Money and Finance
- Ed Chancellor On The Capital Cycle...
From his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15, which was released in hardcover today: Typically, capital is attracted into high-return businesses and leaves when returns fall...
- Links
I finally finished the audiobook of Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future over the weekend. I enjoyed it, and also want to point out Appendix 2 in the book, which was a short overview of Musk's thoughts about PayPal,...
- Starting With A Qualitative Search...
From The Small-Cap Advantage: How Top Endowments and Foundations Turn Small Stocks into Big Returns: Most investment processes begin with quantitative elements like filters and screens. The qualitative work is often left for the latter stages, after suitable...
- Howard Marks Memo: Dare To Be Great Ii
Link to: Howard Marks Memo: Dare to Be Great IIIn September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results. I’ve had some additional...
- East Coast Asset Management's Q4 Letter
Link to: Navigating Beyond the PillarsIn our fourth quarter letter you will find our portfolio update and general market observations. Each quarter we highlight one component of our investment process. This quarter, in the section titled Navigating...
Money and Finance
Quote (differentiated investment process)
“The great race for first flight tells a story that resembles the competitive landscape of the investment management industry. In order to produce superior compounded returns over time I believe one must not only have a differentiated view but more importantly a differentiated investment process. The vast majority of professional investors attempt to unlock the key to compounding success through horsepower at the expense of wing design/investment process and pilot control/manager skill.” –Christopher Begg, from East Coast Asset Management's Q3 Letter
..........
If you haven’t read the ECAM Q3 letter yet, I highly recommend at least reading the two-page addendum entitled "Investment Process/Personal Evolution – Inventing a 'Learning' Machine". He mentions a great quote from the book Jonathan Livingston Seagull:
The elder Chiang reminded Jonathan: “It’s strange. The gulls who scorn perfection for the sake of travel go nowhere, slowly. Those who put aside travel for the sake of perfection go anywhere, instantly.”
- Ed Chancellor On The Capital Cycle...
From his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15, which was released in hardcover today: Typically, capital is attracted into high-return businesses and leaves when returns fall...
- Links
I finally finished the audiobook of Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future over the weekend. I enjoyed it, and also want to point out Appendix 2 in the book, which was a short overview of Musk's thoughts about PayPal,...
- Starting With A Qualitative Search...
From The Small-Cap Advantage: How Top Endowments and Foundations Turn Small Stocks into Big Returns: Most investment processes begin with quantitative elements like filters and screens. The qualitative work is often left for the latter stages, after suitable...
- Howard Marks Memo: Dare To Be Great Ii
Link to: Howard Marks Memo: Dare to Be Great IIIn September 2006, I wrote a memo entitled Dare to Be Great, with suggestions on how institutional investors might approach the goal of achieving superior investment results. I’ve had some additional...
- East Coast Asset Management's Q4 Letter
Link to: Navigating Beyond the PillarsIn our fourth quarter letter you will find our portfolio update and general market observations. Each quarter we highlight one component of our investment process. This quarter, in the section titled Navigating...