Daniel Bakalarz

Accounting is the language of business and you need to understand it to appreciate economic value and to assess competitive positioning. Investors face a slew of psychological challenges. Perhaps the most difficult is updating beliefs when new information arrives. Position sizing and portfolio construction still do not get the attention they warran... See more

It's not given to human beings to have such talent that they can just know everything  about everything all the time. But it is given to human beings who work hard at it—who  look and sift the world for a mispriced be—that they can occasionally find one.  And the wise ones bet heavily when the world offers them that opportunity. ... See more

10. Read (and keep an open mind).

6. Update your views effectively (beliefs are hypotheses to be tested, not treasures to beprotected).20 Most people prefer to maintain consistent beliefs over time, even when the facts reveal theirbeliefs to be wrong.  But great investors do two things that most of us do not. They seek information or views that are different than their own and... See more

In this group of successful investors that I want to consider, there has been a commonintellectual patriarch, Ben Graham. But the children who left the house of this intellectualpatriarch have called their "flips" in very different ways. They have gone to different placesand bought and sold different stocks and companies, yet they have had a combin... See more

8. Know the difference between information and influence.

What is elementary, worldly wisdom? Well, the first rule is that you can't really know  anything if you just remember isolated facts and try and bang 'em back. If the facts  don't hang together on a latticework of theory, you don't have them in a usable form.