"I was reminded of my childhood: I grew up in a predominantly Sicilian neighbourhood, with a mafia maintaining order. No disorganised crime allowed. Putin did seem to have the instincts of a Sicilian mafia boss"
“In Russia, disputes are resolved by common sense. In a dispute about significant money or property, the sides would send representatives to a dinner. Everyone attending would be armed. Facing the possibility of a bloody outcome both sides find a mutually agreeable solution...
Fear provides the catalyst for common sense.”
"He used his argument in the context of disputes between sovereign nations. Solutions often require an element of fear of disproportionate responses ... forcing adversaries to face horrific alternatives seemed to excite him."
"That both Primakov and Kissinger took time to coach Putin on geopolitics and geosecurity was a clear demonstration that they saw in him the characteristics of a powerful leader. It also showed Putin’s capacity for listening to lengthy lessons on geopolitics "
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"About 61 per cent of non-US stocks underperformed Treasury bills in the 1990-2018 period, and less than 1 per cent accounted for the entire $16tn of net wealth creation over the period."
"The degree to which stock market wealth creation is concentrated in a few top-performing firms has increased over time, and was particularly strong during the most recent three years, when five firms accounted for 22% of net wealth creation."
"Technology firms accounted for the largest share, $9.0 trillion, of the total, but Telecommunications, Energy, and Healthcare/ Pharmaceutical stocks created wealth disproportionate to the numbers of firms in the industries."
"His willingness to entertain the dark side — and to do so in such a fanciful way — is what has made him one of the most iconoclastic VC founders out there"
Lux invests in what Wolfe calls “deep science” or “matter that matters” ... nuclear waste removal and space manufacturing to drone sailboats and a far-flung search for scarce genetic trait
“You can see how almost every one of our companies has its basis in science fiction"
“I grew up sort of squinty-eyed, always distrusting, trying to figure out what’s somebody’s agenda and game,” explains Wolfe. “I’m always trying to spot the sucker at the proverbial table. If you sit down and you can’t spot the sucker, you’re it, you’re the patsy.”
"We’ve recommended Danaher stock to our clients for
about 15 years but not without some second thoughts at times" $DHR
"An industrial company that decides to become a
healthcare company ... acquisitions that sometimes
challenge even the most forward-thinking analyst."
"Not only is Danaher willing to become smaller, but once it believes that an asset no longer fits in its long-term plans, it finds a better owner for it—even if the asset is still growing and creating value. This is in sharp contrast to the traditional conglomerates of the past"
Discovering the Toyota Production System
"Koenigsaecker formally employed the Japanese experts on a consulting project ... Lean and continuous improvement principles fully into its culture."
"I have a friend who thinks Belichick would make a fantastic investor. A big part of his success ... he has no career risk, he doesn’t let himself get emotional about short-term results, and he focused on making one good decision at a time." @JohnHuber72
"And I also think he understands the role that luck plays in results, especially in the short run, and not to get too excited or too down about those results."
"after a blowout loss to Kansas City in 2014, Belichick was famously asked about whether or not Brady should still be the quarterback... All Belichick said after that game was “on to Cincinnati” (i.e. time to focus on the next game). He separates results from decisions"
Brian Jellison's new strategy at $ROP
"bankers focused pitches on consolidating end markets and making easy-to-do deals where the value was in the synergies... Boards wanted easy-to explain combinations"
Book: Lessons from the Titans
Different times:
"The valuation for an asset-heavy company with
potential tail liabilities was not much less than the
valuation for a software company ... if the asset heavy
company had razor/razorblade characteristics, its
valuation was often higher."
"Jellison found the biggest mispricings in less sexy, slower, but still solid growers. These were usually software companies in highly niche markets."
"new investors typically uncritically adopt heroes and gurus... with more experience ... imperfections appear. They have increasingly long lists of who they dislike. But pointing out faults is trivially easy." @tom_morganKCP thekcpgroup.com/insights/the-a…
"The problem is that we have a tendency to repress everything from the prior stage as we move to the next one.
The more different perspectives you transcend and include, the more easily you can identify the universal themes and ideas that appear across wisdom traditions."
"I tend to get very excited whenever I find a new thinker or guru. “This is the person who finally has the answer!” I worship the guru, not their insights. Then when my heroes inevitably turn out to have feet of clay, I tend to throw out their entire body of work."