Links - 01/02/2024

“To achieve superior investment results, you have to hold nonconsensus views regarding value, and they have to be accurate. That’s not easy. The attractiveness of buying something for less than it’s worth makes eminent sense. So how is one to find bargains in efficient markets? You must bring exceptional analytical ability, insight or foresight. But because it’s exceptional, few people have it.” —Howard Marks

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Charlie Munger, Close Up (LINK)

In the summer of 1992, a then sprightly 68-year-old Charlie Munger was impressed by some financial paperwork done for him by a business acquaintance. Who actually did the work, Munger asked?

Turns out it was a 52-year-old German émigré, Doerthe Obert (her first name is pronounced “Dorothy”). As it so happened, Munger needed an executive assistant, and his famous steel-trap mind registered the problem as solved. He hired Obert, which commenced a 31-year working relationship that ended only with Munger’s death on Nov. 28 at age 99.

To mark what would have been Munger’s 100th birthday on Jan. 1, here are some of Obert’s recollections about her time with Charlie.

A Seamless Web of Deserved Trust (LINK)

Charlie Munger’s 100 Years of Wisdom (LINK)

Stock Market History Illuminated, 2023 Style (LINK)

J.P. Morgan Asset Management’s 1Q Guide to the Markets (LINK)