intellectual framework

Price is what you pay, value is what you get.

When you buy a stock there are three things that determine ultimate success:

What you buy?
Buy stocks that you know will be significantly larger over the long run.

How you behave?
Look at the business not the market and make sensible decisions.

What price you pay?
Look for a margin of safety.

about the site, posts and me

About the site
Many people think and think deeply, but few think correctly. To think correctly you need develop the right intellectual framework. You will not always be right or correct but you will be right more often then you are wrong. That is the best you can do and it will carry you far.

Developing a sound intellectual framework begins by thinking for yourself. It is strengthened by experience, a sense of history and listening to the right people.

About posts
Most of the post are not time dependent, therefore, you will find older post useful. Furthermore, it is quite likely that entries will be rewritten, corrected and added to over time. The same idea may be written, expressed or presented differently or with other ideas.
Entries are self-contained and written in plain English.
To get the most out of the information, read and re-read the information especially after you have obtained some experience or after an event.

About Browsing
1. Browse them serially or randomly
2. Browse them by topic

About me
I have been managing a investment fund for the past 12 years

I look forward to your comments, suggestions, corrections and criticisms

quotes

Success requires the work of generating ideas and capital. It requires the wisdom to differentiate between good and bad ideas. It requires the patience to wait for opportunity, then for results. The courage to act when your data and logic tell you and not what the market says. The temperament to do nothing when there is nothing you should be doing. The competence to manage the business and above all luck

Intellectual Framework

Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria

Sir John Templeton

When there is a stock-market boom, and everyone is scrambling for common stocks, take all your common stocks and sell them. Take the proceeds and buy conservative bonds. No doubt the stocks you sold will go higher. Pay no attention to this-- just wait for the depression which will come sooner or later. When this depression-- or panic-- becomes a national catastrophe, sell out of the bonds (perhaps at a loss) and buy back the stocks. No doubt the stocks will go still lower. Again pay no attention. Wait for the next boom. Continue to repeat this operation as long as you live, and you'll have the pleasure of dying rich.

From Fred Schwed Jr, Where Are The Customers' Yachts ?, 1940

The economist looks at the forest and glances at the trees. The investor looks at the trees and glances at the forest.

Intellectual Framework

I have travelled far and thought so much and all that has happened is I've come home.

From the movie Gandhi

more..

Quotes and Meaning

listening to the right people

Paul Martin, Former Prime Minister of Canada and Former Finance Minister
Hazel McCallion, Mayor of Mississauga, Ontario, Canada
W. Edmund Clark, President and Chief Executive Officer of TD Bank Financial Group
Indra Nooyi, Chairwoman and Chief Executive Officer, PepisCo
Wee Cho Yaw, Chairman United Overseas Bank, Singapore
Lee Kuan Yew, Former Prime Minister of Singapore and currently Minister Mentor
John Maynard Keynes, English Economist, Journalist, and Investor
Benjamin Graham, Founder of the Discipline of Security Analysis, Author of Intelligent Investor
Fred, Jr. Schwed, Where Are the Customers' Yachts? or a Good Hard Look at Wall Street
George Bernard Shaw, Irish Playwright
Sir Winston Churchill, British PM during World War II
Mahatma Gandhi, Leader of the movement that won independence for India from the British non-violently
John Bogle, Founder Vanguard Funds
Sir John Templeton, Founder Templeton Funds
Charlie Munger, Vice-Chairman of Berkshire Hathaway
Warren Buffett, Chairman and Chief Executive Officer, Berkshire Hathaway

disclaimer

I cannot guaranty that you will be successful if you follow the advice or guidance provided. All data and information is deemed accurate but is not warranted or guaranteed. It is your responsibility to assess the accuracy, completeness and usefulness of the content of this site. All data, information, opinion expressed, or website links in this site is for informational purpose only, and is not intended to provide any recommendation to buy or sell a security or to provide investment advice. This site does not endorse or recommend the services of any brokerage company. This site does not endorse or recommend any of the advertisements that appear on the site. This site is not responsible for any losses or damages whatsoever that may be arising from any use of the content of this site or website links in this site. You are solely responsible for your trading outcomes or for any losses, monetary or otherswise, which may be resulting from the use of the content of this site. In investing and speculation the decisions and consequences are yours and yours alone.

intellectual framework

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disclaimer