Mukund Krishnaswami’s Post

I spent the weekend diving into Warren Buffett's annual shareholder letter, and as always, it was filled with timeless wisdom only Buffett can deliver. The letter opens with heartfelt praise for the late Charlie Munger, whom Buffett aptly calls the Architect of Berkshire Hathaway. On top of that, I’ve been slowly working my way through Charlie Munger’s "Poor Charlie's Almanack." (Thanks to Stuart Anderson for putting this in the office library!) It’s a treasure trove of insights and knowledge that complement Buffett’s teachings. One key takeaway from Buffett’s letter stands out from an investment perspective and life perspective: “Nevertheless, Charlie, in 1965, promptly advised me: ‘Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale.’ With much back-sliding I subsequently followed his instructions.” It’s a powerful reminder to always be learning and adapting, even if it means challenging the teachings of your mentors. Plus invest in Wonderful businesses for the long term! #InvestingWisdom #WarrenBuffett #CharlieMunger #ContinuousLearning #BerkshireHathaway

“A win doesn’t feel as good as a loss feels bad, and the good feeling doesn’t last as long as the bad. Not even close.”  -Andre Agassi, after winning his first Grand Slam tournament at Wimbledon in 1992. One of my favorite voices in investing, Ben Carlson, CFA, wrote about losses and human nature in his recent post entitled, “The Most Important Concept in Finance”. “The ability to deal with losses is what separates successful investors from unsuccessful investors. You’re in trouble if losses cause you to overreact or make big mistakes at the worst possible moments,” says Ben. We enter 2Q24 with the S&P 500 having just capped off its best first-quarter performance since 2019. Sentiment remains positive. [From an investor's perspective] Things are good. Sometimes, timeless investing lessons like this one can be better absorbed by investors when they aren’t accompanied by negative returns. Just remember: no matter what’s going on in markets today, as Ben has said before, volatility is the price we pay for meaningful long-term returns. https://lnkd.in/eEFrBHMc

It is with profound sadness that we bid farewell to Berkshire Hathaway’s Vice Chairman, Charlie Munger. A stalwart in the world of business and investing, he was the indomitable second in command to Warren Buffet. Munger leaves behind a revered legacy that will continue to guide and inspire generations of investors. His words have often enlightened us and reminded us that wisdom and continuous learning are the real treasures in life. One of his quotes that always reverberates in my mind is - "I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you." This ethos of continuous learning, being a perpetual student of life and investing can truly transform your perspectives. Let us remember and honor Mr. Munger's legacy by embodying his entrepreneurial spirit and investing wisdom. #CharlieMunger #BerkshireHathaway #InvestingWisdom #RIP

🎉𝗖𝗲𝗹𝗲𝗯𝗿𝗮𝘁𝗶𝗻𝗴 𝗮𝗻𝗼𝘁𝗵𝗲𝗿 𝗠𝗶𝗹𝗲𝘀𝘁𝗼𝗻𝗲🎊 Hey LinkedIn Family🌟, We are excited to announce that Blackford Capital just hit 𝟭𝟬𝟬 𝗳𝗼𝗹𝗹𝗼𝘄𝗲𝗿𝘀 𝗼𝗻 𝗟𝗶𝗻𝗸𝗲𝗱𝗜𝗻! 🎯 This is an important milestone 🎖 for us, and we are so grateful for your support. To celebrate, We offering a special discount of 𝟵𝟵% 𝗼𝗳𝗳 on our financial modeling and valuation reports for a limited time only!  This is an amazing opportunity to get a professional report done for 𝗷𝘂𝘀𝘁 ₹𝟭𝟰𝟵 🥳. Here's what you'll get in our financial modeling and valuation report📊: # A comprehensive analysis of your company's financial health # An accurate valuation of your business # Insights to help you make better investment decisions If you're interested in taking advantage of this offer, just send us a direct message and We'll get you started. But hurry, this offer won't last forever! ⏱️ 𝙒𝙞𝙙𝙚 𝙙𝙞𝙫𝙚𝙧𝙨𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣 𝙞𝙨 𝙤𝙣𝙡𝙮 𝙧𝙚𝙦𝙪𝙞𝙧𝙚𝙙 𝙬𝙝𝙚𝙣 𝙞𝙣𝙫𝙚𝙨𝙩𝙤𝙧𝙨 𝙙𝙤 𝙣𝙤𝙩 𝙪𝙣𝙙𝙚𝙧𝙨𝙩𝙖𝙣𝙙 𝙬𝙝𝙖𝙩 𝙩𝙝𝙚𝙮 𝙖𝙧𝙚 𝙙𝙤𝙞𝙣𝙜. - 𝓦𝓪𝓻𝓻𝓮𝓷 𝓑𝓾𝓯𝓯𝓮𝓽 𝗗𝗿𝗼𝗽 𝘆𝗼𝘂𝗿 𝘁𝗵𝗼𝘂𝗴𝗵𝘁𝘀 𝗯𝗲𝗹𝗼𝘄! 👇 𝗣.𝗦. What are some of your biggest challenges when it comes to financial modeling and valuation? Let me know in the comments below! I'd love to hear from you. #BlackfordCapital #FinancialModeling #ValuationReport #InvestmentBanking #FinancialServices #Discount #Offer #LimitedTime #Business #Finance #Entrepreneurship #Investment #Valuation #Growth #Startup #ScaleUp #LinkedIn  #BusinessGrowth #FinancialPlanning #CorporateFinance #InvestmentStrategy #FinancialAdvice #WealthManagement #CapitalMarkets #FinancialSuccess #InvestmentGoals #FinanceTips #BusinessStrategy #MarketAnalysis #RevenueGrowth #ProfitMaximization #BusinessDevelopment #StrategicPlanning #BusinessOpportunities 𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: 𝐍𝐨𝐭 𝐒𝐄𝐁𝐈 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫𝐞𝐝

RIP Charlie Munger (1924 - 2023) His genius redefined investing, inspired a shift to pursue exceptional businesses at fair prices, a strategy that propelled Berkshire Hathaway to legendary status. Famous words: 1️⃣ You’d be wise to swap the term “ebitda” with “bulls***”. 2️⃣ "Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's call the graph." 3️⃣ "I'm optimistic about life. If I can be optimistic when I'm nearly dead, surely the rest of you can handle a little inflation." 4️⃣ “If you want a formula [for investing], go back to graduate school. They’ll give you lots of formulas that won’t work.” 5️⃣ "Three things ruin people: drugs, liquor and leverage." 6️⃣ "I’d rather throw a viper down my shirt front than hire a compensation consultant." 7️⃣ On bad mergers: "If you mix raisins and [excrement], they're still [excrement]." 8️⃣ "The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame." 9️⃣ "I don't know how to get smart without reading a lot." 🔟 When asked at a cocktail party whether he played the piano, Charlie replied, “I don’t know, I’ve never tried.”

Who will succeed Warren Buffett when he steps down from Berkshire Hathaway? That's probably one of the most interesting questions in the business world right now. It's kind of like when Michael Jordan retired from the NBA and everyone was asking 'who would be the next Jordan?'. I'm sure there's a robust bench within the walls of Berkshire Hathaway. The one thing I'm sure is that it has to be someone educated in the investing philosophies from Dodd/Munger/Graham/Buffett. People who follow that patient and fundamentals driven approach to investing tend to win long term. _________________ If you liked this post, leave a comment, reshare it with your network, and give me a follow Antonio Reza for more.

Legendary investor and the brains behind the conglomerate, Berkshire Hathaway, Charles Thomas Munger is no more. I salute to his genius, crisp, sharp, witty and direct approach to decision making that has no match whatsoever. "Poor Charlie's Almanack" has been my one of first few books that helped me in developing fundamental understanding of the financial markets. RIP😔🌹😔 https://lnkd.in/gusNXC-t

Interesting Reads in Finance! 7. The Forgotten Lesson of Ben Graham's LifeBen Graham's success in investing was largely due to finding undervalued businesses during a time when they were plentiful. However, as the market changed, he made most of his money from a single investment in the successful business, Geico, which contradicts the investing principles he taught. The article covers: >> GEICO's Role in Graham's Success: Uncover how Graham's wealth was primarily built on GEICO, not deep value stocks. >> Munger's Critique: Charlie Munger sheds light on flaws in Graham's approach and why it persisted. >> Graham's Reluctance: Explore why Graham resisted adapting his approach and engaging with company management directly. Check out the full article here: https://lnkd.in/gfafEyTi Follow for more such content. #Investing #Finance

Well, Charlie Munger passed away yesterday at the age of 99. For those of you who may not know, Charlie was Warren Buffett’s partner at Berkshire Hathaway for the past 50 years or so. Like Warren, Charlie was also known for his quick wit and plain-speaking wisdom. Here is one of my favorite quotes from Charlie: “I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.” – Charlie Munger This quote really exemplifies our approach to investing. We aren’t stock pickers looking the latest, greatest, “shiny” opportunity. We believe in long-term, time-tested asset allocations. Our job is to help grow your wealth in a methodical, disciplined manner. Money is a tool to help you achieve your life’s goals. We want to help you “plan your life’s work” and “work your life’s plan.” #investing #wealthmanagement #cfo #cpa #businessowners #founders #ceo #treasurevalley

Learning from Mistakes: Insights from Peter Lynch and Warren Buffett In investing, even the legends have their moments of regret. Peter Lynch, the renowned investor, shares a pivotal lesson from his career: "My biggest mistake was that I always sold stocks way too early. In 1989, I received a call from Warren Buffett. My daughter picks up the phone and says, 'It's Mr. Buffett on the line.'" This call wasn’t just casual. Warren Buffett, the Oracle of Omaha, had an important request. He wanted to quote a line from Lynch's book,One Up On Wall Street, in his year-end report: "Selling your winners and holding your losers is like cutting the flowers and watering the weeds." Lynch acknowledges that this principle, though widely recognized, represented his greatest mistake. Holding onto losing stocks while selling the profitable ones goes against the basic rule of maximizing returns and minimizing losses. This story is a powerful reminder for investors to critically evaluate their strategies and to learn from the best. Sometimes, the advice we share with others can highlight our own areas for improvement. Takeaway:Evaluate your investment decisions regularly. Avoid the temptation to sell winners too soon and hold onto losers for too long. As Lynch’s experience shows, even the greatest investors are always learning. #Investing #Finance #PeterLynch #WarrenBuffett #StockMarket #InvestmentStrategies #LearningFromMistakes