I had a great time in L.A. this week, and enjoyed getting to see Charlie Munger in-person holding court at the Daily Journal Annual Meeting. It appears we are still awaiting a video to be released, but there are some notes HERE (and someone recorded an audio of the meeting HERE). And I agree with my friend Phil that one of the more interesting pieces was also Peter Kaufman's brief remarks that Munger asked him to give. As Phil posted on Twitter:
My favorite part of the $DJCO meeting yesterday was actually from Peter Kaufman. His "Five Aces" of investment management:1. Total integrity.2. Actual, deep fluency in the subject.3. Fee structure w/two-way fairness.4. Uncrowded investment space.5. Long runway.
I think he then also added (roughly) that if you find someone who fits that criteria, give them as much as you can afford to give them.
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"There are worse things than having people misunderstand your work. A worse danger is that you will yourself misunderstand your work." - Paul Graham, "Hackers and Painters" (Source)
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