It’s time to wrap up 2023. Most of what gets posted on this blog is a byproduct of what I read. There are exceptions, of course, like the quarterly updates. The goal is to share what I learn and, in turn, see how well I understand it.
And there’s been some timeless lessons this year. However, not all of it showed up in the blog feed. The blog added:
- 65 new blog posts.
- 14 new book notes. That brings the total notes to 84 books so far.
- 168 new quotes. There are now 1,080 quotes in the collection from some of the brightest minds in finance. Risk management and Peter Lynch quotes were the most popular this year.
- 131 new pieces in the Library.
- 713 excerpts from those pieces in the Library. There are now over 1,328 sorted by investing topic and author available to members.
The fun part of writing the past 14 years is seeing what others find interesting. Which topics fall flat? Which are a hit? It’s still a surprise each time I hit publish.
To that end, this year’s “best” lessons are what you, the readers, found most interesting. None of the posts would have been read and shared nearly as much if it weren’t for the readers. So thank you for reading!
This year’s list includes a bit on market surprises, how best to handle market inflection points, and a few wise words too. The more popular book notes top it off.
Finally, this is the last week for posts this year. Have a Happy Holidays and a prosperous New Year!
Wise Words from Sam Zell — Sam Zell’s death in May 2023 triggered a deep dive into his investment history and business background. That dive led to this post. It summarizes his successful career in real estate and, through his own words, highlights his thoughts on investing.
Lessons from Charlie Munger at the 2023 DJCO Meeting — In what would be Charlie Munger’s last DJCO meeting, he regaled attendees with life and investing lessons. Specifically, he touched on the downside of denial, his worst mistake, the biology of businesses, avoiding crazy, and more.
Lessons from the 2023 Berkshire Meeting — The annual Berkshire meeting always brings a few lessons. The primary lesson this year was about the duality of mistakes — one investor’s mistake is another’s opportunity. The fact that the more common mistakes are repeated throughout market history suggests that human nature is the last great arbitrage play.
Surviving Market Inflection Points — Inflection points in the market mark the shift from bull market to bear market or vice versa. Jeff Neff experienced numerous inflection points throughout his career. Some led to difficult moments where his fund suffered. But the lesson Neff offers is what the fund achieved following those difficult inflection points.
Wise Words from Howard Marks — Howard Marks is one of the best at highlighting the many most important things to investing. In this “Wise Words,” the importance of risk management, mistakes, luck, and behavior can be found.
Arthur Zeikel’s Investing Advice — Arthur Zeikel spent decades running Merrill Lynch’s asset management business. He learned a few timeless rules of thumb from that experience and shared them in 1994.
Wise Words on Investing Mistakes — The best investors understand that mistakes are part of the investing process and that the true test is knowing how to minimize the big mistakes. This “Wise Words” highlights what some of the greats think about investing mistakes.
Full of Surprises — Humans crave certainty and yet investing is one of the least certain endeavors out there. Change is the only guarantee. It’s why so many are drawn to market forecasts. That lack of certainty often leads investors to be more risk-averse when market surprises pop up but that doesn’t mean your portfolio has to be too.
Wise Words on Value Investing — The concepts behind value investing existed before Ben Graham formalized it in writing. The last of the popular “Wise Words” from this year shows how so many great investors apply the value philosophy to their unique strategies.
Disciplined in the Little Things — Walter Schloss told a story about Warren Buffett in an old Outstand Investor Digest interview. The story highlights two lessons. Buffett’s superhuman discipline in assessing risk/reward bets. He’s not normal. The other lesson, though, is the importance of avoiding permanent losses.
Book Notes — I started publishing these notes in 2019 as a nudge to review my highlights in books, read more, and make it easier to find information. The four most popular notes from this year are:
- 100 to 1 in the Stock Market by Thomas Phelps
- The Art of Execution by Lee Freeman-Shor
- Value Investing Makes Sense by Jean-Marie Eveillard
- Little Bets by Peter Sims
Related Reads:
Lessons from the Best Posts of 2022
Lessons from the Best Posts of 2021