A few small doses of inspiration and a lot to ponder regarding the downfall of such men.
I was hoping to encounter a slew of truly inspired men who putA few small doses of inspiration and a lot to ponder regarding the downfall of such men.
I was hoping to encounter a slew of truly inspired men who put a dent in the universe and harnessed their talents to the end - maybe Warren Buffett, Ben Franklin, Steve Jobs, etc. But i think it turns out these men are few and far between even amongst our heroes. Maybe a similar book on less ordinary ladies would be more inspiring. Certainly would contain a lot less boozing, random sex, drug use and just generally inward focused narcissism... Maybe it's time for women to take the controls of spaceship earth....more
An excellent primer for someone first engaging with value investing. I found the napkin drawings surprisingly useful although the endless ven diagramsAn excellent primer for someone first engaging with value investing. I found the napkin drawings surprisingly useful although the endless ven diagrams get a little tiresome towards the end. Still plenty of wisdom in this fun little book....more
I will definitely read this book again, slowly, considering all the life changes I want to make.
This is the most honest and open account of an investI will definitely read this book again, slowly, considering all the life changes I want to make.
This is the most honest and open account of an investor coming of age I have come across. It deals directly with a lot of the in-the-weeds difficulties of staying disciplined, setting up the factors that will prevent known psychological traps and investing boldly as a contrarian. Spier has an extremely insightful perspective on what has led to Buffett's investing prowess. In moulding himself after the legendary investor he shows how it's possible for anyone to similarly set the odds up in their favor. They may not achieve Buffett-status but they stand a good chance of beating 90% of professional investors after fees, an approach that will surely lead to considerable wealth over a lifetime.
Similar to Guy, I experienced rapture when I first read the Intelligent Investor as well as Lowenstein's biography on Buffett. While I have implemented much of the teachings in my own investing strategy over the past six years, I now wish I'd been even more fanatical. For instance, Spier has set rules for himself such as always reading primary sources first, only checking stock prices once a week, never reading sell-side research and not talking about current investments. He has also worked hard to surround himself with high-quality likeminded investing peers. Well, I plan to remedy things, starting with attending the Berkshire annual meeting this year...
What's amazing about Graham, Buffett, Pabrai, Spiers, Dremen, Klarman, Watsa, Greenblatt, Gaynor, Einhorn and all the other great value investors is that they each publicly lay out their approach in detail (usually updated quarterly or annually), they each announce their specific holdings (on 13fs each quarter) and they each consistently beat the market by a wide margin and for long periods of time. Yet despite this, value investing continues to represent a small minority of the overall fund management business and few people succeed in copying value strategies successfully.
And the irony is it's such a simple approach! Invest in high-quality businesses that you understand with wide moats and good cashflow characteristics when they're going cheap. I.e. be greedy when others are fearful and fearful when others are greedy. Most investors think they understand this already.
The problem is that many cognitive biases remnant from our days on the savanna work against us at times of great fear and great greed, preventing us from sticking to methods that work over long periods of time but often appear to be broken in real time.
That's why this book is so important. Understanding our own cognitive biases and setting up an environment which will enhance rational thinking is where the rubber hits the road and what distinguishes great investors. It's no accident that Buffett holes up in Kiewit Plaza, reads sec filings all day, trades seldom and surrounds himself with individuals like Munger, Gates and Katherine Graham. He's nailed it.
Therefore, do not take this book lightly! It gets to the heart of what makes an investor great....more
Many interesting themes: - Dealing with the insecurities that come from inheriting wealth - Coming of age after living under the shadow of her parents aMany interesting themes: - Dealing with the insecurities that come from inheriting wealth - Coming of age after living under the shadow of her parents and then husband - Being an insecure but powerful women in a world of domineering men (publishing in the 50s and 60s) and - Just generally living through the intrigues of life and politics in DC. - Plus, a great cameo by Warren Buffet towards the middle of her reign at the Post that contributed to their phenomenal financial successes
Unfortunately these interesting themes were buried in a mountain of historical detail (particularly around presidential campaigns and various strikes that took place at the Post) that wasn't always interesting to someone who didn't live through the times himself.
This book will make you very angry about how thoughtless modern design is when it comes to using and reusing resources efficiently. Some very clear prThis book will make you very angry about how thoughtless modern design is when it comes to using and reusing resources efficiently. Some very clear practical ideas on designing things with the whole lifecycle of the product and its materials in mind. Highly recommended...more
Lots of duplicate material shared with War of Art and his basic ideas are the same, just fleshed out a little more. Still, not a bad book to help prepLots of duplicate material shared with War of Art and his basic ideas are the same, just fleshed out a little more. Still, not a bad book to help prepare for an artistic/entrepreneurial endeavour....more