It’s annual letter/meeting season and if you follow Munger or Buffett at all, you might already know what this is about.

So first Munger, then Buffett.

The Daily Journal annual meeting was held last week. Charlie Munger is the Chairman and always gets peppered with random questions unrelated to the company. There are some good questions, some repeat questions get asked every year, but Charlie’s answers are great and often entertaining.

Of course, the downside to the random questions at these meetings is that you really have to read the entire thing to find the real nuggets. Thankfully, a couple people recorded the meeting, transcribed it, and shared it for the rest of us to enjoy.

I’ll share one (don’t want to ruin the rest for you). Links are after the quote: Continue Reading…

The folks at SumZero published a great interview with  Micheal Mauboussin this week that is worth reading this weekend.

The interview is not too long, but it focuses on the opportunities for active management going forward. So things like value investing, market inefficiencies, systematic strategies, and more were discussed.

However, the final question reflected on a great piece Mauboussin wrote in 2016 on ten principles that make a great investor. He was asked which of the principles were the most important to his success as an investor.

Here’s what he said: Continue Reading…

We have an official correction!

Sorry if that comes off a bit too happy about the market’s poor performance. As great as last year’s performance was, it was frustratingly boring for someone looking for bargain prices.

Yesterday, the Dow and S&P 500 both finished 10% below their previous high from two weeks ago.

If we learned anything this week, it’s that market volatility still exists. In other words, the past year was abnormal for volatility.

But for those of us with a long-term perspective, this is good news (net buyers of stocks should want lower prices). Continue Reading…