warren buffet answer 20 questions

http://www.valuewalk.com/2016/11/warren-buffetts-meeting-university-maryland-mbams-students-november-18-2016/?all=1

interesting parts :

If you know who someone’s heroes are, then you will know how they will turn out

The most important skill in finance is salesmanship.  That’s how you convince someone to marry you and that’s how you get a job. The most important quality to do well is temperament which would permit the control of fear and greed which have ruined many.  Anyone who has become rich twice is dumb.  Why would you risk what you need and have for what you don’t need?  If you are already rich, there is no upside to taking on a lot more risk, but there is disgrace on the downside.

how to pick a friend:

Choose someone (among your friends and classmates) whom you would want 10% of their future earnings.  Someone who is generous with a good sense of humor and you would want to be led by them.

mauboussin on international capital allocation

https://doc.research-and-analytics.csfb.com/docView?language=ENG&format=PDF&sourceid=em&document_id=1066773661&serialid=b4kPQeTQAweL03oMAgHnarQ6mWCC5xXymWY9Q9gXQlI%3d

charlie munger & nassim taleb on doing what you love

"I've never taken notes. I never kept notes when I was a student. I just read what I please when I feel like reading it, and I think what I think when I feel like thinking it. And that's my system. I don't think it's the right system for everybody, but it seems to have worked well enough for me to enable me to get by."

- charlie munger

“The minute I was bored with a book or a subject I moved to another one, instead of giving up on reading altogether - when you are limited to the school material and you get bored, you have a tendency to give up and do nothing or play hooky out of discouragement.

The trick is to be bored with a specific book, rather than with the act of reading. So the number of the pages absorbed could grow faster than otherwise. And you find gold, so to speak, effortlessly, just as in rational but undirected trial-and-error-based research. It is exactly like options, trial and error, not getting stuck, bifurcating when necessary but keeping a sense of broad freedom and opportunism.

Trial and error is freedom.”

-Nassim taleb

dont confuse cheap with value

http://www.broyhillasset.com/wp-content/uploads/2016/11/2016.10-BAM-Dont-Confuse-Cheap-with-Value-Final.pdf

Netflix new business model

Keep in mind Netflix doesn't need every person to watch all their programming. All they have to do is produce enough diverse content to retain their subscriber base. For example, let's say you like superhero-type shows. All they have to do is produce four or five shows, 40-50 hours of original programming a year, and that will probably be enough to keep you subscribing. Somebody else will be content with 50 hours of romance, someone else with 50 hours of documentaries. A thousand hour war chest is enough to persuade millions that Netflix is a must-subscribe item for commercial free content they can't get anywhere else. 

Compare that to tv where every show needs to gather an audience large enough for advertisers ...

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