Charlie Munger on Delayed Gratification:

I've also got the money-sense gene. The first 13 years I practiced law, my income from practicing law was $300,000 total.

At the end of that 13 years, what did I have?

1/

A house. Two cars. And $300,000 of liquid assets. Everyone else'd have spent that slender income, not invested it shrewdly, and so forth.

I just think it was, to me, it was as natural as breathing, and of course I knew how compound interest worked!

2/
I knew when I saved $10 I was really saving $100 or $1,000 ,because of the future growth of the $10.

It just took a little wait. And when I quit law practice it was because I wanted to work for myself instead of my clients, because I knew I could do better than they did.

3/
You only get a few opportunities, and you have to grab them aggressively when they come because even in the most favored life, they're really rare.

I always feel that the opportunities are rare. I only get a few and then I have to seize them aggressively.

4/
Now that lesson I just talked about, it is taught in no business school I know of. But…everybody who has any sense ought to know [that] at the start of life, and practically nobody does.

I just described reality the way it really is.

5/
If I took the 30 biggest transactions out of Berkshire in the past 60 years, what would Berkshire be?

Not much.

I mean we wouldn't be poor, but we wouldn't be rich either. Maybe once every two years we had a major opportunity. Not very many.

6/
Check out this great article by @jasonzweigwsj at

Charlie Munger, Unplugged

https://t.co/y3dhC3dKiu 7/
The fascinating fact is that Charlie Munger was financially independent in 1962, at the age of 38

That was before he even started his real estate and investment partnerships

And before he even started investing with Buffett

https://t.co/wugFD90QzN h/t @mymoneyblog

8/
This is the tweet that started this thread:

https://t.co/ggrqHXKOCM

9/
Happy 97th birthday to Charlie Munger

I like the following books about him:

Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger

https://t.co/oDD9Dv14AW

Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

https://t.co/fTr3ti8F3Y

10/
Check this thread on Charlie Munger:

The first 100,000 is the hardest

https://t.co/ZWGF3K49tc

11/

More from Dividend Growth Investor

More from Law

Better late than never. Here we go. What does this deal mean for borders, border formalities, customs & trade facilitation?

Long one. TL:DR very little at the moment but has potential

/1


Borders
When compared to no deal the deal changes very little in terms of border procedures. All formalities and checks will still be required.

Reminder - we're not starting from 0 here – both our container ports and our ro-ro ports are already congested

/2

On top of that, all the issues related to border readiness: lack of capacity and space, IT systems not ready, shortages of customs agents, treader readiness – have not been solved.

The deal doesn’t help with that.

/3


Here is where we are:
☑️The UK will phase-in border formalities over 6 months (customs and SPS)
☑️The EU will introduce full formalities in 3 days (customs + SPS)
☑️Irish Sea border also fully operational in 3 days with some short-term SPS easements

/4

Pre-notifications (safety & security declarations) not initially required on the UK side, needed for imports into the EU.

So what's in the deal?

/5
@littlecarrotq I've been tracking these since December. Michigan


Wisconsin


Georgia


Arizona


Another Pennsylvania case. This is the most important one in my opinion. It shows the Republican Legislature broke the law when they created a mail-in ballot law in October, 2019, which they knew was against the state

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Recently, the @CNIL issued a decision regarding the GDPR compliance of an unknown French adtech company named "Vectaury". It may seem like small fry, but the decision has potential wide-ranging impacts for Google, the IAB framework, and today's adtech. It's thread time! 👇

It's all in French, but if you're up for it you can read:
• Their blog post (lacks the most interesting details):
https://t.co/PHkDcOT1hy
• Their high-level legal decision: https://t.co/hwpiEvjodt
• The full notification: https://t.co/QQB7rfynha

I've read it so you needn't!

Vectaury was collecting geolocation data in order to create profiles (eg. people who often go to this or that type of shop) so as to power ad targeting. They operate through embedded SDKs and ad bidding, making them invisible to users.

The @CNIL notes that profiling based off of geolocation presents particular risks since it reveals people's movements and habits. As risky, the processing requires consent — this will be the heart of their assessment.

Interesting point: they justify the decision in part because of how many people COULD be targeted in this way (rather than how many have — though they note that too). Because it's on a phone, and many have phones, it is considered large-scale processing no matter what.