It`s proved that we only learn when we are able to make connections between things. Moreover, metaphors can help us out in order to understand what we could not comprehend at first sight. That said, Buffett`s partner is a intriguing mind. Charlie Munger has thought us how to be a fox, learning the basic principles from many relevant areas of study and developing our own mental models.
So here is the last speech available from Charlie Munger. Hope you learn from this brilliant mind.
Columbia Business School recently released the new G&D Investment newsletter. Hope if you find good use with the interviews with JANA Partners & other relevant investors.
Both letters have nice macro insights – speacially for those daily focused on bottom up analysis – and a cautious tone towards the investing environment. Even with equity risk premium at or near all time high, investors have a good amount of cash. But one may notice some portfolio managers are being pressured to be fully invested. I don`t want to sound like a perma-bear but we know this story ends.
We may find good business models with nice returns but the missing part of the mosaic is the right price – and we know that without the right price, one underperfoms and may lose capital permanently.
I will leave it up to you reading these two insightful letters.