Links - 02/17/2022
“The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.” —Charlie Munger
Charlie Munger’s 21-minute interview with Andy Serwer around the Daily Journal Annual Meeting (video) (LINK) [“Inflation is a very serious subject. You could argue that it’s the way democracies die.” ~3:28 mark]
GMO Quarterly Letter | Investment Mistakes to Avoid: The 2022 Edition - by Ben Inker (LINK)
Alta Fox’s 100-page report on Hasbro, Inc. (LINK)
A History of Systematic Serendipity and Grand Slams (LINK)
Related book: The Power Law by Sebastian Mallaby
The World According to Boyar Podcast: Spencer Jakab (LINK)
Related book: The Revolution That Wasn’t
Lessons from Trader Joe’s (LINK)
Related book: Becoming Trader Joe
Behind the Balance Sheet Podcast: A Scotsman and an Englishman [Dylan Grice and Rob Crenian] (LINK)
Odd Lots Podcast: Howard Lindzon on What’s Really Going on in the Tech Plunge (LINK)
We’re Entering the Control Phase of the Pandemic (LINK)
The Seven Habits That Lead to Happiness in Old Age - by Arthur C. Brooks (LINK)
“If you are ever tempted to look for outside approval, realize that you have compromised your integrity. If you need a witness, be your own.” —Epictetus