The overstated earnings hypothesis carries significant implications for individual stock selection and overall stock market valuation
These things are harder to stick with than they look like in presentations
He built six hundred and twenty-seven miles of parkways and expressways, every modern bridge in New York, reshaped the whole park system, et cetera. And I didn’t have any idea where he got the power to do this.
The sad fact of life for active managers is that they devote their careers to making markets more efficient, but if they succeed too well then they put themselves out of work
Somewhere along the way, the “lost decade” got lost and the last decade became all that mattered.
Construction requires engineers; demolition only requires a sledgehammer.
If a tweet doesn’t come to me within 5-15 seconds, there isn’t anything there.
Our final memories of an event– whether it’s a concert, a vacation or even an examination – is disproportionately impacted by how we recall the end of the experience
All of these questions come down to making tradeoffs
How does an online community of your own colleagues help you grow your own business?
People work three times as hard on their own ideas versus ideas that are put on them
Instead of a shared culture, it’s a million little cults
The single most challenging and difficult business strategy question
With Patrick O’Shaughnessy and Bill Gurley
The absurdity of American meritocracy
It’s hard to think objectively about one’s own personal experiences
Monster tail risk selling with a huge amount of leverage
It’s a gold mine. Cash just comes in every day.