Hidden Monopolies

FINALLY ! HIDDEN MONOPOLIES is now AVAILABLE ! Benefit from a reduced price for a limited time and order NOW. (link in the comment below)

Great chart: Oil prices since 1861 (!)

Following the latest news may be fun. But it can seriously hurt your investment returns. Instead, focus on what truly drives long-term returns: a company's customers' future behavior.

This is a great chart ! CFROI Persistence per industry. Find quality companies where there is a high CFROI persistency.

@BrianGlennNJ That is an even better way of saying it. Thanks !

Before you buy the ice cream shop, try the ice cream!!

@Finding_Moats When your customers won't switch to any alternative, you have a monopoly.

When no amount of capital can displace you, you do not have a moat. You have a monopoly. Find those businesses.

@kejca From the introduction of Hidden Monopolies:

Charlie Munger: "A natural part of the modern economics system is that old moats stop working." "Moats have been breached time after time after time ... Imagine all these great department stores being on the edge of extinction. Imagine all those monopoly newspapers going down. Look at the strength of the American auto industry now compared to what it was in 1950."

Required reading

@Foulke_David @CapitanoJacko yes - that's the one.

@CapitanoJacko @HiddenMonopoly

Where should investing be on this scale ? Please share your thoughts !

@CapitanoJacko If I remember correctly: smaller field, less players means relatively higher likelihood of skill not to be influenced by other factors. (all relative, of course).

@HiddenMonopoly More interested in learning how basketball involves more skill than football

One of the highlights of my investment books collection 1892 Memoirs of Extraordinary Popular Delusions and the Madness of Crowds by Mackay

One of the highlights of my investment book collection: First Edition (1959) Maurice Schiller - How to Profit from Special Situations in the Stock Market. Published almost 40 years before Greenblatt's well-known book.

This piece of research landed on my desk in 2002. Since then, I have found it to be one of the most influential pieces I have read.

"It’s not about AI replacing analysts. it’s about analysts who use AI replacing those who don’t." - Karim R. Lakhani, Harvard Business School

Required reading for every investor

@nntaleb Operation Fortitude (WW2) 2.0

If true, big. History is full of unexpected adaptations to aggression, like antibiotic resistance.

@ChinaliveX Operation Fortitude (ww2) 2.0

🚨 BREAKING 🇮🇷🇮🇱🇺🇸 Iran bought millions of ‘Fake’ military equipments, fighter jets, air Defense, Tanks and fighter jets from China to trap American and Israeli airforce.

Types of Competitive Strategies based on Industry Structure