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

Sort of investment related. Sort of life related. Not the kind of thing I do often. But I figured sharing some of Arnold Van Den Berg's wisdom from last week's @manualofideas is a decent idea.https://t.co/AbYZkSWglg

— Bill Brewster (@BillBrewsterSCG) September 17, 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

You can click on the logo of any company on this website and get a full breakdown of the business model/investment thesis.

(h/t @BluegrassCap)https://t.co/uY2mi523Xx pic.twitter.com/9zyDtTAyOy

— Ryan Reeves (@investing_city) September 14, 2019

One of the highlights of any @manualofideas event is the community. All investing geeks but a diverse range of perspectives and approaches. Always come away inspired.

— Coho Capital (@CohoCap) September 14, 2019

Tthe generosity of everyone I have met through @manualofideas, the value community and #FinTwit has made a real difference for me as an investor, and more importantly, in my life. I am grateful for the opportunity to be part of this group!

— Elliot Turner (@ElliotTurn) September 13, 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

“That’s not the way it’s supposed to go.” Wall Street shorts schools and towns in a frenzy of municipal bond flips. https://t.co/V9InpIa463 via @WSJ

— Jason Zweig (@jasonzweigwsj) September 12, 2019

Presentation of CFA webinar available for download on following link @CFASocietyIndia @CFAinstitute https://t.co/OANpq96Rv6#cfainstitute #investing #finance #valueinvesting

— Kuntal (@Kuntalhshah) September 12, 2019

"When competing one-on-one, follow two simple rules: if you are the favorite, simplify the game. If you are the underdog, make it more complicated"

david beat goliath with a slingshot, not strength pic.twitter.com/2NgyswKyac

— Movement Capital (@movement_cap) September 12, 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

An Analysis of “Benjamin Graham’s Net Current Asset Values: A Performance Update” – https://t.co/3sNCh89IBY
by g_merani. A deep dive into net-nets
cc. @greenbackd

— Wes Gray 🇺🇸🗽 (@alphaarchitect) September 5, 2019

A treat to learn about the attention-to-detail, people-first work ethic of Bill Marriott in building the Marriott business!https://t.co/Vn4F3IdogH

— Soumil Zaveri (@SoumilZaveri) September 4, 2019

Impressive to see 500+ books summarized by Blas Moros to learn, grow, and improve every day. https://t.co/LsxGp2Tgr7
H/T @Kuntalhshah.

— Jana V (@jvembuna) September 5, 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

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

"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

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

This is an amazing free resource. Anyone know who wrote them all? https://t.co/eT5AcjaeIx

— Ensemble Capital (@IntrinsicInv) July 1, 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

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

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

[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

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

⁦@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

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

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 Sutherland

Now… 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.

https://t.co/mew2uciwn3

— 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

"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

"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

Excellent, important piece by @andy_matuschak: https://t.co/gXqgqlXnqP

— Patrick Collison (@patrickc) 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

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