Daniel Bakalarz
@danielbakalarz
Investor at https://unisonam.com
unisonam.comDaniel Bakalarz
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.
Gavin Baker • Security Error | Columbia Business School
5. Think probabilistically (there are few sure things).
Dan Callahan • Reflections on the Ten Attributes of Great Investors
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
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.
Gavin Baker • Security Error | Columbia Business School
Our fear of death seems to me to be an error of evolution. Many animals react instinctively with terror and flight at the approach of a predator. It is a healthy reaction, one that allows them to escape from danger. But it’s a terror that lasts an instant, not something that remains with them constantly.
Carlo Rovelli • The Order of Time
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.
Gavin Baker • Security Error | Columbia Business School
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
Value investing lies at the intersection of economics and psychology. Economics isimportant because you need to understand what assets or businesses are worth. Psychology isequally important because price is the critically important component in the investment equationthat determines the amount of risk and return available from any investment.
Seth Klarman • Seth A. Klarman remarks at MIT
there are limits on how low yourexpenses can go, but there are no limits on how much you can earn.