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Question Time with Berkshire Hathaway’s Charlie Munger: Pender’s Key Take-Away Thoughts

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Felix Narhi and Ian Collins recently attended the Daily Journal (NYSE:DJCO) Annual General Meeting in Los Angeles. During the meeting, Charlie Munger (Vice Chairman of Berkshire Hathaway and the Chairman of the Daily Journal) took questions for a few hours about a broad range of topics from shareholders and investors. At 92 years old, Munger remains very sharp witted and often hilarious as he takes a no-holds-barred, tells-it-like-he-sees-it approach to the world. While there’s no way to make investing easy, we believe the constant quest for wisdom will improve the odds of success. Below are the observations that struck us as the most relevant to investing, with our further thoughts on these topics highlighted in italics below.

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Berkshire Hathaway 2015 AGM – Pender’s Key Take-Away Thoughts

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Felix Narhi and Ian Collins attended the recent Berkshire Hathaway Annual General Meeting in Omaha. As the company was celebrating the 50th year anniversary since Warren Buffett took management control, the mood was particularly festive with record attendance. As always, we enjoyed the opportunity to hear first-hand from two of our value investing icons, Warren Buffett and his partner, Charlie Munger. Here are the things that struck us the most, with our further thoughts on these topics highlighted in italics below.

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How we can improve our decisions

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Pender Value Investing Conference 2014 – Keynote Takeaways

Largely in his own hand, here are the takeaways from keynote presenter Shane Parrish, founder of Farnam Street, “mastering the best of what other people have already figured out”.

One of the most common things people ask me is how we can improve our decisions? Better decisions are a function of two things that sometimes conflict: making fewer mistakes and having better insights. You should walk away from this session with a mixture of both practical application as well as a flexible framework.

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The Long and Short of It: Key Takeaways from the Value Investing Congress 2014

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David Barr and Felix Narhi had the opportunity to attend the recent Value Investing Congress meeting in New York. CNBC has dubbed the event “The Super Bowl of Value Investors”, albeit we believe most value investors would agree that our true Super Bowl takes place each May in Omaha.

One of the great things we enjoy about investing is the fact that knowledge tends to be cumulative over time – it helps to be in a constant “learning machine” mode. If you stop learning in this world, the world rushes right by you. We are constantly seeking ways to improve our process over time which includes absorbing lessons and ideas from successful investors.

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Pender Investment Ideas Lunch – Notes

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Pender has just held its annual Investment Ideas Lunch. We invited three of the companies held in our funds to present to an audience of advisors and investment professionals.

The companies represented a cross section in terms of size, however they all have at their core three important attributes.

  • Founder-led
  • Are leaders in well defined, growing markets
  • Have strong balance sheets
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