Howard Marks is a legendary value investor whom I greatly admire. I have been a long-time reader of his memos, which I find to be insightful, and this one, titled “Something of Value” was no different. In fact, I think this was one of Marks’ best memos. There was...
When I wrote an article a few months ago about how to protect against colossal loss in a strange investment environment, little did I know that a major sell-off was just around the corner. My argument was based solely on the combination of very optimistic market prices and general...
Five insights from Charlie Munger at the 2020 Daily Journal Annual Meeting. Q4 2019 hedge fund letters, conferences and more “The current stock market situation is not as crazy as the Nifty Fifty or the Tech Bubble of the late 1990s.” Many people automatically assume that because the market has...
This is as precarious an investment environment as any that I have experienced during my two decades of investing. Prices of many securities and asset classes are optimistic, in some cases bordering on irrational. When the pendulum of the market swings so far towards greed, we need to be even...
Your money is unlikely to last you as long as most savings withdrawal calculators will tell you. That famous 4% withdrawal rule? Not so fast, especially not in the current environment. Before you entrust your retirement to some over-simplified rule of thumb, you should understand what’s really involved and...
Warren Buffett and Charlie Munger provided many insights when they answered questions for nearly 6 hours on Saturday, May 4th, during the 2019 Berkshire Hathaway Annual Meeting. The following 5 themes stood out as the most important for investors: Q1 hedge fund letters, conference, scoops etc 1. Meaning of Value Investing Warren...
Warren Buffett’s annual letters are known for his wisdom on investing and many other topics. In the 2018 letter that was published last weekend, the following six insights stood out: Q4 hedge fund letters, conference, scoops etc 1. “On occasion, a ridiculously-high purchase price for a given stock will cause...
“Investing is not supposed to be easy. Anyone who finds it easy is stupid.” - Charlie Munger, Vice Chairman of Berkshire Hathaway Q4 hedge fund letters, conference, scoops etc rawpixel / Pixabay What Makes Investing Hard: Long feedback loop between decisions and outcomes Behavioral biases that can negatively impact our judgment Many...
Charlie Munger presided over Daily Journal’s annual meeting on February 14th, Valentine’s Day, perhaps to ensure that only the most dedicated adherents choose to attend. Charlie is known for his blunt wit and investing insight, and his intellect has not gotten any duller with age. We can all learn...
Long-term investing doesn’t happen by accident. You need to be prepared. There are three things that can allow you to use market volatility to your advantage: the right structure, a long-term investment process and a behavioral checklist to allow you to remain rational when everyone else is being anything...
Many of you don’t need an investment manager. Others are paying hefty fees for a service different than the one you think you are getting. Before giving up a good chunk of your future wealth, consider what your actual needs are before deciding how to proceed. Q3 hedge fund letters,...
When I was at a group dinner with Warren Buffett 16 years ago, I asked him: what do you look for when you evaluate a stock? He answered: First he decides whether he can roughly estimate the business’s key economic characteristics 5–10 years out. If he can’t then he...
Warren Buffett wrote in his 1996 letter to Berkshire Hathaway shareholders: “You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its...
What makes a great annual letter from the CEO to the shareholders? The typical, generic annual letter that I read adds little to the numbers and sometimes obfuscates more than it illuminates. The best letters go beyond the numbers and help shareholders get a deeper understanding of the company,...
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