Instead of watching Netflix tonight, watch this 2-hour Stanford lecture.
You’ll learn more about how ChatGPT, Claude, and other LLMs are built than most people at top AI companies learn in years.
I'm Boris and I created Claude Code. I wanted to quickly share a few tips for using Claude Code, sourced directly from the Claude Code team. The way the team uses Claude is different than how I use it. Remember: there is no one right way to use Claude Code -- everyones' setup is different. You should experiment to see what works for you!
R.I.P. basic prompting.
MIT just dropped a technique that makes ChatGPT reason like a team of experts instead of one overconfident intern.
It’s called “Recursive Meta-Cognition” and it outperforms standard prompts by 110%.
Here’s the prompt (and why this changes everything) 👇
Mal eine etwas andere Betrachtung, bevor es morgen wegen des Fußballspiels und der erwarteten hohen Staatsgäste wieder unruhiger wird: Diese aktuelle Wolfsdebatte zeigt auch den gegenwärtigen Zustand der türkischen Bevölkerung in Deutschland und das Verhältnis der deutschen
A 21-year-old follower just DMed me asking how to start his first business.
Here's the foolproof, step-by-step blueprint I've used for all my companies:
(that makes me $806,730 per month)
The only ChatGPT prompting sheet you'll ever need.
Save 100s of hours & get more done.
Get more guides and prompts like this by signing up to Superhuman AI--the world’s biggest AI newsletter.
Bruce Greenwald invited Li Lu to speak to his class on value investing.
The result is a 90 minute masterclass on how to be a value investor.
If you haven't watched the video, do it now.
If you have, it's worth re-watching.
Here is a list of my favorite quotes from Li Lu 👇
PERSONALITY OF A VALUE INVESTOR
• "Understand who you are as an investor, because you will be tested. You will have to ask yourself if you truly are a value investor."
• "Value investing goes against our evolution of following the crowds to survive."
• "You will spend most of your time as an investigative journalist. To have insatiable curiosity."
• "You almost have to be curious about everything. Because you never know where you'll get that one major insight."
INVESTOR CRITERIA
• Is it cheap?
• Is it a good business?
• Why is this opportunity available to me?
"Once you answer those questions, you really have to go for it."
INVESTMENT CASE STUDY 1: TIMBERLAND
• "The first thing I check in a company is it's valuation."
• "If you're an investor you don't care where it traded before."
• "What matters isn't the price-to-book ratio itself, but what's in the book value."
• "You want to compare the capital invested in the business to how much pre-tax cash flow the business generates using that capital."
• "So Timberland generated $100M on $200M in capital invested. So why does the opportunity exist?"
- Nike, Reebok, all the shoe brands fell off a cliff during the Asian Financial Crisis.
- Founder owns 40% of the stock
- Company was profitable and didn't need financial markets (no sell-side)
- Tons of shareholder lawsuits
• "What would be your conclusion if you were a normal mutual fund hearing this information? That management is milking the company for their own gain."
What does Li Lu do next?
• "I download every file of the shareholder court cases. That's the investigative journalist part."
• "The result was that the founder withdrew guidance and shareholders didn't like it. That was it."
How do you determine if management are decent people?
• "You've got to be an investigative journalist and find the trail of evidence. Go to their community. Introduce yourself to their friends/family/neighbors."
Total Time Commitment: "A couple of weeks of diligent/obsessive work"
• "Investing is intensive work for short bursts of time."
HOW MUCH TO BUY?
• "If you go join a fund, they'll tell you not to risk anything more than 25-50bps."
• "Think about how much effort you put in to this work. You have no downside and its trading at 5x profits."
• "So, I put a shitload of money into Timberland. Over the next 10 years it went up 7x. It was never more than 15x earnings."
• "If you're not a good analyst, you'll NEVER be a good investor."
• "When it goes up, you don't have to do a damn thing. You just sit on it and ride with it."
INVESTMENT CASE STUDY 2: KOREAN COMPANY
• "Don't think about per-share numbers. Think of yourself as an owner."
• "$236M in book value, $60M market cap, $25M net earnings."
How do you know it's cheap?
• "You must confirm that the earnings are there, and that the book value is real, liquid, and tangible."
• "They're trading at the cash value in the bank with no debt. They have hotels and department stores that they own outright. They're making $30M+ in pre-tax earnings. And insiders own 50%."
The result: Went up 5-6x
VALUE INVESTING IS NOT NATURAL
• "There's a lot of money in value investing. But it's still unnatural to most people."
• "One thing you have to do, is you have to do the work. You have to do the reps. You can make a ton of money if you really do this stuff."
• "I benefited by listening AND THEN DOING my own work. Making my own investments and mistakes."
WHAT MAKES A GREAT ANALYST
• "You must provide accurate and complete information. If you can't succeed on that, you can't succeed in this business."
• "If you're not confident about your prediction and what you know, you can't put any money when the stock's in free fall."
WHAT PROVIDES THE BIGGEST RETURNS
• "Your biggest returns will come from no more than ten tremendous insights. That's it."
• "The only way to build those insights is intense curiosity, intense study."
INVESTING MISTAKES
• "The biggest mistakes come when you buy before you've done all the work."
• "My biggest mistakes aren't buying and losing money. It's not buying and missing out on 50-60x returns."
HOW MANY COMPANIES SHOULD YOU BUY
• "I don't have any set rules on how many stocks or companies I buy. Opportunities are sporadic and it depends on the environment."
• "I usually have 3-4 big ideas. If the market is exciting, I have more opportunities. Or if the market is boring, I have fewer."
HOW LI LU ALLOCATES TIME
• "Most of the time I spend reading and studying about everything. Learning new companies and industries."
• "If I find an idea that captivates me. I stop everything and obsess over that idea."
• "Besides that, I spend a lot of time with my kid and my wife."
TL;DR:
• Be an investigative journalist.
• Work obsessively in short bursts and spend the rest. of your time learning.
• When you've done the work and have conviction, buy a shitload to make it worth it.
• Before you invest $1, make sure you can answer the three big questions: Is it cheap, is the management team good, and why does the opportunity exist.
• Never stop learning.
• Become a curiosity machine.
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I became a millionaire in my 30s:
• No hacks
• No inheritance
• No family money
• No get-rich-quick plan
These principles changed my life and may change yours too:
Adam Mosseri (Instagram CEO) just explained exactly how the Instagram algorithm works, and how they rank content in stories, feed, reels & explore.
The last slides are most important. It's how I've added 500K followers to my accounts in 4 months.
Here's what you need to know:
New AI tools you should know in 2023:
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I spent years as a couples therapist.
I saw one common theme that always created conflict.
This one change can completely transform your relationship, but it takes work.
HERE'S HOW TO START🧵:
Notion is used by 20 million people worldwide.
It's an incredibly powerful tool.
Here are 6 Notion tools so good, you wish you heard about them a year ago:
16 year old kids are making $300,000/month with No-code tools.
They are literally building money printing machines.
Here are 8 free tools to start printing money on the internet: