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The Long Investor
S&P 500 Revenue traditionally moves controlled and steady, in line with its historical ascent of 10% growth per year.
What’s not steady is Market Cap
This fluctuates when the market is over or under valued
The wider the breath between the red and the blue line, indicates the difference
Right now, the red line is showing a clear overvalued market compared to revenue.
The gap narrows when the breadth gets extreme
Pre - 2020 shows how the market moves in normal times
$SPY
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S&P 500 Revenue traditionally moves controlled and steady, in line with its historical ascent of 10% growth per year.
What’s not steady is Market Cap
This fluctuates when the market is over or under valued
The wider the breath between the red and the blue line, indicates the difference
Right now, the red line is showing a clear overvalued market compared to revenue.
The gap narrows when the breadth gets extreme
Pre - 2020 shows how the market moves in normal times
$SPY
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The Long Investor
RT @BrianFeroldi: Bad investors only focus on the upside.
Good investors study the upside and downside potential, weigh each carefully, and only act when the odds are heavily skewed in their favor.
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RT @BrianFeroldi: Bad investors only focus on the upside.
Good investors study the upside and downside potential, weigh each carefully, and only act when the odds are heavily skewed in their favor.
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The Long Investor
RT @TheLongInvest: $BABA
Fact check:
Market Cap: $178 Billion
Assets: $166.9 Billion
Cash: $97 Billion
FWD PE: 8.5
PE:13
Profit margin: 10.8%
EPS Y/Y: 219%
Share Price at 2015 levels.
Revenue has increased 10 X since 2015.
Verdict: Undervalued with substantial margin of safety.
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RT @TheLongInvest: $BABA
Fact check:
Market Cap: $178 Billion
Assets: $166.9 Billion
Cash: $97 Billion
FWD PE: 8.5
PE:13
Profit margin: 10.8%
EPS Y/Y: 219%
Share Price at 2015 levels.
Revenue has increased 10 X since 2015.
Verdict: Undervalued with substantial margin of safety.
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Offshore
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Giuliano
Alongside Franklin's The Way to Wealth, this is one of the speeches I think everyone should listen to.
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Alongside Franklin's The Way to Wealth, this is one of the speeches I think everyone should listen to.
Charlie Munger delivered the commencement address at USC Gould School of Law on May 13, 2007.
"What are the core ideas that helped me?" he asked the assembled graduates. "Well, luckily, I had the idea at a very early age that the safest way to try to get what you want is to try to deserve what you want."
"It's the golden rule," he continued. "You want to deliver to the world what you would buy if you were on the other end."
Charlie's invocation of the Golden Rule — "Do unto others as you would have them do unto you" — is no surprise. He often cast dusty matters of finance and education into starkly moral (and biblical) terms.
In fact, he went on to tell the graduates that the acquisition of wisdom is actually a moral duty that we are all called to uphold.
And, to do that, we must become lifelong learners.
Those USC grads probably felt pretty good about themselves that day, having survived the academic rigors of law school and now looking forward to lucrative careers.
But there stood Charlie — telling them that they weren't done learning yet. Not by a long shot.
"Without lifetime learning, you people are not going to do very well," he warned. "You are not going to get very far in life based on what you already know. You're going to advance in life by what you learn after you leave here."
One of the most noteworthy (and surprising) aspects about Charlie’s popularity as a guru is that he almost never told people what they wanted to hear.
He didn't puff you up or offer easy excuses for any shortcomings.
Instead, he constantly preached how the journey of self-improvement never ends, how much hard work still looms ahead, and how you should never rest on your laurels or become self-satisfied.
In short: Your potential always lies out on the horizon.
Every step forward moves you closer to your goal. But it also pushes the limits of your own potential even further out into the distance.
It’s not a “feel-good” approach. It runs diametrically counter to what the self-esteem movement teaches about self-acceptance and being “enough”.
But it’s what so many people — especially today — crave to hear.
Of course, a big part of Charlie’s charm was that he authentically lived out this ethos in his own life.
So, too, does Warren Buffett.
“Consider Berkshire Hathaway,” Charlie said, “one of the best-regarded corporations in the world. It may have the best long-term, big-assets-involving investment record in the history of civilization.”
“The skill that got Berkshire through one decade would not have sufficed to get it through the next decade with comparable levels of achievement. Warren Buffett had to be a continuous learning machine.”
That, more than anything, is what Poor Charlie’s Almanack is all about. Teaching us why — and how — to shape ourselves into learning machines for a long life ahead. $BRK.A $BRK.B tweet
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The Institutional Limited Partner
Top 10 - Secondary Firms
I have also established a more extensive mapping covering managers that have raised 100M$+ in secondaries. Comment "Listing" if you want to receive it.
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Top 10 - Secondary Firms
I have also established a more extensive mapping covering managers that have raised 100M$+ in secondaries. Comment "Listing" if you want to receive it.
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Giuliano
Some ideas that have been incredibly useful to me:
1. There are no absolute truths, only opinions. More people agreeing with something does not make the thing true.
2. Embracing uncertainty helps build useful knowledge. There is no need to have all of the answers at once, but it is important to work on them.
3. Don't ignore the fundamentalness of things. Everything one does is based on assumptions. It's crucial to question whether we understand such assumptions and if they are right or not.
4. Approximate answers are temporarily valid.
5. Some ideas shouldn't go beyond conceptual frameworks. It is a mistake to try make them precise. We lose their utility that way.
6. Understanding complex topics comes all at once. To get to that point, one has to go through a period of information absorption, where one doesn't even know what the information means, or what the thing in question is.
7. Charlie's "The safest way to get what you want is to deserve what you want."
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Some ideas that have been incredibly useful to me:
1. There are no absolute truths, only opinions. More people agreeing with something does not make the thing true.
2. Embracing uncertainty helps build useful knowledge. There is no need to have all of the answers at once, but it is important to work on them.
3. Don't ignore the fundamentalness of things. Everything one does is based on assumptions. It's crucial to question whether we understand such assumptions and if they are right or not.
4. Approximate answers are temporarily valid.
5. Some ideas shouldn't go beyond conceptual frameworks. It is a mistake to try make them precise. We lose their utility that way.
6. Understanding complex topics comes all at once. To get to that point, one has to go through a period of information absorption, where one doesn't even know what the information means, or what the thing in question is.
7. Charlie's "The safest way to get what you want is to deserve what you want."
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The Long Investor
RT @wallstreetbets: JUST IN: 🇺🇸 US prepared for potential failure of a major Wall Street bank according to FDIC
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RT @wallstreetbets: JUST IN: 🇺🇸 US prepared for potential failure of a major Wall Street bank according to FDIC
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Brandon Beylo
My Thoughts on The Marhelm Fiasco
Hey everyone — thought I should provide an update on my effort to save Marhelm.
But before I do that, I want to publicly say that Calvin has been nothing but kind and honest to me during our relationship. I have learned a lot from him, and I consider him a friend.
Yes, we disagree on A LOT. And yes, we have very different views on things. But he has never done wrong to me, and I sincerely wish him the best in his future endeavors.
Alright, let's dive in.
Yesterday (Friday), Calvin announced via his Discord that he was "burning Marhelm to the ground" over KYC complications. It wasn't just the KYC, this was the straw that broke the camel's back.
This confused and upset many Marhelm subscribers and employees, and rightfully so.
Soon after he announced his intentions, I told him and the entire community that I would offer to buy out Marhelm to save the company/product/community.
Calvin agreed and set a deadline of eight (8) hours from his original announcement.
Together with capital partners, we worked non-stop/overnight to structure a deal that we thought was fair to Calvin and us while saving the business and maintaining the service his subscribers love.
That afternoon, we presented Calvin with an offer at a price that he deemed was fair.
Unfortunately, we couldn't agree to some things in the term sheet and he declined the offer.
I believe we provided Calvin with an extremely fair offer, given:
1) The status of the quick turnaround demanded
2) The alternative to burning everything down (not ideal for employees and customers)
3) The myriad risks of a small team operation (notably: key man)
4) The annual cash flows generated from the business
Calvin will obviously disagree, and that is fine. You can't win 'em all.
We tried as hard as possible to get something together to save this product.
However, Calvin has made it clear that he would rather live his life as a martyr/pirate than find a way to save the company and provide value to existing subscribers.
And it's very hard/impossible to negotiate with pirates.
Again, I have no ill will towards Calvin. He is entitled to his own opinion and lives by a strict moral code.
I wish him peace, happiness, and solitude wherever he finds it.
Although we couldn't structure a deal that worked for both parties, I sincerely hope he finds his internal peace and rest in his decision.
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My Thoughts on The Marhelm Fiasco
Hey everyone — thought I should provide an update on my effort to save Marhelm.
But before I do that, I want to publicly say that Calvin has been nothing but kind and honest to me during our relationship. I have learned a lot from him, and I consider him a friend.
Yes, we disagree on A LOT. And yes, we have very different views on things. But he has never done wrong to me, and I sincerely wish him the best in his future endeavors.
Alright, let's dive in.
Yesterday (Friday), Calvin announced via his Discord that he was "burning Marhelm to the ground" over KYC complications. It wasn't just the KYC, this was the straw that broke the camel's back.
This confused and upset many Marhelm subscribers and employees, and rightfully so.
Soon after he announced his intentions, I told him and the entire community that I would offer to buy out Marhelm to save the company/product/community.
Calvin agreed and set a deadline of eight (8) hours from his original announcement.
Together with capital partners, we worked non-stop/overnight to structure a deal that we thought was fair to Calvin and us while saving the business and maintaining the service his subscribers love.
That afternoon, we presented Calvin with an offer at a price that he deemed was fair.
Unfortunately, we couldn't agree to some things in the term sheet and he declined the offer.
I believe we provided Calvin with an extremely fair offer, given:
1) The status of the quick turnaround demanded
2) The alternative to burning everything down (not ideal for employees and customers)
3) The myriad risks of a small team operation (notably: key man)
4) The annual cash flows generated from the business
Calvin will obviously disagree, and that is fine. You can't win 'em all.
We tried as hard as possible to get something together to save this product.
However, Calvin has made it clear that he would rather live his life as a martyr/pirate than find a way to save the company and provide value to existing subscribers.
And it's very hard/impossible to negotiate with pirates.
Again, I have no ill will towards Calvin. He is entitled to his own opinion and lives by a strict moral code.
I wish him peace, happiness, and solitude wherever he finds it.
Although we couldn't structure a deal that worked for both parties, I sincerely hope he finds his internal peace and rest in his decision.
Why would I nuke a nearly 7 figure annual income and turn down a $1.5M offer for a business? https://t.co/rAob93nKu1 tweet
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Clark Square Capital
RT @ClarkSquareCap: Michael Platt on what he looks for when he hires a trader https://t.co/UAas8VHcnM
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RT @ClarkSquareCap: Michael Platt on what he looks for when he hires a trader https://t.co/UAas8VHcnM
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