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Newsletter - December 10th, 2023

Dear Reader,

Attached is our latest list of stocks passing value screens (low EV/ebit, high returns on invested capital, etc.), which don’t meet our investment criteria - and our reasoning.

This may help you avoid some ‘value traps’, and stocks that aren’t sufficiently attractive compared to opportunities available today.

For reports of stocks that pass our quantitative and qualitative standards:



Charlie Munger - extended interview

Last week's interview was apparently an excerpt. Few notes from Munger's last full interview below:

13:00 British Empire

The principles of Property rights and Rule of law created immense prosperity - we couldn't safely invest in common stocks as outside passive minority shareholders without them.

21:00 The Great Depression/Medicine

Financial impact on Munger's family; and how fragile life was - 26:45 Munger could've easily died instead of his childhood friend. Count your blessings.

52:00/1:06:30 Never stretch for yield

"It's not written in the stars" that investors should earn 7-8% a year. Lots of money has been lost reaching for yield. Sometimes you just have to limit yourself: "Earn your own grain by farming your own farm."

1:01:00 "Lever up" when you're right

It's possible to be too cautious to get prosperous.

1:23:00 Lee Kuan Yew

"Figure out what works and do it"; and Munger's version: Figure out what doesn't work and avoid it.

1:29:00 Staying sane is harder than staying rich

Worth remembering.


Wish you an excellent week ahead.


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