Value Pain Train

Two pieces today since one is just a chart.

First, a beauty of a PDF from Star Capital on value cycles…you can see how 2009-2016 was a big growth cycle (until around the election).

Second, is a PDF compilation of Munger speeches etc from an individual investor Yanan Ma Bledsoe.  It’s from 2012 but so much of what Charlie says is timeless…




Munger compilation