Mental Tension and the Value of Falling Stock Prices
Base Hit Investing
by John Huber
10M ago
In a recent interview, Ted Weschler described his investment process as an eclectic collection of different reading material that is likely unique to him. For example, he mentions reading USA Today, Furniture Daily, and Uranium Weekly, three completely different types of publications with very different audiences. He says the combination of those three very different sources (among many others) gives him a unique perspective on certain companies that occasionally results in a differentiated insight — a way of thinking about a company in a way that varies from the conventional view. These ..read more
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Sources of Enduring Business Success
Base Hit Investing
by John Huber
10M ago
One of the biggest advantages that individual investors have is their ability to maintain a long-term time horizon. Professional investors can take advantage of this edge as well, but few do. I’ve long believed that the modern day advantage in markets is not informational advantage or even analytical skills, but rather behavioral. Being a great business analyst is table stakes of course, but that’s a necessary, not sufficient condition for success in investing. What separates the great investors from the average is all about behavior. Being patient and thinking long-term is widely discussed as ..read more
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The Superpower of Belichick and Buffett
Base Hit Investing
by John Huber
10M ago
I started watching Man in the Arena this week — a documentary on ESPN+ about Tom Brady’s career. In the second episode, there is a great story about how Belichick made a stunning decision to cut his star safety Lawyer Milloy just days before opening day in 2003. Belichick had recently brought in Rodney Harrison from the Chargers, and he made the decision that Harrison would take over from Milloy. Belichick’s decision had nothing to do with behavior or any off the field issues, and on the field Milloy was one of the NFL’s best players at his position. To boot, he was also the team lea ..read more
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Flaws You Can Live With and a Framework for Decision Making
Base Hit Investing
by John Huber
10M ago
I recently read Annie Duke’s book on decision making called Thinking In Bets. One of her main points is that life is like poker and not chess. In chess, the superior player will always beat the inferior player unless the better player makes a mistake. There is always the correct move to make, and the correct move in every situation in the game is potentially knowable, and so chess is about pattern recognition — memorizing as many sequences as possible and then being able to draw on this library of potential moves during the game. The best players have the deepest database of chess moves memori ..read more
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Deep Dives Podcast; Building Blocks of Innovation; Investing in a Dynamic World
Base Hit Investing
by John Huber
10M ago
I recently talked with Matt Samuels who has a podcast called Deep Dives. His podcast is not an investing podcast, but rather an eclectic mix of the arts, politics, and business, all of which are interests of mine. Investing is much like my view of life: it’s a multidisciplinary endeavor with lots of moving parts from many different subjects involving all kinds of people from different backgrounds, geographies, and cultures. And to make it fun, all of these components are constantly coming and going, and evolving in real time. Investing is a dynamic game with no clear rules, ever changing varia ..read more
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Long Feedback Loops: Writing vs. Getting Published
Base Hit Investing
by John Huber
10M ago
What motivates me the most in business (and in other areas of life) is the continuous pursuit of self-improvement. I was once a runner (still am actually, just much older and slower). Competitive long distance running has a lot in common with investing. A top-tier competitive long-distance runner typically runs around 80-100 miles a week, meaning each day requires up to 15 miles of running. But at the end of any given day during this training cycle, there is no tangible evidence of improvement. Even after a great workout, your fitness level isn’t much different than the day before. Of course ..read more
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Investors Podcast – Attributes of Great Businesses
Base Hit Investing
by John Huber
10M ago
I had the chance to talk with Preston Pysh and Stig Brodersen of The Investor’s Podcast recently. Last year, we discussed my thoughts on Facebook. This time we talked a bit about my investment process, and we talked about what makes a great business. I also laid out some recurring themes that have been a recurring part of Saber’s portfolio over the years, such as the importance of management and a company’s adaptability to change, Peter Thiel’s idea on how stark the difference is between monopolies vs non-monopolies, the value of economies of scale, the attractiveness of toll roads, and a few ..read more
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Mental Tension and the Value of Falling Stock Prices
Base Hit Investing
by John Huber
1y ago
In a recent interview, Ted Weschler described his investment process as an eclectic collection of different reading material that is likely unique to him. For example, he mentions reading USA Today, Furniture Daily, and Uranium Weekly, three completely different types of publications with very different audiences. He says the combination of those three very different sources (among many others) gives him a unique perspective on certain companies that occasionally results in a differentiated insight — a way of thinking about a company in a way that varies from the conventional view. These ..read more
Visit website
Sources of Enduring Business Success
Base Hit Investing
by John Huber
2y ago
One of the biggest advantages that individual investors have is their ability to maintain a long-term time horizon. Professional investors can take advantage of this edge as well, but few do. I’ve long believed that the modern day advantage in markets is not informational advantage or even analytical skills, but rather behavioral. Being a great business analyst is table stakes of course, but that’s a necessary, not sufficient condition for success in investing. What separates the great investors from the average is all about behavior. Being patient and thinking long-term is widely discussed as ..read more
Visit website
The Superpower of Belichick and Buffett
Base Hit Investing
by John Huber
2y ago
I started watching Man in the Arena this week — a documentary on ESPN+ about Tom Brady’s career. In the second episode, there is a great story about how Belichick made a stunning decision to cut his star safety Lawyer Milloy just days before opening day in 2003. Belichick had recently brought in Rodney Harrison from the Chargers, and he made the decision that Harrison would take over from Milloy. Belichick’s decision had nothing to do with behavior or any off the field issues, and on the field Milloy was one of the NFL’s best players at his position. To boot, he was also the team lea ..read more
Visit website

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