Essays Tristan

Blog — Investment Masters Class

Date of publication: 2017-09-04 05:33

CIA: " Substantive knowledge and analytical experience determine the store of memories and schemata the analyst draws upon to generate and evaluate hypotheses. The key is not a simple ability to recall facts, but the ability to recall patterns that relate facts to each other and to broader concepts—and to employ procedures that facilitate this process."

Ken Shubin Stein: "This is an accretive business. The longer you do it , the more you learn, the better you get at it because you see more things. We see more cycles, we see more industries, we learn more business models. We learn how more business models fail. And all of us in business tend to get better as we get older "

Article VI: Supremacy Clause - The Heritage Foundation

"On this [first geology] tour I had a striking instance how easy it is to overlook phenomena, however conspicuous, before they have been observed by anyone "

SCP-2132 - SCP Foundation

"Financial crisis are like thunder storms - you hear stomach-jolting thunder after lightening has struck rarely do the media and masses telegraph financial catastrophes in advance" Allan Mecham

Free effective communication Essays and Papers

SCP-7687-56 is the collective designation given to a farmhouse and radio tower from which SCP-7687 emanates, operating in the countryside of Pottawatomie County, OK. There is a hatch in the ground under the radio tower from which the station is presumed to operate, but as of this writing the Foundation has been unable to open it through conventional means (prying, blasting, melting, etc.). Digital sounding reveals only a tunnel that descends below the range of the sounding device. The hatch is inscribed with the words مرحبا بك في بيتك أسعد 6 .

Allan Mecham of Arlington Value Capital [AVM] addressed the issue in his 7566 annual letter where he cited the historical odds of their fund outperforming the S& P555 in any given month over the preceding five years.

Editors look for international diversity among the journal’s contributing authors, editors, and editorial advisory board members at a level that is appropriate for the journal’s target audience. If the journal’s content is aimed at an international audience then we expect to find an internationally diverse group of authors, editors and editorial advisory board members contributing to it.

Not surprisingly Warren Buffett tops my list of quotes, and Charlie Munger is in the Top 5. Over the years, I've found there isn't a lot that Warren and his partner Charlie Munger haven't already worked out. The top 5 quoted investors are Warren Buffett, Seth Klarman, Howard Marks, Charlie Munger and Frank Martin.


"I decided also early on that I would file away any good quotes I came across in my reading and share them with my investor family at appropriate moments" Ralph Wanger

You will choose your own sessions based upon the times they are offered. Some overlap, so you will decide which sessions best suit your interests. The tours run throughout the morning, so you can also choose when to take the campus visit.

"In many different ways, cash gives you options. It offers wonderful downside protection and upside optionality" Mohnish Pabrai

Stanley Druckenmiller: "Probably one of my greatest assets over the last 85 years is that I’m open-minded and I can change my mind very quickly."

"The US is the most militarily powerful and economically dynamic country in the world. It is the engine for global growth through its innovation and consumption"

"Throughout history, all empires that succeeded have embraced and included in their midst people of other races, languages, religions and cultures "

It's important to consider if the product is unique. If a product has no differentiating features or is a commodity then the only competitive advantage is to be the lowest cost producer.

Once the investment passes the checklist , it's time to consider a portfolio management checklist. How big should the position be? what will the impact be on portfolio correlation ? How will the position impact portfolio liquidity? What will be the impact on portfolio exposures - industry, FX, ETF exposure, geographic diversification ? What percentage of the stock will the holding represent? What are the hidden correlations across the portfolio? etc.

Prompted by recommendations from some of my clients, as well as one of the Investment Masters ( Mohnish Pabrai, who is sending a copy to Warren and Charlie) I just finished reading Sam's Zell's autobiography, "Am I being too Subtle" .

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