Merry Christmas to all

(26-12-2019, 10:27 AM)specuvestor Wrote:

(25-12-2019, 05:28 PM)weijian Wrote: It hasn't been really good for value investors in the past few years...

Nonetheless, beyond the equity markets, I wish all VBs a Merry Christmas and a Happy New Year.

While we gain meaningful rest for the journey ahead, i also wish for all VBs to have a wise time reflecting and improving ourselves (in the words of Charlie Munger) by spending each year trying to be a bit wiser than we were in the last. And year by year if we live long enough, we will get out of life what we deserve.

Totally agree with Munger that we base our improvement on a yearly basis so we do not rush into undesirables. I didn't know that it had so much implication when I first heard the tortoise and hare story but I actually see it in say SG vs neighbouring counties or the divergence of the 4 Asian Tigers in the past.

Have a blessed Christmas season everyone with your love ones

PS value style has caught up since August... so have faith VBs

hi specuvestor,
Actually CM's quote was in "days" (that was why my "year" was in italics). Nonetheless, we do have to slog it out "in the trenches" every single day, reminding ourselves on the objectives that we set on a yearly basis.

https://www.goodreads.com/quotes/1402049...wiser-than

Then I'm more in line with you then

I think if today generally is better than 26 Dec 2018 I have not wasted my life... I firmly believe these small incremental YoY improvements will compound exponentially over an extended period, be it wisom, operational effectiveness, policies or strategies etc. A good corporate example is TSMC.

(26-12-2019, 12:50 PM)specuvestor Wrote: Then I'm more in line with you then

I think if today generally is better than 26 Dec 2018 I have not wasted my life... I firmly believe these small incremental YoY improvements will compound exponentially over an extended period, be it wisom, operational effectiveness, policies or strategies etc. A good corporate example is TSMC.

I can't take away any single ounce of credit from Charlie Munger
These "walking encyclopedias" (CM or WB), at their grand old age of ~90years old (on average), are the greatest examples of personal compounding effects, aren't they? Or even close to home, if we are lucky to meet that wise taxi uncle sage occasionally?

Compounding effects also work the other way (negative sense). Just look at the 2 countries on opposite side of the straits for a fine contrast between the positive and negative effects of compounding.

yup >80% of Buffett's compounded wealth came after he was 60. Interestingly I observe that's not the same trajectory for say Munger or the other Superinvestors. So I think Buffett's execution and patience borders legendary .

That's what made it interesting as we can see the divergence in real time which is why I said "see it in say SG vs neighbouring counties or the divergence of the 4 Asian Tigers in the past"

Sorry to side track slightly. A close friend of mine decided on buying neighboring country's properly over the Xmas period.
Landed, large, etc etc he was touting how great it was.

At the very same time he was saying this, a relative staying in quite high end landed area in the capital city experienced no water for at least a week. Another friend's in laws were unable to claim medical expenses due. And the drains were clogged up with sewage and a bad stench lingers and no one was doing anything about it.

It largely depends on what your lifestyle or priorities are. One thing we cant expect is to have the same standard of living. And knowing the drawbacks, cater a budget to spend on back up supplies. (I.e. Extremely Large water tank, back up power supply or generator, etc)

I like to compare with our neighbour up north not because of vanity, but because we are unique as we were like conjoined twins seperated 50 years ago with similar culture, language, DNA, etc. The difference is policy & strategy formulation and execution.

And personally I think this is relevant in terms of how we formulate our investment philosophy and execution, and how we see our investments in terms of days or months or in years, decades. By my observation, building it slow and steady over the years usually outlast those loudmouth flamboyant types; and this includes fund managers.