Charlie Munger, who died recently at the age of 99, always had a colorful turn of phrase. But entertaining as he was, his comments were also invariably full of wisdom. Taken together, in fact, Munger’s ideas offered investors a masterclass in investing. Here are some highlights: Choosing an [...]
The center lane
What’s the first rule in personal finance? My suggestion: Always look for ways to stay in the center lane—that is, to take a balanced approach. As the new year gets started, here are 10 ways you could apply this principle. Housekeeping. Over time, many of us accumulate a mixed bag of investment [...]
Stein’s Law
A favorite concept in economics is Stein’s law. It states that, “if something cannot go on forever, it will stop.” It’s named for Herbert Stein, an economist who was influential in the 1970s and served as chair of the president’s Council of Economic Advisors. Stein first made this comment when he [...]
A thousand words
A picture, as the saying goes, is worth a thousand words. Over the years, I’ve found certain images and illustrations to be immensely helpful in discussing investment concepts. These are the ones I’ve relied on most: Only in Australia. A key challenge for investors—if not the key challenge—is [...]
Investment advice from the CIA
The Central Intelligence Agency knows a thing or two about gathering information. That’s why a CIA publication titled The Psychology of Intelligence Analysis is, in my opinion, a valuable resource for investors. Of particular note is a section titled “Do You Really Need More Information?” which [...]
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