Founder, Portfolio Manager - SVN Capital
"Money often costs too much" - Ralph Waldo Emerson
Disclosure: https://t.co/mPynSZsgwR
Apr 15, 2023 • 7 tweets • 2 min read
Credit Suisse released its 2023 report on family-owned businesses recently. It's been a great tradition in CS since 2006 and I hope it will continue even after UBS takes over CS.
There are some interesting findings:
1. Family-owned companies outperformed:
Oct 27, 2021 • 5 tweets • 1 min read
Just read this little book about the other Oracle - Stephanie Mucha. Unleashed the power of patience to create a multi-mill $$$ portfolio from humble beginnings. 1. Born in 1917 to poor Polish immigrants 2. Didn’t graduate high school 3. Worked as a nurse for VA Hospital in Buffalo NY 4. Husband Joseph earned $6k when he retired in 1958; she earned $23k when she retired in 1994
Sep 20, 2020 • 8 tweets • 1 min read
Li Lu of Himalaya Capital talking to students at Peking University's Guanghua School of Management in 2019. Some interesting comments on investing, life, knowledge...
longriverinv.com/blog/the-pract…
Admittedly doesn't speak often in public - has to do with investing and own personal bias. Thanks to Longriver for translating this into English.
Sep 11, 2020 • 11 tweets • 2 min read
Peter Thiel at Stanford in 2017 - "Competition is for Losers".
This is a gem and is absolutely worth 50 minutes of your time. I've jotted down some of the nuggets below.
A business creates X dollars of value and captures Y% of X, where X and Y are independent variables. Goes on to explain how larger the TAM, larger the competition & hence less differentiation - one of the most important points in this speech!
Sep 7, 2020 • 8 tweets • 2 min read
Great presentation by Brian Bares of Bares Capital. Compounded capital at high-teen% over the last 18 years.
Finding an Edge; creating a moat around an investment process via @YouTube
Many interesting points. I wish we could hear the questions! I jotted down some of the many finer points he makes.
"If I make a mistake I'd rather make it on price, not on quality of business."
Sep 2, 2020 • 9 tweets • 2 min read
I'm not in the habit of watching congressional testimonies. But this one by Jeff Bezos @JeffBezos (Jul 29, 2020) is well worth your time (~ 5 minutes).
cnbc.com/video/2020/07/…
What caught my attention was the following: "More than any place on earth, entrepreneurial companies, start, grow, and thrive here in the US.
Sep 1, 2020 • 6 tweets • 1 min read
The Art of (Not) Selling from Akre Capital Management - (Not) by Chuck Akre, but by Chris Cerrone
akrecapital.com/the-art-of-not…
Shows why he has been so successful - "We are unfazed when our businesses are quoted in the market at prices above what we would pay for them."
One of two major salvage yard players in the country
Aug 11, 2020 • 6 tweets • 2 min read
All the major brands, except which releases tomorrow, have announced Q2 2020. Common themes: 1) RevPAR decline > 85% 2) China recovery is almost complete 3) All brands continue to maintain & grow healthy pipeline of rooms
FP: 1. RevPAR down by 88.2% 2. Transition to asset light model continues 3. As of 2019, 1.5 bill int'l travellers 4. Could drop by as much as 80% to 320 mill, which was the vol in 1985 when global pop was 1/3rd