Investing
BigCat's Capital Allocator
Buffett · Munger · Howard Marks · Klarman — one deep idea per day
Day 01
Buffett Core Principles
Circle of competence · Moat · Mr. Market · Intrinsic value
Day 02
Munger's Mind
Mental models · Inversion · 25 misjudgments · Two-step thinking
Day 03
Howard Marks on Cycles
Cycles inevitable · Pendulum · Risk control · Second-level thinking
Day 04
Value Investing Foundations
Margin of safety · Cigar butts vs quality · Mr. Market · Qual vs quant
Day 05
Klarman & Uncertainty
Asymmetric returns · Complex situations · Cash as optionality · Value traps
Day 06
Damodaran on Valuation
DCF power & pitfalls · Relative-valuation traps · Narrative & numbers · Growth vs value
Day 07
Bogle & Passive Investing
Index revolution · Tyranny of costs · Loser's game · Stay the course
Day 08
Dalio's Principles & Cycles
All Weather · Debt cycles · Principles as systems · Radical truth
Day 09
A History of Financial Crisis
1929 Great Depression · 1998 LTCM · 2000 Dot-com · 2008 GFC
Day 10
Behavioral Finance
System 1 & 2 · Loss aversion · Overconfidence · Herding
Day 11
Quality Investing
Three sentences · ROIC engine · Compounding machine · Quality trap
Day 12
The Peter Lynch Method
Invest in what you know · Six categories · PEG · Tenbaggers
Day 13
Retail & Consumer Cases
Costco flywheel · Apple ecosystem · American Express · See's lesson
Day 14
Energy & Cyclicals
Oil cycle · Capital cycle · Trend ≠ business · Non-productive assets
Day 15
Tech & the Internet
Network effects · Valuation · AI boom in the mirror · Platforms
Day 16
Financial Stocks
Banking · Insurance float · GEICO saga · Underwriting discipline
Day 17
Portfolio Management
Concentration vs diversification · Kelly criterion · Sizing & price · Taxes & compounding
Day 18
Venture & Startup Investing
Power law · Make something people want · Zero to One · Angel thresholds
Day 19
Real Estate Investing
Cycle & leverage · REIT logic · Buy vs rent · Real estate & inflation
Day 20
Global Macro
Rate gravity · Currency bet · Two faces of geopolitics · The growth trap
Day 21
Reading Howard Marks's Memos
Second-level thinking · Bubble mindset · Decision vs outcome · When to sell
Day 22
Reading Buffett's Letters
1977 inflation tax · 1989 mistakes · 2008 greedy when fearful · 2020 admitting error
Day 23
Dissecting Business Quality
Five Forces · Recurring vs transactional · Pricing power · Unit economics
Day 24
Culture & Leaders
Capital allocation · Institutional imperative · Skin in the game · Culture & succession
Day 25
Antifragility & the Black Swan
Fooled by randomness · Black Swan & fat tails · Convexity & barbell · Skin in the game
Day 26
The Discipline of Holding On
Arithmetic of holding · Drawdowns inside a tenbagger · Money in the waiting · Graham's evolution
Day 27
Psychology & Decision Training
Decision journal · Checklist · Pre-mortem · Luck vs skill
Day 28
Quant & Systematic Investing
Factor investing · Index vs factor vs stock · The Medallion lesson · Retail quant
Day 29
Acquisition Case Studies
Wonderful at fair price · GEICO turnaround · BNSF's America bet · The Dexter scar
Day 30
Money & the Well-Lived Life
Money & happiness · Bogle's enough · Munger's inversion · The price of FIRE
Day 31
A History of Bubbles
Tulip mania · Mississippi bubble · South Sea bubble · The anatomy of a bubble
Day 32
Japan's Lost Decades
The peak of 1989 · Balance sheet recession · The deflation trap · Lessons for a long-term investor
Day 33
Soros & Reflexivity
Reflexivity theory · Breaking the pound 1992 · The boom-bust sequence · The philosopher speculator
Day 34
Philip Fisher & Growth Investing
Scuttlebutt · Almost never sell · Great growth stocks · Complementing Buffett
Day 35
John Templeton & Global Contrarian Investing
Search the world · Maximum pessimism · Contrarian discipline · Spirit & wealth
Day 36
Jim Simons & the Quant Revolution
The Medallion enigma · Scientists not economists · A tiny edge repeated · The uncopyable moat
Day 37
Duan Yongping's Philosophy
Integrity & equanimity · Investing is buying a business · Understand the model · Lunch with Buffett
Day 38
Zhang Lei & Hillhouse
Long-termism · Betting on China · Creating vs finding value · Public–private continuum
Day 39
Bonds & Interest Rates
Duration & convexity · The yield curve · Credit spreads · Rate cycles & assets
Day 40
Gold & Safe Havens
Gold's monetary history · The inflation-hedge myth · Safe-haven logic · Role in a portfolio
Day 41
The Commodity Cycle
Supply & demand cycles · Super-cycles · Inflation hedge · Commodities vs commodity stocks
Day 42
Crypto as an Asset Class
Bitcoin's value narrative · Volatility & allocation · Ponzi vs innovation · Sizing the risk
Day 43
ESG & Sustainable Investing
The ESG debate · Greenwashing · Impact investing · Values vs returns
Day 44
The Perils of Indexing
Passive scale effects · Ownership concentration · Weakened price discovery · The limits of active
Day 45
The Efficient-Market Debate
The EMH · Anomalies & factors · The behavioral rebuttal · Semi-strong form
Day 46
Taxes & Account Structure
Short- vs long-term gains · Tax-deferred accounts · The tax of rebalancing · Cross-border tax
Day 47
Retirement & Withdrawal Strategy
The 4% rule debate · Sequence risk · The bucket strategy · Longevity risk
Day 48
The Peculiarities of China's Market
A policy-driven market · A retail-dominated float · SOEs vs private firms · Regime-change risk
Day 49
Emerging Markets
Growth vs governance · Currency risk · The India story · The value of diversification
Day 50
Narrative in Investing
Stories into numbers · Narratives as epidemics · The narrative fallacy · Kill conditions
Day 51
The Making of an Investor
Reading as compound interest · The decision journal · Intellectual honesty · Independent judgment
Day 52
Options & Derivatives
Calls & puts · Volatility & the Greeks · Covered & protective strategies · Hedging vs speculation
Day 53
Shorting & Special Situations
The inverted payoff · Merger arb as insurance · Distressed debt & the fulcrum · Spin-offs & forced sellers
Day 54
Forensic Accounting
Owner earnings · The accrual gap · Three revenue questions · Red flags & incentives
Day 55
The Place of Technical Analysis
Trend & momentum · Price–volume · Does it work? · What a value investor keeps
Day 56
Market Microstructure & ETFs
The price of immediacy · Creation & redemption · Speed as rent · Forced buyers
Day 57
Convertibles & Hybrid Securities
Floor plus call, both discounted · Terms written by the issuer · Structure won't save you · Two markets, two games
Day 58
The Capital Cycle
Returns summon capital, capital destroys returns · Capital supply, not sentiment · Capex, financing windows, incentives · From dark fiber to AI data centers