Welcome to the Sunday Briefing newsletter where we share some of the interesting lessons in life, business, and investing that we’ve come across during the week.
What we’ve been reading
I read Graham and Dodd’s Security Analysis in high school. The big, thick one. So I was always interested.
He started paying more attention to me, his posture still relaxed. He inquired about how the investor day went. I answered that I didn’t learn much, other than that the CFO had just bought a large new house in Florida.
The portfolio manager’s smile and relaxed posture immediately disappeared. With a furrowed brow he asked me to confirm: in Florida? Yes, in Florida. Why, was that a particularly poor state to purchase a house in?
His reply sent shivers down my spine, “Don’t you know that in Florida they can’t take away your primary residence, even if you go to jail for fraud? Start digging through the company’s financial filings immediately.”
100 Things I Learned Reading the Same Book 100 Times Over 10 Years. Ryan Holiday walks through the biggest lessons from The Meditations of Marcus Aurelius.
Pages XXVI and XXV of Hays’s introduction is where I was first introduced to the distillation of Stoicism into three distinct disciplines (perception, action, will). It was this order that eventually shaped both The Obstacle is the Way and The Daily Stoic. When I get asked to explain the three disciplines, this is usually my short answer: See things for what they are. Do what we can. Endure and bear what we must.
Quote of the week
Marcus Aurelius from The Meditations:
The happiness of your life depends upon the quality of your thoughts.
There is a difference between what accountants try to measure and what equity investors would like them to measure.
Have a great coming week,