Links - 03/26/2023
“I’d committed the worst sin, which is that you get behind and you think you’ve got to break even that day. The first rule is that nobody goes home after the first race, and the second rule is that you don’t have to make it back the way you lost it. That is so fundamental.” —Warren Buffett [When discussing losing money at the racetrack when he was young.]
“A very important principle in investing is you don’t have to make it back the way you lost it. And in fact, it’s usually a mistake to try and make it back the way that you lost it.” —Warren Buffett (1995)
“I’d like to repeat that business about not having to get it back the way you lost it. You know, that’s the reason so many people are ruined by gambling. They get behind and then they feel they have to get it back the way they lost it. It’s a deep part of the human nature.” —Charlie Munger (1995)
From April 19, 2022…. Charlie Munger in Conversation with Todd Combs | Singleton Prize for CEO Excellence [H/T Linc] (Audio, Transcript)
When a Bank Fails, There’s Always a Villain - by Jason Zweig (LINK)
Mr. Market’s Paddle - by Eric Cinnamond [H/T Mike] (LINK)
The trailer for the “Nuclear Now” documentary (video) (LINK)
First Republic Bank's Proxy Statement (LINK)
A Letter a Day: Letter #67: Gordon Moore and Bob Noyce (1975) (LINK)
This Week in Intelligent Investing Podcast: Turmoil in the Global Banking System: Causes, Remedies, Opportunities (LINK)
The Investor’s Podcast: TIP538: Richer, Wiser, Happier, Q1 2023 w/ William Green & Stig Brodersen (LINK)
What Got You There Podcast: #339 David Senra- Lessons Learned from Steve Jobs, Charlie Munger & Sam Zell! (LINK)
Plain English Podcast: A Mind-Expanding Conversation About Human History and Happiness With Tim Urban (LINK)
Short History Of... Podcast: The Dinosaur Rush (LINK)
“Everybody knows if you are too careful you are so occupied in being careful that you are sure to stumble over something.” —Gertrude Stein