Joe Koster

Sorfis Investments, LLC — Coastal Carolina University — All thoughts are my own opinions, not investment advice.

[Joe Koster @jtkoster]

“A wise man looks for everything inside of himself; a madman seeks for everything in others.” —Confucius

“There's only one success: to be able to live your life your way.” —Christopher Morley

[Max Olson @maxolson]

I finally have all my Berkshire archive material and data in 1 place: https://t.co/FADGmwNdOJ

Check it out!

annotated, interactive charts are a favorite medium of mine so this was really exciting to build.

[Joe Koster @jtkoster]

Warren E. Buffett Becomes Chairman Emeritus, Remains Director; Howard G. Buffett Elected Chairman

https://t.co/5N2GaDElJn

[Josh Chambers @JoshChambers]

Steve Kerr says Roger Federer taught his Warriors team the secret to sustained success wasn’t outworking everyone, it was building a life around your craft you never want to escape from

“I’ll tell you a great story about Roger Federer. We were playing in China with the Warriors in 2017. Roger was in Shanghai for the Masters tournament, so we invited him to come speak to the team.”

“Draymond Green asked him, ‘How do you sustain success? How have you managed to win majors 20 years after you first won one?’ Everyone was expecting him to say, ‘I work harder than everybody,’ the will, all the clichés.”

“Roger Federer says, ‘I get up every morning and I make breakfast for my kids. Then I take them to school and drop them off. Then I go practice tennis for about two hours, and I’ve figured out a really good routine where I don’t destroy my body, but I can get all the work in I need.”

“‘Then I go have lunch with my wife. In the evening, we cook dinner together. The kids are all home from school. We ask them about school. There’s so much joy in the house. We put them to bed, and then I put my head on the pillow and go, “Man, that was just a great day.” And I’ve been doing that for 20 years.’”

“And it was like, yes. That’s it. That’s the formula. That’s what leads to sustained success. He loves tennis. He loves his family. He loves life. It’s not outworking everybody and banging your head against the wall, ‘I’m going to be better than everybody.’ It’s allowing your natural talent to shine through with a work ethic, with a great family life, with perspective, with peace, with mindfulness.”

“It’s perspective. It’s joy. It’s passion. It’s mindfulness. It’s an awareness that we are truly lucky. To get the most out of ourselves, it’s our daily rituals and experiences and love and joy.”

[Historic Vids @historyinmemes]

“Everybody wants to save the Earth; nobody wants to help Mom do the dishes.”

- P.J. O'Rourke

This famous quote points to a common flaw in human nature: our tendency to become inspired by grand, heroic causes while overlooking the small, practical responsibilities directly in front of us. People can easily rally around enormous, abstract goals like saving the planet because they feel noble, exciting, and meaningful.

Yet true character and kindness are often revealed through the ordinary, repetitive moments of everyday life. Washing the dishes or helping a family member may seem insignificant, but these quiet acts require effort without recognition, applause, or public attention.

Ultimately, the quote offers a humorous but pointed reminder that making the world a better place often begins with simple acts of responsibility and genuine kindness within our own homes.

[MastersInvest.com @mastersinvest]

“Peter [Kaufman] is the ultimate win/win operator. The last person I want to compete with in life is Peter. He takes just such good care of the customers. I’ve never heard any complaint from Peter’s customers except that his price is high. Everything else about the business is perfect.”

- Charlie Munger

“The three best operating companies I’m aware of are Costco, Kiewit and Glenair. There is nothing remarkable about the product or field for any of these. But there is something remarkable about the culture of all three.”

- Charlie Munger

Had the privilege to spend half the day with Peter touring Glenair facilities, meeting team members and hearing his business and life philosophy. A true gentleman and a phenomenal business.

[Joe Koster @jtkoster]

Link to "chirripo":

https://t.co/pkaU9vqGAl

Link to "I Live Right Here (Between the Teeth and the Sky)":

https://t.co/Duh3H4upvW

Richer, Wiser, Happier Podcast:

https://t.co/U6Jkazygiz

What Got You There Podcast:

https://t.co/GkjM65xZhF

[Joe Koster @jtkoster]

One thing I've noticed since I first started going to the Berkshire Hathaway Annual Meetings in 2007, and for the several years I went to @MohnishPabrai's Annual Meetings beginning around the same time, was that I always came back full of energy. I got the same feeling reading certain books, like "Poor Charlie's Almanack," or various letters and essays.

After hearing @SeanDeLaney23's podcast with Chris Begg, and learning a little more about the songs Chris writes, I've listened to the song included at the end of that podcast quite a bit ("I Live Right Here (Between the Teeth and the Sky)").

After listening to @WilliamGreen72's recent interview with Chris, I've started listening to even more of his songs. And one lyric from the song "chirripo" always stands out to me:

"I came here searching; I left here alive." —Christopher Begg

There is something about searching for some insight, or some confirmation that one is on the right path, and finding it, that gives one a burst of energy—that feeling of aliveness. It seems to me that the great cultures of the world, whether business or otherwise, are likely good at harnessing those feelings in their people on a regular basis.

[Sean DeLaney @SeanDeLaney23]

Peter Kaufman’s 22 second course in leadership.

[Sean DeLaney @SeanDeLaney23]

Peter Kaufman: The most powerful force that could be potentially harnessed is: dogged incremental constant progress over a very long time frame...

[Joe Koster @jtkoster]

Seth Klarman: "This Is a Bubble" | The Legendary Investor's Brutal AI Wa... https://t.co/XgVnKuQyl0 via @YouTube

[Value Investing World Newsletter @VInvestingWorld]

Weekly Summary: 06/05/2026

https://t.co/FDAqy9ZUNx

[Joe Koster @jtkoster]

@EnergyCredit1 From last year, and seems relevant to your point…

https://t.co/NRZeSIXtml,

[MastersInvest.com @mastersinvest]

"The Earth is a very small stage in a vast cosmic arena. Think of the rivers of blood spilled by all those generals and emperors so that, in glory and triumph, they could become the momentary masters of a fraction of a dot.

Think of the endless cruelties visited by the inhabitants of one corner of this pixel on the scarcely distinguishable inhabitants of some other corner, how frequent their misunderstandings, how eager they are to kill one another, how fervent their hatreds.

Our posturings, our imagined self-importance, the delusion that we have some privileged position in the Universe, are challenged by this point of pale light.

Our planet is a lonely speck in the great enveloping cosmic dark.

In our obscurity, in all this vastness, there is no hint that help will come from elsewhere to save us from ourselves."

- Carl Sagan 1994. Astronomer.

[Joe Koster @jtkoster]

That reminds me of this quote from Warren Buffett:

“Don’t fear failure.... Don’t let it eat at you. Don’t look back. Just keep going. You’re going to have some things, but forget them. Go forward.” —Warren Buffett

And also this one:

“I must go forward where I have never been instead of backwards where I have.” —Winnie the Pooh

[Joe Koster @jtkoster]

“Trends can reverse for no apparent reason with incredible celerity.” —Barton Biggs

“Know thyself and know thy foibles. Study the history of your emotions and your actions. At the extreme moments of fear and greed, the power of the daily price momentum and the mood and passions of ‘the crowd’ are tremendously important psychological influences on you. It takes a strong, self-confident, emotionally mature person to stand firm against disdain, mockery, and repudiation when the market itself seems to be absolutely confirming that you are both mad and wrong. Also, be obsessive in making sure your facts are right and that you haven’t missed or misunderstood something.” —Barton Biggs

[Joe Koster @jtkoster]

PDF: https://t.co/fimP7j1FwQ

[Joe Koster @jtkoster]

@ChrisBloomstran with another monumental effort writing this letter, after a great year for SAI in 2025.

[Value Investing World Newsletter @VInvestingWorld]

Semper Augustus Investments Group: 2025 Annual Letter

Both Sides Now: Cloud Delusions; Value at a Secular Plateau; And – Berkshire Hathaway: Going Out on Top

https://t.co/rAMhTa7tPA

[Joe Koster @jtkoster]

Thanks for sharing. Makes sense given some old Munger and Greenwald comments…

https://t.co/mafSwKXvuq

[Compound248 💰 @compound248]

@JohnHuber72 I knew a guy who worked for Buffett in the immediate pre-Todd and Ted era.

His summary of the Buffett buy algorithm was, “7x avg last 5 year EBIT.”

[Joe Koster @jtkoster]

@danielgladis Congrats, Daniel!

[Joe Koster @jtkoster]

Interesting to think about this comment from Mark Leonard last year, given what's been happening lately. There are new AI concerns, and I don't yet have a position, but it's probably a reasonable data point when thinking through potential returns from here.

[Speedwell Research @Speedwell_LLC]

Mark Leonard commented on $CSU valuation in VERY blunt terms at the AGM:

"So I am not a big fan of generating market rates of return.

If you want to generate a 6% to 8% rate of return by buying an ETF, go for it, and we're part of those ETFs.

And so obviously, our stock is priced to generate a 6% to 8% rate of return for the foreseeable future by the market. That's their discount rate.

So if you want to make 20% or 25% rates of return, then I'd love that, but you probably have to buy Constellation at 1/4 of the current price to do that."

- 2025 AGM