The Conservative Income Investor

The best argument for do-it-yourself investing. For instance, buying something obvious like Colgate-Palmolive $CL and holding for the long haul creates an extra point of wealth that is meaningful over a generation.

The best argument for S&P 500/total stock market index funds.

Fidelity's landing page. When distinction between "average" and "median" data would produce very different impressions...

Per Alice Schroeder in "Snowball", part of the incredible story of how Charlie Munger clawed forward from his terrible low to a new beginning in his personal life.

Business models built on repetitive purchasing, such as having backyard pools serviced, is an incredible wealth creator when there is a touch of pricing power. $POOL

"A footnote that may surprise you: Charlie lived under 15 of America's 45 presidents." $BRK.B Munger was born January 1, 1924. Coolidge. Hoover. Roosevelt. Truman. Eisenhower. Kennedy. Johnson. Nixon. Ford. Carter. Reagan. Bush. Clinton. Bush. Obama. Trump. Biden. I'm getting 17.

I disagree with Morningstar's complaint that investment fees should be lower for funds with low turnover. The 0-15% annual turnover managers tend to be the ones that make investors permanently prosperous (I'm speaking generally and no comment on application to the cited context specifically). If an investor buys a block of Microsoft or something in 1995 and holds it for you without doing much else, the man deserves the fee.

Mr. Market, in a nutshell. $META

This is the thanks you get for combining longevity, integrity, and extreme skill in a way that delivered prosperity to all who joined you.

I value income to the point it's in my name but...if you find yourself saying that you value trillion dollar corporations like Alphabet $GOOGL at zero...you should pause for self-reflection and then self-correction.

What a difference a year makes.

I was talking with someone who told me that he has extracted more rents over the past decade out of a property in Missouri (same tenants, minimal rent increases) than a "prestige" property in Hawaii with a lot of turnover. Discerning counterintuitive value makes life interesting.

An old note I found of investment advice to myself.

I casually mention to my dad that George Jetson was born today. He disappears for four hours and then gives me this drawing.

Over the next fifty years, one of these will generate a 10,000% gain and the other a 100% loss. Choose carefully! $KO

A reminder of what can happen if you get the location and timing wrong. Leverage is the magnifier that turns good decisions into brilliant ones and mediocre decisions into disasters. When you use debt, you better be right. Otherwise, just say no.