Invest Like The Best
Episode 136 The Search for the Truth with the Anonymous Master
Invest Like The Best

Episode 136: The Search for the Truth with the Anonymous Master

Invest Like The Best

Episode 136

The Search for the Truth with the Anonymous Master

The pseudonymous Jesse Livermore is one of the most respected names on financial Twitter and a research partner at OSAM. We cover his background, investment philosophy, the new environment markets operate in today and what that means for valuations moving forward.

[00:01:33] – (First Question) – Jesse’s origin story for investing

[00:04:37] – Exploring his ways of problem-solving starting with intuitive

[00:11:46] – Looking at the analytical way of problem-solving

[00:15:42] – Statistical inference

[00:24:45] – Should we opt for simplicity in the investment process

[00:25:26] – Does his own investing include all three, intuition, analysis, and statistics

[00:26:09] – The evolution of his research, process, and thinking on various investment factors.

[00:31:38] – Thoughts on inflation and its impact on market valuation

[00:40:05] – The Earnings Mirage

[00:46:25] – Free Cash flow and valuations

[00:50:51] – What should investors take away from this research

[00:53:01] – Thoughts on trend as an interesting market signal

[00:59:00] – The problems with trend

[01:11:15] – His work into understanding factors

[01:15:36] – Looking at momentum

[01:18:16] – His curiosity into the current market cycle

[01:20:04] – Lessons learned from his time in the military, an effective way to create an environment where people can safely disagree with their co-workers

[01:30:10] – The concept of progress in meaningful work

[01:33:08] – Kindest thing anyone has done for him

The Search for the Truth with the Anonymous Master

Introduction

Patrick
This week, I have a very special guest years in the making. Like another favorite episode with anonymous guest, Modest Proposal. This conversation is with one of the stars of the financial Twitter universe who writes anonymously and goes by the pseudonym Jesse Livermore. I met Jesse six years ago after reading his unbelievable unique investor research, which tackled all the big and interesting issues in markets. He now also works with me as a research partner at OSAM, where he's used our data to continue his search for truth in markets. Despite being one of the brightest minds I've encountered, he's also as humble and unassuming as they come. I'm at least a slightly better person because of trying to emulate how he conducts himself. I get to have many conversations with him that go from zero to 100 fast, and I'm thrilled to be able to share one of those with you.

Jesse's Investing Origin Story

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