The Toyota Production System

Introduction The Toyota Production System (“TPS”) is a precursor to the concept of “lean management”. It was codified by Taiichi Ohno (1912-1990), who joined Toyota’s textile operations before moving to the automotive operations, where he worked his way up from shop-floor supervisor to Vice President. The focus of TPS is to produce many models, in […]

Lessons from Amazon – Principles and Practices

There’s certain people that you do not want to try to beat at their own game, and certainly Jeff Bezos would be number 1. (…)  Jeff has just shown amazing talent in figuring out how to please customers. Warren Buffett, Chairman of Berkshire Hathaway Amazon was founded in 1994 by Jeff Bezos, a former senior […]

Private Equity Valuation Guidelines

Private Equity Valuation Guidelines Below is a summary and personal interpretation of the International Private Equity and Venture Capital (“IPEV”) Guidelines to estimate the fair value of investments as part of a private equity funds’ reporting to its limited partners. These guidelines contain a useful wrap-up of valuation best practices in a private equity context. […]

How to estimate liquidation value

With the notable exception of firms in seriously declining industries or in high distress, businesses are normally worth more alive (i.e., as going concerns) than dead (i.e., liquidated). As a result, “liquidation value” (i.e., the estimated proceeds the firm’s owners could get out of a disposal of its assets, after paying off its liabilities), is […]

Lessons From An Advertising Legend

David Ogilvy (1911-1999) was a British advertiser. He started his career as a cook in a hotel in Paris, then as a door-to-door salesman of cooking stoves for AGA. He later joined advertising agency Mather & Crowther in London, then Dr. Gallup’s Audience Research Institute, before founding his own agency in New York in 1949. […]

How To Create A New Industry

Blue Ocean Strategy, by W. Chan Kim and Renée Mauborgne W. Chan Kim (born in 1951) is a South Korean professor of strategy and management. Renée Mauborgne (born in 1963) is an American professor of strategy. Both are ranked among the most influential management thinkers, having co-authored several bestselling strategy books. Below are the key […]

Secrets From A Private Equity Tycoon

The Dealmaker, by Guy Hands Guy Hands (born in 1959) is an English investor, who worked at Goldman Sachs as a trader, created Nomura’s Principal Finance Group (PFG) in 1994, spun off in 2002 to create Terra Firma, one of the top 10 global private equity firms at the time, and now runs the Hands […]

Facts You Should Know About Humans

The Naked Ape, by Desmond Morris Desmond Morris (born in 1928) is an English zoologist, ethologist, author and painter, known for his 1967 book The Naked Ape and for TV programs (see Desmond Morris Wikipedia profile). Below are the key findings from The Naked Ape: The origins Humans are the only species of monkeys and […]

Investing and Life Tips from the Wisest Billionaire

Charlie Munger quotes Charlie Munger (born in 1924) is a legendary American billionaire investor (best known for being the longtime business partner of Warren Buffett at Berkshire Hathaway), with broad-ranging interests (e.g., investment, business, psychology, law, architecture, science, philanthropy) and a brilliant mind. Below is a selection of Charlie Munger quotes about investing, business, and […]

Do It Yourself Private Equity

Lessons From Private Equity Any Company Can Use, by Orit Gadiesh and Hugh MacArthur Orit Gadiesh is the Chairman of Bain & Company, a consulting firm with a well-known franchise in strategic due diligence for private equity firms. Hugh MacArthur is the head of Bain’s Private Equity practice. Their book seeks to share lessons from […]

Lessons From a Hedge Fund Manager

Fooling Some of the People All of the Time, by David Einhorn David Einhorn (born in 1968) is an American investor who co-founded and chairs Greenlight Capital, a long-short value-oriented hedge fund whose flagship partnership has returned 13% annualized over 1996-2022, net of fees and expenses. Learning the trade Einhorn learned the trade at hedge […]

At last! The Magic Investment Formula

The Little Book That Beats The Market, by Joel Greenblatt Joel Greenblatt (born in 1957) is an American investor, academic, and writer. He is a Managing Partner and co-CIO of Gotham Asset Management, a successor of Gotham Capital which he co-founded in 1985. He teaches value and special situations investing at Columbia Business School. Below […]

Fatherly Advice

If, by Rudyard Kipling If you can keep your head when all about you Are losing theirs and blaming it on you, If you can trust yourself when all men doubt you, But make allowance for their doubting too; If you can wait and not be tired by waiting, Or being lied about, don’t deal […]

Five Rules for Successful Stock Investing

The Five Rules for Successful Stock Investing, by Pat Dorsey Pat Dorsey is the founder of Dorsey Asset Management, the former director of equity research at Morningstar and Sanibel Captiva Trust, and the author of several investment books. Below are the key insights from his book The Five Rules for Successful Investing: Picking great stocks […]

Marketing – Customer Segmentation and Targeting

This article is based on excerpts from Kotler on Marketing, by Philip Kotler, an American marketing author, consultant, and professor, and Kellogg on Marketing, edited by Alice Tybout and Bobby Calder. Below are the key insights from these books related to customer segmentation and targeting: Marketing Management Marketers see the marketing management process as five […]

Strategy Made Simple

Better, Simpler Strategy, by Felix Oberholzer-Gee Strategy is simple. (…) It is liberating to discover the simplicity in strategy. Felix Oberholzer-Gee Felix Oberholzer-Gee is a Swiss economist, author, and professor of strategy at Harvard Business School. I discovered him in a recent episode of the Columbia Business School’s Value Investing with Legends podcast, hosted by […]

Think Better, Using Real-Life Economics

Freakonomics, by Steven D. Levitt and Stephen J. Dubner If there is no unifying theme to Freakonomics, there is at least a common thread running through the everyday application of Freakonomics. It has to do with thinking sensibly about how people behave in the real world. All it requires is a novel way of looking, […]

Political Science: 26 Basic Concepts

After getting caught in conversations on populist claims and on the role of institutions, I realized that I had not studied the basic concepts of political science enough. Below are some definitions that I found useful: On government and its various forms: Government: “Exercise of influence and control, through law and coercion, over a particular […]

Propaganda, terrorism, and populism: how should liberal democrats respond?

About a century ago, totalitarian regimes came to power in Europe and Asia, leading to millions of deaths and great sorrow. Fast forward to the past ten years, and, as if they had forgotten the lessons of history, (1) voters in several large countries have elected populist and/or autocratic leaders, and (2) liberal democracies have […]

Who to Hire – Wise Advice from Jethro and Buffett

Jethro and Moses In 2019, the World Health Organization (WHO) recognized the burnout syndrome in its list of diseases. The term used to be restricted to business, but since the COVID-19 pandemic, testimonies of “parental burnout” have abounded. Parents with experience of long-distance flights with toddlers or of driving their (often ungrateful) preteens to their […]

Philosophy – Why it still matters

History of Western Philosophy, by Bertrand Russell As many students in France, I took a compulsory philosophy course in my last year of high school, back in 1996-1997. My philosophy teacher, being a bit unorthodox (one of my friends said he found him one day half-drunk, sleeping on a bench in the street), decided to […]

The Five Basic Needs that Drive Humans

“It is quite true that man lives by bread alone — when there is no bread. But what happens to man’s desires when there is plenty of bread and when his belly is chronically filled? At once other (and “higher”) needs emerge and these, rather than physiological hungers, dominate the organism. And when these in turn are satisfied, again new (and still “higher”) needs emerge and so on.”

In his 1943 article “The Theory of Human Motivation”, American psychologist Abraham Maslow presents his hierarchy of needs, which dominate human behavior.

Selling Tips from the Best Car Salesman in America

Joe Girard, was an American car salesman who broke the world record for the most cars sold in a year. The book contains down to earth tips to become a better salesperson.

Management Tips From a Legendary CEO

The Real-Life MBA, by Jack and Suzie Welch Jack Welch (1935-2020) was an American business executive, who led General Electric as Chairman and CEO over 1981-2001, and wrote several management books. Though criticized for some practices, he was considered one of the best CEOs of recent decades. Below are the lessons from his book The […]

21 Tips to Make Friends, Convince, and Lead

Dale Carnegie (1888-1955) is an American writer and lecturer, well known for his courses in self-improvement, salesmanship, and public speaking. This book was recommended by Warren Buffett.

Negotiation Techniques from an FBI Expert

Chris Voss (born 1957) is a former FBI hostage negotiator, consultant and author, known for his book on negotiating tactics. This book sets out the negotiating tactics he has learned and used in his career.

How To Build An Enduring Business

Jim Collins (born in 1958) is an American author and consultant focused on business management and company sustainability and growth. In a six-year research project, Jim Collins and his team of researchers set out to find out what accounted for the success of visionary companies.

How To Make Your Business Great

Jim Collins (born in 1958) is an American author and consultant focused on business management and company sustainability and growth. Jim Collins and his team of researchers spent five years looking for companies who successfully transitioned from “good” to “great”, and for the drivers of such transition.

Finally! Michael Porter’s Strategy Concepts Made Simple

Understanding Michael Porter, by Joan Magretta Joan Magretta is a former partner of consulting firm Bain & Co, a former strategy editor of the Harvard Business Review (HBR), an author on strategy and general management, and a senior associate at the Harvard Business School Institute for Strategy and Competitiveness (ISC). She has collaborated with Michael […]

Competitive Advantage for Strategy and Investing

Competition Demystified, by Bruce Greenwald and Judd Kahn Bruce Greenwald (born in 1946) is a professor of finance and asset management at Columbia Business School, and the author of several value investing and strategy books. Judd Kahn is COO of Hummingbird Management, an investment management firm. Below are the key insights from their book Competition […]

Win all Your Arguments (post in French)

L’art d’avoir toujours raison, par Arthur Schopenhauer J’aurais rêvé de découvrir L’art d’avoir toujours raison plus tôt, cela m’aurait sans doute permis de mieux détecter et déjouer des pièges au moment de défendre mes idées ! En voici les principaux enseignements : La vérité objective d’une proposition et la validité de celle-ci au plan de […]

The Reference Book on Competitive Strategy

Competitive Strategy, by Michael Porter Competitive Strategy Michael Porter (born in 1947) is an American academic known for his theories on competitive strategy for firms and nations (see Michael Porter Wikipedia profile). He is a professor at Harvard Business School and was one of the founders of the consulting firm the Monitor Group (now part […]

Lessons from an Old-School Value Investing Legend

John Neff on Investing, by John Neff I came across John Neff on Investing following the recommendation of my uncle, a money manager based in Boston. John Neff (1931-2019) was an American investor known for his low price-to-earnings (P/E) investment style. During his 31 years heading Vanguard’s Windsor fund, he posted 13.7% annual returns (after […]

The Quick & Easy Guide To Boosting Your Profits

Double Your Profits In Six Months Or Less, by Robert Fifer This book was recommended to me by a friend, who applied the principles to his family business upon becoming CEO and was indeed able to double profits. Author Robert Fifer (born in 1956) is a retired business consultant. His book Double your profits in […]

How To Assess The Quality of Earnings

Quality of Earnings, by Thornton O’Glove I came across Quality of Earnings, written in 1987 by Thornton O’Glove (co-authored by Robert Sobel), in my quest to understand the history of “quality of earnings” analysis. Thornton O’Glove worked as a stockbroker and financial analyst for various firms, with a particularly contrarian and skeptical approach compared to […]

Financial Statements – How To Detect A Fraud

Financial Shenanigans, by Howard M. Schilit Financial Shenanigans It is common for leveraged buyout practitioners to have the accounts of companies they are investigating scrutinized by specialized departments of audit firms. The goal, among others, is to determine (i) the Adjusted EBITDA figure on which to apply the appropriate EV/EBITDA multiple (“quality of earnings”) and […]

Lessons From The Growth Investor Who Influenced Buffett And Munger

Philip Fisher (1907-2004) is one of the pioneers of growth investing.

Legendary investor Warren Buffett was introduced to his investment philosophy by his partner Charlie Munger.

Fisher’s writings contain sharp insights on: (1) How to find outstanding stocks, when to buy them and when to sell them, (2) Economics (notably inflation), (3) Stock market history.

Investing Lessons From One Of The Best Stock Pickers Of All Times

One Up On Wall Street, and Beating The Street, by Peter Lynch One Up On Wall Street Beating the Street Peter Lynch is one of the best performing mutual fund managers and investors of all times. During his 13-year tenure at the helm of the Magellan Fund at Fidelity, which he brought from $18m to […]