Thread by @mastersinvest

'Great ideas in all walks of life are very rare, & that definitely applies to the investing world. You have to seize those great ideas when they come along. You can't dilute
those with lots of other mediocre ideas.' John Huber

Latest Graham & Doddesville

www8.gsb.columbia.edu/valueinvesting…

'I definitely have a transitioned towards the great businesses… My empirical observation at the core of my philosophy is that the best investments in the stock market will come from the best businesses over time.' John Huber

'One key difference with many of today’s compounders are
that their products are often digital, which can be created and replicated instantly at very low marginal costs. Returns on capital of these companies aren’t tethered to constraints of the physical world.' John Huber

#SOYA

'That's one thing I've learned – when you have a great business, the best thing to do is sit on it and don't touch it.' John Huber

“The tricky thing about investing is when to sell. I don't have a good answer for it, but I've learned over time to be very patient with my investments, because I've made a lot of mistakes in selling a great business too soon." John Huber

"One of the mistakes that I've made over time is being too conservative, I think. Conservatism, for good reason, is considered a virtue in the value investing community. I'm a conservative investor by nature, but there are drawbacks to being too conservative." John Huber

'the market was directionally correct about Google when the price soared after its IPO. The shares were priced over 100X earnings at that point, but should have been priced at a much higher multiple than that, even. I think there's a similar dynamic playing out in the mkt today'

'If your network effect has gained the equivalent of five years’ worth of strength in one year [due Covid19], then not only will your revenue growth be much faster, but your business has also achieved a much more solidified position in the market.'