The Department of Homeland Security created terrorism warning codes after 9/11. The idea was to attach a label on the level of risk faced at a given moment. There was yellow (significant risk), orange (high risk) and red (severe risk).
A few things I’ve been thinking about lately …
Expectations were not high for Harry Truman when he became president in 1945.
This was a big year for Collaborative Fund.
You spend years trying to learn new stuff but then look back and realize just a few big ideas changed how you think and drive most of what you believe.
Time flies.
I’m going to explain why it’s OK to make irrational investment decisions. First, a story about a guy who won the Nobel Prize for infecting syphilis patients with malaria.
100% odds: Either accurate and nothing you can do about it or inaccurate and self-deluded.
“This year,” says the narrator, “thanks to Hitler and Hirohito, taxes are higher than ever before. Will you have enough money on hand to meet your payments?”
Howard Marks’ book The Most Important Thing has sold three-quarters of a million copies. I don’t know what the list of all-time best-selling investment books looks like, but that is up there.