Top 10 Interviews

The Manual of Ideas

John Mihaljevic, Shai Dardashti

Research

87 Pages

The Manual of Ideas compiles interviews with ten respected value investors, exploring how they source ideas, manage risk, and think through market cycles. The discussions challenge conventional diversification, highlight behavioral mistakes, and argue that patience, concentration, and downside protection matter more than forecasts or narratives.

Key Takeaways

Concentrated Value Investing: Cook & Bynum began managing outside capital at age 23 and emphasize concentrated portfolios when downside ranges appear narrow relative to upside potential.
Risk First Mindset: Charles de Vaulx highlighted preserving capital through diversification after IVA launched in 2008, following award winning global equity performance in 2005 and 2006.
Behavioral Discipline Matters: Multiple investors argued market psychology drives mispricing, with interviews spanning 87 pages focused more on process, patience, and intrinsic value than macro predictions.
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