Investment Values

Issue Number 121, January 2017

“Invert, always invert: Turn a situation or problem upside down. Look at it backward. What happens if all our plans go wrong? Where don’t we want to go, and how do you get there? Instead of looking for success, make a list of how to fail instead – through sloth, envy, resentment, self-pity, entitlement, all the mental habits of self-defeat. Avoid these qualities and you will succeed. Tell me where I’m going to die, that is, so I don’t go there.”

— Charlie Munger

In this Issue:

  • Our Investment Outlook
  • Darren Sits Down with Charlie Munger
  • Composite Portfolio Update
  • Notes
  • Credits & Composite Disclosure

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