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.
"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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Jim Chanos on the return of choppy markets, Tesla, and the 'rent-seeking behavior' that's hurting our economy (video) [H/T Josh Brown] (LINK)
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Matt Levine chats with Tyler Cowen (audio/podcast) (LINK)
Exponent Podcast: Episode 141 — The Mailbag Episode (LINK)
These Crickets Can’t Sing Anymore—But They’re Still Trying - by Ed Yong (LINK)