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Ten Weeks Of Pandemic Learning
- Howard and Andrew lived together for ten weeks during the pandemic and had constant, spirited investing discussions.
- That time together sparked the memo and reframed Howard's thinking about value and growth.
Edge Comes From Judgment Not Data
- Readily available quantitative data cannot be a sustainable source of investment edge in today's markets.
- Superior judgments about qualitative factors and the future produce lasting investment advantage.
Talk Yourself Out Of Selling Winners
- Don't be reactive to price moves; distinguish price from intrinsic value before selling.
- Hold compounding businesses rather than selling early simply because the price has risen.