"The Noah Rule says: "Predicting rain doesn't count, building an ark does." - Warren Buffett
"In the final chapter of The Intelligent Investor Ben Graham forcefully rejected the dagger thesis: "Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety." Forty-two years after reading that, I still think those are the right three words. The failure of investors to heed this simple message caused them staggering losses" - Warren Buffett
It's a summer Friday, I'll keep it brief and I won't write anything on the debate, sorry if that dissappoints....feel free to consult the odds sites https://www.predictit.org/markets/detail/7456/Who-will-win-the-2024-US-presidential-election. With last night's debate, the first round of the French elections on Sunday and the UK general election on the 4th, elections are certainly front and center. Today's PCE report and UofM survey will be the highlight.
Yesterday's 1Q Real GDP was revised up to 1.4% annualized though consumption was weak and prices were higher than consensus forecast expected. Headline durable goods were better than expected and jobless claims remained benign. The Atlanta Fed GDP now was revised down to 2.7% for Q2 estimate.
If you spend all day running your life or business going from one economic data point to another, you might want to take a step back and revisit Ben Graham's secret of sound investment which he distilled into three words: Margin of Safety.
XTOD: My 1 repeated learning in life: "There Are No Adults" Everyone's making it up as they go along. Figure it out yourself, and do it.
XTOD: Incredible work by the Wells Fargo analyst who ordered the same burrito bowl 75 times at eight different Chipotles in NYC to prove the portion size inconsistency
XTOD: The collapse of #walgreens has been unlike anything I've ever seen in big retail. It's down 24% today and has now lost 80% of its value in under 5 years. This is America's largest pharmacy chain .. with over 8,500 stores & more than 300,000 employees. Simply insane.
XTOD: Compounding starts slow and then happens all at once. Looking for quick results and checking in on your progress constantly can be disheartening. Be patient with the results, and trust the process.
XTOD: Augie Garrido 5x NCAA national 🏆⚾️coach at Cal State Fullerton & Texas told me in a podcast 15 years ago when I asked him what he knew now he wish he knew early in his career
he said “Be loyal to people not institutions or brands, institutions change, you don’t work for an institution. You work for people. When the people change, the institution will too.”
https://x.com/naval/status/16258463969
https://x.com/tanayj/status/1806423072238616781
https://x.com/SullyCNBC/status/1806362040820187510
https://x.com/SteadyCompound/status/1806266129108627605
https://x.com/BrianCainPeak/status/1806294806462919048
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