Daniel Bakalarz

Very important lesson from @michaelbatnick: "you need to preserve your mental capital." https://t.co/1LLCdxq6NZ... 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.

2.  Move Fast with Stable Infrastructure. And basically the new bet was we were going to invest disproportionately in building up good infrastructure and  abstractions inside our companies.

The global economy has undergone a substantial change in the past few decades, with intangible investmentsnow dominating tangible ones. But our financial statements and traditional valuation techniques struggle tocapture these changes. Thoughtful investors go the extra step to understand what expectations are priced intoa stock and whether the comp... See more

There are huge advantages for an individual to get into a position where you make a  few great investments and just sit back and wait: You're paying less to brokers. You're  listening to less nonsense. And if it works, the governmental tax system gives you an extra 1, 2 or 3 percentage points per annum compounded.

Is the Graham and Dodd “look for values with a significant margin of safety relative to prices”approach to security analysis out of date? Many of the professors who write textbooks todaysay yes.Well, maybe. But I want to present to you a group of investors who have, year in and yearout, beaten the Standard & Poor’s 500 stock index.

4/ Even weirder, if you compare a mammal's metabolic rate with its body mass - and plot them on a log scale - you get a straight line. This means if you know the mass of a certain type of mammal, you can estimate its metabolic rate. https://t.co/r9nxFXTgHd... See more