Since my last book tweet caught fire and a lot of people asked for specific recommendations, I decided to compile a thread with the books that have changed my thinking and/or inspired me the most so far (more will get added over time) 📚🧠💭🧵👇🏼
2/
The Joys of Compounding (2019)
Filled with amazing quotes & passages on everything from investing, common sense to life philosophy, collected from literally thousands of sources. Long-term thinking is the key to success, both in life and investing. goodreads.com/book/show/4440…
3/
Meditations (AD 161-180)
My key takeaway from these ~1800 y/o personal diary writings is that we're still just as human on the inside, despite huge technological advances; experiencing the same feelings, thinking the same thoughts. goodreads.com/book/show/30659
4/
One Up On Wall Street (1988)
As for many investors around the world, Lynch became a real eye-opener for me. Investing is fun, and you don't have to make it too complex to be successful as long as you grasp the basics and keep at it. goodreads.com/book/show/7624…
5/
Alchemy (2019)
My key takeaway is that the most outrageous ideas that appears stupid at first can turn out brilliant, and that the human mind is messed up. The book's on marketing, but I think the general principles here applies to a lot in life. goodreads.com/book/show/2621…
6/
Influence (1984)
The key takeaway from this book is, no doubt, that the human brain is incredibly easy to fool. I think Cialdini's six universal principles will continue being studied forever, much like Aurelius' Meditations mentioned above. goodreads.com/book/show/28815
7/x
The Great Mental Models Vol. 1 (2019)
I think this is a perfect start on our journey to what Munger calls worldly wisdom. Simple fundamental concepts/theories described, nothing else. For anyone who wants to upgrade their personal mental toolbox. goodreads.com/book/show/4424…
8/x
Stillness Is the Key (2019)
By focusing on 1) achieving mental stillness and 2) learning to think clearly, you will save yourself a lot of trouble and pain in life. Think before you act, and think long-term. goodreads.com/book/show/4358…
9/x
Sapiens (2015)
What Harari taught me was that history actually can be very interesting, and not as boring as school made it. Filled with useful human psychology aswell. The two follow-ups are amazing too. goodreads.com/book/show/2369…
10/x
The Almanack of Naval Ravikant (2020)
Age-old wisdom & common sense mixed with advice on how to thrive in the digital age. The concept of building your own digital brand and then use it as leverage when launching passion projects is very powerful. goodreads.com/book/show/5489…
11/x
Fooled by Randomness (2001)
Taleb has a unique mind, and this is therefore a very unique book on human psychology and statistics. It makes you somewhat cynical, but in a good way, towards how data is presented. Take this trip. goodreads.com/book/show/38315
12/x
Richer, Wiser, Happier (2020)
A wonderful collection of short stories that tell the tale of the greatest investment minds ever. The Sleep/Zakaria chapter is among the best stuff I've read, so much that it made me print out all Nomad Letters. goodreads.com/book/show/5430…
13/x
Poor Charlie's Almanack (2005)
This is a very special, and large, book. Pabrai equals it to an MBA. It's completely packed with common sense, mental models, human psychology, investing and life advice. The most comprehensive Munger book out there. goodreads.com/book/show/9446…
14/x
How Do You Know? (2018)
A primer on abstract thinking about thinking. This is a weird book that is somewhat hard to describe in a good way, but some parts of it really stays with you. What do you REALLY know? And how much of it matters? goodreads.com/book/show/5711…
15/x
Freakonomics (2005)
I absolutely love the Freakonomics way of looking at the world. When viewed through the data/economy microscope, almost any story out there can look interesting. Provocative, sometimes dark, refreshing and very entertaining. goodreads.com/book/show/1202
16/x
Tools of Titans (2016)
This collection should have been divided into three separate books in my opinion (too long), but there so much knowledge from so many people in here that it's worth to be put on this list anyway. goodreads.com/book/show/3182…
17/x
Narrative and Numbers (2017)
Damodaran is so good at making the complex art of valuation feel simple. His ability to put emphasis on storytelling, despite being a number cruncher by heart (the opposite of myself), is really inspiring. goodreads.com/book/show/3015…
18/x
The Psychology of Money (2020)
I'm not sure this book changed my thinking in any major way, but it's definitely a must read. Make your investing style and personal finance "indestructible", and don't let your emotions get in the way of your plan. goodreads.com/book/show/4188…
19/x
Competing Against Luck (2016)
Clayton gave the business world a completely new set of tools on how to think about competitive advantages and disruption with "The Innovator's Dilemma", but this book on the same topics is in my opinion much better. goodreads.com/book/show/2882…
20/x
The Five Rules For Successful Stock Investing (2004)
Dorsey opened up my eyes to why & how much the actual sector/biz model matters for long-term returns. Some businesses are far less likely to create shareholder value over time, and vice versa. goodreads.com/book/show/3697…
21/x
The Monk Who Sold His Ferrari (1999)
Hated by some, loved by others. It's full of clichés, I'm aware, but I guess the simple, direct and down to earth message of it just caught me at the right time. Almost meditation like. goodreads.com/book/show/43877
22/x
Principles (2017)
I'm enamored w/ the concept of finding a few fundamental principles & then sticking with them forever. That way of operating (both in investing & in life) will have huge benefits down the road if the principles are chosen wisely. goodreads.com/book/show/3453…
23/
Why We Sleep (2017)
You will never look at sleep in the same way after this book. It's not something we can down-prioritize for too long before we turn into emotional zombie wrecks, no matter what people say. It's fundamental, just like breathing. goodreads.com/book/show/3446…
24/
How Will You Measure Your Life? (2012)
A bit like in Principles mentioned above, Clayton here argues that you should choose a few metrics to follow through life, while at the same time teaching us thoughtful lessons from his rich business career. goodreads.com/book/show/1342…
25/
Man's Search for Meaning (1946)
I've never read a book that puts tiny mundane problems in perspective better than this horrible, yet beautiful, WWII story from Viktor Frankl. Everybody should read this once in a while. goodreads.com/book/show/4069
• • •
Missing some Tweet in this thread? You can try to
force a refresh
1/x Okay, grab a c̷u̷p̷ ̷o̷f̷ ̷c̷o̷f̷f̷e̷e can of water. Today I will tell you about one of the coolest and most innovative brands that you've never heard of. This is...
Liquid Death - a company selling canned water.
2/x Before Mike Cessario founded Liquid Death in 2017, he worked as a Creative Director over at Netflix on shows like House of Cards, Narcos and Stranger Things.
And before that, he played in metal and hardcore/punk bands, which obviously influenced some choices later on...
3/x There's an ideology called Straight Edge that sprung from hardcore/punk in the 70's, which basically means that you rebel against the mainstream through self-control. No alcohol, no drugs & so on. Veganism/vegetarism is now common in these circles as well.
1/x I decided to pick apart and share my favorite pieces from Rob Vinall's wonderful letter "More Accuracy" that he wrote earlier this year, who I believe deserves more attention. The two main components in the letter is 'Value vs. Growth' & Adaptability. 🧵👇🏼
2/x In the first part he implicitly writes that he himself, and perhaps many others from his generation, maybe put a little too much emphasis on a company's history, and too little on their future.
Is some of reversion to the mean investing being arbitraged away by computers?
3/x The second part is my favorite. The first and last highlighted sentences together is perhaps one of the most important insights you could have as an investor. And it takes guts for a guy like Rob to admit that experience might actually be a disadvantage.
1/x Let me tell you about one of the moatiest businesses you've never heard of. Pour yourself a cup of coffee and let's go..☕️
🇺🇸 Copart $CPRT
- Physical economies of scale
- Digital marketplace w/ trusted brand
- Unsexy but critical niche
- Reinvestment moat, 20-30% RoIC
2/x Copart was founded in the early 80s by Willis Johnson (left), the now 73 y/o Chairman & 2nd largest shareholder, after a 10+ year career in the salvage industry. It was "bootstrapped" until the early 90s, when Willis heard that their biggest competitor $IAA should go public.
3/x Wall Street had never really entered Johnson's mind before that point, but when people told him he could expand even faster with outside funding, he figured that might be a good idea after all. The market opportunity was massive, and expansion would be expensive.
1/x $PEXIP Q1: Framstod som stark vid första anblick, men är egentligen relativt svag. Förstår samtidigt att tillväxten kan bli lumpy då det handlar om stora kunder och stora avtal. Marknaden verkar nu ha bytt fot igen och tycks ha återgått till "Pexip är bara en coronavinnare".
2/x Det är för tidigt att säga huruvida detta är en trend eller inte, men skillnaden i 6% sekventiell tillväxt (som i Q1) mot min gissning 10-12% gör väldigt stor skillnad på helåret. 104m vs 129m, eller +27% vs +57% y/y. Min gissning var/är runt 50%.
3/x Även deltan i mUSD blir såklart också helt annorlunda med en lägre tillväxttakt. Exempel: 6% sekv. kommande tre kvartal ger +22m på helåret 2021 vs +47m med 12%. Ett kvartal hit och dit är väl skitsamma, men för att nå målet om 300m 2024 krävs en ordentlig upptrappning.
Lite ovanligt content från min sida kanske, men damen och jag firar faktiskt hela 8(?!) år ihop i helgen! #BuyAndHold
Jösses vad många grattis! Tack från både mig och sambon🙏🏼 Till de som undrar vart vi befinner oss så heter stället Ästad Vingård. Den ligger precis utanför min hemstad Varberg i Åkulla bokskogar, och här gör man sedan ett par år tillbaka vin på egna västkustodlade Solaris-druvor.
Disclaimer: jag kan ingenting om vin, men blev imponerad av den långdragna processen. Däremot berättade jag direkt för sambon att Solaris är en rysk film från Tarkovsky. Och att bastuaggregatet är från finska $HARVIA. Och att den vägghängda toan är från schweiziska $GEBN.