Tony La Russa, the current director of baseball operations for the Arizona Diamondbacks who coached the St. Louis Cardinals to World Series victories in 2006 and 2011, gave the commencement address last week to graduates of Washington University in St. Louis.
In his speech, La Russa mentioned the value of self-reliance and resisting the temptation to outsource your thinking to machines:
I think the essence of personalization is to start with, you personalize your feelings about yourself. The thing I said about having an ego. Personalizing is about respect, trust, and caring. You act in a way that you earn your own respect. Don’t ever fool yourself. You want to trust that you’re doing your best, you’re not going to fool yourself. You’re going to care about what you represent and what people think of you. And then you translate that into the people that you work with, respect,
… Read the rest of this article!
If you have ever reviewed bulk landlord lawsuits for eviction or rent and possession, you will notice many exhibits attached containing “Moneygram” payments. If you are not familiar with Moneygram, it is a domestic money order company that functions like Western Union.
If you don’t have a bank account and need to pay your $700 monthly rent, you find a moneygram location near you and then turn your cash into a money order that can provide a form of verifiable payment to your landlord. It’s one of the leading providers of verifiable funds in low-income communities.
I tend to ignore the Moneygrams and Western Unions of the world as a potential investment candidate, mostly because I believe the core model is ripe for disruption. If you are a political dogooder, removing the exorbitant fees from the everyday financial transactions of the poor seems like an obvious source for corporate altruism … Read the rest of this article!
Warren Buffett used to quip that the best stock to buy was
one that you already owned in your portfolio because you cannot expect that
your eighth, twelfth, or twentieth idea will ever be as good as your best idea.
Sometimes, investors get this idea that they always need to be on the move towards
the next “new” investment, when really, the best stock to buy could simply be
adding to something that you already own.
It’s a phenomenon that I’ve certainly seen play out before
in my case studies. In 2004, Charlie Munger gave Li Lu of Himalaya Partners
approximately $98 million to invest on behalf of his family. The funds came
with one notable string attached, as Munger required Lu to promise to close
down the fund to new contributions and only manage the money that he had
received from other partners to date.
Since that time, … Read the rest of this article!