By Alec Hogg
Came across something magical yesterday. It’s a fireside chat that Warren Buffett’s deputies, 99-year-old Charlie Munger and 52-year-old Todd Combs, had at an award ceremony last year. You can hear the audio by clicking here; or download the transcript by clicking here. It’s 45 minutes well spent.
There’s a lot to digest. Including Charlie’s reference to The Wooden Lesson, named after John Wooden, “who had the best basketball coaching record in the world, nobody else was even close.”
___STEADY_PAYWALL___Munger added: “How did he do it? He concentrated almost 100% of the playing time on his top seven players, and of course, they got better and better during all the extra playing time. That’s what happens when you give so much power to a Wooden or a Buffett. It works like gangbusters.
“As an investor, if you can find somebody like a mini-Wooden (or a mini-Buffett) and play them, and when they have a hell of a run, that can be a good way to invest.” Buffett often says the best returns are achieved by keeping all your eggs in one basket – and watching that basket like a hawk. Of course, finding someone like him to do it for you is even better.
More for you to read:
- ICYMI yesterday, here is our monthly share portfolio webinar, where changes ‘aplenty’ were implemented for a ‘risk-off’ world. Click here.
- In his BNC#5 presentation, Prof. Tim Noakes shattered longstanding misconceptions about critical topics like cholesterol, statin drugs, diabetes and nutrition. Click here.
- Black Swan funds are having a moment as investors spend years waiting for markets to crash – just a whiff of hedging for market doom is enough to juice performance. Click here.
- First Citizens BancShares agreed to buy Silicon Valley Bank after a run on deposits wiped out the firm in one of the biggest bank failures since 2008. Click here.
