7 Books Recommended by Charlie Munger:
1) Deep Simplicity by John Gribbin
“It’s pretty hard to understand everything, but if you can’t understand it, you can always give it to a more intelligent friend.”
I analyzed every coastal town in Italy on a €1M budget.
Taxes. Airports. What €1M actually buys you in each location.
I cross-checked every detail with two friends on the ground for accuracy and hidden alphas.
10 towns. The definitive guide for FIRE and wealthy nomads eyeing Italy.
Thread 🧵
In 1936, J. R. R. Tolkien published a Christmas poem titled “Noel” in the annual magazine of Our Lady's Abingdon, in Oxfordshire. The poem was lost to history for nearly 80 years until scholars Wayne G. Hammond and Christina Scull rediscovered it in the archives. It reads:
Grim was the world and grey last night:
The moon and stars were fled,
The hall was dark without song or light,
The fires were fallen dead.
The wind in the trees was like to the sea,
And over the mountains' teeth
It whistled bitter-cold and free,
As a sword leapt from its sheath.
The lord of snows upreared his head;
His mantle long and pale
Upon the bitter blast was spread
And hung o'er hill and dale.
The world was blind, the boughs were bent,
All ways and paths were wild:
Then the veil of cloud apart was rent,
And here was born a Child.
The ancient dome of heaven sheer
Was pricked with distant light;
A star came shining white and clear
Alone above the night.
In the dale of dark in that hour of birth
One voice on a sudden sang:
Then all the bells in Heaven and Earth
Together at midnight rang.
Mary sang in this world below:
They heard her song arise
O'er mist and over mountain snow
To the walls of Paradise,
And the tongue of many bells was stirred
in Heaven's towers to ring
When the voice of mortal maid was heard,
That was mother of Heaven's King.
Glad is the world and fair this night
With stars about its head,
And the hall is filled with laughter and light,
And fires are burning red.
The bells of Paradise now ring
With bells of Christendom,
And Gloria, Gloria we will sing
That God on earth is come.
There is no other place on earth where €375k ($432k) buys you this: Baroque villa, star-vaulted cellars, your own citrus grove, minutes from the sea.
Southern Italy, Puglia (see some more pictures+info in the 🧵 below)
Wow... Warren Buffet says goodbye in his final annual letter today (full copy in the comments below).
As he signed off, the following were final words of advice:
"One perhaps self-serving observation. I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve. Get the right heroes and copy them. You can start with Tom Murphy; he was the best.
Remember Alfred Nobel, later of Nobel Prize fame, who – reportedly – read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up. He was horrified at what he read and realized he should change his behavior.
Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.
Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.
I write this as one who has been thoughtless countless times and made many mistakes but also became very lucky in learning from some wonderful friends how to behave better (still a long way from perfect, however). Keep in mind that the cleaning lady is as much a human being as the Chairman."
Suddenly, you’re 35.
Cute wife, couple of kids, church on Sundays, and still LOVE markets.
Still waking up at 6am, checking your positions.
But it’s different now. You aren’t 19 with no responsibilities, no bills, no family.
You can’t (shouldn’t) do the 0DTE, memecoin, penny stock, leveraged, heavy margin…games.
Huge losses CAN’T happen consistently.
So you make the decision to change it up.
Commons, compounding, deep research, longer time frames, swing trading.
You build disgusting levels of wealth without carrying massive risk daily.
It’s time.
Luc♥️
this hits hard
"the more you pay for a service (meal, hotel, AIRPLANE TICKET), the more dissatisfied you will be with the smallest imperfection"
i have witnessed this trend a lot in rich people, including myself. as your net worth increases so does your expectation of how the world should work around you. most notably, rich people try to buy their way out of "having to queue or wait for things"
if you pay $1000 a meal, you expect the service to be perfect
if you pay $2000 a night in nomade tulum on nye, you expect your room to be ready the second you pull up and not for them to take another hour to get it ready
as a rich person changing the mindset here is definitely important, but what’s more important is that there is alpha in this knowledge
you can make a lot of money by tailoring to the rich. the main difference between serving poor people and rich people is that poor people want value for their money and rich people just want exactly what they asked for, which mainly is things to be fast and efficient
and they are willing to pay a disproportionally high premium for those that provide that
i love working for rich people. they tend to be much more hands off. a poor person will call you 5x for small things, demand refunds, etc while my rich clients mostly never check and just want to be notified when the job is done
Habits that have a high rate of return in life:
- sleeping 8+ hours each day
- lifting weights 3x week
- going for a walk each day
- saving at least 10 percent of your income
- reading every day
- drinking more water and less of everything else
- leaving your phone in another room while you work
⚛️ Antonino Zichichi, Sicilian, 96 years old
Probably the most illustrious living Italian 🇮🇹 nuclear physicist in the world
His birthday post gives chills:
“A milestone that I do not consider only personal, but part of a lifelong path of research and wonder.
Science has taught me that the Universe is governed by rigorous, harmonious laws that never cease to amaze me.
Faith has taught me that these laws are the fingerprints left by the One who made the world.
On this special day, my thoughts go to the young: the future of Science and Culture belongs to them, essential tools for building a humanity that is more just, freer, and capable of safeguarding Creation.
Thanks to all who over the years have shared this path with me.
The journey continues.”
How much does it cost to operate a 300 acre farm?
2 years in, here’s what I’ve learned:
Caretaker: $70000
Veterinary Care: $4000
Animal Trainers: $13000
Propane: $2500
Power: $1500
Water: FREE! (Well)
Supplemental labor: $5000
Fractional project manager: $20000
Farm equipment maintenance: $2500
Starlink: $1800
Lake maintenance: $3000
Irrigation: $1000
Feed: $3500
Gravel/rock: $2000
Wildlife management: $2500
We’ve had some unplanned expenses too:
Dam wall repair: $80000
New tractor: $85000
Used skid steer: $12000
Upgraded watering stations: $2000
New metal roof: $33000
New HVAC: $15000
And some planned expenses:
Barndominium reno: too much
Side by side: $30000
Cattle: $56000
Riding gear / tack: $9000
Sporting clay trailer: $10000
Pasture fencing: $130000
Making memories with my family - children, siblings, parents - and my close friends: PRICELESS!
Our new benchmark has the top 6 AI models trading real capital
Grok4 is winning so far. It was short and then flipped to long, timing the bottom perfectly
It's up >500% in 1 day
The final boss of entrepreneurship is doing something freaking rad.
This guy's business is to be notified of a new meteorite, then fly there & find it.
1 was worth over $100k & he owns over 600.
It's like Pokemon Go, but for smart people. Men are treasure hunters at our core.