Thales of Miletus

Know thyself. The past is certain, the future obscure — but in this obscurity lies value.

[Thales of Miletus @corbitaglobal]

Richard is superb long term investor and an even better all around human being.

[Richard Toad @rich_toad]

Julian Robertson and Art Samberg introduced him to shorting. He started a $5 million hedge fund that trained two Lone Pine Capital CIOs.

[Richard Toad @rich_toad]

Julian Robertson and Art Samberg introduced him to shorting. He started a $5 million hedge fund that trained two Lone Pine Capital CIOs.

[D.A. Wallach @dawallach]

https://t.co/7ydwaRbGFm

[Bill Miller @billfour]

good press on pops @B3_MillerValue @MillerValue

The Fall and Redemption of Bill Miller, the Greatest Money Manager of Our Time https://t.co/hIcitgoIsV via @BarronsOnline

[Compound248 💰 @compound248]

💥Fintwit loves to talk about Chris Hohn and his TCI Fund complex. Rightly so.

Chris’ OG Head of Research, Patrick Degorce, left TCI 17 years ago to start Theleme.

Theleme's largest position, by far, was Moderna, and per BBG, its AUM was $1.7B as of yesterday (understated IMO).

Today, Theleme made almost $1 BILLION on its $MRNA stake. Boom.💥🤑

That is how you f'ing do it.

[Tren Griffin @trengriffin]

Charlie Munger:

"Victor Niederhoffer was the son of a police lieutenant, and he needed to get A’s at Harvard. But he didn’t want to do any serious work at Harvard, because what he really liked doing was, one, playing world-class checkers; two, gambling in high-stakes card games, at which he was very good, all hours of the day and night; three, being the squash champion of the United States, which he was for years; and, four, being about as good a tennis player as a part-time tennis player could be.

This did not leave much time for getting A’s at Harvard so he went into the Economics Department. You’d think he would have chosen French poetry. But remember, this was a guy who could play championship checkers. He thought he was up to outsmarting the Harvard Economics Department. And he was. He noticed that the graduate students did most of the boring work that would otherwise go to the professors, and he noticed that because it was so hard to get to be a graduate student at Harvard, they were all very brilliant and organized and hard working, as well as much needed by grateful professors.
And therefore, by custom, and as would be predicted from the psychological force called reciprocity tendency, in a really advanced graduate course, the professors always gave an A. So Victor Niederhoffer signed up for nothing but the most advanced graduate courses in the Harvard Economics Department, and of course, he got A, after A, after A, after A, and was hardly ever near a class. And for a while, some people at Harvard may have thought it had a new prodigy on its hands. That’s a ridiculous story, but the scheme will work still. And Niederhoffer is famous: they call his style “Niederhoffering the curriculum.”
https://t.co/wzq8MgOEHL

[Thales of Miletus @corbitaglobal]

@lhamtil @TheIdeaFarm David Whiston is very thoughtful and a super nice guy he’d be a great guest on your podcast

[Thales of Miletus @corbitaglobal]

@compoundpapi Important to note that Keefe left Avenir and started https://t.co/3Rqw7GoeZJ

[Thales of Miletus @corbitaglobal]

@compoundpapi Papi Argentina es magnifica I’ll introduce you to my brother if you make a trip

Miss you my guy it’s been too long 🤝

[Richard Toad @rich_toad]

This sell-side conglomerates analyst founded a hedge fund that compounded at 24.5% annually from 1967–1995 and then shut it all down while up 25% that year.

[Crémieux @cremieuxrecueil]

The Dark Ages are visible in basically every metric, no matter how absurd.

Here, for example, is the absence of items in the Louvre for the Dark Ages:

[Conch Shell Capital @TMTMoats]

Excellent insights in the latest letter from Christopher Smith and the Artisan Focus Fund team.

One takeaway from the letter: Growth isn't a silver bullet for overpayment. As the chart illustrates, 30% sales growth only yields market-level returns if your entry multiple exceeds 40x. Entry points matter as much as the internal compounding.

Sweet spot is low multiple + high forward growth

[Fermat's Library @fermatslibrary]

Jim Simons (1938 - 2024) on the role of aesthetics in his life

[Michael Mauboussin @mjmauboussin]

@Dan1elPlainview Performatively? 😭

[Thales of Miletus @corbitaglobal]

@bkclaims But William H. Miller never disappoints over drinks — and he was the main character in Almost Famous (2000)

[Thales of Miletus @corbitaglobal]

@bkclaims Glenn Greenberg is truly remarkable

[Larry Elder @larryelder]

Forget crime. There are 13 public schools in Baltimore, all located in the inner city, where 0% of the students can do math at grade level. Send in National Guard to take over the schools. (Just kidding. Sort of.)

[Thales of Miletus @corbitaglobal]

@compoundpapi 4+ Papi — the play is to live in Phoenix where you get a tax write off for private school and solid free charter schools

[Thales of Miletus @corbitaglobal]

@bizalmanac David’s interviews are some of my all time favorites

[Thales of Miletus @corbitaglobal]

@bizalmanac 🤫Can’t you see that she’s busy??