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Investment Brain

Investment Brain

Compiled knowledge base of investment thought leadership — master investors, concepts, comparisons, and applied queries; sources trace to the raw corpus.

Ask questions in AI Chat — retrieval over this whole knowledge base.

Wiki Index

Synced from the investment brain wiki into this site with working links

Entities

  • aswath-damodaran — Aswath Damodaran is a finance professor at NYU's Stern School who has made his valuation
  • benjamin-graham — Benjamin Graham (1894–1976) is the foundational figure of value investing, and the
  • berkshire-hathaway — Berkshire Hathaway is the conglomerate that warren-buffett has built and run since
  • bill-ackman-pershing-square — Bill Ackman founded Pershing Square Capital Management in 2004, and the corpus holds his
  • bill-miller — Bill Miller (born 1950) is the investor who, as sole manager of the Legg Mason Value Trust from
  • bruce-flatt-brookfield — Bruce Flatt is the CEO of Brookfield Corporation, the global owner and operator of real
  • bruce-greenwald — Bruce Greenwald is the Columbia Business School professor who built the school's value-investing
  • charlie-munger — Charlie Munger (1924–2023) was warren-buffett's partner — Berkshire's Vice Chairman
  • chuck-akre — Chuck Akre founded Akre Capital Management (Middleburg, Virginia) in 1989 and has run it ever since
  • dan-loeb-third-point — Daniel Loeb founded Third Point in 1995 and is the corpus's representative event-driven
  • david-einhorn-greenlight — David Einhorn founded Greenlight Capital in 1996 as a long/short value fund, and the corpus
  • eddie-lampert-esl — Edward S. Lampert is the founder and manager of ESL Investments, the hedge fund named for his
  • francois-rochon-giverny — François Rochon is the founder and portfolio manager of Giverny Capital, the Montréal investment
  • geico — GEICO (Government Employees Insurance Company) is the auto-insurance subsidiary of
  • howard-marks — Howard Marks is the co-founder and co-chairman of Oaktree Capital Management, a Los
  • jamie-dimon — Jamie Dimon is the chairman and chief executive officer of JPMorgan Chase, whose annual
  • amazon-bezos — Jeff Bezos (born 1964) founded Amazon.com in 1994 and led it as CEO until 2021, writing a
  • joel-greenblatt — Joel Greenblatt is the founder of Gotham Capital and the author of *The Little Book That
  • john-maynard-keynes — John Maynard Keynes (1883–1946) was the economist who wrote *The General Theory of Employment
  • julian-robertson — Julian H. Robertson Jr. (1932–2022) founded Tiger Management in May 1980 with Thorpe
  • kerrisdale — Kerrisdale Capital is a New York-based long/short hedge fund founded by Sahm Adrangi in 2009
  • markel-gayner — Markel Group is the specialty insurer long called the "baby Berkshire" — a self-conscious
  • mohnish-pabrai — Mohnish Pabrai (born 1964, Mumbai, India) is the founder and managing partner of Pabrai
  • prem-watsa-fairfax — Prem Watsa is the founder, chairman and chief executive of Fairfax Financial Holdings, the
  • ray-dalio-bridgewater — Ray Dalio founded Bridgewater Associates in 1975 and built it into the world's largest hedge
  • security-analysis — Security Analysis is the 1934 book by benjamin-graham and David L. Dodd that founded the
  • sees-candy — See's Candies is the West Coast boxed-chocolate maker that berkshire-hathaway bought
  • chris-bloomstran-semperaugustus — Semper Augustus Investments Group, LLC is an independent SEC-registered value boutique whose client
  • seth-klarman-baupost — Seth Klarman (born 1957) founded The Baupost Group in 1982 and has run it for over four decades
  • stanley-druckenmiller — Stanley Druckenmiller ran Duquesne Capital for thirty years without a down year, then managed
  • terry-smith-fundsmith — Terry Smith is the founder and CEO of Fundsmith LLP. The Fundsmith Equity Fund opened for
  • tom-russo — Thomas A. Russo is the Managing Partner of Semper Vic Partners, L.P., the "global value" partnership
  • tweedy-browne — Tweedy, Browne Company LLC is a value-investing firm self-described as "Established in 1920
  • warren-buffett — Warren Buffett is the longtime chairman and CEO of berkshire-hathaway, which he has

Concepts

  • accounting-quality — Accounting quality is the distance between what a company's reported statements say and
  • activism-playbook — Activist investing is the point where a minority shareholder stops waiting for mr-market
  • asset-allocation — Asset allocation is the decision of how much of a portfolio to place in each asset
  • fund-domicile-bermuda — Bermuda is a niche-but-material domicile — a small general-fund book (about 777 funds, roughly $310bn NAV) bolted onto a globally dominant insurance-linked-securities and reinsurance infrastructure. It...
  • fund-domicile-bvi — The BVI is the cost-and-speed alternative to Cayman: the world default corporate SPV and holding-company jurisdiction (about 400,000 companies) with a real but secondary fund line...
  • capital-allocation — Capital allocation is the decision of where a company's earnings and cash go — into
  • carried-interest-waterfall — Organization--Compensation--R_2018_Investment-Banks--Hedge-Fund.md]
  • fund-domicile-cayman — Cayman is the default offshore fund domicile — a zero-tax, common-law jurisdiction whose exempted company and exempted limited partnership serve global hedge funds, private-equity partnerships and...
  • cigar-butt-investing — Cigar-butt investing is the bargain-hunting style warren-buffett practiced early in his
  • circle-of-competence — The circle of competence is the boundary inside which an investor can realistically estimate
  • cost-of-capital — The cost of capital is the discount rate that ties dcf-valuation together — the weighted
  • country-risk-premium — The country risk premium is the additional return demanded for bearing the sovereign and
  • crowd-behavior-episodes — Bubbles and panics are the same phenomenon read in opposite directions: a crowd that
  • cycles — Cycles are howard-marks's central claim about how markets actually behave: prices and
  • dcf-valuation — Discounted cash flow (DCF) valuation is the standard machinery for estimating
  • efficient-market-hypothesis — The efficient market hypothesis (EMH) is the academic claim that asset prices already reflect
  • equity-risk-premium — The equity risk premium is the extra return investors demand, over the riskfree rate
  • fcfe-vs-fcff — A dcf-valuation can be built two ways depending on whose cash flows you discount: cash flow
  • factor-investing — Factor investing is the systematic attempt to earn the return premia attached to
  • fair-value-accounting — Fair value accounting is the effort to make balance-sheet book values a measure of current
  • fund-domiciles — No single domicile wins on every axis; the choice is really a decision about which axis matters for a given investor base and strategy — tax...
  • fund-entity-stack — Organization--Compensation--R_2018_Investment-Banks--Hedge-Fund.md]
  • fund-structural-variants — Around the flagship entity stack sits a family of auxiliary vehicles, each solving a specific segregation, capacity, or liquidity problem. ^[reports/Fund structuring tax jurisdictions.md]
  • inflation-hedging — Buffett's late-1970s letters contain the corpus's most complete account of what inflation
  • insurance-float — Float is the money an insurer holds that belongs, temporarily, to its policyholders — and
  • intrinsic-value — Intrinsic value is the worth of an asset derived from its own fundamentals, as distinct
  • investor-tax-structures — Investor tax posture is the engine that drives feeder and blocker design. Four classes — US taxable, US tax-exempt, non-US, and ERISA plans — have mutually...
  • fund-domicile-ireland — Ireland is the EU liquid-alternatives and ETF workhorse — the only English-speaking common-law EU member, with a tax-exempt fund regime, a 24-hour QIAIF fast-track, and the...
  • keynes-beauty-contest — The Keynesian beauty contest is John Maynard Keynes's metaphor for how markets are priced
  • look-through-earnings — Look-through earnings are warren-buffett's correction to the way consolidated accounting
  • fund-domicile-luxembourg — Luxembourg is the dominant regulated EU fund domicile and the number two global fund centre by assets. It is for managers who need the AIFMD marketing...
  • margin-of-safety — Margin of safety is the difference between the intrinsic value of an asset and the price
  • master-feeder-structures — The master-feeder structure is the tax segmentation device of the offshore fund world. A single master fund does all the trading, and two or more feeders...
  • moats — A moat is a durable competitive advantage that lets a business earn returns competitors
  • mr-market — Mr. Market is benjamin-graham's parable for the stock market's daily price quotations
  • owner-earnings — Owner earnings are warren-buffett's term for the cash a business actually produces for its
  • permanent-loss-of-capital — Permanent loss of capital is the risk that matters in this corpus — the risk of losing
  • quality-vs-statistical-cheap — Quality versus statistical cheapness is the fork in the value-investing road: buy a
  • rebalancing-discipline — Rebalancing is the rule-bound restoration of a portfolio's drifted weights back to
  • relative-valuation-multiples — Relative valuation prices an asset by reference to how similar assets are trading, rather
  • reverse-dcf — A forward dcf-valuation starts from cash-flow forecasts and solves for value. A reverse DCF
  • risk-parity — Risk parity is Ray Dalio's answer to a problem he states bluntly: the investor who
  • risk-vs-uncertainty — The corpus treats risk not as volatility — the academic convention — but as the
  • sea-change — Sea change is howard-marks's term — borrowed from the idiom — for a structural, lasting
  • second-level-thinking — Second-level thinking is howard-marks's name for the kind of reasoning required to
  • short-selling-mechanics — Short selling inverts the long-only logic of intrinsic-value: the seller borrows shares
  • special-situations — Special situations are the value investor's answer to a market that has stopped mispricing
  • terminal-value — Terminal value is the value assigned, in a dcf-valuation, to all cash flows after the
  • underwriting-cycles — Insurance prices oscillate between soft and hard markets — periods of excess competition
  • fund-domicile-uae — The UAE (DIFC/Dubai plus ADGM/Abu Dhabi) is the fastest-rising new fund domicile: English-common-law free zones offering 0 percent corporate tax on qualifying income, timezone bridging, and...
  • fund-domicile-uk — The UK is overwhelmingly a manager hub rather than the default domicile: sponsors put GP and management substance in London while domiciling funds in Cayman, Jersey...
  • fund-domicile-us-delaware — Delaware is the onshore default for private funds worldwide and home to the largest registered-fund market under the 1940 Act. A Delaware LP or LLC gives...
  • valuation-across-asset-classes — Valuation is not one discipline applied uniformly; the method bends to the nature of the
  • value-traps — A value trap is a stock that is cheap on the statistical measures of quality-vs-statistical-cheap
  • wacc-vs-opportunity-cost — Both warren-buffett and aswath-damodaran agree on what a discount rate is — an

Comparisons

Queries

Investment Brain

Master-investor letters, valuation scholarship, SEC filings — compiled once with provenance.

Aswath Damodaran

high confidence — compiled with source citation from the investment brain.

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