https://pinboard.in/u:karl11/public/ recent bookmarks from karl11 2019-04-10T13:40:09+00:00 https://www.collaborativefund.com/blog/you-have-to-live-it-to-believe-it/ karl11mentalmodels thinking investing https://pinboard.in/ https://pinboard.in/u:karl11/b:8c458ebc3ca3/ 2018-07-29T13:57:29+00:00 http://www.collaborativefund.com/blog/real-world-vs-book-knowledge/ karl11Archibald Hill just wanted to know how fast he could run. He ran every morning, on a track before breakfast. Some days it was fast and effortless. On others his “stiffness and exhaustion” made him question how his body worked. Hill began studying his own capacity for exercise. It eventually made him one of the top biophysicists in the world. He and his colleagues spent months sprinting around a track, measuring their oxygen consumption and muscle fatigue and its connection to enduran...]]> behavior investing https://pinboard.in/u:karl11/b:b4b9fa05232c/ 2018-07-17T12:42:15+00:00 https://www.fool.com/investing/2016/10/18/interview-with-michael-mauboussin.aspx karl11dcf investing interview finance https://pinboard.in/u:karl11/b:1bc1b0053449/ 2018-06-07T18:46:13+00:00 http://www.collaborativefund.com/blog/the-psychology-of-money/ karl11Let me tell you the story of two investors, neither of whom knew each other, but whose paths crossed in an interesting way. Grace Groner was orphaned at age 12. She never married. She never had kids. She never drove a car. She lived most of her life alone in a one-bedroom house and worked her whole career as a secretary. She was, by all accounts, a lovely lady. But she lived a humble and quiet life. That made the $7 million she left to charity after her death in 2010 at age 100 all t...]]> money psychology investing https://pinboard.in/u:karl11/b:5239bfa012d6/ 2018-06-04T14:04:46+00:00 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2639647 karl11The size premium and value premium are well documented in academic studies. We contribute to this literature by finding that leverage – as defined by long term ]]> investing research https://pinboard.in/u:karl11/b:a2957183faaf/ 2018-05-31T17:23:02+00:00 http://osam.com/Commentary/factors-from-scratch karl11factors investing value momentum https://pinboard.in/u:karl11/b:98cd3eb6beee/ 2018-05-28T13:16:16+00:00 https://ofdollarsanddata.com/borrow-if-you-dare-85ea6384109d karl11I was recently at lunch with Jim O’Shaughnessy, the famed investor, Tweetstormer, and bestselling author of What Works on Wall Street, when he proposed the following investment question: Before Jim…]]> investing leverage https://pinboard.in/u:karl11/b:3023f91f5b41/ 2018-05-10T15:49:46+00:00 https://www.adventur.es/how-to-acquire-your-first-smaller-company karl11Adventur.es is a North American private investment firm, investing in family-owned companies with $1 million to $10 million in net owner earnings.]]> business investing m&a acquisitions https://pinboard.in/u:karl11/b:221f91f4c0a9/ 2018-04-29T11:59:29+00:00 http://www.csisoftware.com/wp-content/uploads/2018/04/Presidents-Letter-April-2018-Final.pdf karl11constellation investing business management letter https://pinboard.in/u:karl11/b:d4f2e6f1ebf4/ 2018-04-17T15:09:52+00:00 https://intrinsicinvesting.com/2018/01/03/learned-moats-joined-ensemble-capital/ karl11Intrinsic Investing is a publication of Ensemble Capital Management, LLC. Ensemble Capital is a registered investment advisor located in Burlingame, CA, midway between San Francisco and Silicon Valley. The firm currently manages approximately $540 million on behalf of private clients, charitable institutions, and a publically traded mutual fund.]]> moats investing https://pinboard.in/u:karl11/b:1438c96d5675/ 2018-04-17T15:09:42+00:00 https://intrinsicinvesting.com/2018/01/18/guard-moat-erosion/ karl11Intrinsic Investing is a publication of Ensemble Capital Management, LLC. Ensemble Capital is a registered investment advisor located in Burlingame, CA, midway between San Francisco and Silicon Valley. The firm currently manages approximately $540 million on behalf of private clients, charitable institutions, and a publically traded mutual fund.]]> moats investing https://pinboard.in/u:karl11/b:f1336334bbc7/ 2018-04-16T19:17:26+00:00 https://medium.com/@pnadel/stop-swinging-for-the-fences-439b29d3f6e4 karl11Conventional thinking in venture capital is that success requires aiming for the fences. Home runs (or even grand slams) are necessary to generate a reasonable rate of return in light of the large…]]> investing vc angelinvesting https://pinboard.in/u:karl11/b:f676bb40716d/ 2018-02-08T21:58:24+00:00 https://qz.com/913249/the-practical-steps-it-takes-to-actually-become-a-millionaire/ karl11investing money https://pinboard.in/ https://pinboard.in/u:karl11/b:ad855bd10f09/ 2017-11-29T16:04:03+00:00 https://ofdollarsanddata.com/there-are-many-ways-to-win-71fb8db015fd karl11investing strategy ants https://pinboard.in/ https://pinboard.in/u:karl11/b:bd0251289fc8/ 2017-11-13T17:28:58+00:00 http://www.cleareyesinvesting.com/2017/11/15-questions-to-ask-management-teams.html karl11investing management business https://pinboard.in/u:karl11/b:b5102f4085ef/ 2017-11-08T22:34:36+00:00 http://www.collaborativefund.com/blog/the-freakishly-strong-base/ karl11(This is a self-rebuttal to my post on the value of starting over.) The earth used to be covered in ice. Practically all of it. Then it melted, refroze, again and again. Five times this happened in the last few billion years. Scientists knew about ice age cycles long before they knew why they occurred. It confounded them. Then, a century ago, a Serbian scientist named Milutin Milankovic studied the earth’s position relative to the sun, and came up with the theory we now know is accur...]]> investing finance https://pinboard.in/u:karl11/b:aab8d7302984/ 2017-10-26T17:19:23+00:00 http://www.cleareyesinvesting.com/2017/09/3-challenging-scenarios-for-quality.html karl11investing https://pinboard.in/u:karl11/b:f11de9cf2e64/ 2017-10-25T14:36:44+00:00 http://www.collaborativefund.com/blog/the-theory-of-maybes/ karl11Isaac Newton was a scientific genius at a time when scientists were often denounced as heretics. He had one antidote to this problem: He had to prove his theories beyond any doubt, which required obsessive precision. In his biography on Newton, Mitch Stokes writes: [Newton] could make measurements with such precision that few philosophers accused him of fabricating his results … Using only a compass and his eye, Newton would painstakingly hunt down the source of minute measurement di...]]> investing psychology https://pinboard.in/u:karl11/b:2d7c48ff2288/ 2017-10-12T15:58:39+00:00 https://www.ft.com/content/1d6ec1a2-a77f-11e7-93c5-648314d2c72c?inf_contact_key=dee062cd2143c220e0e54043d7b5bcb7762028b9f55103a06560bd8dcc1d3a3b karl11A high return on invested capital links companies as diverse as Hasbro and AutoZone]]> ROIC investing https://pinboard.in/u:karl11/b:c5a3271ad67f/ 2017-10-12T15:58:29+00:00 https://www.newconstructs.com/wp-content/uploads/2017/09/EY_Proof-High-Quality-ROIC-Matters_NewConstructs-Research-Materially-Better.pdf karl11ROIC investing https://pinboard.in/u:karl11/b:9bc75495e2c7/ 2017-09-28T18:27:08+00:00 http://jimoshaughnessy.tumblr.com/post/165518683994/why-selling-a-big-position-of-puts-the-day-before/amp karl11investing finance https://pinboard.in/u:karl11/b:27ecbfccefde/ 2017-08-03T02:38:47+00:00 https://www.wallstreetoasis.com/forums/on-the-job-with-simple-as%E2%80%A6-my-research-process karl11When I did my AMA thread a while back I promised at least one person that I would share my general research process. So here you go... Every analyst has his/her own way of conducting due diligence. There certainly is no one correct way to come to an investment decision, however, I’d argue that there are certainly several wrong ways, but that is neither here nor there for the purposes of this post. What I am going to describe in this write-up is my personal routine for conducting due ...]]> investing research finance https://pinboard.in/u:karl11/b:cc96fbdea1d4/ 2017-08-03T02:38:34+00:00 https://www.youtube.com/channel/UCrmOZirr8FWwAi8pNqH7MXw karl11How much money does it take to start a hedge fund? How do you do it? Here are the steps I took to launch a successful hedge fund with less than $1 million.]]> investing fund value https://pinboard.in/u:karl11/b:3bf76ce02611/ 2009-12-28T22:32:52+00:00 http://online.wsj.com/article/SB10001424052748703991304574621903850508632.html karl11 investing economics https://pinboard.in/ https://pinboard.in/u:karl11/b:1ecd254ac112/ 2009-11-16T15:03:56+00:00 http://www.condoroptions.com/index.php/strategy/how-to-be-risk-averse/ karl11investing finance hedging https://pinboard.in/u:karl11/b:86560a010fc3/