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I think a select few—a small percentage of the investment managers—can deliver value added. But I don't think brilliance alone is enough to do it. I think that you have to have a little of this discipline of calling your shots and loading up—you want to maximize your chances of becoming one who provides above average real returns ... See more
Charlie Munger • A Lesson On Elementary, Worldly Wisdom As It Relates To Investment Management & Business – Charles Munger, USC Business School, 1994
after subsection (c) of Section 36.
Holly Ensign-Barstow • From shareholder primacy to stakeholder capitalism
This is Ted Weschler’s last letter at Peninsula Capital Advisors before he left to work at Berkshire Hathaway . https://t.co/MxhjhpzAyc
there couldn’t be many other cases in human history of a person his age tossing around dollars in the amounts he was tossing them without much adult supervision, or the usual constraints of corporate life. A board of directors, for instance. “It’s unclear if we even have to have an actual board of directors,” said Sam, “but we get suspicious glance
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
“Here is an all-too-brief summary of Buffett’s approach: He looks for what he calls “franchise” companies with strong consumer brands, easily understandable businesses, robust financial health, and near-monopolies in their markets, like H & R Block, Gillette, and the Washington Post Co. Buffett likes to snap up a stock when a scandal, big loss,... See more
Benjamin Graham • The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing
Berggruen could be wrong most of the time and still end up stupendously right. A lot of things in business and investing work this way. Long tails—the farthest ends of a distribution of outcomes—have tremendous influence in finance, where a small number of events can account for the majority of outcomes.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Benjamin Graham
A compilation of everything he has ever said and written
• A few key takeaways:
• Always use a margin of safety
• Mr. Market is a Manic-Depressive
• Price is what you pay. Value is what you get https://t.co/TGyB4DXY7F