Links - 12/11/2023

“Psychologically, I don’t mind holding a company I like and admire and I trust and know that it will be stronger than now after many years. And if the valuation gets a little silly, I just ignore it. So, I own assets that I would never buy at their current prices but I am quite comfortable holding them. Well, I am almost constitutionally. . . I have a defect. And I just won’t pay 30 times earnings… I have never done that but I have one or two now which are now worth 8 or 10 times what I paid for them and they are still marvellous businesses and are still growing and I just hold them. Many investors I know are like me. I cannot defend it in terms of logic. I don’t defend this logic. I just say this is the way I do it and it keeps me more comfortable to do it this way. And I am entitled to this, it’s my own money and I am entitled to do it my own way. A lot of people are just like me. Li Lu is just like me. He will hold things that he bought a long time ago at tiny prices in what are still great companies but he won’t buy more.” —Charlie Munger [Source]

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Charlie Munger’s Outstanding Investor Digest Talks (LINK)

Bruce Greenwald on Long Term Resilience (video) [H/T Linc] (LINK)

Mohnish Pabrai on pursuing Happiness and redefining Success (video) (LINK)

Understanding the (true) luxury industry (LINK)

Hermès' $151 Billion Family Fortune Is Europe’s Biggest (LINK)

Richer, Wiser, Happier Podcast: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis (Video, Podcast)

The Enduring Legacy of Charlie Munger with Lawrence Cunningham (video) (LINK)

Value After Hours Podcast: Forensic analysis with Stephen Clapham (Video, Podcast)