Links - 02/25/2024
“Though the stock market is massively larger than it was in our early years, today’s active participants are neither more emotionally stable nor better taught than when I was in school. For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was young. The casino now resides in many homes and daily tempts the occupants. One fact of financial life should never be forgotten. Wall Street – to use the term in its figurative sense – would like its customers to make money, but what truly causes its denizens’ juices to flow is feverish activity. At such times, whatever foolishness can be marketed will be vigorously marketed – not by everyone but always by someone.” —Warren Buffett (2023 Annual Letter)
Warren Buffett’s 2023 Letter to Berkshire Shareholders (LINK)
Tom Gayner’s 2023 Annual Shareholder Letter (LINK)
Michael Mauboussin on increasing returns to scale (LINK)
Terry Smith: my future as manager of Fundsmith Equity Fund and thoughts on performance (video) [H/T Linc] (LINK)
Academia and the Anxious Generation: How Universities Lost the Trust of America with Jonathan Haidt (video) (LINK)
How to Take Over the World Podcast: John D Rockefeller (LINK)
Founders Podcast: Jay Z's Autobiography (LINK)
The Daily Stoic Podcast: The Curse Of Success | Morgan Housel PT 1 (LINK)
Charlie Munger would often say that the best way to get a great partner—whether in business or in life—is to deserve one. If you want a great partner, be one. And in Warren Buffett’s tribute to Charlie Munger at the beginning of this year’s annual letter, Mr. Buffett described a quality of their partnership that I think is especially worth highlighting:
Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never –reminded me of my mistake.
The world is full of ups and downs, and it’s impossible to not make mistakes if you’re continually trying to learn and grow and live life the best you can. Having a partner that not only doesn’t care to take credit, but doesn’t dwell on mistakes he or she may not have made, and instead just keeps helping one move forward past those mistakes and onto the next thing—with understanding, care, and humor—is something worth keeping in mind.