Thomas Chua

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Thomas Chua

Thomas Chua

@SteadyCompound

Filling my stock portfolio with steady compounders and sharing my analysis at https://t.co/mV9yIz8OeO

Join over 12k readers here → Katılım Ekim 2020
439 Takip Edilen82.8K Takipçiler
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Thomas Chua
Thomas Chua@SteadyCompound·
On 9 April 2020, I published my first post on Steady Compounding. No audience. No plan. Just a tagline: "All Big Things Come From Small Beginnings." Almost 6 years and a little less hair later, that line turned out to be the whole point. steadycompounding.com/life/almost-6-…
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Thomas Chua
Thomas Chua@SteadyCompound·
Where you discover ≠ where you buy. People use ChatGPT to research what to buy. Then they leave to actually buy it. Instant checkout converts 3x worse than clicking out to the store.
Negligible Capital@negligible_cap

$WMT is disappointed in results from OpenAI partnership, whereby Walmart users are allowed to shop via ChatGPT and OpenAI would receive a commission on these purchases “Conversion rates—the percentage of users following through with a purchase of an item shown to them by ChatGPT—have been three times lower for the selection sold directly inside the chatbot than those that require clicking out, according to Daniel Danker, who oversees design and product for Walmart. Put simply, Instant Checkout has been a flop.” -- Wired OpenAI on a heater recently in the news….

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Thomas Chua
Thomas Chua@SteadyCompound·
The internet is great, but there is also a lot of crap out there. A poor information diet leads to poor investment decisions. So my free newsletter 3-Bullet Sunday shares only the three best pieces of investing content with 10k+ investors. Join here: steadycompounding.com/subscribe/
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Thomas Chua
Thomas Chua@SteadyCompound·
The best investments almost always feel uncomfortable at the time of purchase.
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Thomas Chua
Thomas Chua@SteadyCompound·
"For us, their soaring valuation is not an indicator that they are great businesses but that they have mastered the art of raising capital." — Pulak Prasad Don't confuse fundraising ability with business quality.
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Thomas Chua
Thomas Chua@SteadyCompound·
Kevin Kelly: "What you do on your bad days matters more than what you do on your good days." Applies to investing, fitness, relationships, everything. Anyone can show up when they feel great. The people who win are the ones who show up when they don't.
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Thomas Chua
Thomas Chua@SteadyCompound·
"A mindset that can be paranoid and optimistic at the same time is hard to maintain, because seeing things as black or white takes less effort than accepting nuance. But you need short-term paranoia to keep you alive long enough to exploit long-term optimism." The Psychology of Money by Morgan Housel
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Thomas Chua
Thomas Chua@SteadyCompound·
Your brain is wired to chase what feels good and avoid what feels dangerous. In nature, that keeps you alive. In markets, it makes you buy at the top and sell at the bottom.
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Thomas Chua
Thomas Chua@SteadyCompound·
"A good managerial record is far more a function of what business boat you get into than it is of how effectively you row... Should you find yourself in a chronically-leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks." Warren Buffett
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CapexAndChill
CapexAndChill@CapexAndChill·
One of the most important aspects to investing is what management’s strategy is. If you hold money in a biz then you should definitely hope that management has a long-term focused plan for success. Otherwise, you are gambling that competition and existential threats are not going to eat into growth. The sad truth is that there are a lot of businesses out there and very rarely do management teams actually focus on more than next year targets.
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Thomas Chua
Thomas Chua@SteadyCompound·
A cheap stock with a bad management team is not a good investment. Valuation means nothing if the people running the business are misallocating capital, chasing the wrong metrics, or treating the company like their personal piggy bank. I look for leaders with skin in the game who have a track record of doing what they say they'll do. If management and the board aren't aligned with shareholders, no discount is big enough.
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Thomas Chua
Thomas Chua@SteadyCompound·
Position sizing is more art than science. I don't just size based on upside potential. I think about business quality, how bad things could get if I'm wrong, and how likely the thesis is to play out. The upside matters, but it's not the first thing to be considered.
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Thomas Chua
Thomas Chua@SteadyCompound·
Margin of safety isn't just about price. A cheap stock with a bad business isn't safe. Real margin of safety comes from buying quality businesses at reasonable prices. Good businesses protect your downside. A fair price protects your returns.
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Thomas Chua
Thomas Chua@SteadyCompound·
The internet is great, but there is also a lot of crap out there. A poor information diet leads to poor investment decisions. So my free newsletter 3-Bullet Sunday shares only the three best pieces of investing content with 10k+ investors. Join here: steadycompounding.com/subscribe/
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Thomas Chua
Thomas Chua@SteadyCompound·
Expert call with Former VP at Trade Desk on Amazon DSP: " I think Amazon DSP is taking share from every DSP in the marketplace, including The Trade Desk... My belief is advertisers don't care. There are countless examples, particularly with Meta and Google, where it has been very transparent that they are most interested in selling their own inventory or partnerships or outcomes that they benefit from financially. Advertisers have chosen to look the other way as long as the end result is there. My belief is they do the same with Amazon."
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Thomas Chua
Thomas Chua@SteadyCompound·
The internet is great, but there is also a lot of crap out there. A poor information diet leads to poor investment decisions. So my free newsletter 3-Bullet Sunday shares only the three best pieces of investing content with 10k+ investors. Join here: steadycompounding.com/subscribe/
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Thomas Chua
Thomas Chua@SteadyCompound·
"Nice to have at the right price, not a must have at any price." Netflix's CFO just broke down why they walked away from Warner Bros. at this week's Morgan Stanley TMT conference. But the more interesting part wasn't the deal... it was what he said about the business underneath. 🧵
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Thomas Chua
Thomas Chua@SteadyCompound·
Look at your portfolio the way a coach looks at a roster. Is every position filled by your best option? Or are you carrying dead weight because you don't want to take a loss? Selling a loser and shifting the money into your highest-conviction idea is smart... but most people won’t, because taking a loss feels like failure.
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Thomas Chua retweetledi
Eugene Ng
Eugene Ng@EugeneNg·
Sharing my latest article: "Ergodicity and Investing. You are not the average. You are one path through time." Survive first. Compound aggressively. Think in parallel universes through time. visioninvesting.substack.com/p/ergodicity-a…
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Thomas Chua
Thomas Chua@SteadyCompound·
@Gieldowiec Feels like Starbucks when they went on an acquiring spree. But then again, when they started to take on debt for share buybacks, it didn't turn out that well for them as well.
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Giełdowiec
Giełdowiec@Gieldowiec·
@SteadyCompound True, but zero debt can also create problems. Excess cash and no pressure from creditors can increase agency costs and lead to value destroying investments.
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Thomas Chua
Thomas Chua@SteadyCompound·
Debt reduces your options. Fewer options means worse decisions under pressure. The best companies operate from a position of strength. Clean balance sheet. No lender breathing down their neck. Free to act when competitors are forced to react. Strategic flexibility is an underrated asset. Debt destroys it.
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