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Hope all goes well… Dusted off an anecdote for Memorial Day, written in 2013, on the importance of standing up. Back next Sunday with full wknd notes. All the very best, E Week-in-Review: Mon: Iran’s President Raisi and foreign minister die in helicopter crash – no foul play reported, Israel’s Gantz says he’s leaving war cabinet unless there’s a new Gaza plan, ICC’s chief prosecutor seeking arrest warrants for Netany

Anecdote: “In California, there is next to no stigma attached to trying and failing, provided you put everything into succeeding and act ethically,” I explained. “In New York there is a greater reputational cost to failing, and I’m pretty sure that’s because the consequences of failure in finance are often higher,” I said. “In technology, if a new product is lousy, the customers delete the app and move on. The founde

Hope all goes well… “My English not so good,” said Bojan, eager, making eye contact in the rearview. “I learn little each day, I get better.” He had leapt out of the black Mercedes Uber, a rainy Zurich morning, insisting he take my bag. Shook my hand, a joyous gesture, authentic, the strength of Bojan’s grip more mechanic than chauffer. “I from Serbia, work construction for my life, now drive. I marry new woman, have

Anecdote: “The world needs more men who do not have a price at which they can be bought,” read the perfect passage to close his memorial service. “Who do not borrow from integrity to pay for expediency.” Mara and I sat in the pew, honoring the memory of a mentor, advisor, friend, my uncle. “Whose handshake is an ironclad contract.” It was late in life that I came to realize the importance of mentors, guides, counsell

Hope all goes well… “I did a lot of math,” he said. “I made a lot of money,” continued the pioneer in quantitative investing. “And I gave almost all of it away,” said the founder of Renaissance Technologies. “That’s the story of my life,” said Jim Simons, 1938-2024, R.I.P. Overall: “Be guided by beauty. Just as a great theorem can be very beautiful, a company that’s really working very well, very efficiently, that ca

Anecdote: “I’m often asked what role international diversification should play in our portfolio,” said the CIO of a well-regarded US plan. “Twenty years ago, EM was really coming online. China, Asia, Brazil. That theme was a no-brainer, but it’s played out. EM has been a dog for a decade.” Chinese nominal GDP has risen 1,064% since it entered the WTO in Dec 2001, yet the Shanghai Composite index has gained just 80% (

Hope all goes well… “I don’t think anyone at this table has any idea of how to use it effectively and therefore we don’t use it,” said the Oracle of Omaha on Saturday at his annual gathering, discussing his cash hoard, which increased to $189bln from $168bln in Q4, 2023. He’s been parking it in 3- and 6-month Treasury bills. “We only swing at pitches we like,” said Buffett. “When I look at equity markets and the comp

Anecdote: “I, along with almost everyone in this room, have gone through life always looking ahead, always looking at what will come next,” said Jackson, Navy Co-Captain, addressing his team. “When I was a freshman, watching from the sidelines, I dreamt of the day I could make a difference on the outcome of a game, contribute, about when I would be a senior, and could make a true impact on this team.” Jackson had sen

Hope all goes well… “It’s still a cynical bull market,” barked Biggie Too, Chief Investment Strategist for one of Wall Street’s too-big-to-fail affairs. “But there’s nothing new under the sun,” bellowed Biggie. “When the P/E gets to 25, when the real rate jumps above 3%, and all those Bull/Bear indices hit the old highs, Biggie’s gonna run for the hills,” said Too, easing into the 3rd person. “But we’re not there now