dcollon

Great presentation...thanks Liberty.

Enjoyed the interview...thanks for posting Liberty.

A recent discussion with Mr. Munger

Thanks for posting Liberty

I recently re-read this and thought some of you might like it... "When I ask myself what I've found life is too short for, the word that pops into my head is "bullshit."" "If you ask yourself what you spend your time on that's bullshit, you probably already know the answer. Unnecessary meetings, pointless disputes, bureaucracy, posturing, dealing with other people's mistakes, traffic jams, addictive but unrewarding pastimes." http://www.paulgraham.com/vb.html

Thanks RB

Thank you for the responses.

Is anyone else having a problem with this site freezing up?

Work Rules by Laszlo Bock was a very enjoyable book. [amazonsearch]Work Rules!: Insights from Inside Google That Will Transform How You Live and Lead[/amazonsearch] He recently gave a presentation at Google that was also good.

Thanks for suggesting this one Packer. I really enjoyed it and learned a lot more about Mr. Zell. What a character.

Thanks to MOI for this interview

A recent paper by James Montier and Matt Kadnar at GMO SP_Just_Say_No.pdf

http://revisionisthistory.com/episodes/11-a-good-walk-spoiled

Testing Mattresses with Warren Buffett

Very true Liberty.

The investor day in November is much better than the annual meeting.

Really appreciate you sharing the link ValueMaven.

Credit to Fundoo Professor: There are some great quotes in the attached slide show. If you would like to listen to Howard Mark’s presentation you can find it here https://www.youtube.com/watch?v=LtogMv--d4g&feature=youtu.be Here are just a few: “Superior results don’t come from buying high quality assets, but from buying assets – regardless of quality – for less than they’re worth. It’s essential to understand the difference between buying good things and buying things well.” “Any time you think you know something others don’t, you should examine the basis for that belief. “Does everyone know that?” “Why should I be privy to exceptional information or insight?” “Am I certain I’m right and everyone else is wrong; mightn’t it be the opposite?” If it’s the result of advice from someone else, you must ask, “Why would anyone give me potentially profitable information?” “To be a successful investor, you have to have a philosophy and process you believe in and can stick to, even under pressure. Since no approach will allow you to profit from all types of opportunities or in all environments, you have to be willing to not participate in everything that goes up, only the things that fit your approach. To be a disciplined investor, you have to be able to stand by and watch as other people make money in things you passed on.” “Investing can’t be reduced to an algorithm or a mechanical process. Few people have demonstrated the ability to excel for long via “quant” investing. Superior results generally require insight, judgment and intuition.” -“Not everything that can be counted counts, and not everything that counts can be counted.” – Albert Einstein Howard_Marks_The_Truth_about_Investing.pdf

I bought JNJ in 1988. I have not sold a share, but did add to the original position during the financial crisis. My original cost adjusted for splits is roughly $5 and JNJ is now paying a dividend of $3.20 per share. My average cost on my whole position is roughly $8.50. The total return hasn't been great. I certainly have done better over shorter periods of time with other holdings, but it's been a great lesson to watch my JNJ holding compound at about 13% a year over the long-term. This the example that I have used when speaking to my children or students. It's an easy story to tell.

Congrats to Arlington! Another great year. Thanks for posting

I think some of you will enjoy this presentation

Thanks very much Schwab

I always enjoy reading Dr. Gawande's articles and this one has a similar under tone to investing. http://www.newyorker.com/magazine/2017/01/23/the-heroism-of-incremental-care

Great recommendation Liberty.

Thanks for the heads up Liberty.