferriss, most guests listed multiple recommended books and they were all common and easy to read.

Not Thiel. He recommended only "Things Hidden Since the Foundation of The World" by René Girard.

— Mimetic Value (@MimeticValue) June 26, 2018

New memo "Investing Without People" from Howard Marks. Read/subscribe/watch: https://t.co/zj30nJSafM #OaktreeInsights #OaktreeVideos pic.twitter.com/WvImcO4PhO

— Oaktree (@Oaktree) June 18, 2018

Really enjoyed learning from this superlative compilation of investing wisdom by @manualofideas. Thanks @JMihaljevic and @ShaiDardashti!https://t.co/ivtFXmIOGC

— Gautam Baid (@Gautam__Baid) June 4, 2018

How to Get Rich (without getting lucky):

— Naval (@naval) May 31, 2018

Icahn on what's really going on at board meetings pic.twitter.com/XZnYl6trRK

— NeckarCap (@NeckarValue) May 22, 2018

The Hard Break: The Case For The 24/6 Lifestyle by Aaron Edelheit https://t.co/DiiyRAqnhY via @amazon pic.twitter.com/rUaWlNec0c

— Guy Spier (@GSpier) May 16, 2018

How to Choose Your Next Book https://t.co/QtfdcuOfh7

— Shane Parrish (@farnamstreet) May 15, 2018

As we come into graduation season, I’ve distilled my 600-page book into a 30-minute ultra mini-adventure series called “Principles for Success” to make it easy for people to get the key ideas.

If you're interested you can watch them here: https://t.co/RaoEw2jvar pic.twitter.com/vZaAmr6n0p

— Ray Dalio (@RayDalio) May 8, 2018

Henry Singleton and Teledyne in 1976

Once a hot conglomerate stock with a 50x PE

Stopped M&A spree when the music stopped, shored up balance sheet.
Then repurchased 22 of 38m shares after the price collapsed pic.twitter.com/sTuSZh4aG1

— NeckarCap (@NeckarValue) May 7, 2018

Todavía estoy en estado de shock por lo que he encontrado. Por primera vez se han hecho públicos los vídeos de la conferencia anual de Warren Buffett desde 1994. CNBC ha hecho un trabajo estupendo de recopilarlos. https://t.co/yNGsqGZ06r #Enjoyit

— Alejandro Estebaranz (@alex_estebaranz) May 6, 2018

“The more a person limits himself, the more resourceful he becomes.”

Kierkegaard, born 205 years ago today, on the fertility of boredom and the only real cure for our existential emptiness: https://t.co/Te9JcKBWJg

— Maria Popova (@brainpicker) May 5, 2018

Love this quote. It’s been on my fridge for years, and I see it every time I open the door. #Emerson pic.twitter.com/kN8HjM4bOI

— Jeff Bezos (@JeffBezos) May 5, 2018

A legendary banker died, and left behind his 24 rules to succeed in life. https://t.co/hQ8XQnr54D via @KatiaPorzo pic.twitter.com/36odmv0QAN

— Joe Weisenthal (@TheStalwart) May 1, 2018

The best of Jeff Bezos' Interview (April 20, 2018) pic.twitter.com/aQot66TN6V

— Hardcore Value (@HardcoreValue) April 30, 2018

I highly recommend “Why We Sleep” by Matt Walker @sleepdiplomat. I was a believer going in but this research is amazing. I find myself talking about it everywhere I go.

— Michael Mauboussin (@mjmauboussin) April 26, 2018

This is Freeman Dyson's fascinating essay / book review of Geoffrey West's "Scale." I liked the book but had some issues, albeit not some of these issues…

(h/t @jtkoster)
The Key to Everything https://t.co/M5xZR8YewZ via @nybooks

— Phil Ordway (@pcordway) April 24, 2018

I had a great discussion about algorithms with Alex Rampell and Sonal Chokshi. Algorithms are one of the most important forces of our time so take a listen if you're interested! https://t.co/h8zGL4AlGk

— Ray Dalio (@RayDalio) April 24, 2018

Struck treasure online today

"For over 30 years, Legendary Value Investor, Martin J. Whitman, has written comprehensive shareholder letters that provided readers with thorough lessons in his investment philosophy, security analysis and value investing. "https://t.co/TCKxey9e8d

— Gautam Baid (@Gautam__Baid) April 19, 2018

Fantastic piece from OSAM's @tbfairchild on how the price-to-book ratio can mask the value of attractively-priced companies. MUST READ: https://t.co/nadRNyWFsz pic.twitter.com/7T7B38yx2x

— Jesse Livermore (@Jesse_Livermore) April 20, 2018

Sam Zell's simple philosophy on when to invest, when to run, and the only time any real work is required to be done…. pic.twitter.com/GliU7eKgfF

— Value Investor Journal (@VJ_Rabindranath) April 21, 2018

MIB: Joel Greenblatt, Gotham Asset Mgmt https://t.co/dixzlfbXwE pic.twitter.com/0D07dj27x0

— Barry Ritholtz (@ritholtz) April 21, 2018

There was a man on Bloomberg radio this afternoon, who said words to the meaning of:"There's no benefit to being a value investor now, we'll put our value investing cap on if and when tide turns"
I couldn't help but think of this excerpt from Buffett's 1988 Letter to Shareholders pic.twitter.com/8mPhYmkO5Z

— Alex Gilchrist (@alexjg888) April 20, 2018

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