Reading Poor Charlie’s Almanac
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(Update 04May09) CNBC interview.
(Update 01May09) Today PBS Nightly Business Report (NBR) Susie Ghalib interviewed Charlie Munger at Omaha.
(Original) One lesson I should learn from him: trade less.
1) Transaction cost;
2) One usually makes money from carefully selected bets.
Separately I noticed Berkshire Hathaway stock (NYSE: BRK.A; BRK.B) got a nice bump today, as we approaching the annual shareholder meeting at Omaha. This is typically as I recall last year the stock got a nice bump before the meeting, and then had a sell off.
Disclosure: I no longer hold BRK.B shares. Personally I don’t feel I understand the insurance business, and the risk of succession is real. Although Bill Gates pledged he will help preserve the culture of Berkshire (Bloomberg, notice there is also a video).
I thought about attending the meeting (couple months ago), but my idea was shot down by my wife 😀