93. Retailers and platform mom-n-pops are different businesses.
With purchasing power, a retailer can get better terms from suppliers than a mom-n-pop $AMZN shop can.
But the $AMZN shop may have COGS that round to zero if they’re getting inventory from dumpster fetch quests.
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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.
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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.
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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.
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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.
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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.
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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 Just as asset managers and workers have been replaced by robots, CEOs soon will be as well.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 …2 replies 0 retweets 36 likesShow 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
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Liz Retweeted Liz
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 …
Liz added,
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You are right, of course. I will do that... as soon as I wake up.
A marketer’s work is never done.
Thanks Terminal Value. 
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