Fascinating read. This part is especially important to investors, related to Buffett's twenty-hole punch card:
"But I think the people who tend to get the best results are these fanatics who just keep searching for the great businesses. And the best of them don't expect to find 10 or 20 or 30. They find one or two. And that's the right way to do it — but all you need are one or two. I know the guy who invests with the banker that backed the Costco copy which was Home Depot. He also backed Eli Lilly very early. He has several billion dollars between those two investments. He didn't need any more. And in a lifetime of investment banking, that's what he got: two. I regard that as a successful life. That isn't what they teach in our educational institutions. They need some mystery they can teach that will make you good at investing. It's total bullshit. There is no way to know enough about a thousand different stocks to be very good at it. If you insist on going, you go, “I want a thousand.” If you want to be good, you have to pick a few. That's what I call the Wooden system of stock picking."
Would love to read about the transition of Tencent into the everything platform from the early team. And to hear from chairman and founder of Naspers, Koos Bekker, who was an early investor in Tencent. And from the Atomico "Skype Mafia" about how Skype changed their thinking about investing for ambitious goals.
What an ending
Fascinating read. This part is especially important to investors, related to Buffett's twenty-hole punch card:
"But I think the people who tend to get the best results are these fanatics who just keep searching for the great businesses. And the best of them don't expect to find 10 or 20 or 30. They find one or two. And that's the right way to do it — but all you need are one or two. I know the guy who invests with the banker that backed the Costco copy which was Home Depot. He also backed Eli Lilly very early. He has several billion dollars between those two investments. He didn't need any more. And in a lifetime of investment banking, that's what he got: two. I regard that as a successful life. That isn't what they teach in our educational institutions. They need some mystery they can teach that will make you good at investing. It's total bullshit. There is no way to know enough about a thousand different stocks to be very good at it. If you insist on going, you go, “I want a thousand.” If you want to be good, you have to pick a few. That's what I call the Wooden system of stock picking."
Would love to read about the transition of Tencent into the everything platform from the early team. And to hear from chairman and founder of Naspers, Koos Bekker, who was an early investor in Tencent. And from the Atomico "Skype Mafia" about how Skype changed their thinking about investing for ambitious goals.