Irv72

If we're talking about changing investor mindsets, watch this gem: Modern-Day Asset Management Business w/ Anthony Deden. (Cliffnotes here.) Worth watching more than once. Buffett-Munger-level stuff.

I haven't read Outliers yet, and it's been a decade since I read Good to Great, but I would say that Fabric of Success is better than the latter. It's basically a book about what good management and capital allocation mean, from an investor's standpoint. And, unlike Good to Great, I can see this one stand the test of time. This is what the author says about it: https://rockandturner.substack.com/p/fabric-of-success. There also recent interviews with him on Youtube, such as this one. Examples of good value investor letters? François Rochon, from Giverny Capital. I also like reading Howard Marks's, Guy Spier's and Vitaly Katsenelson's thoughts. This is just from the top of my head. I read a lot of stuff, follow a lot of RSS and Twitter feeds, and tend to use Naval Ravikant's approach where I don't always finish what I start, if it's not good. The We Study Billionaires and the Richer, Wiser, Happier podcasts and transcripts are a good start for learning about smart investors that have historically beaten the market. For those who prefer listening to them, there is an ad-free option on Apple Podcasts for like $3/month. theinvestorspodcast.com is one of the best value investing educational resources I know. Another one is joincolossus.com (Invest Like The Best, Founders, and maybe Business Breakdowns). Again both free podcasts and transcripts. I'll take those two sites over most investor letters.

Another big Capital Returns fan. But there are so many great investment books, especially for the Buffett-Munger-type quality investing fan (great businesses at good prices). I can't choose 3, maybe like 10. I'm just reading Fabric of Success by James Emanuel. Would recommend it to any investor, because it gives many examples of what quality management is about. Another impressive book recently: What I learned about investing from Darwin, by Pulak Prasad. A huge favorite of mine: The Joys of Compounding, by Gautam Baid. I will probably re-read that book every year. The Education of a Value Investor by Guy Spier is not a bad read either. Neither is Richer Wiser Happier by William Green, who was the ghost author for Spier. Or Terry Smith's Investing for Growth, or Taleb's Incerto book series (the understatement of the century). Margin of Safety by Seth Klarman is a classic. Poor Charlie's Almanack is a must, especially since it's available for free online: https://www.stripe.press/poor-charlies-almanack/pca/cover . So are The Essays Of Warren Buffett (a must, not free), by Lawrence Cunningham. Anything by Mauboussin is usually worth reading. Or by Dalio, especially the Principles. Anything by Pat Dorsey, formerly of Morningstar, such as The Five Rules for Successful Stock Investing. Mihaljevic, Manual of Ideas. 100 baggers by Christopher Mayer. Valuation by McKinsey and Co (if one doesn't enjoy it, one shouldn't invest in individual stocks). Why Stocks Go Up and Down, Pitch The Perfect Investment, Big Money Thinks Small, The Smart Money Method, The Battle for Investment Survival are just a few other favorites in my library. Even the latest Security Analysis can be a good read, because of the included essays by great value investing luminaries. Many of these are available online for free on hoopla, for many American library card owners. There are some absolutely great podcasts with free transcripts at https://www.theinvestorspodcast.com/ (especially the TIP and RWH series, can donate $3/month for ad-free Apple Podcast version), https://www.joincolossus.com/ (needs a free user account to read the transcripts), and https://www.acquired.fm/, to mention some of the best. There are many great value investor letters, beside Nick Sleep. I'll stop here. So many smart people, so little time... I bet even Charlie still had stuff to read at 99.

OMG! If a dermatologist can't make it... That used to be the most sought after specialty. We used to joke that they take the best medical school graduates and make them forget everything they studied so hard.

And then one day you find out that Roger Waters is a neo-nazi, and his name should be forgotten.

I would advise my kids to become dentists rather than medical doctors. Obamacare has destroyed non-corporate medicine in this country. A medical degree nowadays is just a ticket to a blue collar assembly line job.

Doctors did well before Obamacare, not since. I wouldn't advise anybody to go into medicine nowadays. When you take the hourly rate, and the sacrifices, it's not what it used to be. (The poor quality of the medical students and graduates nowadays is related to that.)

I went from Geico to Allstate (because Geico was raising rates excessively every year), then to Amica (because Allstate started doing the same, with no reason). I've been with Amica for 3 years. Beyond the fact that they are famous for their customer satisfaction (it was a pleasure to move my auto and umbrella policies over), and are member-owned, I am paying maybe 10% more now, which is completely reasonable. I am just fed up with insurance companies with bait and switch tactics (most of them). I know that, at Allstate, the agents were incentivized to get new clients, and not keep old ones. And it showed.

I don't disagree. There is no way Ukraine can win this war, except by convincing the West to get involved in a bigger one. It's simple arithmetic: the Russians have 3 times more cannon fodder.

In MANY countries, including the US and many European ones, leaving the country at time of war would be considered desertion, and punished with long prison terms. One wouldn't be denied consular services; one would be arrested on the spot. The Ukrainian government is so nice it's downright populist.