The Art Of Investing: Going Beyond The Numbers by Giverny Capital
H/T Forgot who
Mastering your art form
- Choose an art form you truly love
- Study the masters in many different fields
- As a great painter paints, a great investor invests!
- Great artists have a unique style; Look for uniqueness!
- Have an independent mind
- Always strive for improvement and to go beyond
- Patience is the cornerstone of any art
“In order to be a jazz musician, you have to listen to jazz. And that’s an act of love. You don’t think: I’m listening to study it. You just listen because you love it and gradually, you learn.” - Woody Allen
You really learn everything valuable through osmosis.
Study the masters in many different fields
To the man with a hammer, every problem tends to look pretty much like a nail. - Charlie Munger
There is a difference between Art, Science and Alchemy !
"I have a really great feeling about this stock!" is neither art nor investing (it’s just being lazy).
"You can either follow a paint-by-numbers-kit approach to life and stay within the accepted lines. Or you can decide you want to create your own masterpiece" - Jim Collins
Masterpieces have one quality: they are rare and unique
To have (or built) “Uniqueness” in product, service and/or corporate culture is the equivalent of having an economical moat protecting your castle.
Being an “artist”, with his own style is not easy in the world of finance
It is the long-term investor who will, in practice, come in for most criticism.
"For it is in the essence of his behavior that he should be eccentric, rash and unconventional in the eyes of average opinion." - John Maynard Keynes 1883-1946 - The State of Long-Term Expectation (1936)
Mickey Mouse has 3 great qualities!
- He is highly popular and known all around the World
- He is immortal
- He has no agent
See full slides below.