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MastersInvest.com Profile picture
@mastersinvest
Feb 4, 2020 • 5 tweets • 2 min read • Read on X
'We start with the view that our number one job is to build generational wealth.' Chris Davis

Enjoying this ..

ritholtz.com/2020/02/mib-re…
“When prices are gyrating, if [clients can] can look through at the underlying business, it creates a much greater sense of equanimity in the face of gyrating prices.” Chris Davis
'We want to run our portfolio like a ship to survive all different kinds of weather to continue to make progress, but we don’t want to expose ourself to the risk that when the storm comes will founder. We want to make sure that we’re making progress, so we have to move forward.'
'Charlie Munger... he came into my life at a wonderful stage. I admire him more than almost anybody I know. His intellect, his character, his wisdom, his thoughtfulness, his decency, he’s just one of the greatest human beings I’ve ever known.' Chris Davis
"Over time, any honest investor and especially any honest value investor will tell you that their biggest mistakes were what they sold, not what they bought." Chris Davis

#SOYA

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More from @mastersinvest

MastersInvest.com Profile picture
Oct 3
Apollo Investor Day ...

[Chart S&P500 vs PE Firms]Image
Image
Fund Related Earnings [FRE]

d1io3yog0oux5.cloudfront.net/_0ae9c9a0bc57a…
Image
"One of the lessons your management has learned - and, unfortunately, sometimes re-learned - is the importance of being in businesses where tailwinds prevail rather than headwinds."

- Warren Buffett, 1977. Image
Read 4 tweets
MastersInvest.com Profile picture
Jun 11
'When stated in terms of lifetime dollar wealth creation, the best-performing 4% of listed companies explain the net gain for the entire US stock market since 1926, as other stocks collectively matched Treasury bills.'

- Hendrick Bessembinder, 2018

sciencedirect.com/science/articl…
'Most individual US common stocks provide buy-and-hold returns that fall short of those earned on one-month US Treasury bills over the same horizons, implying that the positive mean excess returns observed for broad equity portfolios are attributable to relatively few stocks.'
'The single most frequent outcome (when returns are rounded to the nearest 5%) observed for individual common stocks over their full lifetimes is a loss of 100%.'
Read 5 tweets
MastersInvest.com Profile picture
Feb 28
"We do not now give any guidance. Some analysts have asked us to give guidance, we prefer not to, however, I have said publicly that our goal is to grow net income 15% to 20% annually compounded. Over the last 30 years to 33 years, I think we have done that, and the actual growth has been somewhere around 18% or 19%."

Laurans Mendelson, HEICO Q1 2024
"But the airlines all recognize that HEICO has been extremely gentle with regard to price increase. And frankly, in areas where we have been more restrictive on price increase, we anticipate significant share gains as well."

Laurans Mendelson
"When you've got really talented people, who are running these businesses, who have really mastered their businesses we find that by giving them autonomy, that's a very intrinsically motivating feature. And that's not something that exists in many companies. If you look at HEICO overall, across all of HEICO, we've got roughly 100 business heads and for a company of our size to have 100 people of talent and skillset, where they performed so well and they really enjoy what they do, because of the way that they're treated, I think that's the real synergy here."

- Eric Mendelson
Read 4 tweets
MastersInvest.com Profile picture
Feb 24
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
“Second, the best short has some element of fraud. However, a fraud can be perpetrated for a long time. Of course you borrow to short, so they could really just wear you down. That’s why I could be 100% right and bankrupt at the same time. But, you know what, you go bankrupt first!”

- Li Lu
“Lastly, it screws up your mind. Shorts just grab your mind and take away from the concentrated effort that is required to do proper long investing.

So, those are the three reasons why I just stay away from shorting. It was a mistake on my part.”

- Li Lu
Read 5 tweets
MastersInvest.com Profile picture
Jan 9
‘The average year of foundation of our portfolio companies at the year-end was 1916. Collectively they are over a century old.’

Fundsmith 2023 Letter…

#long_term

fundsmith.co.uk/media/31plodnq…
Image
‘We sold our stakes in Adobe, Amazon and Estée Lauder and purchased stakes in Procter & Gamble, Marriott and Fortinet. As last year this may seem a lot of names for what is not a lot of turnover as in some cases the size of the holding sold or bought was small. We have held ten of our companies for more than 10 years, five of which since inception in 2010.’
‘Equities benefit from a feature which no other asset class, including bonds, can provide: a portion of the profit or cash flow which belongs to the shareholders is reinvested each year by the company.’
Read 5 tweets
MastersInvest.com Profile picture
Dec 19, 2023
My son’s bookshelf .. coming along nicely!

He just finished Sam Walton’s book. Image
@tom_peters
And here is my daughter’s first business book.. she saw it in the bookshop & decided she too should have a business book. Apparently she’s a big fan of the brand. Image
Read 4 tweets

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