Let me tell you of a story about Charlie Munger. I had the opportunity to meet him & spend time with him once in 2007. On a whim, I decided to call him in October of 2008 to ask for advice. I had no idea if he would call me back. Well, he did call me back and I was grateful. /1

For starters, FTX had no board of directors. 'A Complete Failure of Corporate Controls': What Investors and Accountants Missed in FTX’s Audits coindesk.com/layer2/2022/11… via CoinDesk

process>outcome “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” ~W. Edwards Deming Focusing on Process Over Outcome Is the Way To Go by David Gerken link.medium.com/wEsNKTh2gvb

My weeks rarely went as planned...in the last 10 days before the exam, I would average ~ 120-130 hours of study. All-in I studied ~350 hours per level, above CFAI's recommendation of 300. CFA Society of Dallas-Fort Worth #charterholders #cfaprogram #charterholder #cfaexam #cfainstitute

Go Frogs! TCU Football #FiestaFrogs Fiesta Sports Foundation

Thanks for cheering on the Frogs, Greg Abbott!

Go FROGS!

Great CEOs are decision machines.

Great data here, & I couldn't agree more w/ this statement: "The answer to the question of how much to keep in stocks is more about your emotions than what finance theory says."

Seems like most govt policies have large detrimental consequences no matter how well intentioned 👇

Let's go Stars!!! Beat Vegas! #TexasHockey NHL Dallas Stars

In 2009, Lin-Manuel Miranda was invited to perform at the White House. His musical “In The Heights” had just won a Grammy & 4 Tony Awards. So the White House was expecting him to perform something from Heights. Instead, he debuted a song from a rap album he’d been working on:

TEXAS 💪

Well said - this is why savvy real estate investors who use high leverage buy interest rate caps or swaps.

“AI is not replacing existing work that's being done, but adding new capabilities to the organization. This will be the classic pattern that we see, and it will produce the vast majority of opportunities in AI.” ~Aaron Levie

Ten-year yields drop 10 basis points - largest one-day drop this year - if it holds.

CPI categories in y/y and m/m terms

May God truly Bless America today. And may we all pledge to respect each other and our institutions, remembering to be grateful for the privilege of citizenship in this great country.

"If you can dream it, you can do it." ~Walt Disney

mezz lenders 🤝 mezz borrowers