211–220 of 454 posts
One of my favorite quotes from Munger > It’s very important to not put your brain in chains too young by what you shout out. From his speech at Harvard in '95, he's talking about how loudly proclaiming something, shouting about it even, locks our brains into this, making us resistant to contradictory ideas, regardless of evidence. This observation has felt more and more important over the last decade.
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One of my favorite quotes from Munger > It’s very important to not put your brain in chains too young by what you shout out. From his speech at Harvard in '95, he's talking about how loudly proclaiming something, shouting about it even, locks our brains into this, making us resistant to contradictory ideas, regardless of evidence. This observation has felt more and more important over the last decade.
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In 1949, Charlie Munger was 25 years old. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $42,000 in inflation-adjusted dollars. A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. He had been married since he was 21. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena. Munger moved into “dreadful” conditions at the Univer…
Is this a copy paste of a blogger that wrote an article about why you shouldnt give up, because charlie didn't either. Are you the author? It feels weird to take 95% of someones article and just post it. https://www.joshuakennon.com/if-charlie-munger-didnt-quit-wh...
One of my favorite quotes from Munger > It’s very important to not put your brain in chains too young by what you shout out. From his speech at Harvard in '95, he's talking about how loudly proclaiming something, shouting about it even, locks our brains into this, making us resistant to contradictory ideas, regardless of evidence. This observation has felt more and more important over the last decade.
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In 1949, Charlie Munger was 25 years old. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $42,000 in inflation-adjusted dollars. A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. He had been married since he was 21. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena. Munger moved into “dreadful” conditions at the Univer…
Oh was that the guy who designed the windowless dorms?
Earlier quoted context omitted.
Value investing is a strategy. Index funds are a vehicle. The two can and do coexist, even more so than any other such pair because their risk profile (conservative) and time horizon (long term) are so well aligned.
Exactly. What makes it index investing is low fees and simple, objective stock selection without human judgement. There are various well-studied criteria for value stocks. An S&P500 index does stock selection too, it's just picking large-cap stocks instead of value stocks.
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Speaking as a person with an architecture degree, it is, in my opinion, plainly a completely stupid idea. I cannot imagine one person I have ever met with similar professional training who would consider it anything other than completely stupid. As a person who hasn’t paid any attention to his corner of the finance sector, this horrible dorm was my introduction to the man. My immediate conclusion was that he rose to…
What buildings have you designed with your degree?
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I think the larger point is that public capital markets have become steadily more efficient. There are no "value stocks" anymore because nothing is overlooked by the market, those old opportunities have been arbitraged away. Modern computing systems have made it practical to look at every stock every day, so all stocks now trade at their "true worth" because all publicly available information gets instantly priced in…
As a counter-argument, you usually need to read a lot into the reported numbers, for example read the 10K notes for multiple years in the past. That's the only way to know that the 3B in assets showing up on the balance sheet for "goodwill", to use one easy example, are not really worth 3B. There are many more-nuanced factors that work alike. The reported numbers are what the accountants think might fly under GAAP, a…
Or the company has grown its revenue by 20% in 1 year which isn't necessarily unheard of. Or they significantly beat the expectations of analysts / their own guidance. In all of those cases the stock could have been correctly valued & still experienced growth.
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Bitcoin is on its way to $0, probably within 40 years.