Sublime
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Notes towards becoming a better investor
kaiton • 25 cards
Charlie Munger • “How to Guarantee a Life of Misery”
You do learn that people get to be fully formed adults fairly early and it's hard to change people's behavior, although it is easy to cushion how they behave with people that buffer their weaknesses. As you go along, you get more microscopic in understanding people before you invest in them if you are going to sit on the board specifically. You can
... See moreJessica Livingston • Founders at Work: Stories of Startups' Early Days
The general rule of thumb is that you should have no more than 25 percent of your net worth in “alternative assets” (illiquid assets).
Matt Mochary • The Great CEO Within: The Tactical Guide to Company Building
As Burke said in describing his early years in Albany, “Murphy delegates to the point of anarchy.”7
William Thorndike • The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
We want the business to be (1) one that we can understand, (2) with favorable long-term prospects, (3) operated by honest and competent people, and (4) available at a very attractive price. We ordinarily make no attempt to buy equities for anticipated favorable stock price behavior in the short term. In fact, if their business experience continues
... See moreWarren Buffett • Berkshire Hathaway Letters to Shareholders, 2018
John Bogle • "Enough"
While Sir Richard Branson advised executives to focus on employees first, customers second, and investors third, Harrison reversed the priorities: investors came first. For him the game was capitalism, pure and simple. You either played it or you didn’t.