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Charlie Munger's Legacy
The Idea Farm
May 19, 2024
Together With
“To be contrarian, in a world where people don't believe in anything, is to have well-defined beliefs and to anchor them.”
Research
New York Life Investments - Macro Pulse (63 pages)
New York Life Investments shares their global economic, geopolitical and asset allocation views, noting they believe the next 3 months mark a major inflection point for global asset allocation. There are tons of great charts.
Howard Marks shared how he thinks about taking, and not taking, risk.
“The bottom line on the quest for superior investment returns is clear: You shouldn't expect to make money without bearing risk, but you shouldn't expect to make money just for taking risk. You have to sacrifice certainty, but it has to be done skillfully and intelligently, and with emotion under control.”
Facts & Figures
About a third of all S&P 500 trades are now executed in the final 10 minutes of trading, up from 27% in 2021. Link
Over 10% of Fortune 500 company CEOs are Indian immigrants who studied in the US. Link
Americans throw away up to $68 million in coins a year. Link
“Allen Iverson, who went broke despite earning nearly $200 million in salary and endorsements and is hanging on to reach his 55th birthday seven years from now when he will receive $32 million from Reebok, thanks to a lifetime contract he signed with the shoe company in 2001.” Link
Americans 70 and older hold 30% of all US equities.
U.S. homeowners are sitting on roughly $32 trillion in total equity.
From 1965 to 2022, the share of outstanding US stock that was held in taxable brokerage and mutual fund accounts declined from 79% to 27%. The share of publicly traded stock that was held in taxable accounts similarly declined from 81% to 28%. Link
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Podcasts
 5/3/24 - 27 minutes | Berkshire Hathaway’s Todd Combs shares personal anecdotes and insights from Charlie Munger, providing an intimate look into the wisdom of one of the greatest investors of our time. |
 4/15/24 - 120 minutes | Scott Galloway talks about healthy masculinity, how to achieve financial security, and why vulnerability is power. |
 4/1/2024 - 90 minutes | Valiant Capital’s Chris Hansen covers his investing journey so far, the complexities and challenges of short selling, and how private markets are evolving. |
What Else Is Happening
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Learn about Growth traps from GMO’s Ben Inker and Tom Hancock.
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