Overshoot Howard Marks of Oaktree Capital described the market as a pendulum that rarely stays in the middle “The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint of its arc best describes the location of the pendulum “on average,” it actually spends very little of its time there. […]
Charlie Munger’s speech “Academic Economics: Strengths and Faults After Considering Interdisciplinary Needs” at Herb Kay Undergraduate Lecture in 2003 gives me insights into how he thinks and what investors should learn. Fatal unconnectedness, leading to ‘man with a hammer syndrome,’ often causing overweighting what can be counted Munger’s first objection to economics is that it […]
Books that should be read more than once. Antifragile: Things That Gain from Disorder While Taleb’s previous two books—Fooled by Randomness and The Black Swan—focused on overconfidence and underestimation of risk, Antifragile is the antidote on how we can reduce fragility and in the process, gain from disorder and randomness. Antifragile provides a view that […]
There is a story where a toll bridge at Delhi is always congested during rush hour. Therefore, the officials decided to keep it toll-free between 8 to 10 am and 5 to 7 pm to ease the traffic. What they didn’t expect is drivers arriving 30 mins before the toll-free period started queuing up in […]