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Thomas Chua

@SteadyCompound

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Filling my stock portfolio with steady compounders and sharing my analysis at

Join over 10k readers here →
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Joined October 2020
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
Buffett's letters taught me more about investing than any business school ever could. Even after investing for 14 years, I uncover new insights every time I reread his letters. Recently, I reread his letters from 1977 to 2020 for a third time. Here are my key insights:
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
Having a finance degree did not make me a better investor. Rather, I learned 10x more about investing from Twitter University. 🧵 Here are 5 threads from world-class Fintwitters.
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@SteadyCompound
Thomas Chua
@SteadyCompound
1 year
Warren Buffett believes Munger has the best 30-second mind in the world. He sees the essence of everything before you even finish the sentence. That’s because Munger has a robust latticework of mental models in his mind. Here are 8 indispensable mental models:
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@SteadyCompound
Thomas Chua
@SteadyCompound
10 months
My greatest lesson from Munger: •Never ever feel sorry for yourself •Never have envy
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@SteadyCompound
Thomas Chua
@SteadyCompound
1 year
Warren Buffett believes Munger has the best 30-second mind in the world. He sees the essence of everything before you even finish the sentence. That’s because Munger has a robust latticework of mental models in his mind. Here are 8 indispensable mental models:
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
My complete research toolkit for analyzing a stock. Feel free to add any that I have missed out!
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@SteadyCompound
Thomas Chua
@SteadyCompound
1 year
"The Algorithm" by Elon Musk These are the 5 commandments he developed from the lessons he learned during production hell: ( #5 surprised me) 1. Question every requirement. Each should come with the name of the person who made it. You should never accept that a requirement
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@SteadyCompound
Thomas Chua
@SteadyCompound
1 year
I'm sharing my complete research toolkit for analyzing stocks. Includes tracking of insiders & super investors, financial data, charting, tracking of traffic, product sales and more! Reply 👋 below, I’ll send you my complete research toolkit. Follow me so I can DM you.
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@SteadyCompound
Thomas Chua
@SteadyCompound
10 months
Charlie Munger final interview with CNBC: Is there anything left on your bucket list? Well... I am so old and weak compared to when I was 96 I no longer want to catch a 200 lbs tuna... ...I would have paid any amount to catch a 200 lbs tuna
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
The investor's bible. By the father of value investing and mentor to Warren Buffett. After reading all 725 pages, I was blown away. Here are 18 timeless lessons you can apply to investing today:
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
I thought getting a finance degree would make me a better investor. Instead, the best educators were at Fintwit University. 🧵 Here are 5 threads that taught me the most:
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
My updated research toolkit for analyzing stocks. Financial data, tracking of insiders & super investors, charting, track web traffic, product sales and more! Reply 👋 below, I’ll send you the link to my research toolkit spreadsheet. Follow me so I can DM you.
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
Having a finance degree did not make me a better investor. Rather, I learned 10x more about investing from Twitter University. 🧵 Here are 5 threads from world-class Fintwitters.
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
There are 63,105 stocks in the investing universe. But only 947 firms drove ~100% of the returns. That's less than 1.5% of the entire investing universe. Without a screener, it is like finding a needle in a haystack. Here are the top 5 screeners to hunt for winners:
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
I'm sharing my complete research toolkit for analyzing stocks. Includes tracking of insiders & super investors, financial data, charting, tracking of traffic, product sales and more! Reply 👋 below, I’ll send you my complete research toolkit. Follow me so I can DM you.
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
Having a finance degree did not make me a better investor. Rather, I learned 10x more about investing from Twitter University. 🧵 Here are 5 threads from world-class Fintwitters.
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
Over a 15 year period, 90% of active funds can't beat the market. I've spent months studying the top 10% who do. Here's what I learned:
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
I'm sharing my complete research toolkit for analyzing stocks. Includes tracking of insiders & super investors, financial data, charting, tracking of traffic, product sales and more! Reply 👋 below, I’ll send you my complete research toolkit. Follow me so I can DM you.
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Thomas Chua
@SteadyCompound
2 years
The Berkshire AGM is back in Omaha after 2 years. Great to see Warren & Charlie being sharp as ever. My key takeaways from this year's $BRK AGM:
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Thomas Chua
@SteadyCompound
1 year
Buffett is arguably the best investor in banks. He explains: - Why he sold most of his bank holdings - What caused this banking crisis - Who's losing their pants Plus, he talked about Berkshire's recent portfolio moves & more. Here're my notes from this 160 min interview:
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Thomas Chua
@SteadyCompound
10 months
Charlie Munger's final lesson for us: Don't wait to catch your tuna until it's too late I still find it hard to accept that Charlie Munger is no longer with us. In what would be his final interview, CNBC’s Becky Quick posed a thought-provoking question: “Is there anything left
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Thomas Chua
@SteadyCompound
1 year
Warren Buffett identified these six qualities to succeed as an investor:
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Thomas Chua
@SteadyCompound
9 months
True with managing yourself during market drawdowns, true with managing people.
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
The investor's bible. By the father of value investing and mentor to Warren Buffett. After reading all 725 pages, I was blown away. Here are 18 timeless lessons you can apply to investing today:
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@SteadyCompound
Thomas Chua
@SteadyCompound
8 months
My greatest lesson from Munger: •Never ever feel sorry for yourself •Never have envy
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
At 98, Munger is as sharp as ever. His recent 2-hour sharing at $DJCO was 🔥 Talked about $BABA, $COST, $ATVI, crypto, interest rates, envy, antitrust, the great resignation, growth vs value investing and MORE. Here are my notes:
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Thomas Chua
@SteadyCompound
1 year
Devoured 46 years of Warren Buffett's wisdom through his letters from 1977 to 2022. My eyes are tired, but my mind is richer! It taught me more about investing than any business school ever could. Here's what I learned:
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Thomas Chua
@SteadyCompound
1 year
Traveled 26 hours for this! My first live Berkshire annual shareholders meeting.
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
I've read over 1,000 Annual Reports. Here's how to read an annual report in 1 hour. A step-by-step guide for busy people:
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Thomas Chua
@SteadyCompound
3 years
10 Investing Gems from Peter Lynch. This legend inherited a $20 million fund and grew it to $14 billion. Delivering a 29.2% annual return between 1977 and 1990. Here is how he did it:
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Thomas Chua
@SteadyCompound
2 years
I'm tired of the question: "How do I value stocks?" For the next 36 hours, I'm giving away FREE access to my valuation course. Simply: • Reply 'Valuation' • Like • RT I'll send you a link to my valuation course. Follow me so I can DM you.
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Thomas Chua
@SteadyCompound
2 years
At 99, Charlie Munger is still one of the sharpest minds around. In the latest 2.5 hours $DJCO meeting, he discussed: - His mistake with $BABA - Views on Chat GPT - China geopolitics and more. Here are my notes:
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Thomas Chua
@SteadyCompound
2 years
Li Lu is one of the greatest investors of our time. He's spoken at CBS and Peking University, and published a book on value investing. He spoke extensively about the way to research a stock and what it takes to succeed as an investor. Here's 15 timeless lessons:
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Thomas Chua
@SteadyCompound
1 year
You asked, I delivered. Many of you have asked me how to value a company. To best address this topic, I went back to basics. Valuation by Mckinsey, Aswath Damodaran's lectures, MM papers and more. Just comment 'valuation'. I'll DM you my notes: A Primer On Valuation
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Thomas Chua
@SteadyCompound
3 years
Jeff Bezos left a lucrative career at 30 to start an online book store. His letters since founding Amazon are full of insights into investing, decision making and life. I have consumed all of Jeff's letters and interviews since 1997. This is what I have learned:
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Thomas Chua
@SteadyCompound
3 years
You asked, I delivered. Many of you have asked me how to value a company. To best address this topic, I went back to basics. Valuation by Mckinsey, Aswath Damodaran's lectures, MM papers and more. Check out: A Primer On Valuation 👇
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Thomas Chua
@SteadyCompound
2 years
Terry Smith is often referred to as "the English Warren Buffett". He runs Fundsmith which has a fund size of £22.8bn. Despite the size, Fundsmith did a CAGR of 15.6% In his book Investing for Growth, he explains his investing philosophy. Here's a breakdown:
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Thomas Chua
@SteadyCompound
3 years
Before, the only way to learn from investing legends was to get into Columbia Business School. It featured greats such as Ben Graham, Joel Greenblatt & Bruce Greenwald. Today, the internet has made education available to all for FREE! The top 5 'lectures' by fund managers:
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Thomas Chua
@SteadyCompound
2 years
We have all read Peter Lynch's One Up Wall Street. But few people know that he wrote for Worth Magazine from 1992 to 1999. It's a 181 page bonus scene to his best seller. Here are my biggest takeaway:
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Thomas Chua
@SteadyCompound
2 years
I asked, "What's a book that changed the way you invest?" And I received over 100+ responses. Here are 20 books that will make you a better investor:
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Thomas Chua
@SteadyCompound
2 years
A list of CEO letters you should read: - Joey Levin, IAC - Jack Welch, GE - Jeff Bezos, Amazon - Prem Watsa, Fairfax - Warren Buffett, Berkshire - Mark Leonard, Constellation - Jamie Dimon, JPMorgan Chase - Bruce Flatt, Brookfield Asset Mgt - Steve Markel & Tom Gayner, Markel
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Thomas Chua
@SteadyCompound
11 months
Accounting 101:
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Thomas Chua
@SteadyCompound
3 years
Jeff Bezos once said "Advertising is the price you pay for having an unremarkable product or service." Two companies come to my mind who don't have marketing expenses: 1. Hermès 2. $TSLA Any others?
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Thomas Chua
@SteadyCompound
2 years
This is the best podcast I've listened this year. Annie Duke won over $4 million as a professional poker player and is an expert on decision-making. Together with William Green, they talk about: - Investing - Cognitive biases - Decision-making Here are my notes:
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Thomas Chua
@SteadyCompound
10 months
Part of Amazon's success is due to the decision-making frameworks they've in place. In the latest Lex Fridman interview with Jeff Bezos, they talked about how Bezo's push Blue Origins and Amazon to be the world's most decisive companies. Two way door decisions: If it's a two
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Thomas Chua
@SteadyCompound
1 year
1/ Just had a deep-dive into an enlightening podcast with Aswath Damodaran, the 'Dean of Valuation.' Sharing some key takeaways from his insights on business valuation and personal investing strategies. 🧵
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Thomas Chua
@SteadyCompound
3 years
Youtube provides us access to the top investors worldwide. But 98.8% don't use it to its full potential. Five videos that provide the best investing insights:
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Thomas Chua
@SteadyCompound
1 year
Charlie Munger only invests in 3 holdings: Berkshire, Costco, and Li Lu's fund. He entrusted a portion of his investments to Li Lu and called him a genius. Here's what Li Lu says about defining your Circle of Competence:
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Thomas Chua
@SteadyCompound
1 year
Before, the only way to learn from investing legends was to get into Columbia Business School. It featured greats such as Ben Graham, Joel Greenblatt & Bruce Greenwald. Today, the internet has made education available to all for FREE! The top 5 'lectures' by fund managers:
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Thomas Chua
@SteadyCompound
3 years
Warren Buffett 2021 letter has dropped! Buffett's letters since his partnership years are jammed with insights. And he taught me more than any business school ever could. This year is no different. Here are my key insights:
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Thomas Chua
@SteadyCompound
1 year
In 1984, Charlie Munger sent Robert Cialdini a giant envelope. He gave Robert a Class A Berkshire share. Because the lessons in his book made them hundreds of millions. I attended his talk: 7 Principles of Persuasion. To get my notes: - Like - Follow - Reply 'done' I'll DM.
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Thomas Chua
@SteadyCompound
2 years
Everyone should read One Up On Wall Street at least once. Peter Lynch not only achieved a legendary 29% CAGR over 13 years. His ability to turn complex investing concepts into stories is remarkable. I reread the book recently & I'm still blown away. Here are my notes:
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Thomas Chua
@SteadyCompound
2 years
Deep-dive on $TSLA open for all for the next 72 hours. WARNING: Research isn't for people who can't think or reason. I'm neither a Tesla fanboy nor a Tesla hater. I'm simply someone who loves studying business.
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Tesla Research Report

I breakdown businesses and share lessons from superinvestors. Join over 10,000 Steady Compounders by subscribing here: If you enjoy stocks

steadycompounding.com
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Thomas Chua
@SteadyCompound
2 years
Ted Weschler is one of Warren Buffett's investment lieutenants. He rarely speaks publicly about himself. In a rare interview recently, he reveals: • How he landed a job with Warren Buffett • Why he's always positive • What he reads Here are my key takeaways:
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Thomas Chua
@SteadyCompound
10 months
Li Lu' tribute to Charlie: "He insisted on making money in the most morally sound way, entering transactions only when, if positions were reversed, he would comfortably take the other side. He sought worldly wisdom through life-long learning. He guided life with rationality
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Thomas Chua
@SteadyCompound
11 months
You asked, I delivered. Many of you have asked me how to value a company. To best address this topic, I went back to basics. Valuation by Mckinsey, Aswath Damodaran's lectures, MM papers and more. Just comment 'valuation'. I'll DM you my notes: A Primer On Valuation
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
Jeff Bezos left a lucrative career at 30 to start an online book store. His letters are full of insights into investing, decision making and life. I have consumed all of Jeff's letters and interviews from 1997 to 2021. 10 timeless lessons and frameworks from Jeff Bezos:
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Thomas Chua
@SteadyCompound
1 year
Buffett on the 4 characteristics of a wonderful business:
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Thomas Chua
@SteadyCompound
3 years
1. Moat is NEVER stagnant A company's competitive position either grows stronger or weaker each day. Widening the moat must always take precedence over short-term targets.
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Thomas Chua
@SteadyCompound
2 years
Guide for estimating shareholder value.
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Thomas Chua
@SteadyCompound
2 years
Warren Buffett closed his partnership in 1969. But his investors were looking to invest in a value fund. And Buffett recommended them to Bill Ruane of the Sequoia Fund. Buffett respected his investing philosophy & track record. 10 investing gems from Bill Ruane:
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Thomas Chua
@SteadyCompound
2 years
Every investor should study: 1. How to read financial statements 2. Aswath videos on valuation 3. Poor Charlie’s Almanack 4. Warren Buffett letters 5. Human psychology 6. Types of SEC filing 7. Annual reports 8. Earning calls I’m sure I’m missing something, but these are key.
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Thomas Chua
@SteadyCompound
2 years
P/E ratio 101 P/E ratio is one of the most popular tools analysts use to value stocks. But it is one of the MOST misunderstood (or misused) metric. Here's P/E ratio 101:
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Thomas Chua
@SteadyCompound
3 years
Buffett's Ultimate Referral Warren Buffett closed his partnership in 1969. But his investors were looking to invest in a value fund. And Buffett recommended them to the one and only: Bill Ruane of Sequoia Fund 10 investing gems from Bill Ruane:
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Thomas Chua
@SteadyCompound
3 months
Bill Ackman's core investment principles:
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Thomas Chua
@SteadyCompound
1 year
There are 63,105 stocks in the investing universe. But only 947 firms drove ~100% of the returns. That's less than 1.5% of the entire investing universe. Without a screener, it is like finding a needle in a haystack. Here are the top 5 screeners to hunt for winners:
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
The Marathon Asset letters from 2002 to 2015 are a treasure trove of investment insights. It covers everything from cycles to market psychology and their investment framework. Fun fact: Nick Sleep was an analyst at Marathon prior to founding Nomad. Here are my notes:
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Thomas Chua
@SteadyCompound
3 years
Read Buffett letters Read annual reports Read books on accounting Read books on businesses Read the Poor Charlie’s Almanack You will become a better investor
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Thomas Chua
@SteadyCompound
3 years
Many have asked for accounting book recommendations. Here are 5 that will help you become a better investor:
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Thomas Chua
@SteadyCompound
2 years
I came across Warren Buffett's writings in 2009. For 14 years, I have consumed every book & interviews about him. 14 lessons on investing and life: 🧵
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Thomas Chua
@SteadyCompound
4 months
Valuation: why multiples are becoming less useful Source: Valuation Multiples by Michael Mauboussin & Dan Callahan
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Thomas Chua
@SteadyCompound
2 years
4 Investing Books You Must Read 1. The Joys of Compounding 2. The Warren Buffett Way 3. One Up On Wall Street 4. 100-Baggers What’s your favorite investing book?
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Thomas Chua
@SteadyCompound
2 years
You should know about Allan Mecham. At 22, he dropped out of college to start his fund, Arlington Value. From 2008-2016, he delivered an impressive 30% CAGR over 8.5 years! He reveals his framework for investing in businesses in his fund letters. Here's a complete breakdown:
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Thomas Chua
@SteadyCompound
2 years
I have transcribed the latest Charlie Munger 2.5 hours Daily Journal Annual Shareholder Meeting. If you like a copy of the transcript, reply "Munger" and I'll drop you the link.
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@SteadyCompound
3 years
If I have to name someone who taught me most about: Risks, volatility and market cycles It has to be Howard Marks from Oaktree Capital. Buffett once said: "When I see memos from Howard Marks in my mail, they're the first thing I open and read." Here are my key insights:
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Thomas Chua
@SteadyCompound
4 months
If you listen to just one podcast this week, let it be this one. Howard Marks in conversation with Nicolai Tangen—where brilliant questions elicit a wealth of wisdom and insightful answers. Dive into a masterclass on investing, risk management, and decision-making. Here are my
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Thomas Chua
@SteadyCompound
3 years
Marathon Asset produced several iconic investors such as Nick Sleep and Jeremy Hosking. Their letters from 2002 to 2015 provided a treasure trove of insights into their investment frameworks and how they look at the capital cycle. Here are my main takeaways:
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@SteadyCompound
2 years
You don’t need a finance degree to start investing. Go find: -Warren Buffett letters -Aswath Damodaran’s Youtube -Annual reports of companies you are loyal to All the information to learn is out there on the internet. There has never been a better time to start learning.
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Thomas Chua
@SteadyCompound
3 years
5. Fundamentals of investing •Know your circle of competence •Focus on future cash flows •Refrain from price speculation •Ignore volatility •Macro is a waste of time
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Thomas Chua
@SteadyCompound
10 months
10 favorite quotes from Charlie Munger: 1. On letting go of hate: “There are two things I have noticed in a long life, that really do enormous damage to the bearer. One of them is resentment, and the other is hatred. What good is it going to do you to have this vast resentment
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Thomas Chua
@SteadyCompound
3 years
Many people refer to Terry Smith as the "English Warren Buffett". He spoke at Fundsmith's latest Annual Shareholder Meeting about: •His stake in $AMZN, $FB & $GOOGL •Why he continues to hold $PYPL •Inflation & interest rates • Ukraine-Russia war Here are my notes:
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Thomas Chua
@SteadyCompound
3 years
Terry Smith is often referred to as "the English Warren Buffett". He runs Fundsmith which has a fund size of £27.9bn. Despite the size, Fundsmith did a CAGR of 18.4%. In his book Investing for Growth, he explains his investing philosophy. Here's a breakdown:
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Thomas Chua
@SteadyCompound
2 years
I'm sharing my notes for Buffett's recent interview with Charlie Rose. He talks about: • His routine • What brings him happiness • Why he don't refer to his investments as stocks... and more! Reply below if you want a copy.
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Thomas Chua
@SteadyCompound
2 years
Buffett: We define intrinsic value as the discounted value of the cash that can be taken out of a business during its remaining life. Charlie Munger: I have never seen him do a DCF before.
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@SteadyCompound
3 years
Write-up on $BABA
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Thomas Chua
@SteadyCompound
1 year
The 5 minute classic from Buffett on how to identify a good business. Always a great teacher.
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
Charlie Munger advice on looking for investment ideas: 1. Study what the great investors are buying 2. Look at the cannibals (companies buying back shares aggressively) 3. Carefully study spinoff The list of great investors I study quarterly and the tools I use to track them:
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Thomas Chua
@SteadyCompound
1 year
My notes from Warren Buffett letters from 1977 to 2022: 1. Moat is NEVER stagnant A company's competitive position either grows stronger or weaker each day. Widening the moat must always take precedence over short-term targets. 2. Commodity businesses A business
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
The Peter Lynch secret archive. We have all read Peter Lynch's One Up Wall Street. But few people know that he wrote for Worth Magazine from 1992 to 1999. It's a 181 page bonus scene to his best seller. Here are my biggest takeaway:
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Thomas Chua
@SteadyCompound
11 months
Lessons from Charlie Munger latest podcast interview: I have added some context to the interview to help you better understand the stories Munger shared. 1. On retail investors gambling in the stock market "They don't really know anything about the companies or anything. They
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Thomas Chua
@SteadyCompound
10 months
Charlie Munger & John Collison podcast. It's bittersweet listening to one of Charlie's final interviews. His words of wisdom were always simple and straightforward. Here're my 15 takeaways:
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
$NFLX is the exact opposite of $NYT. One terminates your subscription automatically for you when you don't use it. The other makes you jump over walls to cancel anything.
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
Charlie Munger only invests in 3 holdings: Berkshire, Costco, and Li Lu's fund. He called Li Lu a genius and entrusted part of his investments to him. Here's everything Li Lu has to say about defining your Circle of Competence:
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
News headlines are constantly screaming: “Rising interest rates are tanking the stock market!” Unfortunately, they rarely explain the reasons. Here's why:
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
If you invest, you MUST learn how to analyze the Income Statement. Income statement provide insights into a company's: - Growth potential - Moat trajectory - Red flags A complete guide to analyzing the Income Statement (with case studies):
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
Business school: The stock market is highly efficient and everything is perfectly priced Real-world:
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@SteadyCompound
Thomas Chua
@SteadyCompound
2 years
A list of CEO letters you should read: - Joey Levin, IAC - Jeff Bezos, Amazon - Prem Watsa, Fairfax - Warren Buffett, Berkshire - Mark Leonard, Constellation - Jamie Dimon, JPMorgan Chase - Bruce Flatt, Brookfield Asset Mgt - Steve Markel & Tom Gayner, Markel Any others?
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@SteadyCompound
Thomas Chua
@SteadyCompound
10 months
A hero and mentor to many. His wisdom and kindness will continue to benefit countless others. RIP Charlie.
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@SteadyCompound
Thomas Chua
@SteadyCompound
3 years
Many of you have asked me how to value a company. To best address this topic, I'm going back to basics. I'll explain this in an upcoming thread by using first principles. If you would like to receive a valuation spreadsheet, say 👋 below! I'll send you once it's ready.
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Thomas Chua
@SteadyCompound
2 years
Investing is 20% reading, 30% thinking and 50% how you behave when Mr. Market is throwing a tantrum.
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