Items19The creator’s order
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Jesse LivermoreBorn 26 Jul 1877Speculation and price action. Livermore traded on market movements rather than company value, watching prices and volume, buying strength, cutting losses fast and making very large short bets, famously before the crashes of 1907 and 1929. The thinly disguised account of his methods, Reminiscences…0i - 2
Benjamin GrahamBorn 9 May 1894Value investing. Graham, a Columbia lecturer, argued after losing heavily in 1929 to 1932 that a share is part of a business, that market prices swing with mood, and that an investor should buy only with a margin of safety below a cautious estimate of worth. Security Analysis and The Intelligent…0i - 3
Philip Arthur FisherBorn 8 Sept 1907Growth investing. Fisher, a California fund manager, took the opposite view to Graham: buy a few outstanding, growing companies and hold them for decades, even at prices that look high. His 1958 book Common Stocks and Uncommon Profits recommended scuttlebutt, interviewing customers, suppliers and…0i - 4
John TempletonBorn 29 Nov 1912Global contrarian investing. Templeton bought a basket of more than 100 US shares at a dollar or less each in 1939, when war fears had crushed prices, and later looked worldwide for markets at the point of maximum pessimism, investing in Japan long before most Americans. His funds spread…0 - 5
Warren BuffettBorn 30 Aug 1930Quality at a fair price. Buffett began as Graham's student, buying cheap statistical bargains, then shifted, partly under Charlie Munger's influence, to buying excellent businesses with durable advantages and holding them indefinitely, through Berkshire Hathaway. Insurance float gave him permanent…0i - 6
Charlie MungerBorn 1 Jan 1924Mental models and patience. Munger, Buffett's partner at Berkshire, argued that good investing means drawing on a latticework of ideas from psychology, economics and other fields, avoiding stupidity rather than seeking brilliance, and doing very little. He favoured a handful of concentrated…0i - 7
John C. BogleBorn 8 May 1929Indexing. Bogle founded Vanguard in 1975 and launched the first index fund for ordinary investors the next year, built on the argument that, after fees, most active managers trail the market, so the best bet is to own it all cheaply. Vanguard is owned by its funds, which keeps costs down. The idea,…0i - 8
Arthur RockBorn 19 Aug 1926Venture capital. Rock helped the engineers who left Shockley Semiconductor find backing for Fairchild in 1957, then funded Intel and Apple, and is credited with popularising the term venture capitalist. His philosophy was to back people rather than plans and to accept that most bets fail while a…0i - 9
Edward O. ThorpBorn 14 Aug 1932Mathematical edges. Thorp, a mathematics professor, first proved that blackjack could be beaten by card counting, then applied the same thinking to markets, running Princeton Newport Partners from 1969 on hedged trades in convertible bonds and warrants priced by his own formulas. He used the Kelly…0 - 10
George SorosBorn 12 Aug 1930Reflexivity and macro bets. Soros argues that markets do not simply reflect reality but change it, as rising prices attract buyers who drive prices higher, until the trend breaks. His Quantum Fund made large bets on currencies and markets, most famously against the pound in 1992, earning the label…0i
