Investment Wisdom
@InvestingCanons
Sound investment principles, wisdom, & inspiration from the best investors & thinkers. Follow me to think about investing & decision-making more wisely.
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"For some reason people take their cues from price action rather than from values: price is what you pay, value is what you get.
Markets are there to be taken advantage of rather than instruct you as to what is going on."
— Warren Buffett
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“If 7 out of 10 of my stocks perform as expected, I’m delighted.”
— Peter Lynch
Charlie Munger: “The first rule is that you’ve got to have multiple models.”
Without many mental models, investors bend the facts to fit their theses.
Models from the big disciplines each ask a different question, so the weak spots show up before the market exposes them.
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Warren Buffett:
“The truth is, you’ve got to expect good times and bad times in business…[Don’t] try to time the purchase…try to make the right purchase at the right price and make sure you’ve got a good business.”
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“If you’ve got 150 IQ and you’re in my business, go sell 20 or 30 points to somebody else because you really don’t need it. You need emotional stability.”
— Warren Buffett
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“You don’t get rich by diversifying into 50 mediocre assets. You get rich by finding 2 or 3 asymmetric home runs.”
— Stanley Druckenmiller
Charlie Munger on what makes a good business:
“What really makes it work is, the business school term is durable competitive advantage, which is a pretty good term.
You really want an advantage that, nourished without overwhelming skill, will keep working for you for a long, long time.”
And on what to avoid:
“You want to avoid a business which is just so brutally competitive that nobody does well over the long pull.”
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