"there is no drearier, sorrier creature in nature than the man who has evaded his own genius and who squints now towards the right, now towards the left, now backwards, now in any direction whatever." Nietzsche

brainpickings.org/2015/09/30/nie…
"No one can build you the bridge on which you, and only you, must cross the river of life. There may be countless trails and bridges and demigods who would gladly carry you across; but only at the price of pawning and forgoing yourself."
"There is one path in the world that none can walk but you. Where does it lead? Don’t ask, walk!"
“What have you truly loved thus far? What has ever uplifted your soul, what has dominated and delighted it?” Assemble these revered objects in a row before you and perhaps they will reveal a law by their nature and their order: the fundamental law of your very self."

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More from @NeckarValue

15 Sep
If you're thinking at all about inflation and China, this piece by @ByrneHobart is a fantastic read.

"There was a vigorous debate in the 90s about why inflation had dropped so much. One school of thought credited Greenspan...But a lot of it was Deng Xiaoping and Malcolm McLean." Image
"something interesting happened in the 90s and early 2000s: commodities price spikes didn't get passed through to consumers."

"the higher cost of components was offset by the lower cost of the people who turned those components into finished goods." Image
"if you want to compete with Shenzhen's human and institutional capital—the people, the experience, the dense network of suppliers—step one is to start about thirty years ago."
Read 6 tweets
27 Aug
Love the story of the Chandler brothers, Richard & Christopher, who turned $10mm into $5bn.

They hopped the globe searching for value facing off with CEOs and oligarchs. It’s a wild sequence of concentrated bets from Hong Kong to Brazil, from Korea to Russia.
The brothers grew up in New Zealand where their parents built Chandler House, a leading department store. The kids learned about business early on.

"We are great believers in the idea of having audacious goals, breaking out and doing something out of the ordinary."
Richard wrote his thesis on corporate governance and the gap between owners and managers.

They sold the family biz for $10mm and started their investment firm, Sovereign Global in 1986.

"We said, 'Let's do something that we love to do, not just something that we are good at."
Read 29 tweets
27 Aug
Great thread with Wall St career/life wisdom

"There is nothing worse than people who hide mistakes, that’s how disasters happen."

"Mark to Market. Accept reality, and know where you stand. Don’t hide from the facts."

"Be a team player. Finance isn’t a solo sport."

"No single trade is ever going to be that big.

I have seen nothing destroy more lives and careers than greed."
Read 4 tweets
26 Aug
Bill Miller wrote about value investing and tech in 1999. Wild that we had the debate all over again a decade+ later

"Many value investors have chosen to ignore technology companies despite ... the ability to create substantial, long-lasting shareholder wealth." @B3_MillerValue
Reasons typically given: difficult to understand, rapid change, too expensive.
"All of these reasons are weak."

"Although technology changes reasonably rapidly, it doesn't follow that such change is random or unpredictable."
"If technology is difficult, it is not incomprehensible. Investors who rule out the largest sector of the market, and the most important driver of economic growth and progress, because it takes work to figure it out have little to cavil about when others get the rewards."
Read 8 tweets
26 Aug
“For these people to be excluded from the flame of money and power, I think, would feel a bit like death,”

Been rewatching Succession and this one's a treat

newyorker.com/magazine/2021/…
“One of the things that strikes me when I’ve read about these families—whether it be the Maxwells or the Redstones or the Julio-Claudians—is that, when you get that combination of money, power, and family relations, things get so complicated that you can justify actions
to yourself that are pretty unhealthy to your well-being as a human being. Or you don’t even need to justify them, because the actions are baked into your being.”
Read 11 tweets
25 Aug
In 1997, an analyst pitched Buffett on Cisco:
"An Open Letter to Warren Buffett Re: Cisco Systems"

"Dear Warren:
If You Think Coke Is A Good Investment . . ."
"Among other tenets of your investment discipline, we share the following:
• Long-term investment horizons;
• A focus on business fundamentals
• Fundamental analysis
• Companies that have defensible franchises(some level of monopolistic pricing power;
• Rigorous valuation."
"STOP! Do not throw out this letter! We recognize that you perceive most, if not all, technology companies to lie outside your “circle of competence;” happily, we believe you are mistaken!"

(we do not expect you to rely on the research of a securities analyst.)
Read 10 tweets

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