u/scheplick

“Berkshire reversed a pattern of selling stocks, becoming a net buyer of equities in the second quarter with nearly $20 billion in net purchases. The conglomerate had been a net seller of stocks for 14 consecutive quarters before the latest period.
Buffett, now chairman, handed Abel a cash fortress unprecedented in corporate America, but in accordance with the 95-year-old legendary investor's patient and risk averse approach. Buffett had indicated for a while that he was having trouble finding any values in the equity market. Shareholders have been clamoring for Abel to put some of that cash to work outside of Treasuries.”

I always enjoy reading about Charlie Munger. Here are a few gems that I came across and just wanted to reshare here for daily inspiration for all things Buffett and Munger:

1. “It’s remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
2. “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero.”
3. “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up.”
4. “The best thing a human being can do is to help another human being know more.”
5. “Spend each day trying to be a little wiser than you were when you woke up.”
6. “Show me the incentive and I will show you the outcome.”
7. “You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.”
8. “All I want to know is where I’m going to die, so I’ll never go there.”
9. “The big money is not in the buying and selling, but in the waiting.”
10. “I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.”