⁠Hidden Value Gems
“Usually when I lose games, it's because people have looked deeply at something that I've intuitively sort of discarded. And I guess that's a way you can get an edge in business as well.”

- Magnus Carlsen

An unusual guest at @NorgesBank podcast - probably the world’s best ever chess player @MagnusCarlsen on what investors can learn from chess.
🧵👇🏼

✅ “I think playing chess at an early age certainly teaches you to solve complex problems in a limited amount of time.

Continuing to only play chess probably will not get you far in business, but I think it's a good start.”
1/5 - Hidden Value Gems
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⁠Finding Compounders
Berkshire’s No. 2 : Charlie Munger https://t.co/3HvTYzRqON
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⁠Hidden Value Gems
At the beginning of 2023, the market estimate for aggregate 2025 “Hyperscaler” Capex was just $154bn. This estimate has increased by 51% to $232bn by now.

At the same time, “revenue revisions for 2025 for these four companies have increased by just 4% (and have actually fallen by 9%
since the start of 2022), meaning that their aggregate capex/sales ratio has increased from 10% in 2023 to an estimated 15% in 2025.”

h/t @Argonautcapital

$MSFT has seen the largest increase in Capex/Sales ratio in the past 10 years (now at 18% compared to 3% in 2014).

$AAPL Capex/Sales has actually declined over the same period (from 3% to 2%). https://t.co/83npeBxqn6 - Hidden Value Gems
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⁠Quiver Quantitative
Nancy Pelosi made $4.1M in the stock market today, per our estimates.

This is twice as much as the average U.S. citizen will make in their lifetime. https://t.co/p48bR2K6di
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⁠Finding Compounders
This man runs the biggest sovereign wealth fund in the world

Nicolai Tangen

And he gave a Ted Talk, highly recommended you go listen to it https://t.co/kz5Ko1ntsq
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⁠Hidden Value Gems
Another set of data suggesting current market sentiment is at about historical average level. https://t.co/YTtdg1NIzm

Market sentiment seems to be cautious with 61% of respondents seeing the market as overvalued (vs 43% avg for 1998-2023).

Not in a bubble from this point of view. https://t.co/rvVQUcOCHi - Hidden Value Gems
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⁠Finding Compounders
Warren’s World https://t.co/I1Lyiv0Z1n
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⁠Capital Employed
Definitely worth it if you can find a copy. Trading at a $100+ on Amazon.

Book https://t.co/1yMFdL81ar - Bill Huang
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⁠Capital Employed
Interesting article...

How Relevant is Graham’s Philosophy Today in Hong Kong?

Inspired by Ben Graham’s, we screen the HK broad market using a set of 7 criteria to identify a basket of value stocks.

Full PDF is here👇https://t.co/YzHv8lf6it
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⁠Hidden Value Gems
There is always something to worry about. Personally doubt that CNY plays a similar role to Yen, which is much more liquid and is easier to borrow. https://t.co/5mnCZ0IghN
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