MastersInvest.com
@mastersinvest
Followers
23,391
Following
1,047
Media
2,246
Statuses
18,198
PM - Adjunct Prof - 'ancora imparo' - NOT Advice - Fight Dogma. Study Buffett, Li Lu, Munger, Singer, Klarman, Sleep, Akre et al here:
Joined February 2018
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
Supreme Court
• 1491321 Tweets
SCOTUS
• 778959 Tweets
Ronaldo
• 678522 Tweets
Corinthians
• 140750 Tweets
Panamá
• 135914 Tweets
JIN AT PARIS OLYMPICS
• 129673 Tweets
seokjin
• 126460 Tweets
Uruguay
• 117108 Tweets
TORCHBEARER JIN
• 107480 Tweets
PRIDE OF KOREA JIN
• 95574 Tweets
#WWERaw
• 94608 Tweets
Estados Unidos
• 92420 Tweets
Bolivia
• 71042 Tweets
CLAMP
• 69098 Tweets
KADOKAWA
• 59547 Tweets
オスカル
• 52035 Tweets
#CopaAmerica
• 50687 Tweets
Veiga
• 41808 Tweets
レイアース
• 32909 Tweets
#USMNT
• 32672 Tweets
Berhalter
• 29802 Tweets
CONCACAF
• 26112 Tweets
#GiftOfEducation
• 24763 Tweets
ベルばら
• 24438 Tweets
ニコニコ超開示
• 21500 Tweets
Category 5
• 21382 Tweets
ゼンゼロ
• 17508 Tweets
家庭科のドラゴン
• 11038 Tweets
Pulisic
• 10212 Tweets
Pinned Tweet
Chuffed to be referenced in Howard Marks latest memo ...
Great read ..
Brian Arthur [
@sfiscience
], Qualitative vs Quantitative, so-called 'Value' vs Growth, Valuation heuristics etc
171
24
139
"Where I got a lot of my education from was reading history. I'd go back & read about Edison, Ford, Rockefeller, J.P. Morgan. The period between 1870-1920 is really interesting." Marc Andreessen
Rockefeller
Vanderbilt
Patterson
Ford
Firestone
JP Morgan
Edison
Carnegie
👇
25
460
2K
The Druck on Shorting.....
"I'm constantly fighting my bearishness about the world. One of the great hedge fund managers of all rime, Bob Wilson, greatest short seller ever, said he made 90% of his money on the long side, the math just works against you. If you're perfect on a
41
259
2K
"Where I got a lot of my education from was reading history. I'd go back & read about Edison, Ford, Rockefeller, J.P. Morgan. The period between 1870-1920 is really interesting." Marc Andreessen
Rockefeller
Vanderbilt
Patterson
Ford
Firestone
JP Morgan
Six excellent books..
21
266
1K
‘The iron rule of life is everybody struggles .. If you soldier through, you can get through almost anything. And it’s your only option. You can cry alright but you can’t quit.’
- Charlie Munger
$NVDA CEO's advice to students:
"resilience matters in success...I don't know how to teach it to you except for, 'I hope suffering happens to you'..greatness comes from character & character...is formed out of people who suffered..I wish upon you ample doses of pain &
93
1K
5K
4
203
920
'I have studied the investment process of many investors, ranging across almost every style of investment. To be a success, I think you need to synthesise a lot of sources."
- Terry Smith. Fundsmith.
80 Great Investment Books...
👇
12
156
816
“You want to really devote as much time as possible to study the history of businesses and the history of great businessmen in the past."
- Li Lu
👇
100 Great Business Books...
5
173
819
“You don’t get paid for activity, you only get paid for being right.”
- Warren Buffett
5
129
796
‘To succeed in economic life, it is not enough to be intelligent. What is necessary is to combine intellectual abilities with solid common sense, a taste for the concrete, and above all a sense of leadership, the ability to lead high-level teams. As one of my professors told me,
32
120
773
‘Just keep accumulating knowledge. That’s one of the beauties of the business that Charlie and I are in, is that everything is cumulative.’
- Warren Buffett
9
129
751
"Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes."
- Jesse Livermore
10
155
749
"You want the franchise operator to make money and you want him to create a capital asset that’s worth more than he’s put in it. That’s the goal."
- Warren Buffett
Six excellent books...
A must read for any potential buyer of a franchise or franchising business.
9
139
627
“There's two things I always say: Unless you have a position, all you have is an opinion. And the cumulative profits of our opinions are zero.”
- Ken Griffin
1
103
579
"I read voraciously and still do. I read lots of business biography because it informs me about human behavior, how people behave in their business life and how that effect how they will do." Chuck Akre
Some of my favorite business books....
11
98
562
“A DCF is like the Hubble telescope - turn it a fraction of an inch and you're in a different galaxy.”
- Curtis Jensen
9
93
561
“In order to be successful, an investor has to understand not just finance, accounting and economics, but also psychology.”
- Howard Marks
6 Great Books on Psychology
👇
9
125
540
My son’s bookshelf .. coming along nicely!
He just finished Sam Walton’s book.
26
37
451
‘Today I still hold that macroeconomics is of little use unless you also understood behavioural science, and that in business you can’t communicate with people if you don’t understand something of their background.’
- Guy Hands
6
68
432
"Really good businesses usually don't need to borrow."
- Warren Buffett
10
51
424
“I got a big envelope from Berkshire Hathaway. When I opened it, it was a share of BRK stock. The letter from Charlie saying ‘this is by way of thanks, Warren & I have read your books, we’ve made hundreds of millions of dollars. This is our way of saying thanks.’” Robert Cialdini
7
36
411
Great post.. love this diagram..
The first episode of The Curiosity Chronicle just hit inboxes around the world.
This weekly short-form newsletter will include five pieces of content curated to spark your intellectual curiosity.
Stay curious, friends!
18
87
640
5
72
409
“I will recommend that all Berkshire managers, current and future, read this book.” Warren Buffett
5
50
403
"I don't like left-wing woke and I don't like right-wing nutcase either. I'm an equal opportunity hater of political orthodoxy."
- Charlie Munger
5
52
399
"We did not buy Coca-Cola based on any conversation of any kind with the top management before we bought our interest. We simply bought it based on reading the annual report, plus our knowledge of how the business worked."
- Warren Buffett
4
52
393
'Cash combined with courage in a crisis is priceless'
-- Warren Buffett
"Berkshire's best opportunities always came at times of uncertainty, when others lacked the insight, resources and fortitude to make the right judgements and commit."
-- Alice Schroder, 'The Snowball'
5
58
389
“If you understand business you understand investments.”
- Warren Buffett
My 10 Favourite Business Books... what are yours?
👇
9
66
390
“You want to really devote as much time as possible to study the history of businesses and the history of great businessmen in the past.”
- Li Lu
Study the Master CEO's HERE ......
1
98
374
"I’d be a bum on the street with a tin cup if the markets were always efficient.”
- Warren Buffett
7
54
384
The Greatest Investment Partnership...
1965-2022
BRK 3,787,464%
S&P500 24,708%
5
57
375
My son’s bookshelf .. a few new additions from Omaha/NYC
My son’s bookshelf .. coming along nicely!
He just finished Sam Walton’s book.
26
37
451
15
20
363
‘I wanted to put on the walls days of extreme panic in Wall Street, just as a reminder that anything can happen in this world. I mean, it's instructive art, you can call it.’
- Warren Buffett
#study_history
2
58
362
‘I’ve read quite a lot about Warren Buffett and Berkshire Hathaway, and imagine that the people heading his various companies all think much more about long-term prosperity.’
- Sir Alex Ferguson
‘Sir Alex understood that one of the keys to an enduring organisation is to build from within, by helping youngsters gain their footing and become successful, rather than recruiting expensive guns for hire…’
- Michael Moritz
#promote_from_within
6
21
98
13
60
354
Fourteen of my favorite quotes which I've tried to internalize from Daniel Kahneman:
"Nothing is as important as we think it is while we are thinking about it."
“Declarations of high confidence mainly tell you that an individual has constructed a coherent story in his mind, not
7
95
349
From 'Fooled by Randomness'...
The best tennis players ever only win just over 50% of points.
Similarly, the stock market's historical odds of being up on any given trading day are around 53%, but that too is enough for massive gains when compounded over a long time frame.
7
36
187
1
39
352
Fifteen people that profoundly influenced Charlie Munger's own approach to business, investing, and lifelong learning...
3
49
333
“The best investors are not investors. They are entrepreneurs that never sold.”
- Nick Sleep
6
57
323
"I don't build models anymore. It's just stupid. It doesn't make any sense."
- Bill Miller
Bill Miller on the value of simplicity:
“For every company, there are a few key investment variables. The rest of the stuff is noise.”
“Are things getting better or worse? If they’re getting better, then I want to understand what’s going on.”
10
78
410
4
48
319
‘I am the boss. I shall be here on Monday morning and I shall be running the company in person.'
- Bernard Arnault
15
36
311
In 2017 Howard Marks gave a speech to the CFA Society in India with a 41 page presentation titled:
"The Truth About Investing."
You can find it here:
2
88
312
Ackman - Pershing Square update ..
NFLX, Lowes, Universal Music, Dominoes, Hilton, Chipotle, QSR, HHC etc
“We seek to opportunistically invest in hedges to protect our portfolio against specific macroeconomic risks and capitalize on market volatility”
8
31
304
“All Berkshire does is copy the right people.”
- Charlie Munger
6
33
300
"I read a lot of biography and some history. I read almost no fiction.”
- Charlie Munger
Some more of my favourite business books ....
4
54
292
“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”
- Warren Buffett
5
76
290
2023 Reading ...
Favorites [Bold]
Least Favorite [Grey]
3
43
282
“The greatest short-seller ever, Jesse Livermore, made $100m in ‘29, and he then went bankrupt in ‘36 and killed himself.”
- Stanley Druckenmiller
4
18
286
Happy Birthday GOAT!
“Warren’s investing skills have markedly increased since he turned 65. Having watched the whole process with Warren, I can report that if he had stopped with what he knew at earlier points, the record would be a pale shadow of what it is.”
- Charlie Munger
6
39
279
“There's two things I always say: Unless you have a position, all you have is an opinion. And the cumulative profits of our opinions are zero.”
- Ken Griffin, founder Citadel
4
41
281
2023 Reading List ..
Favorites [Bold]
Least Favourite [Grey]
6
39
278
“The best investors are not investors. They are entrepreneurs that never sold.”
- Nick Sleep
3
40
281
Latest from Munger..
'I don't consider this a time when an idiot could get rich by doing practically anything. There is a lot of idiocy going on at the moment & mis-behaviour and it always creates danger for the unwary.'
10
59
270
This looks like a great resource...
7
64
272
‘Buffett plunked down a billion dollars for a 6.3% stake in Coca-Cola in 1989-an unusual move for the midwestern investor noted for picking undervalued stocks. With its P/E ratio hovering around thirty, Coke was not cheap, but Buffett shrewdly spotted its limitless potential.’
15
38
266
“The discipline which is most important in investing is not accounting or economics, but psychology.”
- Howard Marks
1
60
262
2022 reading ....
My Top 5
1) McDonalds - Behind the Arches
2) John H. Patterson [National Cash Register]
3) Exceeding Customer Expectations - Enterprise
4) Loyalty Rules - Fred Reichheld
5) Rags to Riches - Cintas
Other favourites in bold....
10
35
254
“A&P was the largest food retailer in the US. They were a big promoter of private labels. … It was a great American success story for a while and then a great American failure.”
— Warren Buffett
9
39
255
Baillie Gifford's 10 Question Stock Research Framework.
3
42
255
'Pershing Square Holdings investors have grown equity investment at a 16.5% pa over the last 20 years, compared with a 10.0% return had they invested in the S&P 500 during the same period.'
Latest from Ackman's Pershing Square Holdings
Good Read...
👇
16
24
253
@maxpashman
'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.'
Warren Buffett
0
18
243
“A rule of psychology: if you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply. Even if they don't understand your reason, they'll be more likely to comply.”
- Charlie Munger
0
51
244
'Buffett posted all the AGMs online on from 1994 till now, which I never thought they'd do. I just finished about a month ago. I learned a lot. The biggest learnings I had in the last I would say 15, 18 months is those videos. Those were great' M Pabrai
4
87
245
"When investing, pessimism is your friend, euphoria the enemy."
- Warren Buffett
2
34
236
“All Berkshire does is copy the right people.” Charlie Munger
4
32
238
"I took Economics just so I could read the paper intelligently. I went to get a PhD in Economics and I went there and I said: “These people are crazy. They’re trying to shove the economy into a math formula. It doesn’t make any sense.” Stanley Druckenmiller
3
35
237
Hayden Capital Q2 .. YTD +101%, 25%pa since Nov 14
'Like a bouncer at a popular nightclub, I promise I will continue curating& ensuring that any new partners who join alongside you in our Hayden “family” will be emotionally qualified & like-minded.' F Liu
4
22
236
"If you read Phil Fisher's book Common Stocks and Uncommon Profits, I think he has a 25 point checklist on how to analyse a company and interestingly of the 25, probably 15 are qualitative elements. Which is just the reverse of what most people on Wall Street do."
- Paul Black
5
27
235
“Profit is a consequence of what we do well; it should never become a goal.”
- Bernard Arnault
Latest post...
👇
6
26
233
“We never look at any analyst reports. If I read one it was because the funny papers weren’t available. I don’t understand why people do it.”
- Warren Buffett
5
40
231
Akre Q4
‘Compounding does not, & cannot, happen over the course of a year or two or even five. Compounding requires decades.’
‘Rough markets and share price declines do not have to be enjoyed. But to compound, they must be endured.’
3
29
230
“You could be somewhere where the mail was delayed three weeks and do just fine investing.”
— Warren Buffett
1
27
231
‘Lost time is never found again.’
- Benjamin Franklin
This video hit me hard...
In this 2017 interview, Warren Buffett commented on the importance of his open schedule:
"I can buy anything I want, but I can't buy time."
The power of this realization is hard to capture in words...
My attempt:
Time is your most precious asset.
73
305
2K
4
31
232
“I took Economics just so I could read the paper intelligently. I went to get a PhD in Economics and I went there and I said: “These people are crazy. They’re trying to shove the economy into a math formula. It doesn’t make any sense.”
- Stanley Druckenmiller
4
25
226
"Warren & I have read your books, we’ve made hundreds of millions of dollars.”
Charlie Munger's letter to Robert Cialdini ... where he sent Mr Cialdini a BRK share to say thanks [and reciprocate!]
"You couldn’t start with a better book than Cialdini’s Influence” Charlie Munger
7
34
227
“The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity.”
- Warren Buffett
6
52
225
“As a youthful analyst I used to have a notice on my desk that read, ‘share prices are more volatile than corporate cash flow, which is more volatile than asset replacement cost.’ It was a reminder to concentrate on non-transitory items..." Nick Sleep
2
35
223
“I don’t read analyst reports. All in all, I prefer to read 'raw' financial reports and talk to industry representatives.”
- Warren Buffett
2
32
216
“If you understand business you understand investments.”
- Warren Buffett
4
32
221
"Businesses do not meet expectations quarter after quarter & year after year. It just isn’t in the nature of running businesses. And, in our view, people that predict precisely what the future will be are either kidding investors, kidding themselves, or both." Warren Buffett
3
33
222
"The trick in investing is just to sit there and watch pitch after pitch go by and wait for the one right in your sweet spot, and if people are yelling, 'Swing, you bum!' ignore them."
- Warren Buffett
2
48
222
“I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.”
- Warren Buffett
4
23
217
"I am no longer interested in 50-cent dollar bills. I am intensely focused on 10-100 baggers that we can own for decades. Set it and forget it." M Pabrai Q1
18
24
209
‘Customer satisfaction begins with employee satisfaction.’
- Fred Smith, founder FedEx
2
41
208
Very much looking forward to reading this. A kind gift from
@MohnishPabrai
🙏
(Cc
@chriswmayer
)
7
16
207
"The stock market is filled with individuals who know the price of everything but the value of nothing."
- Phil Fisher
2
17
205
‘Our office doesn't have a TV screen playing CNBC or any other news; our lone TV screen is used only for video conferencing. The only Bloomberg terminal we have is in the corner of our office pantry; it remains unused and unwatched probably 99 percent of the time….’
6
17
206
‘Learning the skill of not investing is harder and more important than learning how to invest.’
- Pulak Prasad
Enjoying this…
(Nb. Both Chuck Akre and Peter Keefe recommended the book to me in Omaha)
30
20
208
Maybe the greatest stock pitch/case study of all time..
Munger on Coca-Cola
No mention of beta, risk-free rates, the Fed, interest rates, discount rates, DCF or price targets?????
2
40
205
Latest Charlie Munger Podcast on Acquired...
👍👍👍
28
46
205
If you ask my kids the one quote I’ve tried to instil in them over the years, it’s this one from Daniel Kahneman. My thirteen year old daughter surprised me when she told me she did a speech on it recently at her school (completely unprompted by me.)
‘Nothing in life is as
5
25
201
“The first thing you need to understand is how little you know.”
- Sam Zell
1
32
200
“The iron prescription: every time you think some person, or some unfairness is ruining your life, it is you who are ruining your life.”
- Charlie Munger
3
32
199
Li Lu on Shorting…..
"Three things about shorting make it a miserable business.
On the long side, you have 100% downside but unlimited upside. On the short side, you have 100% upside and unlimited downside. I do not like that math.”
-Li Lu
5
28
196
‘When hiring, look for people with the right attitude. Skills can be taught. Attitude changes require a brain transplant.’
- Elon Musk
1
27
192
"Conservative investors sleep well.”
- Phil Fisher
1
26
196
Enjoyed this .. Chris Hohn of TCI
- climate change initiative
- the move towards quality stocks
- life lessons
6
29
192