Michael Mitchell @IgnoreNarrative Twitter profile

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Michael Mitchell

@IgnoreNarrative

2 years

You are absolutely correct Enjoy

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Michael Mitchell

@IgnoreNarrative

2 years

The Story of Zales This is my account of the story at Zale Corporation from the fall of 2007 to the spring of 2011. This is my memory of the events that at least in part define the investor I am today. This is a complete discussion, at least from a financial perspective.

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Michael Mitchell

@IgnoreNarrative

1 year

Similarities to 2008 are getting too obvious to ignore 👇 - it’s a year, just like ‘08 was - the stock market is open - some days the market is up and others it is down - there are people - those people like to eat food If you don’t prepare for what’s coming that’s on you

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Michael Mitchell

@IgnoreNarrative

3 years

How I got a job in research at an investment bank as an outsider from a less than non-target school with zero experience (1/n)

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Michael Mitchell

@IgnoreNarrative

1 year

“Your son is doing well academically. We just can’t figure out why he always prefers to play by himself at recess” Have you considered whether all the other kids at this school are losers? I’m just saying that could be your problem right there

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Michael Mitchell

@IgnoreNarrative

3 years

We recently purchased 25 shares of $SPY in various retirement accounts making us a top 3 million shareholder. We've long admired the US economy and are glad the market gave us this opportunity. Read more on our thinking👇

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Michael Mitchell

@IgnoreNarrative

2 years

I don't have a lot of them, but here is my favorite Michael Price story Summer of 2003 I'm an intern at MFP. I've been there maybe a month and Michael asks me to go to an IPO lunch for him

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Michael Mitchell

@IgnoreNarrative

2 years

I’ve personally spoken to several RE funds that feel they should liquidate in year 1 of their 7 year life rather than collect fees because of this yield arbitrage It’s happening

Nick Gerli

@nickgerli1

2 years

😬Big Problems ahead for Real Estate Investors. The 6-Month US Treasury now yields basically the same as Buying & Renting Out a House in America (aka Cap Rate). Translation: big Real Estate Investor selloff coming. Especially among Wall Street owners. 📉

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Michael Mitchell

@IgnoreNarrative

2 years

My ideal job would be to drive around in a pickup all day with a dog in the front seat just checkin stuff out

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Michael Mitchell

@IgnoreNarrative

2 years

Just to hold myself accountable to everyone I covered my $FB short at 3pm and went all in on $SNAP My premium subscribers saw these trades in real time

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Michael Mitchell

@IgnoreNarrative

2 years

Said it before and I’ll say it again If you’re young, employed and a net saver, large declines in assets prices is a best case scenario LT forward returns are much higher today than they were this time last year

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Michael Mitchell

@IgnoreNarrative

2 years

I sat there confused for maybe 30 seconds and asked "why did you want me to go to that lunch?" Classic Michael "Well, I invested pre IPO and I figured this was going to be a hot deal so I was hoping that question would scare off investors and I could buy more on the open"

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Michael Mitchell

@IgnoreNarrative

2 years

Spent 50 cal casing from each one of my grandfathers 25 flights over German occupied France and Germany, 1943

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Michael Mitchell

@IgnoreNarrative

3 years

Feeling rich

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Michael Mitchell

@IgnoreNarrative

2 years

If you really want to learn about human behavior, don't bother with books, just join the board of a homeowners association Its honestly impressive how irrational people can be

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Michael Mitchell

@IgnoreNarrative

3 years

Fucking @midtown_rob man. Wow

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Michael Mitchell

@IgnoreNarrative

1 year

If you borrow in a currency you create, you cannot default

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Michael Mitchell

@IgnoreNarrative

2 years

My wife thinks she knows more about medicine than I do just because she went to medical school and is a board certified surgeon It’s offensive really

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Michael Mitchell

@IgnoreNarrative

3 years

Its like Graham said You own a piece of a business, and that business is attached to a large, potentially insolvent Chinese property developer

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Michael Mitchell

@IgnoreNarrative

3 years

My best friend died 5 years ago tomorrow Not sure I’ll ever get over it Life isn’t easy - everyone has issues. Im not always as nice to people as I should be and I’m sorry for that. I’ll do better

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Michael Mitchell

@IgnoreNarrative

2 years

A picture of someone who won the game 3 kids, 6 grandkids, 10 great grandkids Lived a good life, died in her sleep last night at 104 years of age. The best outcome any of us could hope for RIP grams. Miss you already

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Michael Mitchell

@IgnoreNarrative

2 years

10 years after I die the only people who will remember me are my family and closest friends None of them will think about how much money I made (or lost, lets be honest) or what stock pick I got right or wrong They'll remember our interactions, our travels, our stories

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Michael Mitchell

@IgnoreNarrative

3 years

The *only* reason I was in that interview in the first place is because I worked hard building relationships with people who wanted to help me The common thread in my professional life is relationships matter (end)

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Michael Mitchell

@IgnoreNarrative

3 years

Some of y’all don’t have three kids under 5 and it shows

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Michael Mitchell

@IgnoreNarrative

2 years

Same people saying Fed was behind the ball on hikes now saying it’s likely they’ll overshoot What if. And I know this is insane. But just think about it and expand your mind for 10 seconds What if they’re actually doing a good job?

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Michael Mitchell

@IgnoreNarrative

2 years

RIP king

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Michael Mitchell

@IgnoreNarrative

4 years

If you would have listened to me and followed every tweet I wrote in 2020 you’d be up 3.55% YTD. You’re welcome. #hero

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Michael Mitchell

@IgnoreNarrative

4 years

WEB selling the airlines. I guess we have our answer everyone. $DAL $LUV

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Michael Mitchell

@IgnoreNarrative

3 years

Another lesson I've learned the hard way Don't dunk on people, especially when you feel they deserve it They don't. And you'll get nothing for it except a person out there who will dislike you for the rest of your life (whether they admit it or not)

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Michael Mitchell

@IgnoreNarrative

2 years

I love how $SNAP is now a macro research shop

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Michael Mitchell

@IgnoreNarrative

3 years

The best part about twitter And I can’t stress how valuable this is Is watching narratives shift in real time I was able to see it at my prior shop (price always drove it), and was worried when I left I wouldn’t get to see it again Can’t believe this site is free

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Michael Mitchell

@IgnoreNarrative

3 years

This is a once in a lifetime. It will never happen again. Its pure luck Thanks everyone for the congrats & DMs - appreciate you all very much And most importantly, thanks to @kcerminara and @larryswets for (somehow, magically) changing my life

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Michael Mitchell

@IgnoreNarrative

1 year

I've been an entrepreneur for 5 months; here are 5 tips I've learned that can help you succeed 👊👇 1) have parents that pay for school 2) spend 15 years making millions as a HF analyst 3) marry a surgeon 4) be lucky 5) be good looking (optional)

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Michael Mitchell

@IgnoreNarrative

2 years

We're at the part of the cycle where I drink beer while taking a shower

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Michael Mitchell

@IgnoreNarrative

4 years

In case you guys didn’t know. I’m kind of a big deal (very successful and important). Just so we’re all clear. I’m going to tweet about my money and success a lot. Started at zero. Have a lot now. Important. And good looking (very). Not short.

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Michael Mitchell

@IgnoreNarrative

4 years

Why do investors / active managers obsess over “the bottom”? Serious question, if a stock is going to $100 in a reasonable time horizon, is it worth missing at $5 because you think it might go to $2? Or missing at $5 because it was $2 just a few weeks ago?

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Michael Mitchell

@IgnoreNarrative

2 years

Finally in the new house. Turns out we need furniture Cheers everyone

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Michael Mitchell

@IgnoreNarrative

3 years

Oh you like adjusted EBITDA? Name all the addbacks

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Michael Mitchell

@IgnoreNarrative

1 year

Today a bird slammed into my house. Instead of nursing it back to health I bit its head off and howled to show my kids the value of capital allocation

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Michael Mitchell

@IgnoreNarrative

3 years

The best thing about my life Is that I don’t give a fuck And it’s amazing

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Michael Mitchell

@IgnoreNarrative

3 years

One of the reasons I couldn't make it in HFs I would lose my shit every time someone brought up ST trading dynamics of my stocks* I'm like dude, if $CHTR is going to $600 who gives a shit if you paid $110 or $100? Why are we even having this conversation?

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Michael Mitchell

@IgnoreNarrative

2 years

Did I just get off the phone with Peter Lynch? Yes Did I tell him about my minivan? Also yes

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Michael Mitchell

@IgnoreNarrative

3 years

Update: I did not find a fortune on the Internet

Dave Hudson

@okc_dave

3 years

He’s not lying folks

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Michael Mitchell

@IgnoreNarrative

2 years

I think the issue is that Credit Suisse is widely understood to be a incredibly well run bank with excellent risk controls If it happened to them it could happen to anyone

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Michael Mitchell

@IgnoreNarrative

3 years

I've incorrectly predicted changes in inflation for over a decade Now, I have some new predictions Time for a thread 👇

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Michael Mitchell

@IgnoreNarrative

3 years

10 years ago I just started a new HF job and was staring down the worst qtr of my career ex GFC Greek ylds exploded Everyone was calling for a Eurozone breakup If you’d have told me the biggest risk of the next decade was not being fully invested I wouldn’t have believed you

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Michael Mitchell

@IgnoreNarrative

2 years

What I’m learning is that there are zero consequences for being structurally bearish assuming you don’t allocate capital but instead sell information When you’re wrong you’re considered early and people still care what you think Honestly it’s a pretty good biz model

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Michael Mitchell

@IgnoreNarrative

3 years

What I hated most about my HF career I would have a view on something, often not consensus People with zero skin in the game would constantly challenge my view, often in vicious and demeaning ways If I was right, people considered me to be lucky and...

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Michael Mitchell

@IgnoreNarrative

3 years

The happiest I've been since I left the HF world and retired My largest personal position (CHTR at that time) reported earnings and I had no idea it was earnings day (nor did I care) That was the first time I felt truly free

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Michael Mitchell

@IgnoreNarrative

2 years

-When shit hits the fan a good business becomes average and an average business becomes toxic -Good people always leave first, thank god not all good people left -Leverage in an asset intensive / cyclical / season business is not a good idea

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Michael Mitchell

@IgnoreNarrative

3 years

Ok got it

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Michael Mitchell

@IgnoreNarrative

2 years

Checking twitter tonight I learned: 1) housing is dead 2) inflation killed everyones puppy 3) crypto is going to zero 4) everyone is grifting 5) everyone on twitter predicted all of the above Wondering if I missed anything? Only been reading for an hour

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Michael Mitchell

@IgnoreNarrative

3 years

Give me a quote that resonates with you deeply

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Michael Mitchell

@IgnoreNarrative

3 years

Ok kids, lets get serious for a second I'm not saying this will happen, but what if, by some strange turn of fate, inflation jumps to like 5%+? What do you do? *don't you dare say BTC. don't do it. stop. hit cancel. get some help

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Michael Mitchell

@IgnoreNarrative

3 years

No one has any idea what’s going to happen 10+ years from now Zero people predicted where we are now 10 years ago Probabilities + margin of safety, full stop

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Michael Mitchell

@IgnoreNarrative

3 years

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Michael Mitchell

@IgnoreNarrative

3 years

Rights Offerings A (very) basic thread on how they work and why they are used And apologies in advance, this thread is really long so its coming in two parts (1/x)

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Michael Mitchell

@IgnoreNarrative

2 years

Seriously, how can you credibly argue we haven't underbuilt the last 10 years when you see the current inventory and witness what happens when a decent home comes on the market? I feel like i'm taking crazy pills

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Michael Mitchell

@IgnoreNarrative

2 years

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Michael Mitchell

@IgnoreNarrative

3 years

Is that a lot? Seems like a lot

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Michael Mitchell

@IgnoreNarrative

4 years

Imagine believing markets are efficient

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Michael Mitchell

@IgnoreNarrative

10 months

In May of 2011 I started my last new analyst position at Locust Wood Capital I had spent >5 years at an activist fund in Greenwich and I was excited to move to a smaller shop with more flexibility in their mandate First day on the job Steve (founder, PM) walked into my office

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Michael Mitchell

@IgnoreNarrative

3 years

Why is “I don’t know” not an acceptable answer?

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Michael Mitchell

@IgnoreNarrative

3 years

Man this guy really knows how to hedge

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Michael Mitchell

@IgnoreNarrative

1 year

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Michael Mitchell

@IgnoreNarrative

3 years

I forgot who posted this earlier so I can’t give you the h/t but damn if this isn’t exactly correct

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Michael Mitchell

@IgnoreNarrative

3 years

But I am willing to take a view - and I am willing to put my money behind it To me opinions are worth very little from those with no skin in the game If you put your money where your mouth is, and you take a non consensus view, you have my deepest respect

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Michael Mitchell

@IgnoreNarrative

2 years

Bear market vibes Cheers everyone

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Michael Mitchell

@IgnoreNarrative

2 years

Why do deals have code names? “We’re working on project scorpion” really? You’re a grown ass man selling an HVAC company

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Michael Mitchell

@IgnoreNarrative

3 years

It isn’t the top until Time Warner merges with AOL

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Michael Mitchell

@IgnoreNarrative

2 years

Whats the worst single stock drawdown you've ever endured? I'll go first ---> 97%

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Michael Mitchell

@IgnoreNarrative

2 years

I'm now remarried with 3 little boys That settlement was the best money I've ever spent and honestly its not close. ROI is off the charts "If you find yourself in a leaky boat, stop trying to fix the leak and find another boat" - Eddie Vedder

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Michael Mitchell

@IgnoreNarrative

3 years

I married a doctor and I’ve been betting on commodities. What else am I doing wrong in my life?

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Michael Mitchell

@IgnoreNarrative

2 years

If you are going to borrow, make sure its lock tight -Retail is hard -Merchandising is a dark art -Take care of your lending partners, if you don’t they won’t take care of you -Relationships matter -Never buy a mall based retail jeweler

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Michael Mitchell

@IgnoreNarrative

3 years

You really do love to see it

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Michael Mitchell

@IgnoreNarrative

2 years

Tomorrow we are likely to close limit down But could be down just not limit. Or limit up. Or flat. Or up just not at limit My premium subscribers are prepared

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Michael Mitchell

@IgnoreNarrative

2 years

I've been asked a few times about my divorce - here are the details She asked for it late Aug '09. 7 months and $50k in legal fees later we were divorced No kids so pretty simple. I offered 50/50 asset split, she bid 75/25 and I smashed that shit without a second thought

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Michael Mitchell

@IgnoreNarrative

3 years

Are we witnessing an inflection in interest / fan adoption of @F1 in the US or am I over thinking it?

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Michael Mitchell

@IgnoreNarrative

3 years

Be the person people want to call when they need to talk through an idea

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Michael Mitchell

@IgnoreNarrative

2 years

Take comfort in the fact that two years from now you’ll be stressed about something you’re convinced is way worse than what happened in 2022

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Michael Mitchell

@IgnoreNarrative

3 years

I can’t stress this enough It’s ok if you don’t like me I’m not offended - I totally get it I’m not for everyone and honestly I’m not trying to be. Only thing I know how to be is myself Send tweet

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Michael Mitchell

@IgnoreNarrative

2 years

You may not understand it, but this is what peak performance looks like h/t locked acct 2nd h/t ⁦ @itsoversmh ⁩

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Michael Mitchell

@IgnoreNarrative

2 years

It was one of the hardest times in my life. And yet it has led to the best times in my life Wouldn't change a single thing about it That Munger quote is exactly right in my experience. Sometimes things can be fixed, sometimes they can't, the key is to know the difference

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Michael Mitchell

@IgnoreNarrative

3 years

Observation Investors and traders spend way too much time thinking and talking about the way they think things should be And not nearly enough time thinking and talking about the way things actually are

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Michael Mitchell

@IgnoreNarrative

3 years

OK so something that I don't talk about very often but is on my mind right now I've been involved in markets for 18 years. I've seen a lot of drawdowns and a few crashes I try as hard as I can to be dispassionate because I believe firmly it's critical to success But...

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Michael Mitchell

@IgnoreNarrative

2 years

If you were all knowing and could precisely predict a businesses cash flows from now until the end of time you wouldn't put any weight on the quality of that business So why do people care? Because cash flows are not predictable and quality offers downside protection***

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Michael Mitchell

@IgnoreNarrative

2 years

Next weekend is Memorial Day weekend right?

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Michael Mitchell

@IgnoreNarrative

3 years

After much deliberation I’ve decided that I will not be doing a newsletter. And even better, the newsletter I don’t produce will be free That same lack of content you’re used to seeing from me will always be there - free of charge I’m a giver You’re welcome

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Michael Mitchell

@IgnoreNarrative

3 years

Name a better movie than Eurotrip I’ll wait

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Michael Mitchell

@IgnoreNarrative

3 years

The key to this whole thing And I can’t stress this enough Is having the right partners

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Michael Mitchell

@IgnoreNarrative

2 years

Nowhere on my tombstone will it talk about my investment returns or how much money I made And that is because I intend to be cremated Otherwise my wealth and returns would be the only things discussed

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Michael Mitchell

@IgnoreNarrative

3 years

Happy Holidays from the Mitchell boys

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Michael Mitchell

@IgnoreNarrative

3 years

Best elf on a shelf setup I’ve seen

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Michael Mitchell

@IgnoreNarrative

3 years

Lumber is actually having a pretty good month when denominated in BTC

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Michael Mitchell

@IgnoreNarrative

3 years

Breaking vacation to give you the sum total of my life experience It’s better to be nice It’s better to stay positive That’s it. That’s all I got

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Michael Mitchell

@IgnoreNarrative

3 years

Hey, look at us

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Michael Mitchell

@IgnoreNarrative

2 years

Why make billions trading your own insights when you can make hundreds of thousands selling trading ideas? My premium subscribers know

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Michael Mitchell

@IgnoreNarrative

4 years

Take A twitter account and yahoo finance is worth multiples of a Bloomberg terminal and unlimited SS access

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Michael Mitchell

@IgnoreNarrative

2 years

It’s just money Honestly some of you need to get your shit together

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Michael Mitchell

@IgnoreNarrative

4 years

A good friend of mine, quoting his PM, once said that there are three types of businesses: - Bad businesses - Good businesses - Great businesses True alpha is generated when you're able to spot a business transitioning between those buckets I think about that constantly

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