Tools

Evergreen resources and for the voracious learner.

Tools

Investment Quotes

  • “There seems to be an unwritten rule on Wall Street: If you don’t understand it, then put your life savings into it.” Lynch.
  • “If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get.” Munger.
  • “When you want to test the depths of the stream, don’t use both feet.” Chinese proverb.
  • And more.
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How to read well

  • Read mostly fiction. Why? “Careful descriptions and summaries miss too much of the world. Hard distinctions make bad philosophy“.
  • Read slowly.
  • Start many books, but complete only a few.
  • Buy on a whim – “If you create a home library it should act as one: It is there for you to discover and rediscover, to get lost in” – an anti-library.
  • And a few more ideas.
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Intangible Assets

  • A topic Snippet has covered a few times.
  • For example – (1) how to adjust valuation for intangible assets (here) and (2) why some people confound their importance (here).
  • This is a great webcast with Michael Mauboussin and Kai Wu on the topic – (requires sign-up; grab a free two-week trial here).
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Factor Investing

  • Comprehensive article on factor investing by AQR.
  • Useful read for both systematic and fundamental investors.
  • “Ilmanen et al. (2021) examine the out-of-sample performance of the main factors we focus on—value, momentum, carry, and defensive—using a century of data across multiple markets and asset classes.“
  • “Exhibit 2 highlights the results from their study, which shows that these factors work uniformly across all markets and asset classes and their performance is stable over the periods before and after the original sample period, with little degradation from the original sample period.“
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Coatue Deck

  • This deck has been doing the rounds the past few weeks.
  • It is actually a good description of market downturns and how they work.
  • Especially recommend looking from page 10 onwards – to understand the various stages (P/E reset, earnings revision) and slide 23 – what capitulation looks like.
  • Based on this feels we are still not there yet.
  • Interestingly they are also raising a structured equity fund.
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Support Snippet Finance

  • Snippet went live as a passion project on the 2nd September 2019, just over 2 1/2 years ago and has since published over 1,300 snippets.
  • Today, these go out to 8,000 of you who follow Snippet across various platforms.
  • A big thank you to everyone who reads and shares.
  • This type of growth comes at a cost, like our Mailchimp bill, but also all the time and effort that goes in to making each snippet exceptional.
  • Therefore, I would be grateful for any support, commensurate to the value you feel Snippet provides.
  • One good investment decision (or avoiding a bad one) as a result of an insight you find here pays for an eternity of support for this site.
  • The support page now also includes monthly and annual subscription options.
  • As always Snippet content will remain free.
  • Thank you in advance.
Click to Donate
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SSRN

  • SSRN the Social Science Research Network – is an open repository of papers on social science (and other areas).
  • Malcom Gladwell called it “The greatest website on the internet” (Source).
  • They now also have a new service dedicated to finance (in partnership with Quantum).
  • It covers everything from Equities to Financial Statement Analysis.
  • Many investors neglect academic work in their field – but it often holds valuable insights.
  • The top papers section at SSRN is also excellent, featuring many financial topics.
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