🥦 Jake Taylor 🎉 @farnamjake1 Twitter profile

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Long duration businesses. Long duration ownership. Long duration relationships.

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Last Seen Profiles

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

"I don't have a sell system yet... I'm still working it out." --Charlie Munger He's 97 years old. 😂

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Possibly unpopular opinion: 1990s Berkshire AGM audio is more dense with wisdom than any new content released today. Audience questions are thoughtful and sophisticated. Warren & Charlie are sharp as razors. Magical moment in history.

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

In light of @profgalloway 's recent note about "Third Base," how different does this guy's life look if he's born in the US?

Third Base | No Mercy / No Malice

5-min read The Dunning-Kruger effect posits that dumb people are too stupid to know they are dumb. They are not perplexed by difficult situations but overconfident — not knowing what they don’t know....

www.profgalloway.com

Bill Birtles

@billbirtles

4 years

Michael Jackson reincarnated on a Hubei construction site:

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🥦 Jake Taylor 🎉

@farnamjake1

5 months

"I am trying to emulate my great-grandfather. When he died, they said about him, 'Nobody envied the success, so fairly won and wisely used.'" -- Charlie Munger, RIP

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Risk management. 😂

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Today is special. Literally several years in the making. I'm excited to announce that my investment journaling app is now open to everyone. A little background on why I'm so stoked to share this... 1/

Journalytic

The investment journaling solution built by investors, for investors.

journalytic.com

Journalytic

@Journalytic

1 year

Your wait is over! Journalytic is officially open. Anyone can now create an account and get straight to journaling about their investments. Take notes, record decisions + feelings, run checklists, set reminders, and much more. Click here to sign up:

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

I'm just going to put this here...

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

@JamesClear E.O. Wilson: loses an eye in childhood fishing accident. No stereoscopic vision, forced to look at things close up. Falls in love with studying ants. Invents the entire field of sociobiology.

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Happy 90th birthday to the GOAT.

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Celebrating 15 years of (mostly) matrimonial bliss with this keeper. 😍

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Being a dad is playing the really long game.

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Recent white papers on Market Share, ROIC, and Capital Allocation by @mjmauboussin are the research equivalent of Jordan in '96-'98. Prolific!

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

My man! @Greenbackd repping on Bloomberg this morning.

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Mr. Buffett famously recommend a 20-slot investment lifetime punch card. And then there's Ed Thorp. His hedge fund Princeton Newport, generated a 30-year track record of 20% pa. Without a down year. Ed's punch card? More than 1.25m individual bets. Lots of ways to play this game.

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

It’s good to be back in Omaha…

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Can't wait! 🤩

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

I thought I knew a lot about these investors. But @williamgreen72 's disarming interview style unearthed all manner of new nuggets & vulnerabilities. Of course, the writing is snappy & pages turn themselves. The Arnold Van Den Berg profile alone is worth the price of admission. 🤩

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Great book rec, @iancassel !

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🥦 Jake Taylor 🎉

@farnamjake1

7 months

This Greenblatt vs. Schloss scenario is why I'm so obsessed with duration: 50% for 20 yrs = 3,325x 20% for 50 years = 9,100x

John Huber

@JohnHuber72

8 months

@marketplunger1 In my bracket, the 1 seeds would be Buffett, Druckenmiller, Walter Schloss (20% for 50 years) and Greenblatt (50% for 20 years)

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

I have NO idea what the next move in the markets will be. But I do know one thing: If you aren’t keeping a real time journal, you’re missing a prime opportunity to improve your investment process. Your future (smarter/richer) self will thank you profusely.

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

I remember my mind blown by Marty Whitman saying that all debt isn't created equally. Some debt is damn near even an asset it's so advantaged. 🤯 Didn't fully sink in until I refinanced my house at a rate I thought was borderline stealing. And then there's this guy...

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Safest bet I know: If you aren't keeping an investment journal in 2020, you're missing a golden opportunity for insights into your thoughts during historical times.

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Are we looking at the same $AMZN report?

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

My wife says my tweets are boring and unrelatable. OK, well how about this spicy Oxford comma take? 🙃

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

@ChrisBloomstran “It is useless to attempt to reason a man out of a thing he never was reasoned into.” --Jonathan Swift (probably)

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Finally got called up to the majors: Investors Podcast w/ @stig_brodersen & @PrestonPysh . A lot happened in the intervening weeks. :)

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🥦 Jake Taylor 🎉

@farnamjake1

11 months

17 years!

🥦 Jake Taylor 🎉

@farnamjake1

3 years

Celebrating 15 years of (mostly) matrimonial bliss with this keeper. 😍

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

GEICO created tremendous returns for Ben Graham's partnership. And obviously it has rewarded Buffett and Berkshire richly for decades. However, GEICO shareholders in 1973 were down -96% in 1976 when it traded down from $58.88 to $2.13/sh. It can happen to any one of us! 🤯

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Excited for this one!

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

"A great business at a fair price is superior to a fair business at a great price." --Charlie Munger Let's walk through the mathematical proof of why Charlie is right, and also explore why this might be very dangerous advice. 😵 #sacrilege

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🥦 Jake Taylor 🎉

@farnamjake1

5 years

Really big day for me: my first book, The Rebel Allocator, just went live. The feedback and reviews I've gotten so far from people whom I respect and admire have been incredibly encouraging. Wish me luck! :)

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Farnam Street's April letter is out. One friend told me it's the best one I've written yet. Not sure if that's a testament to the low quality of past efforts? 🤷‍♂️

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Fundamental investment analysis hack: Every business will have 2 to 3 ratios that matter most. Your job is to figure out the correct numerators and denominators. How they change over time will provide much insight. If you can predict them accurately, you'll have a winning hand.

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

One of the better interviews I've done b/c @TomInvesting is a pro. Does his homework, kept me on topic, well-produced. Choose your own adventure w/ the below time stamps.

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🥦 Jake Taylor 🎉

@farnamjake1

2 months

Bold (and most likely wrong) prediction: At some point in the next 5 years, Berkshire will be the only $1T market cap US company.

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Is it no accident that Berkshire picked a ‘70s motif for this year’s meeting, @ChrisBloomstran ? 🤔

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Sure, our taxes are high, we've been actively on fire for a few months, and our local govts are outright hostile to business, but California is still a pretty rad place to live.

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Working on my right tail mindset. Read thru ARK's Big Ideas 2021 deck. Put the TAMs cited into spreadsheet. 2025 = $3.2T 2030 = $6.6T (For reference, 2020 revenue of 18 biggest companies on earth = $1.85T) Mentions: "could" =62x, "believe" =40x 😳🤷‍♂️

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🥦 Jake Taylor 🎉

@farnamjake1

8 months

Another amazing morning hike in the Sierra Nevadas.

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Big news! Tomorrow marks the 100th episode of Value: After Hours. We have a few surprises planned. Hopefully you're on vacation and can hang out at 1:30pm EST with @BillBrewsterTBB , @Greenbackd , and me. 🥳

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

You've diligently built a household net worth of $500,000 thru savvy deal-making and owning quality businesses. One of your kids puts $250 into a cloud IPO. Do you know or care? $BRKA $SNOW

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

12 Munger quotes for your Monday enjoyment...

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Value goes on a run for like 12 days and this is what we get... 🤣

Tobias Carlisle

@Greenbackd

3 years

What's good?

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Value: After Hours in-person get-together details: across the street at the Hilton after the meeting. Up the escalator to the 2nd level. Come be 1 of the 10. @BillBrewsterTBB . @Greenbackd

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

If we all just wrote in "Bill Gates" for President in Nov, what would happen? I'm game to try if you guys are.

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Too much market insanity lately. Took the fam to the river today instead. My little guy is a maniac. He wanted to jump off the ledge above him, but mom said no. You get one guess why he might be showing off... 🙃

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Sure, all the bull market momentum victory laps were annoying. But you'll never regret taking the high road and showing some compassion for those who are now suffering. Pick someone up, don't pile on. (This is advice for myself more than anyone.)

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Embrace the bear! What inning is this? @BillBrewsterTBB

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

These are very strange and difficult times. Quarantine can make any of us feel lonely and troubled. If you need to talk, I'm carving out 3-4pm PT of every day where I invite you to call me. If you need to vent, process, just hear a friendly voice, whatever. [1/2]

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Error correction: on today's VAH podcast, I talked through a post-mortem of having missed $GOOGL for the last 5+ years. I messed up a few of my calculations w/r/t market cap and enterprise value. I know, total noob. 🤦 I'm going to repost the corrected numbers below. /1

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Seth Klarman: "So if the entire country became security analysts, memorized Benjamin Graham's Intelligent Investor and regularly attended Warren Buffett's annual shareholder meetings, most people would, nevertheless, find themselves irresistibly drawn to hot... 1/3

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

First time in 15 years without a dog in our house. I'm struggling a little with the feeling something is missing. Who's going to help "fold" the laundry?

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

The main takeaway is to enjoy your time on this rock. Challenge yourself. Do work you care about. Be inspired. Fill others' cups. At least that's what I'm thinking about today. I hope this story gets your week off to a good start.

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Farnam Street's July letter is live. 2022 has been one for the record books so far. We identify an investment pattern that we're looking for to be successful, even in down markets. 10 pages is too much, but lots of charts.

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Anyone else amused by the irony that big tech is priced as if disruption is now permanently dead? 🙃

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Charlie looks good!

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Try not to be jealous!

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

I used to secretly wonder, "Is this really all there is to life?" I've come to the realization the answer is YES! And that only a fool could need and expect more. It's a joyous realization.

Tobias Carlisle

@Greenbackd

3 years

Happy birthday, @farnamjake1 !

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

"Typical decision makers allocate only 25% of their time to thinking about the problem properly... most spend their time gathering information which feels like progress... but information without context is falsely empowering." -- @mjmauboussin

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Chart I mentioned on V:AH today. @Greenbackd , @ValueStockGeek

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

I can't tell you how much it warms my heart to imagine a kid 8,000 miles away learning about business, and one day making decisions that positively serve humanity. To add any early imprint is such a miracle. 🤩

Intrinsic Compounding

@soicfinance

2 years

If you want your kids or yourself to learn about capital allocation through a story. Our 2022 book recommendation📖:- The Rebel Allocator by Jacob Taylor. Most of the kids in our families have read this, and guess what? They're asking some really smart questions!!

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🥦 Jake Taylor 🎉

@farnamjake1

4 months

How can the productive output of the US (as represented by GDP) grow at 3%, yet the capitalization of that output (as represented by the stock market), grows at 10%? Over a long enough timeline, you approach mathematical absurdities.

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Celebrating 14 years of matrimonial bliss. I only have an n of 1, but I have to imagine marrying someone really smart makes life a lot easier in a million little ways.

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🥦 Jake Taylor 🎉

@farnamjake1

3 months

I'm terribly biased because he's such a good mate of mine, but how can you listen to this and not root for this guy to win?

Quantitative Wisdom: Outperform and Beat the Market w/ Tobias...

Kyle Grieve discusses Tobias Carlisle's book on value and concentrated investing, mean reversion, academic research on concentration and diversification, cou...

www.youtube.com

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Life is good.

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Hear me out. Soccer… but with a shot clock, a “10-second” equivalent +“backcourt” violation. Force the action. 8-7 is way more entertaining than 0-0 and 70% of the game is passing back and forth in the backfield.

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

"Over the long term, companies behave most like biology--everything will die eventually. They have their time and then they get clobbered." --Charlie Munger, patron saint of Team #neversell 😂

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Sept 12th has been a tough day for me for several years. I lost someone who really inspired me. Indulge me in a story...

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

We can't create investment returns out of thin air. But we have a pretty good idea the precursor efforts needed to improve our chance of success. Here's how I measured my efforts in 2021. It's a process of dogged, incremental improvement for a long time. What's missing?

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

"The memory of the financial mind is about 10 years. Every 10 years, a new generation of people come along who are believed to be and assuredly believe themselves to be financial geniuses." 🧐 --John Kenneth Galbraith, on the crash of 1929

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

No Value: After Hours this week. Essentially off the grid for a recharge. See you next week!

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

Let’s go!

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Wifey and I got in a little hike above Palm Springs.

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Happy to report we made it another lap around the sun.

🥦 Jake Taylor 🎉

@farnamjake1

3 years

Celebrating 15 years of (mostly) matrimonial bliss with this keeper. 😍

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Long $BRKA, short $AAPL = ~$400b stub that roughly includes: ~$150b cash/UST/bonds ~$150b equities ... leaves ~$100b price for: World-class railroad, energy co, insurance ops that produced $30b op-cf last quarter. all w/ GOAT capital alloc, who's buying back @ >1.2x PB.

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🥦 Jake Taylor 🎉

@farnamjake1

1 year

If you find yourself suddenly feeling better about your portfolio today, you should really be keeping an investment feelings journal. Speaking from experience, it will reveal how much price action drives your sentiment. (Which leaks into analysis.) It catches all of us.

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Always a pleasure talking with the boys at TIP. Pro operation there. I don't often talk about specific investments I own (which based on the notes I receive is NOT a crowdpleaser to many of you 🤷‍♂️). Well, here's how I'm thinking about $FFH.TO / $FRFHF and $FAH.U / $FFXXF.

Stig T. Brodersen

@stig_brodersen

4 years

On today's show, @PrestonPysh and I talk with financial investment expert, @farnamjake1 . Jake provides an intrinsic value assessment of Fairfax Financial Holdings.

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

@michael_vogel87 @awilkinson

Lazy Leadership: Why I rarely go to the office, only see my team a couple times a week, and let...

Let’s just get this out there: on paper, I’m a terrible CEO. I avoid going into the office, I only meet with my team a couple times a week, and I especially hate giving speeches, coming up with...

www.linkedin.com

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Happy birthday to the living legend, @Greenbackd . Seriously, one of the genuinely nicest guys in the business.

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

We probably weren't as smart as Mr. Market made us feel the last few years. We aren't as dumb as he's making us feel lately. Hang in there, work on your process, suffer with a cheerful attitude, emerge better. 3/3

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

While prepping for the April Client letter, I stumbled across this passage from last April's letter. I wish they all aged this well! 👀 $XOM

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

If you're an airline, bank, or energy CEO and Mr. Buffett is calling you from his bathtub right now, hang up immediately! Signed, Pre-dilution Shareholders of America

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Ha, Buffett called accounting goodwill "capitalized adrenaline"--he's so damned clever.

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

I have a calendar invite to myself to read this every 6 months as a reality check. Bill Watterson, creator of Calvin & Hobbes, 1990 Kenyon commencement speech. Worthy of 8 minutes of your day. :)

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Last minute family snow day to Tahoe yesterday. Bluebird day you dream about. 🤩

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Important message from @BillBrewsterSCG on today's Value: After Hours. Link jumps straight to it: (Warning: discusses suicide) @Greenbackd

Value: After Hours LIVE S02E25: Dark Matter, Treacherous Markets and...

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, Bill Brewster and Jake Ta...

www.youtube.com

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Me, prepping for the podcast tomorrow. :)

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Lucked my way into a lunch with @honam today. I was already fan, and can now confirm first hand that he's the real deal. 🤩

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

@marketplunger1 I very wise mentor once told me that always having a scheduled vacation on the calendar is cheap divorce insurance.

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Tough week for a lot of investors. (Maybe even tough few months.) The antidote is likely family, friends, fresh air, nature, adventure. Climb to the top of something not-man-made and look down on water. 1/3

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

First time hiking in the Cascades. 🙌

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

After the groundhog day that was 2020, we decided to live (work, home school, etc.) in a foreign country for the month of January. We picked the Dominican Republic as we had friends already there, and we wanted the equatorial sun for the vitamin D. Some observations:

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Might be time for @chriswmayer to update 100 Baggers to include obvious 100x-in-1-year situations like $GME. 🙃

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

"There is an abundant supply of easy money which should take care of any contingencies that might arise." -- Sec of Treasury Steve Mnuchin, March 2020 ...just kidding: that was Sec of Treasury Andrew Mellon in March of 1927 🙃

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

"I am so afraid of a democracy getting the idea that you can just print money to solve all problems... and eventually, I know that will fail." 👀 --Munger, May 6th, 2019

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🥦 Jake Taylor 🎉

@farnamjake1

2 years

Happy belated birthday to the inimitable Charles T. Munger. 98 years old!

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🥦 Jake Taylor 🎉

@farnamjake1

4 years

Hemingway wrote a book about bullfighting. The fans don't confer legendary status on any matador until after they've been gored at least once. They want to see how the matador handles it. Probably true for investors too. You aren't a legend until you've been gored a few times.

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🥦 Jake Taylor 🎉

@farnamjake1

3 years

Been working on that sweet little solo in Pearl Jam’s Yellow Ledbetter.

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