Security Error | Columbia Business School

In other words, new social networks start up and there are all these people who were not influencers on any of the existing networks that get hundreds of thousands of followers just because they were first to switch. This is why every generation wants a new social network. Status becomes ossified on these big social networks. And there's const... See more

I am not a believer in having an investment thesis.  That is the wrong way to approach investing because what you really want to do is search for disconfirming information, not confirm what you already believe.

Expose yourself to as many different philosophies and processes as possible because you have got to find one that fits your own emotional make up and that helps you be rational when you’re wrong. And do not be a philosopher. Do not be a high priest of investment religion. Be a practitioner.

Science fiction is powerful because it opens your mind to the fact that the future can look really different. And even though the last 250 years of history have seen crazy change – from the locomotive, airplane, moon landing, computers, to nuclear power – human beings are still linear thinkers. I think that training your mind for the potential of n... See more

My job is not to predict the future. It is just to notice the present first.

Will Danoff taught me the value of being optimistic and open-minded while also playing in the present. The ability to balance conviction and flexibility is hard. It’s one of the things that makes investing an art. And it is the reason why you must find a philosophy that suits your temperament so that you can find the right balance between the two.

To this day, the Peter Lynch process where if you like the product, you're going to like the stock – that is powerful.

Warren Buffett has said he doesn't do due diligence. This was a statement about Precision Castparts which is one of his largest acquisitions ever. And everybody just ignored that comment, but it was a profound comment. And what he meant by it was that he didn't need to do due diligence. He had been reading every 10-K published by Precision Castpart... See more

The market just is, and your job is to outperform the market. A big mentor of mine, Steve Wymer, said there are only two things in investing: numbers and excuses. And if you don't have the first, nobody cares about the second.

Yeah, so the meta, or the game within the game, is always changing in investing. 20 years ago in the NBA, three pointers were undervalued, statistically. Going for it on fourth down was undervalued in the NFL. And I would say that 20 years ago, understanding ROIC was undervalued in the market.