I believe in investment hypotheses. A hypothesis is a falsifiable statement and is used by the scientific community.

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

Almost everyone starts as a value investor. It’s funny, that's where Buffett started. And then Buffett in the early '90s became a growth investor. And so just be open-minded.

The meta of investing is always changing. But there are some things that are timeless, like if your return on an invested capital goes up, you are going to become more valuable. If you compound your free cash flow per share, you are going to become more valuable. There are these immutable things and a lot of those things have been written about by ... 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.

I find things that put me into a flow state are powerful. A great ski run will do that, as will video gaming. I think in a lot of ways, it's a form of helping your mind rest when you're awake.

Understanding the meta is part of your job and integrating that with these timeless principles from Buffett is important.

everybody agrees that stores have value in an online world. Even if you make no money in a store, it lowers your online cost of acquisition. This is the reason all these DTC brands are opening stores. Stores have value.

The necessary conditions for investment excellence are having a high knowledge level, being up to date on the present state of the world, using a Bayesian process on every new piece of data, and accurately framing the four or five analytically bullish and bearish prisms through which we can look at the stock.