Sean Sharifali

[Ian Cassel @iancassel]

Peter Lynch had 300% turnover per year in the early years of the Magellan Fund. Joel Greenblatt had similar turnover at Gotham Capital. Even Warren Buffett’s public company portfolio ranged between 50-100% turnover per year during his first three decades. In fact, contrary to what most believe, many of the greatest long-only investors had their best performance when they had higher rates of turnover in their portfolios. And these were investors that invested in larger, more established businesses where low turnover is much more achievable.

We invest in small emerging companies. Microcap companies evolve in different ways. Not all of them are good ways. We can’t say at the beginning, “I’m going to hold this stock for 1-5-10-40 years”. No, we are going to hold it as long as management executes and constantly compare them against other opportunities. We might hold them 3 months, or it could be 10 years. If I’m being honest, most companies only deserve to be rented. Ownership is earned. The quickest way to go broke in microcap is buy and forget. Buy and hold forever only works if management executes forever.

[David Senra @davidsenra]

When @mickymalka was 24 years old, he met Charlie Munger.

He owned just 1 share of Berkshire, but Charlie told him he was the wealthiest person in the room:

"Charlie looks at me and says, 'You must be very wealthy to be here! I said,
'Actually, no, I only own one share?'

He says, 'You don't get it. You are the wealthiest guy in the room. You have the power of time. All of us here are in our last chapter. You're just starting your time. You will compound for the next 70 years of your life.

So never forget the rule I'm about to tell you: you only need to get rich once.'

And then he says, 'And now I'm going to eat, and just sat down and ate."

[Justine Bateman @JustineBateman]

I entered UCLA as a freshman at 46 and graduated with a computer science and digital media management degree at 50. In the ten years since, I’ve made three feature films, two film shorts, established a film festival, written for numerous publications, and published two books (third one on the way). You’re either alive or dead. Those are the only two ages.

[Trung Phan @TrungTPhan]

Charlie Munger’s three Ls is undefeated

[Yero @Yerocode0]

🚨Elon Musk: “Puede que todavía no sepas qué te apasiona… porque nunca exploraste el mapa completo”

Cuando le preguntan por el sentido de la vida, Elon no habla de meditación ni de “encontrar tu propósito”. Va directo:

“Lee. Lee muchísimo. Construye un terreno accidentado del paisaje del conocimiento. Aprende un poco de muchas cosas.”

La razón más subestimada:

Solo puedes desear lo que has visto.
Si tu menú de opciones se limita a lo que te dieron tus padres, la escuela o el primer trabajo… estás eligiendo a ciegas.
Los libros rompen ese límite.
Son el motor de búsqueda de tu propia vida.

Habla con gente de mundos distintos.
Explora campos que nunca imaginaste.
Luego busca la intersección perfecta:
ser intrínsecamente bueno en algo

que te guste hacerlo de verdad.
Porque el talento solo es una trampa:
puedes ser excelente, ganar dinero… y odiarlo en silencio durante años.

Lee. Amplía el mapa.
El mayor riesgo no es equivocarte de camino…
es nunca haber visto los otros.

[Jawwwn @jawwwn_]

Peter Thiel on why you should never get hung up on failure:

“It’s not like you only get one chance in this life. You get many chances—so long as you keep trying.”

“When we started PayPal, the initial product was an infrared beaming device on PalmPilots for sending money.”

“It was voted one of the ten worst business ideas in 1999—a year where there were many bad ideas in technology.”

“If you get hung up on failure and think you don’t have another chance, that’s when you really don’t.”

Via @60Minutes

[CapexAndChill @CapexAndChill]

Li Lu sharing some investing wisdom Munget taught him:

"Munger's fifth point is that investing is like fishing: you have to fish where the fish are. The two rules of fishing are: Rule number one, fish where the fish are. Rule number two, never forget rule number one."

"You don't need to understand the entire macro economy, nor do you need to figure out all 100,000 lakes in Minnesota... You just need to know your own small pond, which pond has the fish you can catch... The best scenario is that you're the only one fishing there, and nobody else even knows about it. That guarantees you'll catch the most fish."

Alpha is generated by avoiding efficient arenas entirely and building a monopolistic understanding of a niche where mispricing is guaranteed.

[David Senra @FoundersPodcast]

Peter Thiel:

[David Senra @FoundersPodcast]

Peter Thiel:

[Jim O'Shaughnessy @jposhaughnessy]

Two thoughts from Hunter S. Thompson

“A man who procrastinates in his choosing will inevitably have his choice made for him by circumstance.”

“Freedom is something that dies unless it's used.”

[Justin Welsh @thejustinwelsh]

Every paycheck you get is evidence that someone else figured out how to monetize your skills better than you did.

[Race 🕊️ @multiplanet1]

Elon Musk was asked by a room full of Stanford students what single trait separates people who change the world from people who don't. Everyone expected him to say intelligence. Or work ethic. Or vision.

He said pain tolerance.

The room wasn't sure if he was joking. He wasn't. He explained that intelligence is common. Ambition is common. Even good ideas are relatively common. What is genuinely rare is the ability to absorb punishment day after day, year after year, and keep building anyway.

He said most people he's met who are smarter than him quit after the first real failure. Not because they weren't talented. Because the pain of failure exceeded their tolerance for it. They found something easier and redirected their intelligence there.

He said the entire history of SpaceX is just a story about absorbing explosions, literally and financially, and refusing to interpret them as signals to stop.

Nobody writes that on a motivational poster. Nobody puts "pain tolerance" on their LinkedIn profile. But it's the actual filter. Not who can dream the biggest. Who can bleed the longest.

[Naval @naval]

You won’t get rich just working hard, but if you don’t work hard, you won’t get rich.

[CapexAndChill @CapexAndChill]

Legendary Investor Seth Klarman notes that buying something just because it is cheap at a five-year low often just means you will ride it down to a ten-year low.

Instead, Baupost underwrites the "expected go-forward return" and demands a specific catalyst. If the team cannot articulate exactly what will drive the success of the investment and unlock its value within one to two years, they pass. Seems like common sense, but this is one of the biggest traps investors fall into. Valuation always matters but you are far better off buying businesses that exceed expectations for the long-term.

[Sherman McCoy @wasphyxiation]

> notorious womanizer despite being fat and bald
> retires at 42 as the richest man in the colonies by building a fortune on posting
> world-leading scientist in his SPARE TIME despite little formal education
> hired by the government during the revolution to schmooze people in France
> founded the future most powerful country on earth
> died at an old age universally admired

Reminder: Ben Franklin was the biggest baller of all time

[David Senra @FoundersPodcast]

He's 41 when he quits his job and starts his first company. He puts all of his money in it.

To not go into debt there were no dividend payments for the first 13 years.

All the profits flowed back into expansion.

"We are advancing constantly."

As the brand got more and more popular he got assaulted with all of these offers. We can make:

Red Bull gummy bears
Red Bull underwear
Red Bull perfume

He said no to every single one.

He puts all of his energy behind one arrow.

He had a "burn the boats" mentality.

He was aiming for fun and durability over everything else.

He said: "If things had gone wrong, I'd be sleeping under a bridge today."

[Nic Munoz @nic_munoz]

Always remember, Rockefeller was rejected in his job hunt for six weeks.

This is how he responded:

“Because he approached his job hunt devoid any self-doubt or self-pity, he could stare down all discouragement.

‘I was working every day at my business-the business of looking for work. I put in my full time at this everyday’

He was a confirmed exponent of positive thinking.”

[Hriday Kadam @hridaykadam]

before starting my work, i watch this everyday

[David Senra @davidsenra]

“He stopped because it was hard.

It required discipline, dedication, and hours and hours of time. Everyone stopped.

I didn't stop.

Was there ever a time where you almost quit?

No.

Failure is not an option when you come from where I came from.

When you grew up in the San Fernando Valley and your father makes about 300 bucks a week and you don't get any allowance and you have to have a paper route at nine to be able to go buy an ice cream and you're also saving for a car because when you're 16 you know your dad can't afford it.

Failure is not an option. It's binary: Success or death.”

— Michael Ovitz

[Investment Wisdom @InvestingCanons]

Munger never sugarcoated anything.