Welcome to Ezra's Notes. Each week (hopefully) I share timeless insights from the most worthwhile content I’ve read, watched, or listened to.
Everything is condensed into clear notes you can read in minutes.
These are my notes from a recent interview that David did with Chris Davis.
Enjoy!
I think all investing is value investing. And if it isn't, it's it's either gambling or speculating. And investors should recognize that the biggest threat to their generating a return over time is their own behavior.
All true investing is value investing; anything else is speculation or gambling.
Focus on earnings power and intrinsic business value, not market psychology.
Growth is part of value—profitable growth adds intrinsic worth. The false dichotomy of “growth vs. value” misleads investors.
Rejects momentum investing, which relies on rising prices rather than fundamentals.
Let value compound gradually rather than chasing immediate payoffs.
The greatest threat to investor returns is **their own behavior** (buying high, selling low).
On Mag 7: Each company is unique, but high valuations require heroic assumptions (e.g., 20% growth for a decade, >50% margins).
Don’t predict, prepare — invest with the expectation of enduring shocks.
Not just buying “$1 for 50¢” but preferring durable, compounding businesses even at fair prices.
A growing, resilient company may justify paying more upfront.
Avoid emotional trading, or hire an advisor who enforces patience.
Systematic investing (regular contributions over time) is more powerful than trying to time markets.
Value investing suits those with patience, discipline, and a research mindset.
Success comes not from being right often, but from making outsized gains when right and limiting losses when wrong.
I had a business card, it would say analyst on it that that's still my full time job. It's a part of the job I love. I love visiting companies. I love, you know, this idea of business people. I spend a lot of time visiting companies. I love that that part part of the job. I like going out and traveling.
See you next week with more timeless notes.
Until then, keep compounding knowledge.
— Ezra