A Million Dollars Lesson

Investment Process, Luck, Market, Psychology, Risk, Strategy

In investing, knowing what not to do is more important than knowing what to do. But since we don’t have all the time in the world to make all the possible mistakes to figure out what not to do, the best way is to learn from other’s mistakes.  In What I Learned Losing A Million […]

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Why Negative Thinking Makes You A Better Investor

Decision Making, Investment Process, Psychology, Risk

What does going into space and investing in the stock market have in common? Both activities engaged in a high risk, high uncertainty environment. Whereas astronauts have to deal with the risk of 526,000 gallons of propellant blowing up beside them during takeoff or the shuttle disintegrating during re-entry into Earth’s atmosphere at 7.8 km […]

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15 Investing Lessons

Circle of Competence, Decision Making, Expected Value, Filter, Investment Process, Opportunity Cost, Portfolio, Probability, Psychology, Risk

1. Experience may not be a good teacher Most elderly who died in Hurricane Katrina dies not because of their health, but because of confidence and denial. They have survived several hurricanes over their lifetime, so they believe Hurricane Katrina is no exception. Experience can create a close attitude that prevents us from seeing things […]

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Do You Understand the Business?

Circle of Competence, Expected Value, Investment Process, Psychology, Risk

“Buy things that you understand”, “Stick to what you know”, or “Stay within your circle of competence” – We hear these advises all the time so we don’t invest in stocks we know little about. But what define understanding? How do we know if we truly understand a business? If I know Apple designs, develops, […]

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What Book Should You Read?


Books, Reflection

I get asked a lot on what are the best books to read for investing. And like most people, I used to recommend classics like The Intelligent Investor or One Up on Wall Street. This is a no-brainer, right? Why read something else when you can read the best? At hindsight, those were poor advice. […]

June 9, 2019

Books on Moats & Competitive Advantage


Books, Competition, Moat, Strategy

I have always interested to find out what makes a company tick. Why some companies succeed while others fail? What enables a company to grow continuously for decades when others fail to maintain that even for a few years. Is it management? The nature of the industry? The products a company offers? Or is it […]

March 30, 2019

The 7 Moats of Quality Companies


Competition, Moat, Strategy

Why is the reason that some companies can grow their business at a high return for decades while others failed to do so or falter after a few years of outstanding growth? What separates them? Is it because of the management? Or is it something else? More importantly, what is the commonalities amongst these high […]

March 5, 2019