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Neckar Profile picture
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23 Jan, 5 tweets, 3 min read
1981 article on Commodities Corp. where famous traders like Michael Marcus and Bruce Kovner got their start.
h/t Alex @MacroOps

macro-ops.com/wp-content/upl…
Helmut Weymar, an early biohacker
Raising that initial stake can be tough. Don't give up.
Amos Hostetter on risk management: "Never mind the cheese. Let me out of the trap."
Samuelson: "most remarkable investor I ever knew. He made money in commodities 50 years straight."
Of course they almost blew up before they figured out the right approach.

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More from @NeckarValue

Neckar Profile picture
24 Jan
Barry Diller in Barron's in 2003 - when offices were still in midtown Image
"The company has had six names since its beginning in 1995, when Diller bought control of Home Shopping Network."

From interactive TV (information superhighway) to convergence and the internet. Image
Look at that chart through the dotcom bust!

Almost bought Lycos.

Homerun deal with Seagram's TV assets. ImageImageImage
Read 5 tweets
Neckar Profile picture
24 Jan
Solid collection of trading quotes and wisdom by @gfc4

“Above all else...the stock market is people. People trying to read the future...The main obstacle lies in disentangling ourselves from our own emotions.” - Bernard Baruch

traderprinciples.com
“Pride of opinion accounts for as many losses in the market as any other human factor. Traders, due to losses from previous trades in a stock, feel that the stock ‘owes them something’. They take gambling risks in order to ‘get even,’ in order to satisfy their pride or vanity.” ImageImage
Druckenmiller: “around March 2000 I could feel it coming. I just- I had to play. I couldn’t help myself. I pick up the phone finally. I think I missed the top by an hour. I bought $6 billion worth of tech stocks, and in six weeks I had left Soros and I had lost $3 billion.” Image
Read 4 tweets
Neckar Profile picture
23 Jan
Strauss Zelnick: “The only people in the media and entertainment space that don’t seem to have an expiration date are the owners. If I am successful at building my own thing, I can do it for as long as I want to“

from @the10thman1 $TTWO writeup

the10thmanbb.com/investment-ide…
“Any time you look at yourself or your business and think ‘I’ve got it all figured out, I’ve nailed this thing’… I really encourage you to retire”
Of course he once worked for Diller. Gotta do a piece on his talent track record.

"When Mr. Diller needed someone to manage the operations he hired Mr. Zelnick from an independent studio where one of his first movies greenlighted was “Dirty Dancing.”

wsj.com/articles/how-t…
Read 4 tweets
Neckar Profile picture
11 Jan
In 1998, Barron's called Marry Meeker, then Morgan Stanley's Internet analyst, the "'Net Queen"

Some of her voluminous old Internet Reports are here:
(the first edition from 1995 was published as a book and sold 15,000 copies)
drive.google.com/drive/folders/…
"Meeker's approach is to identify the emerging leaders and not let seemingly high valuations scare her. Her view is that winners often get stronger.
One of her basic investing rules is simple: "How big's the market, how high is a company's market share, and who's No. 1?"
Why retail investors were early:
"It's partly the Peter Lynch thing. If you're getting your news on Yahoo, watching Clinton on Broadcast.com, just bought a mirrorball on eBay, and are doing your Christmas shopping on Amazon, you're more inclined to buy the stocks."
Read 7 tweets
Neckar Profile picture
5 Jan
A few notes on professional poker players and parallels I see with investors from the book The Professor, the Banker, and the Suicide King (about a series of high stakes poker games between Vegas pros and renegade real estate investor/banker Andy Beal)
"The best players walk a tightrope between their business sense and their passion. As professionals, they seek out the most profitable opportunities. As gamblers, they want the risk and excitement of having something important on the line."
"Elite players are drawn from a pool of gamblers, not problem solvers or people readers. They start off losing like everybody else."
Ingredients: competitive drive, risk tolerance - and "a lot of losing." It's ok to pay your dues, that's how you learn.
Read 10 tweets
Neckar Profile picture
5 Jan
A few interesting charts from JPM's Guide to the Markets

am.jpmorgan.com/content/dam/jp…
Low and rising inflation🤔
Is this right? Energy & materials with some of the highest average growth? Or is this projected NTM growth that just fails to materialize?
Energy only dividend yield above 20 year average.
Read 4 tweets

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