The Education of a Value Investor Building a Framework for Business Quality with Simon Kold
Oct 18, 2024
Simon Kold, a Danish entrepreneur and founder of Kold Investments, shares his unique investing philosophy shaped by over a decade at Novo Holdings. He discusses the parallels between stand-up comedy and investing, emphasizing resilience and adaptability. Kold highlights the importance of network effects and brand identity in today's business landscape and dives into the significance of nurturing relationships and timing in successful investments. His approach redefines traditional strategies, focusing on long-term commitment and understanding competitive advantages.
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Stand-up Comedy Failure Fuels Growth
- Simon Kold shares how bombing as a stand-up comedian was motivating rather than discouraging.
- He aimed to come back stronger, using failure as fuel to improve his craft.
Beware Argument by Anecdote
- Investment decisions often suffer from argument by anecdote, which appeals emotionally but is unreliable.
- Investors must critically assess anecdotal evidence to avoid skewed decision-making.
Test for Falsification, Not Verification
- Seek falsification, not just verification, in investment hypotheses to avoid confirmation bias.
- Testing for flaws in assumptions leads to a deeper and more practical analysis.