very #apt for today….yikes.

bit of red out there.

It's a great quote and one of many from the great man.

It's not surprising the approach outlined in his words is what has made Berkshire successful over such a long period of time. This also relates to Soul Patts, which is the only green I have in my brokerage account today!

Keep it simple, ignore the short term, and just let time do its thing.

How about Vysarn? It's green again!

Keeps chugging along even though I still think it's expensive and doesn't pay a divi which I've been waiting years for.

I find the best way to apply Munger’s words is to ask “what *could* I personally be losing my mind over right now?” Rather than the more natural first thought of what are others losing their mind over. It’s a much harder question. Reflecting on my past, I’ve lost my mind over things which were never apparent to me at the time, but others saw. And some worked out OK by luck, but shouldn’t have.

I hadn't heard that one before @CanadianAussie

Reminds me a bit of this one:

"The more certain people are about their opinions, the less likely they are to consider alternative perspectives." -- Daniel Kahneman

Nice combo of old pals Annie & Danny @CanadianAussie and @Strawman.

Probably just how my mind works but they seem to be describing some members of the broker community who regularly put a single point price target for 12 months time - an impossible task and usually a fools errand that has them chasing the actual price up and down for as long as they keep setting their B/H/S ratings based on said targets.

They often remind me of the John Maynard Keynes saying "Often wrong, but never in doubt".

Though only on rare occasions do I invoke Munger's "Articulate Incompetents".