Takeaways:
• Quality businesses outperform over long periods
• Deep research matters more than diversification
• Management integrity is a competitive advantage
Quote:
“The stock market is filled with individuals who know the price of everything, but the value of nothing.”
📗 The Little Book That Still Beats the Market — Joel Greenblatt
Takeaways:
• Simple frameworks can outperform complex ones
• Valuation + quality is a powerful combination
• Consistency matters more than brilliance
Quote:
“Good investing is not about avoiding volatility—it’s about understanding value.”
📙 Poor Charlie’s Almanack — Charlie Munger
Takeaways:
• Mental models improve decision accuracy
• Avoid stupidity before seeking brilliance
• Multidisciplinary thinking creates edge
Quote:
“It’s not supposed to be easy. Anyone who finds it easy is stupid.”
part 3
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