Tim Isgro @TimIsgro

@neilblock @AcquiredFM @gilbert I think their purchases of ABC (which owned or bought ESPN), FX, Nat Geo, Marvel, Star Wars were all designed to diversify the business away from Experiences.

@neilblock @AcquiredFM @gilbert I couldn’t help myself. Per their 2025 10K, revenues by segment were: Entertainment $42.5bn (44%) Sports $17.7bn (18%) Experiences $36.2bn (38%)

And in some sense, what Paul is saying is already happening. Plenty of AI-fragile names (and others too) trading at low current multiples. To own them, I think investors need very clear theses on what they expect.

Paul Enright @pmje73

a day ago

I would bet against all multiples going lower across the board but I would bet on multiples bifurcating between the AI fragile and AI anti-fragile.

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@GGilardiv Yes! Red Notice is written by Bill Browder (@Billbrowder) and he is in both part 1 and 2 of my article. Seems like an amazing guy.

The Owner's Memo #11 is out, with part 2 of the case study on the privatization of Russian businesses after the fall of the Berlin Wall. At a speech at SFSU, Li Lu once told the story of his investment in Russia in the mid 1990's. Around the time Li was buying Lukoil, it traded at roughly five cents on the dollar of Exxon's valuation, measured against the proven oil reserves each company had sitting in the ground. Almost no clean pricing exists for Russian stocks from the mid-1990s, so reconstructing what Li would have seen meant stitching together the street prices of privatization vouchers, Credit Suisse's ROS index, the first Bloomberg quotes from 1996, and the share count and reserve figures buried in Lukoil's 1996 annual report. Part 2 walks through that reconstruction and then weighs the real arguments against even touching a Russian stock at the time, including corruption in the country such as the loans-for-shares scheme, in which 5% of Lukoil changed hands for only $35 to $45 million.

This is a good reason to study great writing. Great writing communicates concepts clearly and succinctly. Each sentence is important. Most people don't understand great writing. But LLM's are trained on the work of people: internet text, most of which was poorly written, and reinforcement by humans, like the A-B tests ChatGPT surfaces. I think this is why so much AI slop is wordy and hollow. Many people mistake volume for erudition and many people feel that slop like "That's not a tactic - that's a strategy." is somehow satisfying even though it communicates nothing.

Paul Graham @paulg

2 days ago

Another annoying thing about getting emails people have used AIs to write for them is that they're usually longer than they'd have written by themselves. Paragraphs and paragraphs of plausible-sounding text. Ugh.

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This is the succinct reason for my writing The Owner's Memo. theownersmemo.com

"You get smarter from the act of writing about what you do. You can do what you do all day long without maybe fully forming the philosophy. But if you want to share it with anybody else, it makes you think more clearly about what you do."

MastersInvest.com @mastersinvest

2 days ago

Latest Seth Klarman interview .. with @Ritholtz "I'm a big believer in sharing the pie with my team." "I think every investor needs to be a student of history; that it may not repeat exactly, but it certainly rhymes, and it is very valuable to understand. And I think

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theownersmemo.com/p/a-penny-on-t…

Kevin’s publication, Kingswell, is such a great publication for timeless lessons from Buffett and Munger and keeping up on Berkshire. Highly recommended follow and subscription.

Kevin Carpenter @kejca

3 days ago

Warren Buffett: "Anything I did, [my father] supported — as long as I was behaving okay. And even when I didn't behave okay, he never gave up [on me]." "I never saw him do anything in his life that he didn't believe in."

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“Never yield to that temptation, which, to most young men, is very strong, of exposing other people's weaknesses and infirmities, for the sake either of diverting the company, or of showing your own superiority.”

The Icahnist @TheIcahnist

3 days ago

x.com/i/article/2068…

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@BCValueInvestor @whalerock This would need to be paired with finding a stellar management team.

Often, you’ll hear people say that individuals shouldn’t invest in large-cap companies because there is no way an individual could have any insight that is not already priced into the stock. In this clip, Alex Sacerdote (@whalerock) gives three good reasons why there can be alpha in large cap tech despite that. 1⃣Because the largest cap tech companies already make up so much weight of investment indices, it is very uncomfortable for professional investment managers to overweight and take that even further. The Mag 7, for example, make up about 34% of the S&P 500. 2⃣Because of the nature of their businesses (often zero marginal costs), profits accrue to tech companies over time to much greater degree than most people can comprehend. It is very hard to grok exponential growth. 3⃣Smaller cap names can move up in price with just one or two large investors buying the stock. But for large cap names, it might take 100 large portfolio managers figuring out the story to get the price to move. Really great interview by @patrick_oshag, @InvestLikeBest. Every section has some great insights.

@F_Compounders That was Howard Ahmanson. “Ahmanson launched his career by selling fire insurance in the late 1920s. During the Great Depression, he specialized in fire insurance on foreclosed properties and began buying real estate, which began to build his fortune.”

Ernest Shackleton and leadership. He knew that keeping his men engaged and motivated was at least as important as keeping them fed.

@brubarian This is great.

Sometimes, the gifted people who succeeded in school learn that things should come easy. The “mid” people (as anon says), on the other hand, learn from an early age the way life tends to work, that every single big or small thing you want to do well requires much more hard work than you would have thought.

Just a Dude Who Invests @DudeWhoInvests

5 days ago

I literally can’t get this out of my head

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@brubarian I don’t think I have.

At 53, Miguel de Cervantes had spent most of his adult life in a losing struggle against debt and misfortune. A battlefield injury had denied him the use of his left arm. He had been held in captivity for five years, failed at two government jobs, and was now in prison, not for the first time. There, he wrote a book. Don Quixote turned out to be great and has enthralled the world for more than 350 years. John Gardner tells this story in The Road to Self-Renewal, a 1993 speech, to ephasize what a myth it is that learning is only for the young. "I hope it’s clear that the door of opportunity doesn’t really close as long as you’re reasonably healthy."

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