Hey Reader, In today's issue:
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💎NUGGETS My Favorite Finds 🧵Brian Stoffel teaches us how to read the cash flow statement. Important always, but today, even more so. 📖 Andy Jassey's 2024 Shareholder Letter, good weekend read. 🎥 Pricing and Peer Group analysis class from Aswath Damodaran. Do I need to say anymore? 📖 Buffett's thoughts on tariffs and trade from 2003. Still relevant today. 🎥 Chris Mayer wrote the book on 100 Baggers; here's a podcast defining his process. 📖 Michael Mauboussin discusses a company's lifecycle and how it moves through the stages. 🔍Question of the Week
📖Knowledge Tidbits
Thanks,
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Hey Reader, Charlie Munger viewed market swings as opportunities, not threats. He dismissed volatility as risk, instead focusing on business quality and maintaining emotional discipline during market swings. He once said, "we don't give a damn about lumpy results." In today's issue: Warren Buffett and Charlie Munger's thoughts on risk and volatility. Important words in today's markets. Howard Marks on tariffs and credit spreads What is the strongest moat from Nick Sleep Everything about the...
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