Investing Strategy
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- Howard Marks: Avoiding All Losses Can Render Success Unachievable Almost As Readily As Can The Occurrence Of Too Many LossesIn his 2014 memo – Dare To Be Great, Howard Marks says successful investing includes dealing with some losses saying: “To succeed at any activity involving the pursuit of gain, …
- Aswath Damodaran: The One Thing You Need To Do To More Accurately Value BusinessesHere’s a great presentation with Aswath Damodaran and the team at Google. During the presentation Damodaran reveals the one thing investors need to do to more accurately value b…
- Michael Burry: Measuring Money Managers By ‘Relative Performance’ Harms Their Ability To Invest IntelligentlySeth Klarman has often spoken about the nonsense of measuring fund managers by their ‘relative performance’. That is, measuring the performance of their investments against vari…
- Stanley Druckenmiller: What Should Investors Do If They’re In A ‘Slump’Here’s a great interview with investing legend Stanley Druckenmiller at Real Vision in which he discusses the importance of investors knowing whether they’re currently ‘hot’ or …
- Nassim Taleb: In Investing The People You Understand Most Easily Are Necessarily The Bull***tters.Here’s a great passage from Skin In The Game by Nassim Taleb in which he discusses how easily investors can be hoodwinked by smooth talking salepeople promising outsized returns…
- Jim Chanos: “Being Short With A Good Short Seller Who’s Producing Nominally Minor Positive Returns In A Bull Market Enables You To Be More Long”One of our favorite Jim Chanos interviews is one he did with FT Alphachatterbox in which he explained how short selling provides ‘long-side’ investors with an insurance policy s…
- Howard Marks: Going To Cash Under Almost All Circumstances Is Stupid!Here’s a great interview with Howard Marks at Goldman Sachs in which Marks discusses why going to cash under almost all circumstances is stupid, and why market timing is impossi…
- Charlie Munger: Moral Investing – We Could See It Was Like Putting $100 Million In A Bushel Basket And Setting It On Fire As We Walked AwayHere’s a great video with Charles Munger and Warren Buffett at the 2005 Berkshire Hathaway shareholder meeting in which they discuss the moral distinction between buying a stock…
- Jim Simons: Investing Is a Very ‘Gut Wrenching’ Business But You Can Find Things That Are PredictiveHere’s a great video interview with Jim Simons in which he discusses how his early success came more from luck than strategy. He also discusses how gut wrenching investing can b…
- Joel Greenblatt: Redefining ‘Traditional’ Value Investing So That It Never Goes Out Of FavorHere’s a great interview with Joel Greenblatt at Bloomberg in which he discusses the types of businesses he’s currently looking for and how he’s redefined the ‘traditional’ valu…
- Charlie Munger: That Decision Has Cost Me Now About $5 BillionHere’s a great recent interview with Charlie Munger & Li Lui in which Munger recalls one of his greatest investment mistakes that cost him $5 Billion. Here’s his recollection: M…
- Bruce Greenwald: How Smart Investors Can Take Advantage Of Overconfident Investors – Which Is Most Of Us!We’ve just been watching Bruce Greenwald’s 2014 presentation at the International Post Keynesian Conference in which he illustrates how smart investors can take advantage of ove…
- Joel Greenblatt: Today’s Opportunity Set Is SignificantWe’ve just finished reading Joel Greenblatt’s Q318 market commentary in which he says: U.S. Equity Markets Remain Very Expensive (based on our 28 year valuation history) Valuati…
- Murray Stahl: “Perhaps A Superior Method To Reduce Portfolio Risk Could Be To Have No Diversification. If You Had Only One Holding”We’ve just been reading the latest Q318 market commentary by Murray Stahl which discusses the possible benefits of concentrating ones portfolio to achieve outperformance. His ar…
- Howard Marks: Markets Have Flipped From Being All Good to All BadHere’s a great video with Howard Marks at Bloomberg. During the interview Marks says: “I think, as it often does, the market has flipped from being all good to all bad. Prior to…
- Mohnish Pabrai: The Ten Commandments of Investment ManagementWe’ve just been watching a recent presentation with Mohnish Pabrai at the Carroll School of Management – Boston College. Pabrai is discussing his ten commandments of investment …
- Mark Sellers: So You Want To Be The Next Warren BuffettSome years ago hedge fund manager Mark Sellers of Sellers Capital gave a great speech to a group of Harvard MBA students titled – So You Want To Be The Next Warren Buffett? How’…
- Stanley Druckenmiller: Algos Have Taken The Rhythm Out Of The MarketHere’s a great video with Stanley Druckenmiller at Real Vision discussing the impact that algorithms are having on his investing strategy saying: “These algos have taken all the…