Just broke Venkat so I’ll do my own assignment. 1 like = 1 opinion on... investing, I guess. Maybe a few per like if no one wants to play.https://twitter.com/vgr/status/1205977370483556352 …
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1. Fundamental analysis that doesn’t respect the reflexive nature of reality is kind of dumb. Reality is only kind of “real” and can be altered, for example, with the strength of belief.
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2. Warren Buffett is a master propagandist and you shouldn’t take his folksy mannerisms earnestly. He’s trying to trick you into coming to Omaha so he can impoverish you at his annual carnival.
$BRK7 replies 19 retweets 236 likesShow this thread -
3. The “present value” of real estate operating lease liabilities is not equivalent to debt in the United States, no matter how many times people say otherwise.
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4. When a biz has a layered claim on another, such as
$MCD and its franchisees or$MAR and its hoteliers, it’s critical to think about the economics of the sharecropper business. If the sharecropper doesn’t have good economics, eventually the parasitic parent won’t either.5 replies 19 retweets 237 likesShow this thread -
5. Changes in a business’s growth trajectory often swamp the merits of valuation, to both the upside and the downside. Favorable inflections can sometimes make you a killing.
$TGT3 replies 17 retweets 173 likesShow this thread -
6. Consolidated financials are BS when looking at a company’s leverage. Companies are legally distinct entities and this can result in situations where debt is held at a subsidiary that has no claim on a parent co’s other assets. Important to see which companies guarantee what.
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7. Henry Singleton built and dissembled Teledyne so profitably by using the dark arts. Soros gets credit for reflexivity but Singleton understood it intuitively AND knew how to manage narrative to bend it to his own will. Look at how trouble at Argonaut influenced his buybacks.
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