"Among higher performers I spoke with, a desire to fire more people was both surprising after a year of massive layoffs, and universal. “You could cut the headcount by 50%,” one engineer said, “and nothing would change" $goog
$goog employee at meeting last week: "Googlers have not received meaningful compensation increases! "
Ruth: "Our priority is to invest in growth"... "Revenue should be growing faster than expenses" 🔥
Fundsmith with a new $amzn position. Wonder if they ended up dumping $fb. Hearing Terry Smith support metaverse capex would be some twilight zone level shit.
Francois Rochon: "The only thing that prevented me from investing 23 years ago was the P/E ratio of Starbucks. I remember it was trading at 40 times earnings. That was way too high for me... I didn't look lately, because it's too painful"
I missed many great investments because of anchoring bias. I think Buffett's swing at apple, with its conviction & enormity, can shock you out of this destructive behaviour if you let it.
Kahneman- "For some of our most important beliefs we have no evidence at all, except that people we love and trust hold these beliefs. Considering how little we know, the confidence we have in our beliefs is preposterous."
Fascinating that Chris Hohn has almost a quarter of his fund in railroads. Has he ever commented on why he loves them so much? Looks like he doesn't do interviews.