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Every ValueWalk reader knows Gresham’s Law: Bad money drives out good. Q4 2021 hedge fund letters, conferences and more Named for Sir Thomas Gresham (1519 – 1579), English financier, who observed, when debased coinage becomes legal tender, pure coinage is hoarded or melted down, driving “good money” out of circulation. Sir Thomas’ namesake, author William Lindsay Gresham (1909 – 1962), whose “Nightmare Alley,” the grim 1946 novel and 1947 film noir of carnival deception, was recently remade by Guillermo del Toro, promulgated his own Gresham’s Law in the 1953 classic expose of carnival life, “M...
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Hollywood’s purest gold is in glorious black and white: Warner Brothers’ “Treasure of the Sierra Madre” (1948). Q3 2021 hedge fund letters, conferences and more Directed by the inimitable John Huston. Screenplay by John Huston and Robert Rossen from the novel by the mysterious B. Traven. Starring the director’s father, storied stage and screen actor, Walter Huston, in his Oscar-winning role as the venerable prospector, Howard, the best supporting actor who ever stole a picture. And Huston’s dear friend, leading man Humphrey Bogart, cast against type as, per Bogie himself, “the worst sh-t you e...
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Every human eye has a blind spot. Q2 2021 hedge fund letters, conferences and more The optic nerve, which carries visual data from the eye to the brain, exits the rear of the eye. And that tiny exit contains no light receptors. A blind spot. We are unaware of our twin blind spots because the brain interpolates missing detail from the opposite eye. And fools us into thinking we receive a complete image from each eye when, in fact, each eye is partly blind. You can prove it to yourself. Just look at the plus sign below. Notice the zero to the right. But focus on the plus sign. Now close the left...
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Jackie Mason—yes, that Mason!—one of the three above-entitled nonagenarians, passed away this week at 93, after a lifetime of hilarious standup comedy. Q2 2021 hedge fund letters, conferences and more What did Jackie leave? As Charlie Munger says, like everyone else, “He left it all.” In Jackie’s case mind-blowing/gut-busting, irreverent observational humor, much of it about human foibles, life and money: Behavioral economics before the term was coined. Jackie’s frequent target: Dumb Money. Especially among people who should know better: his own. Jackie’s favorite Dumb Money story: “Every Jew ...
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Ten Great Things I Learned From “Abbott & Costello Meet Frankenstein” (Universal-International, 1948) Q3 2020 hedge fund letters, conferences and more At age seven, seated before a vacuum-tube-driven DuMont console TV, loosely wired to a temperamental antenna vying for space on my parents’ tiny apartment house roof, I first witnessed, transfixed, “Abbott & Costello Meet Frankenstein.” And unto this day, through VHS, DVD, laserdisc, bluray, and once, in Manhattan’s now-shuttered Regency Theater, a pristine 35mm print, I can warrant there is no greater horror-comedy experience than this 1948 Uni...
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A promised Ivy League psychiatric residency never materialized. Rejected, I scrambled for a first-year position as a medical intern.Q3 2020 hedge fund letters, conferences and moreI found it at the now-shuttered St. Vincent’s Hospital in Manhattan’s Greenwich Village, where I spent a year as a transitional intern: Medicine, ICU, CCU, ER. Neuro.An Ivy League rejection proved a blessing!Warren Buffett blesses his Harvard rejection:At Columbia he met Ben Graham and learned lessons that would launch his success.10 Great Life Lessons I Learned As A Medical InternHere are ten great life lessons I le...
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Ten Great Songs of Wealth and Poverty, Happiness and Having “Enough!”In his new book, “The Psychology of Money,” Morgan Housel relates a story told by the late, great Jack Bogle, founder of Vanguard Funds.Q3 2020 hedge fund letters, conferences and moreJack joined author Joseph Heller at a party in the palatial home of a hedge fund manager.This financial titan earned more money in a single day than Heller ever reaped from his classic, bestselling novel of men at war, “Catch-22.”Amidst the splendor of the evening Heller remarked that he could always have something their host never could:“Enough...
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When we are children,Q3 2020 hedge fund letters, conferences and moreBefore we know of wealth, station, accomplishment, beauty,We do not choose our friends and our loves.They are chosen by propinquity.A whole new meaning for “Love Thy Neighbor.”As we acculturate we learn whose world this is:The power of wealth, station, accomplishment, beauty.Love is no longer boundless.Ballads of love are also ballads of life.And life, like Daisy Buchanan’s voice,“Is full of money.”Ten Great Songs Of Love And MoneyHere are ten great songs of love and money:1) Can’t Buy Me LovePenned by Sir Paul McCartney.Publ...
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I am a practicing psychiatrist and I treat many patients diagnosed with Attention Deficit Hyperactivity Disorder (ADHD).Q2 2020 hedge fund letters, conferences and morePeople with ADHD have trouble sustaining their attention and shift focus more quickly than other people.So they can be charming, funny, warm and fuzzy.They can also be great in a crisis, at sports and in combat.So when I look for heroes among my patients---those who have braved death to save lives---I need look no further than my ADHD patients.But ADHD would not be a diagnosis if it weren’t a problem.ADHD people can have trouble...
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Surviving The Pandemic: Five Great Lessons, Many Great Teachers From Munger to ChurchillQ2 2020 hedge fund letters, conferences and moreThe world is unpredictable.Anything can happen.If you didn’t know before the pandemic, you know now.So people seek comfort in predictionsCharlie Munger, famed investor and polymath, is rightly contemptuous of prognosticating pundits and latter-day soothsayers.As Charlie says, all prognosticators have one thing in common:“None of them know.”Five Instructions for Playing Pundit1) Be confident.2) Intone.3) If you got it wrong and do nothing else right4) Always re...
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