Money and Finance
Stung by Losses, Kyle Bass Hopes for Comeback [H/T ValueWalk] (LINK)
China’s Long Minsky Moment (LINK)
A Catalog of Montaigne’s Beam Inscriptions [H/T @jasonzweigwsj] (LINK)
- On Checklists And Not Being Stupid...
From Charlie Munger: The Complete Investor: A lattice approach is, in effect, a double-check on the investing process. But instead of just two checks, you are checking the result over and over. Munger believes that by going over your decision-making process...
- More Notes From The Daily Journal Annual Meeting (four Parts)
Link to: Part 1 - Charlie Munger And The 2014 Daily Journal Annual Meeting: A Fan's Notes Link to: Part 2 - Charlie Munger And The 2014 Daily Journal Annual Meeting: A Fan's Notes Link to: Part 3 - Charlie Munger And The 2014 Daily Journal Annual...
- Berkshire's No. 2 Man Helps From The Background
Buffett's No. 2 man Charlie Munger plays his role at Berkshire mostly in private The two men who run Berkshire Hathaway Inc. have an arrangement: Warren Buffett is the face of the company and Charlie Munger stays mainly in the shadows. That works...
- It’s A Matter Of Reading And Asking Questions
A QUESTION Warren Buffett and Charlie Munger are often asked is: how do you learn to be a great investor? - “First of all,” says Charlie Munger, “you have to understand your own nature. Each person has to play the game given his own marginal utility...
- Markets Are Made Up Of People
If you've followed up on Charlie Munger's book recommendations, then you'll know Robert Cialdini. Cialdini is most famous for "Influence", and he joins a cavalcade of authors at the big book signing every year in Omaha at the annual Berkshire...
Money and Finance
Links
William Deresiewicz: How To Learn How To Think (LINK) [A great find/post/excerpt from Shane. It also reminds me of a recent comment Charlie Munger made about how he thinks the younger generations' lack of focus is doing them a great disservice. And a reply to a question about speed reading at the 2011 Berkshire Annual Meeting. Buffett had said that reading fast can give one a big advantage, but Munger replied with something along the lines that speed reading is overrated.... maybe because, like the excerpt in Shane's post, it increases how much thinking others do for you, and decreases the amount you think for yourself. Going slower may allow one to think things through, understand them better by coming to one's own conclusions, and in the end make fewer mistakes when that knowledge gets applied to something.]
Stung by Losses, Kyle Bass Hopes for Comeback [H/T ValueWalk] (LINK)
China’s Long Minsky Moment (LINK)
A Catalog of Montaigne’s Beam Inscriptions [H/T @jasonzweigwsj] (LINK)
Related book: The Complete Essays of Montaigne (also has a good narration on the audiobook)A response by Charlie Munger at the May 2007 Berkshire Hathaway Annual Meeting to a question about derivatives that I came across again and think is worth sharing:
Munger: The accounting being enormously deficient contributes to the risk. If you get paid enormous bonuses based on profits that don’t exist, you’ll keep going. What makes it difficult [to stop] is that most of the accounting profession doesn’t realize how stupidly it’s behaving. One person told me the accounting is better because positions are marked to market and said, “Don’t you want real-time information?” I replied that if you can mark to market to report any level of profits you want, you’ll get terrible human behavior. The person replied, “You just don’t understand accounting.”
...As sure as God made little green apples, this will cause a lot of trouble. This will go on and on, but eventually will cause a big dénouement.
- On Checklists And Not Being Stupid...
From Charlie Munger: The Complete Investor: A lattice approach is, in effect, a double-check on the investing process. But instead of just two checks, you are checking the result over and over. Munger believes that by going over your decision-making process...
- More Notes From The Daily Journal Annual Meeting (four Parts)
Link to: Part 1 - Charlie Munger And The 2014 Daily Journal Annual Meeting: A Fan's Notes Link to: Part 2 - Charlie Munger And The 2014 Daily Journal Annual Meeting: A Fan's Notes Link to: Part 3 - Charlie Munger And The 2014 Daily Journal Annual...
- Berkshire's No. 2 Man Helps From The Background
Buffett's No. 2 man Charlie Munger plays his role at Berkshire mostly in private The two men who run Berkshire Hathaway Inc. have an arrangement: Warren Buffett is the face of the company and Charlie Munger stays mainly in the shadows. That works...
- It’s A Matter Of Reading And Asking Questions
A QUESTION Warren Buffett and Charlie Munger are often asked is: how do you learn to be a great investor? - “First of all,” says Charlie Munger, “you have to understand your own nature. Each person has to play the game given his own marginal utility...
- Markets Are Made Up Of People
If you've followed up on Charlie Munger's book recommendations, then you'll know Robert Cialdini. Cialdini is most famous for "Influence", and he joins a cavalcade of authors at the big book signing every year in Omaha at the annual Berkshire...