After I questioned Secretary Rubio on Code Pink and their ties to the CCP, their organization followed me out, berated me, and then their head person here in DC smacked me.
I will be filing charges.
Charlie Munger: "If you're going to invest in stocks for the long term, of course there are going to be periods when there's a lot of agony and other periods when there's a boom. You just have to learn to live through them."
"You have to deal with daylight and night. Does that bother you very much? No. Sometimes it's night and sometimes it's daylight. Sometimes it's a boom and sometimes it's a bust."
"I believe in doing as well as you can and keep going as long as they let you."
Peter Lynch:
“I frankly think it’s a tragedy in America that the small investor has been convinced by the media…that they don’t have a chance.
That the big institutions with all their computers, degrees, and money have all the edges. It just isn’t true at all.”
OAKTREE'S HOWARD MARKS JUST EXPLAINED WHY MOST INVESTORS SELL THEIR BIGGEST WINNERS TOO EARLY
He used Amazon as the example. The stock went from $90 in 1999 to $6 in 2001, down 93%.
If you were smart enough to buy it at $6, here's the question that will mess with your head:
"What about when it got to $60 and you made 10 times your money? Most people would sell."
"What about when it got to $600 and you made 100 times your money? Would you sell half? Would you sell 90%?"
At the time Marks wrote that memo, Amazon was $3,300.
If you sold at $600 when you were up 100x, you left 85% of the gains on the table.
Then he made his real point:
"Buffett invested for 70 years and says he made all his money on 12 ideas. Charlie Munger said he made all his money on 4 ideas."
"If you realize how scarce great compounders are, then the big mistake is getting off too soon."