Invert, always invert. Following Jacobi-Munger advice, if my essays are on how to think about investing, I should also discuss how I don’t think about it. Since it’s Friday, here’s a silly short note on thoughts that never occurred to me:
· Let’s consult an economist.
· What’s the beta of this thing?
· Who else is in the stock?
· I gotta get myself a neo-bank.
· What’s that formula for cost of capital, again?
· Real estate is a great investment.
· Gold is an investment.
· Let me learn about Bitcoin.
· What’s consensus expecting?
· What would Powell do?
· Sure shot multi-bagger, this is.
· Hey, look. Promoter/CEO has cleared entrance exams.
· How do I position myself to play
o China + one
o Re-opening trade
o Democratization of data
o Business cycle
o Crap-tech theme
· What will FY24 earnings be?
· Promoter’s the sort who would rob a blind beggar, but it’s in the price.
· What’s in the index?
· This time is different.
· Where’s market headed?
· Great value, but let me wait for more clarity to emerge.
· What would Masa do?
· We’re in a structural bull market.
· We’re all gonna die.
· Wow, whattay transformational acquisition.
· This sure is shitty, but
o It’s in the price
o You should see new CEO’s resume
o Byjus will buy it
o It’s backed by so many marquee private equity names
o It’s a consensus buy
o That note says high-conviction buy
o Just look at the TAM
o All its comps trade at 30x revenue
o Some famous guy bought it yesterday