Security Error | Columbia Business School

“You have to either panic early or double down late,”

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

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

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.

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.

It's hard to get around that, but the way you can do it is if you build in utility. And I think that is largely because advertising was a hell of a drug for these companies for so long. That is why all these big internet advertising platforms were slow to become marketplaces, because it would have a temporary negative financial impact. Th... See more

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

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

If I need to do a deep dive, we are not going to invest. You can think of my investible universe as the companies where I don't need to do deep dives because I have been doing due diligence on them for many years or even several decades.