Monday, May 8, 2017


"I think that a life properly lived is just learn, learn, learn all the time. And I think Berkshire's gained enormously from these investment decisions by learning, through a long, long period. Every time you appoint a new person that's never had big capital allocation experience, it's like rolling the dice. We're way better off having done it for so long. But the decisions blend; and the one feature that comes through is the continuous learning. If we had not kept learning, you wouldn't even be here. You'd be alive probably, but not here." -Charlie Munger (47:48-48:35 of the YouTube video from the annual meeting)

"I think we have one other advantage: A lot of other people are trying to be brilliant and we're just trying to stay rational. It's a big advantage." -Charlie Munger (1:17:29)

I'm back after a fun weekend in Omaha. For those that missed the Berkshire Hathaway Annual Meeting, the replay is available HERE. And it also appears to be on YouTube HERE. The Wall Street Journal also had some good coverage HERE


Warren Buffett, Charlie Munger and Bill Gates also appeared on CNBC this morning. Here are links to those videos (Someone also seems to have put the CNBC show on YouTube HERE): 

Buffett: Airline passengers are very price conscious

Buffett: Wells Fargo obviously incentivized the wrong thing

Buffett: High load factor and airlines

Buffett: If you pay big prices for something, you're counting on earnings

Buffett: 5 highest value companies don't take capital

Buffett: Jeff Bezos was brillant

Buffett: Stocks a bargain if you think rates stay low

Charlie Munger: We should have single-payer medicine

Charlie Munger: There's a lot to be said for health care for all

Buffett: Health-care bill huge tax cut for the rich

Fixing America's health-care system

Buffett: I'm very suspicious of dynamic scoring

Bill Gates: State Department helps us 'perform miracles'

Bill Gates: You need health care, education and opportunity to escape poverty trap

Charlie Munger: Lot of idiotic deals in venture capital

Charlie Munger: Every failure stings

Buffett: I don't make investment decisions based on who's president

Buffett: 'Unlimited' resources of our friendship


Other links...

Warren Buffett Isn’t Retiring but Some of His Lieutenants Are (LINK)

Look Back and Learn: A History of Mutual Funds - by Jason Zweig (LINK)

Quantitative Investing: A Crisis Waiting to Happen - by Jason Zweig (LINK)
Related book: The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction - by Richard Bookstaber
A Dozen Lessons on Finance and Business from Ambrose Bierce - by Tren Griffin (LINK)

The Brooklyn Investor blog discusses Fairfax India Holdings (LINK)

Horizon Kinetics: 1st Quarter Commentary [H/T ValueWalk] (LINK)

What to Do When You Fail in China (Pt 1): Danone vs. Carlsberg Beer - by Jeffrey Towson (LINK)

Bill Gurley On Transforming Health Care - The Ezra Klein Show (podcast) (LINK)

How I Built This podcast - Lonely Planet: Maureen & Tony Wheeler (LINK)

Exponent podcast: Episode 113 — WeChat, China, and Apple (LINK)

Bruce Greenwald and Joseph Stiglitz discuss globalization at Columbia Business School's 2017 Reunion Weekend (video) [H/T ValueWalk] (LINK)

Tyler Cowen on EconTalk (podcast) (LINK)
Related book: The Complacent Class
Steve Keen on the Macro Voices podcast (LINK)
Related book (recently released): Can We Avoid Another Financial Crisis?
The Mozart in the Machine - by Yuval Noah Harari [H/T The Browser] (LINK)

The Meaning Of Life In A World Without Work Society - by Yuval Noah Harari (LINK)
Related book: Homo Deus
How a Frog Became the First Mainstream Pregnancy Test - by Ed Yong (LINK)

Book of the day [H/T Chris]: Freedom's Forge: How American Business Produced Victory in World War II


On a separate note, I'm also looking to try and find a PDF of all of the past issues of Outstanding Investor Digest. There are a few issues and/or sections of issues floating around for free online, but given the quality of the information, it would be great to have them all. And given the difficulty of communicating with OID, even if one is willing to pay to have them, I thought I'd check in and see if anyone out there has already compiled them and might be willing to share. If yes, my email address is: Thanks!