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Tren Griffin
@trengriffin
, 3 tweets, 2 min read Read on Twitter
This WSJ writer doesn't understand the difference between (1) Buffett using value as an analytical style and (2) value as a factor in creating an index fund. The first use of the word "value" has nothing to do with the second. google.com/amp/s/www.wsj.…
Buffett is miserable according to the WSJ author. This chart would indicate Berkshire is in a good place as the sixth largest company in the world.
The online WSJ version of the article completes the trifececta with a headline that claims the study about a factor in a index fund based on "ratios of book equity to market equity" indicates that that the Amazon investment by Berkshire was made during "a dangerous stretch."
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Tren Griffin
@trengriffin
"You've made an enormous commitment to something. You've poured effort and money in. The more you put in, the more the whole consistency principle makes you think, ‘Now it has to work. If I put in just a little more, then it 'all work’. People go broke that way." Charlie Munger
"Wherever you turn this consistency and commitment tendency is affecting you. In other words, what you think may change what you do, but perhaps even more important, what you do will change what you think."

The more public a commitment, the stronger the desire to be consistent.
"When you pound out an idea as a good idea, you’re pounding it in.” Munger

"All of us want to read new information and have it confirm our cherished beliefs. It is just built into the human system. That can be very expensive in the investment and business world." Buffett
Read 3 tweets
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Tren Griffin
@trengriffin
1/ Cash flow rather than reported earnings is what determines value for an investor. You can't spend someone's opinion that a business generated an accounting profit. Earnings are only a clue about future cash flows. That and other clues about cash flow can be misleading or not.
2/ "Real businesses, even the best ones, are unfortunately not annuities. Few businesses occupy impenetrable market niches and generate consistently high returns, and most are subject to intense competition." Seth Klarman

The future is always uncertain.
3/ "A bond has a coupon and maturity date that define future cash flows; but in the case of equities, the investor must estimate the future 'coupons.'" Warren Buffett.

This estimation of future cash flows of a real business given uncertainty is what makes investing hard.
Read 10 tweets
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Tren Griffin
@trengriffin
A Dozen Things I’ve Learned from David Tepper about Investing google.com/amp/s/25iq.com…
"For better or worse we’re a herd leader. We’re at the front of the pack. We are one of the first movers. First movers are interesting; you get to the good grass first, or sometimes the lion eats you.”

"There is a time to make money and a time to not lose money.”

David Tepper
"The key is to wait. Sometimes the hardest thing to do is to do nothing.”

"We don’t want to be bigger than we can invest.”

“The question is what size gets you – except more fees for the manager. But it doesn’t necessarily make the investor more money.”

David Tepper
Read 3 tweets

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David Harvey
@HumansOfLate
CHAPTER 12: THE CONCEPT OF RELATIVE SURPLUS-VALUE
Chapter 12 proposes a simple argument with a few complicated wrinkles. Yet it is a chapter that it is all too easy to get wrong. The initial argument goes like this:
The value of a commodity is determined by the socially necessary labor-time congealed in it, and this value diminishes with increasing productivity.
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Nick Wallis
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Chris Anderson
@TEDchris
#TED2018 has started! There’s truly amazing content coming. Over the next few days, I’m going to try to share with you my quick encapsulation of the big ideas being unveiled. A week of wisdom in a twitter thread. This will be fun.
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Souvik Mukherjee
@svmke1
1/ Manu (The progenitor of Humankind)
All different races of Mankind are derived from Manu and Shradha. The current Manu is Vaivasvata Manu.
2/ The word Manu literary means man but it is a title given to the progenitor of mankind. According to Hindu Puranas there are many kalpas (One day of Lord Brahma the creator) and each Kalpa has 14 manvantara and each manvatara has one manu. So basically each Kalpa has 14 Manus.
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