1. The four most dangerous words in the English language are "This time it is different"
2. Concept of a “value trap” i.e. a stock which is cheap but not valuable
3. Value 1.0 was invented by Benjamin Graham (Buffett’s teacher); this is the concept of buying when price was below liquidation value of the business i.e. the cigarette butt approach to investing.
4. Value 2.0 is based on the concept of country-wide brand creation. Via broadcasting i.e. there were digital gatekeepers who collected a toll to create ones brand. Such companies were the perfect targets for Charlie Munger & Warren.
5. Broadcasting got broken in the 1980s due to narrowcasting i.e. multiple niche focused channels. And, got broken again in the 2010s due to monocasting i.e. digital marketing ads which let you target individual people
6. R&D and S&M costs in USA need to be expensed in the year of incurring them i.e. digital capex cannot be written off over multiple years the same way that physical capex can.
7. Mental model for investing in Non Tech companies in today's Tech age
   1. They are resilient to Technology change?
   2. They are augmented by Technology change?
   3. Is the business catering to those who have been digitally left behind?
8. Sherwin Williams runs a network of paint stores in USA - it is an example of (7) (a). Cost of painting is 80% labor and 20% paint so as a paint company they work on saving time of the painter. They do so by creating quick dry paint, have multiple network stores with curbside pickup & have created a mobile app for painters.
9. Intuit started with Quicken MS DOS based product for personal taxes. Saw it was being used for work purposes which is what resulted in the Quick Books product being launched. Now have launched a cloud based version called Quick Books Online (QBO).