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My fundamental principles of investing:
1. Understand the business you're interested in by reading their financial reports, understanding the unit economics of the business, their leverage and the different forms of financial and operational leverage they might be employing, their share ownership structure (share classes, poison pills) etc.
2. Understand the durable competitive advantages of the business, if present, that will contribute to continued profits and future cash flows even in potentially inflationary periods. These advantages could be regulatory, IP, location, brand, marketing etc.
3. Assess the talent and integrity of the management of the business. Analyze their long term performance, determine the factors that are in their control and compare with their peers in their respective industries, check their previous placements and find out why they left etc. This is one of the most important steps because if a company is retaining earnings annually at 10% of the book value a newly appointed CEO will be responsible for approximately 60% of the capital deployed in a span of only 10 years (10% growth in book value compounded for 10 years increases book value to 259% of the original amount, 159% gain/259% total = 61.39%). CEOs often rise up the ranks by being incredibly talented in narrow fields such as marketing, sales or simply by being good at office politics. The real skill they require is rational capital allocation. Many great companies have been destroyed by poor capital allocators becoming CEO.
4. Last but not least, buying at a significant margin of safety. No matter how wonderful the business is, buying at an insanely expensive price (like how many companies today are valued and how many have been valued in the past) is a good way to achieve poor performance. You have to know how to value businesses and understand how future growth affects value so that you're not overly conservative.
Investing is not gambling. It is a craft and an art that only its practitioners can truly appreciate. The capital allocation decisions that investors collectively make over time redirect capital to its most productive uses and allow for economic growth and prosperity. The incredible rise in our quality of life over the last century globally has largely come from capital being redirected by investors to those businesses that have put that capital to its most productive use. Trading options, thereby making bets on the short term volatility of an underlying stock, is not investing (with some exceptions). Buying companies with no profits and no reasonable prospects for future profits is not investing. Buying unproductive assets that will never return cash to you is not investing. Buying bitcoin is not investing.
Only exceptional people with an extremely patient temperament will beat the markets over the long term, but just having some general knowledge about the subject and teaching your kids about it can open up a lot of potential. People who don't have the aptitude or the time can just take their excess savings and dollar cost average into a low cost index fund over time (which will give you the return of the market and requires absolutely zero skill). They will get a very satisfactory result over a long period of time as long as they start early and stay persistent no matter how the market gyrates in the short term. Even a small amount of money can grow to a significantly large sum if you understand the power of compounding.
Ashkenazi Jews have the second highest per capita genetic sampling representation rate of any ethnic group in the world.
20% of the entire living population has been genetically sampled in some manner.
Icelanders are number one with 70%.
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Kanging on history is retarded bro. Tajik-inhabited areas devolved from centres of learning to shitholes with $1500 GDP per capita and no contribution to innovation or human civilization. 40% of working age men have to run away to Russia to work. Same goes for Pashtun areas too.
Instead of kanging we need to figure out how we are going to fix our societies because something is deeply, deeply wrong.
Tajiks are arguably the only people to have:
-Dominated the Eurasian steppe as nomadic Aryans.
-Dominated the Silk Road as merchants and traders.
-Dominated the Islamic Golden Age as scholars, scientists, and intellectuals.
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@NematullahAzim8 is truly one of the legends of the Afghan nation.
د کابل ښاروالۍ د اطلاعاتو او عامه پوهاوي رییس نعمت الله بارکزی: پر ۱۹ قلمه لومړنیو توکو نظارت لرو، نرخونو مو ورته ټاکلي او همدا نرخونه تطبیقوو.
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For the first time in 50 years Afghanistan has a government that isn't riddled with corruption and is actively building up the vital infrastructure of the Afghan nation.
The Taliban need to be commended for their excellent work in this regard.
د برهکي څلورلارې د ځمکې لاندې سړک د کرښو اچولو چارې ترسره شوې
#کابل_ګام_په_ګام_د_آبادۍ_په_لور
همشهری،همکاری، شاروالی
#کابل_ښاروالۍ
#شاروالی_کابل
#Kabul_municipality
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New Pakistani scam. Suing Western companies for "climate change related damages" thereby leeching more money from the West and ignoring local cement and chemical plants owned by elite Pakistani army generals and feudal slave owners.
Leftists in the West are in on the scam.
🇵🇰 🇩🇪 Pakistan farmers sue German firms in landmark climate case
Abdul Hafeez Khoso is one of 39 farmers suing German energy firm RWE and cement maker Heidelberg Material in a rare bid to make big polluters pay damages for climate impacts, after Pakistan's southern Sindh province was devastated by "apocalyptic" flooding in 2022
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Pakistan made an estimated $850 billion from Afghan refugees.
The only reason Pakistan has nuclear weapons today is because the U.S. and the international community turned a blind eye towards the program. Defeating the Soviets in Afghanistan was more important.
This comes at a time when Pakistan is now expelling Afghan refugees en masse due to a surge of Punjabi nationalism, racism and hatred towards Afghans and Pashtuns within its establishment and elite, largely driven by its new "Field Marshal" and supposed "Hafiz" Asim Munir (it should be noted that the few times he has recited the Quran in public it was riddled with grammatical mistakes and mispronounciations).
These people will be a great asset to the Afghan nation in the future.
Agreed. I was thinking of maybe approaching some people to start a trade-in program so people can replace the contaminated pressure cookers. Sales of lead contaminated ones need to be banned first by the government and strict controls need to be placed on manufacturers to make sure they only use virgin aluminum and not scrap. If we can get this done there will be an explosion of intelligence and cognitive ability among all Afghans.
@SaeedAOP @MJalalAf
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This is incredible progress in AI robotics within the span of a few months.
Fable 5.2 shows substantially improved skills in controlling physical robots, even on tasks it has never explicitly been trained to do.
On RoboDojo, a benchmark with a simulated two-arm robot, it outperformed other models and most AI systems built to control robots.
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Captain Colin Mackenzie, Madras Army, lately a hostage in Kabul, in his Afghan Dress, 1842 (c)
Oil on canvas by James Sant (1820-1916).
This flamboyant portrait is in keeping with an officer who enjoyed as dashing a career as Captain (later Lieutenant-General) Colin Mackenzie (1806-1881). Joining the 48th (Madras) Native Infantry in 1825, he fought in various local campaigns, accompanying an expedition against piracy in the Straits of Malacca in 1836. Then, as Assistant Political Agent at Peshawar, Lieutenant Mackenzie was sent to Kabul in 1840, during the 1st Afghan War (1838-1842). He led the defence of Kabul fort against the Afghans and the subsequent night fight to escape from it, leading General Sale's retreating force to Gandamak. He returned to Kabul and was present at the conference between the Afghan Chief, Akbar Khan, and the British envoy, Sir William Macnaghten, where the latter was murdered.
Mackenzie survived the ill-fated retreat to Jalalabad, only to be chosen as a hostage by Akbar Khan. He was freed by a force commanded by Sir George Pollock before Akbar Khan could sell him into slavery. Deeply religious, he was respected by the Afghans, who called him "the English Mullah".
In 1848 Mackenzie raised and commanded a Sikh regiment to keep peace on the north-west frontier of India. As an expert on this area, it was said to have been his influence which persuaded Lord Dalhousie, the Governor-General, to give up the idea of ceding the land from the Indus to Peshawar, to Afghanistan.
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Meanwhile in Afghanistan the entire population eats out of local pressure cookers made with scrap metal contaminated with lead.
The blood lead level in Afghan children is 16µg/dL, leading to an entire standard deviation of loss in the national IQ.
"Rashko Baba Generation"
5 facts about national IQ.
1. There’s a strong correlation between national IQ and GDP per capita.
2. The correlation is typically ~0.7
3. A 1 point higher national average is associated with ~7% higher GDP per capita.
4. IQ remains predictive after controls for education and other factors.
5. While data quality varies the association holds across datasets.
I wish her the best of luck in her business. Her cabinets look very high quality. We need more women like her and less feminist leeches. Thank you as well to the Taliban and the Afghan Chamber of Commerce and Industry for attending the inauguration of her business.
له ایران راستنې شوې یوې افغانې پانګهوالې د لاس مینځلو د کابین جوړونې صنعت په برخه کې د څه باندې سل زره امریکايي ډالره په ارزښت پانګونه کړې.
#شمشادنیوز #shamshadnews
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The Taliban's Traffic Police Department @MoI_TRF_POLICE responded to my complaint regarding this incident in 9 minutes.
Now that's public service!
Asim Munir is an enemy of the Afghan nation. Like all of our enemies in the past he will be destroyed too.
One of my favorite restaurants here in New York, King of Falafel & Shawarma, is historically famous for producing really good falafels.
These days, it is also famous for having patrons walk over portraits of figures from around the world who have either harmed or otherwise sold out the Palestinian cause.
A recent addition to the collection of portraits is the de facto leader of Pakistan, Asim Munir. Asim Munir belongs to Pakistan’s infamous deep state military regime.
Aside from his regime’s sell out of the Palestinian cause, he is also a war criminal for conducting a targeted bombing campaign on Afghan soil that has killed women, children, recovering drug addicts, and even mosque goers.
Munir’s regime has also conducted acts of terrorism on historically Afghan communities living within the borders of present-day Pakistan. One should also not forget how ordinary Pakistanis have also fared under Asim Munir’s military regime, including in Pakistan-run Kashmir.
