42: Happy Birthday, Charlie!; Buffett's Bonfire Cake; Buffett on Silver; Four Sources of Investment Mistakes
“Think about the discipline it takes to think about something for three or four decades waiting for a chance to employ 2% of your assets.”
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Charlie Turns 98
Charlie Munger and I happen to share a birthday. Charlie turned 98 last week on January 1. I’m just a tad younger. I’ll be 98 in the 2080s, which is just a weird thing to think about.
Charlie’s cake must have been quite the bonfire…
Buffett On Silver
Here’s another video showing the power of Buffett’s reasoning. In 1998 Berkshire bought tons (literally over 4,000 tons or 133 million ounces) of silver for Berkshire’s investment account.
Some of my big takeaways:
Thinking through the basics of supply/demand and what influences each.
Having confidence that prices adjust to balance supply/demand.
Charlie “cutting Warren down” noting it’s just a 2% position.
Charlie praising Warren’s decades-long patience.
“Think about the discipline it takes to think about something for three or four decades waiting for a chance to employ 2% of your assets.” - Charlie Munger
The Four Sources of Investment Mistakes
My good friend, Andrew Wagner, who runs separate accounts for clients at Wagner Road Capital Management, puts out great content. Here’s a piece on investment mistakes that’s well worth digesting and thinking about carefully.
You can see more of Andrew’s content, and sign up for his newsletters, here.
Stay rational! —Adam
Cover Photo by Scottsdale Mint on Unsplash