Matthew Peterson
@MattPetersonCFA
Followers
4,589
Following
537
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63
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589
Husband to Gamze Peterson, Father to Isabel and Adrian, Value Investor, Managing Partner of Peterson Capital Management
Austin, TX
Joined October 2012
Don't wanna be here?
Send us removal request.
Thank you
@GSpier
and
@MohnishPabrai
and the entire Aquamarine team for inviting me to share the stage at VALUExBRK.
What an honor and privilege.
#Berkshire2023
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Am amazing start to the Berkshire weekend. Thank you all for joining us for the 2023 Berkshire Backyard BBQ.
#berkshireBackyardBBQ
#BerkshireHathaway
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At Talas Turkey Value Fund, our top portfolio position is Anadolu Hayat Life Insurance and Pension Asset Management company $ANHYT.TI, trading at an adjusted PE of 3 with dividend yield of 12%.
This is a rare opportunity.
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How many investors could say this for themselves?
"Know what you own and know why you own it." - Peter Lynch
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In 2006, I asked Warren Buffett and Charlie Munger who they recommend as mentors and role models for the new generation of investors. Here is what they told me:
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If $AAPL repurchases more than 4% of AAPL in 2023 and $BRK.A repurchases more than 4% of BRK.A, our look-through ownership of Apple increases by nearly 9% in a single year. This increased ownership requires no additional capital.
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@bkaellner
@bkaellner
you saw that
@GSpier
bought $DJCO. Here is a secret video we recorded together. This hasn’t been seen by many. Feel free to use.
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$SRG just sold Hialeah for $28M, more than double our conservative internal estimate.
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Berkshire Backyard BBQ made the press:
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Here is a contrarian idea:
"The most contrarian thing of all is not to oppose the crowd but to think for yourself." - Peter Thiel
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During 50 years of productive adulthood, there may be fewer than five recessions, major sell offs, and clear opportunities to buy quality investments at a discount in a lifetime. You need to make this one count.
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It is a great Saturday when you have a coffee in Istanbul with a view of Europe and Asia.
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Thank you to everyone who attended the Peterson Capital Management 2022 Annual Meeting this weekend.
The feedback has been very positive and we have uploaded this video to our YouTube channel for you to review and share.
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Most investment portfolios have far too many positions. Yet, position sizing is critical. To build enormous wealth it helps to bet big when the odds are in your favor.
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Before victory, comes bravery, a classic Buffett quote.
"I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful." - Warren Buffett
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Many seek an advantage by being contrarian.
With the ability to think independently, it no longer matters if the crowd agrees with you or not.
“The most contrarian thing of all is not to oppose the crowd but to think for yourself.” - Peter Thiel
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Investing in companies with a long-term perspective, rather than short-term speculation, is crucial for achieving sustainable returns.
“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.” - Warren Buffett
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Contrary to popular belief, you don't have to pull off any heists or win the lottery to see impressive returns on your investments. Just stick to the basics.
#investing
#valueinvesting
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Don’t let yourself get caught in the 24-hour news cycle, and remember it is the intention of the media industry to get you caught in a 24-hour news cycle.
"The stock market is filled with individuals who know the price of everything, but the value of nothing." - Phillip Fisher
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Stick with it for the long haul. The best investors are often the last ones standing.
#investing
#persistence
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Honored to be on your wall,
@TomInvesting
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30k+ views and counting in only 24 hours
@Brandomaaate
clearly reveals a rare and profitable strategy for value investors in a volatile market. Well done!
Thanks to
@tominvesting
,
@Brandomaaate
and
@hamish_hodder
for crossing oceans to make this happen.
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When businesses have great management teams:
Easy to sleep well at night when Charlie Munger doubles down on $BABA at $DJCO as $BABA price falls in half. Nice to see $BABA buying back $15B in shares as well.
10% of $DJCO mkt cap is now $BABA.
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Lots of great feedback and reactions from this podcast with
@TomInvesting
.
Thanks for all the great questions from you and your followers!
Matthew Peterson on Structured Value, Seritage & Naspers:
via
@YouTube
#valuexzh
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A great podcast and great questions ranging a changing thesis on Seritage to unwavering confidence in Turkey.
Well done and thank you
@TomInvesting
!
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Probabilistic thinking is the correct way to think but humans are terrible at this skill. Enjoying some examples:
1 in 1,000 suffers from a particular disease. You test positive with a test that is 99% accurate.
What is the probability that you actually have the disease?
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The use of checklists in any decision-making process is a proven method for minimizing errors and maximizing outcomes.
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The intelligent investor knows that buying from pessimists and selling to optimists is the key to success. Emotions have no place in investing.
#investing
#valueinvesting
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If you visit at 10am pacific time you are in the right place. DJCO AGM streaming worldwide. I’ll be joining from Istanbul.
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Patience and avoiding impulsive buying and selling is a key component of successful investing.
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DM me if you would like to join the 3rd Talas Turkey Investment Tour in Istanbul.
We will visit headquarters of our top conviction ideas and the Istanbul Stock Exchange January 26 – 28.
Three remaining spots available.
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Speculation is not investing and is irrational. You must know the true value of what you are buying. Perhaps write it down so you remember the thesis when market prices move.
"The individual investor should act consistently as an investor and not as a speculator." - Ben Graham
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Don't limit yourself to just one approach to investing. Keep an open mind and consider a range of options to maximize your chances of success.
#investing
#openmindedness
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Charlie Munger buys first new holding at $DJCO in years! $37m in... $BABA
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“The stock market is filled with individuals who know the price of everything, but the value of nothing.” - Philip Fisher
Great investors don't just look at prices, they seek real, long-term value in the companies they invest in.
#InvestingWisdom
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You can't predict markets, but you can prepare to seize opportunities.
“Investors often imagine there are two distinct macro environments: times when the future is clear and times when it isn’t. In reality, though, these periods are all pretty much the same.” - Howard Marks
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“I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.” - Warren Buffett.
Long-term thinking is crucial for successful investing.
#LongTermInvesting
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The $DJCO Shareholder Meeting with Charlie Munger was packed with wisdom… many high quality questions resulting from many high quality shareholders.
Replay available:
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"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." - George Soros
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Why settle for a mediocre company at a great price when you can have a wonderful company at a fair price?
#investing
#valueinvesting
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90 minutes of raw truth from Charlie Munger coming up. Investing accordingly will make you a fortune.
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Securities are currently being priced regardless of firm-specific fundamentals. Yet, while irrationality may come and go, fundamentals will guide stock prices in the end.
“The single greatest edge an investor can have is a long-term orientation.” - Seth Klarman
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Simplicity is underrated, especially in the financial world. Don't overcomplicate your investment strategy - keep it straightforward.
#simplicity
#investing
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Position sizing remains a fascinating topic that challenges many. Here, the Kelly Criterion is discussed as a solution to calculating an objective, optimal position size:
[)
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Identify great investment opportunities in times of market turmoil.
"It’s not easy to buy when the news is terrible, prices are collapsing, and it’s impossible to have an idea where the bottom lies. But doing so should be the investor’s greatest aspiration." - Howard Marks
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During a crisis, you upgrade in quality by removing lesser quality assets from your portfolio and buying the highest quality investments available.
“If you wait for the robins, spring will be over." - Warren Buffett, October 2008
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We are looking forward to those attending our 2022 Annual Meeting on August 20th and appreciate all your ongoing support.
The recording of our 2021 Annual Meeting has now been viewed over 5,000 times:
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Learn from the best, but also trust your own judgement. Don't be afraid to think for yourself and make decisions that align with your values.
#investing
#learning
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I'm discussing “Daily Journal Annual Meeting Afterparty & Discussion $DJCO” with
@GSpier
. Wednesday, Feb 24 at 2:00 PM CST on
@joinclubhouse
. Join us!
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The MSCI Emerging Markets Index trades for 12.5x P/E and the MSCI Turkey Index trades for 4.9x Forward P/E.
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Watch our original presentation of Daily Journal at
@JMihaljevic
's MOI Global Best Ideas Conference, and subscribe to the channel here:
Also, check out our 2021 Daily Journal Investment Thesis Update here:
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Be careful not to diversify too much, warns Warren Buffett in The Essays of Warren Buffett. It can dilute returns and lead to suboptimal performance.
#Diversification
#Investing
#WarrenBuffett
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Businesses that promise you the world, are often those that leave investors the most disappointed. “Be extra careful when buying into companies and industries that are the current darlings of the financial community.” - Philip Fisher
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People who focus solely on stock prices and ignore value are like shoppers who only look at price tags and not the quality of the product.
#investing
#valueinvesting
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Gaps in the Efficient Market Hypothesis become more pronounced during market swings and times of macro uncertainty. Great firms and management teams can trade for below their liquidation value. $DJCO remains very misunderstood.
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Ignoring reality won't make it go away. Embrace the facts and use them to inform your investment decisions.
#investing
#reality
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Put and call options are often affiliated with speculation in the stock market.
#NewMoney
with
@Brandomaaate
put this excellent video together to explain how these contracts can be used by the value investing community.
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Bridging the gap between theory and reality requires investors to be mindful of the limitations of models and to adapt their approaches as needed.
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Thank you
@Alef4Epicure
.
These last 12 months have been particularly gratifying.
We remain grounded in our value principles and focused on the future and will keep compounding for many years.
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During market turmoil, it can be tempting to follow the crowd and sell off assets, but this may not always be the most strategic decision. Only with independent thought can you outperform.
“You can’t do the same things others do and expect to outperform.” -
@HowardMarksBook
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This video covering our framework and process for deep, fundamental value-investing has been gaining a lot of popularity recently:
[)
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Ever wanted to buy a stock but thought it was too expensive? Try selling a cash-secured put. If the price drops, you get the stock at a discount. If not, keep the premium.
#CashSecuredPuts
#ValueInvesting
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Seek out and accept the truth, even when it's uncomfortable or inconvenient. It's key to making informed and accurate investment decisions.
#investing
#truth
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Capitalizing on market fluctuations as opportunities, rather than threats, is a powerful strategy for achieving higher returns.
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Investing is like watching paint dry. And if you find that exciting, you might have a future in value investing.
#investing
#valueinvesting
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Capital is not just for investing—it's for protecting. Always pay less than what your investment is worth. Dive into over a decade of our letters online.
#CapitalPreservation
is key.
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@GSpier
asks a unique and excellent set of questions on the experience of managing a successful hedge fund here:
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Another great day with these fine folks and the Talas tour in Istanbul.
@drjavaid2
@mesut56oglu
@sabs_ahmad
@jeremi_c_s
@jeremy_deal
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It has finally arrived! Thank you
@vitaliyk
for providing such wisdom.
These lessons will be learned by my children and for generations to come.
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“The most important quality for an investor is temperament, not intellect.” - William J. O'Neil.
Being able to keep your emotions in check is crucial to investing success.
#EmotionalIntelligence
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How well do you understand financial markets? It's not about predicting the market; it's about finding the best long-term vessel and riding its waves. Twelve years of our investment letters are available on our website.
#FinancialMarkets
#InvestmentWisdom
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“The key to making money in stocks is not to get scared out of them.” - Peter Lynch.
Staying invested during market downturns can be challenging, but it can also be rewarding in the long run.
#StayInvested
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Patience is not merely waiting; it is maintaining a positive mindset while awaiting opportunities in business and the markets.
#Opportunity
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Great business cultures attract and retain top talent by investing in their employees. Plus, as a bonus, it improves productivity.
#investing
#talent
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@TomInvesting
, you took a lot of heat for our March 2023 podcast when we explained exactly why the property values at $SRG were slipping and the risk/return (limited down, asymmetric up) was inverting. Demand is gone.
Has anyone followed up with a love letter? Folks could have
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Taking off to Istanbul for the Talas Turkey Tour. Looking forward to seeing a few of you there!
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@bkaellner
curated a solid list of outlier compounders.
Not a single portfolio with high turnover.
Patience is the under appreciated ingredient. Under spending income, studying the best & patience will make the poor wealthy.
So simple to understand. So difficult to implement.
Compounded annual gains for clone-worthy investors, both battle-tested and emerging 📈
Who am I missing? Send me a DM 📨
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Radical open-mindedness can be a powerful tool for investors. Don't be afraid to think outside the box and consider new ideas.
#investing
#innovation
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Checklists ensure you are considering all factors before making an investment decision. It can save you time and money in the long run.
#investing
#checklist
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Perseverance is key in the financial industry. Keep pushing through the tough times and aim to be the last man standing.
#perseverance
#success
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Radical truth and transparency are key to success in the financial markets. Don't be afraid to be open and honest in your interactions.
#investing
#success
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Honesty is the foundation of any successful relationship, including in the financial industry. Make sure to always be transparent and truthful in your dealings.
#honesty
#integrity
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When it comes to investing, the margin of safety is your best friend. Never neglect it.
#investing
#valueinvesting
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The difficulty of buying stocks that have already risen in price is a common challenge for investors. Buy your shares with a multi-year time horizon before they rise.
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Seek out mentors and industry leaders to learn from, but also make sure to think independently and formulate your own investment beliefs.
#mentorship
#independence
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Despite the influence fear can have over investor behavior, investors should strive to always remain rational.
"Fear has a greater grasp on human action than the impressive weight of historical evidence." - Jeremy Siegel
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“Investing is not nearly as difficult as it looks. Successful investing involves doing a few things right and avoiding serious mistakes.” - John Bogle.
Keep it simple and avoid errors.
#SimplicityInInvesting
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Great reminder.
Charlie Munger's 25 Cognitive Biases, along with antidotes for how to avoid them
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@bkaellner
, great video!
Thrilled to see you making this.
Matthew Peterson Selling Puts to Buy SRG | $35 Stock Price Target! via
@YouTube
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