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1/ Thread: The Wisdom of Crowd In 2007, @mjmauboussin wrote a paper on the wisdom of crowd, and showed with simple maths and experiments why the crowd can trump individuals.Some
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1/8 Thread: The ServiceNow StoryFred Luddy, founder of $NOW, has an interesting backstory. Luddy was CTO at Peregrine Systems. After working there for 13 years, he had $35 mn stake
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1/6 Thread: Margin of safetyThe core idea is simple and intuitive: buy a company substantially lower than its intrinsic value.Broadly speaking, it is hard to argue against the idea of
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1/5 Thread: 18 Traits of a complex system 1. Complex systems are intrinsically hazardous systems2. Complex systems are heavily and successfully defended against failure3. Catastrophe requires multiple failures – single
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1/7 Thread: Ergodicity Let’s play a game. Assume you have $100. We’ll flip a coin 100 times. Your wealth will be +50% for each Heads, and -40% for Tails. Wanna
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1/ MEGA THREAD: Long $ISRGISRG has been an incredible compounder ever since its IPO back in 2000. It's a pure-play in robotic surgery. Robotic surgery penetration is still just ~2.5%
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1/8 Thread: The Ant Model and capital allocationAnts are not only much older than dinosaurs but also hundred million years older than humans.~14,000 ant species have been identified which live
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1/9 Thread: Value investing's El Farol Bar problemMuch has been talked about the apparent death of value investing. What I perceive though is value investing is having its El Farol
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1/ Thread on $AONAON is primarily an insurance broker which is, admittedly, not an exciting business. However, every single company in this "boring" industry has handily outperformed $SPY in almost
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1/6 Thread: The art of selling your stocksSince 1926, top 4% companies explain the net gain of the entire stock market in the US.Yes, 4%!The rest 96% in aggregate matched
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1/ Thread: $FB long-term bull thesisIt's Zuck. Of course, there are other reasons as well. But Zuck is at the center of my bull thesis. Here's why. 2/ At the
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Thread on $DISDIS has gone down from $150 to $90 in no time. Is it a buy? After spending decent time on DIS, it's on my "too hard" pile. Here's
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