Links - 7/31/2020
“I think that a life properly lived is just learn, learn, learn all the time. And I think Berkshire’s gained enormously from these investment decisions by learning, through a long, long period. Every time you appoint a new person that’s never had big capital allocation experience, it’s like rolling the dice. We’re way better off having done it for so long. But the decisions blend, and the one feature that comes through is the continuous learning. If we had not kept learning, you wouldn't even be here. You’d be alive probably, but not here.” —Charlie Munger (2017)
“There’s nothing like getting into a really good [business] that’s a very pleasant experience, and it’s a learning experience. I have a friend who says, ‘The first rule of fishing is to fish where the fish are. And the second rule of fishing is to never forget the first rule.’ And we’ve gotten good at fishing where the fish are.” —Charlie Munger (2017)
“I think we have one other advantage: A lot of other people are trying to be brilliant and we’re just trying to stay rational. It’s a big advantage.” —Charlie Munger (2017)
Episode 2 of the new MOI Global Podcast with Chris Bloomstran, Phil Ordway, and Elliot Turner (LINK) [Phil has also moved his reading email list to a new location. So if you aren’t already signed up, be sure to check it out HERE.]
How Costco Convinces Brands to Cannibalize Themselves (LINK)
Thinking Now & Later (LINK)
The nearby supernova no one saw (LINK)
“The secret to doing good research is always to be a little underemployed. You waste years by not being able to waste hours.” —Amos Tversky