It is hard to stay invested in a diversified portfolio when the S&P 500 is hitting new highs and your portfolio is not matching its returns. But you don’t have to keep up with the S&P 500. In this video,… Read More
How to Win By Losing Less
Human or Pigeon, Which is the Better Long-Term Investor?
In Thinking, Fast and Slow we learn that we have two systems of thinking. System 1, a quick thinking system built on heuristics and patterns. System 2, which is our deeper thinking rational system. Because system 1 has to be… Read More
Wolves, 13Fs, Cognitive Ease, and Getting Trapped Along the Well-Worn Path
Wolves fail more often on their hunts than they succeed. As Nick Jans states in his book A Wolf Called Romeo, Survival hinges on a brutal imperative: more energy must be gained than lost, across endless hard miles. To fail… Read More
Always Invert
“Invert, always invert” It is a phrase coined by the mathematician Carl Jacobi and made famous by Charlie Munger. When you want to solve a difficult problem take the inverse. It is the first thing that came to mind when… Read More
It’s Not Easy
It’s a topic we discussed in the last dividend letter, finding high-quality companies is the relatively easy part about investing. It’s mostly math. Holding onto high-quality companies for the 1,000%+ returns is the extremely hard part. You have to constantly… Read More
