Jason Zweig
@jasonzweigwsj
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Investing columnist for @WSJ . Editor, Benjamin Graham's *The Intelligent Investor.* Author, *Your Money and Your Brain* and *The Devil's Financial Dictionary.*
The Wall Street Journal
Joined November 2009
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Imagine it’s a year ago and I told you that one day stocks will skyrocket because inflation is at 7.7%.
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If you’re looking for gifts this holiday season, here are my suggestions for the books every investor should own.
If you’re looking to read and learn, you need books that have stood the test of time. These few will, I believe, still be indispensable decades from now.
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A paradox of expertise:
The broader and deeper your knowledge, the more readily you will say "I don't know," thereby convincing the typical person that your knowledge is narrow and shallow.
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@profitwithant
Option C:
Meet all the people who liked this tweet and take their money before they can learn basic arithmetic.
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I wish I could tell every person under under the age of 18 three things: 1, Someday you will have lots of co-workers. 2, You will neither know nor care where most of them went to college. 3, If you do happen to find out where they went, it’ll usually be because they’re jerks.
And I know plenty of people who went to fancy schools who aren't [successful/happy]. So there's that too.
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A bill introduced in the U.S. Senate to increase the annual maximum purchase on I bonds to $30,000.
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great interview with Seth Alexander & team at MIT Investment Management Co. by
@manualofideas
http://t.co/XQgEkexEO9
#WSJ
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ALL CAPS SVB SOMETHINGSOMETHING PANIC BECAUSE FED FUD YADAYADA BANK RUN SOMETHINGSOMETHING YADAYADA SVB PANIC
TRUST ME I KNOW WHAT I’M TALKING ABOUT
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At $51.6 billion, Dogecoin now has a bigger market value than either Dollar General Corp. or Ford Motor Co.
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From Sept. 12, 2008 to yesterday, the S&P 500 is up 185.9%, or 11.08% annualized. Your money nearly tripled in 10 years.
From Sept. 12, 2008 to March 9, 2009, the S&P 500 lost 45.15%. You lost almost half your money in less than six months.
You can't have one without the other.
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@nytimes
I bet one thing all these high achievers have in common is that they don't bother reading articles about what high achievers have in common.
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In 1779, at the Siege of Savannah, more than 500 volunteer soldiers from Haiti fought for U.S. independence alongside Pierre L'Enfant, who later designed the city of Washington, DC.
Merci, heros courageux.
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From my anecdotal experience in 1999-2000, I've come to believe that when the proponents of a new-era investment idea stop explaining and start insulting, that asset is entering the danger zone.
Just sayin'.
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Today is Charlie Munger's 99th birthday.
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Charlie Munger Unplugged: The best from our epic six-hour interview with the investing legend
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@RoKhanna
Why should a corporation be allowed to *sell* its own stock when it clearly has insider info?
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If you think 2016 was the worst year ever, you don't know much about 1348. Or 1916. Or human history.
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A 70-year-old WSJ reader ends his emails with this autosignature:
God grant me the senility to forget the people I never liked, the good fortune to run into the ones that I do, and the eyesight to tell the difference.
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Abraham Lincoln was told by one of his advisors who favored punishing the South, “Mr. President, you’re supposed to destroy your enemies, not make friends of them!”
Mr. Lincoln replied, “Am I not destroying an enemy when I make a friend of him?”
-- John Wooden
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This is simply extraordinary.
13 years ago, I emailed Dr. Fauci out of the blue to ask if I might interview him for my undergrad thesis. He invited me to his office, where he answered all my questions. When I sent him the thesis, HE READ THE WHOLE THING (see his overly effusive review below). Who does that?!
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@MattZeitlin
I grew up near “Green Witch,” N.Y.
Why all of you want to pronounce Greenwich “Gren Itch” is beyond me.
Witches *are* green. But itches are not gren.
QED.
C’mon, people.
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my latest:
If the coronavirus lockdown has frozen your investing plans, you’re in good company. Charlie Munger is watching and waiting, too.
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yup, it's still 2020 out there, folks
The Agricultural Department and several states are investigating unsolicited packages of seeds that were sent to residents across the U.S. from China via
@WSJ
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A happy 97th birthday to Charlie Munger!
(here's a compilation of what I've written about him over the years)
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In a direct assault on the First Amendment, a literary magazine rejected my short story today. Should I take them to court?
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Think about the forbearance and decency it took to write this document.
Martin Luther King's instructions to bus riders trying to integrate buses, 1956 — "observe rules of courtesy"
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A very long thread from me follows.
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It certainly is "an incredible way of putting it." What is wrong with people?
$1 million * 327 million = $327 TRILLION. Not even Mike Bloomberg has that much money.
And people wonder why they say the media is fake news. No one checks anything anymore! Not even basic math.
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my latest:
Investing is a lonely endeavor. Our columnist laments the passing of one smart voice on Twitter who made it a bit less lonely, and offers a list of others he turns to. via
@WSJ
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ICYMI: Charlie Munger, Unplugged — The best from our epic six-hour interview with the investing giant
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The curriculum for interns at
@verdadcap
is an excellent reading list for all thinking investors.
I've read most, but not all, of these, but I hope to remedy that soon.
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If I understand this correctly, bitcoin mining is on track to consume almost as much electricity in 2021 as all the world's transportation systems combined did in 2018 .
Tesla will need to sell a lot of cars to offset that.
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I've annotated & added links to Benjamin Graham's greatest lecture on investing, from 1963.
Enjoy!
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A complete transcript of Charlie Munger's classic speech from the 1990s, "The Psychology of Human Misjudgment," is newly available on
@farnamstreet
, which will get thousands of hits in 3...2...1
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*inflation*
Americans are getting stronger. Twenty years ago, it took two people to carry ten dollars’ worth of groceries. Today, a five-year-old can do it.
--Henny Youngman
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Making your beliefs conform to the evidence, instead of the other way around, is the most important work of the mind. It's also the hardest.
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World Economic Forum postponed until 2021, disappointing approximately 7 people worldwide
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Very few people succeed without hard work, discipline, and relentless determination.
But no one succeeds without huge amounts of good luck.
Very few successful people got lucky.
In reality, it was almost always hard work, discipline, and relentless determination.
Put the work in and you got a shot.
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Just found this classic in my files (h/t
@LeutholdGroup
), evidently from
@weeklystandard
.
If only I had written it!
cc:
@morganhousel
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Upping the ante: Why lose only your money when you can lose your life too?
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Sir Isaac Newton, King George I and half the members of Parliament were suckered by the South Sea bubble 300 years ago. There’s no way it could happen again, right? via
@WSJ
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A tech multimillionaire once used gold coins as skipping rocks, hurling them into the ocean to see how many times they would bounce. Is it any wonder he ended up broke? via
@WSJ
My review of
@morganhousel
's new book:
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You guys are always asking me for writing advice.
So here you go.
Part 1 of 3. Tune in this time next week for Part 2.
On Writing Better: Getting Started
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My opinion: Passive investing is a trend, not a bubble, driven largely by financial advisors who would rather switch to cheaper funds than have to cut their own fees. And who’d rather have clients blame the market than blame them for crappy manager selection.
My (apparently) (very) unpopular opinion: passive investing IS a bubble.
It's a behavioral bubble formed by the now universal belief that stocks will *always* go up over time.
A bubble = investors thinking they've figured out a "secret" that past investors somehow missed.
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I thought cryptocurrency appealed to people who are good at math.
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What’s a finance term that *no one* who uses it understands, but they all pretend to?
What’s a finance term you pretend to understand when someone says it, but you still don’t know the real meaning of?
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Ben Graham writes a cranky but completely justified letter to the editor, published in
@WSJ
, July 12, 1962.
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my latest:
At age 95, Charlie Munger is still reading voraciously, with attention to detail people half his age might envy.
via
@WSJ
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It took years of hard work to get to this point, but finally...
INBOX 100K
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Investor Charlie Munger continued a war of words with popular online broker Robinhood: via
@WSJ
“I hate this luring of people into engaging in speculative orgies,” Mr. Munger said. Robinhood “may call it investing, but that’s all bullshit.”
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1980: "Index funds are un-American"
1990: "No-load funds are no-help funds"
1995: "You get what you pay for"
2000: "We pick the best managers"
2015: "No robo-advisor can replace what we do"
2018: "Of course the CEO of Vanguard would say that"
2020: "Hi. I'm your Lyft driver"
Vanguard’s New CEO Says Advisors’ Jobs Are in Jeopardy
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Yes, the stock market is overconcentrated and top-heavy in the biggest companies...
...as it always has been.
[graphic: Dimensional Fund Advisors]
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I'm so glad I lived to see the day when a cryptocurrency called CumRocket promises "frictionless farming."
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that’s a verrrrrrrry long time in doge years
from the $COIN earnings call:
*COINBASE PLANS TO LIST DOGECOINS IN 6-8 WEEKS
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Today is the anniversary of my first
@WSJ
column ever.
If I changed only a few words and numbers, you might not be able to tell I wrote it 12 years ago.
Stop Worrying, and Learn to Love the Bear
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Those who deny freedom to others, deserve it not for themselves; and, under a just God, can not long retain it.
--Abraham Lincoln
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"Insider-trading"?
Say what?
Can anyone name anyone who made a billion dollars on insider trading?
There are basically 5 ways to accumulate a billion dollars in America:
1) Profiting from a monopoly
2) Insider-trading
3) Political payoffs
4) Fraud
5) Inheritance
None of these has anything to do with being successful in the supposed free market.
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I wrote this more than 20 years ago and for some reason it seems oddly relevant right now.
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Benjamin Graham Jr. recently told me this story about his father, which he heard from Warren Buffett. (Warren confirmed to me that it is accurate.)
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When I was 26 years old and earning peanuts, the IRS audited me. They extracted hundreds of dollars in taxes and penalties that, years later, three accountants said I never owed. Decades later, I still remember the auditor’s name and face.
Congress asked the IRS to report on why it audits the poor more than the affluent. Its response is that it doesn’t have enough money and people to audit the wealthy properly. So it’s not going to.
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Not a good look.
Hollywood A-listers flock to Google summit in 114 private jets, multi-hundred-million-dollar mega yachts to talk climate change
via
@pagesix
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It's always a good time to read (or re-read) Chapter Eight of Benjamin Graham's "The Intelligent Investor."
Today might be a very good time.
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My perennial recommendations of investment books for the holidays (or any days!):
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PLEASE MAKE IT STOP
Take some advice on your morning routine from a productivity expert
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I think her thigh tattoo says “...safety of principal and an adequate return”
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(1/n)
We should stop calling this "investing."
It's gambling.
On June 12, Alex Kearns, a young student, took his own life, after believing that he had lost over $700,000 trading options on Robinhood. I’m glad that the FT has made our big piece on it free to read, but here is a long thread on my thoughts.
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If you want to create a perverse incentive for banks to become really reckless, you’re on the right track.
I’m working with my CA colleagues to address the Silicon Valley Bank crisis. We must make sure all deposits exceeding the FDIC $250k limit are honored. Banking is about confidence. If depositors lose confidence on the safety of their deposits over 250k then we are in trouble.
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I'd say instead: There are 2 kinds of investors: those who are humble and those who are about to be humbled.
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If you think you're the smartest person in the room, one sensible conclusion is that you're in the wrong room.
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when hedge funds were underperforming the S&P 500 for the past decade, they musta been using outside information
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Where have you gone, Bertrand Russell? Our world turns its lonely eyes to you.
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To help investors manage their fears, their portfolios and themselves, a brief set of articles I've written over many years of market madness:
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An old Jewish joke: What's the difference between a pessimist and an optimist?
The pessimist says, "It can't possibly get any worse than this."
The optimist says, "Of course it can!"
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My favorite passage from the 1934 edition of Benjamin Graham's SECURITY ANALYSIS.
It never grows old.
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Einstein never said any such thing.
Einstein called it the 8th wonder of the world:
Compounding.
But few people understand how important it is.
Here’s a 2-minute breakdown of the most powerful force in the world:
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Ben Graham finished college at age 20, published a paper on integrals in the American Mathematical Monthly at 23, was fluent in ancient Greek & Latin, wrote a Broadway play, patented an improved slide rule and taught himself Spanish to translate a Uruguayan novel.
A typical PM.
@oscarazocar50
@jasonzweigwsj
@DistillateCap
Graham was basically a renaissance man, and investing was just one of his interests. Not that many of his followers can say the same.
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Whenever I meet anyone at the peak of success who insists luck isn't a huge factor, I make a mental note to check back on him* five years later.
Five years later, none of these people have still been at the peak.
*(yes, they've all been male, but that's another story)
If you’re so smart, why aren’t you rich? Turns out it’s just chance. - MIT Technology Review
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If you're smart, you know a lot. If you're wise, you know all you know is a little.
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pls stop embarrassing yourself
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A question in the wake of Brexit: Anyone know how to design a public opinion poll that predicts public opinion? Asking for a friend.
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For those of us who remember 1999 & 2000, this seems familiar somehow 🤔
Value investors are buying shares of fast-growing companies such as Apple, Netflix. ‘Our approach to value has evolved’ via
@WSJ
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