Investing

Topic

• Munger’s investing style has been more audacious than Buffett’s
  “Munger was willing to borrow money to make money, whereas Buffett had never borrowed a significant sum in his life”
• Warren Buffett and Charlie Munger on when it is time to buy a house
  “I bought it when the down payment was 10% of my net worth.” Returns are “7-8%, figure out your own equation from that”
• John Collison on the jobs-to-be-done of accounting
  Accounting has many jobs: taxes (gov’t), operations (management), creditworthiness (creditors), cashflows (shareholders)
• John Collison on the challenges of accounting for R&D and intangible capital in software businesses
  “How much are we paying to run the business (OpEx) vs How much are we investing in a long-lived advantage (CapEx)?”
• John Collison on why the early 2000s had a Telco bubble, not a Dot-com bubble
  “People don’t remember this, but by market cap, the 2000 bubble was really a Telco bubble and not an internet bubble”