[The Weekend Bulletin] #181: Three Investor Conversations, Not Losing Money, Decision-Making...
...including one of the last released conversations with the late Charlie Munger
A digest of some interesting reading material from around the world-wide-web. Your weekly dose of multi-disciplinary reading.
Investing Wisdom
The following are three long but interesting conversations worth listening:
John, one of the two Collison brothers that co-founded Stripe and have worked on recently releasing a new version of Poor Charlie's Almanack (including a free web-version), released a conversation he had with Charlie Munger. This free-flowing conversation covers a wide range of topics including the importance of quality, multi-disciplinary learning, challenges in investing, art and architecture, "win-win" business, his partnership with Buffet, unique aspects of Berkshire to name a few. My favorite part of the conversation was when Charlie, in his unique style, offered advice to cope with difficulties [emphasis added]:
[00:36:35]: "I have one standard set of advice for all difficulties, suck it in and cope. That's all any human being can do, SUCK IT IN AND COPE."
The CIO of the largest mutual-fund in India, R Srinivasan, opens up about the secrets of his long standing track-record of beating the markets. He reflects not only about on ingredients of his success but also recollects some of the mistakes made along the way and the lessons learnt. He explains his core and satellite approach to portfolio construction, criteria for identifying good businesses, and the challenges of combining good business, management, and price in investing.Â
'Cracking the Multibagger Code' - that's the title of the final talk for this week. Money Manager Siddhartha Bhaiya presents his learnings from investing in multibagger stocks in this talk to CFA society members.
Mental Models & Behavioral Biases
Drawing from the recently released book "What I Learned About Investing from Darwin" by Pulak Prasad, the author of this article discusses the the two types of errors in investing and shows why its more important to not lose money than to not miss out on ideas. Most of us are so focused on the upside that we often forget about the downside.
This a good list of 15 mental models that help improve your decision-making skills, along with a short explanation of each.
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In light of the length of the talks shared above, other sections have been curtailed this weekend.
Have a wonderful week ahead!!
- Tejas Gutka
[Dec 16, 2023]