Investment Journal
JD Update
Here is a note I sent to my investors just now, and I wanted to share it here with readers. Below is a copy of the note. Dear Investment Partner: I hope you had an enjoyable summer. I wanted to send a brief note with a few comments. One, I took a trip to China over...
Bad Blood and Schrödinger’s Cat
Bad Blood is a great book. It's a fast read, it's interesting and you should read it. I want to only discuss one aspect of investing with regards to my takeaways from this book. In November of 2006, Theranos raised money at a valuation of $165m. Approximately 8...
The Other Side
“I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.”— Charlie Munger “We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of...
The Great Thing About Investing
One of the great things about investing is the passive aspect of owning great businesses: they do a lot of work for you. They are very low maintenance, and their value increases as time goes on. This can be a blessing and a curse for investors. It can also be a...
Bitcoin, Psychology and Munger
If you have been under a "financial news" rock for the past few months, I thought I would welcome you with a story you are likely to have missed…Bitcoin, or more broadly Cryptocurrencies. I generally read about things that I find interesting or at least relevant to...
A Few More Thoughts on JD and the VIE Structure
Happy New Year! In my last post, I outlined why I decided to invest in JD.com. I received a couple questions from readers about the structure of this company, and its use of what is called variable interest entities (VIE's). Chinese laws restrict foreign investors...