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Monday Morning Memo

“Night falls, autumn in 1936, and Werner carries the radio downstairs and sets it on the sideboard, and the other children fidget in anticipation. The receiver hums as it warms. Werner steps back, hands in pockets. From the loudspeaker, a children’s choir sings, “We hope only to work, to work and work and work, to go to glorious work for the country.” Then a state-sponsored play out of Berlin begins: a story of invaders sneaking into a village at night.”

“All twelve children sit riveted. In the play, the invaders pose as hook-nosed department-store owners, crooked jewelers, dishonorable bankers; they sell glittering trash; they drive established businessmen out of work. Soon they plot to murder German children in their beds. Eventually a vigilant and humble neighbor catches on. Police are called: big handsome-sounding policemen with splendid voices. They break down the doors. They drag the invaders away. A patriotic march plays. Everyone is happy again.”

– Anthony Doerr, All the Light We Cannot See, p. 39

“The Frenchman’s voice is velvet. His accent is very different from Frau Elena’s, and yet his voice is so ardent, so hypnotizing, that Werner finds he can understand every word…”

“Open your eyes, concludes the man, and see what you can with them before they close forever, and then a piano comes on, playing a lonely song that sounds to Werner like a golden boat traveling a dark river, a progression of harmonies that transfigures Zollverein: the houses turned to mist, the mines filled in, the smokestacks fallen, an ancient sea spilling through the streets, and the air streaming with possibility.”

– Anthony Doerr, All the Light We Cannot See, p. 48-49

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Random Quote:

“I was genetically blessed with a certain wiring that’s very useful in a highly developed market system where there’s lots of chips on the table, and I happen to be good at that game. Ted Williams wrote a book called The Science of Hitting and in it he had a picture of himself at bat and the strike zone broken into, I think, 77 squares. And he said if he waited for the pitch that was really in his sweet spot he would bat .400 and if he had to swing at something on the lower corner he would probably bat .235. And in investing I’m in a ‘no called strike’ business which is the best business you can be in. I can look at a thousand different companies and I don’t have to be right on every one of them, or even fifty of them. So I can pick the ball I want to hit. And the trick in investing is just to sit there and watch pitch after pitch go by and wait for the one right in your sweet spot. And if people are yelling, ‘Swing, you bum,’ ignore ’em. There’s a temptation for people to act far too frequently in stocks simply because they’re so liquid. Over the years you develop a lot of filters. But I do know what I call my ‘circle of competence’ so I stay within that circle and I don’t worry about things that are outside that circle. Defining what your game is – where you’re going to have an edge – is enormously important.”

- Warren Buffett, in the 2017 documentary, Becoming Warren Buffett

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