Charlie Munger passed away late last year. To put it simply, his passing made me sad; I had an enormous amount of respect for him and learned a ton from him. His 100th birthday would have been January 1st, and I found myself thinking a lot about Charlie on his birthday / over the past week.
“(and I do believe there is research that suggests the best performing funds over the long runs tend to be the ones that just consistently put up good years, not the ones that put up one smashing year as they generally put up a smashing year by taking on a ton of risk and turning out to be right in that one instance).”
"Strategic Mediocrity" is the term, by Ben Trosky when he was at Pimco. Here‘s Ben talking abt the idea:
The solution is blindingly obvious: focus on process not outcomes. With everything.
By far, one of my favorite YAVE pieces. Thanks for sharing.
The perils of envy is pretty much in every profession
“(and I do believe there is research that suggests the best performing funds over the long runs tend to be the ones that just consistently put up good years, not the ones that put up one smashing year as they generally put up a smashing year by taking on a ton of risk and turning out to be right in that one instance).”
"Strategic Mediocrity" is the term, by Ben Trosky when he was at Pimco. Here‘s Ben talking abt the idea:
https://www.npr.org/transcripts/1100469606
"Outperformance is generally built in down markets, not up markets." Couldnt agree more.
nice, thank you, a spice of humilty and a healthy dose of sound perspective.