The Effective Investor

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[The Effective Investor @effectiveinv]

@MikeFritzell check out Richard Lawrence of Overlook Investments. Wrote a great book and have some YT lectures. Great record over more then 30 years

Provides a great template for navigating Asia.

[The Effective Investor @effectiveinv]

@tripperhead Not sure why this is a bad idea if you have young children?

[Long Equity @long_equity]

Here's where four concentrated funds (Altarock, TCI, Triple Frond, Valley Forge) focused on compounding overlap.

Adobe used to be on this list. But is now completely dropped.

Visa and Moody's still reign supreme.

[Jake @EconomPic]

We often hear about the valuation gap between US and non-US equity markets, but what I hear less discussed is whether this is deserved.

EPS is still LESS today than pre-GFC for MSCI All Country ex-US companies.

Things can change, but this has been the lost decade(s).

[Simon Handrahan | MOS Capital @MoS_Investing]

Investors would perform better aiming for 15% returns instead of 25%. Need to focus on durable quality over longer periods. Hard to impossible to do that while aiming for too much upside.

[David Orr @orrdavid]

Bad short sellers and bad value investors have the same blind spot:

They both dismiss the possibilities of truly disruptive businesses.

[Daily Chartbook @dailychartbook]

"At this point, valuations at the top are no where near as frothy as they were at the height of the Dot Com Bubble. The 5 largest stocks traded at 43x Fwd PE in March ‘00, a 59% premium to the Mag 7’s current multiple of 27x."

Goldman Sachs via @Marlin_Capital

[The Effective Investor @effectiveinv]

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[The Effective Investor @effectiveinv]

2022 was one the worst years for bond investors in the last 100 years.

Warren Buffett warned about this and here's what he said in 2021:

1/ At Berkshire's 2021 annual meeting, Buffett said interest rates were low & likely to rise. This would lower bond prices and total returns.

[The Effective Investor @effectiveinv]

2022 was one the worst years for bond investors in the last 100 years.

Warren Buffett warned about this and here's what he said in 2021:

1/ At Berkshire's 2021 annual meeting, Buffett said interest rates were low & likely to rise. This would lower bond prices and total returns.

[The Effective Investor @effectiveinv]

6/ Buffett warned fixed-income investors faced a "bleak future" in 2021. He advised avoiding long-term bonds well before 2022's bond rout.

[The Effective Investor @effectiveinv]

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[The Effective Investor @effectiveinv]

1/ Ackman's Pershing Square fund typically makes concentrated bets, with 8-10 high conviction positions.

2/ Alphabet is one of Ackman's largest holdings, now his 2nd biggest position at ~16-17% of capital.

[The Effective Investor @effectiveinv]

1/ Ackman's Pershing Square fund typically makes concentrated bets, with 8-10 high conviction positions.

2/ Alphabet is one of Ackman's largest holdings, now his 2nd biggest position at ~16-17% of capital.

[The Effective Investor @effectiveinv]

6 / Ackman saw the ChatGPT scare as a chance to buy a "dominant player in AI for the very long term" at a bargain valuation.

7/ Even after the recent rally, Ackman believes Alphabet remains undervalued given the strength of its core businesses.

[The Effective Investor @effectiveinv]

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[The Effective Investor @effectiveinv]

1/10 Bill Ackman is one of the most famous activist investors with an enviable track record. His fund Pershing Square Holdings has returned 25.8% annualized over 5 years, beating the S&P 500's 12.3%.

[The Effective Investor @effectiveinv]

1/10 Bill Ackman is one of the most famous activist investors with an enviable track record. His fund Pershing Square Holdings has returned 25.8% annualized over 5 years, beating the S&P 500's 12.3%.

[The Effective Investor @effectiveinv]

10/10 By rigorously following these core investment principles over decades, Ackman believes he can generate industry-leading returns over time.