📚 Edwin's Highlights

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A batch of the best highlights from what Edwin's read, .

In response, Madden overhauled the acquisition process by installing new people, instituting much tougher due diligence, and introducing a rule against revenue synergies in the deal model. Cote added the requirement that all deals involve “great businesses in good industries.” That meant, for example, no deals in the traditional auto-supply industry or commodity chemicals, which were too competitive to achieve differentiation and high margins.

Lessons From the Titans

Scott Davis, Carter Copeland, and Rob Wertheimer

Most investors—and certainly most nonprofessionals—know little about technicals. These are nonfundamental factors—that is, things unrelated to value—that affect the supply and demand for securities. Two examples: the forced selling that takes place when market crashes cause levered investors to receive margin calls and be sold out, and the inflows of cash to mutual funds that require portfolio managers to buy. In both cases, people are forced to enter into securities transactions without much regard for price.

The Most Important Thing Illuminated

Howard Marks, Paul Johnson

Remember that we’re talking about interpretations and perceptions here. The intention behind a particular behavior is one thing; how we as recipients perceive it is another. Personally, I just wanted to laugh the whole thing off, because I knew Björn very well. I knew that he would never dream of hurting anyone deliberately. When he tramples on people’s toes from time to time it’s never intentional—it just happens. In reality, he is one of the warmest and most generous people I have ever met. It’s just that you have to know him to understand this.

Surrounded by Idiots

Thomas Erikson

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