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Welcome to Long-Term Mindset, the Wednesday newsletter that helps you invest better.

Today's Issue Read Time: <2 minutes

Lesson: Cultivate Disagreements
Timeless Content: How to Prepare for a Recession.
Thread: Journey of a Self-made Millionaire.
Resource: St. Louis Fed Recession Dashboard
And more!

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Friends,

When it comes to investing duos, there'll never be another pair quite like Warren Buffett and Charlie Munger. On the surface, it's easy to see these two as incredibly similar: two white men who grew up in the same Midwestern town (Omaha) and made a fortune by doggedly following a solid investment framework.

But that glosses over some rather important differences between the two.

Politics: Buffett has long been a Democrat, while Munger often leaned Republican.
Diet: Buffett indulges in things like See's Candies, Coke products, and Dairy Queen. Munger adhered to a more austere regimen.
Public Persona: Buffett enjoyed being in the public eye, while Munger was far more private.

Of course, all of this underscores the biggest difference when the two first met. Buffett was focused on finding "cigar butts" and holding a diversified portfolio. Over time, Munger convinced him that paying up for wonderful (wide moat) businesses and holding a more concentrated portfolio was the way to go.

The point: they didn't shy away from their differences. They embraced them.

Imagine if Buffett hadn't let GEICO and Apple become in such huge positions- Berkshire would be a shell of what it is today.

Imagine if Munger hadn't let Buffett regularly espouse that folksy, self-depreciating humor so many loved. The number of businesses that sought out the duo for a buyout or financial help in a pinch might be far smaller.

In today's polarized environment, it's easy to get into our echo chambers. But that's the antithesis of growth.

Seeking out (respectful) disagreements creates opportunities for change. And change leads to evolution.

And over the long run, evolving with the world around us is the best way to ensure that we're happy with where our portfolios are positioned -- both today, and long into the future.

Wishing you investing success,

Brian Feroldi, Brian Stoffel, & Brian Withers

Long Term Mindset

One simple graphic

One piece of timeless content

Recessions happen -- on average once every five years. It's just part of the economic cycle, so why not be prepared? Robert Brokamp wrote Prepare for the Coming Recession to give investors a leg up.

One thread

Andy Slye

@slye

Today I'm officially a debt-free millionaire.
10 years ago I was a broke college kid with a student loan finishing my degree online.
Here are the lessons & resources that helped me along the way 👇

11:46 AM • Apr 16, 2021

2027

Retweets

12400

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Read 449 replies

Don't have a Twitter/X account? Click here to view the thread.

One resource

The Federal Reserve Bank of St. Louis hosts a number of economic metrics on their website. This amazing dashboard contains nine key metrics used by the National Bureau of Economic Research (NBER) to determine whether the economy is in a recession.