Monday, September 1, 2014

High Yield Reads - 9/1/14

Summary of recent stories of interest, sometimes enduring, to investors:

  • A Wealth of Common Sense - Charlie Munger's Investing Principles. My two favorites - “If you can get good at destroying your own wrong ideas, that is a great gift.” and "I don’t think you can get to be a really good investor over a broad range without doing a massive amount of reading." 
  • Who says Google doesn't pay a dividend? WMD portfolio company (and dividend champion) Raven Industries, manufactures the balloons used in Google's Project Loon. Erika Morphy summarizes the project's expansion goals for 2014.
  • Todd Wenning - Playing the Loser's Game. Its hard for individual investors to beat the pros in the short run, instead focus on avoiding mistakes.
  • Morningstar - dividends play a critical role in long run returns

  • Morgan Housel - Finance is a Strange Industry
    • "I can't think of an industry that is so important to everyone yet so few care about. I get why people don't like calculus, or chemistry, or geography. They can do fine in life without mastering those subjects. Finance is different. Everyone's well-being depends on understanding it, no matter how boring you think it is. Everyone has a moral obligation to themselves and their family to have a basic understanding of how saving, investing, debt, and interest work. When people say, "I don't like finance," they're really saying, "I don't like security, stability, comfort, or taking care of my family. And my kids probably don't need college." There are few other subjects -- health might be the exception -- in which people have an obligation to understand something, yet so many willingly choose not to."
  • It was somewhat surprising to see Neil Woodford buy into HSBC bank, but even though it was a relatively large position, he has sold out of it already over concerns of fines.

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