Charlie Munger

Berkshire Meeting Notes – Daily Improvement, Business Evolution, and Investment Strategy

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Last week I headed to Omaha to attend Berkshire Hathaway’s annual meeting. Nowadays, there is less of a reason to attend the meeting in person because it is available to watch online, but I love attending the event for all of the peripheral meetings that occur. It was a great weekend, and I got to connect with a few Saber Capital clients, as well as some good friends that I don’t see very often. No matter how long you’ve been […]

Charlie Munger

Charlie Munger’s Most Important Concept (Takeaways from the DJCO Meeting)

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A couple weeks ago, I flew to Los Angeles to listen to Charlie Munger at the Daily Journal annual meeting. These days, you can read the transcript of these events or even watch it on YouTube, so there is less of a practical reason to attend the actual event. But the main reason I enjoy these events is to meet with people. I have as much fun at the peripheral gatherings as I do at the main event. It’s nice […]

Case Studies

Importance of Knowing Your Investment Boundaries (Sears Mini-Case Study)

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A few months ago we had an interesting post/discussion on the site where Matt Brice and I share some of our research and investment ideas. The topic was Munger’s ability to quickly discard an investment opportunity if it was something he didn’t understand or a business he didn’t like. The comment that Munger made regarding the business of cattle ranching was one of the key takeaways that stayed with me from the 2016 Berkshire Annual Meeting—in short, the discipline that […]

Charlie Munger

Charlie Munger Comments and the Art of Stock Picking

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Charlie Munger is not only insightful, but he’s an entertaining guy to listen to. These Munger comments below were compiled by Aznaur Midov from the annual meeting for Daily Journal Corporation, a company that Munger chairs. I just thought I’d highlight a few comments that I thought were interesting. Munger talked about moats a couple times during the meeting. The first time he recited a few examples of formerly great companies that had significant competitive advantages, but due to the nature […]

Charlie Munger

Being Cheap, Best of Munger, a Rare Bezos Interview, and Other Links

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I was catching up on some links and articles this weekend. Sometimes, things that are interesting but not time sensitive get pushed to the back burner. In these cases, I sometimes create a file filled with things that I’d like to read and the early morning Saturday hours are sometimes a good time to catch up on these things. Anyhow, here are some things I’ve read recently that I read that I thought readers might be interested in taking a […]

General Thoughts

Walking, Thinking, and Investing

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I just came across an article I just read that I thought was interesting, and thought certain readers might enjoy. Although the article has nothing directly to do with investing, I think there are some takeaways for those of us in the investment world. Certainly the article has relevance to anyone whose chosen endeavor requires the occasional deep thinking. The article is called “Why Walking Helps Us Think”. The article—as you probably guessed from the self-explanatory title—describes the benefit of […]

Charlie Munger

Circle of Competence, Fat Pitches, and How To Become the Best Plumber in Bemidji

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“The way to win is to work, work, work, work and hope to have a few insights.” – Charlie Munger I came across a post on one of my favorite sites (Farnam Street) about Buffett on some fundamental keys to successful investing. I’ve always thought the most important aspect of investing is waiting for the proverbial “fat pitch”. As readers know, I’m a baseball fan (I love the game, and I love the numbers that are part of the fabric […]

General Thoughts

The Stock Market: A Look at the Last 200 Years

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I spend virtually zero energy thinking about the overall stock market. I’m always aware of what the indices are doing, but I really don’t pay attention to where I think they are headed or where they’ve been recently. As Munger has said, sometimes the tide will be with us and sometimes it will be against us, but the best thing to do is to just continue to focus on swimming forward. I think this has been going on for well […]

Charlie Munger

Some Thoughts on the Berkshire Hathaway Annual Meeting

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I had a great time in Omaha this past weekend. I got to meet with a couple clients, reconnect with some like-minded value investors, and meet some new friends as well. And of course, being in the same building with two of the greatest investment minds in history is something special. I wanted to make just a few comments on a couple things in my notes from the weekend. This is by no means a comprehensive summary—and there are many […]

Case Studies

A Few Key Links From 2013

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It’s the last day of the year, and everywhere you look are various “Top 10 lists”, “2013 Best Posts”, etc… Despite the title, this post is not such a list… I thought I would re-post some links to just a few things that I have read recently that I found interesting. It is more coincidence that I’m posting this on the last day of the year, and this is far from a comprehensive list of valuable things I’ve read this […]