Max Koh Profile picture
Sep 28, 2021 29 tweets 15 min read
In early 2020, I discovered Fintwit.

I had a 6 figure portfolio.

Since then, I've grown it several fold.

And attained my own version of financial freedom before age 30.

I owe a lot to the investors here.

Here's a list of my favourite tweets I've bookmarked and revisit often: Image
Preface before I begin:

I come from Singapore and a family with strong asian tradition.

Since young I was taught NOT to talk about myself.

It was boastful to share my achievements in public.

I spent 1 whole year on twitter with a private account, using it only to read tweets.
I only gained courage after:

• watching @david_perell interviews that inspired me to learn in public.

• hearing @AliAbdaal recommend "Share Your Work" in his youtube videos

So here's the top tweets that have influenced my investing philosophy:
1/ @Gautam__Baid

I learnt the importance of achieving financial independence.

So I can see the world for what it really is.

And not be influenced by incentives.

This motivated me to be disciplined about saving $$ and adding to my stocks.
2/ @iancassel

Ian taught me to deeply understand any business I own.

More importantly, he warned me about the pain I will face if I sell a good company too early.
3/ @BrianFeroldi

Brian taught me about averaging up.

Not being anchored to my original cost basis.

And selling my losers instead of my winners if I need cash.
4/ @4PillarFreedom

I learnt about the importance of constantly increasing my asset count.

In my case, I kept adding to my stocks.

He also taught me it's okay to be in a 9-5 and trade time for money.

But it's what I do with the money that matters.
5/ @saxena_puru

Puru taught me to pay up for quality.

To not be a cheapskate.

And not get scared because a business is "overvalued".
6/ @4PillarFreedom

Taught me to find joy and meaning in my work.

To not worry about quitting my 9-5 just because everyone says so.

I'm rich if I'm enjoying what I do everyday.
7/ @Gautam__Baid

I've read Gautum's book Joys of Compounding. Twice.

My biggest takeaway is to have equanimity.

And also to buy durable companies that can weather the worst of storms.
8/ @LongHillRoadCap

Taught me to focus on market leaders.

Winners keep winning.

Business momentum is a very real thing.
9/ @investing_city

Ryan has a great podcast.

I listened to almost every episode during the lockdown in 2020.

This thread of his taught me how to analyze SaaS metrics.

The terms can be confusing. But he fanned away the smoke.
10/ @chamath

I learnt how to dissociate the stock price from the business.

Today I'm proud to say...

I only check my stock prices once a week.

I'm also much happier.
11/ @rabois

This was purely accidental.

I started binge listening to Keith to learn his management insights.

I wanted to lead my team better as a General Manager in my 9-5 job.

But, I learnt how to invest too.

That's how I discovered $PTON early.
12/ @rabois

Another one from Keith:

He taught me how to find businesses with accumulating advantages.

And also look for companies with a "secret" that makes them different.
13/ @investing_city

From Ryan again, I learnt a better way to dive into a company's earnings call.

I used to fall asleep reading the transcripts.

Now I'm able to read it and take notes with ease.
14/ @FromValue

Kris taught me why I should wait before buying a newly IPO-ed company.

Many investors always talk about staying away from IPOs.

But Kris was the one who explained it clearly for me.
15/ @iddings_sean

I was inspired after reading 100 Baggers by Chris Mayers.

But seeing Sean explain the emotional rollercoaster from holding XPEL made it real.

To get a 100 bagger, I must be able to hold a 100 bagger.
16/ @Hedge_Hiker

This is one of the coolest stories.

I learnt that one person's life can change from buying the right company.

And also holding it well.

Taught me to think like an owner and lengthen my time horizon.
17/ @InvestmentTalkk

I used to only research on the companies I own, or plan to own.

Conor taught me to expand my pool of mental models.

To research businesses I have no intention of owning.

To become a better analyst.
18/ @ClarkSquareCap

I learnt how to narrow down an investment into 2-3 key variables.

Also taught me that more information does not always mean higher returns.

Simplify. Know what's most important.

Tune out the rest.
19/ @theycallmetex

This guy is underrated.

I relate so much to his journey.

Being frugal, keeping expenses low, staying humble.

Wealth is all about freedom and control over my own time.
20/ @borrowed_ideas

He is one of the best researchers on Fintwit.

But this thread inspired me the most.

He made me realize there is no need to rush.

I should enjoy the journey.

And investing returns are not the only metric to measure my success.
21/ @mrjivraj

Another underrated investor and thread.

The whole thread about 100 baggers is eye opening.

Most importantly, I felt happy knowing I was on the right path.

Taking what I earn, with a sweat of my brow, and investing in great companies.
22/ @TomGardnerFool

I listened to the Motley Fool podcasts almost everyday in the lockdown.

It taught me one thing:

Find excellence, buy excellence, hold excellence.

And never sell.

Because selling a winner too early is hard to make up for.
23/ @honam

Ho Nam is an investor I wish I found earlier.

He taught me how to think like an owner and buy for keeps.

His podcast with Acquired is eye opening, on how he invested in Roblox.

He also tweets on leadership & management, which is a big bonus.
24/ @JoshuaTai0427

Another underrated investor.

This thread on Zhang Lei is solid.

Importance of long term thinking, creating value for society, and being a friend of time.

He did a great job translating the mandarin text!
There you have it.

I hope this has been helpful.

If you'd like to find this thread easily later, you can hop back to the top and retweet this.

I hope this can inspire more investors like me to benefit from Fintwit
I've only been investing for a few years.

These returns say nothing about my long term ability and results.

But I'm grateful to Fintwit.

Follow me here at @heymaxkoh.

I share about how I attained financial freedom while still working at a 9-5 job, through investing 🙏

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More from @heymaxkoh

May 17
Want to analyze CEOs and management teams and CEOs as an investor?

Here's a checklist of 25 traits you can swipe:
1. They don’t rely on external motivation

Not status or money.

Instead, they seem to be driven an inner fire.

Sometimes it’s to make the world a better place.

Other times, it’s to prove themselves right.

And that's why they can keep going even after they're already rich AF.
2. They're not human

They don't see the world like 99% of us

Whether it’s creating a culture that’s a sports team vs a family...

Or thinking of everything from first principles…

They have a different modus operandi.

This helps them see solutions that 99% of us muggles miss.
Read 28 tweets
May 4
10 super simple steps to research a stock.

In just 3-4 hours:

1. Find a sexy angle
2. Analyze the financials
3. Read the annual report
4. Get skin in the game
5. Read earnings calls
6. Understand the leader
7. Understand value prop
8. Read analysis by others
9. Monitor execution
10. Maintenance due diligence

Lets go!
1. Find a sexy story or angle

This is how I begin my research.

It starts with either:

• a product
• a story
• a founder

... that gets me curious.

I think stock screeners are helpful...

But I don’t use them.

I prefer to research companies that genuinely excite me.
Read 17 tweets
Apr 19
7 lessons from full-time investors on:

• How they research a company
• Mental strategies and habits
• Time management
1. They make their own notes

They write things down, even if they never read them again.

Because the magic of making their own notes lies in the process of doing it.

Not in the actual notes themselves.

Making notes helps them discover what they really think about a company.
From Vernon, one of the private investors in this study:

“The notes help me to maintain mental consistency over time.

They are a stabilising influence when some news comes out which might tempt me to trade impulsively.”
Read 20 tweets
Apr 10
How to spot great management teams to invest in?

Bob Iger served as Disney CEO from 2005 to 2020.

His best-selling book is a masterpiece in leadership.

It taught me how to identify high quality leaders who I can invest with.

Here's the 10 lessons from Bob:
1. Great leaders are willing to say "I don't know"

You have to be humble.

You can’t pretend to be someone you’re not...

Or to know something you don’t.

You’re also in a position of leadership, so you can’t let humility prevent you from leading.
You have to ask the questions you need to ask.

Admit without apology what you don’t understand

and do the work to learn what you need to learn as quickly as you can.

True authority and true leadership come from knowing who you are...

And not pretending to be anything else.
Read 19 tweets
Apr 4
How to read an Annual Report in 1 hour.

A step by step guide for busy people:
1. For me, reading a 10k is purely to understand one thing:

A company's business model.

That's it.

This includes:

- what products they sell
- how they make $$
- basic unit economics

Fine tune your antenna to look for that.
2. Limit your time.

I find that 45-60 mins is a typical duration before I start feeling sleepy.

With this in mind, it creates urgency for me to move fast before steam runs out.

I become more selective of what I read in the 10K.

Which helps me remember the best ideas I need.
Read 14 tweets
Apr 1
Don't be average.

The best investors do things differently from 99% of the crowd.

I'm no legend...

But I've been lucky to stand on the shoulders of investing giants.

Here's 15 of my best practices you can steal to become a better investor:
1. I never look at valuation on my initial position

If I like a company, I buy a small % just to get skin in the game.

That makes me research more seriously.

And I can also average out this price later.

What hurts most is missing a great company because I was a cheapskate.
2. I allow myself to go down rabbit holes.

Focus is important.

But so is exploration.

In this business, you only need 1-2 good ideas a year to do well.

So give yourself the chance for serendipity to happen.

Read widely.

Let your curiosities guide you.
Read 20 tweets

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