“When there is a frenzy of activity in one area of the market there is very often an anti-bubble of discarded companies” - Nick Sleep

Hey did you know that with $MSFT's share buybacks it... hasn't retired a single share in 1.25 years? $18B of the $60B "buyback" just going to employees. That's. cash. to. employess = SALARY. This is a crime. h/t private

Idiots self-select idiots.

“Competency is a relative concept. What I needed to get ahead was to compete against idiots, and luckily there’s a large supply.” – Charlie Munger, 2014

Michael Saylor presented a pitch to Microsoft shareholders to buy Bitcoin. A staggering 99.45% rejected it—he managed to convince only about 7 people in total.

You make the most money by having a 1–3-year variant view on a business and buying the stock before the business turns up, inflects, or accelerates. I’ve found I’m normally 2-4 quarters earlier than I think I am. This is why position sizing in turnarounds is so important and

Charlie 🫡

The US taxpayer should not be exit liquidity for cryptocurrencies that are decentralized in name only.

If it has a lobbyist, it isn’t decentralized.

It’s the mark of a midwit to confuse education with intelligence.

When truth is at stake, reasonable people will disagree. When power is at stake, they march in lockstep.

Munger: Deferring gratification gives me so much gratification that I am not sure I am deferring it.