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| All I want to know is where I’m going to die, so I’ll never go there |
"The world is not driven by greed. It’s driven by envy."
“Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley?”
As some readers know, I would consider myself a Charlie Munger fan. For example, once, at a company meeting, I read this entire discussion on a term Munger coined, "febezzle". (I may also be the only person in the world with a custom Febezzle hat). While Munger is not best known for this "febezzle" talk, I felt like it illustrates Charlie's perceptiveness and wit. Munger's multidisciplinary pursuit of worldly wisdom is inspirational.
U.S. yields start the day again lower, with yields down another 4bps (hitting lowest levels since September). The 2Y is 4.70% and the 10Y is 4.28%. The move lower this morning comes after yields fell solidly yesterday despite data showing home prices hitting new records. Waller and Bowman of the Fed offered differing opinions on the need for rate hikes, with Waller suggesting a Taylor type rule that would conclude cuts will be coming in 2024 and Bowman making the case that more rate hikes might be needed. We'll see if Powell adds anything new come Friday. Of course Bill Ackman is now betting on rate cuts. Besides that you can find the seamlessly endless debate on whether funds exiting the RRP are "stimulus" or not on X/Twitter.
On the day ahead it's inventories, 3QGDP data, Fed Beige Book, Barkin and Mester
X/Twitter Thoughts of the Day - Munger section
XTOD: Charlie Munger investment strategy:1. Get a little smarter every day. 2. Look at lots of deals. 3. Don't do almost all of them.
XTOD: My 25iQ blog posts on Charlie Munger are here: https://25iq.com/featured-individuals/ I didn't always agree with his conclusions, but learned a lot from understanding his methods. He would have been 100 years old on January 1.
XTOD: Munger lived such an incredible life, mainly because he did whatever he wanted and said whatever he wanted without fear of others disagreeing. "I did not intend to get rich. I just wanted to get independent."
XTOD: I was supposed to talk with Charlie today. That call never happened.
For those who want to learn more about this remarkable person https://t.co/C278Oz8ZeA
XTOD: Some of the best of Charlie Munger:“Every time you hear EBITDA, just substitute it with bullshit”. Absolute legend
XTOD: Top 10 Charlie Munger quotes:
1. "Spend each day trying to be a little wiser than you were when you woke up."
2. "The best thing a human being can do is to help another human being know more."
3. "It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent."
4. "In my whole life, I have known no wise people who didn't read all the time — none, zero."
5. "I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do."
6. "The big money is not in the buying and selling, but in the waiting."
7. "You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time."
8. "The first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back."
9. "There are worse situations than drowning in cash and sitting, sitting, sitting."
10. "The game of life is the game of everlasting learning. At least it is if you want to win."
These quotes reflect Munger's emphasis on continuous learning, rational decision-making, and a long-term perspective in investing and life.R.I.P. king
Honorable mention to “Bitcoin is probably rat poison squared”
XTOD: https://jasonzweig.com/on-charlie-munger/
XTOD: A life well lived.
“I paid no attention to the territorial boundaries of academic disciplines and I just grabbed all the big ideas that I could.”
“If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.”
“Take a simple idea, and take it seriously.”
“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
“Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Systematically you get ahead, but not necessarily in fast spurts. Nevertheless, you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve.”
“I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.”
– Charlie Munger
XTOD: CNBC just released more of Becky Quick's recent interview with Charlie Munger...
✨ "I've written my obituary [by] the way I've lived my life — and if you want to pay attention to it, that's alright with me. And if [you] want to ignore it, that's okay with me, too."
✨ "I basically believe in the 'soldier on' system. Lots of hardship will come and you've got to handle it well by soldiering through."
✨ "A few rare opportunities will come. You've got to learn how to recognize them when they come and not to make too minor of a trip to the pie counter when the opportunity is available."
XTOD: A Tribute to Charlie Munger Compilation of all 53 Charlie Munger quotes mentioned in "The Joys of Compounding". https://x.com/joyofcompoundin/status/1729816566617809054?s=20
X/Twitter Thoughts of the Day - rest of the world section
XTOD: "Something happened in the third quarter -- I don't know, lots of Taylor Swift concerts," Fed Governor Chris Waller says at AEI, referring to rapid GDP growth. "Something blew up the third quarter, and it's not likely to continue going forward."
XTOD: Fed governor Chris Waller on rate cuts: "If you see this [lower] inflation continuing for several more months, I don't know how long that might be—3 months? 4 months? 5 months?—you could then start lowering the policy rate because inflation's lower."
XTOD: Michelle Bowman strikes a more cautious tone than Waller on Tuesday, saying it's still her baseline that the Fed will need to increase the funds rate further "to keep policy sufficiently restrictive to bring inflation down to our 2 per cent target in a timely way"
XTOD: Cybertruck deliveries start on Thursday
XTOD: WFH levels have become "flat as a pancake". The latest Census, SWAA and Kastle data all show the same thing. Levels of WFH were falling throughout 2020 to 2022, and office occupancy was rising. That trend ended in 2023, with both now pancake flat. Return to the Office is dead.
XTOD: How it started: CDU and FDP recommend Greece to sell islands to address their fiscal crises in 2010. How it’s going: Former Greek minister recommends Germany to sell islands to address their fiscal crisis in 2023.
XTOD: Leaving Shark Tank. Selling Mavs. Readying for run at U.S. Presidency?
XTOD: Billionaire investor Bill Ackman is betting the Federal Reserve will begin cutting interest rates sooner than markets are predicting.
https://x.com/morganhousel/status/1729609669696483466?s=20
https://x.com/trengriffin/status/1729616128467468307?s=20
https://x.com/ShaneAParrish/status/1729626806569865403?s=20
https://x.com/Geiger_Capital/status/1729610100178837806?s=20
https://x.com/RampCapitalLLC/status/1729610524764041673?s=20
https://x.com/farnamstreet/status/1729620663290466689?s=20
https://x.com/kejca/status/1729667020285673882?s=20
https://x.com/joyofcompoundin/status/1729816566617809054?s=20
https://x.com/jeannasmialek/status/1729523566205432142?s=20
https://x.com/NickTimiraos/status/1729525760581403097?s=20
https://x.com/colbyLsmith/status/1729527776300900594?s=20
https://x.com/elonmusk/status/1729591119699124560?s=20
https://x.com/I_Am_NickBloom/status/1729557222424731894?s=2
https://x.com/darrenrovell/status/1729650550541566403?s=20
https://x.com/business/status/1729647510975590786?s=20
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