The Economy is Different

Charlie Munger, Michael Mauboussin, Keith Rabois, Richard Bernstein, REITs & More

Author

The Idea Farm
December 10, 2023

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“I am trying to emulate my great-grandfather. When he died, they said about him, ‘Nobody envied the success, so fairly won and wisely used.’”

— Charlie Munger

Research

Nareit released their first quarterly measure of the U.S. listed REIT industry’s operating and dividend performance. This link has some summary bullet points, but click above (or below) for the full report.

Ratio measures Price/Funds From Operations (FFO)

Stanford Economics Professor & work from home researcher Nick Bloom is a great resource on the changes to the labor market. His newest paper looks at the evolution of work from home since 2020, specifically the differences between industries, geography, age, gender & more.

Bonus Content - Charlie Munger

  • “Charlie Munger’s life was about way more than money,” says Jason Zweig. Link

  • An updated version of Poor Charlie’s Almanack happened to be released this week. Link

  • Before Munger passed, he sat down for almost two hours with Stripe co-founder John Collison. Link

  • Revisit Munger’s 1995 speech titled “The Psychology of Human Misjudgment.” Link

Podcasts

11/10/23 - 74 minutes

Richard Bernstein & Professor Jeremy Siegel discuss the factors effecting markets today, including stocks vs. bonds, small caps, bond portfolio construction, AI, geopolitics and more.

11/23/23 - 19 minutes

Mauboussin discusses his recent report, ‘Birth, Death, and Wealth Creation’, which looks at the patterns of wealth creation in public markets. He also covers Hendrick Bessembinder’s theory of wealth destruction, the distinction between value investing and value factors, and why investors may want to look beyond the headlines when it comes to tech.

11/28/23 - 66 minutes

Venture capitalist & OpenStore CEO Keith Rabois and Traba CEO Mike Shebat have an honest conversation about the difficulties being an entrepreneur, the work ethic required to succeed at a startup and why they aren’t fans of remote work.

WHAT ELSE IS HAPPENING

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