Not status or money.
Instead, they seem to be driven an inner fire.
Sometimes it’s to make the world a better place.
Other times, it’s to prove themselves right.
And that's why they can keep going even after they're already rich AF.
One thing I'm always most excited about as an investor:
Watching CEO interviews.
Over the years, I’ve watched over 100s of them.
Here’s 25 traits I’ve seen in the very best leaders.
You can swipe these into your own framework to evaluate management teams:
Not status or money.
Instead, they seem to be driven an inner fire.
Sometimes it’s to make the world a better place.
Other times, it’s to prove themselves right.
And that's why they can keep going even after they're already rich AF.
They don't see the world like 99% of us
Whether it’s creating a culture that’s a sports team vs a family...
Or thinking of everything from first principles…
They have a different modus operandi.
This helps them see solutions that 99% of us muggles miss.
The great leaders are great because:
They’re in a company that plays to their unique personality.
The stars have to align for a great leader to be made.
The product + business model + personality of the leader must match.
They know how to unleash the potential in their team
They know how to paint an exciting vision…
And then give their team the space to roam free.
They understand that people flourish when you give them room to explore and experiment.
They know when to pull in the reins and take charge.
They can be hard and stubborn.
They can be huge a**holes when it come to specific areas.
That’s what makes them special.
They know how to strike a balance
They don’t just look at outcomes.
They care more about the process of getting there.
These leaders see outcomes as just a by product of a good process.
They place more emphasis on the thoughts behind the decision.
Instead, it’s a scorecard.
They’re still driven to make more and bring in more $$$.
But not so they can pay themselves a fat paycheck.
But because it’s a measure of their worth and capabilities.
They use it as a measuring stick of impact.
They are able to invent recipes and dishes…
Instead of simply following instructions to make a good dish.
I learnt this from Michael Shearn…
You want to find leaders who can create new realities and invent new stuff.
This helps to shape the company culture.
Whether it’s a “day 1 mentality” or a “delivering happiness” culture…
It tells you a lot about a leader’s ability to influence.
Also helps you understand the DNA of a company in the long term.
They seldom speak in corporate jargon.
When you listen to them...
you feel like you can understand the business well.
They keep things simple.
This also tells you about their ability to communicate big ideas to investors and customers.
They don’t just do it for pride or glory or money…
Though that could be part of the reason.
They get deep happiness when their projects make a positive impact.
Or when their teams grow and hit their goals.
Seldom do the best leaders come perfect.
Everyone has their own defects...
Something to prove, a demon to slay from their past…
That drives them to crazy lengths to make it happen.
You want to find leaders with a chip on the shoulder.
They don’t really seem to be living in the present.
Instead, they seem to always be in some distant future.
Living in their heads.
Sometimes their idea may seem out of whack.
And that's why they can create products that break norms.
Even if the business is complex and operationally heavy…
They're always trying to dumb things down for customers.
Reducing friction...
Always trying to simplify and eliminate stuff that’s not needed.
When you hear them speak...
They are usually explaining how important this problem is.
How urgent it is to solve.
And why this is such a big pain for people.
They think in terms of real human pain, not just a number.
They’re thinking about how to solve more problems for the customer and make life easier.
Through solving, they unlock new markets and products.
Solving is their priority.
The selling comes in only afterwards.
They don’t always talk a lot.
Often times, they can be silently executing and shun the limelight.
This is not the case for all leaders.
But they’re focused on execution and getting shit done...
Rather than telling the world how much they did.
Their entire life is consumed by making this one thing work.
@honam calls this “their life’s work”.
They keep digging away.
Their blood and soul is into it.
When you hear them speak, you can tell this is like their own baby.
Not always, but often times they first created the product for themselves.
It’s to solve their own pain and frustration.
So they truly understand the issue.
They can empathize with the pain of customers.
This problem is personal to them.
They’re creators.
They have great managers that help extract more value for the business.
But they’re builders at heart.
They want to make and build something.
They spend more time painting ideas, than milking the cow.
You learn something when you hear them speak.
Not just about the business, but knowledge about life.
Whenever I hear Tobi Lutke speak on calls and interviews…
I learn something about resource allocation and optimizing for energy.
Take a look at their bench, and you are star struck.
You are amazed at how some others of high calibre will wanna come work for them.
It says a lot about their ability to sell a vision...
And their character to retain such talents.
The best managers dont milk their customers.
They leave surplus on the table for their customers to win.
And instead of trying to increase $$, they focus on increasing value.
Because they know profits come naturally from those actions.
AKA the capacity to suffer.
They are willing to make decisions that may cannibalize short term sales and earnings.
Eg. Hastings going into streaming…
Or Bob Iger going into digital from merchandise and theme parks.
They pride frugality.
They see saving money as a way to invest more to serve their customers.
From Sam Walton… to James Sinegal…
And old school bezos making tables out of doors…
A scrappy culture also speaks volumes about a leader’s character.
I share how I crossed 7 figures before age 30 by investing in great companies.
Stuff I tweet about:
• My investing strategy
• Books that inspire me
• Stuff on personal growth
Geez. You really like me huh?
Then you should subscribe to my blog.
I write about all things Money, Investing, Financial Freedom.
But I'm lazy. So don't expect daily articles.
I write when inspiration strikes.
Or when I'm drunk.
https://t.co/vWvVqSnE0Y
More from Max Koh
10 super simple steps to research a stock.
In just 3-4 hours:
Overview:
1. Find a sexy angle
2. Analyze the financials
3. Read the annual report
4. Get skin in the game
5. Read earnings calls
6. Understand the leader
7. Understand value prop
8. Read analysis by others
9. Monitor execution
10. Maintenance due diligence
Lets go!
1. Find a sexy story or angle
This is how I begin my research.
It starts with either:
• a product
• a story
• a founder
... that gets me curious.
I think stock screeners are helpful...
But I don’t use them.
I prefer to research companies that genuinely excite me.
2. Analyze the financials
I then proceed to analyze the numbers for the last 2-3 years.
Which is about 8-12 quarters.
Stuff like:
- Revenue growth
- Gross and EBIT margins
- Key customer metrics
- Free cash flow
Seeing the numbers tells me a story.
3. Read the annual report
If the numbers and story are exciting...
I dig deeper into the business through the 10K.
I want to understand the business model...
How they make money...
And the customers they serve.
A step by step guide for
In just 3-4 hours:
Overview:
1. Find a sexy angle
2. Analyze the financials
3. Read the annual report
4. Get skin in the game
5. Read earnings calls
6. Understand the leader
7. Understand value prop
8. Read analysis by others
9. Monitor execution
10. Maintenance due diligence
Lets go!
1. Find a sexy story or angle
This is how I begin my research.
It starts with either:
• a product
• a story
• a founder
... that gets me curious.
I think stock screeners are helpful...
But I don’t use them.
I prefer to research companies that genuinely excite me.
2. Analyze the financials
I then proceed to analyze the numbers for the last 2-3 years.
Which is about 8-12 quarters.
Stuff like:
- Revenue growth
- Gross and EBIT margins
- Key customer metrics
- Free cash flow
Seeing the numbers tells me a story.
3. Read the annual report
If the numbers and story are exciting...
I dig deeper into the business through the 10K.
I want to understand the business model...
How they make money...
And the customers they serve.
A step by step guide for
How to read an Annual Report in 1 hour.
— Max Koh (@heymaxkoh) April 4, 2022
A step by step guide for busy people:
More from Startup
Today's thread is on the affiliate business model. Many years ago, I used to be an affiliate marketer. If there is any way to get schooled in marketing, becoming an affiliate marketer is probably the best way.
What is affiliate marketing and why should you care?
Read on >>
1) Affiliate marketing is selling products or generating leads on behalf of other companies and getting paid a commission for those products.
2) Some notable examples you've seen before:
NerdWallet - you read their articles on best credit cards. You click on a link to one of those cards. You fill out an application. They get paid for delivering that lead to the cc company.
3) In https://t.co/kSfWS69ybp - same thing. Any of their financial products -- you fill out an application, and https://t.co/mCrBT43mOj gets paid for that.
But the affiliate revenue model applies beyond financial services products.
4) Wirecutter -- you see a neat product they review or talk about. You click through and buy.
Wirecutter gets a cut of that transaction.
What is affiliate marketing and why should you care?
Read on >>
1) Affiliate marketing is selling products or generating leads on behalf of other companies and getting paid a commission for those products.
2) Some notable examples you've seen before:
NerdWallet - you read their articles on best credit cards. You click on a link to one of those cards. You fill out an application. They get paid for delivering that lead to the cc company.
3) In https://t.co/kSfWS69ybp - same thing. Any of their financial products -- you fill out an application, and https://t.co/mCrBT43mOj gets paid for that.
But the affiliate revenue model applies beyond financial services products.
4) Wirecutter -- you see a neat product they review or talk about. You click through and buy.
Wirecutter gets a cut of that transaction.
The dirty inside secret most first-time entrepreneurs don't know.
14 tools I use to steal from competitors, and build million-dollar businesses.
Housekeeping note:
Don't do anything that destroys your reputation. Copying what works is a simple & practical strategy, but don't cross any boundaries.
In this thread, I'll show you how to steal your competitors' traffic, product ideas, and customers in a 100% fair way.
1. Steal their social media traffic
Drop your competitors' url in https://t.co/n4squ8fjHh
It will tell you what % of their web traffic comes from which social media platform
Looks like this
Generally, this traffic will be from ads and not content. To steal their social traffic, you'll need to steal their ad strategy.
If they're getting their traffic from Facebook...
2. Steal their Facebook ads
Go to Facebook Ad Library and find ads that your competitor has been running for 6+ months.
All of these ads are likely profitable https://t.co/bgqtSOvAe2
14 tools I use to steal from competitors, and build million-dollar businesses.
Housekeeping note:
Don't do anything that destroys your reputation. Copying what works is a simple & practical strategy, but don't cross any boundaries.
In this thread, I'll show you how to steal your competitors' traffic, product ideas, and customers in a 100% fair way.
1. Steal their social media traffic
Drop your competitors' url in https://t.co/n4squ8fjHh
It will tell you what % of their web traffic comes from which social media platform
Looks like this
Generally, this traffic will be from ads and not content. To steal their social traffic, you'll need to steal their ad strategy.
If they're getting their traffic from Facebook...
2. Steal their Facebook ads
Go to Facebook Ad Library and find ads that your competitor has been running for 6+ months.
All of these ads are likely profitable https://t.co/bgqtSOvAe2
You May Also Like
12 TRADING SETUPS which experts are using.
These setups I found from the following 4 accounts:
1. @Pathik_Trader
2. @sourabhsiso19
3. @ITRADE191
4. @DillikiBiili
Share for the benefit of everyone.
Here are the setups from @Pathik_Trader Sir first.
1. Open Drive (Intraday Setup explained)
Bactesting results of Open Drive
2. Two Price Action setups to get good long side trade for intraday.
1. PDC Acts as Support
2. PDH Acts as
Example of PDC/PDH Setup given
These setups I found from the following 4 accounts:
1. @Pathik_Trader
2. @sourabhsiso19
3. @ITRADE191
4. @DillikiBiili
Share for the benefit of everyone.
Here are the setups from @Pathik_Trader Sir first.
1. Open Drive (Intraday Setup explained)
#OpenDrive#intradaySetup
— Pathik (@Pathik_Trader) April 16, 2019
Sharing one high probability trending setup for intraday.
Few conditions needs to be met
1. Opening should be above/below previous day high/low for buy/sell setup.
2. Open=low (for buy)
Open=high (for sell)
(1/n)
Bactesting results of Open Drive
Already explained strategy of #opendrive
— Pathik (@Pathik_Trader) May 27, 2020
Backtested results in 30 stocks and nifty, banknifty.
Success ratio : approx 40-45%
RR average 1:2
Entry as per strategy
Stoploss = Open level
Exit 3:15 PM Or SL
39 months 14 months -ve, 25 +ve
Yearly all 4 years +ve performance. pic.twitter.com/nGqhzMKGVy
2. Two Price Action setups to get good long side trade for intraday.
1. PDC Acts as Support
2. PDH Acts as
So today we will discuss two more price action setups to get good long side trade for intraday.
— Pathik (@Pathik_Trader) June 20, 2020
1. PDC Acts as Support
2. PDH Acts as Support
Example of PDC/PDH Setup given
#nifty
— Pathik (@Pathik_Trader) June 23, 2020
This is how it created long setup by taking support at PDC.
hopefully shared setup on last weekend helped. pic.twitter.com/2mduSUpMn5
