20 Lessons from Seth Klarman's "Margin of Safety" (thread)
1) Get your mindset right before you invest
2) Don’t seek Mr. market’s advice - prices are not always right
3) Stock prices vs business reality — there’s a difference
4) Price vs. value - understand the difference
5) Emotions play havoc on investing
6) Play the long game
7) Study market cycles
8) Understand why big investors underperform — they are not paid for results, but for AUM. A fatter wallet makes investing HARDER. They focus on short-term
1995: Larry Page & Sergey Brin meet at Stanford
1996: Build search engine called 'Backrub' in dorm room
1997: Change name to Google, misspelling "googol"
1998: Move into Susan Wojcicki's garage
1998: Sun co-founder Andy Bechtolsheim invests $100k
1999: Raise $25 MM from Kleiner Perkins / Sequoia
2000: Launch AdWords
2000: Default search engine for Yahoo!
2001: Hire Eric Schmidt as CEO
2002: Launch Google News
2004: IPO at $85, raise $1.67 BB
2004: $25 billion market cap
2004: Move into Googleplex
2004: Launch Gmail
2005: Launch Google Earth
2005: $100 BB market cap
2005: Launch Google Maps
2006: Acquire YouTube for $1.65 BB
2006: Launch Google Docs
2007: Acquire DoubleClick for $3.1 BB
2007: Launch AdSense for Mobile
2008: Launch Chrome
2009: Launch Waymo
3) Click on "info" and scroll down to "stocks I own"
That's it!
4) It's helpful to know the user name
Here are some you might want:
David Garnder: TMFSpiffyPop
Tom Gardner: TMFTomGardner
Tom Engle: TMF1000
Ron Gross: TMF144
Abi Malin: TMFamalin
Rick Murarriz: TMFBreakerRick
Jim Gillies: TMFCanuck
Brian Stoffel: TMFCheesehead