Tuesday, June 18, 2019


"Investing is really not complicated. I mean, the basic framework for it is simple. Now, you have to work at it some to find the best pockets of undervaluation.... But you didn’t have to have a high IQ—you didn’t have to have lots of investment smarts to buy junk bonds in 2002 or even to do some of the stuff that was available when LTCM got in trouble. You really just had to have the courage of your convictions. You had to have the willingness to do something when everybody else was petrified. But that was true in 1974 when we were buying stocks at very, very, very low multiples of earnings. It wasn’t that anybody didn’t know that they were cheap. They were just paralyzed for one reason or another." --Warren Buffett (2006)

"When you have a huge convulsion...you get a lot of weird behavior.... And if you can be wise when everybody else is going crazy, sure, there will still be opportunities. But that may give you long, dull stretches if that’s your strategy." --Charlie Munger (2006)

Stay in the Game (LINK)

Buy and Hold: Simple, NOT Easy - by Vishal Khandelwal (LINK)

While Studying Bonds, Why Credit Rating Analysts Should Keep an Eye on the Stock Price (LINK)

Invest Like the Best Podcast: Chuck Akre – The Three-Legged Stool (LINK)

To Hack or Not To Hack - by Peter Zeihan (LINK)

The Knowledge Project Podcast: Leading Above the Line (LINK)

Revisiting Benjamin Franklin and Socrates (LINK)

"The investor trying to buy right and hold on could buy as many different stocks as appealed to him. The difference is not in the focussing of investment money but in the intent of the buyer. The trader believes that in a swift-moving, rapidly changing world, with visibility always limited, he can make a series of commitments with better chance of success than trying to decide which companies will do well for the next twenty years. The investor dedicated to buying right and holding on picks managements, products, and processes he thinks able to cope with the unforeseeable as it hoves into view. " --Thomas Phelps (via 100 to 1 in the Stock Market)