"You spend a lot of time trying to understand 30 different things. But usually, only one thing ends up being important. And if I don't know what that one thing is, it's kind of like playing poker, you're the dumb guy at the table"

"let's say that there are 2,000 or more working hours in the year. I sometimes think that really only two or three hours were the good ones. The other 1,997 hours were looking around for the good hours...
...But when you find those good hours, and they're not hours, they're minutes or something like that. They're golden and they're amazing, and you're in a meeting and you have an insight, it just resonates with you."
"But you shouldn't do this job unless you're willing to experience a lot of failure."
"You look so stupid. It's so embarrassing. And some people can't cognitively process that well. And they should go do another job."

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Frederik

Frederik Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @NeckarValue

28 Jul
John Elkann is quietly transforming the fortune of one of Europe’s wealthiest families. Thrown into his role during an attempted management coup, he is now working on his own vision

This is his journey from novice to savvy capital allocator.
Elkann heads Exor, the publicly-listed holding company controlled by the Agnelli family, the Italian industrial dynasty behind the automaker Fiat. In 2009, he merged the family’s holding companies and became chairman. Shareholders have done well.
“Agnelli is Fiat; Fiat is Turin; and Turin is Italy.”

Giovanni Agnelli was one of the founding members of Fiat. His grandson Gianni was a billionaire playboy before he became the family’s patriarch and powerful industrialist.

vanityfair.com/london/2021/02…
Read 29 tweets
27 Jul
Reading up on Bernard Arnault. Thread with some sources.

"If you control your factories, you control your quality; if you control your distribution, you control your image."
Timeline of his acquisitions
ft.com/content/a233ea…
2019 profile
“after graduating in 1971... An exchange with a New York cab driver planted a seed that would grow into LVMH. Arnault asked the cabbie if he knew of France’s president, Georges Pompidou. “No,” replied the driver, “but I know Christian Dior.”
forbes.com/sites/susanada…
Read 24 tweets
27 Jul
Buffett on Munger: "I probably haven't talked to anyone on Wall Street one 100th of the times I speak to Charlie."

"Charlie has the best 30-second mind in the world. He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence."
When $KO was a growth stock
"it was regarded as an excellent but fully valued"

"Buffett saw franchises that were priceless, virtually immune from inflation and capable of continued growth—compound interest machines"
"None of the flashes in the pan here like Avon or Xerox"
"We realized that some company at 2-3x book value could still be a hell of a bargain because of momentums implicit in its position, sometimes combined with an unusual managerial skill plainly present in some individual or other, or some system or other."
Read 15 tweets
20 Jul
This week's must listen: @patrick_oshag & Stephen Mandel

"The most important thing is to get into a organization, public markets, private markets, doesn't matter, where they are mentored by people who teach them really good fundamentals. A lot of that is sort of by osmosis."
"We have invested pretty much forever behind change. It can be technological change, managerial change, regulatory change, something that is changing the dynamic for a multi-year period. Investing behind those big areas has generally been what we've done on the long side."
"On the short side, it changed a lot. At the beginning there weren't a lot of hedge funds. The competition on the short side was much, much less than it is now. When there's incremental capital playing on the short side, that does change the supply-demand dynamic."
Read 13 tweets
18 Jul
The story of Chobani is so wholesome and also a good example of how companies can get funded outside of VC.

Taking big risks, Chobani founder Hamdi Ulukaya went all-in betting on his heritage and a powerful emerging consumer trend. Image
Ulukaya grew up in a Kurdish dairy-farming family. After being questioned by police over his interest in the Kurdish-rights movement, he wanted to leave.

A fried recommended America. Ulukaya hesitated: “We thought capitalism was the reason for the suffering of poor people."
But in 1994, he made the move. First to Long Island, then upstate New York where he worked on a farm while studying.

With almost no English, he was "extremely scared. I was aware that this was going to be very, very difficult. But I was excited.
Read 32 tweets
17 Jul
Breaking into investing by creatively using unique skills, hustle, persistence @ByrneHobart

"How I Got Hired at SAC Capital Without a College Degree"

"Every month or two, I’d talk to someone about applying my SEO skills to evaluating an investment"

byrnehobart.medium.com/how-i-got-hire…
"I developed a theory: in between 2011 and whenever hedge funds got around to hiring full-time Internet analysts again, they would need all the help they could get analyzing Internet stocks. And who better to help them than a former stock market junkie turned digital marketer?"
"Hiring someone with a weird background, who gets rejected at the first-pass HR filter, is a non-correlating bet. And portfolio theory tells us that even if your non-correlating bet doesn’t do great on its own, your whole portfolio will do better if you take those bets."
Read 6 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(