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David Hume and Adam Smith, two men who refined the idea of the Enlightenment

David Hume and Adam Smith, two men who refined the idea of the Enlightenment The date of July 4, 1776, has other claims to fame, of course. But while Thomas Jefferson, John Adams, Benjamin Franklin and their fellow revolutionaries were meeting in Philadelphia to publish the Declaration of Independence and launch a new nation, across […]

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Charlie Munger

Components of a Moat: ( Competitive Advantage)

Charlie describes a moat in three different ways immediately below, each emphasizing the importance of the moat being able to maintain itself over time. “We have to have a business with some inherent characteristics that give it a durable competitive advantage.”   “The number one idea is to view a stock as an ownership of the […]

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Most influential investment thinker of all time

Benjamin Graham was one of the most successful investors who ever lived and remains the most influential investment thinker of all time. Warren Buffett’s teacher, first boss and intellectual hero, Graham worked on Wall Street for more than four decades, ran a market-stomping mutual fund, taught finance at Columbia Business School and wrote two classic books. Security […]