Daniel Bakalarz
@danielbakalarz
Investor at https://unisonam.com
unisonam.comDaniel Bakalarz
Michael Porter has a name for this syndrome. He calls it competition to be the best. It is, he will tell you, absolutely the wrong way to think about competition. If you start out with this flawed idea of how competition works, it will lead you inevitably to a flawed strategy. And that will lead to mediocre performance.
Joan Magretta • Understanding Michael Porter: The Essential Guide to Competition and Strategy
“Let’s constantly be doing something that can be doubted. Because if we’re not, then what are we doing?”
Mark Zuckerberg • The Tim Ferriss Show Transcripts: Mark Zuckerberg on Long-Term Strategy, Business and Parenting Principles, Personal Energy Management, Building the Metaverse, Seeking Awe, the Role of Religion, Solving Deep Technical Challenges (e.g., AR), and More (#582)
Great fundamental investors focus on understanding the magnitude and sustainability of free cash flow. Factors that an investor must consider include where the industry is in its life cycle, a company’s competitive position within its industry, barriers to entry, the economics of the business, and management’s skill at allocating capital. As Al... See more
Dan Callahan • Reflections on the Ten Attributes of Great Investors
A common mistake in strategy is to choose the same core competences as everyone else in your industry.
Joan Magretta • Understanding Michael Porter: The Essential Guide to Competition and Strategy
6. Update your views effectively (beliefs are hypotheses to be tested, not treasures to beprotected).20 Most people prefer to maintain consistent beliefs over time, even when the facts reveal theirbeliefs to be wrong. But great investors do two things that most of us do not. They seek information or views that are different than their own and they... See more
Dan Callahan • Reflections on the Ten Attributes of Great Investors
those differences can take two distinct forms. A company can be better at performing the same configuration of activities, or it can choose a different configuration of activities. By now, of course, you recognize that the first approach is competition to be the best. And by now, we are in a better position to understand why this approach is
... See moreJoan Magretta • Understanding Michael Porter: The Essential Guide to Competition and Strategy
Businesses with high returns often fetch lofty valuations, which is why great businesses are not always great stocks.
Morgan Stanley • Market-Expected Return on Investment Bridging Accounting and Valuation
My friend and fellow value investor, Chris Browne, President of Tweedy Browne,describes what value investors do by telling this story. He was interviewing a new trader andafter the interview, walked them through the Tweedy Browne offices. At the elevator on theirway out, the trader commented, “At other Wall Street firms, just by walking through the... See more
Seth Klarman • Seth A. Klarman remarks at MIT
Investors generate excess returns when they buy the shares of companies prior to a revision in expectationsabout future cash flows. A key determinant of cash flows is a company’s ability to allocate capital toinvestments that create value. The current principles of accounting do a poor job of separating investmentsand expenses, creating a veil that... See more