28. Businesses that don’t have economic moats yet but are developing them can be better investments than businesses that already do.
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39. Alternatively, just check out Stock Gumshoe and avoid the spam. There’s a guy there who analyzes the advertisements and outs the stocks they’re pitching. Sometimes the momentum from a repeated pitch alone is enough to be worth a small wager. http://www.stockgumshoe.com
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40. Who knows how long it will last with the new proposed SEC rule, but there is an opportunity to create catalysts with Pink Sheet stocks that don’t post their financials publicly. Using shareholder rights laws to get and share them, you can sometimes help market efficiency.
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41. Structural subordination sounds like a BDSM theme but unfortunately it’s just a credit term mostly relevant in distress scenarios. Well, I guess it’s not that different.
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43. Stock ownership doesn’t necessarily represent partial business ownership in any realistic sense. He who has the gold makes the rules.
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44. Not every company is even trying to become more competitive over time. Many exist only to provide sinecures to their agent operators. There’s money to be made in companies that bother to care.
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45. Massive presentations about a new position are massive not because that much information is relevant, but because it looks more convincing and shows people you “did your homework” Using research as marketing. Very smart.
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46. The best players in bad industries are worth investigating. If economics are so poor most companies can’t make money, you MAY not have to deal with new players boosting industry capacity. Top dog’s scale can let it wring out profits surrounded by a moat of broken glass.
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47. Real estate has some unique advantages in terms of leverage and taxes, but also has unique problems. If you don’t manage it yourself, you’re subject to an agency problem with expense pass throughs. If you do manage it yourself, you’ve bought a part time job.
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48. The Greater Fool Theory is something to be cherished, not maligned. Playing it opens up a whole new world of opportunities where psychology is a competitive advantage. But if you never try, you’ll never get better.
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50. There is a misunderstanding that advertising returns could not be measured before big tech came along and provided a treasure trove of data. This is false. Keyed ads have been a thing in direct response advertising since before Silicon Valley was even an idea.
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Halfway there. Even fifty is hard without relying on basic bitch truisms! Time for a lunch break! Thanks to everyone who has enjoyed and shared my thread so far.
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Thread continues here. https://twitter.com/laforeverhall/status/1207377927966355456?s=21 …https://twitter.com/LAForeverHall/status/1207377927966355456 …
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