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Dividend Growth Investor
@DividendGrowth 5 years, 8 months ago 1022 views

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Ben Graham managed to compound money at 20%/year for 20 years at his partnership following a value investing strategy

In 1948 he acquired 50% stake in GEICO. It had to be distributed to his investors

They almost didn't make the investment due to some accounting questions 1/

Ben Graham paid $712,500 for 50% of GEICO in 1948. He put 25% of his investment assets in GEICO.

This investment did so well that the price of its shares advanced to two hundred times or more than the price of the half-interest by 1971/1972 2/

Ironically, the aggregate of profits accruing from this single investment decision far exceeded the sum of all the others realized through 20 years of operations in the partners specialized fields, involving much investigation, endless pondering&countless individual decisions 3/

Are there morals to this story of value to the intelligent investor?

An obvious one is that there are several different ways to make and keep money on Wall Street 4/

Another, not so obvious, is that one lucky break, or one supremely shrewd decision may count for more than a lifetime of journeyman efforts.

But behind the luck, or the crucial decision, there must usually exist a background of preparation and disciplines capacity. 5/

One needs to be sufficiently established and recognized so that these opportunities will knock at his particular door. One must have the means, the judgment, and the courage to take advantage of them. 6/

Source: The Intelligent Investor

https://t.co/KVOuDFU2hJ

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@DividendGrowth

The worst thing that you can learn as an investor early in your journey is to take a reckless risk without much research, and make money

It would take you a lot of time and effort to unlearn that easy money exists in the markets

Dividend Growth Invest...
@DividendGrowth

Charlie Munger on Delayed Gratification:

I've also got the money-sense gene. The first 13 years I practiced law, my income from practicing law was $300,000 total.

At the end of that 13 years, what did I have?

1/

A house. Two cars. And $300,000 of liquid assets. Everyone else'd have spent that slender income, not invested it shrewdly, and so forth.

I just think it was, to me, it was as natural as breathing, and of course I knew how compound interest worked!

2/

I knew when I saved $10 I was really saving $100 or $1,000 ,because of the future growth of the $10.

It just took a little wait. And when I quit law practice it was because I wanted to work for myself instead of my clients, because I knew I could do better than they did.

3/

You only get a few opportunities, and you have to grab them aggressively when they come because even in the most favored life, they're really rare.

I always feel that the opportunities are rare. I only get a few and then I have to seize them aggressively.

4/

Now that lesson I just talked about, it is taught in no business school I know of. But…everybody who has any sense ought to know [that] at the start of life, and practically nobody does.

I just described reality the way it really is.

5/

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Dividend Growth Invest...
@DividendGrowth

@dmuthuk In the words of the wise Charlie Munger:

"Envy is a really stupid sin because it's the only one you could never possibly have any fun at"

Dividend Growth Invest...
@DividendGrowth

A financial advisor that charges an annual fee of 1% on assets under management

Essentially takes 50% of your dividend income, if your portfolio yields 2%

That's substantially worse than the highest rate on qualified dividends of 23.80% today

Few understand this

I agree with this

After 34 years in the business, I just can\u2019t get my head around how an adviser can justify charging a client any more that $2,000 per year for financial advice, and 0.25% per year for asset management if needed. There may be outliers that cost more, but those are the expectation.
— Rick Ferri (@Rick_Ferri) June 15, 2021

Dividend Growth Invest...
@DividendGrowth

Charlie Munger has a net worth of $2.5 billion

He owns 50k shares of Daily Journal $DJCO, a 3.6% stake valued at $18M

Daily Journal has a portfolio worth $259M, which includes $72M worth of $BABA stock

If $BABA or $DJCO went to zero the total loss to Munger would be negligible

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$Shravan Venkataraman \U0001f3a1$

Shravan Venkataraman 🎡...
@theBuoyantMan

Interpretation of Financial Statements - preliminary filters.

1. Looking for sustainable competitive advantage:

When looking for sustainable moat, you wanna see consistency - in earnings, in having low debt, in having growing earnings, low spending in capital expenditures, etc.

The longer the company has existed, and if it sells you the same product for years (like Coca Cola), it reduces production costs and other costs (R&D, Training, marketing) slowly as the company ages.

When costs are reduced, margins and profits increase.

2. What to look for in an income statement:

Let's take a look at Apple:

i) You want to see earnings grow at a steady pace. Take a look at the net income below.

ii) Another thing that's important is a consistent and high gross margin.

As a thumb rule, Warren Buffett wants to see a gross margin of around 40% or above.

Although not quite 40%, it's around that range with respect to Apple.

Compare this to Apple's competitors.

Samsung's gross margins are around similar range, highest being 45.7% in 2018, and Huawei had a gross margin of 38.6%.

Patrick Chovanec
@prchovanec

Inflation is always and everywhere a monetary phenomenon RELATIVE to real economic activity. This last part is key.

Also, measuring “the money supply” is a tricky thing, because it lives and breathes with the economy.

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$Sam Parker \U0001f1fa\U0001f1f2$

Sam Parker 🇺🇲...
@SamParkerSenate

1. "ThE gReAt rEplAcEMeNt iS A cOnSpiRaCy tHEorY" https://t.co/BXdtcNxrVf

The great replacement isn't a conspiracy theory, it is the inevitable outcome of non-stop immigration of populations whom do not wish to assimilate and have way higher birth rates than the native population... It's purely a mathematical reality.
— Angelo John Gage (@AngeloJohnGage) December 30, 2020

2. "ThE gReAt rEplAcEMeNt iS A cOnSpiRaCy tHEorY"

3. "ThE gReAt rEplAcEMeNt iS A cOnSpiRaCy tHEorY"

4. "ThE gReAt rEplAcEMeNt iS A cOnSpiRaCy tHEorY"

5. "ThE gReAt rEplAcEMeNt iS A cOnSpiRaCy tHEorY"

Nils Steiner
@NilsSteiner

In this paper, we study vote choices of voters who are left-wing on economic issues and authoritarian/nationalist on cultural issues, especially immigration. For these voters, there is no often party combining positions in this way.

Vol 70 Apr | '#Vote choices of left-#authoritarians: Misperceived congruence and issue #salience' by @NilsSteiner and Sven Hillen is now available @ches_data @german_gles #Germany https://t.co/pmCoP5t7CL pic.twitter.com/Vl8rCahcZL
— Electoral Studies (@ElectoralStdies) January 30, 2021

In the data from the Campaign Panel of the German Election Study 2017, many voters prefer higher social benefits and taxes and want to restrict immigration. @ches_data show that no party bundles issue positions in this way.

In the article, we show that many such “left-authoritarians” perceive the party they voted for to also hold a left-authoritarian position. Interestingly, this includes many AfD voters who report a perceived left-wing economic position of the party.

Our statistical models study the interplay between this (mis-)perceived congruence and issue importance, using an open-ended question on the most important political problem in Germany.

We find that (mis-)perceived congruence and issue importance interactively shape the left-authoritarian vote. Simply, perceived congruence matters more on an important issue—and issue salience matters most if voters accurately perceive incongruent party supply.

TraderLion
@TraderLion_

Why do we track institutional footprints? 🐘 (Thread)

Large institutions like mutual funds, hedge funds, banks, insurance companies, trusts, etc. amount for over 75% of all volume. These institutions move the market, not you and I.

It makes sense that if these guys are moving the markets, we would ideally want to buy the same stocks they are buying, but before they buy them? Right?

So, let’s get a clear understanding of how and why this is so important and what this might look like behind the scenes.

For starters, let’s discuss what we mean by a large institution. In this case, we are referring to the many funds, pensions, trusts, etc. that are responsible for managing tens, if not hundreds of billions of dollars.

Hence, they easily attract and can afford to retain the planet’s top talent, not to mention, their research budgets are enormous.

They have access to information and resources that the retail crowd simply does not, and if they did, it would likely be extremely unaffordable.

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$Art Historian* \U0001fa94$

Art Historian* 🪔...
@Arthistorian18

The last Hindu king of Pakistan.

The name Amarkot is known to all in our subcontinent as the birthplace of Emperor Akbar. When Humayun was fleeing from Sher Shah, Rana Prasad of Amarkot sheltered him and this is where Emperor Akbar was born.

#Thread
1/19
@talesofBharat

They have always maintained friendly relations with the rulers. The Mughal court and the Rana of Amarkot had special respect because Emperor Akbar was born in the shelter of Amarkot Raj. They did not even have to attend court regularly.

2/19

Dara Shikohar provided Rana supplies to Amarkot during his expedition to Kandahar.
But another reason why the name of this Amarkot is inextricably linked with the history of the subcontinent is the partition of the country.
Sodha is the family name of the Maharajas of..

3/19

Amarkot,They were originally known as Sodha Rajputs. Despite possessing a very small kingdom, he was far ahead in terms of wealth and honor. During the British rule, Rana Ratan Singh led the anti-British movement in Sindh. In 1753, the British occupied the state of Amarkot,
4/19

which was his and his ancestral home, and hanged Rana Ratan Singh on a high platform on the walls of Amarkot fort. It hangs in front for a few days. Even today, a folk song called "Mor tor tilaya rana" is very popular in Sindhi language.
After the capture of the fort by the
5/19

Anshul Pandey
@Anshulspiritual

TYPES OF SINS(PAAP) AS PER SKAND PURAN.

There are three types of Adharma- Sthool, Sukshma and Ati Sukshma. The group of Sins in the Sthul section carries you to Narak. These sins are committed through your thoughts, words and deeds.

It is of four types.

1)First is the sin committed by your mental state-
Thinking about woman other then your spouse.

A)Resolution to amass wealth from others.

B)Thinking ill about others.

C)Thinking of doing a forbidden or unworthy deed.

2)Second is the sin that you commit through your words :-

A)Talking irrelevant things.

B)Telling a lie.

C)Speaking harshly.

D)Talking ill about others.

3)Third type of sin is committed through your body actions-

A)Eating food not prescribed to you or forbidden.

B)Violence.

C)Eating fancier food.

D)Acquiring other's wealth.

So these twelve types of sins.

There are six types of sinners or Mahapatak

1)One not bowing his head in front of a temple.

2)Never praise Shiva.

3)People who behave untowardly way in front of Ishwar.

4)People who do not show respect to Ishwar, guru or one who are undignified.

5)One who do not behave properly.

6)One who is jealous of other bhakts.

Below is the list of sins which people may commit.

1)One who does not help a needy person or a person in pain,

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Bharadwaj
@BharadwajSpeaks

Today is Jayanti of Ahilyabai Holkar

She was a widow who became Malwa's greatest queen. Defended our country & personally led armies into battle.Never plundered anyone. Developed Malwa into a prosperous kingdom. Rebuilt temples destroyed by Mughals. Built Dharmashalas at Tirthas

Unfortunately, her memory has been blemished by inaccurate representations in modern popular media.

The serial "Punyashlok Ahilyabai" depicts her as ultra secularist feminazi icon who questions Hindu rituals & Pandits while patronising Sufis.

This is far from historical truth!

Ahilyabai was born on May 31 1725 to Patil Mankoji Shinde.

She was from Dhangar clan(classified as OBC today). While Dhangars were traditionally into herding, they took up arms & held several military /civil roles in various eras of history(especially during Maratha resurgence)

In 1737, when she was 12, Ahilyabai Holkar was married to Khanderao , son of Subedar Malhar Rao Holkar.

By the time she was married, fortunes of Holkar family had already waxed.

Malhar Rao was a Subedar of territory comprising 30 Parganas yielding a revenue of at least 7 Lakh

In 1741, when Ahilyabai was newly married, her father -in-law Malhar Rao Built Indore palace & ordered the kanungo to populate the settlement with a promise of protection to traders.

This began rise of Indore from its background as modest trading town Indrapuri to a great city

Erik Torenberg
@eriktorenberg

1/ Here’s a list of conversational frameworks I’ve picked up that have been helpful.

Please add your own.

2/ The Magic Question: "What would need to be true for you

1/\u201cWhat would need to be true for you to\u2026.X\u201d

Why is this the most powerful question you can ask when attempting to reach an agreement with another human being or organization?

A thread, co-written by @deanmbrody: https://t.co/Yo6jHbSit9
— Erik Torenberg (@eriktorenberg) December 4, 2018

3/ On evaluating where someone’s head is at regarding a topic they are being wishy-washy about or delaying.

“Gun to the head—what would you decide now?”

“Fast forward 6 months after your sabbatical--how would you decide: what criteria is most important to you?”

4/ Other Q’s re: decisions:

“Putting aside a list of pros/cons, what’s the *one* reason you’re doing this?” “Why is that the most important reason?”

“What’s end-game here?”

“What does success look like in a world where you pick that path?”

5/ When listening, after empathizing, and wanting to help them make their own decisions without imposing your world view:

“What would the best version of yourself do”?

sriram
@SriramKannan77

Swami Ramanujar:
Important personalities in Sri Ramanujas Life :
🌸ASURI KESHAVA SOMAYAJI-Father of Sri Ramanujar .Asuri keshava somayaji was a learned brahmana living in sriperumbudur.

🌸KANTHIMATHI-Mother of Sri Ramanuja. Kanthimathi was the sister of sri periya thirumalai nambi .
🌸SRI YAMUNACHARYA-Acharya of Sri Ramanuja.Also known as Alavandar.
🌸THIRUKOKOSHTIYUR NAMBI-Also known as Ghosti Purna.He instructed the Rahasya Traya to Sri Ramanujar.

He lived in thirukoshtiyur.
🌸THIRUKKACHI NAMBI-Kanchi purna was born in puvirunthavalli near kanchipuram and met the young ramanuja at an important time.He did the service of Lord Varadha.

🌸THIRUVARANGA PERUMAL ARAIYAR-Important acharya lived in srirangam and rendered the service of playing music for lord Sriranganatha.

🌸PERIYA THIRUMALAI NAMBI-He was the maternal uncle of Sri Ramanuja.He taught sri ramanuja about the epic of sri ramayana and other ithihaas and puranas.Served sri venkateswara at tirumala.