Links - 05/07/2023
“New things coming along don’t take away the opportunities. What gives you opportunities is other people doing dumb things. In the 58 years we’ve been running Berkshire, I would say there’s been a great increase in the number people doing dumb things. And they do big, dumb things. And the reason they do it, to some extent, is because they can get money from other people so much easier than when we started.” —Warren Buffett
The 2023 Berkshire Hathaway Annual Shareholders Meeting (Morning Session, Afternoon Session)
A good Twitter thread from The Rational Walk during the Annual Meeting (LINK)
The Investor’s Podcast: TIP550: Masterclass w/ Mohnish Pabrai (Video and Transcript, Podcast)
Audio of a Stan Druckenmiller speech from May 1st [H/T @TrendsTailRisks] (LINK)
Breach of Trust: Decoding the Banking Crisis - by Aswath Damodaran (LINK)
The Wyoming town where history is being made - by Bill Gates (LINK)
The Price-to-Value Podcast with Southeastern Asset Management: Brad Martin and Staley Cates Reflect on Our Long-Term Partnership (LINK)
The School of Greatness Podcast: This Ancient BREATHING TECHNIQUE Will Transform Your BODY & MIND w/ James Nestor (LINK)
Related book: Breath: The New Science of a Lost Art
The Daily Stoic Podcast: Kevin Kelly On The Courage It Takes To Live Your Own Life (LINK)
Related book: Excellent Advice for Living: Wisdom I Wish I'd Known Earlier
Warren Buffett in response to a question about avoiding mistakes in life and business:
“You should write your obituary and then try to figure out how to live up to it. That’s something you get wiser on as you go along.
“The business mistakes, you just want to make sure you don’t make any mistakes that take you out of the game, or come close to taking you out of your game. You should never have a night when you’re worried about investing, assuming you have any money to invest at all. Spend a little bit less than you earn. [If] you…spend a little bit more than you earn, then you’ve got debt, and chances are you’ll never get out of debt. I’ll make an exception in terms of a mortgage on your house. But credit card debt…. Why get behind the game?… I hate to say this when Charlie’s around, but it’s straight out of Ben Franklin.” —Warren Buffett
Buffett and Munger added a little more advice besides the quote above, so it’s worth watching the entire video clip. Munger also went deeper into this kind of advice in his USC Law Commencement Speech in May 2007.