Daniel
@MnkeDaniel
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I break down Investing and Psychology Concepts. For Company Research and my Portfolio, click here:
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Every Investor MUST know how to analyze companies.
A huge part of that, is analyzing the 3 financial statements.
Here’s how to analyze and interpret the…
- Balance Sheet
- Income Statement
- Cash Flow Statement
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Rakesh Jhunjhunwala is one of the most successful investors of all time.
He turned ~$10,000 into $5.8 billion and never managed outside money.
That's a 43% CAGR over 37 years(!)
I read through hundreds of pages of transcripts and interviews of him.
Here's his Strategy 👇
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10 Mental Models that will level up your Thinking:
1. First Principle Thinking - Rethink the problem from the ground up.
Separate the underlying facts from assumptions made based on them.
2. Second-Order Thinking - Instead of thinking about the immediate consequences, think…
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American hedge fund billionaire Bill Ackman is a big fan of self-studying investing.
"You can learn investing by reading books."
Here is the 11-Book-List that he recommends to everyone who wants to learn about Investing👇
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Daniel Kahneman is an outstanding psychologist who won a Nobel Prize in Economics.
He’s also the author of the best book I’ve ever read “Thinking ,Fast and Slow.”
But he’s not only an author but also an avid reader himself.
Here are his Book Recommendations👇🏼
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10 Mental Models that will level up your Thinking:
1. First Principle Thinking - Rethink the problem from the ground up.
Separate the underlying facts from assumptions made based on them.
2. Second-Order Thinking - Instead of thinking about the immediate consequences,…
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10 Biases that distort your Decision-Making:
1. Self-Serving Bias - Our failures are situational, but our successes are our responsibility.
2. Curse of knowledge - Once we know something, we assume everyone else knows it, too.
3. Dunning-Kruger Effect - The less you know, the…
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“I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that."
In his beginnings, Buffett achieved annual returns of over 50% frequently.
His strategy was very different from today’s.
I studied Buffett’s Letters from 1956-1966. Here's his strategy:
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Charlie Munger’s Investment Principle Checklist is hugely underrated.
These two pages summarize all Investment Philosophy you need.
Today we will walk through it👇🏼
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12 Biases that distort your Decision-Making:
1. Confirmation Bias - We interpret new information as confirmation of our existing beliefs.
2. Availability Bias - We tend to rely on information that comes to our mind easily/the quickest.
3. Action Bias - We favor action over…
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One of my favorite investing videos out there!
Seth Klarman rarely does interviews, fortunately, he did this one.
It's only ten minutes. Watch it before you go to bed tonight. It's worth it:
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The most legendary speech of Peter Lynch.
A lecture on the 10 most dangerous mistakes Investors make.
If you have never watched it, you must catch up on this:
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Mohnish Pabrai is a successful investor and an avid reader.
He taught himself how to invest by reading books instead of going to business school.
Here are 6 books he studied to learn Investing👇🏼
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Aswath Damodaran is the ‘Dean of Valuation.’
For almost four decades, he has been teaching valuation at NYU.
He also teaches millions of people online.
Here are 7 Key Valuation Lessons from Aswath Damodaran👇🏼
(+PDF of his Class Presentation)
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Charlie Munger spent the last 9 decades reading and learning.
He considers reading to be the main reason for his success.
According to him, he has never seen an intelligent person not reading all the time.
Here are 7 (+1) of his all-time favorites👇🏼
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Phenomenal Speech by Warren Buffett on how to succeed in life:
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Li Lu is one of the most successful investors of the last decades. But there are almost no public videos of him.
But in 2006, he held a Valuation Class at Columbia.
Here's the Video:
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The most Influential Biases on your Decision-Making:
1. Illusion of Skill - We regularly confuse luck with skill because we solely focus on outcomes.
2. Recency Bias - We tend to put too much weight on recent events.
3. Anchoring - Our judgment is heavily screwed by the first…
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The internet is a remarkable place...
You can literally be in the classroom of a Greenblatt lecture from 2005...
See how he discusses an investment thesis and the way he looks at valuation:
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If you’re an investing beginner, you MUST watch this video.
If you’re an advanced investor, watch it as a reminder.
Peter Lynch is the most successful Fund Manager of all time.
He uses these 45 minutes to cover 95% of all of investing!
My Key Takeaways:
1. Personal Edge -…
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15 Biases that distort our Decision Making in less than 2 minutes:
1. Confirmation Bias - We interpret new information as confirmation of our existing beliefs.
2. Availability Bias - We tend to rely on information that comes to our mind easily/the quickest.
3. Action…
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Understanding Risk is key to successful investing.
Howard Marks has done a phenomenal job at explaining what risk actually is.
Spoiler: It's not Volatility!
I believe every investor should hear Marks' ideas on risk:
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Charlie Munger has never seen a smart person that wasn't reading all the time.
He also considers reading to be the main reason for his success.
Being 99 years old, he has read thousands of books in his lifetime.
Here are 7 of his all-time favorites👇🏼
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American hedge fund billionaire Bill Ackman is a big fan of self-studying investing.
"You can learn investing by reading books."
Here is the 11-Book-List that he recommends to everyone who wants to learn about Investing👇
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As an investor, you NEED to know how to read an Annual Report (10-K).
But they often have hundreds of pages and seem way too complex.
Here's how to efficiently read and understand a 10-K (+example)👇🏼
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Joel Greenblatt compounded at 49% (!) from 1985 to 2005.
And the best thing, he taught a Columbia Class on how to do it.
Here are 7 Investing Gems from his Columbia Classnotes👇🏼
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Li Lu, the "Asian Warren Buffett", manages the money of Charlie Munger.
He is a chinese-born Superinvestor who has achieved a compounded annual return of about 30% for over 25 years.
Here are his 9 Secrets to Successful Investing👇🏼
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Every Investor MUST know how to analyze companies.
A huge part of that is analyzing the 3 financial statements.
Here’s how to analyze and interpret the…
- Balance Sheet
- Income Statement
- Cash Flow Statement
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Buffett, Munger, and countless other Superinvestos consider Investor's Psychology the most important factor.
Here are 7 MUST-read Psychology Books:
1. Thinking, Fast and Slow
The most comprehensive book I've ever read on psychology by Nobel Prize winner Daniel Kahneman.
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Warren Buffett said there are 3 chapters investors must read.
After that, you know all you need!
1. Chapter 8 (The Intelligent Investor)
2. Chapter 20 (The Intelligent Investor)
3. Chapter 12 (Keynes' The General Theory)
Here's what you need to know:
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Aswath Damodaran Lecture on the Worst Valuation Mistakes and how to avoid them:
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Warren Buffett reads up to six hours per day.
"I just sit in my office and read."
Having read thousands of books, he knows some of the best ever written.
Here's his list of must-read books👇
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Billionaire Investor Howard Marks has published Memos for over 32 years.
In my opinion, it’s a gem every investor should internalize.
Here are the key concepts you need to know👇🏼
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Biases that distort our Decision Making:
1. Confirmation Bias - We interpret new information as confirmation of our existing beliefs.
2. Availability Bias - We tend to rely on information that comes to our mind easily/the quickest.
3. Action Bias - We favor action over…
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Li Lu is a well-known Superinvestor who has achieved a compounded annual return of about 30% since 1998.
He is also known for managing the money of his good friend Charlie Munger.
Today, he turns 56 years old, and on this occasion, here is some of his timeless wisdom👇🏼
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If you want to learn about business, the late 1800s and 1900s offer absolute gems.
Here are the best books on some of the most successful businessmen of all time:
1. Titan - The Life of John D. Rockefeller
Inflation-adjusted, Rockefeller would be worth over $400 billion.
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Viktor E. Frankl's book "Man's Search for Meaning" might be the most influential book I've ever read.
I believe everyone should read this book at least once in their lifetime.
Here are some of my favorite Notes/Quotes:
1. Every human being has the freedom to change at any…
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7 Movies to watch over Christmas break that don't waste your time.
They carry lessons on Money, Human Nature, Motivation, and much more.
1. The Banker
An inspiring story about two of the first African-American bankers.
Based on a true story. A Masterclass on business.
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Joel Greenblatt compounded at 49% (!) from 1985 to 2005.
And the best thing, he taught a Columbia Class on how to do it.
Here are 7 Investing Gems from his Columbia Classnotes👇🏼
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Warren Buffett said the three most important words in investing are "Margin of Safety."
He also said that reading chapter 20 of The Intelligent Investor is the best chapter ever written on that topic.
Here's what Chapter 20 taught about the Margin of Safety👇
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Li Lu is a well-known Superinvestor who has achieved a compounded annual return of about 30% since 1998.
Legendary investor Charlie Munger chose him to manage his money.
Today, I’ll explain Li Lu’s outperforming strategy👇🏼
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Warren Buffett claims Chapter 12 of Keynes' The General Theory is one of the three most important chapters ever written.
John Maynard Keynes was a brilliant economist and investor.
Here's what he taught investors in Chapter 12 of his book:
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5 Investment Shows to watch over the Christmas Break.
I love watching shows. Here are some great ones on the Investing and Finance Industry.
1. The Industry
A young group of graduates competes for permanent positions at a prestigious London investment bank.
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Bill Miller is the only Investor who beat the S&P 500 for 15(!) consecutive years.
He also achieved more than a decade of 20% annual return!
He might be the most “modern” value investor of our time and the answer for future value investors.
Here is his approach to investing👇
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21 Learnings from The Almanack Of Naval Ravikant:
1. Prioritize Assets over Money
2. Making money is a skill to learn, not a thing to do.
3. Hard work without the right direction doesn't get you anywhere.
4. All gains come from compound interest. Financially,…
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Aswath Damodaran is the ‘Dean of Valuation.’
For almost 4 decades, he has been teaching valuation at NYU.
He also teaches millions of people online.
Here are 7 Key Valuation Lessons from the Dean👇🏼
(+PDF of his Class Presentation)
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Joel Greenblatt compounded at 49% (!) from 1985 to 2005.
And the best thing, he taught a Columbia Class on how to do it.
Here are 7 Investing Gems from his Columbia Classnotes👇🏼
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The Human Side of Decision Making by Daniel Kahneman.
I highly recommend you read it.
A quick 10-pager. Here's a free PDF:
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Many great investors are self-taught.
They studied investing through books.
Mohnish Pabrai is one of them. And he published a list of books that helped him the most.
Here are 6 books he studied to learn Investing👇🏼
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Listen to Jeff Bezos talking about business!
He would've been an outstanding investor.
He's the personalization of Buffett's principle: Think like an owner.
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Joel Greenblatt compounded at 49% (!) from 1985 to 2005.
And the best thing, he taught a Columbia Class on how to do it.
Here are 7 Investing Gems from his Columbia Classnotes👇🏼
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Billionaire Investor Howard Marks has published Memos for over 32 years.
In my opinion, it’s a gem every investor should internalize.
Here are the key concepts you need to know👇🏼
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Aswath Damodaran is the best-known valuation professor in the world.
He has taught thousands of students at NYU and millions online.
Here are his three most important Valuation Lessons:
1. Never "Verify" Value, Find Value!
The number one valuation mistake is already having an…
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This PDF is the most valuable investing resource of all time.
Most people won’t take the time to read it.
I understand, it can take months.
But it’s worth more than any MBA.
If you’re truly dedicated to learn investing, read it:
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If you want to learn about Investing, Podcasts are a great way to do so.
Here are 8 Podcasts categorized from Beginner to Advanced level.
I guarantee you'll learn a ton from them👇
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Mohnish Pabrai is a successful investor and an avid reader.
He taught himself how to invest by reading books instead of going to business school.
Here are 7 books he studied to learn investing👇🏼
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Warren Buffett reads up to six hours per day.
"I just sit in my office and read."
Having done so for over seven decades, he knows some of the best ever written.
Here are 6 recommendations that you haven't heard of yet! 👇
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Here are 13 valuable Lessons from Peter Lynch's One Up on Wall Street:
1. Things are never clear until it's too late. Performance always comes with uncertainty.
2. The stock price is the least useful information you can track, and it’s the most widely tracked.
3. When you sell…
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The Top 10 Book Recommendations by 10 of the Best Investors of All Time:
1. Charlie Munger
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Warren Buffett said the three most important words in investing are "Margin of Safety."
He also said that Chapter 20 of The Intelligent Investor is the best chapter ever written on that topic.
Here's what Chapter 20 taught about the Margin of Safety👇
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As an Investor, you NEED to understand Risk.
However, most Investors have the wrong idea of risk.
This Thread teaches you everything need to have an edge over those investors👇
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13 Mind-Boggling Takeaways from Thinking, Fast and Slow:
1. There are Two Systems working in our Heads:
System 1 - Operates automatically and quickly. Without effort and no sense of voluntary control.
System 2 - Operates slowly and precisely. Allocates attention to effortful…
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Howard Marks explains how he invests in asymmetrical bets and deals with risk:
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This is Stan Druckenmiller.
He is one of the best Hedgefund Managers of all time!
He achieved a 30% annual return for over 30 years.
Here are his 7 Investment Principles:
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Mohnish Pabrai is a successful investor and an avid reader.
He taught himself how to invest by reading books instead of going to business school.
Here are 9 books he studied to learn investing👇🏼
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Li Lu is a successful investor with a special interest for investing classics.
His list of book recommendations is full of legendary classics of Investing and Valuation.
Here are 7 of his favorite Books👇
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The average investor underperforms the market.
The top 1% of Investors double or triple the market’s return.
The Reason: Investor’s Psychology
Here’s a list of 13 biases you need to avoid (+Investment Psychology Checklist PDF for free)👇🏼
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Margin of Safety is one of the best investment books ever written.
Unfortunately, it is out of print and costs over $2000.
I've read it and here are 6 of the most important Points👇
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I've worked through the Book Recommendations of the greatest Investors.
Here are the 10 Most Featured Books:
1. Skin in the Game
Taleb wrote many phenomenal books.
This is about asymmetries in life and it'll change your idea of risk.
“Heads, I win, tails, I don’t lose much.”
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For two decades, Bruce Greenwald teaches Value Investing at the Columbia Business School.
He taught legendary investors such as Li Lu how to invest and outperform the market.
Today, we go through the Class Notes of Bruce Greenwald’s Columbia Class👇🏼
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Young Warren Buffett breaks down successful investing in 5 minutes:
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9 Mental Models that Instantly Improve Your Decision-Making:
1. First Principle Thinking - Rethink the problem from the ground up.
Separate the underlying facts from assumptions made based on them.
2. Second-Order Thinking - Instead of thinking about the immediate…
14
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How Warren Buffett would invest a small amount of money.
Probably more relevant for most of us than his tips on managing $500 billion:
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Warren Buffett explains in five minutes what to look for in a business.
... And how to find the next MVP for the NBA.
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9 Mental Models that will level up your Thinking:
1. Map vs. Territory - Theory has its limits. Don't rely on step-by-step instructions. Learn theory, apply it, and readjust.
2. Second-Order Thinking - Instead of thinking about the immediate consequences, think about the…
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Charlie Munger explains in less than 10 minutes why Buffett did what no one else could:
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I guess it's the right time to internalize this once again.
An Investing Principle Checklist by Charlie Munger:
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Only a handful of investors have outperformed the market over decades.
One of them is Walter Schloss.
He achieved an Annual Return of 21% over 47(!) years.
A $10,000 Investment turned into $52,000,000
Here are the Key Points of his Investment Strategy (+ Free Checklist)👇
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Joel Greenblatt compounded at far over 40% (!) from 1985 to 1994.
He was famous for exploiting special situations.
As a Professor at Columbia, he taught a class on how he did it.
Here are the Investing Gems from Greenblatt's Columbia Class👇🏼
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An Investor MUST know how to analyze a company‘s financials.
Here‘s an explanation of all three Financial Statements.
And a couple of Rules of Thumb you can use to get a quick overview👇
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In 1980, Warren Buffett made a 6-Point list of what it takes to be a great investor.
Here is what he wrote down 👇
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“In my whole life, I have known no wise people who didn't read all the time - none, zero." - Charlie Munger
This Thread presents to you:
- 3 Books for Investing Beginners
- 3 Books for Investing Intermediates
- 3 "Books" for Investing Professionals
👇
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“Charlie has the best 30-second mind in the world." - Warren Buffett
But despite his brilliantly fast mind, his success came from long-term thinking.
Here are 13 Mental Models (explained in 2 minutes) that helped him combine both:
1. Circle of Competence - Focus on areas…
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Charlie Munger is one of the most brilliant minds in the world.
Despite his inborn potential, it was reading that fueled his genius.
Here are 7 Books that he recommends to rewire your brain👇🏼
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Charlie Munger's favorite book on Human Behavior is Influence by Robert Cialdini.
Here are my 14 most important Takeaways:
1. Automatic Behavior Patterns - We use stereotypes as shortcuts, and by and large, they help us.
But they can also work against us: Expensive = Good
2.…
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Cash Flows matter most.
As an investor, you NEED to understand cash flow statements.
Let’s talk through how a Cash Flow Statement works👇🏼
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Joel Greenblatt and Howard Marks, two of my favorite investors, in a 30-minute talk.
Highly recommend watching this one:
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As an investor, you NEED to know how to read an Annual Report (10-K).
But they often have hundreds of pages and seem way too complex.
Here's how to efficiently read and understand a 10-K (+example)👇🏼
24
336
1K
Rakesh Jhunjhunwala is one of the most successful investors of all time.
He turned ~$100 into $5.8 billion and never managed outside money.
That's a 67% CAGR over 37 years
I read through hundreds of pages of transcripts and interviews of him.
Here’s his Investing Strategy👇
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There are thousands of Investing Books out there.
Most of them repeat the same lessons over and over.
I've compiled a list of 10 books that cover every aspect important to Investing.
After reading them, you know everything there is:
1. Margin of Safety
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Bruce Greenwald is the most famous professor who teaches Value Investing.
He taught legendary investors like Li Lu, who now manages Charlie Munger’s money.
Today, we go through the Class Notes of Greenwald’s Columbia Class👇🏼
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As an investor, you NEED to know how to read an Annual Report (10-K).
But they often have hundreds of pages and seem way too complex.
Here's how to efficiently read and understand them (+example)👇🏼
39
385
1K