´´ Value Links of Interest

Friday, July 21, 2017

Value Links of Interest

Learning from Burry's Investment Philosophy by Panda Agriculture& Waterfund

In science, knowledge is cumulative. In finance, however, it is cyclical, with market participants making the same mistakes over and over again. Good ideas, such as value investing, have value in themselves. Not acting upon new ideas however, only overexposes people to perpetuating past mistakes or using inaccurate approaches in an ever-changing world. Being an outsider to finance — as Dr. Burry was — helps people keep an open mind. 

Why I’m not that into Warren Buffett  by Merryn Somerset Webb (FT.com)

 All fund managers love Warren Buffett. So do all wealth managers and most financial journalists. It is all but obligatory for fund managers to say they invest like him; for wealth managers to insist that the fund managers they use say they invest like him; and for journalists who want to hang on to their credibility to write an article about his brilliance at least every two years headlined “How to invest like Warren Buffett”.

Joe Granville: He Fooled You, But I Think He Got Away With It  by O-tone

Take the famous, infamous market guru Joe Granville, also known as "Calamity Joe", who died on Sept. 7 2013 at the age of 90. He was certainly the most illustrious forecaster of them all.

His idea of starting his newsletter caught him up with literally his panties down. On the loo of the  E.F. Hutton men’s room in 1961, where he had been working at that time writing a daily market letter. Apparently, the toilet can be one of the most enlightening location for stock market oracles.

Kill your investing gurus by youngmoney

Buffett's ideas are no longer discussed or debated on their own merits; instead, public discussion of Buffett revolves around his witty sayings, personality quirks, and past successes. To the extent his ideas are mentioned, they're cast as pronouncements from "the Oracle of Omaha"-- i.e., Buffett doesn't deserves respect because his ideas are good, his ideas automatically deserve respect because they're his and he's Buffett.


  1. Gosh!

    You are more than welcome.

    Getting sick of all this Warren Hype. Still think that munger is the problem though.


  2. Charlie Munger is another one that gets a pass. His comments on the US bailouts in 2008 and 2009 were absolutely ludicrous, just openly self-serving logic, and people ate it up because he's Charlie Munger, he must be right.

  3. Oh, and the whole "mental models" thing, aka, "read lots of stuff"-- I will give $1,000 to the person who can identify the speech or interview where Munger highlighted how they used a mental model in a successful investment and why it was key to the analysis or realizing the opportunity.

    Building a latticework is something a rich guy with lots of free time gets to do. It's not a key ingredient of successful investing. But all the fraud followers can't stop talking about it. It is the equivalent to an expensive coffee shop for hipsters, for the value guy everyone has to have their favorite mental model or they'll get called out for being lame and not with it.