Links - 02/15/2023

“I sought good judgment mostly by collecting instances of bad judgment, then pondering ways to avoid such outcomes.” —Charlie Munger

---

Charlie Munger speaks at the Daily Journal’s Annual Shareholders Meeting (video) (LINK)

Sam Zell on CNBC (video) (LINK)

From Bing to Sydney - by Ben Thompson (LINK)

Business Wars Podcast: Disney-Pixar vs Dreamworks | The Outcasts | 1 (LINK)

Private Equity Deals Podcast: Fenway Sports Group – Ian Charles (Arctos) and Sam Kennedy (FSG) (LINK)

Bird Flu Is Already a Tragedy (LINK)

---

Every so often, I like to read the poem “If—” by Rudyard Kipling. While I had read it before, Charlie Munger’s praise of it several years ago got me in the habit of re-reading it over time, and led me to add it to the list of Stoicism quotes, thoughts, and readings that I had put together. Listening to Munger today reminded me that it was time to revisit:

If you can keep your head when all about you   

    Are losing theirs and blaming it on you,   

If you can trust yourself when all men doubt you,

    But make allowance for their doubting too;   

If you can wait and not be tired by waiting,

    Or being lied about, don’t deal in lies,

Or being hated, don’t give way to hating,

    And yet don’t look too good, nor talk too wise:

If you can dream—and not make dreams your master;   

    If you can think—and not make thoughts your aim;   

If you can meet with Triumph and Disaster

    And treat those two impostors just the same;   

If you can bear to hear the truth you’ve spoken

    Twisted by knaves to make a trap for fools,

Or watch the things you gave your life to, broken,

    And stoop and build ’em up with worn-out tools:

If you can make one heap of all your winnings

    And risk it on one turn of pitch-and-toss,

And lose, and start again at your beginnings

    And never breathe a word about your loss;

If you can force your heart and nerve and sinew

    To serve your turn long after they are gone,   

And so hold on when there is nothing in you

    Except the Will which says to them: ‘Hold on!’

If you can talk with crowds and keep your virtue,   

    Or walk with Kings—nor lose the common touch,

If neither foes nor loving friends can hurt you,

    If all men count with you, but none too much;

If you can fill the unforgiving minute

    With sixty seconds’ worth of distance run,   

Yours is the Earth and everything that’s in it,   

    And—which is more—you’ll be a Man, my son!