Buy stocks below 2/3 of net current asset value. Graham Number = sqrt(22.5 x EPS x BVPS). P/E < 15, P/B < 1.5, current ratio > 2.

Seek durable competitive advantages. Calculate owner earnings. Buy below intrinsic value. Concentrated portfolio.

Multidisciplinary thinking. Quality at fair prices. Concentrated bets. Invert, always invert.

Think about what everyone else thinks. Master credit/market cycles. Risk = permanent loss probability.

Rank by earnings yield (EBIT/EV) and return on capital (EBIT/NWC+NFA). Buy top 30, hold 1 year.

Classify into 6 types. PEG < 1 = undervalued. Earnings growth > P/E.

Never invest without margin of safety. Focus absolute returns. Hold 30-50% cash when scarce. Unloved/complex securities.

Buy below book value, low debt. Hold 80-100+ positions. Pure financial statements, never visit management.

Buy low P/E with moderate growth. Total return ratio = (earnings growth + div yield) / P/E.

Low-risk, high-uncertainty. Clone best investors. Few-Bets-Big-Bets-Infrequent-Bets. Checklist-driven.

EV/EBITDA analysis, margin of safety per Graham. Won't buy >15% above support. Famous for subprime CDS trade.

EPS growth >15%, P/E < growth rate, revenue acceleration. Combined with Fed model for market timing.

Buy at point of maximum pessimism. First to invest globally in beaten-down markets.

Buy lowest P/E quintile with strong fundamentals. Markets systematically overreact to bad news.

Munger's only outside money manager. Deep fundamental analysis of Asian competitive advantages.

Talk to competitors, suppliers, customers. Above-average R&D, strong sales, management integrity. Hold almost forever.

Buy good companies, don't overpay, do nothing. ROCE >20%, FCF conversion >70%, low leverage.

Extraordinary business (high ROIC) + Owner-operator management + Great reinvestment (long runway). Compounding machines.

Invest in companies sharing scale economies with customers (Costco, Amazon). 3-5 positions.

Five moat sources: intangible assets, switching costs, network effects, cost advantages, efficient scale.

Target 15%+ ROE, growing earnings, reasonable P/E. 20-25 high-quality names.

Four filters: profitable with good ROC, management integrity, fair price, able to deploy capital well.

Asset → Country → Sector → Stock cascade. Chandelier exit, momentum scoring (1W/4W/13W/26W/52W).

Stage 1: Accumulation. Stage 2: Advancing (BUY). Stage 3: Distribution (SELL). Stage 4: Declining (AVOID).

C=EPS >25%. A=Annual EPS >25%. N=New. S=Supply. L=Leader RS>80. I=Institutional. M=Market.

Stage 2 + VCP. Price > 150 & 200 DMA, 200 DMA rising, within 25% of 52W high. 7-8% stop.

Cut losses, ride winners, keep bets small, follow rules. $5K → $15M.

Buy 20/55-day high. ATR-based sizing (2% risk). Pyramid winners. Stop at 2x ATR.

Donchian Channel (20-period high/low breakout). 5/20-day MA crossover.

What feels comfortable is usually wrong. Statistical edge exploitation with disciplined risk.

Pivotal points (breakout levels), pyramiding winners, sitting tight. 'The big swing makes big money.'

Analyze accumulation/distribution via volume and price. Four phases: accumulation, markup, distribution, markdown.

New highs + heavy volume. Box around consolidation. Buy breakout, stop at box bottom.

Most successful Turtle. Extended rules to 80+ global futures markets.

Pure quantitative, no discretionary override. Large diversified portfolio of small systematic bets.

Cup-and-handle, bull flags, ascending triangles. Buy breakouts with massive volume.

Markets inherently unstable. Biased perceptions create feedback loops. Bet enormous at peak conviction.

Major macro themes expressed through equities/bonds/FX. Press hard when conviction is highest.

Four regimes: rising/falling growth x inflation. Equal risk allocation. Systematic decisions.

Great defense. 5:1 reward-to-risk. 200-day MA as regime filter. Called 1987 crash.

Views differing from consensus + catalyst. Any timeframe (30 minutes to 30 months).

Combine fundamental macro with technical timing. Never risk more than 1% on any trade.

Event-driven macro: position around key geopolitical and policy events.

Identify regime changes (monetary policy shifts, political transitions). Long-duration trades.

ISM, yield curves, dollar cycle. Demographics, debt, and technology disruption.

Hidden Markov models, ML, signal processing. Medallion: 66% gross annual. Greatest returns ever.

Harvest Value, Momentum, Quality, Carry premiums across all asset classes globally.

Three-Factor: Market, Size, Value. Five-Factor: + Profitability + Investment. Nobel 2013.

Stat arb, macro, relative value. Computational methods applied to finance. ~$60B AUM.

'We're a technology company.' ML + massive data processing for systematic trading.

Multi-manager pod structure. World's most profitable hedge fund ($74B cumulative).

Comprehensive taxonomy of return sources: factors, carry, momentum, value, volatility.

Co-creator of factor models. Maintains definitive factor data library.

Applied NLP and speech-recognition algorithms to financial data at Renaissance.

Markets evolve via natural selection. Neither fully efficient nor irrational.

90% ultra-safe + 10% speculative asymmetric. Avoid fragile middle. Gain from volatility.

Fractional Kelly for position sizing. 19.1% net annual, no losing year.

Every trade measured as R-multiple. Position sizing = 91% of performance. System Quality Number.

Equal risk contribution per asset class. Leverage low-risk to match high-risk. Risk budget.

Efficient frontier. Maximize return for given risk via diversification. Nobel 1990.

f* = (bp-q)/b. Maximizes long-term geometric growth. Use fractional Kelly (1/3 to 1/2).

CAPM: expected return = risk-free + beta x premium. Sharpe Ratio for risk-adjusted returns. Nobel 1990.

Cap-weighted index funds beat most active managers after costs. Minimize expenses.

Heavy alternative assets. Rebalancing to target creates contrarian discipline. 13.7% annualized.

Spinoffs outperform ~10% annually. Forced selling, no coverage, management incentives.

Acquire stake, demand board seats, push for spinoffs/buybacks/changes.

8-12 positions. Push for operational improvements. COVID hedges (100x return on CDS).

'Einhorn Effect.' Rigorous forensic analysis to identify overvalued/fraudulent companies.

Catalyst focus: spinoffs, management changes, M&A, regulatory changes.

Buy distressed debt/equity in crisis. Bank stocks at 2009 lows ($7B in one year).

Overstated earnings, unsustainable models, outright fraud. Enron short ($500M+ profit).

Expose fraud via detailed research. 8+ companies delisted after reports.

Financial analysis + on-ground investigation + whistleblowers. Adani, Nikola, Block.

Cost-cutting, margin expansion, strategic refocusing at large-cap underperformers.

Distressed sovereign debt, activist campaigns, merger arbitrage.

Loss aversion (2x). Anchoring, overconfidence. Fast vs slow thinking. Nobel 2002.

Sell winners too early, hold losers too long. Mental accounting. Nobel 2017.

CAPE = price / 10-year avg real earnings. Narratives drive bubbles. Nobel 2013.

Seven laws of investing. Avoid forecasting, embrace uncertainty, be contrarian, focus on process.

Co-creator of Prospect Theory. Representativeness, availability, anchoring biases.

Layered portfolios (safety + aspiration). Not mean-variance optimal.

Emotional crowds create mispricing. Concentrated portfolios of behaviorally underpriced stocks.

Bridge EMH and behavioral — markets efficient to varying degrees depending on competition.

M-L-I: Megatrends, Leadership, Intangibles. ROCE, FCF/PAT, Revenue CAGR, low dilution.

Clean accounting, ROCE >15%, low leverage, dominant franchise. Hold 10+ years.

Long-term conviction + selective aggressive bets. Strong management, scalable, market leadership.

Investment acumen + operational execution (D-Mart). Cash-rich, low-debt businesses.

Quality (business+mgmt), Growth (earnings visibility), Longevity (sustainability), Price (reasonable).

Small in size, Medium in experience, Large in aspiration, Extra-large in market potential.

Never buy unless 10x potential. ROE >30%, regular dividends, scalable. Few stocks.

Companies at inflection points where earnings about to accelerate.

Buy during downturns. Undervalued large-caps with long-term earnings. 18%+ annualized over 20 years.

When flows are high, think contrarian. Write 5 lines before every buy/sell. Rs 6L cr AUM.

Beaten-down small-caps with strong fundamentals. Turnaround stories and hidden gems.

Human + AI Model. 30+ years + Big Data for portfolio construction.

'The Big Whale.' Methodical small-cap investing in tech, education, manufacturing.

High-quality long-term businesses after major corrections. Power of compounding.

Value and growth with ESG overlay. Sharp market timing.

Companies where market perception lags reality. Early bets on inflection.

Patient investing in chemicals, textiles, niche manufacturing. Long holding.

Deeply undervalued small-caps in sugar, commodities, niche sectors.

Patient, research-driven value investing in small/mid-caps.

Tiger Management. Pioneered equity long/short. Tiger Cubs dynasty.