"Intrinsic value is terribly important and very fuzzy, and we do our best to work...in the kind of businesses where we think that...our predictions are of a fairly highly probable nature. And that leaves out all kinds of companies." --Warren Buffett (2003)
"We have this simple, old-fashioned discipline, which Warren likens to Ted Williams waiting for a fat pitch. I don’t know about Warren, but if you said to me, 'Charlie, you can go into the business of managing money the way other people do, where you’re measured against indexes and you got consultants choosing consultants that are reviewing you to committees,' I would just hate it. I would regard it as being put into shackles. And shackles where the very system was preventing me from delivering value.... The general system for money management requires people to pretend that they can do something that they can’t do, and to pretend to like it when they really don’t." --Charlie Munger (2003)
Tributes to Jack Bogle (1929-2019) [H/T @jasonzweigwsj] (LINK)
We’ve collected the following tributes to Jack Bogle from among the authors who contribute to Advisor Perspectives and other prominent individuals in the investment industry.Ben Graham: Just Plain Lucky? - by Vishal Khandelwal (LINK)
Why stock-plunges happen so often in Hong Kong (LINK) [Related video: High Table Talk with Mr David Webb]
Related book: Fiber: The Coming Tech Revolution―and Why America Might Miss It
A Starfish-Killing Disease Is Remaking the Oceans - by Ed Yong (LINK)