I teach investors how to analyze businesses. Each Wednesday, I share six pieces of timeless content that can be read in less than 2 minutes. Read by 100,000+ investors from a16z, Amazon, Google, Microsoft, and more.
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.
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.
I teach investors how to analyze businesses. Each Wednesday, I share six pieces of timeless content that can be read in less than 2 minutes. Read by 100,000+ investors from a16z, Amazon, Google, Microsoft, and more.
View Online | Sign Up | Advertise Welcome to Long-Term Mindset, the Wednesday newsletter that helps you invest better. Today's Issue Read Time: <2 minutes Lesson: Finding Clarity Timeless Content: 1,000 year old mochi store & investing Stock Dive: A full breakdown of Sea Limited Resource: Howard Marks on Investing in AI And more! Together with Fiscal.ai A good chart can relay information 10x faster than text alone. That's why I've become a power user of Fiscal.ai (formerly Finchat). Fiscal...
View Online | Sign Up | Advertise Welcome to Long-Term Mindset, the Wednesday newsletter that helps you invest better. Today's Issue Read Time: <2 minutes Lesson: What AI Can't Do (Yet) Timeless Content: Stock Ideas for 2026 Stock Dive: A full breakdown of Hims & Hers Health, Inc. Resource: When AI meets an Enterprise System And more! Which stock should we research live next? Next Tuesday (January 6th) at 12:00 PM (Noon) EST, we'll research a stock live, and we want you to pick the stock....
View Online | Sign Up | Advertise Friends, We don't often talk about our family lives, but this week we thought we'd honor the spirit of the holiday season with a special family update from each of the Brians. We hope you enjoy! The Feroldis 2025 was the first year my family of 5 ventured to Europe. We all loved it and plan on heading back in 2026. We started in Paris, which is an "adult" city, but we still found plenty of fun family things to do. Our favorites were indoor skydiving, this...
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