Daniel Bakalarz

The way to win [in the markets] is to work, work, work, work and hope to  have a few insights.  How many insights do you need? Well, I'd argue: that you don't need many in a  lifetime. If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.

The best investors do nottarget return; they focus first on risk, and only then decide whether the projected return justifiestaking each particular risk.

I’ve always basically believed that values  are only useful if you can legitimately disagree with them. I’ve always thought values like “be honest,” are not that  helpful, because of course you have to be honest.

Luminita Enache and Anup Srivastava, professors of accounting, developed a technique to measure intangible  investments.10 They separate reported operating expenses into two groups. The first is intangible investments  that include R&D and advertising. The second is selling, general, and administrative (SG&A) expenses  exclud... See more

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

Sorting expenses and investments was easy whenmost of the expenses were on the income statement and most of the assets were on the balance sheet. Butcategorization is a challenge today because income statements conflate expenses and investments.  One consequence of the shift to intangible investments is that more companies are reporting negati... See more

Perhaps the simplest and best definition of wisdom I’ve heard is “knowing what information is important.” This kind of knowing is not solely done in the intellect. Data is constantly being fed into your unconscious, then cross referenced against your experience.