Munger looks for lollapalooza. Sorros seeks reflexivity. Taleb exposure to tails. Thiel power laws. All looking for similar things.
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Replying to @clairlemon @MindsFiction
Lollapalooza is a lot of heuristics (such as a scarce product that has social proof and endorsements from authority) pointing the same direction, suggesting an investment opportunity.
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Replying to @narmno @clairlemon
Exactly. Lollapalooza is when many biases feed into each other. This is why Munger and Buffett own Coke. Applies to the downside as well. After the 2008 crash Charlie bought Wellsfargo at $8 knowing it was likely peak negativity.
5:16 PM - 4 Apr 2018
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