The Berkshire Hathaway shareholder letters are often recommended as a great, free investment curriculum. I would argue that reading the collected works of
@mjmauboussin
would rank right up there. Including this most recent piece on EV/EBITDA:
The
@Royals
are reportedly for sale for roughly $1 billion. The current owner purchased the club in 2000 for $96 million. Doing that math, and leaving aside any intervening cash flows, that works out to a 13.1% compound return over 19 years.
To all those kids in high school who said I would never gather 66k followers on a not-yet created social network based on a not-yet commercialized Internet: suck it.
I have now been on Twitter for over ten years talking largely about finance and investing. It just so happens that my first viral tweet, as it were, is about my dislike of raisins. Go figure...
I don't pre-order many books but "The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution" by
@GZuckerman
is definitely one of them.
The
@ReformedBroker
just unleashed an epic post for your Thanksgiving holiday reading pleasure. Make yourself a turkey sandwich and sit down for an education.
In a 'random watch down Wall Street,'
@michaelbatnick
and
@awealthofcs
watch 'Margin Call.' IMHO, one of two great GFC movies, 'The Big Short' being the other.
📊 Top clicks this week on Abnormal Returns including: replicating venture capital returns, the downside of owning a vacation home, and the 60/40 portfolio drawdown.
image:
In an epic post,
@ReformedBroker
has either identified the defining feature of the capital markets for the next few decades or he just "called the top in the decade-long growth versus value massacre"? You make the call!
It's hard to be genuinely surprised these days by the news with all like leaks, hints and subtweets. However, the news that Amazon is raising minimum wages to $15 an hour for all employees caught me unawares.
I recognize that Nassim Taleb is a controversial figure, but his first book: "Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets" is a worthwhile read. The Kindle-version is on sale for $2.99:
My Q&A with Michael Batnick (
@michaelbatnick
) author of the newly published "Big Mistakes: The Best Investors and Their Worst Investments." We were able to tease out some commonalities across investors:
"The very first thing a true behavioral investor must do is realize that she/he is just as susceptible to all of the same risks, oversights and foibles as the next person." -
@danielcrosby
From a Q&A with Daniel Crosby author of "The Behavioral Investor"
Love this idea of buying back personal medical debt at cents on the dollar in order to extinguish it for people. (via
@nytimes
) Nice work,
@RIPMedicalDebt
!
Truth.
"Any data going back to the 1800s is suspect, whether it’s used for the stock market, housing, or avocado toast menu prices. There’s just no way the records going back that far are reliable." -
@awealthofcs
Great chart by
@Solomon_Slate
showing the breadth of the yield curve inversion.
Historically, we might want to see at least 70% of the yield curve invert before the recession trigger is given.
Recession probably follows immediately or up to 24 months of lag.
🆓What everyone was clicking on this week [11.30.19] on Abnormal Returns which includes: a five-step investment checklist, investment books that have stood the test of time and the best investment YOU can make.
image:
I've wanted to start a podcast for some time now. Then I listen to ILTB by
@patrick_oshag
every week and think "Oh, crap. I can't do one better than this." And get myself another cup of coffee...
My favorite book on meditation: "10% Happier: How I Tamed the Voice in My Head, Reduced Stress Without Losing My Edge, and Found Self-Help That Actually Works" by
@danbharris
is just $2.99 for the Kindle.
"Only purpose of building
#wealth
is independence and control...ability to wake up every morning and say I can do whatever I want today." ~
@morganhousel
I agree, Morgan. I have experienced this life for 10+ years now.😇
Watch the entire episode here -
A little late to this, but here is my response to
@RampCapitalLLC
's question about the stuff, 50 years from now, that we will find unfathomable about society today. My answer: the stigma around mental illness.
🆓Wednesday links: high asset class correlations, pulling back from the pandemic borrowing binge and how remote work differs from 'work from home.'
chart:
F*ck Facebook, tonight my faith in social media got renewed when creators like
@briankoppelman
shares how he makes a great show like "Billions" or
@ReformedBroker
talks you through consciously building a new kind of asset management firm.