81. The tech bubble at the turn of the century wasn’t wrong, just early. Same with the railroads. Just took until the industry consolidated to work. There’s often a big kernel of truth in mass delusions that makes them believable. Survivors of wash outs are worth looking at.
-
-
91. It’s said a company can’t grow at a rate > the economy forever or it will become the economy. Amazon has been since the ‘90s. There’s a chance big tech is going to upend things and create a cyberpunk dystopia. A lady from the DOD told me
$GOOG is a national security threat.Show this thread -
92. I’d rather own one mediocre business than a mediocre conglomerate.
$L is in a never ending game of whac-a-mole. As soon as it solves problems at one sub, problems at another sub pop up to take its place. At least I can get leverage to cyclical upside with the single biz.Show this thread -
94. You should be totally open to embarrassing yourself as an investor, and if you can, come to enjoy the process. If you can laugh off being wrong, you can try out more investing styles as a form of R&D to keep improving. You never innovate without a little egg on your face.
Show this thread -
95. Sometimes new ideas work, sometimes they don’t, but you can’t be afraid of the ones that don’t work if you want to keep growing. Otherwise, you plateau and the world slowly passes you by. When you successfully adapt your skillset, all the failures become worthwhile.
Show this thread -
96. This is another benefit of diversification. You have less leverage to your top ideas, BUT you get to iterate your style more quickly by having more at-bats, which results in a faster feedback loop. You also feel better being experimental, because you’re making little bets.
Show this thread -
97. Most of the people who complain about indexing seem to be active fund managers who can’t sleep at night because they’re worried about the existential threat cheap alternatives pose them. The financial industry needs a good shakeout. This has been a long time coming.
Show this thread -
98. They’re losing business to... no one. No one is doing a better job than most asset managers. As in having no one as a manager is better than having most managers as managers. I’m glad the economic meat grinder is moving up the economic ladder to higher value targets.
Show this thread -
99. Just as asset managers and workers have been replaced by robots, CEOs soon will be as well. Twilight Zone predicted it back in 1964, and it’s cool to see how close it has become to reality. AlphaGo beat the top minds of Go. Can it beat Buffett?
$BRK https://en.m.wikipedia.org/wiki/The_Brain_Center_at_Whipple%27s …Show this thread -
100. Don’t be afraid to invent your own investing concepts. The field’s philosophy reminds me of heatlamped hamburgers left out to rot for decades. Investing is artistic so be artistic and try new things. It’s fun. Like I tried this hundred tweet thread andnowImdonethanks
@vgr!Show this thread -
This was a lot of fun and I got to meet a lot of new friends, who are now 1/3 of my followers! Excited to have finished my AphorismsTwitter debut successfully. Thanks for putting up with the last 30 tweets! Link to the start of thread, since I broke it. https://twitter.com/laforeverhall/status/1205979160625049600?s=21 …https://twitter.com/LAForeverHall/status/1205979160625049600 …
Show this thread
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.
in the next twelve hours...