Value Theory
@ValueInvestorAc
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Buying wonderful businesses. Investing. Books. Free toolkit we use for finding wonderful stocks at Value Investor Academy:
*Not investment advice
Joined May 2020
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I Used to Struggle to Read Annual Reports
Until I discovered this 6-step process
From "The Dean of Valuation" Aswath Damodaran
On what to look for and why, when trying to value a company
Here it is:
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Aswath Damodaran Gives An Introduction to Valuation
Can't believe this is free
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Charlie Munger passed away today at the age of 99.
Warren Buffett once said "Charlie has the best 30-second mind in the world"
How did he think so quickly & precisely?
Mental Models
Let's take a look at 21 of Munger's best:
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Bill Ackman Manages Over $8.7 Billion in Assets
Achieved 373% accumulative return 2004-2010.
A 58% return in 2019!
He makes all of his Analysts read these 11 books:
📚
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Bill Ackman Explains Financial Statements for Beginners
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How do you find undervalued stocks?
We use Warren Buffett's key rules.
Here's a step by step playbook on how to do it.
= THREAD =
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"Charlie (Munger) has the best 30-second mind in the world"
- Warren Buffett
How is he able to think so quickly and precisely?
It comes down to "mental models"
Let's take a look at 21 of Munger's best:
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The Laws of Valuation
From "The Dean of Valuation" Aswath Damodaran
He reveals the fundamentals, myths & misconceptions:
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What Peter Lynch did when his fund lost $4 billion in 2 days.
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Seth Klarman's Net Worth is over $1.5 billion
Copies of his book "Margin of Safety" have sold for $3,000. No reprints & hard to get a copy.
20 Investing Lessons from Seth Klarman:
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Aswath Damodaran Lesson 2
An introduction to Intrinsic Value
I can't believe this is free
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Li Lu Has Compounded at a 30% Annual Return Since 1998
He is the only person Charlie Munger trusts to manage his money.
Li Lu's fund manages $14 billion in assets.
Here are its top US holdings:
🧵
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Ackman Achieved A 373% Return 2004-2010
And a 58% return in 2019!
He now manages over $8.7 billion.
He makes his Analysts read these 11 books:
📚
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Borrowed $400,000 from his uncle to kickstart his career on Wall Street.
Loses everything in 1986.
Makes $1.8 billion on a Netflix trade.
Goes on to become “The Most Important Investor in America”.
The story of how Carl Icahn built his $17.5 billion fortune:
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Joel Greenblatt masterclass on how to value a company
Greenblatt returned 34% pa from 1985-94.
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Michael Burry Is One Of The Greatest Modern-day Investors
A net worth of over $3000 million.
He is, on the contrary, a trained doctor.
Everything he has learned about stocks & investing, he has learned on his own by reading.
His Top 12 Book Recommendations:
🧵
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Warren Buffett Leaves The Audience Speechless
One of his most inspiring speeches:
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Jim Simons is the Most Successful Hedge Fund Manager of All Time
With a net worth of $30.7 billion.
The creator of the Medallion Fund.
His top 20 investing principles:
🧵
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Charlie Munger and Buffet spend 80% of their day reading.
Munger is one of the world's most well-read people.
His Top 12 Book Recommendations:
📚
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Warren Buffett's advice for when the stock market crashes
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Touted the "Young Warren Buffett"
Grows his net worth to over $3.5 billion.
Famously shorts $1 billion on a suspicious supplement business.
Then Carl Icahn takes the other side of that bet & declares war.
They publicly battle. One wins.
The Story of Bill Ackman:
🧵
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Li Lu Escaped from China to the US With Very Little Money (in fact a lot of debt)
His net worth is now over $1 billion
Achieved with a value investing approach
Below clip is a masterclass from Li Lu on how to be a value investor:
I also recently read
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From $0 To $150 Billion in Assets
Helped bring the McNugget to market.
Lost it all in 1982.
Went on to become one of the richest investors in the world, through innovative investing strategies.
The Story of Ray Dalio:
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Charlie Munger Had One of The World's Greatest Minds
He leaves us 10 Principles:
RIP legend
1.
"The best thing a human being can do is to help another human being know more."
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Peter Lynch On Why Stocks Go Up
Simple yet brilliant.
With examples:
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"We don't have to be smarter than the rest – we have to be more disciplined than the rest."
— Warren Buffett
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Ray Dalio Ran Bridgewater Asset Management for 50 years
At $150 billion, it is the largest hedge fund in the world.
Here are its top 10 stock holdings: 👇
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I Profiled Ray Dalio Last Week:
1. His Story: from $0 to $150 billion
2. His top 10 stock holdings
3. Ray's 12 investing principles
4. His book "The Changing World Order" - 9 key takeaways
All below, in case you missed any 👇
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Buffett Said “It’s A Crime That Business Schools Don’t Study Men Like Henry Singleton”
Singleton achieved an 18% compounded annual return over 25 years
Through an aggressive acquisition & buyback strategy.
His top 13 investing principles:
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Buffett's 14 Key Metrics He Uses When Analyzing A Company's Financials
Summarized into a graphic:
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Today we lost one of the investing greats
Charlie Munger helped build the greatest investing firm that ever was.
Here is his story:
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In 1976 Benjamin Graham wrote an article titled "The Simplest Way to Select Bargain Stocks"
Within the article, Graham described his new investment formula.
Backtests show such a strategy would earn 15% or more per year plus dividends.
Here is his strategy:
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$1,000 invested with Warren Buffet since 1965 would be worth $27 MILLION today.
$1,000 in S&P 500 would = $200,000
The techniques he uses and the legends he learnt from.
= THREAD =
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Sadly, Jim Simon Passed Away Today.
He is considered the most successful hedge fund manager of all time.
Using mathematics he changed the world of securities trading.
This is his story:
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Charlie Munger: 99 years of wisdom summed up in 20 minutes:
- Investing
- Inversion
- Big ideas
- Mental models
🎬
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Charlie Munger Reveals His Method to Making Wealth
The man with the “best 30-second mind in the world”
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Munger & Buffett Read up to 500 Pages per day
Munger is one of the most well-read people in the world
His Top 12 Book Recommendations:
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How The Economic Machine Works by Ray Dalio:
A must watch
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The controversial thinker who predicted the 2008 financial crisis.
Profited $35 million from the 1987 stock market crash.
The best-selling author of “The Black Swan” and “Antifragile”.
The story of Nassim Taleb, his ideas, & a $1 billion gain in a single day.
🧵:
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Just finished re-reading Joel Greenblatt's "The Little Book That Still Beats the Market."
He talks about a "Magic Formula" for investing in stocks.
It beat the market by an average of 14% over 16 years.
Here's a thread summarizing the main takeaways:
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“We don’t have to be smarter than the rest. We have to be more disciplined than the rest.”
- Warren Buffett
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This Week I Profiled Charlie Munger
The world's most well-rounded investor.
- His Story
- Stock Holdings
- His 21 Favorite Mental Models
- His Top 12 Book Recommendations
- Munger: The Complete Investor Book
- 10 Investing and Intelligence Principles
All Below: 👇
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Bill Ackman is a billionaire investor and CEO of Pershing Square Capital, which manages over $8.7 billion in assets
Here are the 12 investing principles he lives by:
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I Built a "Warren Buffett Blueprint"
It shows you step-by-step how to find high quality stocks, at a fair price.
Using Buffett's core investing rules.
Get it FREE, just:
1️⃣ Follow us (so we can DM you)
2️⃣ Retweet & Like this tweet
3️⃣ Reply 'Buffett' below
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The “Father of Value Investing”
Benjamin Graham.
Educated many such as Warren Buffett with his book “The Intelligent Investor”.
My 21 Takeaways:
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Peter Lynch Grew The Fidelity Magellan Fund Into the Worlds Largest Mutual Fund
From $18m to $14 billion.
He achieved a 29% annual return over a 13 year period.
His story and investing approach:
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Li Lu manages the investment firm Himalaya Capital Management.
He has achieved a 20% annual return since its inception in 1997.
Here are his US holdings.
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To be a successful investor you need to be able to value stocks.
But how do you do it?
With this 4-step process you’ll be valuing stocks in no time.
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Mohnish Pabrai aka The Indian Warren Buffett
Since 1999, his fund has delivered 25% annualized returns.
Including a 120% return in 2009.
Here are his top 20 investing principles:
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A Li Lu Master Class on Value Investing
📽️
Also, some of my fav Li Lu quotes below:
1. "The most important thing in investing is to be able to think independently."
2. "Risk control is the essence of investment."
3. "A true leader is someone who has the courage to take a
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Warren Buffett explains why you don't need to be a genius to be a good investor.
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The self-made value investor with a net worth of $1.8 billion who gives back to the poor.
A shameless copycat of Warren Buffett, he spent $650,000 to have lunch with the legendary investor.
The rags-to-riches story of Mohnish Pabrai
@MohnishPabrai
, a compounding master:
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"Charlie Munger has the best 30-second mind in the world"
- Warren Buffett
How does he think so quickly & precisely?
"Mental Models"
Let's take a look at 21 of Munger's best:
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We built a Warren Buffett Blueprint for Finding High Quality Stocks at a Fair Price
Using Warren's core investing rules.
Get it FREE, just:
1️⃣ Follow us (so we can DM you)
2️⃣ Retweet & Like this tweet
3️⃣ Reply 'Warren' below
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Warren Buffett’s 14 Key Metrics
What he uses when analyzing the financials of a company.
Something I learned in
@BrianFeroldi
&
@Brian_Stoffel_
fantastic course:
"Financial Statements Explained Simply"
Here they are:
🧵
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Warren Buffett’s 14 Key Metrics
What he uses when looking at the financials of a company.
I learned this in
@BrianFeroldi
&
@Brian_Stoffel_
fantastic course:
"Financial Statements Explained Simply"
🧵
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Buffett’s First Interview on National TV:
- His simple investing strategy
- The most important quality of an investor
- What he does that’s different to 90% of investors
- And more
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Charlie Munger on How to Pick Stocks That Will Outperform
He looks at ONE key metric (hint, it's not the valuation).
From his speech:
"A Lesson on Elementary, Wordly Wisdom as it Relates to Investment Management":
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He Averaged a 40% Return Per Year From 1985 to 1995
Once investing 40% of his fund into a stock that looked like garbage, getting an incredible result within 3 months.
The story of Joel Greenblatt's unique rise to $1 billion net worth:
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“We don’t have to be smarter than the rest. We have to be more disciplined than the rest.”
- Warren Buffett
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Carl Icahn Compounded at 31% pa Over 20 Years
Here are the 19 investing principles he lives by:
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Famous for "The Big Short"
The move that netted him $800 million.
Diagnosed with Asperger's Syndrome at a young age.
He overcame this adversity - generating an 890% return over an 8-year period for his investors.
The Story Of Michael Burry & His Investments:
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“Never invest in a business you cannot understand.”
- Warren Buffett
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Carl Icahn Compounded at 31% pa Over 20 Years
Made $1.8 billion on a Netflix trade.
Networth $17.5 billion.
“The Most Important Investor in America”.
Here are the 3 books he recommends:
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Bill Ackman Manages Over $8.7 billion
He famously turned $27m into $2.6b in a "covid trade".
His fund holds a very concentrated portfolio.
Here are it's 6 U.S. Stocks:
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Warren Buffett reads 500 pages a day!
At 92 years old, he's read a few books.
Here are his top 10 recommendations.
From one of the most successful investors and businessmen ever.
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Have You Heard of Felix Dennis?
Net worth $750 million.
By selling computer magazines in the 70's.
He wrote a great book "How To Get Rich" (cringe title).
His 10 Principles To Getting Rich:
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“The big money is not made in the buying or the selling, but in the waiting.”
- Charlie Munger
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Howard Marks Manages $140 Billion in Assets.
He famously made a $6 billion profit during the 2008 financial crisis.
Achieved an incredible 19% pa return between 1995 & 2011.
But it wasn’t all smooth sailing to immense wealth.
His story & investment philosophy:
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"Read 500 pages every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will."
— Warren Buffett
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The book “Security Analysis" by Benjamin Graham is as relevant today as it was 89 years ago.
Graham was Warren Buffett’s mentor.
The book is 700 pages long & can be technically difficult to read.
So here are the 16 timeless lessons:
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Warren Buffett, one of the most successful investors of our time, has shared his wisdom through the years.
Let's dive into his top 16 investing principles and insights:
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“Big opportunities in life have to be seized. We don't do very many things, but when we get the chance to do something that's right and big, we've got to do it.”
- Warren Buffett
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At 19 Charlie Munger Dropped Out of University to Join the United States Army Air Corps.
He also used to work for $2 per day.
Today he is worth more than $2.3 billion.
The story of how he got there & the investment philosophy he developed along the way:
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His buyback strategy gave shareholders a 3,000% gain.
A Maestro of Acquisitions Who Turned $450,000 to $3 Billion
An unconventional CEO who turned Teledyne into a goldmine.
This is the story of Henry Singleton:
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"Most people get interested when everyone else is. The time to be interested is when no one else is. You can't buy what is popular and do well."
- Warren Buffett
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"The Alchemy of Finance" by George Soros, was originally published in 1987.
Soros delves into his investment philosophy:
- His theory of reflexivity and how it applies to financial markets.
Here are the key learnings summarized:
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Howard Marks Compounded at 19% pa Over 16 Years
Here are the 14 investing principles he lives by:
🧵
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I Built a "Warren Buffett Blueprint"
It shows you step-by-step how to find high quality stocks, at a fair price.
Using Buffett's core investing rules.
Get it FREE, just:
1️⃣ Follow me (so I can DM it to you)
2️⃣ Retweet & Like this tweet
3️⃣ Reply 'Buffett' below
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George Soros is Considered One of the Most Successful Investors in History.
Love or hate him, he has achieved outstanding investing results.
Amassing a net worth of over $6 billion.
Here are 14 of his greatest investing principles:
🧵
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I'm reading Terry Smith's Shareholder Letters
Terry manages over $20 billion in assets & has delivered a 478% return since 2010.
In a 2013 letter, he outlines his 8 rules for investing.
Here they are:
🧵
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Ray Dalio's book "The Changing World Order"
Discusses:
1. The big economic cycles
2. The rise and fall of major empires
3. That times ahead will be different
Here Are The 9 Critical Takeaways:
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This Man Held Just 3 Stocks in a $3 Billion Fund
He averaged 20.8% pa over 14 years.
Having extreme conviction in "quality".
Sadly, regulators reportedly closed it down.
The Story of Nick Sleep & Nomad Investments:
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"If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep money."
- Ray Dalio
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Ray Dalio is the Founder of the World's Largest Hedge Fund at $150 billion
And a NYT best selling author.
Here are the 12 investing principles he lives by:
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Peter Lynch Compounded at 29% pa Over 13 Years
Here are the 12 investing principles he lives by:
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The Maverick Trader Who Rewrote Wall Street History
Turned $10,000 into $50,000 in 5 days.
Jesse Livermore’s unparalleled market intuition transformed the landscape of stock markets forever.
His top 20 investing principles:
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Howard Marks is the Author of "Mastering The Market Cycle"
A New York Times & Wall Street Journal Bestseller
Here are the 12 key takeaways:
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Joel Greenblatt averaged 40% annualized returns for more than two decades.
He has a method.
It involves "Special Situations".
Here’s what he suggests:
🧵
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Michael Burry Generated $800 million or a 490% Return for Investors Over 8 years
A contrarian investor by nature.
Here are 16 investing principles he lives by:
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Philip Fisher "The Father of Growth Investing"
Wrote the best-selling book "Common Stocks & Uncommon Profits"
“I don’t want a lot of good investments; I want a few outstanding ones.”
His book outlines a 15 point checklist for picking outstanding stocks.
Here they are:
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10 Principles from Charlie Munger on Investing and Intelligence:
From one of the world's greatest minds:
🧵
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Sir John Templeton was known for his contrarian nature.
Here are 12 quotes that summarize his investment philosophy:
1.
“When people are desperately trying to sell, I buy. When people are desperately trying to buy, I sell. It has worked out very well over the years.”
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