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Tren Griffin @trengriffin
, 4 tweets, 1 min read Read on Twitter
What? You have never read the talk Charlie Munger gave at Harvard-Westlake School on January 19, 2010? Seriously? csinvesting.org/wp-content/upl…
"The right way to make decisions in practical life is based on your opportunity cost. When you get married, you have to choose the best [spouse] you can find that will have you. The rest of life is the same damn way." Charlie Munger
"Upton Sinclair said, ‘It is very hard to get a man to believe non-X when his way of making a living requires him to believe X.’ On a subconscious level, your brain plays tricks on you and you think [that] what is good for the true little me is what you should believe." CM
"Part of the popularity of Berkshire Hathaway is that we look like people who have found a trick. It’s not brilliance. It’s just avoiding stupidity." Invert!
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"According to the survey results, the median pay for full-time writers was $20,300 in 2017, and that number decreased to $6,080 when part-time writers were considered. The latter figure reflects a 42 percent drop since 2009, when the median was $10,500."
In my blog post on writing books I wrote: "6. Don’t expect to earn more than the minimum wage and be thrilled if you earn more." google.com/amp/s/25iq.com…
"In Mémoires (1759), Voltaire recalled how in his youth he had come across so many writers who were “penniless and held in contempt” that “he had decided not to add to their number.” laphamsquarterly.org/luck/voltaires… "Thanks to his fortune he was free to pursue his writerly life."
Read 3 tweets
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"Companies can lose a lot of money in their early years but be wonderful businesses if they are acquiring customers with long lives and strong variable margins."

But some businesses just do the losing money part. A critical skill is knowing the difference between the two types.
Customer-based corporate valuation (CBCV) = valuing a business on a "bottoms up" basis by valuing the customers. In a subscription business especially, this is an essential process if you want to understand if real value is being created despite a lack of current GAAP earnings.
"CBCV isn’t about being profitable from day one. It’s about variable profitability in net present value terms (while still being mindful of fixed cost overhead of course!)" Determining whether a specific business is a delicious cheesecake or a turd requires detective work.
Read 6 tweets
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“The Fasten Seat Belt sign is now illuminated. If you haven’t already done so, please check your cash and cash equivalent balances. Please lower your burn rate and make sure your defensive investments are in their full upright position.”
“If you find yourself needing an emergency exit from illiquid investments, please read carefully the special instructions card. Cash is more king than ever. If you can’t handle the haircut you are about to experience, please ask someone to do the selling to raise cash for you.”
“We remind you this remains an uncertain and no sympathy correction. No one knows anything for sure as is usual. Crying and whining is prohibited, including in the lavatories. Tampering with, disabling or destroying your brokerage statements is pointless and prohibited by law.”
Read 5 tweets

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SO we need to dig into the @GeorgePapa19 interview with @dbongino from last night. It was very candid & Dan was on point with the questions. It helped a lot with his research into his book Spygate which I highly recommend. I hope the great @tracybeanz got time to listen for input
First rattle out of the box they tackle Mifsud and how the meeting came to be. Mind you @GeorgePapa19 is working for LCILP at the time, and had just informed them he was leaving to join the @realDonaldTrump campaign, and was moving back to the states.
LCILP asked @GeorgePapa19 to travel with them to Rome to meet with Mifsud before returned to the states. The LCILP stressed it was important that he meet with Mifsud before joining the campaign. One question why? Why was it so important? @GeorgePapa19 agreed to go with them.
Read 48 tweets
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At last set up for Day 6 of the #HarvardTrial, where @RickKahlenberg of the left-leaning @TCFdotorg is on the stand. Kahlenberg has argued for @Fair_Admissions that Harvard could achieve real diversity without considering race in admissions: …2i553a2t1s05i-wpengine.netdna-ssl.com/wp-content/upl…
Kahlenberg says he considers it extremely important for a college like Harvard to promote diversity—of all kinds. He adds: "the socioeconomic diversity at Harvard is deeply lacking... Raj Chetty found that there have been 23 times as many rich kids on campus as poor kids."
You can look at some of what Raj Chetty (formerly a Harvard economist) found out about Harvard's economic effects in this well-designed #infoviz from @UpshotNYT: nytimes.com/interactive/pr…
Read 82 tweets
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141. A la hora del montoneo fashionista jashtaguero, resulta que todos son fulanita o fulanito; hasta el perro son. Pero cuando toca revisar el nivel de responsabilidad personal en el crimen de la #PederastiaEclesiástica, no hay quien se apunte con el #TodosSomosCómplices
142. aciprensa.com/noticias/papa-…

⬇️
143. #Bergoglio da consejos de qué hacer con un hijo homosexual; sin embargo este "Padre espiritual" está atiborrado de hijos espirituales homosexuales -curas-, a los que les solapa sus abusos en contra de seminaristas:

Todo está claro en el enlace del tuit 135 de este hilo.
Read 681 tweets
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Fantastic interview (2010) with Alice Schroeder: “He (Warren Buffett) spent a huge amount, I’ve estimated 2,000 hours, of concentrated time with me, and through this direct experience I gleaned impressions of him."
csinvesting.org/wp-content/upl…

Here are my top highlights.
"There’s also some interesting research that shows that people who speak out critically are viewed as smarter than those who give only uncritical applause, even though they are less liked. In the long run, the price of popularity is paid in respect."
"Many exceptionally good business people are charismatic –- but not charming. Charisma is the ability to attract people to you and to convince them you are exceptional, even if you aren’t likable."
Read 16 tweets
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(1) A Spotlight On the Masonic Fraternal Police Department.
(2) This is the official logo for the Masonic Fraternal Police Department.

masonicfraternalpolicedepartment.org/wp-content/upl…
(3) The upside-down star at the top of the police badge is identical to the Order of the Eastern Star.

easternstar.org
Read 224 tweets

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