Ed Borgato
@edborgato.bsky.social
Investor. Practitioner of the speculative arts. Member of the Finance Twitter diaspora. Reason, objectivity, and evidentiary argument are moral imperatives. Behave accordingly.
IMO, one of the most toxic ideas injected into the American bloodstream in the modern era has been election denialism. The derangement of civic life in service of a lie diminished us. Last night, the people who lost their elections acted responsibly and conceded. Add that to the list of positives.
Churchill: “I decline utterly to be impartial between the fire brigade and the fire."
Munger: "It's not supposed to be easy. Anyone who finds it easy is stupid."
“The President is the symbol of who the people of the United States are. He is the person who stands for us in the eyes of the world and the eyes of our children.” -William Bennett, “The Death of Outrage,” 1998
"Enlightened statesmen will not always be at the helm." -- James Madison, Federalist 10.
I'm just going to come out and say it. I like targeted ads.
"If somebody has the mindset of 'when stocks go up, I get excited and want to get in' [or] 'when they go down, I want to get out' — that behavior penalty will swamp any other choices they make." -- Chris Davis Temperament > Intelligence.
This - via Murray Stahl - is spot on. I've had to confront this problem many times. If you are actively raising money, you can fade the concentration, but if not, this becomes a problem. Few clients will tolerate what it takes to maximize the results of a monster compounder. That's what PAs are for.
Character matters. Tell the truth. Be accountable. Keep your word. Don't complain. Don't blame. Do more than is asked. Don't punch down. Keep a secret. Respect the rules. Be kind. Everything, literally everything, is downstream of that.
