Lyndell W Keller Jr

THE BARBARIANS ARE INSIDE THE GATE! We are fighting right now in Congress over whether we're going to maintain our status as a constitutional republic OR trade that in, dismantle the foundations and GO DOWN THIS DARK ROAD OF DEATH TO COMMUNISM. THAT is the question.

None of us are as wise as we think. This fact is actually scary to me. But it’s a good and proper fear that may keep me from grave error. “If anyone imagines that he knows something, he does not yet know as he ought to know.” — 1 Corinthians 8:2 This passage isn’t advocating for the idea that no one knows anything (for Paul frequently shares his knowledge) but it is arguing against the arrogance and error of presuming we know something more than we do.

if it were easy, everyone would be rich. it’s not easy. and that’s the point. in 2015, one of the greatest modern-day investors wrote a famous memo. the title: ‘it’s not easy’ in 2011, howard marks was having lunch with charlie munger. and as it ended, charlie said: “it’s not supposed to be easy. anyone who finds it easy is stupid” a simple phrase, rich i meaning. in the memo, howard marks unpacks what it means. it means that whilst it’s simple to get average results, it’s not at all easy to get outsized returns. the stupid person sees: growth is going lower and inflation’s rising: SELL SELL SELL! the smart person thinks more deeply: the climate looks terrible, but everyone else is panic selling: BUY BUY BUY! anyone can think as simply as the stupid person. all the stupid person needs is an opinion. but the smart person thinks deeply. he thinks: what outcome do i think will happen, what does the consensus think, and what will i gain if i’m right? the reason smart people win is because they understand: the hottest things are the most expensive, and therefore the least profitable. so when markets dump, go sideways, and everyone says things are going badly. in other words, when they're maximum pain. remember what one of the greatest investors in the world said: it isn’t easy. or if you prefer the words of a rapper: they may not want us to win. but in the end we know we’re winning regardless. we’re still not even in our prime yet. and we’re not sitting around.

amen.