Welcome back - I remember some good write-ups from you before. When people get jobs (BG from memory?) it's easy to just unsubscribe, but glad I kept the Twitter so found out about this.
Good luck with the new venture - I think it's useful to have seen things at a firm, but ultimately as you say it's a different way of investing from when you're doing it solo.
Very interesting and of course expected. With regard to your number 2) you gotta look at what's overlooked to achieve superior results - I hear this all the time and it seems obvious, but is it really true? Look at Berkshire, one of the most followed companies in the world, it was sitting there at 12 -14 x earnings for years and years - real earnings not like SP500 earnings - growing EPS far faster than the market and trading at often half the multiple, run by people who everyone knows we can trust... Not dissimilar to your Fairfax comment but Berkshire is far more well known and followed. Anyway food for thought.
Sure, you can argue that true compounders can be perpetually underpriced, but they're few and far between. There are more than a few ways to make money.
Well written as always Oliver. I have interned for several well respected institutional investors and share a very similar sentiment. I keep going back to Buffett’s 1965 shareholder letter diagnosing the causes of mediocre fund performance: Group decisions, conforming to peers (fishing where everyone else is), an institutional framework, irrational diversification, inertia. I’m fortunate enough to work for a small firm now that is a complete inversion from Buffett’s list
Welcome back - I remember some good write-ups from you before. When people get jobs (BG from memory?) it's easy to just unsubscribe, but glad I kept the Twitter so found out about this.
Good luck with the new venture - I think it's useful to have seen things at a firm, but ultimately as you say it's a different way of investing from when you're doing it solo.
Thanks a lot, Tom!
Very interesting and of course expected. With regard to your number 2) you gotta look at what's overlooked to achieve superior results - I hear this all the time and it seems obvious, but is it really true? Look at Berkshire, one of the most followed companies in the world, it was sitting there at 12 -14 x earnings for years and years - real earnings not like SP500 earnings - growing EPS far faster than the market and trading at often half the multiple, run by people who everyone knows we can trust... Not dissimilar to your Fairfax comment but Berkshire is far more well known and followed. Anyway food for thought.
Sure, you can argue that true compounders can be perpetually underpriced, but they're few and far between. There are more than a few ways to make money.
Well written as always Oliver. I have interned for several well respected institutional investors and share a very similar sentiment. I keep going back to Buffett’s 1965 shareholder letter diagnosing the causes of mediocre fund performance: Group decisions, conforming to peers (fishing where everyone else is), an institutional framework, irrational diversification, inertia. I’m fortunate enough to work for a small firm now that is a complete inversion from Buffett’s list
Would love to talk stocks sometime!
Let's do it!
Looking forward to becoming a paid subscriber. All the best, Oliver - I know this will be a big success.
Thank you so much, Tom!