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Jan 17 • 12 tweets • 7 min read
Bruce Greenwald is one of the most prolific Value Investing teachers out there.

His superpower is simplifying complex subjects like valuation and competitive analysis to help investors beat Mr. Market.

Here's a thread on my favorite Bruce Greenwald knowledge resources ... 🧵
1/ YouTube Lecture Series

This is my favorite YouTube resource.

You can watch 13 2HR+ lectures from Greenwald's Columbia Business School classes.

Why pay thousands when you can pay $0 for world-class education?
2/ Podcasts (Part 1)

Greenwald has appeared in a few podcasts. Here are my favorites:

• Staying on the Right Side of the Trade: podcasts.apple.com/gy/podcast/bru…

• Value Investing & Specialization:

• Are Corporate Profits Sustainable:
3/ Podcasts (Part 2)

• A Deep Dive Into Value Investing: open.spotify.com/episode/0OWLxQ…

• Value Investors Must Adapt or Face Failure: podcasts.apple.com/ke/podcast/val…
4a/ Binge-worthy PDFs: "Basic Structure of Investment Process and Valuation"

43 slides containing info on competitive advantage, barriers to entry and earnings power value.

Link: csinvesting.org/wp-content/upl…
4b/ Binge-worthy PDFs: "Introduction to a Value Investing Process"

This is 62 pages of notes from Bruce Greenwald's various lectures.

The power in this document is learning via repetition. Ingraining in your brain Greenwald's lessons.

Link: csinvesting.org/wp-content/upl…
4c/ Binge-worthy PDFs: "The Greenwald Method"

Mats Larsson deconstructs Greenwald's investing process from first principles.

It's 18 pages of gold.

Link: static1.squarespace.com/static/5325c4b…
4d/ Binge-worthy PDFs: "Three slices of value"

CapitalIdeasOnline breaks down Greenwald's process into three key elements:

• The value of assets (tangible + intangible)

• Earnings Power Value

• Value of Growth

Link: capitalideasonline.com/wordpress/thre…
4e/ Binge-worthy PDFs: "The Future of Value-Oriented Investing"

Transcript of Greenwald's interview with @MOIGlobal

Key topics:

• Future of value investing

• Bruce's latest book

• Why value investing needs to change

Link: moiglobal.com/bruce-greenwal…
4f/ Binge-worthy PDFs: "Bruce Greenwald Guest Lecture"

This one is super cool.

It features more macro thoughts from Bruce, as well as corporate governance commentary.

File this under "Deep Tracks."

Link: millstein.law.columbia.edu/sites/default/…
5/ Twitter Threads

Daniel (@MnkeDaniel) has the best thread on Greenwald I've seen on Twitter.

He dissects Bruce Greenwald's class notes and derives his most important insights.

Check it out here:
6/ Conclusion

I hope you enjoyed this thread and found some great weekend reading/listening material.

If you want an easier to read version of the above, check out my post below.

Also, if you liked this thread, please RT and share w/ friends!
macro-ops.com/my-favorite-br…

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More from @marketplunger1

Brandon Beylo Profile picture
Jan 10
Not all growth is created equal.

Growth ONLY adds value if it increases the amount of FCF a company generates.

A simple way to find that out is by using Cash Flow Variance Analysis.

It focuses on the CORE DRIVERS of profitable growth.

A thread explaining how to use it ... 🧵 Image
1/ What is Cash Flow Variance Analysis (CFVA)?

CFVA focuses on the core drivers of profitable growth:

- Top-line revenue growth

- Changes in operating margins

It shows which lever a company uses to generate/lose money as it grows.

Which allows for better biz analysis ...
2/ What Are Our Key Metrics

There are two metrics we need to find:

• Operating Cushion %: (GM % - SG&A %)

• Working Capital %: (A/R %, Inventory %, A/P %)

From there, we subtract Working Capital % from Operating Cushion to get Core Operating Growth Profile. Image
Read 12 tweets
Brandon Beylo Profile picture
Jan 9
I've written extensively on the habits and lessons of the world's greatest traders/investors:

• Michael Marcus
• Peter Cundill
• Ed Thorp
• George Soros
• Michael Burry
• Allan Mecham
• Li Lu
• Bruce Kovner
• Bill Miller

Here's an entire collection of those threads 👇
1/ Michael Marcus

Elevator Pitch: Turned $30K into $80M after blowing up a few accounts before finding his edge.

2/ Peter Cundill

Elevator Pitch: Arguably Canada's greatest value investor. Compounded capital at 15%/year for 30 years by investing globally in deep value securities.

Read 12 tweets
Brandon Beylo Profile picture
Jan 5
As investors, we assume that we'll spot the tell-tale signs of an impending revenue growth slow-down.

That's not true.

The fact is that most companies that stall NEVER restart growth.

Here's a thread on "Stall Points" & how to spot them before they destroy your capital ... 🧵 Image
1/ Intuitively it makes sense for us to think we could spot stalling growth companies.

We'd look for:

- Revenue growth deceleration
- Gross margin compression
- Slower business activity

But most times these are the LAST things you'll see after a biz has stalled out. Image
2/ The reason why predicting stall points is so difficult is because some co's do the EXACT OPPOSITE of what we think they should do.

Here's what I mean: Some businesses about to hit a stall point actually GROW revenues & margins!

Let's back this up with some data.
Read 11 tweets
Brandon Beylo Profile picture
Jan 1
Industry Primers are a great way to learn about a new corner of the market and expand your circle of competence.

And what better time than now to start learning something new?

Here's a thread of each S&P Global Sector Series with links to the full PDFs.

Get to learning ... 🧵
1/ Healthcare

The Health Care sector comprises companies primarily engaged in Health Care Equipment & Services, Pharmaceuticals, Biotechnology, and Life Sciences.

Link: spglobal.com/spdji/en/docum…
2/ Information Technology

Companies primarily engaged in Software & Services, Technology Hardware & Equipment, and Semiconductors & Semiconductor Equipment are classified into industry groups that make up the Information Technology sector.

Link: spglobal.com/spdji/en/docum…
Read 11 tweets
Brandon Beylo Profile picture
Dec 30, 2022
George Soros needs no introduction.

He broke the Bank of England.

He generated a 32% CAGR for 30+ years.

He taught Stanley Druckenmiller the trading ropes.

$1,000 invested w/ Soros would have been worth $4M+ by 2000.

Here are five trading lessons from The Palindrome ... 🧵 Image
Lesson 1: Learn To Profit From Fallibility

I love how Soros explains his trading philosophy:

"My approach works not by making valid predictions, but by allowing me to correct false ones."

It's one of the reasons Soros could make tons of money with a 30% win rate.

Be robust. Image
Lesson 2: Everything is Reflexive

You hear investors say "Price drives narrative." That's Soros's Reflexivity Theory.

What we (I.e., the market) believe about a stock directly affects its outcome.

High stock prices means cheaper financing, better employees, lower opex via SBC. Image
Read 8 tweets
Brandon Beylo Profile picture
Dec 29, 2022
The Ten Commandments for Business Failure is one of the best business books I've read.

It should be the last thing you read this year, and the first thing you read next year.

It's a perfect example of "Invert, Always Invert."

Here are Ten Ways To Destroy A Business ... 🧵
1/ Quit Taking Risks

Successful companies die because they get comfortable.

And nobody takes risks when they're comfortable.

Einstein requested a large trash can in his office. Why?

"For all the mistakes I'll make."

Never lose the need for a large trash can for mistakes.
2/ Be Inflexible

Henry Ford is one of America's most prominent business titans.

And even he fell victim to Inflexibility.

"They can have the Model T in any color, as long as it's black."

Ford's Inflexibility allowed Dodge & Chevy to take market share & erode Ford's sales.
Read 13 tweets

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