Investment Philosophy3 min read
Why Do We Have a Stock Market?
Understanding the origins and purpose of equity markets, from mercantilism to modern investing.
The Ocean Doesn't Care About Your Swimming Lessons
Understanding the origins and purpose of equity markets, from mercantilism to modern investing.
Why exponential growth is counterintuitive and how to harness it for long-term wealth creation.
The critical distinction between owning businesses and trading stocks.
A different perspective on risk that focuses on permanent loss of capital, not volatility.
Why concentrated portfolios can be less risky than diversified ones when you truly understand your investments.
How human emotions drive market behavior and create opportunities for rational investors.
The cognitive traps that cause investors to make systematic errors.
What past market cycles teach us about human nature and investing.
How we analyze businesses and make investment decisions.
How we think about what a business is worth.
The values and principles that guide how we work.
Why we love what we do and how that passion drives results.
How management teams should think about deploying capital.
Understanding the true worth of investments beyond market prices and dogmatic value investing approaches.
Why the classic Mr. Market metaphor understates the challenge of value investing in practice.
The foundational concept of buying assets below their intrinsic value to protect against uncertainty.
The fundamentals of how businesses create value through their core operations.
The art and science of increasing revenue while maintaining or improving profitability.
How management deploys capital determines long-term shareholder value more than any other factor.
Understanding the critical role of chief executives in capital allocation and long-term value creation.
The often-underappreciated role of chief financial officers in protecting and creating shareholder value.
How executive compensation structures shape behavior and long-term outcomes for shareholders.
Understanding when returning capital to shareholders creates value and when it destroys it.
The mental frameworks and psychological disciplines required for successful long-term investing.
A practical framework for understanding and managing investment risk beyond volatility measures.
Why excessive diversification can actually increase risk rather than reduce it.
Timeless wisdom distilled into memorable sayings that guide investment thinking and behavior.
Short stories that illuminate important truths about behavior, irony, and survival in investing.
Understanding the psychology and mechanics of market bubbles and their inevitable collapse.