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Marks drew a simple but life-changing lesson from these academic debates: if he wanted to add value as an investor, he should avoid the most efficient markets and focus exclusively on less efficient ones.
William Green • Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life
@Post_Market Here was our attempt to address this very question. And being an old timer, lived through dot-com and many years before that as well. “The Math of Value and Growth”: https://t.co/NGUSffcdJw
Michael Mauboussinx.com
Warren Buffett with a masterclass case study explanation of:
• Moats
• Pricing Power
• The dangers of ignoring disruption
Through the rise & fall of one "bulletproof" business
(Pressed for time? Bookmark for weekend reading.)... See more
Hedgeye Risk Management | CHART OF THE DAY: The Rise of Dopamine Culture
app.hedgeye.com
There are some important changes underfoot in private markets:
1. Returns are compressing - few funds are able to consistently achieve the necessary spread over the risk-free rate to justify fees and illiquidity.
2. LPs are segregating bi-modally: 1) a growing group of smaller family... See more
Chamath Palihapitiyax.comOn Listening to the Private Markets, Amazon Aggregators & More
Sam Blumenthal • Signal Leverage
In today’s stock market, most trades are made with someone else’s money (in Druckenmiller’s case, mostly George Soros’s). The 1990s and 2000s are sometimes thought of as the age of the day trader. But holdings by institutional investors like mutual funds, hedge funds, and pensions have increased at a much faster rate (figure 11-9). When Fama
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