Don't agree that Buffett is one dimensional, or more one dimensional than Munger. The difference between the two is that Buffett is deeply dissimulatory, he never really says what he thinks, whereas Munger is a bit of a know it all crank. Or as Jamie Pastore put it "Buffett pretends not to understand macro, whereas Munger actually doesn't." Don't forget that Buffett is a guy who quotes Russell and reads Leibniz.
Pulling up to the gas station at the corner of my house as he says this🤣. It just recently sold for ~ 20x earnings. Owner said it makes ~ $150k take home, sold for $3m. Buyer had just sold some real estate and exchanged into it.
I feel as though "rational" is the wrong word. "Emotionally balanced" would maybe be better. You are fundamentally making 30,000ft up decisions which you are only maybe 60% sure of, so it's always going to be as much conviction as science. How do you retain conviction in the face of a market swing? I do think that the hubris of believing you are smarter than everyone else is essential to tide you over.
Great presentation / ideas / hair.
Don't agree that Buffett is one dimensional, or more one dimensional than Munger. The difference between the two is that Buffett is deeply dissimulatory, he never really says what he thinks, whereas Munger is a bit of a know it all crank. Or as Jamie Pastore put it "Buffett pretends not to understand macro, whereas Munger actually doesn't." Don't forget that Buffett is a guy who quotes Russell and reads Leibniz.
Pulling up to the gas station at the corner of my house as he says this🤣. It just recently sold for ~ 20x earnings. Owner said it makes ~ $150k take home, sold for $3m. Buyer had just sold some real estate and exchanged into it.
I feel as though "rational" is the wrong word. "Emotionally balanced" would maybe be better. You are fundamentally making 30,000ft up decisions which you are only maybe 60% sure of, so it's always going to be as much conviction as science. How do you retain conviction in the face of a market swing? I do think that the hubris of believing you are smarter than everyone else is essential to tide you over.