📚 Edwin's Highlights

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A batch of the best highlights from what Edwin's read, .

On Economic Forecasting True to Graham’s principles, Buffett said he pays no attention to economic outlooks. His decisions are based simply on intrinsic business values. Interestingly, despite his feelings on inflation, Buffett has no plans to alter his strategy (one that has worked for him for three decades). At best, he will try to find businesses that can keep pace with inflation.

University of Berkshire Hathaway

Daniel Pecaut, Corey Wrenn

The ethical rule is from Samuel Johnson, who believed that maintenance of easily removable ignorance by a responsible officeholder was treacherous malfeasance in meeting moral obligation. The prudential rule is that underlying the old Warner & Swasey advertisement for machine tools: "The man who needs a new machine tool and hasn't bought it is already paying for it." The Warner & Swasey rule also applies, I believe, to thinking tools. If you don't have the right thinking tools, you, and the people you seek to help, are already suffering from your easSny removable ignorance.

Poor Charlie's Almanack by Charles T. Munger

Charles T. Munger

During the last century of the republic, the century just before the Christian era, Rome was racked by civil war.1 The transitions from the kings to the republic, and then from the republic to the empire, seemed necessary at the time. When the kings became oppressive, a republic looked really good. But when things started to go badly in the republic, it was easy to long for decisive, one-man rule. Interestingly, the republic got into trouble not because of Roman decadence but because of various catastrophes that came upon the people.2 In some ways, the Romans’ virtues got them in trouble.

Five Cities That Ruled the World

Douglas Wilson

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